Japan Post Confirms 6,327 Cases of Insurance Sales Irregularities

Economy Politics

Tokyo, Sept. 30 (Jiji Press)--Japan Post Holdings Co. <6178> said Monday that it had confirmed 6,327 cases of irregularities in the sale of its insurance products as of Friday that were suspected of violating law or internal rules.

The cases were among some 183,000 Kampo insurance contracts that the company has said may have created disadvantages for holders. The contracts were sold by Japan Post Insurance Co. <7181>, a unit of Japan Post Holdings, in the five years from fiscal 2014, according to its July announcement.

The Japan Post group will refrain from selling insurance products this year to focus on its investigation into the scandal and preventive efforts, planning to restart the sales in stages from January.

"Once again, we are deeply sorry for causing trouble to our customers," Masatsugu Nagato, president and chief executive officer of Japan Post Holdings, told a press conference in Tokyo.

"Dedicating ourselves to rebuilding customer trust is our responsibility," he said, denying he plans to resign over the scandal.

[Copyright The Jiji Press, Ltd.]

Jiji Press