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\Sumitomo Life to buy Symetra for $3.8 billion

Sumitomo Life is acquiring U.S. insurer Symetra Financial Corp. for $3.8 billion. The life insurance market in Japan’s weak growth prospects along with a rapidly ageing population have encouraged major domestic firms to look overseas for business. In June Tokio Marine Holdings Inc. bought HCC Insurance Holdings Inc. for $7.5 billion, while Meiji Yasuda Life Insurance Co acquired StanCorp Financial Group Inc. for $5 billion in July. Sumitomo owns $216 billion in assets, is paying $32 per share for Symetra which represents a 32% premium over the company share price over the last month. Chief Executive Thomas Marra and the management team will continue to lead Symetra in the United States. Symetra shares were up 6.7% in premarketing trading.