The Life Insurance Association of Japan has given up on its plan to sell the failed Toho Mutual Life Insurance Co. by the end of this year, association chairman Tomijiro Morita said Friday.
Morita, who is also president of Dai-Ichi Mutual Life Insurance Co., said at a regular news conference that negotiations over the sale of Toho Mutual appear to be stalled by disagreement with prospective buyers over the insurer's current and future asset values.
Toho collapsed in June after auditors rejected its fiscal 1998 earnings report, demanding that the midsize life insurer write off more bad loans and securities losses.