Mitsui Mutual Life Insurance Co. converted itself into a stock company Thursday, with the aim of strengthening its management base and increasing its creditworthiness by boosting its fundraising capabilities.

In line with the conversion, which came after the Financial Services Agency gave its formal go-ahead for the move Friday, the name of the company was changed to Mitsui Life Insurance Co.

Mitsui Life has capital of 174.56 billion yen, with 173.3 billion yen put up by 54 companies with a stake in the insurer, company officials said.

This includes 81.1 billion yen from Sumitomo Mitsui Banking Corp., 41.5 billion yen from Chuo Mitsui Trust & Banking Co. and 8 billion yen from Mitsui Sumitomo Insurance Co., they said. The remaining portion is owned by holders of Mitsui Life’s dividend-bearing insurance policies.

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