Metzler Corporate Finance advises Daido Life Insurance

Daido Life Insurance Company (Daido) is a subsidiary of T&D Holdings Inc., a holding company listed on the Tokyo Stock Exchange and, with more than 20,000 employees, one of Japan’s largest insurance groups. With premium income of around EUR 4.7 billion (2024/25), Daido is one of the largest life insurance companies in Japan. 

After more than 10 years of strategic partnership, Daido is selling its 14.99% stake in the publicly listed NÜRNBERGER Beteiligungs-Aktiengesellschaft (“Nürnberger”) as part of the planned takeover by the publicly listed Vienna Insurance Group (“VIG”). 

VIG is the leading insurance group in the Central and Eastern European region and comprises more than 50 insurance and pension companies in 30 countries. VIG is organized decentralized and pursues a multi-brand strategy as well as a multi-channel distribution approach. In the 2024 financial year, VIG generated gross premiums of EUR 15.2 billion and a pre-tax profit of EUR 881.8 million. VIG’s market capitalization amounts to approximately EUR 5.75 billion. 

Nürnberger is a German insurance group with a primary focus on life insurance. Additionally, the group operates in the health and property/casualty segments and provides banking as well as asset management services. In the 2024 financial year, the group generated revenue of approximately EUR 4.5 billion.

With the aim of strengthening its presence in the German insurance market, VIG published a voluntary public takeover offer for Nürnberger, which is listed in the Scale segment, on 24 October 2025, offering EUR 120 per share. Nürnberger is valued at approximately EUR 1.38 billion. Prior to the offer, VIG had entered into agreements with Daido and other block shareholders (including Munich Re and VKB) providing for an obligation to accept the offer (“Irrevocable Undertakings”). 

Completion of the transaction is subject to regulatory approvals. Metzler Corporate Finance acted as exclusive M&A advisor to Daido Life throughout the process. Metzler Corporate Finance has been assisting Daido since 2013 with its entry into and development of its investment in the Nürnberger Versicherungsgruppe. The comprehensive advice provided during the recent sale to VIG demonstrates Metzler's focus on long-term client relationships and highlights the importance of the corridor between Japan and Germany.