Nippon Life to buy Resolution Life for $8.2 billion, Nikkei says

TOKYO (Reuters) -Nippon Life Insurance (NS:) will buy U.S. life insurer Resolution Life Group Holdings for about $8.2 billion in what would be the biggest acquisition ever by a Japanese insurer, business newspaper the reported on Tuesday.

Nippon Life will purchase the shares it does not already own in Resolution Life from Blackstone (NYSE:) and others to make it a wholly owned subsidiary in the second half of 2025. It will pay for the acquisition with cash on hand.

A spokesperson for Nippon Life said the company was in talks with Resolution Life, but added it could not disclose what the discussions were about.

Nippon Life has spent $1.65 billion to acquire 23% of Resolution Life. The Bermuda-based company is a closed-book insurer that purchases existing insurance policies from insurers in the U.S. and other countries, the Nikkei said.

The acquisition marks Nippon Life’s second major investment this year, following its $3.8 billion purchase of a 20% stake in U.S. insurance firm Corebridge Financial in May.