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Business trends

Japanese life insurers to merge corporate pension operations

Aging society and negative interest rates are forcing the sector to cut costs

The Meiji Yasuda Life Insurance building in Tokyo. The company is among insurers consolidating pension management. (Photo by Akira Kodaka)

TOKYO -- Japan's top six life insurers plan to unify corporate pension management in the next six years or so as an aging society and rock-bottom interest rates dim the businesses' prospects.

Nippon Life Insurance and Dai-ichi Life Insurance run Corporate-Pension Business Service as a 50-50 joint venture. That unit will swallow up Japan Pension Service Co., an outfit owned by Sumitomo Life Insurance, Meiji Yasuda Life Insurance, Mitsui Life Insurance and Fukoku Mutual Life Insurance. 

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