Nippon Life Insurance, Japan’s largest private insurer, is spending $8.2 billion on global life insurer Solution Life Group Holdings, the largest overseas acquisition in Japan’s insurance industry.
The move underscores Nippon Life’s efforts to strengthen its global presence amid a shrinking domestic market due to Japan’s aging population and low interest rates.
Founded in 2017, Solution Life specializes in managing portfolios of life insurance and reinsurance policies. With $85 billion in assets under management and 4.3 million policies, the company provides Nippon Life with a platform to penetrate the United States, the world’s largest life insurance market.
This acquisition transforms Solution Life from a wholly-owned subsidiary into a wholly-owned subsidiary, with the goal of strengthening Nippon Life’s position in North America.
The deal is also in line with Nippon Life’s medium-term business plan, which emphasizes global expansion and aims to double the group’s core operating profit by 2035. Currently, only 4% of Nippon Life’s operating profits come from international businesses. Following the acquisition, this share is projected to rise to 20 percent, leading to diversified revenue streams and reduced dependence on the domestic market.
The acquisition also complements Nippon Life’s other recent investments, including a $3.8 billion stake in Houston-based Corebridge Financial. Integrating Solution Life’s expertise with Nippon Life’s strong financial foundation is expected to unlock synergies in product offerings, operational efficiencies and customer service.
In addition, the ongoing partnership with Blackstone will focus on strengthening asset management strategies and improving returns. The proposed acquisition underpins Nippon Life’s long-term strategy and provides a framework for leveraging international acquisitions to drive growth.