Sumitomo Life to Buy Business of U.S. Life Insurer

Tokyo, July 2 (Jiji Press)--Japan's Sumitomo Life Insurance Co. has said that it will acquire the group life and disability business of midsize U.S. life insurer Dearborn Group through its U.S. subsidiary Symetra Financial Corp.

For the acquisition, expected to be worth about 100 billion yen, Sumitomo Life will invest an additional 900 million dollars, or about 130.5 billion yen, in Symetra Financial.

Sumitomo Life aims to improve its profitability in the business area where stable growth is expected in the United States.

The company plans to complete the business acquisition by the end of 2025 following approval by authorities.

Dearborn Group is a wholly owned subsidiary of Health Care Service Corp., which is engaged in life insurance business in the United States.

[Copyright The Jiji Press, Ltd.]