After the non life insurers, it is the turn of those of the life business to become established outside Japan. To counteract the aging Japanese population that threatens its profitability, the insurer Sumitomo Life Insurance has just acquired all of the American life insurance company Symetra Financial Corporation for an amount of 3.8 billion USD.
This transaction is expected to close in the first half of 2016. Symetra, which will retain its current brand name and its headquarters, will serve as the Japanese group's platform to expand its activities in the United States.
The American company will continue to be led by its current CEO. Symetra Financial Corporation achieved a turnover of 629 million USD in 2014.
For its part, Sumitomo Life Insurance, the first Japanese life insurer, generated 17.5 billion USD in premiums during the previous year.