Nippon Life in talks to purchase NAB’s insurance unit
Nippon Life Insurance Co [NPNLI.UL] is in “serious” talks to purchase National Australia Bank Ltd’s (NAB.AX) insurance business in an arrangement that could be worth up to $2.5 billion, Japan’s Yomiuri newspaper gave an account of Thursday.
Nippon Life hopes to settle the arrangement by year-end, the day by day said, without refering to any sources. In June, the Nikkei business day by day reported the companies were in preparatory talks for an arrangement that could be justified regardless of 200 billion to 300 billion yen ($1.67 billion-$2.50 billion)
Asked about the report, Nippon Life, Japan’s second largest insurer by income, declined to remark straightforwardly on the arrangement, saying it was considering mergers and acquisitions, however that nothing had been chosen yet.
Catch declined to remark and JP Morgan, which sources told Reuters is advising the bank on the arrangement, also declined to remark.
Australia is an alluring business sector forever insurers, as normal incomes are higher than in developing markets such as Southeast Asia and its populace of 23 million is becoming steadily.