Japan’s M&A push

Michael Bow
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Japanese insurers have been searching high and low for revenue growth amid an ageing society – and overseas acquisitions are proving a popular trick. Tokio Marine, Japan’s largest property-casualty insurer, bought a Lloyd’s of London insurer four years ago when it paid £440m to buy underwriter Kiln Group. It also agreed to pay $2.7bn for US insurer Delphi Financial Group two years ago, adding to its previous deal to buy Philadelphia Consolidated in 2008. Sompo Japan, Tokio’s rival, took control of Brazilian insurance company Maritima Seguros last year while earlier this month, Japan’s fourth largest insurer Sumitomo Life Insurance bought a 40 per cent stake in PT Bank Negara Indonesia to help boost revenue growth.

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