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Japan's Rakuten to establish insurance holding company

Rakuten Inc. plans to unify its various insurance businesses under one holding company.

Rakuten Life Insurance, Asahi Fire & Marine Insurance Co. Ltd., Rakuten SS Insurance Co. Ltd., Rakuten Insurance Planning Co. Ltd. and Rakuten Anser Insurance Co. Ltd. will establish an immediate stock holding company called Rakuten Insurance Holdings Co. Ltd. through an intra-group stock transfer, the Japanese e-commerce and tech company said.

The new holding company is expected to be established July 2.