The MassMutual Financial Group announced that it had completed the purchase of Japan’s Aetna Heiwa Life Insurance Co. Inc. from Aetna International Inc., a division of Holland’s ING Group, which acquired it from Aetna last December.
MassMutual will own approximately 99 percent of Heiwa at a cost of $20 million, and plans to integrate its operations into its MassMutual International, Inc. subsidiary, which has substantial interests in many Asian countries.
Heiwa is Japan’s 19th largest life insurer with nearly $4.5 billion in assets, 1700 employees and 93 sales offices.
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