Japan’s Nippon Life Insurance is moving some of the securities investment management functions of Nippon Wealth Management to Nissay Asset Management to bolster the group’s investment capabilities.
Nippon Wealth Management and Nissay are both units of Nippon Life. They will enter into a discretionary investment agreement for the transfer of functions on April 1, the company says in a statement on March 7.
The move comes six years after Nippon Life moved all of its internal securities investment management functions and that of another unit, Taiju Life, to Nissay.
The group “aims to further strengthen its investment platform through consolidating specialised human resources and sharing expertise”, Nippon Life says.
According to the company, this will also help Nissay build proficiency in long-term management of life insurers’ general account assets and help it provide higher quality asset management services.
Osaka-based Nissay Asset Management managed 10.04 trillion yen (US$73.2 billion) of assets for the Nippon Life Group and other insurers as of March 2024.
