Japan-based Nippon Life Insurance Co. and Dai-ichi Life Holdings Inc. unit Dai-ichi Life Insurance Co. Ltd. are looking to consolidate their corporate pension joint venture with another pension service company owned by four other local insurers, The Nikkei reported March 22, without citing sources.

Corporate-Pension Business Service, a 50/50 joint venture between Nippon Life Insurance and Dai-ichi Life Insurance, will acquire Japan Pension Service Co. and will become the surviving entity following the acquisition. Japan Pension Service is jointly owned by Sumitomo Life Insurance Co., Meiji Yasuda Life Insurance Co., Nippon Life unit Mitsui Life Insurance Co. Ltd. and Fukoku Mutual Life Insurance Co.

The amalgamation will occur in stages and is expected to be completed by 2023, the report said. Following the move, all jobs in both pension companies are expected to be retained.

While details of the scheme have yet to be determined, the insurers are looking to centralize systems and management of policyholders, among other duties. In addition, asset management functions will remain at the individual insurers, The Nikkei said.

The insurers are set to confirm plans to begin discussions over the consolidation, the publication noted.