Share transfer executed as first step toward business integration and merger Between GE Edison and Saison Life
As of April 1, 2002 GE Edison Life Insurance Company (Head office: Shibuya-ku, Tokyo; President and CEO: K. Rone Baldwin) acquired 100% ownership of Saison Life Insurance Co. Ltd. (Head office: Toshima-ku, Tokyo) from Credit Saison Co. Ltd. (Head office: Toshima-ku, Tokyo; President: Hiroshi Rinno) and Saison Group companies. The transfer was executed in accordance with the agreement on life insurance business reached in February 2002 between GE Edison, Credit Saison and Saison Group companies after obtaining approval from government regulators.
Within one year of this share transfer, GE Edison Life and Saison Life intend to merge their businesses. The transfer of shares and the subsequent integration of operations will have no effect on the contractual conditions for existing Saison Life policyholders.
GE Edison Life President Rone Baldwin had this to say about the share transfer:
With the completion of the transfer, Saison Life has become part of GE which is known for its financial soundness and excellent management foundation. Customers of Saison Life should have confidence and will enjoy broader range of products and services in the future.
GE Edison and Saison Life will develop a transition and integration plan for the two businesses, while taking advantage of the strength of both companies, in order to realize more customer satisfaction and competitiveness.
Effective with the share transfer, Mr. Takayuki Kasahara was elected to be President and Representative Director of Saison Life as of April 1, 2002.
Saison Life President Takayuki Kasahara had this to say about the share transfer: We are glad that Saison Life has become a member of the GE Group with the completion of share transfer. Supported by GE Edison's financial strength, we are sure that our customers will have more confidence, more satisfactions and access to a broader array of products and services. After the announcement of the agreement in February 2002, the reaction by customers and sales people have been very positive. We will proceed with planning for the business integration to take advantage of the strengths of both companies so that we can offer our customers the highest added-value possible.
GE Edison Life Profile
GE Edison Life maintains a AA rating from Standard & Poors, a Aa2 from Moody's and another AA from Japan Credit Agency.
GE Edison Life is the Japanese corporate entity for GE Financial, the consumer insurance and investment arm of GE Capital.
GE Financial is an integrated, global family of companies that help people invest, protect and retire. Its product offerings are sold through multiple distribution channels and include: life insurance, annuities, mutual funds, retirement investment plans, long term care coverage, supplemental accident and health benefits, auto coverage, and life style enhancement products like travel services and automobile clubs. Headquartered in Richmond, Virginia, GE Financial, a wholly-owned subsidiary of GE Capital, operates in 16 countries and has more than $115 billion of assets under management.
GE is a diversified services, technology, and manufacturing company with operations worldwide. GE traces its beginnings to one of the greatest of all inventors, Thomas Alva Edison, who created Edison Electric Light Company in 1878, which was one of the predecessor companies of GE. GE has been providing its products and services to the people of Japan since the Meiji era.
Saison Life Profile
When it was established in 1975, Saison Life was the first company in Japan to provide consulting sales for insurance products. Since that time, it has continued to train expert life specialists (sales personnel) who provide customers with consulting not only on life insurance, but also on the entire range of asset formation.
Saison Life is active in direct marketing and Internet sales, drawing on the large database and advanced marketing technologies of Credit Saison in these activities.
Attachment
- Saison Life Insurance Co. Ltd. Senior Appointments (Effective
as of April 1, 2002)
- Profile of President and Representative Director
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CONTACT: Mr. Tatsuo Kai and Ms. Miyuki Moriguchi
Public Relations, GE Edison Life Insurance Company
Tel: 03-5457-8470
Fax: 03-5457-8013
or
Mr. Koichi Murai Public Relations & Executive Support Saison Life Insurance Co. Ltd.
Tel: 03-3983-9530 Fax: 03-3980-1349
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340