The UFJ financial group is expected to appoint Nippon Life Insurance Co. and T&D Financial Life Insurance Co. as agents tasked with carrying out paperwork and other administrative duties related to UFJ's sales of life insurance policies, industry officials said Tuesday.

The move forms part of wide-ranging preparations by banks to conduct over-the-counter sales of life insurance products, a sector that will be deregulated in October, the officials said.

The T&D group, which includes Daido Life Insurance Co. and Taiyo Mutual Life Insurance Co., has close business ties with UFJ, while Nippon Life holds a stake in UFJ Holdings Inc.