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| Delayed Reorganization of the Life Insurance Industry |
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| Reorganization of the life insurance industry is greatly behind the nonlife insurance industry where consolidations have been taking place at a rapid pace. The reason for this is that while nonlife insurance companies are joint stock companies, many life insurance companies are mutual companies. Reorganization of the industry is proceeding, however, even under such circumstances, and industry giant Meiji Life Insurance Co. merged with Yasuda Mutual Life Insurance Co. to form Meiji Yasuda Life Insurance Co. in 2004. Daido Life Insurance Co., Taiyo Mutual Life Insurance Co. and T&D Financial Life Insurance Co. have established a holding company and are planning to integrate their operations. |
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| Another characteristic of the reorganization of the life insurance industry is that there are many cases in which a collapsed life insurance company has made efforts to reestablish itself by becoming a subsidiary of a foreign-owned corporation. For example, Aoba Life Insurance Co., Ltd., which had taken over the existing policies of collapsed Nissan Mutual Life Insurance Co. in 1997, was acquired by French conglomerate Artemis S.A., in 1999. Aoba Life was resold to Prudential Financial Inc. in November 2004, with full integration expected soon. Meanwhile, Chiyoda Mutual Life Insurance Co. was acquired by American International Group, Inc. (AIG). |
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