The deal will combine the groups’ international platforms into an enlarged network spanning more than 130 countries and managing over US$3.5bn in premiums.
Three South Korean insurers have held early stage discussions with Indian players, advisers, and the regulator, as they look to enter the US$130bn market.
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 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.
