Japan’s largest non-life insurer, Tokio Marine & Fire Insurance Co., is reported by Reuters News Agency to be in the last stages of talks with Asahi Mutual Life Insurance to join their companies to create one of Japan’s largest composite insurers.
Pushed by deregulation of the industry, the alliance would be the latest in a series of consolidations among Japanese insurers anxious to secure their place in a fiercely competitive market.
If it goes through the new group would have combined assets of 17 trillion yen ($158.7 billion). But the negotiations may also include two other Japanese insurers, Meiji Life Insurance Co. and Nichido Fire & Marine Insurance Co. None of the companies involved offered immediate comments on the reports.
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