Nippon Life eyes majority stake in MassMutual for US$980m

March 5 2018 by InsuranceAsia News Staff

Nippon Life is paying ¥104 billion (US$980 million) to acquire a majority stake in US-based MassMutual Financial Group, according to reports.

Nippon Life has agreed to acquire an 85% stake in the Japanese unit of MassMutual and will use it to boost its bancassurance sales.

The latest deal will allow Nippon Life to tap into MassMutual’s distribution network in Japan using partner bank branches, complementing its traditional channel of selling policies using its army of saleswomen.

MassMutual had premium revenue of US$3 billion for the year in cash, and expects the deal to be completed in May or June pending regulatory approval.