Monday, July 24, 2017

AIG completes sale of Fuji Life to FWD

The sale of AIG’s Fuji Life Insurance to FWD, the insurance unit of Pacific Century, was completed on April 30.

Fuji Life now becomes a wholly owned subsidiary of FWD and will continue to operate under its current corporate name as regulatory approval is being secured.

According to the terms of the deal, in-force policies will not be affected by the ownership transfer.

FWD will also keep Fuji Life’s current life insurance distribution agreements with AIG companies in Japan.

AIG, in turn, will partner with FWD to support growth of the life insurance unit in Japan.

AIG has been operating in Japan since 1946, and the Japanese market is the company’s largest personal insurance market and third biggest commercial insurance market the world over.

AIG first announced the sale of Fuji Life in November last year.

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