Japan-based Nippon Life Insurance is reportedly in early discussions to acquire the insurance business of National Australia Bank (NAB).
The deal could be valued between JPY200bn ($1.6bn) and JPY300bn ($2.4bn), reported the Nikkei business daily, and if fructifies, could be Nippon Life’s biggest overseas acquisition.
NAB plans to dispose the non-core assets such as insurance business as part of its strategy to focus on the core domestic and New Zealand franchises.
The representatives from NAB declined to comment on the acquisition, saying that it is market speculation.
In 2000, NAB had purchased life insurance business from Lend Lease for about $4bn. It was acquired through its wealth management division MLC.
Nippon Life Insurance, which is established in 1889 as the Nippon Life Assurance, is the second largest life insurance company in Japan.
Image: Headquarters of Nippon Life Insurance Company in Chuo-ku, Osaka. Photo: courtesy of 663highland.