NU Online News Service, July 2, 3:50 p.m. – Standard & Poor’s, New York, says T&D Life Group, Tokyo, has secured a new customer base and a good platform for introducing new products by outbidding American International Group Inc., New York, for the right to take over Tokyo Mutual Life Insurance Company, Tokyo.

The T&D Life Group, a joint venture of Daido Life Insurance Company, Osaka, and Taiyo Mutual Life Insurance Company, Tokyo, has agreed to revive the failed life insurer by injecting a total of $9.8 billion in equity investments and subordinated loans.

The takeover should boost Tokyo Mutual’s capital base and asset quality, S&P says.

Tokyo Mutual was the seventh Japanese life insurer to collapse since 1996.