AEON Financial Service (TYO:8570) concluded the transfer of an 85.1% stake in its subsidiary, AEON Allianz Life Insurance, to Meiji Yasuda Life Insurance for 49.4 billion yen.
The transfer effectively reduced its ownership in AEON Allianz Life to 14.9% and deconsolidated the unit from its financial statements, according to a Tokyo bourse filing on Tuesday.
The divestment follows AEON Financial's strategic review of its life insurance business, with the proceeds enabling greater focus on core growth areas while maintaining a partnership with Meiji Yasuda and parent company AEON Co. for health and regional initiatives.
AEON Allianz Life, which reported three consecutive years of losses, had been AEON Group's sole life insurance provider since 2020, offering medical insurance through AEON retail channels.
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