Struggling Asahi Mutual Life Insurance Co. announced Friday it has scrapped plans to team up with the Millea Insurance Group, saying it may look for another partner.
With Asahi Mutual's planned transformation into a stock company cited as a prerequisite for the merger, the ongoing stock market slump has thus far rendered this development infeasible, the firm said in a statement.
Asahi Mutual President Yuzuru Fujita told a news conference the insurer will instead opt to pursue unilateral restructuring efforts for the time being.