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Japan's Daido Life Insurance to acquire stake in Australian insurer

Japan's Daido Life Insurance Co. agreed to acquire a 14.9% voting equity stake in Australian life insurance company Integrity Group Holdings Ltd.

Financial details of the transaction were not disclosed.

The Japanese life insurer expects the agreement to result in long-term cooperation, and may engage in activities with the Australian insurer, such as personnel exchanges.

Daido Life Insurance is a unit of T&D Holdings Inc.