Sumitomo Life to Acquire Dearborn Group's U.S. Group Life and Disability Business

Sumitomo Life Insurance Co., a Japanese insurer, plans to expand its presence in the U.S. life insurance market by acquiring the group life and disability business of Dearborn Group, a midsize U.S. life insurer, through its subsidiary Symetra Financial Corp. The acquisition, valued at approximately 100 billion yen, includes an additional investment of $900 million by Sumitomo Life into Symetra to support growth and profitability. The transaction is targeted for completion by the end of 2025, pending regulatory approval, and aims to capitalize on stable growth prospects in the U.S. life and disability insurance sector. Dearborn Group is a fully-owned subsidiary of Health Care Service Corp., which operates within the U.S. life insurance industry.