Dai-ichi Life to take over Tower Australia Group+

TOKYO, Dec. 28 Kyodo -
Dai-ichi Life Insurance Co. said Tuesday it will turn midsize life insurer
Tower Australia Group Ltd. into a wholly owned unit as early as May in view of
expected growth in the Australian insurance market.
The deal, estimated to cost A$1.2 billion, or 99.6 billion yen, could become
one of the largest acquisitions of foreign life insurers by Japanese peers.
Dai-ichi already has a 28.96 percent stake in the Australian insurer and will
buy the remaining stake on condition of approval by a court and by at least 75
percent of Tower Australia shareholders.
Tower Australia, founded in 1987, earned some 7.3 billion yen in net profit in
the year ended this past September.
When it demutualized and went public in April, Dai-ichi announced a policy to
expand potentially lucrative overseas business activities.
Following its first takeover of a foreign life insurer since its initial public
offering, the company is expected to push into markets in China and other
emerging economies.
==Kyodo