U.S. financial services giant Citigroup Inc. said Thursday it has reached a basic agreement on a life insurance tieup with Mitsui Marine & Fire Insurance Co. and Sumitomo Marine & Fire Insurance Co.
Citigroup hopes to gain inroads into the Japanese insurance market in addition to its banking and securities operations here.
The move is bound to trigger another round of consolidation as insurers jockey for position ahead of next month's introduction of defined-contribution pension plans, modeled on U.S. 401(k) plans.