TAL has become a minority shareholder in Australian wealth group Challenger.

The life insurer received regulatory clearance last month to proceed with its purchase of a 19.9% equity interest in the listed group.

In April, TAL announced a deal to buy MS&AD Insurance Group Holdings’ 15.1% stake in Challenger, and in June it flagged the purchase of Apollo Global Management’s 4.8% holding.

“Through this investment, we seek to drive further growth of TAL in the promising Australian retirement market and enhance the group’s overall profitability, contributing to the long-term increase in corporate value,” the insurer’s Japanese parent Dai-ichi Life Holdings said. 

Challenger will release its 2024-25 financial results on August 19.