Nippon Life said to acquire National Australia Bank’s life insurance unitJune 4 2015 by InsuranceAsia News Staff
Nippon Life Insurance Co, the second largest Japanese life insurer, is reportedly in talks with the National Australia Bank (NAB) for a possible acquisition of the bank’s underperforming life insurance division.
NAB is in exclusive discussions with Nippon Life, with sources saying it had offered at least US$2.5bn for the life insurance business that forms part of the broader wealth management unit MLC, which is one of the biggest life insurance players in Australia.
Analysts have valued the life insurance business at up to US$1.4bn but NAB reportedly has a far higher valuation on the division.
Investment bank JPMorgan is advising NAB on the potential deal.
In March, Nippon Life announced that it may allocate up to JPY1.5tr (US$12.4bn) in overseas M&A as part of the insurer’s overall goal to seek new profit sources outside of domestic insurance.
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