Japan's non-life insurers must cut cross-shareholdings to zero, industry group says
19/09/2024 06:29
TOKYO, Sept 19 (Reuters) - A trade group representing
Japan's biggest non-life insurers said on Thursday that its
member firms should set a clear deadline to cut their strategic
holdings of listed client shares to zero.
The General Insurance Association of Japan published the
guideline for its members on cross-shareholdings, or purchase of
the stock of their clients to deepen business ties, in order to
ensure fair market environment. The guidelines also bans
companies from taking on new cross-shareholdings.
Four of the group's members, Tokio Marine 8766.T , Sompo
8630.T and MS&AD 8725.T subsidiaries Mitsui Sumitomo
Insurance and Aioi Nissay Dowa, have previously said they would
bring all cross shareholding arrangements to zero in response to
a price-fixing scandal last year.
(Reporting by Kantaro Komiya; Editing by Christian
Schmollinger)
((Kantaro.Komiya@thomsonreuters.com; Twitter: @kantarokomiya;))