Aeon to enter Japan life market

Aeon Financial Service Co. has announced its plans to enter the life insurance line of business by acquiring a Japanese unit of Allianz SE.

The financial service firm associated with major retailer Aeon Co. said that it would buy 32,400 new shares to be issued by Allianz Life Insurance Japan Ltd. under a third-party allotment scheme for CNY3.6 billion, gaining 60 percent of the voting rights in the Tokyo-based insurer. The acquisition procedures are scheduled to be finished by March 31.