U.S. insurer Massachusetts Mutual Life Insurance Co. said Wednesday it has finished purchasing the shares of Aetna Heiwa Life Insurance Co., thus gaining a toehold in the Japanese life insurance market.
This marks the second time in eight months that ownership of Aetna Heiwa, the 19th largest life insurer in Japan, has changed hands. The purchase price of the 25.7 million shares tendered totaled some 2.4 billion yen.
ING Group, a Dutch financial services conglomerate, acquired Aetna Heiwa in December.
Aetna Heiwa has some 4.5 billion yen in assets, 93 sales offices and around 1,700 sales representatives.
Barry Halpern will retain his position as the firm's president and chief executive officer.