 |
| January 21, 2004 |
|
| Both companies
invest on Bangkok Life Assurance |
| Nippon Life Insurance Company |
| Mitsui Sumitomo Insurance Co., Ltd. |
|
| |
| Nippon Life Insurance Company (President : Ikuo Uno) and Mitsui
Sumitomo Insurance Co., Ltd. (President : Hiroyuki Uemura), both of
which have entered into cooperation with each other since October
2000, are going to invest on, and participate in the management of,
Bangkok Life Assurance Ltd., the fifth largest Thai life insurer.
Nippon Life, which has been a Bangkok Life's partner since 1997, will
increase its shareholding in the company, and Mitsui Sumitomo Insurance
will make its first investment on the life insurance business in the
Asian region outside Japan. |
| |
| Together, two companies will enter into the rapidly expanding and
promising Thai life insurance market, provide insurance products to
Japanese clients operating in Thailand, and contribute to the further
development of Bangkok Life by sharing management expertise three
companies have cultivated in the life and general insurance market
in Thailand and Japan. Both companies surely believe, too, that Nippon
Life, the world's leading life insurer, and Mitsui Sumitomo Insurance,
the largest in the operations in the Asian region outside Japan among
the Japanese general insurers, can significantly contribute to the
further development of the Thai life insurance market. |
| [To what extent both companies
invest] |
|
|
Nippon Life increased its shareholding from 9.45% to 16.40% on
January 20, 2004. The purchase price totals approximately JPY1,200
million. |
|
Mitsui Sumitomo Insurance will newly purchase, through its Thai
subsidiary, 10% of the company's shares. Tender offer bid soon starts
and will be completed by the end of March. The purchase price will
total approximately JPY1,600 million. |
| [How both companies participate
in the management of Bangkok Life] |
|
|
Two board members will be appointed by Nippon Life, and one by
Mitsui Sumitomo Insurance. A few more Japanese staff from both companies
will join Bangkok Life to increase the sale of the company's life
insurance products to the Japanese clients operating in Thailand. |
|
