NU Online News Service, Dec. 5, 2003, 11:43 a.m. EST – UnumProvident Corp., Chattanooga, Tenn., has agreed to sell its Tokyo-based UNUM Japan Accident Insurance Company subsidiary to Hitachi Capital Corp., Tokyo, for about $23 million.[@@]
UNUM Japan generates about $32 million in premium revenue per year from selling group and individual disability insurance in Japan.
About 90% of the business is group business, UnumProvident says.
In the future UnumProvident plans to focus mainly on operations in the United States and Canada, according to UnumProvident President Thomas Watjen.