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Nippon Life raises stake in Principal Financial

Wed Feb 27, 2008 10:24pm EST

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TOKYO, Feb 28 (Reuters) - Japan's Nippon Life Insurance Co said on Thursday it bought 44 billion yen ($413.3 million) of stock in U.S.-based Principal Financial Group Inc (PFG.N), lifting its stake to 7 percent to become the largest shareholder.

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Nippon Life, the nation's biggest insurer, said it aims to strengthen the existing alliance with Principal learn from the U.S. health and life insurer's expansion into overseas markets.

Nippon Life said it originally had a 4.3 percent stake in Principal, while Principal holds a 3.04 percent stake in Nippon Life Insurance Company of America.

Principal posted a weak quarterly profit earlier this month due to write-downs on investments in repackaged subprime mortgages, driving its shares down to the lowest in nearly two years.

Principal, one of the largest U.S. insurance providers, is set to make an announcement later in the day, Nippon Life said. (Reporting by Yoko Kubota; Editing by Eric Burroughs)

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