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Chairman’s Statement on the listing of three Japan Post Group companies

4 November, 2015

 

Three Japan Post Group companies, Japan Post Holdings (JP Holdings), Japan Post Bank and Japan Post Insurance (JP Insurance) were listed on the Tokyo Stock Exchange on November 4, 2015.

We recognize listing as a big step forward to the ultimate goal of postal privatization driven by passion and efforts made by many affiliates involved in the privatization. We also recognize the significance of it in terms of addressing the policy issue of allocating funds raised through offering of the stocks for the reconstruction from the Great East Japan Earthquake.

However, notwithstanding the Postal Service Privatization Act that provides that JP Holdings shall strive to sell all shares of JP Insurance, the specific schedule has not been announced yet. This brings us to the critical concern that permanent virtual government ownership of JP Insurance will impede a “level playing field” as consumers may well believe that the government will support JP Insurance robustly in events of difficulties.

Therefore, we strongly ask for the measures toward the complete privatization of JP Insurance, such as setting an appropriate time frame for the complete disposal of its shares, to be surely implemented. We also expect for sound competition and cooperation between the Japan Post group including JP Insurance and private life insurers, and then to lead to the development of the sound life insurance market and viable regional communities.

Yoshinobu Tsutsui
Chairman
The Life Insurance Association of Japan