MassMutual’s international insurance holding company MassMutual International and Nippon Life, Japan’s leading life insurer, have announced the completion of the sale of 85.1 percent of MassMutual Japan, its Japanese life insurance and wealth management subsidiary, to Nippon Life.

The transaction was first announced in March 2018. MassMutual International will retain 15 percent of the company and receive approximately JPY 104.2 billion (about USD 955 million) in cash.

MassMutual Japan will operate as Nippon Wealth Life Insurance Company, effective on January 1, 2019. Additionally, MassMutual and Nippon Life have agreed to jointly explore partnership opportunities.