Reih Angeles is Deputy News Editor at (Re)in Asia, steering the desk's breaking coverage of Asia Pacific insurance and reinsurance. Areas of specialty include insurer and life results, reinsurance and catastrophe losses, cyber, and regulatory change across India, Korea, China and Hong Kong.
The deal values the Australian retirement income business at approximately A$7.94bn (US$5.53bn) and follows Dai-ichi Life's proposed acquisition of New Zealand's Fidelity Life.
The insurer is pursuing acquisitions through Singlife as it seeks to build scale across Southeast Asia, with Thailand, Malaysia and the Philippines also identified as potential growth markets.
Authorities warned against imposing uniform requirements on agents or suggesting contract terminations without sufficient consultation as the industry implements post-scandal reforms.
