Business Services Industry
JAPANESE LIFE INSURERS STEPPING UP RENTAL OFFICE BLDG RENOVATION.
AsiaPulse News, December, 2004
TOKYO, Dec 7 Asia Pulse - Major life insurers are planning to actively renovate their rental office buildings to boost rent income despite softening demand, particularly in regional cities.
Nippon Life Insurance Co. aims to almost double its office building renovation budget to around 20 billion yen (US$194 million) a year to improve at least 100 facilities nationwide.
Many of the company's rental office buildings were built in the 1980s, and the bulk of them will be due for reworking in the next five years. Of its 980 billion yen general-account interest and dividend income in fiscal 2003, Nippon Life Insurance earned 102.1 billion yen in property rent.
Sumitomo Life Insurance Co. has established a team specializing in building renovation, and...
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