GE Edison merges with Saison Life

GE Edison Life Insurance Co. and Saison Life Insurance Co. said Wednesday they have concluded merger procedures to become the 14th largest life insurer in terms of assets.

The merged firm, called GE Edison Life Insurance Co., will sell insurance policies through major credit card company Credit Saison Co. and other firms within the Saison Group.

The potential customer base includes the 13.4 million holders of credit cards issued by Credit Saison.

GE Edison, an arm of the General Electric Co. group of the United States, acquired a 100 percent stake in Saison Life Insurance in April for about 12.8 billion yen from Credit Saison Co. and other concerns.

GE Edison took over the operations of failed Toho Mutual Life Insurance Co. in 2000.