MassMutual International and Nippon Life extend strategic cooperation agreement
Hong Kong and Springfield, Mass., November 2, 2021 – MassMutual International LLC (MassMutual International) - Massachusetts Mutual Life Insurance Company’s (MassMutual) holding company for its international operations – announced the completion of the sale of its shares of Nippon Wealth Life Insurance Company Limited (Nippon Wealth Life) to Nippon Life Insurance Company (Nippon Life).
In May 2018, MassMutual International sold 85.1 percent of MassMutual Japan, the company’s wholly owned life insurance and wealth management affiliate, to Nippon Life, the largest life insurer in Japan. As part of that transaction, MassMutual International retained the remaining 14.9 percent of the company, which became an affiliate of Nippon Life and, at the beginning of 2019, became known as Nippon Wealth Life. With the completion of this sale, Nippon Wealth Life has become a wholly owned subsidiary of Nippon Life.
“We are pleased that this final step in Nippon Life’s acquisition of MassMutual Japan serves both our former and current policyowners and recognizes the full value of our remaining interest,” said Eddie Ahmed, Chairman, President and CEO of MassMutual International. “It also cements Nippon Life’s commitment to our former customers, enabling them to benefit from the company’s direct focus and industry leading capabilities.”
Nippon Life and MassMutual have also extended their strategic cooperation agreement, which enables the companies to explore partnership opportunities and will continue to support MassMutual International’s strategy of forging distinct, mutually beneficial partnerships with successful, innovative companies to capitalize on emerging global opportunities.
“We look forward to a continued successful relationship with a company that deeply understands its market and shares our emphasis on helping customers meet their financial goals with transparency, integrity, and a full suite of high quality, holistic solutions for all phases of life,” Ahmed added.