Japan's Rakuten to enter life insurance ops via tie-up with Airio - report

Thu. August 07, 2008; Posted: 06:25 PM

TOKYO, Aug 08, 2008 (Thomson Financial via COMTEX) -- RKUNF | Quote | Chart | News | PowerRating -- Japan's largest online shopping mall operator Rakuten Inc will take a 14.9 percent interest this month in life insurer Airio, overseen by Expert Group Holdings Co, allowing it to enter the life insurance business, the Nikkei reported on Friday, without citing sources.

The virtual mall operator already offers insurance policies as a sales agent, but this marks its first foray into product development, the business daily said.

Airio posted premium income of some 30 billion yen ($274.3 million) in the year to March 2008 on medical, cancer, life and other insurance policies.

An investment fund operated by a Rakuten subsidiary will acquire 2 billion yen of new Airio shares through a private placement, the report said.

($1=109.38 yen)

yasuhiko.seki@thomsonreuters.com

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