In a rationalisation of its
operations in Japan’s life insurance market, US insurer MetLife has
agreed to sell its 49% stake in Mitsui Sumitomo MetLife Insurance
to its joint venture partner, MS&AD Insurance Group Holdings,
for ¥22.525bn ($275m).
MS&AD, through its two
domestic subsidiaries Mitsui Sumitomo Insurance and Aioi Nissay
Dowa Insurance, is the largest non-life insurance group in Japan
based on net premiums written.
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Commenting on the
transaction, MetLife International Business executive
vice-president Eugene Marks said: “This transaction also allows
MetLife in Japan to concentrate on leveraging our strong market
position, as a result of the Alico acquisition.”
MetLife acquired Alico
earlier this year for $15.5bn, which included the acquisition of
Alico Japan – soon to be renamed MetLife Alico. Retention of Alico
is not surprising given that the brand enjoyed 99% recognition
among the Japanese public, according to a survey in
2008.
Alico Japan, which was established in 1973, is currently
ranked fifth in Japan’s life market, down from fourth in 2009, and
at the end of March 2010 reported total assets of ¥6.72trn. In
2009, Alico Japan generated total revenue of $7.8bn, 55% of Alico’s
total revenue.
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