Chanticleer
Japanese giant shows courage with life insurance slam dunk deal
It takes Japanese-type conviction to double down on a challenged market, and pay a big price to do so.
The hunger games are back in Australia’s consolidating life insurance sector – and there are no prizes for guessing it involves a big Japanese hunter and a local bank on the retreat.
In a deal that will create a top-three life insurer by market share, Japanese bigwig Nippon Life is set to merge its Australian business MLC Life with Resolution Life Australasia, and also pay $500 million to buy out National Australia Bank’s minority stake. Nippon Life will own the lot.
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