Nippon Life acquires 85.1% stake in MassMutual Japan
MassMutual International has completed its sale of 85.1 percent of MassMutual Japan - its wholly-owned life insurance and wealth management affiliate - to Osaka-based mutual life insurer Nippon Life.
The deal was announced on March 2, 2018, with MassMutual International retaining 14.9 percent of the company, and receiving approximately ¥104.2 billion ($955 million) in cash consideration for the sale of remainder.
MassMutual Japan will now become an affiliate of Nippon Life, and will be branded as Nippon Wealth Life Insurance Company, effective January 1, 2019.
“We are pleased to close on our transaction with Nippon Life, as it will deliver significant value to our policyowners, while expanding our ability to participate in select and attractive Asian markets,” said Roger Crandall, chairman, president and CEO, MassMutual. “This transaction is aligned with our broader international strategy of forging distinct, mutually beneficial partnerships with successful, innovative companies to capitalise on emerging global opportunities.”
Further to this sale, MassMutual and Nippon Life are entering into a strategic cooperation agreement for exploring partnership opportunities.
Eddie Ahmed, chairman, president and CEO of MassMutual International, added: “Our partnership with Nippon Life will truly be positive to both firms, as we share much more than the fact we are mutual companies and leaders in the life insurance market, but also the core values of transparency and integrity.
“Further, MassMutual Japan’s current policyowners and customers will benefit from the financial strength – and backing – of Japan’s leading domestic life insurer and gain greater access to an even broader range of high quality, holistic financial solutions for all phases of life.”
In August 2017, MassMutual entered into a transaction to sell its Hong Kong-based life insurance business, MassMutual Asia, to a group led by Yunfeng Financial Group.
Make sure you are GDPR compliant and confirm your email address to keep getting our daily emails
More of today's news
SCOR is first reinsurer to sponsor UK cat bond
AXIS Re unveils strategic overhaul, market expansion plans
Federal National agrees to 2018-2019 reinsurance programme
2017 costliest year on record for UK specialty market: EY
The Hanover hires alternative markets unit leader from Zurich
The Hartford completes Talcott sale
Chubb appoints new energy practice leaders
Wilmington Trust adds to insurance collateral solutions team
