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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 group to resume insurance sales on October 5 after long suspension

09/11/2020 | 01:58am EST

The Japan Post group said on Friday it would resume sales of insurance products on Oct. 5 after a suspension of more than a year due to improper sales practices.

Japan Post Insurance Co Ltd, 64%-owned by Japan Post Holdings, first revealed in July last year it had mismanaged insurance policies affecting thousands of clients and said it was suspending such sales.

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

"We have largely lost trust from customers. We have to start over to regain trust so that customers will use our service and products again," Japan Post Holdings Chief Executive Hiroya Masuda said at a news briefing.

Japan's financial regulator in December ordered Japan Post Insurance to stop marketing insurance policies, which were sold at outlets of postal service unit Japan Post, until March. But the company continued to suspend sales while it conducted an internal investigation.

Japan Post Holdings has said it was punishing some 2,400 employees in relation to the case.

(Reporting by Takashi Umekawa; Editing by Chang-Ran Kim and Kim Coghill)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
JAPAN POST HOLDINGS CO., LTD. -1.03% 798.4 End-of-day quote.-22.18%
JAPAN POST INSURANCE CO., LTD. 0.00% 1800 End-of-day quote.-3.33%
POST HOLDINGS, INC. -2.53% 94.46 Delayed Quote.-13.42%
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More news
Financials
Sales 2021 11 508 B 110 B 110 B
Net income 2021 359 B 3 441 M 3 441 M
Net Debt 2021 36 992 B 354 B 354 B
P/E ratio 2021 8,65x
Yield 2021 6,47%
Capitalization 3 124 B 29 941 M 29 931 M
EV / Sales 2021 3,49x
EV / Sales 2022 3,75x
Nbr of Employees 245 472
Free-Float 31,0%
Chart JAPAN POST HOLDINGS CO., LTD.
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Japan Post Holdings Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends JAPAN POST HOLDINGS CO., LTD.
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 8
Average target price 866,25 JPY
Last Close Price 772,70 JPY
Spread / Highest target 48,8%
Spread / Average Target 12,1%
Spread / Lowest Target 3,53%
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