Nippon Life says agrees to buy Mitsui Life, deal to close by March

September 11, 2015 7:06 AM

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TOKYO, Sept 11 Nippon Life Insurance Co said on Friday it has agreed to buy smaller rival Mitsui Life Insurance Co, in what would mark the first major realignment in Japan's life insurance market in 11 years.

Nippon Life, Japan's largest private-sector life insurer with about $513 billion in assets, said it expects the deal to close by the end of March. Mitsui Life is a mid-sized player with $61 billion in assets. Both companies are closely held.

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