Japan's Sumitomo Life Insurance Co. and AXA Life Insurance Co. Ltd. formed a capital alliance with Japan-based Emimen Co. Ltd.
As part of the deal, Sumitomo Life and AXA Life Insurance each acquired 3.13% of Emimen Co.'s common shares through a third-party share allocation.
The alliance marks the initial joint investment under an alliance between Sumitomo Life and Axa Life, announced Oct. 3, on the joint development and usage of long-term care services. The agreement states that both companies will establish a joint long-term care service platform, through alliances with long-term care service providers, universities, research institutions and startups.
Emimen Co. provides senior housing introduction services.