The transaction, first announced in February 2025, covers both US protection and pension risk transfer units, and will see the Japanese insurer also take a 5% economic stake in L&G itself.
The company's minimum 90 day voluntary suspension of new sales begins on 9 February, as the insurer moves to implement governance and sales-practice reforms.
Despite a decline in the measurements of its capital, the insurer posted a 33.5% rise in net profit in 1H25, driven by higher investment income and growth in new business value.
The partnership's initial scope will cover IRBCF and IFRS 17 (Ind-AS), using a single consolidated platform to improve speed, scalability and controls.
The insurer posted JPY1 trillion (US$6.5bn) in core operating profit for FY ended 31 March 2025, but weaker unrealised gains on securities pulled its capital base down from last year's peak.
Premium expansion, demographic shifts, and enhanced bancassurance channels are seen to boost the sector and support sustained growth in protection, retirement, and high-net-worth client solutions in the...
