TOKYO, Japan – July 1, 2014 –ORIX Corporation (TSE: 8591; NYSE: IX), a leading integrated financial services group, today announced that its wholly owned subsidiary ORIX Life Insurance Corporation (hereinafter, “ORIX Life Insurance”) has completed the acquisition of the entire outstanding shares of Hartford Life Insurance K.K. (hereinafter, “HLIKK”), a subsidiary of The Hartford Financial Services Group, Inc.
As per the “Announcement Regarding Acquisition of Shares in Hartford Life Insurance K.K. by ORIX Life Insurance Corporation, a Subsidiary of ORIX Corporation” released on April 28, 2014, following the completion of relevant regulatory approval procedures, today ORIX Life Insurance has made payment for the said acquisition at the price of approximately USD 963 million (approximately 98.0 billion yen). The acquisition price is subject to post-closing adjustment based on a number of indicative criteria relating to HLIKK’s financial condition.
As a subsidiary of ORIX Life Insurance, HLIKK will continue to operate under the current trade name during a transitional period. ORIX Life Insurance is committed to providing outstanding customer service while dispatching personnel and integrating its human resources with HLIKK. Furthermore, ORIX Life Insurance aims to achieve early business integration with HLIKK.
ORIX Corporation (TSE: 8591; NYSE: IX) is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses. Established in 1964, from its start in the leasing business, ORIX has advanced into neighboring fields and at present has expanded into lending, investment, life insurance, banking, asset management, automobile related, real estate and environment and energy related businesses. Since entering Hong Kong in 1971, ORIX has spread its businesses globally by establishing locations in 35 countries and regions across the world. ORIX celebrates its 50th anniversary in 2014 and moving forward it aims to contribute to society while continuing to capture new business opportunities and sustain growth by promoting acceleration of its corporate strategy "Finance + Services." For more details, please visit our website: http://www.orix.co.jp/grp/en/
These documents may contain forward-looking statements about expected future events and financial results that involve risks and uncertainties. Such statements are based on our current expectations and are subject to uncertainties and risks that could cause actual results to differ materially from those described in the forward-looking statements. Factors that could cause such a difference include, but are not limited to, those described under “Risk Factors” in the Company’s annual report on Form 20-F filed with the United States Securities and Exchange Commission and under “4. Risk Factors” of the “Summary of Consolidated Financial Results” of the “Consolidated Financial Results April 1, 2013 – March 31, 2014.”