Japan's Orix Corp has agreed to purchase Hartford Financial Services Group's Japanese unit for $895 million as part of efforts to expand its life insurance business in the world's third-largest economy.Orix is one of the most acquisitive Japanese financial companies, saying last week it would buy a precious metal and jewellery recycler from Baring Private Equity Asia in a deal sources priced at around 21 billion yen ($204.7 million). Last year, it spent about $2.6 billion on Dutch asset manager Robeco.The sale of the Japanese unit, Hartford Life Insurance K.K., would come as Connecticut-based Hartford Financial has been shifting its focus to the more stable and less risky business of property casualty from annuities.In a statement on Monday, Orix said the deal is subject to authorities' approval but it aims to complete the acquisition by the end of July.
ORIX CORPORATION is a financial company. The Corporate Financial Service segment is engaged in financing, leasing and financial instrument selling. Shares of IX traded higher by 0.04% or $0.03/share to $71.63. In the past year, the shares have traded as low as $60.84 and as high as $92.35. On average, 24640 shares of IX exchange hands on a given day and today's volume is recorded at 13107.
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