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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Japan Post Holdings Co., Ltd.    6178   JP3752900005

JAPAN POST HOLDINGS CO., LTD.

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Heads of Japan Post group resign over improper insurance sales

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12/27/2019 | 06:26am EDT
Japan Post's logo is seen at its headquarters in Tokyo

The heads of Japan Post Holdings Co Ltd and two affiliates said on Friday they will resign over the improper sales of insurance policies, after the regulator announced administrative punishments against the companies.

Japan Post Holdings said it had picked Hiroya Masuda, a former minister of Internal Affairs and Communications, as successor to current CEO Masatsugu Nagato.

Japan Post Insurance Co Ltd President Mitsuhiko Uehira will be replaced by Tetsuya Senda, deputy president of the company, while Japan Post President Kunio Yokoyama will be taken over by Kazuhide Kinugawa, senior managing executive officer of Japan Post Holdings.

The changes will take effect on Jan. 6, the companies said.

"I accepted this job because I thought I could contribute to the country but I eventually caused troubles. I feel deep sorrow," Nagato said at a press conference, adding that he had considered resigning from August.

Japan's financial regulator earlier in the day ordered Japan Post Insurance and Japan Post to halt sales of insurance products for three months from Jan. 1 through end-March, after they were found to have improperly sold thousands of policies.

The postal service group said this month the number of improper sales cases had reached 12,836, of which 670 involved violations of the law or internal rules.

The two units have set sales goals that lack "feasibility and rationality", the regulator said in a statement, adding there was dysfunction of corporate governance at the group.

The Financial Services Agency also issued a business improvement order to the two units and the parent.

Revelations of the misconduct have cast a shadow over the government's plan to sell $10 billion worth of its shares in Japan Post Holdings to pay for reconstruction in areas hit by an earthquake and tsunami in 2011.

Japan Post Insurance said in August it had sold about 183,000 policies over five years through fiscal 2018 that may have been disadvantageous to holders.

A committee set up to investigate the matter said last week it had looked over around 82% of those policies and it would submit an additional report in March.

The three companies have said some of the cases that fell foul of the law involved false explanations provided to clients.

(Reporting by Takashi Umekawa; Editing by Himani Sarkar and Louise Heavens)

By Takashi Umekawa


Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 3.09% 22.72 Delayed Quote.313.09%
HEWLETT PACKARD ENTERPRISE COMPANY 0.21% 9.48 Delayed Quote.-40.23%
JAPAN POST HOLDINGS CO., LTD. 1.38% 741.6 End-of-day quote.-27.72%
JAPAN POST INSURANCE CO., LTD. 1.25% 1780 End-of-day quote.-4.40%
JUST GROUP PLC -0.68% 46.64 Delayed Quote.-40.96%
LETS HOLDINGS GROUP CO., LTD. 0.11% 9.04 End-of-day quote.49.67%
LOOK HOLDINGS INCORPORATED 0.83% 970 End-of-day quote.-22.52%
POST HOLDINGS, INC. -0.02% 92.61 Delayed Quote.-15.11%
WILL GROUP, INC. 1.55% 852 End-of-day quote.-31.95%
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Financials
Sales 2021 11 509 B 110 B 110 B
Net income 2021 363 B 3 459 M 3 459 M
Net Debt 2021 36 992 B 353 B 353 B
P/E ratio 2021 8,72x
Yield 2021 6,74%
Capitalization 2 999 B 28 618 M 28 582 M
EV / Sales 2021 3,47x
EV / Sales 2022 3,74x
Nbr of Employees 245 472
Free-Float 31,0%
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Technical analysis trends JAPAN POST HOLDINGS CO., LTD.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 9
Average target price 875,56 JPY
Last Close Price 741,60 JPY
Spread / Highest target 55,1%
Spread / Average Target 18,1%
Spread / Lowest Target 1,13%
EPS Revisions
Managers
NameTitle
Hiroya Masuda President & Chief Executive Officer
Yasuo Suzuki Director & Representative SEVP
Akio Mimura Independent Outside Director
Tadashi Yagi Independent Outside Director
Kunio Ishihara Independent Outside Director