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. Last Updated: 07/27/2016

AXA to Take Insurer

TOKYO -- French insurer AXA on Monday announced it would take control of unlisted medium-sized Japanese insurer Nippon Dantai Life Insurance Co. by setting up Japan's first insurance holding company.

The move is seen as the latest foreign rescue in Japan's battered insurance industry, hit by shrinking revenues and dwindling investment returns that were highlighted last week when the major insurers released gloomy interim results.

Under the agreement, AXA and Nippon Dantai will set up a joint holding company next March, which will acquire full ownership of Nippon Dantai and AXA Life Insurance Co. Ltd., AXA's wholly owned Japanese unit established in April 1995.