Citigroup to launch life insurance business in Japan.TOKYO, Sept. 20 Kyodo Citigroup Citigroup U.S. holding company formed in 1998 from the merger of Citicorp (itself a holding company incorporated in 1967) and Travelers Group, Inc. The $70 billion merger included one of the largest U.S. investment banks, Salomon Smith Barney Inc. Inc. said Thursday Thursday: see week. it will launch a life insurance business in Japan next spring by establishing a joint life insurance company with two Japanese nonlife insurers. CitiInsurance International Holdings Inc., an insurance arm of Citigroup, Mitsui Marine & Fire Insurance Co. and Sumitomo Marine & Fire Insurance Co. said they will start selling variable-rate Variable-rate A varible-rate agreement, as distinguished from a fixed-rate agreement, calls for an interest rate that may fluctuate over the life of the loan. The rate is often tied to an index that reflects changes in market rates of interest. pension insurance products, which are similar to investment trusts, to individual customers in April through tie-ups with brokerage houses. A Sumitomo Marine official suggested Nikko Securities Co. and Daiwa Securities Group Daiwa Securities Group Inc. (大和証券グループ本社 Inc. as potential sales partners. Mitsui Marine and Sumitomo Marine, which will merge in October, will own 51% equity of the new life insurer An individual or company who, through a contractual agreement, undertakes to compensate specified losses, liability, or damages incurred by another individual. An insurer is frequently an insurance company and is also known as an underwriter. to be established after gaining approval from the Japanese government, while CitiInsurance will own 49%, they said. The two Japanese nonlife insurers will encourage their group companies to invest in the new company. The companies also said they aim to combine Mitsui and Sumitomo's business experience in the Japanese nonlife insurance market with Citigroup's know-how in the development of variable-rate pension insurance products at a time when individual assets in Japan have shifted to securities from deposits and saving under low interest rates. Given such circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or , they said they expect customers to focus more on variable-rate pension insurance products than before. U.S.-based Citigroup has already advanced into the banking and securities fields in Japan. |
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