ITOCHU Announces Capital Tie-Up with HOKEN NO MADOGUCHI GROUP INC.
~ Large-scale Entry into Insurance Shop Business ~
July 3, 2014
ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Masahiro Okafuji, President & CEO; hereinafter “ITOCHU”) announced today that it has acquired 24.2% of the issued stocks of HOKEN NO MADOGUCHI GROUP INC., which engages in the insurance shop business (headquartered in Shibuya-ku, Tokyo; Yasuhiko Kubota, CEO; hereinafter “HOKEN NO MADOGUCHI”). As a result, HOKEN NO MADOGUCHI has become an affiliate of ITOCHU through the application of the equity method.
HOKEN NO MADOGUCHI is the industry leader, engaging in the insurance shop business selling life and non-life insurance products to retail customers through its sales network consists of around 500 shops nationwide. It provides quality consulting service supported by its own training system.
In Japanese insurance market, particularly in the life insurance area, the sales channels have been shifting from the salespeople of insurance companies to insurance shops, mail order/direct sales, Bankasurance, etc. In particular, insurance shops has become well recognized through TV commercials and other advertisements. They have achieved strong popularity by readily accessible shop locations such as in front of stations and in shopping malls and their convenience through enabling customers to choose the most suitable products from various insurance companies. It is expected that insurance shops will expand further by meeting the demands of customers through appropriate sales management.
ITOCHU engages in the several insurance business from intermediary to underwriting, worldwide basis. In the retail retail consumer market in Japan , as well, ITOCHU has engaged in /direct insurence sales business by phone through its subsidiary. In addition, in 2013 ITOCHU established A&I Insurance Next Co., LTD., which engages in the diversification of sales channels and promotion marketing for Asahi Mutual Life Insurance Company. As such, ITOCHU has taken various initiatives in the insurance business. Upon the acquisition of the shares of HOKEN NO MADOGUCHI described above, ITOCHU is entering the insurance shop business in a large scale to accelerate the business by keeping up with the changes in the insurance market and promoting connections with the network of ITOCHU Group.
ITOCHU will aim to further expand its business in the insurance field by providing support for the business growth and management strengthening of HOKEN NO MADOGUCHI.
Company Overview of HOKEN NO MADOGUCHI GROUP INC.
|Company name||HOKEN NO MADOGUCHI GROUP INC.|
|Representative||Yasuhiko Kubota, CEO|
|Address of headquarters||Shibuya, Shibuya-ku, Tokyo|
|Date of establishment||April 1995|
|Stated capital||1,024.5 million yen|
|Operative revenue||31.3 billion yen (for the fiscal year ended June 2013)|
|Number of employees||approx. 4,300|