Foresight

Japan Post continues acquisition of Aflac

Japan Post continues to acquire shares in insurance giant Aflac.

Japan Post continues its acquisition of insurance giant Aflac. The business alliance began in 2018, with the latter deciding to acquire Aflac shares at a cost of around 270 billion yen.

It had already acquired around 7% of Aflac shares by 2020, and is set to continue increasing its stake in the company.

By holding shares today for more than four years, it should increase its voting rights to around 20%. The exercise of the right is expected to be approved at Aflac’s Annual General Meeting on May 6.

The acquisition is expected to bolster the business of Japan Post, which is experiencing a decline in postal demand due to the spread of digitalization. The group’s sales target for fiscal 2023 was 91.9 billion yen.