Japan's No. 2 Insurer to Buy Australian Insurer

Tuesday, 28 Dec 2010 12:15 AM

 

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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.

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