MassMutual International LLC (MassMutual International) has completed the sale of an 85.1% stake in MassMutual Japan to Japan’s Nippon Life Insurance Co for 104.2 billion yen (US$955 million).
MassMutual Japan will be renamed Nippon Wealth Life Insurance Company Ltd from January 2019, MassMutual International says in a statement on May 31. It will retain a 14.9% stake in the insurance and wealth management company.
Eddie Ahmed, chairman and chief executive officer of US-based MassMutual International, believes MassMutual Japan’s policyowners and customers will benefit from the deal.
“They will gain greater access to an even broad range of high quality, holistic financial solutions for all phases of life,” he says in the statement.
MassMutual Japan had 2.8 trillion yen of assets under management and annual insurance premium revenue of 323 billion yen as at March 2, 2018.
