• Kyodo, Bloomberg

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Meiji Yasuda Life Insurance Co. said Friday it will buy U.S. insurer StanCorp Financial Group Inc. for about ¥624.6 billion ($5 billion) in what will be one of the biggest takeovers of an overseas company by a Japanese life insurer.

Tokyo-based Meiji Yasuda, the third-largest life insurer in Japan by premium income, aims to expand its business abroad in the face of little room for growth in the fast-graying domestic market.

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