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Nippon Life to cooperate with independent insurance agencies

Japan-based Nippon Life Insurance Co. plans to set up a new wholly owned unit to sell niche insurance products through independent insurance agencies across the country.

The unit is expected to be established July 2, subject to regulatory approval, the insurer said in a May 24 release. It is to be staffed by about 70 people on a capital of ¥10 billion.

Independent insurance agencies have formed a growth market in recent years as more people use them to buy life insurance, Nippon Life said.

As of May 24, US$1 was equivalent to ¥109.21.