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TAL completes acquisition of Westpac Life

TAL Dai-ichi Life Australia Pty Limited has completed its acquisition of Westpac's life insurance arm, almost one year after it was announced.

From today all of Westpac's life insurance business and existing policies will transfer over to TAL Group. A total of 345 Westpac Life employees will also migrate over to the insurer.

Westpac expects to report a total after tax loss on sale of about $1.37 billion, $0.27 billion of which was incurred in the group's 2021 results. The remaining $1.1 billion will be classified as a notable item in its FY22 results, related to the $900 million sale proceeds and the carrying value of it business' net assets.

TAL chief executive and managing director Brett Clark said the completion of the acquisition, alongside the strategic alliance is another significant step towards TAL's goal of protecting more Australians.

"TAL and Westpac share a strong belief in the role and value of life insurance in the community. We are looking forward to working with Westpac through our partnership to provide Westpac customers with access to high-quality life insurance solutions that meet their diverse needs throughout different stages of their lives," he said.

"We are pleased to be partnering with Westpac and welcoming Westpac Life employees to the TAL team as we remain focused on delivering the best possible outcomes for all of our customers, partners and stakeholders."

Westpac's specialist businesses division chief executive Jason Yetton said: "Life insurance is an important product for many of our customers and I am pleased that we will continue to support them by partnering with TAL, a leading life insurer that already provides life insurance to more than 4.5 million Australians."

"We are also pleased that our people joining TAL today can continue to provide the highest standard of customer care going forward."

TAL Dai-ichi Life Australia is a fully owned subsidiary of the Dai-ichi Life Group.

A company issued statement said today also marks the beginning of a 20-year strategic alliance between the TAL Group and Westpac. Westpac's Australian customers will now be able to access life insurance solutions provided by TAL.

Yetton added that the completion marks another important step in Westpac's ongoing strategy to simplify, having also offloaded its general insurance and lenders mortgage insurance units in Australia and its New Zealand life insurance business.

Read more: Westpac LifeTAL Dai-ichi Life Australia Pty LimitedTAL GroupJason YettonBrett ClarkDai-ichi Life Group