DAI-ICHI MUTUAL TAKES STAKE IN TOWER AUSTRALIA

Japan’s Dai-ichi Mutual Life Insurance Company has revealed the latest stage of its international expansion with confirmation it intends to take a 29.7% stake in Tower Australia Group. The deal, for which it is paying A$376.3m, will give it a foothold in the growing Australian life insurance market. Dai-ichi Mutual is buying the Tower Australia stake from UK investment company Guinness Peat Group and expects to complete the transaction by the end of October. Recent months have seen Dai-ichi make strategic investments in insurance companies in Vietnam, Taiwan, India and Thailand.