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Japan's Nippon Life to invest in German insurer Allianz
Jul 5, 2011, 14:07 GMT
Tokyo - Nippon Life Insurance Co said Tuesday it would invest 500 million euros (723 million dollars) in German insurer Allianz SE - the latest move by Japanese insurance companies to enhance overseas operations as their domestic market shrinks.
The Japanese life insurer said it would buy 30-year convertible subordinated bonds issued by a financial subsidiary of Allianz, which can be converted into common shares of the German insurer within 10 years. The transaction is expected to be completed by Thursday, the company said.
Nippon life is aiming 'to further strengthen our relationship and establish a long-term partnership that is mutually beneficial for both companies,' the Japanese life insurer said in a statement.
In 2009, Nippon life invested 500 million dollars in US insurer Prudential Financial Inc.
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