Nippon Life Insurance says agrees to buy Mitsui Life

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Nippon Life Insurance, Japan’s largest private-sector life insurer with about USD 513 billion in assets, said it expects the deal to close by the end of March.

Mitsui Life is a mid-sized player with USD 61 billion in assets. Both companies are closely held.

Nippon Life Insurance Company said on Friday it has agreed to buy smaller rival Mitsui Life Insurance Company, in what would mark the first major realignment in Japan’s life insurance market in 11 years.

Nippon Life, Japan’s largest private-sector life insurer with about USD 513 billion in assets, said it expects the deal to close by the end of March. Mitsui Life is a mid-sized player with USD 61 billion in assets. Both companies are closely held.

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The deal marks a rare shake-up in Japan’s life insurance market, where the last major deal was a 2004 merger between rivals to create Meiji Yasuda Life Insurance Company.

Curated from Nippon Life Insurance says agrees to buy Mitsui Life

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