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Press Release
October 14, 2003
Chairman Inokuchi wins
" Personality of the Year of Asia Insurance Industry Award"

Takeo Inokuchi, Chairman and CEO of Mitsui Sumitomo Insurance Co., Ltd. ("MSI"), was honored to receive "Personality of the Year" which is one of the twelve prizes of Asia Insurance Industry Award ("AIIA") and awarded to "the person who has made the most outstanding individual contribution to the Asian insurance or reinsurance industry" at the seventh award presentation ceremony held in Singapore on October 6th.

1. The Award and the Category
"Personality of the Year" of "Asia Insurance Industry Awards 2003"

2. Description of the Award and the Category
 
A. Asia Insurance Industry Awards 2003
- The AIIA is a contest organized annually by Asia Insurance Review ("AIR"), magazine specialized for people in the insurance business communities of Asian markets, jointly with The Review. It is in the seventh year this time.
- A winner is selected, in each of the twelve categories listed below, for the most remarkable achievement during the year among the nominated institutions of and individuals from life insurers, non-life insurers, reinsurers, insurance educational service providers, IT related enterprises, loss-adjusters, brokers, risk-managers, etc. in the region.
   
  1) Life Insurance Company of the Year
2) General Insurance Company of the Year
3) Educational Service Provider of the Year
4) Innovation of the Year
5) Service Provider of the Year
6) Risk Manager of the Year
7) Broker of the Year
8) Reinsurance Broker of the Year
9) Reinsurance Company of the Year
10) Loss Adjuster of the Year
11) Insurance Website of the Year
12) Personality of the Year
   
- The panel of 16 judges consists of head officials of some supervisory authorities of insurance business and top executives of some major insurance companies and insurance-related bodies across the world, and selects a winner of each category by voting.
- Prominent names of such institutions, corporations and individuals across Asia as represent their nations' insurance industries are listed on the roll of the laureates in the past.
- The period in assessment for this time is from July 1st, 2002 to July 1st, 2003.
   
B. Personality of the Year
- This prize is awarded to "the person who has made the most outstanding individual contribution to the Asian insurance or reinsurance industry." Announcement of the winner of this prize is set on the final scene after the rest eleven winners have been awarded as the highlight of a presentation award ceremony.
- Mr.Patrick Wale, Managing Director of Aviva Asia Pte Ltd, won the prize last year.
- Takeo Inokuchi is the first and only Japanese who has ever been honored to receive the prize.

3. Asia Insurance Review
- AIR is the only one magazine publisher specialized in insurance business with its base in Singapore.
- Its readership ranges over insurers, reinsurers, insurance brokers, etc.
- And geographically covers all Asian markets
- In addition, the publisher organizes sorts of seminars in major Asian countries and has broad and close relationships with the supervisory authorities and major insurance companies in the region.

4. Takeo Inokuchi and the Citation of his Achievements Awarded for
- Contributed greatly to liberalization of insurance market in Japan.
- Resolutely merged Mitsui Marine & Fire Insurance Company, Limited with The Sumitomo Marine & Fire Insurance Co., Ltd., and increased the profit of MSI, the newly born company. This merger is regarded as such a great success as has seldom been observed not only in the insurance industry but in the banking and other industries.
- Aggressively expanding MSI's operation in Asian markets such as opening a branch in Korea and establishing a joint venture in India.
- Introduced its newly developed products and services and transferred its risk management technology to Asian countries, placing priority to developing Asian markets and economies.
- Made contribution to the flood prevention works in Thailand, and had honor to see the Royal family of the kingdom.
- Made large capital increases in MSI's reinsurance subsidiaries, taking an advantage of the conditions changed favorable in the post 9.11 markets. These reinsurance subsidiaries are committed in Asian markets by two-thirds of their capacities.
- Advocate "Risk Solution" as core competence of MSI group, and particularly, has fostered its weather derivatives unit to one of the major underwriters.
- Continues to devote himself in the financial and industrial communities for further developments of Japan, Asia and the world.

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