Hartford Life Insurance wants to supply variable annuities to Japan Post
Hartford Life Insurance K.K., a U.S.-affiliated firm versed in variable annuity insurance products, has offered to supply products to two offshoot firms of state-owned Japan Post, Jiji Press learned Thursday.
Japan Post will make a decision on suppliers before October, when it is to be broken up into four entities including a savings bank and a post office network management firm.
In April, Japan Post asked prospective private life insurance suppliers to submit proposals for variable annuity insurance products to be sold at the savings bank and the post office company.
Among them, Hartford is the top insurer in terms of variable annuity insurance policies in force.
The two Japan Post offshoots aim to expand their financial product lineups and boost sales commission income through agreements with private life insurers.
Hartford, which has expanded through working with banks, hopes to widen its sales channels across Japan through tie-ups with the new entities that will be formed from the gargantuan Japan Post.
