May 10, 2014 / 3:21 AM / 4 years ago

Nippon Life to buy 20 pct stake in Sequislife for $393 mln-Nikkei

TOKYO, May 10 (Reuters) - Nippon Life Insurance will invest 40 billion yen ($393.3 million) in a 20 percent stake in Indonesian life insurance firm Sequislife, the Nikkei business daily reported on Saturday, as Japan’s biggest private life insurer seeks to expand into Southeast Asia’s most populous market.

Nippon Life will buy the shares through third-party allotment during 2014, the newspaper reported without citing a source. Nippon Life and Sequislife’s parent company, Gunung Sewu Group, have already largely agreed on the terms, it said.

“Nothing has been decided,” Nippon Life spokesman Shinichiro Kon said. Sequislife could not be reached for comment immediately. ($1 = 102 yen) (Reporting by Yoko Kubota; Editing by Nick Macfie)

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