Japan’s Softbank Corp. is reported to be seeking to enter the life insurance market through its Softbank Finance Co. unit, which is seeking to acquire the policies and remaining assets of failed insurer Taisho Life in a joint venture with Yamato Mutual Life Insurance Co.
The two companies are close to a deal with Taisho’s administrators and are seeking an insurance license from Japan’s Financial Services Agency reported the Nihon Keizai Shimbun.
Analysts saw the move as further evidence of the pressure on Japanese life insurers to consolidate, following several life insurer failures last year and the decreasing assets of smaller insurers, as company shares fall, coupled with Japan’s aging population which increases the amounts paid in guaranteed premiums.
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