Nippon Life to Buy Resolution for $8 Billion in Global Push
- Deal is the biggest acquisition by a Japanese insurer
- Nippon Life is also buying the rest of Australian unit MLC
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Nippon Life Insurance Co. agreed to buy Resolution Life Group Holdings Ltd. for about $8.2 billion, the biggest takeover by a Japanese insurer, as it seeks to expand abroad to make up for dwindling growth prospects at home.
The Osaka-based firm said it is also purchasing the rest of its Australian unit, part of efforts to diversify profit drivers as the local market faces demographic challenges. Japan’s life insurers are renewing their appetite for acquisitions at home and abroad after a lull following a string of multi-billion-dollar deals a decade ago.