Japan's Daido Life, a subsidiary of T&D Holdings, has bought a 14.9% stake in Australia's Integrity Life in a deal worth A$13m ($9.9 million).
Both sides have also signed an agreement to engage in cooperative activities such as exchange of personnel.
The deal is part of Daido Life’s strategy to diversify revenue sources and strengthen its presence in Japan by collaborating with offshore partners.
Integrity Life managing director and CEO Chris Powell called the deal a key milestone for the business.
“The growth path from here includes building flexible, tailored personal life insurance which delivers advisers and customers an easier and more transparent experience. We look forward to a long-term mutually-beneficial relationship with Daido Life,” he said.
Integrity Life was launched in early 2018 offering group risk products after raising A$165 million of capital and acquiring QBE Life for A$21.7 million. The deal sees Integrity Life underwriting the life insurance component of QBE's consumer credit insurance suite sold via financial institutions.