• Reuters

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Dai-ichi Life Holdings Inc. said Tuesday it would buy Suncorp Life, an Australian life insurance unit of Suncorp Group, for 640 million Australian dollars ($460 million), the latest overseas expansion for a Japanese insurer grappling with a shrinking domestic market.

Dai-ichi Life said in a statement it expected to close the deal between December and February 2019. The impact of the acquisition was being examined, it said.

A 20-year strategic alliance is also being finalized with Suncorp to sell life insurance products through Suncorp Group’s distribution network, Dai-ichi Life said.

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