The Life Insurance Association of Japan said Friday its board accepted a proposal to replace vice chief Yuzuru Fujita, president of Asahi Mutual Life Insurance Co., with Shinichi Yokoyama, president of Sumitomo Life Insurance Co. Fujita is leaving because he wants to focus all his energy into efforts to bolster his troubled firm, industry analysts said.
In November, Asahi and Tokio Marine & Fire Insurance Co. announced a plan to integrate their life insurance operations in line with the planned creation of the Millea Insurance Group in March.
The firms said that Asahi will sell its sales division to Tokio Marine Life Insurance Co., a wholly owned subsidiary of Tokio Marine & Fire, by March.
By around March 2003, Asahi and Tokio Marine Life Insurance will merge, the two said.
In April, Tokio Marine plans to form Millea with Nichido Fire & Marine Insurance Co. under a joint holding company called Millea Holdings Ltd. Asahi and Kyoei Mutual Fire & Marine Insurance Co. are to join in 2004.
Fujita appears to have resigned because he is busy handling integration negotiations with Tokio Marine, industry analysts said.