Sumitomo Life Insurance is considering buying companies in Southeast Asia and the U.S. as the Japanese insurer seeks to expand and diversify its income, its top executive has said. Meiji Yasuda Life Insurance completed a $2.3 billion acquisition of Legal & General America earlier this year, while Nippon Life Insurance bought Resolution Life Group Holdings and consolidated its Australian insurance operations last year. Takada said Sumitomo Life has set aside as much as ¥1 trillion ($6.3 billion) for investment under its midterm plan that runs through March 2029.
It will tap overseas units Singapore Life Holdings and U.S.-based Symetra Financial to look for acquisition targets in Southeast Asia and the U.S. Within Southeast Asia, Takada said Sumitomo Life already has minority interests in Indonesia and Vietnam and would like to expand further in Singapore as well as countries such as Thailand, Malaysia and the Philippines. In the U.S., Sumitomo Life would prefer companies that can complement Symetra’s business rather than cannibalize it, he said.
When asked about the firm’s appetite in India, where several Japanese companies are expanding, Takada said Sumitomo Life is studying the market, though is mindful about the regulatory and cultural hurdles there. Takada said he doesn’t believe in over-aggressively growing abroad. He will look for targets that are sustainable and can provide synergies to its existing businesses.
Sumitomo Life completed its acquisition of Singapore Life Holdings in 2024 for S$4.6 billion ($3.6 billion) after getting approval from regulators in the city-state and Japan. It bought Symetra in 2016 for $3.8 billion and delisted the company from the New York stock exchange after that. Founded in 1907 and based in Osaka, Sumitomo Life had assets totaling $322.6 billion as of March 31, according to its latest annual report.
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