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7181 - Japan Post Insurance Co News Story

¥1780 22.0  1.3%

Last Trade - 23/10/20

Sector
Financials
Size
Large Cap
Market Cap £7.30bn
Enterprise Value £-663.5m
Revenue £50.74bn
Position in Universe 123rd / 3871

UPDATE 1-Japan Post group to resume insurance sales on Oct 5 after long suspension

Fri 11th September, 2020 6:53am
(Adds background and quote)
    TOKYO, Sept 11 (Reuters) - The Japan Post group said on
Friday it would resume sales of insurance products on Oct. 5
after a suspension of more than a year due to improper sales
practices.
    Japan Post Insurance Co Ltd  7181.T , 64%-owned by Japan
Post Holdings  6178.T , first revealed in July last year it had
mismanaged insurance policies affecting thousands of clients and
said it was suspending such sales.
    The case pushed corporate governance to the fore just as the
government planned to sell $10 billion worth of shares in Japan
Post Holdings to fund reconstruction in areas devastated by an
earthquake and tsunami in 2011.
    "We have largely lost trust from customers. We have to start
over to regain trust so that customers will use our service and
products again," Japan Post Holdings Chief Executive Hiroya
Masuda said at a news briefing.
    Japan's financial regulator in December ordered Japan Post
Insurance to stop marketing insurance policies, which were sold
at outlets of postal service unit Japan Post, until March. But
the company continued to suspend sales while it conducted an
internal investigation. 
    Japan Post Holdings has said it was punishing some 2,400
employees in relation to the case. urn:newsml:reuters.com:*:nL4N2E726W  


 (Reporting by Takashi Umekawa
Editing by Chang-Ran Kim and Kim Coghill)
 ((Takashi.Umekawa@thomsonreuters.com;))
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