Government-appointed administrators for Daihyaku Mutual Life Insurance Co. reached a basic agreement with Manulife Financial Corp. of Canada to take over the failed midsize insurer’s operations, a life insurance industry association said Friday.

Administrators said they hoped to reach a formal agreement by Jan. 19, when the next Life Insurance Association of Japan board meeting is scheduled to be held, and to prepare to transfer operations to Manulife Financial on April 1, 2001.

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