Midsize life insurer Yamato Mutual Life Insurance Co. and a group led by Softbank Corp. plan to take over the failed Taisho Life Insurance Co., sources said Tuesday.
The two firms are holding discussions with financial authorities and administrators of Taiho Life, according to the sources.
Yamato Mutual and Softbank Finance Corp., a financial unit of the Softbank group, are considering setting up a 50-50 joint life insurance firm with initial capital of 1 billion yen to inherit Taisho Life's insurance policies, the sources said.