Softbank Finance Corp. and Yamato Mutual Life Insurance Co. announced Friday that they have formed a wholly owned subsidiary to take over failed life insurer Taisho Life Insurance Co. on March 31.
The two companies will each provide 500 million yen, while a consortium of an estimated 10 companies will contribute an additional 5 billion yen in total to Azami Life Insurance Co., which will begin operations April 1, Azami Life President Keiji Nonomiya said.
In July, Yamato Mutual will also turn over its insurance contracts to Azami, paving the way for a merger between the two next April 1, officials said.