The presidents of Tokio Marine & Fire Insurance Co., Asahi Mutual Life Insurance Co. and Nichido Fire & Marine Insurance Co. -- scheduled to consolidate under a holding company in 2004 -- on Thursday denied the possibility of an immediate merger of the companies' subsidiaries.
The presidents spoke during a news conference to announce details of the gradual consolidation of the three insurers into the Millea Insurance Group.
Consolidation will occur in two major stages, they said. The two nonlife insurers and their subsidiaries, Tokio-Marine Anshin Life Insurance Co. and Nichido Life Insurance Co., will first operate under a single holding company by April 2002. Asahi Mutual will then join the group after it is made into a joint-stock holding company, planned by 2004.