Nippon Life To Raise US$455mn

August 2008 | Corporate Financing News Alert

Nippon Life Insurance, the country's largest private life insurer, said on August 18 that it plans to tap domestic institutional investors for JPY50bn (US$455mn). The company will issue bonds throughout early September, and plans to raise its capital base from JPY3.3trn to JPY4.7trn with a view to investing abroad. Last month Nippon Life said it would take a 5% stake in US fund Russell Investments, as well as increasing its stake in US insurance group, Principal Financial.

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