Japanese life insurance giant Japan Post Insurance has agreed to invest $2 billion in a new vehicle that will be managed by Global Atlantic, a US-based provider of retirement and reinsurance solutions owned by private equity firm KKR.
In a statement, Japan Post said the investment, which represents more than 50% of the total capital commitment for the new vehicle, will be deployed over time and is expected to commence operations in the first half of 2026, subject to regulatory approval.
Japan Post will own a majority stake in the new vehicle that will invest in all of Global Atlantic’s businesses, including annuity products and life insurance, per the announcement.
The deal deepens a strategic alliance formed in June 2023 between Japan Post Insurance, KKR, and Global Atlantic, and is part of Japan Post Insurance’s global growth strategy to diversify its earnings beyond Japan’s ageing domestic market.
“This investment will enable Japan Post Insurance to diversify our revenue sources by capturing revenues from the robust US annuity market and reinsurance markets globally,” said Kunio Tanigaki, director and representative executive officer, president, and CEO of Japan Post Insurance.
Global Atlantic, acquired by KKR in 2021, will use the fresh funds to expand its retirement and reinsurance offerings in the US and internationally, according to an announcement.
KKR, which has operated in Japan for two decades, said the partnership underscores its commitment to the Japanese market and to expanding tailored reinsurance and asset management solutions globally.
“This collaboration reflects the strength of our global insurance platform and our shared commitment to growth as we pursue the opportunity together,” said Joe Bae and Scott Nuttall, co-CEOs of KKR.
Japan Post Insurance said the transaction is not expected to materially impact its consolidated earnings for the fiscal year ending March 2026, but noted it will make appropriate disclosures if that changes.
The deal comes as KKR said it will launch a tender offer to acquire all outstanding shares and share acquisition rights of Topcon Corp, a Japanese technology manufacturer.
The tender offer will be made through TK Co, Ltd, an entity owned by the investment funds managed by KKR. The management buyout is backed by the company’s top executive and major shareholders, KKR said.
