Daiichi Life Group rebounds on announcement of acquisition of New Zealand life insurer Fidelity Life Assurance
Daiichi Life Group, Inc. <8750> rebounded after announcing it will acquire New Zealand-based life insurer Fidelity Life Assurance through a local subsidiary. The announcement drew buying interest.
Daiichi Life aims to raise the share of overseas operations in group adjusted profit to about 50% by fiscal 2030 through organic growth and M&A. The deal forms part of that strategy. It seeks to expand sales channels and its customer base while strengthening its New Zealand competitiveness to achieve sustainable growth. The acquisition cost is expected to be 630 million NZD (about 59.6 billion yen).
The deal is projected to contribute about 60 million NZD (about 5.7 billion yen) annually to adjusted profit at the earliest under the next medium-term management plan. Daiichi Life said the impact on earnings for current and future fiscal years is under review.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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