Mizuho to seek capital from insurers-Nikkei

NEW YORK (Reuters) - Mizuho Financial Group Inc (8411.T) is considering issuing preferred subscription securities to Japanese insurance companies this year as a way to increase its capital by around 300 billion yen ($3.2 billion), the Nikkei financial daily reported.

Japan's second-biggest bank by assets, which is due to report first-half earnings on Thursday, has begun to contact companies such as Dai-ichi Mutual Life Insurance, Meiji Yasuda Life Insurance and Sompo Japan Insurance Inc (8755.T) about possible investments, the Nikkei said.

The scale and timing of the capital raising have not been finalized, it said.

The Yomiuri newspaper reported on Wednesday that Mizuho will also freeze its program to buy back 250 billion yen worth of its shares in the two years to March 2010.

Mizuho spent 150 billion yen in September in the first stage of the buyback program.

(Reporting by Ted Kerr; Editing by Toni Reinhold)