Sony Life's Announcement on Establishment of Direct Agency Subsidiary
February 22, 2010
Sony Life Insurance Co., Ltd. (Sony Life), a wholly-owned life insurance subsidiary of Sony Financial Holdings (SFH), announces today's establishment of LIPLA Co., Ltd. (LIPLA) as a wholly-owned non-consolidated subsidiary. As a direct agency of Sony Life, this company will serve as a one-stop insurance shop.
Background for Establishing LIPLA
Recently, the need has grown for a one-stop insurance shop that customers can visit spontaneously to ask for consultation, and search for and purchase financial products. To meet customers' needs, Sony Life established LIPLA in line with its corporate philosophy of "offering high-quality products and services through life planning consultation."
Product Line-up
As Sony Life's exclusive agency, LIPLA will provide optimal protection to its customers based on life planning consultation. Moreover, as an SFH Group company, LIPLA plans to provide Sony Bank mortgage loans* and Sony Assurance automobile insurance to meet the diverse needs of customers.
*LIPLA aims to receive permission from the relevant authorities to conduct banking agency business on behalf of Sony Bank.
Business Operations
LIPLA is expected to commence operations in May 2010 and open its first shop in Yokohama, Kanagawa Prefecture. LIPLA intends to open its second shop in the Tokyo/Kanagawa area by spring of 2011.
Company Profile
| Company Name | LIPLA Co., Ltd. |
|---|---|
| Headquarters | 1-1, Minami Aoyama 1-chome, Minato-ku, Tokyo, Japan |
| President and Representative Director | Takeshi Okada (General Manager, Independent Agents Planning Division, Sony Life) |
| Number of directors / employees | Five at the time of establishment (Planning to increase number of employees to 13, including those on loan from Sony Life, by April 2010) |
| Established | February 22, 2010 |
| Common Stock | ¥300 million (included capital reserve of ¥150 million) |
| Share Ownership | 100% by Sony Life Insurance Co., Ltd. |
| Planned Commencement of Operations | May 1, 2010 |
| Shop Name | Life Planning Atelier (LIPLA) |
Note: This is an English-language summary of a Japanese announcement made by Sony Life on February 22, 2010. The summary was prepared by Sony Financial Holdings Inc. solely for the convenience of non-Japanese readers.
