Japan’s Nippon Life Insurance announced an 8.2-billion-dollar buyout of Resolution Life, a U.S. life insurance company on December 11.

This acquisition marks the largest in the history of Japan’s insurance sector.

Resolution Life operates life insurance business in the United States as well as in Australia.

S/ Shimizu Hiroshi, President, Nippon Life Insurance: I’m confident that this acquisition is the best move to aim for our overseas business expansion and revenue increase.  

Expanding its overseas operations has been a challenge for Nippon Life.

Upon completion of this acquisition, the proportion of overseas business in its annual core profit is expected to rise from 4 percent in 2023 to 20 percent, when combined with another American insurance company in which it has already invested.

In the life insurance industry, there is a continuing trend of expanding overseas, as seen with Meiji Yasuda Life’s agreement in August to acquire a U.S. life insurance company.