Japan Post Acquires 5 Pct Stake in Aflac

Economy Politics

Tokyo, Oct. 7 (Jiji Press)--Japan Post Holdings Co. <6178> said Monday that it has acquired an equity stake of over 5 pct in U.S. insurance giant Aflac Inc.

The move is part of a plan by Japan Post, announced in December last year, to acquire a stake of about 7 pct in Aflac by the end of fiscal 2019, which ends in March 2020.

Japan Post plans to raise its voting rights in Aflac to over 20 pct in four years as the U.S. insurer's articles of incorporation stipulate that each share is entitled to 10 votes after four years of continuous holding.

END

[Copyright The Jiji Press, Ltd.]

Jiji Press