Business Services Industry
Dai-ichi Mutual Life Insurance Co. to Boost Capital by 60 Billion Yen.
Knight Ridder/Tribune Business News, June, 2004
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
Jun. 11--TOKYO -- Dai-ichi Mutual Life Insurance Co. has decided to raise 60 billion yen in capital from general investors to funnel into its foundation funds, which corresponds to capital at stock companies, informed sources said Thursday.
As a result of the capital increase, which the insurer plans to conduct this summer, the size of the insurer's foundation funds will increase to 360 billion yen, the sources said.
With the move, Dai-ichi Mutual Life would become the second Japanese life insurer to boost its capital under a public capital subscription scheme, after Nippon Life Insurance Co. which procured capital from general investors in 2002, they said.
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