Mitsui Life May Drop "Mitsui" from Corporate Name

Economy

Tokyo, Nov. 8 (Jiji Press)--Mitsui Life Insurance Co. is looking at dropping the time-honored "Mitsui" from its corporate name in April next year, it was learned Thursday.

Due to financial difficulties, Mitsui Life came under the wing of industry leader Nippon Life Insurance Co. in late 2015. With its business operations having since stabilized, Mitsui Life is considering a new corporate name, informed sources said.

Mitsui Life, established in 1927, has transformed itself from a policyholder-owned company into a shareholder-owned company.

Nippon Life currently owns an equity stake of 82.6 pct in Mitsui Life, while member companies of the Mitsui corporate group, including Sumitomo Mitsui Banking Corp., hold minor interests.

The possible removal of Mitsui from its name reflects the insurer's weakening ties with the Mitsui group, according to the sources.

[Copyright The Jiji Press, Ltd.]

Jiji Press