Sumitomo Life Insurance is considering acquisitions in South-east Asia and the US to expand and diversify its income, as its president Yukinori Takada says Japan's shrinking population limits growth at home. The insurer has set aside up to one trillion yen (US$6.3 billion) for investment under its mid-term plan through March 2029, and will use overseas units Singlife and Symetra to find targets. In South-east Asia it already holds minority stakes in Indonesia and Vietnam and wants to grow in Singapore, Thailand, Malaysia and the Philippines, with Income Insurance among the targets being considered; the goal is for Singlife to rank among Singapore's top three life insurers. In the US it prefers firms that complement Symetra rather than compete with it, and it is only studying India, cautious about regulatory and cultural hurdles. Takada also said Sumitomo Life expects the Bank of Japan to raise rates twice more and sees no AI investment bubble.
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Sumitomo Life Insurance is considering acquisitions in South-east Asia and the US as Japan’s shrinking population limits growth at home, president Yukinori Takada said. The company has set aside as much as one trillion yen (US$6.3 billion) for investment under its mid-term plan through March 2029, and will use its overseas units Singlife and Symetra Financial to look for targets. Singapore is a priority, with the goal of making Singlife one of the top three life insurers there, while Takada said the firm would avoid aggressive overseas growth and seek sustainable deals. Sumitomo Life expects the Bank of Japan to raise rates two more times, in December and April next year, and sees no AI investment bubble.
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