Mar. 14, 2013
Sony Life Insurance Co., Ltd.("Sony Life"), a wholly owned life insurance subsidiary of Sony Financial Holdings Inc., today announced that LIPLA Co., Ltd. (common stock: ¥165 million), its wholly owned one-stop insurance shop, has decided to transfer the life insurance operations to Tokyu Insurance Consulting Co., Ltd. ("Tokyu Insurance Consulting"), effective May 1, 2013.
Background for the Transfer of LIPLA's Operations
Since commencing operations in May 2010, LIPLA has conducted business centering on operations as a one-stop insurance shop handling such products as Sony Life life insurance, Sony Assurance Inc. automobile insurance and Sony Bank Inc. mortgage loans.
Serving as a one-stop insurance shop, the company's mainstay activities in the life insurance business have been based on Sony Life's concept of providing high-quality products and services through consultation sales based on life planning.
Amid an operating environment marked by increasingly intense competition owing to a sharp increase in the number of shop-style agents handling products on behalf of multiple insurance companies, Sony Life has considered this business from a number of perspectives with the aim of further increasing convenience to customers and enhancing services.
As a result of this deliberation, Sony Life decided that the best option would be to transfer LIPLA's business related to life insurance to Tokyu Insurance Consulting, a life insurance agent of the Tokyu Group that handles Sony Life products and provides comprehensive insurance consulting services.
Effective May 1, 2013, LIPLA will discontinue its operations related to the non-life insurance and banking agency businesses.
Note:This is an English-language summary of a Japanese announcement made by Sony Life on March 14, 2013. The summary was prepared by Sony Financial Holdings solely for convenience of non-Japanese readers.