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| June 28th, 2002 |
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Alliance in Non-Life Insurance Business
between Mitsui Mutual Life Insurance Company and Mitsui Sumitomo Insurance Co., Ltd. |
Mitsui Mutual Life Insurance Company
Mitsui Sumitomo Insurance Co., Ltd. |
Mitsui Mutual Life Insurance Company ("Mitsui Life") represented by President Hiroshi Nishimura and Mitsui Sumitomo Insurance Co., Ltd.("MSI") represented by President ??CEO Hiroyuki Uemura have come to a basic agreement in respect of non-life insurance business that Mitsui Life shall promote sales of MSI's products and Mitsui Seimei General Insurance Co., Ltd. ("MSG"), Mitsui Life's subsidiary, shall transfer its whole business to MSI after Mitsui Life and MSI worked out the alliance in the field.
This is a part of the comprehensive alliance made by Mitsui Life, Sumitomo Life Insurance Company, Sumitomo Mitsui Banking Corporation and MSI on November 22, 2001, and will be implemented along with Mitsui Life's management plan, "M's Action II". |
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| 1. Sales of MSI's Products Promoted by Mitsui Life |
In accordance with the agreements with MSI concerning acting as agent and governing administrative matters on its behalf, Mitsui Life will market MSI's non-life insurance products, employing Mitsui Life's about 13,000 sales agents holding qualification to act as non-life insurance agent.
With the alliance, Mitsui Life will add MSI's non-life insurance products including "MOST", most advanced automobile insurance in the industry, to the product line of its own life insurance products such as "ZA BEKUTORU, Interest Sensitive Savings Plan with Term Rider" with utmost planning flexibility to expand services for customers and stake out and enhance profits.
MSI will aim at developing markets and increasing revenues through the alliance. |
(1) Commencement
Mitsui Life will handle MSI's products, starting with those policies which will become effective in November, 2002. Customers holding MSG's policies will be advised one by one toward their each expiry to switch to MSI's policy for rollover.
(2) Marketing Forces and Computer System
(i) Marketing forces
MSI will assist Mitsui Life, including supports for the headquarters to enhance the function for non-life insurance marketing and for the branches and field offices to develop their promotion activities with concerted help of MSI's local staff so that customers will enjoy better solution proposals for their non-life insurance needs.
(ii) Computer system
Mitsui Life's branches and field offices will be armed with MSI's agency computer system and other tools to extend better services to customers.
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2. MSG's Business to Be Transferred to MSI |
MSG's policies expiring in and after November, 2002 will be switched to MSI's one by one, and policies outstanding as of November 1st, 2003 will be transferred under comprehensive terms to MSI, subject to approval of the relevant authorities and determination of general meeting of shareholders. After completing the comprehensive transfer, MSG will be liquidated by the dead line currently set as March 31st, 2004, and then Mitsui Life will make further concentration of its management resources on life insurance business to increase profits.
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| [Mitsui Seimei General Insurance Co.,Ltd. Profile] |
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Mitsui Seimei General Insurance Co.,Ltd |
| Establishment |
August 1996 |
| Address |
1-2-3 Otemachi Chiyoda-ku Tokyo |
| President |
Takashi Murota |
| Total Asset |
32.5 billion yen (2001.3.31) |
| Net premium |
12.4 billion yen ?iFY 2001?j |
[Reference]
?ySchema of the alliance?z |
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[Commencement and the Transferred Schedule of MSG's policies] |
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