Friday, January 19, 2018

L&G targets Japanese market

The third biggest insurer in Britain, Legal & General, is set to establish a presence in Japan by launching an operation to offer company pension scheme insurance, as well as investment management, according to chief executive Nigel Wilson.

Legal & General’s move is contrary to that of its other European peers like Allianz and Aviva that have pulled out from some Asian markets.

The insurer intends to capitalise on Japan’s greying population as a key driver of growth.

An ageing population means that there is demand for companies to cut their pension scheme risks.

Wilson, according to a Reuters report, said the company has just secured approval from the Japanese regulator to do business in the country.

Japan and the United States are the major overseas markets for L&G, said Wilson.

Six people are expected to run the Japanese operations.

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