CitiInsurance Joint Venture Receives Japanese License.Business Editors HARTFORD, Conn.--(BUSINESS WIRE)--Sept. 19, 2002 CitiInsurance, Citigroup's international insurance business, announced today that its joint venture with Tokyo-based Mitsui Sumitomo Insurance Co., Ltd., received its license to sell life insurance and retirement-savings products in Japan, allowing the company to tap into the fast-growing variable annuity Variable Annuity An insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio. market there. The joint venture, Mitsui Sumitomo CitiInsurance Co., Ltd., "can now start helping Japanese citizens plan for their future," said CitiInsurance CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Michael Froman. "We've seen an emerging appetite in Japan for variable annuity products, and our joint venture positions us to capture a major portion of the market. It takes advantage of our relative strengths. We leverage the expertise of Travelers Life & Annuity, a Citigroup affiliate that is one of the largest U.S. insurers and a leader in variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. , and Mitsui Sumitomo has a deep understanding of the Japanese market." George Kokulis, chairman, president and CEO of Travelers Life & Annuity, said the joint venture "becomes even more important after Oct. 1 when Japanese banks, thanks to government deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. , can start offering variable annuities. It's a landmark collaboration with tremendous potential." CitiInsurance currently distributes insurance products in 43 countries and manufactures insurance in nine countries. CitiInsurance focuses on life and retirement-related products, including variable and fixed annuities Fixed annuities Contracts in which an insurance company or issuing financial institution pays a fixed dollar amount of money per period. and other unit-linked products; an array of credit-related products, including personal accident and health; term, whole and endowment life insurance endowment life insurance A life insurance policy that provides benefits for a specified period (for example, 20 years or until age 65) and that may be redeemed at face value if the insured is alive at the end of the specified period. . In many countries, it also distributes property and casualty products. |
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