Japan’s three main casualty insurers plan to promote a complete of about ¥1.37 trillion ($9.5 billion) of cross-held shares within the fiscal 12 months began April in a push to scale back strategic holdings in step with authorities coverage.
Tokio Marine Holdings Inc. plans to promote plans to promote ¥600 billion of shares, MS&AD Insurance coverage Group Holdings Inc. goals to dump ¥573 billion and Sompo Holdings Inc. targets ¥200 billion, in accordance firm bulletins on Tuesday.
Eliminating cross shareholdings is seen by many as a yardstick for measuring company governance reform at Japanese corporations. Japan’s business physique for non-life insurers informed its members in September to chop their cross-shareholdings within the aftermath of a price-fixing scandal in 2023. Cross-shareholdings are broadly utilized in Japan to cement enterprise ties.
{Photograph}: The Tokyo skyline; picture credit score: Kiyoshi Ota/Bloomberg
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