Japan’s Dai-ichi Life buys 15% stake in Australia’s Challenger

Dai-ichi Life Holdings will acquire a 15.1% stake in Australian life insurer Challenger Ltd for JPY80bn ($559m) from MS&AD Insurance Group, aiming to expand overseas amid a shrinking domestic market. The move is part of a broader trend among Japanese insurers seeking growth abroad as Japan’s population declines. Challenger is a key provider of personal pension products in Australia, and MS&AD has been building its stake in the firm since 2017. In a similar push, Nippon Life Insurance announced in December it would fully acquire Resolution Life Group, which operates life insurance businesses in the US and other countries.