TOKYO, April 28 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)