Japan's Meiji Yasuda boosts U.S. strategy with Allstate unit deal

TOKYO -- Meiji Yasuda Life Insurance is accelerating its push into the U.S. by acquiring a subsidiary of local heavyweight Allstate, part of a global shift among Japanese players who face a saturated and stalling market at home.

Meiji Yasuda on Wednesday announced that U.S. unit StanCorp Financial Group will acquire American Heritage Life Insurance and one of its subsidiaries for roughly $2 billion, confirming an earlier report by Nikkei.