Aflac and Trupanion will not sell pet insurance in Japan

After announcing a pet insurance joint venture in Japan just over a year ago, Aflac and Trupanion are announcing that they will not pursue the Japanese market.

“After testing this alignment in Japan, a key market for Aflac, a decision was made to withdraw from development in Japan, and instead the companies are focusing on the larger, underpenetrated North American pet insurance market,” Aflac shared in a press release.

In 2020, Aflac paid $200 million to acquire a 9% stake in Trupanion and the companies announced an exclusive alliance to sell pet insurance in worksites across the US. As part of the relationship, the companies also agreed to explore potential opportunities in Japan’s growing pet insurance market. In November 2022, the companies announced a joint venture in Japan that will leverage Aflac’s strong brand, insurance expertise, and broad distribution network with Trupanion’s expertise and leadership in pet insurance.

The plan was to begin selling pet insurance in the second half of 2023.

Bottom Line: Trupanion (US) had an average growth rate of approximately 33.6%. JAB experienced an average growth rate of approximately 43.3%. The analysis is available via our latest research report on the subject.