Through its U.S. subsidiary StanCorp, Meiji Yasuda Life Insurance announced the acquisition of Allstate’s American Heritage Life Insurance for roughly $2 billion, a deal that is expected to close by June 2025 pending the approval of regulatory bodies in the United States and Japan, according to a report in Nikkei Asia.
The Tokyo-based insurance giant said in a statement the acquisition was part of a broader strategy to expand its overseas business as it aims to achieve a base profit equivalent of $680 million by the 2026-2027 financial year and plans to explore more investment opportunities
Forbes has listed Allstate as one of the best insurance firms of 2024 with profits reaching $1.4 billion. Its primary lines of business include property and casualty insurance, life, health, and accident insurance.
Expansion to the United States seems to be a growing trend in the Japanese insurance sector. In April, Protective Life Corp., a subsidiary of Dai-ichi Life Holdings, bought ShelterPoint Group for $700 million. Nippon Life Insurance announced that it will procure Corebridge Financial, while Sumitomo Life operates in the country through Symetra Financial.
