Nissay’s M&A splurge to regain No. 1 spot

Nippon Life Insurance is dipping into its warchest to purchase an 80% stake in NAB's life insurance business.

Nippon Life Insurance is buying an 80% stake in National Australia Bank’s life insurance business for A$2.4 billion $1.7 billion, the latest in a string of acquisitions designed to regain its number one spot in the Japanese market as measured by annualised new premiums.

NAB said on Wednesday that as part of its partnership with the Japanese unlisted mutual company it will enter a 20-year distribution agreement to provide life insurance products through its distribution networks. 

The sale price for the business and an upfront payment for the bancassurance partnership represents a 2015 implied PE of 19 times for the 80% stake based on...

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