Dai-ichi Mutual Life Insurance Co. and Yasuda Fire & Marine Insurance Co. on Monday formally announced a comprehensive tieup that includes joint marketing of each other's products and integration of Dai-ichi's nonlife insurance subsidiary with Yasuda.
The top executives of the two insurance companies told a news conference that the firms aim to form the strongest insurance group in Japan. Currently, Dai-ichi is the nation's second-leading life insurer and Yasuda is the No. 2 nonlife insurer.
"The nation's financial industry is going through an unprecedented level of change, set off by the implementation of a set of financial system reform laws in 1998," said Dai-ichi's President Tomijiro Morita. "Both Dai-ichi and Yasuda have regarded such extensive and swift changes in the industry as presenting business opportunities."