Approval of Japan Post and Japan Post business plan `` Efforts to restore trust '' Minister of Internal Affairs and Communications March 30 19:23
The Ministry of Internal Affairs and Communications has approved a business plan for fiscal 2020 compiled by Japan Post and Japan Post. It does not disclose any insurance sales plans of Japan Post Insurance, and its main content is thorough measures to prevent a recurrence in response to a series of problems.
On March 30, Minister of Foreign Affairs Takaichi handed the approval of the business plan for FY2020 to President Hiroya Masuda of Japan Post and President Kazuhide Kinukawa of Japan Post.
Of these, Japan Post's business plan did not show the planned figures for new insurance contracts or investment trust sales, which had been presented so far, due to inappropriate sales of Japan Post Insurance.
Instead, we will not set any sales targets in fiscal 2020, and will thoroughly review measures to prevent recurrence.
Japan Post has been ordered to suspend sales of insurance due to administrative sanctions until the 31st. After that, in order to prioritize investigating a series of issues, we will refrain from conducting sales activities for financial products for the time being.
In this plan, commission income from Japan Post Insurance and Japan Post Bank is expected to be about 560 billion yen, about 100 billion yen less than this year's plan.
The Minister of Internal Affairs and Communications, Takaichi, requested the two presidents on the 30th to "require steady efforts to restore public trust by steadily implementing business improvement plans."