30 M. Contracts at Japan Post Insurance to Be Checked

Economy

Tokyo, July 31 (Jiji Press)--Japan Post Holdings Co. <6178> said Wednesday the group will examine all 30 million insurance contracts at Japan Post Insurance Co. <7181> that were in force in the past five years, after the revelation of inappropriate sales practices.

In addition, Japan Post Insurance and Japan Post Co., both subsidiaries of the holding company, will scrap their sales quotas for insurance products offered at post offices nationwide for fiscal 2019 through March 2020. Quotas will be drastically reviewed for fiscal 2020 and later.

The parent company said the Japan Post group will refrain from active sales of insurance products at post offices, run by Japan Post Co., for the time being, except for cancer and automobile insurance products.

"I'm devastated at the huge betrayal of customer trust in post offices," Japan Post Holdings President Masatsugu Nagato told a press conference.

The press conference was also attended by Japan Post Insurance President Mitsuhiko Uehira and Japan Post Co. President Kunio Yokoyama.

[Copyright The Jiji Press, Ltd.]

Jiji Press