Japan-based Sumitomo Life Insurance is reportedly planning to acquire US-based insurance firm Symetra Financial.
The deal is expected to be valued between $3.22bn and $4.03bn, reported Nikkei.
Based in Bellevue of Washington, Symetra provides retirement, employee benefits, and life insurance products.
The company also offers medical stop loss insurance and involved in fixed deferred annuity sales through banks.
With around $30bn worth assets, the company provides services to 1.7 million customers through a network of independent advisors, brokers and agents.
In 2013, Sumitomo acquired 40% stake in PT Bank Negara Indonesia’s life insurance business for around $354m.
Established in 1907, Sumitomo is a mutual life insurance firm that provides products, including savings-oriented endowment insurance policies.
In February this year, Japanese Dai-ichi Life Insurance completed the acquisition of US-based insurer Protective Life, for around $5.7bn.
Image: Sumitomo Life Insurance Company headquarters in Osaka, Osaka prefecture, Japan. Photo: courtesy of 663highland.