Japan Post Holdings Makes Aflac Affiliate

Economy

Tokyo, May 16 (Jiji Press)--Japan Post Holdings Co. has said that it made U.S. insurance giant Aflac Inc. an affiliate under the equity method.

Japan Post Holdings said Wednesday that its voting rights in Aflac have increased to 20 pct of the total under a program agreed when the two sides formed their strategic alliance in 2018.

Aflac's profits will be partly reflected in the earnings of the postal and financial holding company according to the size of its equity stake.

For fiscal 2024, Aflac is seen boosting Japan Post Holdings' ordinary income by 48 billion yen.

In 2018. Japan Post Holdings announced the alliance to strengthen its revenue base, saying that it would acquire Aflac shares to eventually make the company an equity-method affiliate. The share acquisition was completed by February 2020.

[Copyright The Jiji Press, Ltd.]

Jiji Press