Following months of delicate negotiations, the failed Daihyaku Mutual Life Insurance Co. agreed Friday to transfer its operations to Manulife Century Life Insurance Co.
The Life Insurance Policyholders Protection Corp., the industry's safety-net body, will cover about 145 billion yen of Daihyaku's capital deficit.
Negotiations had stalled several times since the life insurer failed in May. The prolonged talks are believed to have worsened Daihyaku's capital deficit.