Sumitomo Life Plans to Invest $1.9 Billion in Private Credit

Sumitomo Life Insurance Co. is considering allocating about ¥300 billion ($1.9 billion) on private credit in the fiscal year starting April, in the latest push by a Japanese financial firm into alternative assets to boost returns.
The Osaka-based insurer has been gradually increasing its private credit holdings, and “we’ve accumulated considerable expertise,” said the firm’s chief executive officer, Yukinori Takada . The asset class is attractive because “it offers the prospect of high spreads,” he said in an interview.