LIFENET INSURANCE COMPANY [7157.T]
TOKYO, May 29 (Pulse News Wire) – LIFENET INSURANCE COMPANY (7157.T) announced today that its board of directors approved the sale of all shares held in subsidiary Lifenet Mirai Co., Ltd. to Lifenet Mirai itself, leading to the exclusion of Lifenet Mirai from LIFENET's consolidated subsidiaries.
As part of this restructuring, LIFENET also decided to amend certain aspects of its capital and business alliance agreement with Sumitomo Mitsui Financial Group (SMFG) and Sumitomo Mitsui Card Co., excluding Lifenet Mirai from the partnership. Under the agreement, LIFENET will transfer all of its ordinary shares totaling 41,000 to Lifenet Mirai on June 29. Following this transaction, LIFENET’s relationship with Lifenet Mirai will dissolve, and Lifenet Mirai will cease to be a consolidated subsidiary. Additionally, the amended capital and business alliance agreement will now involve only three companies—LIFENET, SMFG, and Sumitomo Mitsui Card Co.—with Lifenet Mirai excluded.
Lifenet Mirai’s previous rights and obligations within the alliance will terminate without being transferred to another party. LIFENET expects the impact on its current fiscal performance to be minor but will promptly disclose any significant developments. Lifenet Mirai was established on April 27, 2009, with a capital of ¥100 million. It operates primarily in insurance agency services and service development, utilizing online platforms.
🟡 Confidence: Standard AI-translated content.