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.
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.
