HARTFORD, CONN. CitiInsurance, a unit of New York-based Citigroup Inc., has signed a letter of intent with two Japanese insurers for a joint venture to produce, market, and sell variable annuity and life insurance products in Japan.
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The venture is to be 49%-owned by CitiInsurance and 51%-owned by Sumitomo Marine and Fire Insurance Co. Ltd. and Mitsui Marine and Fire Insurance Co. Ltd., both based in Tokyo.
The new company is initially to produce single-premium variable annuities, the Citigroup unit said Thursday. Other variable products are to be introduced later. In the beginning, the venture plans to market its products through financial institutions, including securities firms throughout Japan.
