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Heiwa Life Insurance Co. announced Thursday that it will sell a third of its shares to U.S. financial services company Aetna International Inc.

Company officials declined to say how much the 5.3 million-plus shares will be sold for. Aetna will send three directors to Heiwa to participate in the management of the insurer, they said.

Aetna International is the international operations arm of Aetna Inc., a Connecticut-based health care and financial services company.

Heiwa Life ranks 24th in premium income and 20th in total assets among Japan’s life insurers. The firm’s fiscal 1998 pretax profit was 2.3 billion yen.

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