Nippon Life Insurance Co. has completed its acquisition of an 85.1% stake in MassMutual Life Insurance Co. Ltd., or MassMutual Japan, from Massachusetts Mutual Life Insurance Co. unit MassMutual International LLC.
MassMutual International will retain ownership of the remaining 14.9% of MassMutual Japan and will receive roughly ¥104.2 billion, or about $955 million, in cash consideration for the sale of the majority stake.
Following the transaction, MassMutual Japan became an affiliate of Nippon Life. It will be rebranded as Nippon Wealth Life Insurance Co. Ltd., effective Jan. 1, 2019.
In connection with the closing of the sale of MassMutual Japan, Massachusetts Mutual Life Insurance and Nippon Life are entering into a strategic cooperation agreement to explore partnership opportunities.
As of May 30, US$1 was equivalent to ¥108.90.
