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.
“In Japan, the population is shrinking and it’s quite difficult to assume we can capture the growth there,” President Yukinori Takada said in an interview in Singapore. “We believe in diversifying and investing in growth engines.”
Sumitomo Life and its Japanese peers are expanding overseas to counter demographic pressures at home. 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.
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