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Report: Nippon Life in final talks for majority stake in MassMutual's Japan unit

Nippon Life Insurance Co. is in final negotiations with Massachusetts Mutual Life Insurance Co., or MassMutual, for a majority stake in the latter's Japanese subsidiary, The Nikkei reported Oct. 5, without citing sources.

The Japanese insurer plans to purchase a majority stake in the unit for about ¥100 billion to ¥200 billion.

Both insurers are looking to finalize and sign a deal within the fiscal year ending March 2018.

The MassMutual unit specializes in selling over-the-counter insurance products. If the deal pushes through, Nippon Life would become the second largest player in the over-the-counter insurance market in Japan, next to Dai-ichi Life Holdings Inc.

As of Oct. 4, US$1 was equivalent to ¥112.72.