(Bloomberg) — Symetra Financial Corp. climbed 8.3 percent after Nikkei reported over the weekend that Japan’s Sumitomo Life Insurance Co. may be interested in purchasing the U.S. life insurer.
Symetra rose to $29 at 10:39 a.m. in New York, after gaining 16 percent this year through Friday. Toshiya Matsushita, a Sumitomo spokesman, said the Japanese company is “considering multiple options” for mergers and acquisitions in the U.S., declining to comment about Symetra. Diana McSweeney, a spokeswoman for Bellevue, Washington-based Symetra, declined to comment.
Japanese insurers have sought to increase revenue through overseas acquisitions as an aging domestic population pressures demand for new policies. Tokyo Marine Holdings Inc. agreed in June to buy HCC Insurance Holdings Inc. for about $7.5 billion, and Meiji Yasuda Life Insurance Co. said in July that it planned to buy Portland, Oregon-based StanCorp Financial Group Inc.