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Report: Nippon Life joins bidding for Suncorp's life insurance biz

Japan's Nippon Life Insurance Co. is now seen as a strong contender for Suncorp Group Ltd.'s life insurance operations, joining other Japanese insurers interested in the Australian assets, The Australian Financial Review's Street Talk blog reported March 8.

Dai-ichi Life Holdings Inc. has also emerged as a strong bidder for the life insurance operations, while Meiji Yasuda Life Insurance Co. had also been previously reported to be interested in the assets.

Interested parties are working on presenting final bids in the next few weeks, the blog reported. The Australian insurer is reportedly running a fluid auction rather than a process with strict deadlines.

Nippon Life already has a foothold in the Australian insurance space as it bought National Australia Bank Ltd.'s life insurance business in 2015.