Nippon Life to buy Resolution Life for $8.2 bln, Nikkei says (updated)

Corebridge Financial

10/12/2024 08:43

(Adds detail from Nikkei report, background)
       TOKYO, Dec 10 (Reuters) - Nippon Life Insurance
 NPNLI.UL  will buy U.S. life insurer Resolution Life Group
Holdings for about $8.2 billion in what would be the biggest
acquisition ever by a Japanese insurer, business newspaper the
Nikkei reported on Tuesday.
    Nippon Life will purchase the shares it does not already own
in Resolution Life from Blackstone  BX.N  and others to make it
a wholly owned subsidiary in the second half of 2025. It will
pay for the acquisition with cash on hand.
    A spokesperson for Nippon Life said the company was in talks
with Resolution Life, but added it could not disclose what the
discussions were about.
    Nippon Life has spent $1.65 billion to acquire 23% of
Resolution Life. The Bermuda-based company is a closed-book
insurer that purchases existing insurance policies from insurers
in the U.S. and other countries, the Nikkei said.
        The acquisition marks Nippon Life's second major
investment this year, following its $3.8 billion purchase of a
20% stake in U.S. insurance firm Corebridge Financial  CRBG.N 
in May.
    
    

 (Reporting by Mariko Katsumura and Anton Bridge; editing by
Chang-Ran Kim and Jason Neely)
 ((ran.kim@thomsonreuters.com; +81-3-4520-1228;))