Mitsui Life Insurance Co. said Thursday it plans to promote Executive Managing Officer Yukiteru Yamamoto to the presidency on April 1 to replace Hiroshi Nishimura.
Yamamoto, 55, will replace the 66-year-old Nishimura.
Mitsui Life sank into the red on its pretax balance with a loss of ¥12.6 billion during the April-September half of fiscal 2008 against a profit of ¥21.0 billion a year earlier.
In December, the insurer raised ¥60 billion in fresh capital by floating new shares to companies in the Sumitomo Mitsui financial group, including Sumitomo Mitsui Banking Corp. and Mitsui Sumitomo Insurance Group Holdings Inc.
The company is keen on reviving its profitability by putting the younger president at its helm.
The insurer is reviewing its midterm management improvement program, they added.
Yamamoto joined the company in 1977 and took his current post last June.