Mitsui Life to Drop "Mitsui" from Corporate Name

Economy

Tokyo, Nov. 29 (Jiji Press)--Mitsui Life Insurance Co. said Thursday it will be renamed Taiju Life Insurance Co. on April 1, 2019, dropping the time-honored "Mitsui" from its corporate name.

The company has used the Mitsui name for about 90 years since its establishment in 1927.

Due to financial difficulties, Mitsui Life came under the wing of industry leader Nippon Life Insurance Co. in December 2015. Feeling benefits from the three-year-old realignment, Mitsui Life decided to change its name as a springboard for further growth, officials said.

Taiju in the new corporate name, which means a big tree, comes from the company's mainstay insurance product series.

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., together hold the remaining 17.4 pct.

[Copyright The Jiji Press, Ltd.]

Jiji Press