TAL Daiichi Life Australia Pty Limited (TDA), an Australian subsidiary of Daiichi Life Group, Inc., has submitted a non-binding indicative proposal to the Board of Challenger Limited for the potential acquisition of the remaining 79.5% of ordinary shares in Challenger at A$11.80 per share via a scheme of arrangement.
In April 2025, Japanese insurance group MS&AD Insurance Holdings announced that it had agreed to sell all its shares in Challenger Limited to TAL Dai-ichi Life Australia.
The transaction involved MS&AD Insurance selling approximately 104,353,125 shares, representing 15.1% of Challenger’s issued shares, for a total consideration of 80 billion yen.
No binding agreement has been reached in relation to TAL Daiichi Life Australia’s proposed acquisition of the ordinary shares in Challenger that it does not already own.
The proposal is non-binding, and any transaction would be subject to, among other things, satisfactory exclusive due diligence, the negotiation and agreement of final terms, and receipt of all required regulatory approvals.
In May 2026, Challenger Limited announced that its recently formed subsidiary, Calix Re Limited (Calix Re), a Class E-licensed Bermuda reinsurance company, had been assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) by AM Best.
