PayPay, the payments group backed by SoftBank, agreed on 4 June to acquire 70.2% of T&D Financial Life Insurance from T&D Holdings for about ¥134.3bn including costs.
Why PayPay Corporation is buying T&D Financial Life Insurance (70.2%)
PayPay said adding life insurance would extend its services from payments into asset building, insurance, asset management and succession. It plans to combine T&D Financial Life's customer base, built through independent agents, with its own digital platform and embedded-insurance know-how.
Deal terms and financing
PayPay will pay an estimated ¥131,985m for the shares plus about ¥2,352m in costs, in cash. OneIM Indigo Holdings, an affiliate of Rajeev Misra's One Investment Management, plans to buy 14.9% and T&D Holdings will retain 14.9%. A shareholders' agreement gives PayPay a call option over T&D's remaining shares from closing and T&D a put option exercisable three years after closing. PayPay said it has no agreement with OneIM to vote together.
Regulatory approvals and timing
Closing is scheduled for 1 October 2027, subject to regulatory approvals and an IFRS transition plan at the insurer.
Market context
T&D Financial Life, formed from the former Tokyo Life Insurance, had total assets of about ¥1.96tn and net income of ¥8.2bn in the year to March 2026. The deal is part of a wave of Japanese financial groups using acquisitions to build one-stop digital finance platforms.
