• Kyodo

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Mitsui Sumitomo Insurance Co. said Wednesday it will buy a 37.5 percent stake in a medium-sized Chinese life insurance company for 4.33 billion yuan ($675 million) to tap the world’s third-largest insurance market.

Pending regulatory approvals, Mitsui Sumitomo, a unit of MS&AD Insurance Group Holdings Inc., will acquire the stake in Shanghai-based BoCommLife Insurance Co. from a unit of Commonwealth Bank of Australia.

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