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| MS Quarterly News (2nd Quarter, 2006) |
| Mitsui Sumitomo Insurance Co., Ltd. ("MSI") hereby issues a quarterly newsletter containing a summary of the topics for the second quarter, fiscal 2006, from July to September as set forth below. |
Mitsui Sumitomo Insurance Co., Ltd. ("MSI") hereby issues a quarterly newsletter containing a summary of the topics for the second quarter, fiscal 2006, from July to September as set forth below.
Total premium revenues slid down Y13.8 bn or 4.3 percent on a year-on-year basis for the second quarter of this fiscal year due to the ongoing administrative disposition. Particularly, all non-marine lines turned to fall in revenues, and total premium revenues declined 0.6 percent for the year to date as a result. |
| (premiums in Y mn) |
| Lines of insurance |
Q2 (Jul to Sep) |
Fiscal year to date (Apr to Sep) |
| Premiums |
Growth rate (%) |
Premiums |
Growth rate (%) |
| Voluntary Automobile |
128,802 |
-4.8 |
280,210 |
-2.1 |
| CALI* |
41,195 |
-5.1 |
83,264 |
-1.4 |
| Fire |
47,935 |
-5.1 |
99,220 |
-1.0 |
| Personal Accident |
32,357 |
-7.3 |
62,633 |
-1.2 |
| Miscellaneous |
37,974 |
-1.4 |
88,910 |
2.0 |
| Cargo and Transit |
15,813 |
2.7 |
32,837 |
4.1 |
| Hull |
6,519 |
2.1 |
15,582 |
12.3 |
| Total |
310,596 |
-4.3 |
662,656 |
-0.6 |
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| *CALI:Compulsory Automobile Liability Insurance |
Selected News Releases (July - September 2006) |
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| announcement date in parenthesis |
| (1) |
Business Improvement Plan |
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Business Improvement Plan submitted (July 21) |
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MSI submitted a business improvement plan to the Financial Services Agency ("FSA") of Japan in response to the administrative disposition dated June 21, 2006 therefrom. Taking the disposition seriously, MSI formulated the Business Improvement Plan ("BIP") based on the thorough review on its operational practices and systems in place. Under the plan, we at the MSI strive to move ahead towards re-creating "a company that puts the first priority on the customers' view" as the ultimate goal. We are implementing the BIP firmly and steadily, and intend to improve and strengthen corporate governance, claims payment administration and product development, policyholder protection and benefits, legal compliance and other control systems. We are determined to make every effort to thereby restore trust from policyholders and other stakeholders.
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Status of ongoing BIP reported (August 21) |
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MSI submitted the first report on the progress of the BIP to the FSA. The report covered mostly issues about the infrastructural remedies such as establishing new units and programs and increasing workforce for specific functions as planned in the improvement and strengthening of corporate governance, claims payment administration and product development, policyholder protection and benefits, legal compliance and other control systems.
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Status of ongoing BIP reported (September 21) |
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The second report on the recent progress of the BIP was submitted to the FSA. Major focused issues in the report are works started up at the units and under the programs newly built up effective September 1 and construction of a company-wide structure to effectively reflect customers' voices in the operations across the organization under the control of the newly set up Council on Promotion of Customers' Viewpoint.
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| (2) |
Others |
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Safe drivers' website, "MSI Anzen Navigator" Opened (September 20) |
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MSI set up a website named "MSI Anzen (Safety) Navigator" on September 12, and provides various online services for driver management to its corporate clients of fleet policy there. The website offers not only useful information and tools for driver management but provides a forum for the fleet clients to exchange tips each other in order to help them prevent accident and promote safety driving.
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Findings of investigation regarding underpayments announced (September 29) |
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MSI announced the final number of claims failed to be properly paid for extraordinary and other incidental expenses under the Extraordinary Expenses Coverage, etc. based on the findings of investigation regarding the underpayments in respect of the claims paid during the period of April 2002 to June 2005. Settlement of the claims found underpaid have been steadily proceeding, and we continue to trace the unsettled cases for sooner payment. |
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Women's Judo |
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The 36th All Japan Corporate Individual Judo Championships (at Amagasaki City Memorial Park General Gymnasium in Hyogo-pref., Japan, August 26-27)
Hitomi Tokuhisa (63kg class) won this championship for the first time. In addition, other MSI judo wrestlers performed remarkably, including Chiaki Shimizu (70kg class) with silver medal, Yu Murakami (52kg class) and Hiromi Okada (78kg class) with bronze medals and Hitomi Kaiyama ranked among best 8.
The 9th Junior All Japan Women's Judo Championships (Saitama-Prefectural Budokan, Saitama-pref., Japan, September 9)
Yuka Iida participated in the 70kg-class championship and was the silver winner.
2006 Paris World Judo Championships by Team of Nations (Paris, France, September 26)
Masae Ueno and Yuki Yokozawa joined in Japan's women team and fought in all matches of their classes for Japan. Japan won the bronze medals, beating South Korea by 4-0 in the third-place play-off.
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Women's Marathon and Track |
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The 54th All Japan Corporate Team Track and Field Championships (Oita Sports Park Kyushu Oil Dome, Oita, Japan, September 30 - October 1)
Miki Ohira and Ikuyo Yamashita took part in the 10,000 and 5,000 meter races, respectively, doing their best. |
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