The life insurers have made a royal mess of the management of their assets and liabilities.

ECONOMIST: Japanese insurance

Although DaimlerChrysler has kept its stake low enough to avoid consolidating Mitsubishi's liabilities, it has now taken over management of the Japanese company, just as Renault did with Nissan, also of Japan, 18 months ago.

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Although the company has been failing to service its debts, it claimed that it is solvent because its liabilities were smaller than its assets, which the management values at replacement cost.

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