Sony Life Insurance Co., a financial services subsidiary of Sony Corp. of Tokyo, plans to begin selling 18 mutual funds in Japan over the Internet, beginning in October. This is Sony Life's first foray into selling mutual funds. Sony Corp. evidently plans to enter other areas of the financial services market as well, having amended its articles of incorporation in June to do so.
The company is to be the first Japanese life insurer to sell funds over the Internet, Sony Life said in a statement. The company will also train its 4,200 life insurance agents to sell these funds. And, unlike other Japanese mutual fund companies, Sony Life's funds will be high risk and high return funds, the company said.