Eight insurers plan to jointly establish a company Oct. 1 to handle administrative duties related to their corporate pension funds in a bid to cut operating costs.
Japan Pension Service Co. will be capitalized at 2 billion yen, sources said.
Meiji Life Insurance Co. and Sumitomo Life Insurance Co. will each acquire a 33.5 percent stake in the new firm.
The six others involved in the venture are Asahi Mutual Life Insurance Co., Daido Life Insurance Co., Fukoku Mutual Life Insurance Co., Mitsui Mutual Life Insurance Co., Taiyo Life Insurance Co. and Yasuda Mutual Life Insurance Co.
The new company is slated to start operations April 1.