Pru To Acquire Japanese Life Insurer

Aoba Life is a company formed from the remains of Nissan Mutual Life Insurance Company, Tokyo, in 1997.

Nissan Mutual stunned Japanese life insurance customers by collapsing in April 1997. Up till that time, no Japanese life insurer had failed since shortly after the end of World War II. Tawa, the current owner, is an arm of Artemis S.A., Vincennes, France. It acquired Aoba Life in November 1999 and has been operating the company as a closed block. Revenue from new policy sales is negligible.

Aoba Life generates about $300 million in premium revenue per year on $7 billion in assets. Prudential Life Insurance Company Ltd., Prudential’s Japanese subsidiary, has about $10 billion in assets, Prudential says.