JAPAN'S MEIJI YASUDA, SUMITOMO LIFE OPEN TO BECOMING STOCK COS

Japan's Meiji Yasuda Life Insurance Co. and Sumitomo Life Insurance Co. each said Friday that they will continue to discuss the possibility of morphing into stock companies.

Five life insurers held policyholder meetings that day, with participants asking a spate of questions on demutualization after Dai-ichi Life Insurance Co. (TSE:8750) became a stock company in April.

Meiji Yasuda's management explained that a conversion into a stock company is "an important option" for further discussion although it ruled out such a move under its medium-term business plan through this fiscal year.

Sumitomo Life President Yoshio Sato said that "remaining as a mutual company is more beneficial to policyholders at this time" but the company "will continue studying ways to spring into action if we decide that the switch would benefit policyholders."

Nippon Life Insurance Co. and Fukoku Mutual Life Insurance Co. said they intend to remain as mutual companies.

Meanwhile, Asahi Mutual Life Insurance Co. President Yoshiki Sato said, "Becoming a stock company will cost us about 10 billion yen, and we need a clear reason to do that."