Japan's second-largest life insurer, Dai-ichi Life, says it will take full ownership of Australian insurer Tower Australia.
Dai-ichi Life Insurance Co. said Tuesday it will buy the remaining stake in Tower Australia Group Ltd. for about 100 billion yen ($1.2 billion).
The Japanese insurance company currently holds a 29 percent stake in the mid-sized Australian insurer. Dai-ichi Life said the full acquisition is likely to be completed by early next year.
© Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.