Cardif Assurance Vie and Cardif-Assurances Risques Divers in Japan will change their company structures from branches of the France-based insurance companies to life and non-life insurance incorporated companies in Japan, subject to the approval of the Financial Services Agency.
In line with the change in company structure, the new non-life insurance company will become a wholly owned subsidiary of the new life insurance company.
The new companies are scheduled to start operations by the end of 2018.
Insurance policies of both companies are scheduled to be transferred to the new companies during 2018. There will be no change whatsoever in the policies, coverages and services provided to customers.
With this transition, BNP Paribas Cardif will continue to be fully committed to the Japanese market and will continue to enhance services and support to our partners and customers.