• Kyodo

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Nippon Life Insurance Co. plans to acquire an operator of independent insurance agencies to expand sales channels and better respond to customer demands, sources close to the matter said Tuesday.

Nippon Life, one of the biggest Japanese life insurers, will buy a more than 90 percent stake in Life Salon Co. later this month for about ¥1 billion ($8.33 million) through a third-party allocation of shares, the sources said.

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