TOKYO Feb 8 Japan's Dai-ichi Life Insurance Co
said on Friday it had agreed to cancel a life insurance
joint venture with China Huadian Corp due to
differences over management policy.
Dai-ichi, the only listed company among Japan's top four
life insurers, and China Huadian Corp got Chinese authorities'
approval to set up a 50-50 life insurance joint venture in 2011.
A Dai-ichi spokesman declined to elaborate on the
differences between the two companies. He also said the decision
to cancel the deal has nothing to do with ongoing diplomatic
disputes between Japan and China.
"Our view that Chinese insurance market is very attractive
has not changed. We will continue our market research there," he
Faced with weak growth prospects at home, Dai-ichi and rival
Japanese life insurers are growingly acquisitive in Asia.
Dai-ichi is among those bidding for Indonesia's Panin Life for
about $200 million.
(Reporting by Taiga Uranaka; Editing by Matt Driskill)