Nippon Life Insurance Co. and Taiju Life Insurance Co. Ltd. decided to transfer ¥12 trillion of their securities investment functions to Nissay Asset Management Corp.

Nissay Asset Management will manage ¥11.5 trillion of Nippon Life's assets and ¥500 billion of Taiju Life's assets following the transfer.

The transfer is expected to consolidate Nippon Life and Taiju Life's credit and alternative investment capabilities with Nissay Asset Management and enhance Nippon Life Group's investment capabilities.

As of Dec. 25, US$1 was equivalent to ¥109.26.