Former Life Insurance Executive Named President of Japan Post Network

Japan Post Network Co., a subsidiary of Japan Post Holdings Co., has appointed Akira Nagatomi, a former senior management director of Sumitomo Life Insurance Co. [85054], as president of the postal unit that handles over-the-counter services including insurance and other financial products.

Recently, Japan Post appointed a new management team for its subsidiaries in the wake of new ruling government's move to review the privatization of Japan Post, including financial services unit like Japan Post Insurance.

The new government led by the Democratic Party of Japan is putting forth a more aggressive management team and plan for Japan Post while making a broad review of the postal services in Japan (BestWire, Nov. 17, 2009).

Japan Post Network has more than 24,000 post offices across the country, and is considered a lifeline in the countryside as the offices also serve as insurance and savings centers. The nationwide office network provides a distribution and services network for affiliate company Japan Post Insurance.

Japan Post Network has offered variable annuity insurance products on behalf of various private life insurance firms including Sumitomo Life, Alico Japan [84748], ING Life Insurance Co. Ltd. [86617] and Mitsui Sumitomo Metlife Insurance Co. Ltd. [88533].