Tokio Marine & Fire Insurance Co. and Asahi Mutual Life Insurance Co. have decided to scrap their plans to integrate under a single holding company by March 2003 due to the cautious stance of the nonlife insurer, sources from the two companies said Wednesday.
Instead, the companies will reopen negotiations for a union under the Millea Insurance Group by April 2004, they said.
A key sticking point in the talks was the price tag for the planned March transfer of Asahi's sales division to a wholly owned subsidiary of Tokio Marine to bring Asahi into the group, the sources said.