Nippon Life Considering Acquisition Of NAB's Insurance Business

According to reports in the Japanese media Nippon Life Insurance Co is in talks with National Australia Bank to buy the bank’s insurance business.

Nippon Life, also known as Nissay, and the major Australian bank are seeking to agree on a buyout deal by the end of this year. Established in Melbourne in 1858, National Australia Bank has MLC Insurance under its umbrella.

The potential acquisition cost could be between ¥200 billion and ¥300 billion.

It was also reported on Wednesday that Nippon Life, the second-largest Japanese life insurer, is considering purchasing the eight-largest firm, Mitsui Life Insurance Co. If the acquisition is concluded, Nippon Life would regain the top slot it lost, which is currently held by Dai-ichi Life Insurance Co.

With the Japanese domestic market shrinking and its society rapidly aging the aim in expanding businesses overseas for Japanese insurers is to ensure their long-term revenue streams. Locations such as Australia and the USA, which predict population growth, are attractive options.

Nissay and Mitsui Life aim to reach agreement on their potential deal next month. It will be the largest realignment of the domestic industry since the 2004 creation of Meiji Yasuda Life Insurance Co. through a merger of Meiji Life Insurance Co. and Yasuda Mutual Life Insurance Co.




Compare my salary

Compare my salary

Feeling Underpaid? Benchmark your salary by job title, company and location. Find out where you stand in minutes.

compare my salary


Newsletter-SymbolFree Subscription

Subscribe to our free newsletter and receive daily email alerts from the finews editorial team with a list of the top featured articles.

Share with us

Do you have any market intelligence to share with – email us on – All communication is completely confidential and strictly anonymous.