TAL Dai-Chi Life Australia has finally finished its acquisition of Suncorp’s Australian life insurance business, announcing this afternoon that the process was complete.
“The integration of Suncorp’s Australian life business will commence immediately, and we are confident that the team will deliver an efficient transition, alongside strong business performance, and customer and partner outcomes during the integration period,” TAL Group chief executive and managing director, Brett Clark, said when announcing the acquisition was complete.
“We are very excited to bring the TAL and Suncorp life businesses together. This acquisition provides us with a strong base for continued growth and reflects our ongoing commitment to offering Australians a range of life insurance options to meet their diverse needs,” he said.
The acquisition would see TAL acquire not just the Suncorp brand, but also brands such as AAMI, APIA and GIO.
The $80 billion fund is facing legal action over allegedly signing up new members to income protection insurance by default without active member consent.
In a Senate submission, the Financial Services Council has once again called for further clarification that the government will assess the consumer outcomes of group insurance against the enshrined objective of superannuation.
TAL has launched a digital solution TAL Connect for its superannuation fund partners that links super and insurance for members, with Aware Super as its launch partner.
The Federal Court has ruled in favour of QSuper regarding non-payment of a total and permanent disablement benefit to a member.
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