Japan Post Mulling Halt to Commissioned Insurance Sales

Economy Politics

Tokyo, July 28 (Jiji Press)--Japan Post Co. is considering suspending commissioned sales of insurance products from private companies such as Nippon Life Insurance Co. through post offices across the nation, according to informed sources.

The move comes after the revelation last month of inappropriate sales practices by Japan Post employees involving Japan Post Insurance Co. <7181> products.

Japan Post, which has already suspended sales of Japan Post Insurance products, has begun negotiations with insurers such as Nippon Life and Sumitomo Life Insurance Co.

If the postal service provider decides to suspend all insurance sales, it is likely to affect the finances of the Japan Post Holdings Co. <6178> group.

Japan Post Holdings President Masatsugu Nagato and other group executives are expected to present the conclusion of their deliberation at a press conference on Wednesday.

[Copyright The Jiji Press, Ltd.]

Jiji Press