SBI Global Asset Management (4765) and SBI Insurance Group (7326) signed a basic agreement on Sept. 30 to integrate through a merger under which SBI Insurance Group shareholders would receive 3.53 SBI Global Asset Management shares for each share held, effective April 1, 2027.
SBI Global Asset Management (SBIGAM) would be the surviving company and SBI Insurance Group (SBIIG) would be dissolved. SBI Holdings is the controlling shareholder of both. The companies said keeping SBIGAM, which is listed on the Tokyo Stock Exchange's Prime Market, as the surviving entity is reasonable for shareholders of both in terms of liquidity and capital-raising ability. SBIIG is listed on the Growth Market.
| Item | Figure |
|---|---|
| Merger ratio | 3.53 SBIGAM shares per SBIIG share |
| Shares to be issued | 87,615,969 common shares (all newly issued) |
| SBIGAM shares issued | 138,064,311 (March 31, 2026) |
| SBIIG shares issued | 24,820,530 (March 31, 2026) |
The 142 treasury shares held by SBIIG as of Aug. 31, 2026, will not receive an allotment, and fractional shares will be settled in cash.
The companies said the integration aims to bring asset management and insurance under a single management to design insurance products built on investment capabilities. After the integration, they plan to begin disclosing cost structures, including expense loadings, starting with their own insurance products. The SBIGAM group's assets under management exceed ¥14 trillion as of end-August 2026. The SBI Group positions the two businesses as a "third pillar" after securities and banking.
SBIGAM President Tomoya Asakura, who is also an SBIIG director and representative director and vice president of SBI Holdings, and SBIGAM director Yoshitaka Kitao, chairman, president and CEO of SBI Holdings, did not take part in the relevant board deliberations or votes as directors with special interests.
Board approval and signing of a definitive agreement, as well as the record dates and dates of extraordinary shareholders' meetings at both companies, are planned by the end of December 2026 but have not been fixed. The merger is conditional on the definitive agreement, approval at both companies' extraordinary shareholders' meetings and regulatory approvals. SBIIG's last trading day is scheduled for March 29, 2027, with delisting on March 30 and the merger taking effect April 1, 2027.
| Hikari Tsushin, Inc. | |
| Offer price | ¥1,000 per common share |
| M&A / TOB | 1 |
| Guidance | 0 |
| Buybacks | 0 |
| Dividends | 0 |
| Capital | 0 |
| Earnings | 0 |
| People | 0 |
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