GIBRALTAR LIFE TO PAY SPECIAL DIVI TO KYOEI LIFE CUSTOMERS

Gibraltar Life, the Prudential Financial subsidiary that entered the Japanese market in 2001 via the purchase of bankrupt Japanese assurer Kyoei Life, is to pay special dividends totalling ¥43.6bn ($459.7m) to policyholders with Kyoei Life. The special dividends will be paid to policyholders who suffered reduced payments on some 1.26m insurance contracts after the Gibraltar Life rescue, reports Japan Times. Gibraltar Life will apparently finance the bonus payments through the sale of land and other assets taken over from Kyoei Life.