Japan's Orix agrees to buy Hartford Japan unit for $895 million

TOKYO, April 28 Mon Apr 28, 2014 2:46am EDT

TOKYO, April 28 (Reuters) - Japan's financial company Orix Corp said on Monday it has agreed to buy Hartford Financial Services Group's Japanese life insurance unit for $895 million in a bid to expand its life insurance business in the world's third-largest economy.

The Orix said the deal is subject to authorities' approval but it aims to complete the acquisition by the end of July.

The Japanese unit, Hartford Life Insurance K.K., started the operation in 2000 and sold variable annuity policies. It stopped selling policies in 2009 following the global financial market turmoil following the collapse of U.S. investment bank Lehman Brothers. It had total assets of about 3 trillion yen ($29.4 billion) as of the end of March last year. ($1 = 102.0350 Japanese Yen) (Reporting by Taiga Uranaka; Editing by Dominic Lau)

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