Australian life insurance group TAL is looking forward to playing a bigger role in Dai-ichi Life strategy implementation.
The global life insurance company has named the head of its Australian business, TAL Group CEO Jim Minto, as Executive Officer of Dai-ichi Life.
In addition to his day job as TAL CEO, Minto will now have a seat at the parent board and executive committee of Dai-ichi Life. TAL Chairman Rob Thomas said the appointment reflected the important role TAL played in the success of its parent company, Dai-ichi Life.
“This signals the expectation that TAL will be playing a significantly bigger role in Dai-ichi Life strategy implementation as the group expands its footprint for future growth,” he said. “It also recognises the strong and mutually beneficial relationship between the two companies which has seen TAL double in size since Dai-ichi Life first invested in 2008.”
Minto said, “TAL Life looks forward to playing an even bigger role within the Dai-ichi Life group as we strive to provide our customers with life insurance solutions that give them peace of mind through financial protection of what they have created in their lives already and for the future they dream of.”
When TAL was listed on the Australian Stock Exchange (then as TOWER Australia), Dai-ichi Life had acquired a significant shareholding before making a takeover offer for the company in 2010, which then became a whole owned subsidiary of the Japanese company in 2011.
Based in Tokyo and now listed on the Tokyo Stock Exchange, Dai-ichi Life is one of the world’s largest life insurance companies with total assets of US$379 billion (as at 31 March 2013). Last year it paid US$29 billion in benefits and claims.