Tokyo, 13 April, /AJMEDIA/
Dai-ichi Life Holdings Inc will take a 15.1 percent stake in an Australian life insurer, aiming to expand its overseas reach to offset the shrinking domestic market constrained by Japan’s declining birthrate and aging population.
The Japanese life insurer said in a statement that it will acquire a stake in Challenger Ltd worth 80 billion yen from Tokyo-based MS&AD Insurance Group Holdings Inc.
Challenger is a major provider of personal pension products in Australia. MS&AD has been gradually increasing its position in the firm since 2017.
Recently, Japanese life insurance giants have been trying to improve profitability by capitalizing on economic growth in other countries, as the country’s population is expected to continue decreasing.
In December, Nippon Life Insurance Co announced that it would make Resolution Life Group Holdings Ltd, which operates life insurance businesses in the United States and other countries, a wholly owned subsidiary.
