Westpac Sells Life Insurance Biz To TAL For AU$900M

By Dawood Fakhir (August 1, 2022, 5:57 PM BST) — Australian bank and financial services company Westpac Banking Corp. on Monday completed the sale of its insurance unit to another Australian insurance company TAL for AU$900 ($631 million) around a year after the deal was first announced.

Westpac said it estimates total accounting loss on sale of Westpac Life Insurance Services Ltd. to TAL Dai-ichi Life Australia Pty Ltd. of approximately AU$1.37 billion after tax, because of the difference between the sale proceeds and value of net assets of the business.

Jason Yetton, chief executive of Westpac’s specialist businesses, said the sale helped the company simplify its business structure.

“We have…

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