Japanese insurance firm Daido Life has acquired a voting equity stake in Australian life insurer Integrity Life.
In a statement, Integrity Life announced Daido Life had taken a 14.9 per cent voting equity stake in the business for $13 million.
“Along with the shareholding, Daido Life has entered a co-operation agreement with Integrity Life to promote co-operative activities including personnel exchanges, systems, products and strategy,” the statement said.
Integrity Life chief executive Chris Powell said the announcement represented a “key milestone” for the business.
“We’re now well underway, with our solutions well received in group risk,” he said.
“The growth path from here includes building flexible, tailored personal life insurance which delivers advisers and customers an easier and more transparent experience.”
Daido Life representative director and president Minoru Kudo said he was pleased with the acquisition.
“We admire and share Integrity Life’s values and its commitment to fair outcomes, and look forward to co-operative activities and knowledge transfer, particularly around customer centricity and the use of technology to disrupt established markets,” Mr Kudo said.
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