Nippon Life Insurance Co. is in talks to buy a majority stake in US-based MassMutual Financial Group’s Japan unit. Photo: Bloomberg
Tokyo: Nippon Life Insurance Co is in talks to buy a majority stake in US-based MassMutual Financial Group’s Japan unit, two people with knowledge of the negotiations said on Thursday.
They declined to be identified because they were not authorised to speak to media.
The Nikkei business daily, which first reported the talks, said Nippon Life was likely to pay ¥100 billion to ¥200 billion ($887 million to $1.77 billion) for the stake.
Spokespeople at Nippon Life and MassMutual Life Insurance Co, the local unit, said they could not immediately comment.