SBI Insurance Group Co., Ltd. (7326) and SBI Global Asset Management Co., Ltd. (4765) signed a basic agreement on Sept. 30, 2026 under which SBI Global Asset Management will absorb SBI Insurance Group, allotting 3.53 of its shares for each SBI Insurance Group share, with the merger scheduled to take effect April 1, 2027.
SBI Global Asset Management will be the surviving company and plans to issue 87,615,969 new common shares, based on issued shares as of March 31, 2026 of 138,064,311 for itself and 24,820,530 for SBI Insurance Group. The 142 treasury shares held by SBI Insurance Group as of Aug. 31 will not receive an allotment, and fractions of a share will be paid in cash. The ratio may be revised by mutual agreement if its underlying conditions change materially.
SBI Holdings, Inc. is the controlling shareholder of both companies. SBI Global Asset Management is listed on the Tokyo Stock Exchange's Prime market and SBI Insurance Group on the Growth market; the companies said keeping the combined group's holding company on the Prime market is reasonable for shareholders in terms of liquidity and access to capital.
The companies said combining asset management and insurance under one management would let them design insurance products built on investment capability and begin disclosing cost structures, including loading charges, for their own insurance products. SBI Global Asset Management's group assets under management exceeded ¥14 trillion at the end of August 2026.
Tomoya Asakura, president of SBI Global Asset Management and a director of SBI Insurance Group, and SBI Global Asset Management director Yoshitaka Kitao, both of whom hold senior posts at SBI Holdings, did not take part in board deliberations or votes on the deal.
The merger is conditional on a legally binding final agreement, approval at both companies' extraordinary shareholders' meetings and regulatory approvals. The final agreement and the extraordinary meetings are planned by the end of December 2026, with dates yet to be set. SBI Insurance Group shares are scheduled to have their last trading day on March 29, 2027 and be delisted on March 30.
| 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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