Japan Post Insurance

Japan Post Insurance Co., Ltd. (株式会社かんぽ生命保険, Kabushiki-gaisha Kanpo Seimei Hoken), is a Japanese life insurer that was established on October 1, 2007, with the privatization of Japan Post Life Insurance (簡易保険, Kan'i Hoken, lit. "Simple Insurance"). It is part of the Japan Post Holdings group. As of 2011, it was the world's fourth largest insurance company as regards net premiums written behind three European insurers and the largest as regards non-banking assets.[1]

Japan Post Insurance Co., Ltd.
TypeSubsidiary
IndustryInsurance
Founded2006, or establishment of the Postal Life Insurance Services (Kampo) in 1916
FounderGovernment of Prime Minister Junichiro Koizumi
Headquarters,
Key people
Josuke Shindo (CEO), Izumi Yamashita (COO)
Number of employees
5,400
ParentJapan Post Holdings (64.48%)
Websitewww.jp-life.japanpost.jp/

On November 4, 2015, Japan Post Insurance (TYO: 7181) was listed on the Tokyo Stock Exchange as part of a "triple IPO" (initial public offering) with shares offered as well in Japan Post Holdings (TYO: 6178) and in Japan Post Bank (TYO: 7182).[2] About 10% of the shares in each company was offered.[2]

HistoryEdit

On September 1, 2006, the company started as the "preparation company (準備会社)". On October 1, 2007, it started with the division and privatization of Japan Post.

In December 2019, Japan Post Holdings and Japan Post Insurance were revealed to be involved in a large-scale illegal insurance sales scam targeting elder customers. The president and CEO of Japan Post Holdings, Masatsugu Nagato, along with the president of Japan Post Insurance, Mitsuhiko Uehira, and the president of Japan Post, Kunio Yokoyama, were forced to resign due to public pressure.[3] The stock price plummeted and the Japanese government announced to delay the privatization process by 5 years.[4]

See alsoEdit

ReferencesEdit

  1. ^ End of 2011 list, A.M. Best
  2. ^ a b "Japan Post firms make bumper debut after $12 billion triple IPO". Reuters. November 4, 2015. Retrieved 11 August 2018.
  3. ^ Inada, Miho (27 December 2019). "'Gut-Wrenching': Japan Post CEO Quits over Scams That Targeted Elderly". Wall Street Journal.
  4. ^ "Insurance scandal delays Japan Post privatization by 5 years".

External linksEdit