NU Online News Service, Aug. 21, 5:46 p.m. – Massachusetts Mutual Life Insurance Company, Springfield, Mass., says it has completed a previously announced acquisition of Aetna Heiwa Life Insurance Company, Tokyo.
Under an agreement announced in July, MassMutual bought about 99% of the total outstanding shares of Aetna Heiwa for about $20 million.
Aetna Heiwa will continue to be managed by Barry Halpern, its current president, who will report to Elroy Chan, MassMutual's regional executive for asia. The unit, which has almost $4.5 billion in assets, becomes part of MassMutual International Inc.
Aetna Heiwa, the 19th largest life insurer in Japan, has more than 1,700 sales representatives in 93 sales offices and 623 home and field office employees.
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