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    8750   JP3476480003

DAI-ICHI LIFE HOLDINGS, INC.

(8750)
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Westpac exits life insurance with $660 million sale to Japan's Dai-ichi

08/09/2021 | 02:42am EDT
FILE PHOTO: FILE PHOTO: A pedestrian looks at his phone as he walks past a logo for Australia's Westpac Banking Corp located outside a branch in central Sydney

(Reuters) - Westpac Banking Corp on Monday became the latest Australian firm to retreat from the life insurance sector, as it agreed to an A$900 million ($660 million) sale of its domestic unit to Japan's Dai-ichi Life Holdings.

The deal underlines a rapid exit by Australian lenders from areas considered to be outside their core-banking operations, following increased regulatory scrutiny since a 2018 government-backed inquiry.

Companies including Macquarie Group, insurer Suncorp Group Ltd and wealth manager AMP Ltd have cut their exposure to insurance in the last five years.

"This transaction is another step in simplifying the bank," said Jason Yetton, chief executive officer of Westpac's specialist businesses and group strategy.

For Dai-ichi, the deal provides another avenue to boost its overseas business as Japan grapples with a declining population. It had bou
ght Suncorp's Australian life insurance business for A$640 million in 2018 https://reut.rs/3lM2cfV.

The Japanese company said the deal fits its medium-term plans to increase the group's profit contribution from its overseas life insurance businesses.

Westpac, which has already agreed to sell its general insurance and New Zealand life insurance arms, said the deal would add about 12 basis points to its level 2 common equity tier 1 capital ratio.

The lender expects an after-tax accounting loss of about A$1.3 billion on the sale, with about A$300 million to be realised in its fiscal 2021 results.

The sale is expected to be completed in the second half of 2022.

The lender also said it signed an exclusive 20-year deal with Dai-ichi's local unit, which insures more than 4.5 million Australians, to sell life insurance products to Westpac's customers.

($1 = 1.3637 Australian dollars)

(Reporting by Shashwat Awasthi and Riya Sharma in Bengaluru, additional reporting by Sameer Manekar; Editing by Muralikumar Anantharaman, Rashmi Aich and Amy Caren Daniel)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED 2.26% 1.13 End-of-day quote.-27.56%
DAI-ICHI LIFE HOLDINGS, INC. 1.69% 2443 End-of-day quote.57.41%
MACQUARIE GROUP LIMITED 3.66% 189.56 End-of-day quote.36.89%
SUNCORP GROUP LIMITED -0.24% 12.49 End-of-day quote.28.23%
WESTPAC BANKING CORPORATION 0.47% 25.39 End-of-day quote.31.08%
All news about DAI-ICHI LIFE HOLDINGS, INC.
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08/31DAI ICHI LIFE : Notice Regarding the Status of Repurchase of the Company's Shares
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Analyst Recommendations on DAI-ICHI LIFE HOLDINGS, INC.
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Financials
Sales 2022 6 983 B 61 118 M 61 118 M
Net income 2022 285 B 2 494 M 2 494 M
Net Debt 2022 911 B 7 976 M 7 976 M
P/E ratio 2022 8,79x
Yield 2022 3,10%
Capitalization 2 613 B 22 890 M 22 872 M
EV / Sales 2022 0,50x
EV / Sales 2023 0,51x
Nbr of Employees 64 823
Free-Float 97,8%
Chart DAI-ICHI LIFE HOLDINGS, INC.
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Dai-ichi Life Holdings, Inc. Technical Analysis Chart | 8750 | JP3476480003 | MarketScreener
Technical analysis trends DAI-ICHI LIFE HOLDINGS, INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 2 443,00 JPY
Average target price 2 520,00 JPY
Spread / Average Target 3,15%
EPS Revisions
Managers and Directors
Seiji Inagaki President & Representative Director
Koichiro Watanabe Chairman
George C Olcott Independent Outside Director
Rieko Sato Independent Outside Director
Ungyong Shu Independent Outside Director
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