U.S. Asset Manager Apollo Eyes Buyout of Japanese Insurer: FT

Tokyo, June 11 (Jiji Press)–U.S. asset management company Apollo Global Management Inc. is seeking to buy a life insurer in Japan to gain market share in the country, according to the Financial Times. Apollo has considered buying life insurance subsidiaries of T&D Holdings Inc. and Orix Corp., the British daily reported Wednesday, adding that talks with the Japanese groups were in their early stages. Japan is among the world’s largest insurance markets, with its population rapidly aging and demand for elderly care expanding. Amid saturated demand for life insurance and other financial products targeting retirees in the United States, Apollo hopes to pursue growth in Japan, the report said. It eyed acquisitions of Taiyo Life Insurance Co. and T&D Financial Life Insurance Co., both under the wing of T&D Holdings. But T&D Financial became a target of acquisition by PayPay Corp., a smartphone payment company under SoftBank Group Corp., in a deal announced June 4 amid intensifying competition among companies trying to enter into the Japanese life insurance market. There are uncertainties over Apollo’s bid as Japan’s Financial Services Agency has been skeptical of a takeover by overseas capital, according to the report. END [Copyright The Jiji Press, Ltd.]