Kyoei Mutual Fire & Marine Insurance Co. on Thursday formally announced that it will not join the Millea Insurance Group, bidding to instead strengthen its finances as a subsidiary of the National Mutual Insurance Federation of Agricultural Cooperatives (Zenkyoren).

Zenkyoren, meanwhile, hopes to expand its nonlife insurance operations by taking Kyoei Mutual under its wing after the property insurer converts itself from a mutual company into a stock company in April.

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