Meiji Yasuda to Market Tokio Marine Nonlife Products

Japanese mutual life insurer Meiji Yasuda Life Insurance Co. has formed a nonlife insurance alliance with Tokio Marine & Nichido Fire Insurance Co. Ltd. for the sale of automobile and fire insurance products.

The alliance with Tokio Marine & Nichido Fire, a subsidiary of Tokio Marine Holdings Inc., will start in October 2011, said Meiji Yasuda in a statement.

Meiji Yasuda's current alliances with Nipponkoa Insurance Co. Ltd. and Sompo Japan Insurance Inc., which are both subsidiaries of NKSJ Holdings Inc., a partner of Dai-ichi Life Insurance Co., will be unchanged.

Under the alliance, Meiji Yasuda's sales staff will sell Tokio Marine's auto and fire products. The distribution will then extend to the life insurer's nationwide branches supported by full insurance services.

Meiji Yasuda also has a nonlife insurance unit, Meiji Yasuda General Insurance Co. Ltd., which mainly serves corporate clients. The new partnership with Tokio Marine will satisfy wider customer needs for insurance protection, the insurer said.

Established in 1887, Meiji Yasuda has 81 branches, 1,129 sales offices and 40,388 agents across Japan. The mutual life insurer reported premium income of 3.28 trillion yen (US$38.9 billion) in the fiscal year ended March 31, 2010.

With total assets of 25.12 trillion yen, Meiji Yasuda had total in-force premiums of 214.99 trillion yen and new business premiums of 3.29 trillion yen as of March 2010.

Meiji Yasuda Life Insurance Co. Ltd. currently has a Best's Financial Strength Rating of A (Excellent). Tokio Marine & Nichido Fire Insurance Co. Ltd. currently has a Best's Financial Strength Rating of A++ (Superior).