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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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Japan Post Insurance improper sales reach 12,836 cases - investigation committee

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12/18/2019 | 02:45am EDT

The number of cases in which Japan Post Insurance Co Ltd improperly sold policies has reached 12,836, of which 670 involved violations of the law or internal rules, a committee set up to investigate the matter said on Wednesday.

The total compared with the 6,327 cases disclosed by the unit of Japan Post Holdings Co Ltd in September in an interim report submitted by the committee of external lawyers.

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

In September, affiliate Japan Post Bank Co Ltd disclosed 19,500 cases in which it improperly sold investment trust products to elderly customers.

The revelations pushed corporate governance to the fore just as the government plans to sell $10 billion worth of shares in parent Japan Post Holdings to fund reconstruction in areas devastated by an earthquake and tsunami in 2011.

"A number of insurance agents lacked morals, awareness of 'customer first', and compliance. They prioritised their own interest rather than that of customers," committee leader Tetsuo Ito said at a news briefing on Wednesday.

Ito also said the committee has investigated about 82% of the 183,000 cases and that it would submit an additional report in March.

The financial regulator is considering suspending the sale of policies at both Japan Post Insurance and Japan Post, and issuing a business improvement order for Japan Post Holdings, the Nikkei reported on Monday.

A business improvement order requires a firm to inform the regulator of plans to improve practices.

Japan Post Insurance President Mitsuhiko Uehira is scheduled to attend a news conference to address the matter later on Wednesday alongside Japan Post Holdings Chief Executive Masatsugu Nagato as well as Kunio Yokoyama, president of Japan Post, which operates the post offices where the policies were sold.

By Takashi Umekawa


Stocks mentioned in the article
ChangeLast1st jan.
JAPAN POST BANK CO.,LTD. 1.10% 824 End-of-day quote.-21.52%
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%
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%
NIKKEI 225 0.18% 23516.59 Real-time Quote.-0.59%
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Financials
Sales 2021 11 509 B 110 B 110 B
Net income 2021 363 B 3 466 M 3 466 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 28 639 M
EV / Sales 2021 3,47x
EV / Sales 2022 3,74x
Nbr of Employees 245 472
Free-Float 31,0%
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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%
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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