Sompo Japan Nipponkoa Insurance Inc. plans to cut the number of its employees by about 4,000, or 15 percent of its workforce, from fiscal 2017 levels, it was learned Monday.

By reducing its payroll to 22,000-23,000 workers by the end of fiscal 2020, which starts April 1, the unit of Sompo Holdings Inc. aims to save some ¥10 billion per year in labor costs, informed sources said.

Sompo Japan will capitalize on information technology to carry out its business rationalization. The workforce cut will also be achieved by relocating employees to group firms and reducing the number of new graduates it hires.

The company will not offer an early retirement program, the sources added.

In the Japanese financial sector, Mitsubishi UFJ Financial Group Inc. and

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