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| MS Quarterly News (2nd Quarter, 2007) |
* Red ink indicates the corrections.
Mitsui Sumitomo Insurance Co., Ltd. (“MSI”) hereby issues a quarterly newsletter containing a summary of the topics for the second quarter, fiscal 2007, from July to September 2007 as set forth below. |
(preliminary for the quarter from July to September 2007, with long-term medical insurance included in Personal Accident and Total accounts)
Total premium revenues increased 2.9 percent on a year-on-year basis in the ended quarter, mainly due to steady corporate business in all the insurance lines but the automobile one. Also for the first half six months ended September, premium income was 2.1 percent higher than the previous year. |
| (premiums in million yen) |
| Lines of insurance |
Q2 (Jul to Sep 2007) |
Year to date (Apr to Sep 2007) |
| Premiums |
Growth rate (%) |
Premiums |
Growth rate (%) |
| Voluntary Automobile |
128,898 |
-1.0 |
276,234 |
-1.3 |
| CALI* |
43,144 |
4.8 |
85,337 |
2.5 |
| Fire |
49,688 |
4.0 |
101,503 |
3.2 |
| Personal Accident |
33,695 |
2.9 |
63,203 |
0.8 |
| Miscellaneous |
41,001 |
7.6 |
94,444 |
6.5 |
| Cargo and Transit |
17,128 |
8.2 |
35,457 |
8.1 |
| Hull |
7,621 |
16.9 |
18,427 |
18.3 |
| Total |
321,174 |
2.8 |
674,604 |
2.0 |
|
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| *CALI:Compulsory Automobile Liability Insurance |
Selected News Releases (July – September 2007) |
|
| announcement date in parenthesis |
| (1) |
Business Improvement Plan |
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* |
Status of Business Improvement Plan reported (Jul 20) |
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MSI submitted the twelfth report on the progress of the Business Improvement Plan (“BIP”) to the Financial Services Agency (“FSA”) of Japan. The report dealt with the Corporate Quality Month which was set for July and the CSR Report Booklet which was issued and distributed to the employees and agents. The report also referred to the campaign named “Go-keiyaku Naiyo Shikkari Kakunin Undo” in place to ensure determining coverage suitable in each underwriting as well as the Jul-1 pronouncement that MSI was proved to comply with the International Standard of ISO 10002 - guidelines for complaints handling in organizations for customer satisfaction.
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| (2) |
Domestic Insurance Business |
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* |
MSIG shift to holding company system (Aug 22) |
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MSI decided to establish a holding company through a sole share transfer subject to the approval of the shareholders’ meeting and permits of the competent authorities as soon as possible in fiscal 2008, thereby significantly strengthening the group’s management structure. Under the “New Challenge 10,” a medium-term management plan whose target year is set for fiscal 2010, the Group aims to become one of the world’s top-level insurance and financial groups, pursuing sustainable development with corporate quality as its primary competitive edge. To this end, the Group will seek, by shifting to a holding company structure, to promptly and flexibly develop and operate its businesses in a manner consistent with the markets in each of the businesses it operates in and simultaneously make full use of the Group’s total power by pursuing synergies.
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* |
Online navigation service available for applicants to confirm policy clauses (Aug 29) |
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An audio-visual guide program was developed to help applicants check particulars in their confirmation letters of intent, or “Go-keiyaku Naiyo Kakunin Sheet” in Japanese, by guiding them in an easy-to-understand way. This navigation service, named “Go-keiyaku Naiyo Shikkari Kakunin Navi,” is now available on our corporate website (http://www.ms-ins.com). Since last April when the confirmation letter of intent was introduced, MSI intends to ensure that it asks each individual applicant to confirm the policy clauses and sign it. This is part of our ongoing efforts in improving explanations to customers for their better understanding.
|
| (3) |
Overseas Business |
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* |
MSI to establish subsidiary in China (Jul 31) |
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MSI obtained a license to incorporate its Shanghai branch into a wholly-owned subsidiary from the China Insurance Regulatory Commission, Chinese competent authorities, effective July 23. Its Shanghai branch had been opened May 2001, and has since expanded its business. MSI intends this incorporation into a local insurer to make it better rooted in China and to further enable it to meet diverse customer needs and provide quality services. The subsidiary is to commence its operations as soon as necessary registrations with the relevant authorities are completed.
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| (4) |
Financial services and risk-related businesses |
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* |
Japanese first IT-BCM consultation service embarked by IRR and HPJ (Jul 9) |
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Inter-Risk Research Institute & Consulting Inc. (“IRR”), the MSIG’s risk management consulting firm, and Hewlett-Packard Development Company, L.P., HP’s subsidiary in Japan, developed a quite new consultation service of business continuity management (“BCM”) to cover both business and information technology in a single plan. And in July, they started customizing such business continuity plan (“BCP”) for sale as the business divisions and the information system one should smoothly inter-connect and work consistently with each other on the whole within an organization, for example, during a recovery process in a disaster.
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* |
Mental Health Support Plan developed for employee assistance program (Sep 11) |
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MSI concluded a partnership agreement with Hokendojinsha Inc., a firm specialized in advanced employee assistance program (“EAP”), effective August 29, and developed a comprehensive mental health service named “Metal Health Support Plan.” This service, available since September, is intended to provide assurance and security to our corporate clients and their employees, thereby encouraging them to work for better corporate performance.
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| (5) |
Other Topics |
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* |
Pronouncement of compliance with complaint handling standard of ISO 10002 (Jul 3) |
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The Company pronounced July 1st that it has built up a management system in compliance with an International Standard of ISO 10002, or Quality management, ie, guidelines for complaints handling in organizations for customer satisfaction, and that it conducts business accordingly. Mitsui Sumitomo Kirameki Life Insurance Company, Limited also announced a statement to the same effect on that day.
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* |
Large-scale two-way participatory internship course held by young staff (Aug 8) |
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As part of recruiting about 1,700 undergraduates and graduates, a large-scale two-way participatory internship program was held on August 13. In this course, unlike the conventional one-day special event at workplace, young staff guided the to-be recruits in playing board games, and explained the risks associated with the non-life insurance business and the markets, which are not so sufficiently familiar with them. This sort of board game adopted in the internship program is the industry-first attempt in Japan.
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* |
New TV corporate commercial on air since October (Sep 26) |
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A new TV corporate commercial is on air, featuring Mr. Yutaka Takenouchi and Ms Maki Horikita. The first shot of the series is “insurance for comfortable living (in Japan),” in which Ms. Horikita acts with the background narration by Mr. Takenouchi therein. You find people living joyfully in various aspects of their everyday lives, and learn that they are assured, being protected by insurance. And it ends with our corporate message, “For all the things you care about.” Following this one, “insurance for comfortable living (abroad)” and “our message” are going to be produced and broadcast, and the latter stresses on necessity (and therefore quality) of insurance. |
| (6) |
Amateur Sports |
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* |
Women's Judo |
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The 37th All Japan Corporate Individual Judo Championships (Aug 29)
Yoshie Ueno (63kg class) achieved the championship title for the fourth time, and it was two years since last time she did it. Chiaki Shimizu (70kg class) also won her first gold medal while Emi Yamagishi (48kg class), Hitomi Tokuhisa (57kg class) and Hitomi Kaiyama (70kg class) gained silvers.
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* |
Women's Marathon and Track |
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2007 International Women’s Marathon (Sep 3)
Reiko Tosa of MSI’s Women’s Marathon and Track Team headed by Hideo Suzuki won the bronze medal with a time of 2h 30m 55s in the 2007 International Women’s Marathon, held in Osaka on Sunday, September 2nd. Tosa’s top ranking among Japanese runners earned her a place on the squad in 2008 Beijing Olympics, according to the selection criteria of Japan Association of Athletics Federations. This was her second World Championship medal since she became a silver medalist in the Edmonton in 2001. |
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