Dai-ichi Mutual Life Insurance Co. and Yasuda Fire & Marine Insurance Co. plan to form a comprehensive tieup with a view to integrating their future operations, industrial sources said Saturday.
The alliance, the first between a major life insurer and nonlife insurer in Japan, is designed to enhance their standings in an increasingly competitive domestic insurance market that has seen a lowering of legal barriers separating the life and nonlife insurance sectors, the sources said.
The two companies are discussing joining forces by marketing each other's existing products and jointly developing new products, representatives from each of the two firms said. But they refused to elaborate further on the ongoing talks.