TOKYO, Feb 8 (Reuters) - 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 said.
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