Press Conference by Shozaburo Jimi, Minister for Financial Services

(Excerpt)

(Friday, September 24, 2010, from 10:37 a.m. to 10:56 a.m.)

[Opening Remarks by Minister Jimi]

Good morning.

As Prime Minister Naoto Kan is in New York today, the informal gathering with Cabinet ministers took place in his absence. There is nothing for me to report here today.

[Questions & Answers]

Q.

I am Sonoda from Hokenmainichi Shimbun. There were reports in the press that Prudential would take over AIG Star Life Insurance and AIG Edison Life Insurance. What are your views on this new development, where a foreign company takes over a foreign company, as happened to Alico, which is now part of MetLife?

A.

I am aware of such new reports, but I would like to refrain from making any comments on the behalf of the Financial Services Agency (FSA) on acquisitions, mergers, integration and other such arrangements between individual financial institutions.

In any case, the FSA will continue to closely monitor such developments in view of the impact on business operations of each insurance company and the protection of policyholders.

(End)