Yamato Seimei Hoken
| Yamato Seimei Hoken | |
|---|---|
| legal form | Kabushiki kaisha (joint stock company) |
| founding | September 20, 1911 |
| Seat |
Chiyoda , Tokyo , Japan
|
| management | Takeo Nakazono, (President and Executive Director) |
| Number of employees | 1,144 |
| Branch | Insurance |
Yamato Seimei Hoken KK ( Japanese 大 和 生命 保 険 株式会社 , Yamato Seimei Hoken Kabushiki kaisha , short: Yamato Seimei ; German " Yamato Life Insurance Company "; English Yamato Life Insurance Company ) was an insolvent Japanese life insurance company.
history
The company was founded in 1911 as Nippon Chōhei Hoken KK ( 日本 徴 兵 保 険 株式会社 ). This was renamed in 1945 to Yamato Seimei, two years later it was converted into a Sōgo-gaisha ("mutual insurance").
In 2001, the Azami Seimei Hoken KK ( あ ざ み 生命 保 険 株式会社 ) was created to convert the company back into a Kabushiki-gaisha (stock corporation). This step was completed in 2002 with the merger of Azami and Yamato.
In the wake of the 2007 financial crisis , the value of the securities held by Yamato declined rapidly. On October 10, 2008, the company had to file for bankruptcy protection at the Tokyo District Court: its liabilities of 269.5 billion yen (around 1.9 billion euros) already exceeded the company's assets by 11.5 billion yen.
After the insolvency proceedings began, the payments to insured persons remained 90 percent guaranteed by the "Protection Organization for Contractors of Life Insurance" ( 生命 保 険 契約 者 保護 機構 , seimei hoken keiyakusha hogo kikō , English Life Insurance Policyholders Protection Corporation of Japan , PPCJ) Protection fund run by Japanese life insurance companies; however, the termination of contracts was postponed during the proceedings.
Following a restructuring plan presented in March 2009, Yamato was integrated into the American insurance group Prudential Financial and resumed its business in June 2009 as Prudential Financial Japan Seimei Hoken KK ( Prudential Financial Japan Life Insurance Co., Ltd. ).
owner
Yamato Seimei was not listed on the stock exchange. The largest individual shareholders were the eBank KK ( イ ー バ ン ク 銀行 ) with 6.4 percent of the shares and the Kumiai Yamato Family Club ( 組合 大 和 フ ァ ミ リ ー 倶 楽 部 ).
Individual evidence
- ↑ Big Japanese insurance company goes under. In: FAZ.net. October 11, 2008, accessed October 11, 2008 .
- ^ Yamato Life goes bankrupt. In: Yomiuri Online. October 11, 2008, archived from the original on October 13, 2008 ; accessed on October 11, 2008 (English).
- ↑ Yamato Life submits rebab plan, eyes June 1 restart as Prudential. In: The Japan Times . March 25, 2009, accessed April 25, 2009 .