Nippon Life actively explores M&A in the US, Asia

In an interview with Reuters, Mr. Hiroshi Shimizu, President of Nippon Life Insurance Company, said the carrier is actively seeking mergers and acquisitions, with a focus on the US and emerging economies in Asia.

Nippon Life, Japan’s largest life insurer, recently made domestic acquisitions that include an 85.1% stake in the Japanese unit of US-based MassMutual Financial Group for about $912M. In 2016, it made a $2.5B purchase of Mitsui Life Insurance to bolster sales through banks.

After these deals, and a new company being readied for third-party insurance agents sales channel, Nippon Life is now focused on building up its overseas businesses. Recent acquisitions in the US market by other Japanese insurers may be spurring Nippon Life’s new focus. Since 2015, major Japanese insurers have acquired these US Life Insurance companies:

• Dai-ichi Life: Protective Life

• Sumitomo Life: Symetra Financial

• Meiji Yasuda Life: StanCorp Financial Group