Japan Post to Buy Stake in U.S. Insurance Giant Aflac

Economy Politics

Tokyo, Dec. 19 (Jiji Press)--Japan Post Holdings Co. <6178> said Wednesday that it will acquire an equity stake of some 7 pct in U.S. insurance giant Aflac Inc. in 2019.

With the acquisition, Japan Post hopes to boost its earnings base.

The company is expected to become Aflac's largest shareholder four years after the acquisition of the stake. It could then put the U.S. insurer under its umbrella.

Japan Post is already in a partnership with Aflac, offering cancer insurance products of the U.S. insurer at stores managed directly by a unit, Japan Post Insurance Co. <7181>, and some 20,000 post offices nationwide.

Japan Post will strengthen its partnership with Aflac to obtain a new revenue source in the insurance business in Japan and the United States.

[Copyright The Jiji Press, Ltd.]

Jiji Press