The Finance Ministry on March 19 issued an operating license to GE Capital Edison Life Insurance Co., a new insurer to be set up jointly by Toho Mutual Life Insurance Co. and leading U.S. nonbank financial firm GE Capital Services Inc.
The medium-size Toho is struggling to weather the "Big Bang" financial system deregulation, while GE Capital Edison is looking to move into Japan's opening insurance market. The company will begin operations April 1, and most of the management posts will be held by current Toho officials, according to the Japanese insurer.
GE Capital Edison will take over Toho's new business operations and sales network and focus on life and health insurance for individuals.
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