Meiji Yasuda to buy group insurance units of U.S.-based Elevance

Japanese insurer makes inroads in U.S. toward $600m overseas profit goal

With Japan's population shrinking, Meiji Yasuda Life Insurance is turning its sights to overseas markets like the U.S. (Photo by Akira Kodaka)

SATOSHI TEZUKA, Nikkei staff writer

March 30, 2023 06:36 JST

TOKYO -- Japan's Meiji Yasuda Life Insurance on Wednesday said it will acquire three group insurance subsidiaries of U.S. insurer Elevance Health, accelerating its push into the growing American market.

The purchase price is estimated at around 100 billion yen ($753 million). Meiji Yasuda will make the acquisition through U.S. unit StanCorp Financial Group, which primarily handles group health insurance. It aims to complete the transaction around the spring of 2024, pending approval from Japanese and American regulators.