AIG Life Unit to market products through Japan Post
American International Group Inc. said its Japan life insurance subsidiary has been selected by Japan Post Insurance Co. Ltd. as a provider of life insurance products for corporate customers.
According to AIG, the Japan Post Holdings subsidiary selected ALICO Japan, the Japanese branch of AIG’s American Life Insurance Co., to market its products to small- an medium-sized businesses through Japan Post Insurance’s 1,000-member sales team. The sales force is part of a nationwide 81-branch network for Japan Post Insurance.
ALICO will be able to start selling its life products through the network beginning in June 2008, subject to regulatory approval.
Japan Post Insurance was privatized by the Japanese government in October this year. It is the largest life insurer in Japan, with assets of 113 trillion yen ($997 billion). The government-run postal system was broken into four units, wholly owned by a government holding company, with the Kampo and Yucho segments becoming the world’s largest life insurer and savings bank, respectively.
A month ago, Japan Post Network Co. chose Aflac Japan, a unit of U.S.-based supplemental insurer Aflac Inc., as the exclusive provider of cancer insurance for distribution through its roughly 24,000 post offices nationwide.