JAPAN POST PLANS TO LINK UP WITH FOUR LIFE ASSURERS

Japan Post Corp is to form alliances with Sumitomo Life and three other assurers to offer variable annuity policies. The postal savings bank and the post office management firm, which will be created through the privatisation of the Japanese postal system, plan to sell variable annuity policies at up to 200 locations from May next year. For policies of 10 years or more, Japan Post has partnered with Sumitomo Life and ING Life Insurance Co. For shorter-term policies it has linked with Mitsui Sunitomo MetLife. Alico Japan is its partner for monthly distribution-type policies.