Sumitomo Life Insurance has secured all regulatory approvals in the US and Japan to complete the acquisition of insurance firm Symetra Financial, for around $3.8bn.


The deal was first announced by both firms in last August.

Subject to customary closing conditions, the firms intend to close the merger deal on 1 February.

According to Symetra, its each outstanding share of common stock will be converted into the right to receive $32.00 in cash on the effective date.

Based in Bellevue of Washington, Symetra offers employee benefits, annuities and life insurance products through a national network of benefit consultants, financial institutions and independent agents and advisors.

As of June 2015, the firm has around $34bn worth assets, 1.7 million customers, and 1,400 employees across the country.

At the time of acquisition, Sumitomo Life Insurance president and CEO Masahiro Hashimoto said: "We are enthusiastic about the opportunity to acquire Symetra’s dynamic business and believe that a transaction will be mutually beneficial and will create significant value for both Symetra and Sumitomo Life."

Based in Tokyo and Osaka, Sumitomo Life runs multi-channel and multi-product life insurance businesses.

The company offers traditional mortality life insurance, nursing care, medical care and retirement plans through sales representatives, insurance outlets, the Internet and bancassurance.

Image: Sumitomo Life Insurance Company headquarters in Osaka, Osaka prefecture, Japan. Photo: courtesy of 663highland.