Posted By Adam Lindheim
Written by Rita Raagas De Ramos
The Japan Post Group has started distributing ING Life Japan's life insurance products, the latest service that it has been allowed to do following its privatisation last year.
Japan Post Bank and Japan Post Network are selling ING Life Japan's single premium variable annuity products. Japan Post Insurance sells the firm's corporate-owned life insurance products.
The partnership will allow ING to increase top line growth in the hard-to-penetrate Japanese market, which is one of the world's largest life insurance markets. It will extend ING's existing distribution network of 50 banks and securities houses for SPVA products and nearly 6,000 independent agents for COLI products.
Hans van der Noordaa, chairman of ING Insurance Asia-Pacific, says this partnership is in line with ING's growth strategy of expanding its distribution reach in Asia, as well as its commitment to the Japanese market.