Japanese life insurer Nippon Life Insurance Co. is planning to purchase a stake in Myanmar-based rival Grand Guardian Life Insurance Co. (GGLI) for circa $21 million.
Nippon Life is buying the 35 percent stake in GGLI from Grand Guardian Insurance Holding Public Co., which will hold the remaining 65 percent share in the firm.
The transaction is expected to be completed by October this year, subject to the relevant regulatory approval.
On completion of the deal, Grand Guardian Life Insurance will be renamed as Grand Guardian Nippon Life Insurance.