Sumitomo Life Insurance Company acquired Symetra Financial Corp for $3.8bn.

Sumitomo Life Insurance Company, a mutual life insurance company in Japan, acquired Symetra Financial Corp, a diversified financial services company, for $3.8bn. Masahiro Hashimoto, president and CEO of Sumitomo Life Insurance Company, said, “We are enthusiastic about the opportunity to acquire Symetra’s dynamic business and believe that a transaction will be mutually beneficial and will create significant value for both Symetra and Sumitomo Life. Both companies share a management philosophy that strives to provide customers with valuable insurance solutions and offer the highest quality of service. We are confident that this transaction will further enhance our financial and earnings foundation by expanding the size of overseas revenues, diversifying the revenue base and thereby enabling us to build a well-balanced overseas business portfolio across Asia and the United States.”