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/C O R R E C T I O N -- NIPPON LIFE/

            /C  O  R  R  E  C  T  I  O  N  --  NIPPON LIFE/
    In NY007 -- Nippon Life to start insurance company in the U.S. --


moved earlier today, we are advised by a representative of the company that the release as originally issued has been revised. The new version below, with changes in the first, fourth, fifth and seventh grafs, replaces the release sent earlier:
          NIPPON LIFE TO START INSURANCE COMPANY IN THE U.S.
    NEW YORK, Nov. 13 /PRNewswire/ -- Nippon Life Insurance Company (NLI), which is Japan's largest life insurance corporation, today confirmed that it will start its own life insurance company in the United States.
    The company has signed a letter of intent to purchase the New England General Life Insurance Company, a Delaware domiciled subsidiary of the New England Mutual Life Insurance Company, Boston.  The "shell company" which New England deactivated in 1988 will be legally based in Des Moines, Iowa.
    NLI has operated in the United States since August 1984 through its wholly owned U.S. subsidiary NLI Insurance Agency Inc. (NIA), which markets group life, health, pension and long-term disability products.
    The new company, to be called Nippon Life Insurance Company of America, subject to U.S. regulatory approvals, will both market and underwrite the same products.  The marketing focus of the company will be Japanese-American firms with whom NIA has a current relationship.
    The new company will, upon approval from the appropriate state regulatory agencies, commence operations in early 1992.
    The Travelers Insurance Company, based in Hartford, Conn., and the Principal Financial Group in Des Moines, Iowa, will be administrative partners in this new venture.  The Travelers will provide administrative services in support of group life and health products.  The Principal will provide administrative services in support of group pension products and investment services.
    NLI will pay an estimated $9 million, the current capital of New England General and the value of their license to do business in 44 U.S. states and the District of Columbia.
    -0-                 11/13/91 C NY007
    /CONTACT:  Andrew S. Edson of Padilla Speer Beardsley, 212-752-8338, or home, 516-931-0873, for Nippon Life/ CO:  Nippon Life Insurance Company ST:  New York IN:  INS SU: GK-OS -- NY007A -- 3805 11/13/91 09:44 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
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Publication:PR Newswire
Date:Nov 13, 1991
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