Nippon Life Insurance, one of the largest life insurance companies in Japan, is reportedly engaged in discussion to acquire its smaller competitor Mitsui Life Insurance Co.

Media sources reported that Mitsui Life has broadly agreed to the terms of the proposed acquisition in a transaction that may be valued between JPY300bn ($2.5bn) and JPY400bn ($3.34bn).

Reports emerged that the Japanese acquirer plans to buy nearly 80% stake in Mitsui Life from major stockholders, namely Sumitomo Mitsui Banking Corp.

Nippon Life expects to conclude the deal by the end of March 2016, which is likely to be announced as early as September.



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