28 Aug Japanese Investment in Australia (2): Financial Services
Posted at 20:51h
in Japan Business Alert
Financial services is the new hot spot in Australia-Japan business. Challenger announced that MS&AD Insurance Group Holdings Inc. would take a 6.3% equity interest in it at a cost of $500m. This cements a strategic alliance that Challenger has struck with MS&AD. “Since November 2016, Challenger has partnered with Mitsui Sumitomo Primary Life Insurance Company Limited (MS Primary), a subsidiary of MS&AD, to provide Australian dollar annuities in Japan. Annuity sales through MS Primary accounted for 15% of Challenger’s 2017 financial year annuity sales.”