Nippon Life to Launch New Firm for Low-Priced Products

May 25, 2018

Tokyo- Nippon Life Insurance Co. said Thursday that it will launch a new company to provide low-priced insurance policies for sale at shops of independent sales agents.

Such outlets handle products offered by multiple insurers. They enjoy rapid growth in recent years, drawing young visitors in particular.

The new company will swiftly develop and release new products so that it can meet demand flexibly, Nippon Life said.

Ahead of the new company's launch expected for April-September 2019, Nippon Life plans to establish a fully owned preparatory company on July 2 this year.

Trading house Itochu Corp. is believed to be considering investing in the new company.

The new company is set to offer low-priced medical and life insurance policies. Nippon Life's sales team is unlikely to handle the products. Jiji Press