Tokyo Mutual: No Plan for GE Capital Tie

February 22, 2001

Tokyo Mutual Life has denied a media report that it would receive funding from the financing unit of General Electric Co. to shore up its shaky capital base.

The daily Yomiuri Shimbun said GE Capital was likely to inject between $601.2-$687 million into Japan’s 16th-largest insurer in April to help boost its solvency margin according to a Reuters report.

“That’s groundless,” a Tokyo Mutual Life spokesman was quoted as saying by the news service.

Tokyo Mutual said in January it would boost capital by 30 billion yen through an infusion of funds from Daiwa Bank and other sources.

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