Mitsui Sumitomo Insurance Co. said Tuesday it will enter the life insurance business in China by buying into a local firm, having identified strong growth potential in the emerging economy.
The company will buy an equity stake of 7 percent in Sinatay Life Insurance Co. for some ¥2.4 billion later this month and send one of its officials to serve as a part-time board director at the medium-size, Zhejiang Province-based company.
Mitsui Sumitomo said it may increase its stake in the firm to 20 percent in the future.
The company is already active in China’s nonlife insurance market. Faced with declining domestic business, many Japanese insurers are setting their sights on overseas markets.
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