Meiji Life Insurance Co. and Yasuda Mutual Life Insurance Co. have agreed in principle to integrate their operations to survive intensifying competition, company sources said Wednesday.
The integration of the nation's fourth- and sixth-largest life insurers will create a company with outstanding insurance contracts worth 197.46 trillion yen, close to the roughly 203 trillion yen of Sumitomo Life Insurance Co., the third-largest life insurer.
Details of the integration, including when it will be implemented and whether the entity will be put under stock ownership, remain subject to negotiation, the sources said.