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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Japan Post Insurance Co., Ltd.    7181   JP3233250004

JAPAN POST INSURANCE CO., LTD.

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Japan Post group to resume insurance sales on Oct 5 after long suspension

09/11/2020 | 01:53am EST

TOKYO, Sept 11 (Reuters) - 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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Financials
Sales 2021 6 749 B 64 652 M 64 652 M
Net income 2021 144 B 1 381 M 1 381 M
Net Debt 2021 - - -
P/E ratio 2021 7,44x
Yield 2021 4,38%
Capitalization 979 B 9 378 M 9 375 M
Capi. / Sales 2021 0,15x
Capi. / Sales 2022 0,15x
Nbr of Employees 8 283
Free-Float 35,5%
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Japan Post Insurance Co., Ltd. Technical Analysis Chart | MarketScreener
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Technical analysis trends JAPAN POST INSURANCE CO., LTD.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 11
Average target price 1 862,73 JPY
Last Close Price 1 740,00 JPY
Spread / Highest target 37,9%
Spread / Average Target 7,05%
Spread / Lowest Target -13,8%
EPS Revisions
Managers
NameTitle
Tetsuya Senda Representative Executive President
Yasuaki Hironaka Head-Information Technology Systems Management
Masatsugu Nagato Director
Masako Suzuki Independent Outside Director
Masaaki Horigane Secretary, Director, EVP & Head-Accounting