SPRINGFIELD, Mass. - MassMutual Financial Group has closed a $20 million deal that gives it 99% of Tokyo's Aetna Heiwa Life Insurance Co.

MassMutual purchased approximately 25.7 million shares. All were held by Aetna International Inc., which ING Group bought in December.

MassMutual had owned 4% of $4.5 billion-asset Aetna Heiwa.

Completion of the deal, which was originally announced July 25, was announced Tuesday.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.