Nippon Life in negotiations for the purchase of Mitsui Life Insurance

Nippon Life Insurance plans to buy between two thirds and 80% stakes in Mitsui Life Insurance, previously owned by Sumitomo Mitsui Banking and other major shareholders.

The official announcement is expected in September. The discussions between the two companies is based on a valuation of Mitsui Life Insurance at around 400 billion JPY (3.34 billion USD). In case of agreement between the two insurers, Nippon Life Insurance could become the first insurer in Japan in terms of revenues.