Nippon Life, the life insurance leader in the Land of the rising sun, is continuing its expansion strategy, initiated in 2015, with a new acquisition. The company has recently announced the signing of a final agreement with National Australia Bank (NAB) for the purchase of 80% of its life insurance subsidiary MLC. The amount agreed upon between the two parties is 2.4 billion AUD (1.73 billion USD). The transaction will be completed between September and December 2016, date on which MLC will become a subsidiary of Nippon Life.
In the beginning of October, the Japanese insurer already increased its stake in the Indian company Reliance Capital. Its participation was then increased from 35% to 49%, which represents the maximum limit authorized by the Indian authorities for foreign investors.