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Asahi Gives Up On Millea Deal

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NU Online News Service, Jan. 10, 10:35 a.m. – Asahi Mutual Life Insurance Company, Tokyo, says it has given up on previously announced plans to combine with Nichido Fire & Marine Insurance Company Ltd. and Tokio Marine & Fire Insurance Company Ltd., two units of Millea Holdings Inc., Tokyo.

Asahi had planned to convert to a stock charter from a mutual charter before merging with the other companies, but it reports that it was having trouble demutualizing because of the weakness of the Japanese stock market.