LIFENET INSURANCE COMPANY [7157.T]
TOKYO, Mar 31 (Pulse News Wire) – Lifenet Insurance Company (7157.T) announced changes to its capital tie-up agreement with AU Financial Holdings (AU FH). As part of these changes, AU FH’s right to nominate directors at Lifenet was removed, and an external director who also served as an executive officer at AU FH resigned.
Following these developments, AU FH and its parent company KDDI are no longer considered related companies of Lifenet. However, the business alliance between Lifenet and the KDDI group remains unchanged, with plans to continue cooperation in individual insurance and group credit life insurance businesses.
Prior to these changes, Lifenet and KDDI had maintained a strategic partnership since 2015, expanding their collaboration across various services. With the removal of AU FH's nomination rights and the resignation of the external director, Lifenet's board now consists of six members, four of whom are independent outside directors.
Lifenet expects minimal impact on its operations from these adjustments and will update stakeholders promptly if further significant developments occur.
🟡 Confidence: Standard AI-translated content.