Magazine date:
Feb 2011 The number two life insurance company in Japan, Dai-Ichi Life, is preparing to acquire the entire Australian group Tower Australia in which it already holds 29.96%. The Japanese insurer has proposed 910 million EUR (1 206 million USD) for the acquisition of the remaining 71.04%.
This bid is likely to be finalized in the month of May. It would be the first acquisition of Dai-Ichi Life outside its borders. It will boost the turnover of the company which is suffering from the poor growth of the domestic market.
Dai-Ichi Life posted a profit of 669 million USD during the past year. The business outside Japan account for only 3% of the profit. With this acquisition, the share of profit from abroad would reach 9%.