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| MS Quarterly News (3rd Quarter, 2005) |
| We, Mitsui Sumitomo Insurance Co., Ltd. ("MSI"), are pleased to issue a quarterly newsletter with a summary of the topics during the third quarter ended December 31st, 2005, as set below. |
(preliminary for the third quarter, from October to December 2005, with long term medical insurance included in Personal Accident and Total accounts)
With all lines reporting revenue increase, overall year-on-year growth rate is 4.7 percent for the nine months ended December. Net overall increase is Y45.1 bn, much larger than Y24.3 bn reported for the same period of fiscal 2004.
In the Automobile line, "Most First Class", a newly launched product, made such a good start that it has been written for 130,000 cars since its launch. The Fire line saw solid sales of "Home Pikaichi" and "New Business Pikaichi", which cover natural disaster risks, in addition to meeting good demands from corporate accounts. In the Personal Accident line, "ViV Shushin" whole life medical insurance increased its premium revenues so high that premiums earned reached 1.8 times of those for the same period in the previous year. In the Miscellaneous line, various sorts of liability insurance particularly sold well to corporate accounts while the Cargo and Transit and the Hull lines continuously gained new corporate accounts. |
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Q3, fiscal 2005
(Oct. to Dec. '05) |
Fiscal year to date
(Apr. to Dec. '05) |
| Lines of insurance |
Premiums
(sales basis)
(in million yen) |
Growth rate
(%) |
Premiums
(sales basis)
(in million yen) |
Growth rate
(%) |
| Voluntary Automobile |
146,376 |
0.0 |
434,546 |
1.0 |
| CALI* |
40,905 |
9.3 |
125,321 |
10.6 |
| Fire |
53,972 |
-2.2 |
155,342 |
6.2 |
| Personal Accident |
32,018 |
5.9 |
96,733 |
9.8 |
| Miscellaneous |
42,838 |
7.4 |
131,175 |
4.4 |
| Cargo and Transit |
17,140 |
9.8 |
48,729 |
6.9 |
| Hull |
5,106 |
30.6 |
18,981 |
15.0 |
| Total |
338,356 |
2.9 |
1,010,827 |
4.7 |
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| *CALI: Compulsory Automobile Liability Insurance |
Selected News Releases (Oct to Dec 2005) |
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| announcement date in parenthesis |
| (1) |
New Products and Services |
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MSI entered into buyout market (Oct. 13) |
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It was resolved to enter into corporate buyout business, and, as the first deal, the MSI group established a joint investment fund dedicated for this particular purpose via its venture capital arm, Mitsui Sumitomo Insurance Venture Capital Co., Ltd. Buyout business is viewed continuously very promising as investment. Participation in deals jointly with external buyout fund partners will facilitate us to obtain more techniques and insight in M&As and raising corporate value of entities invested in.
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Risk report service of lifestyle-related disease commenced (Oct. 18) |
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MSI developed computer software jointly with Hardy Co., Ltd. to measure risk that a person is potential to catch lifestyle-related disease in future based on his/her latest medical checkup data, and started providing this pay service to MSI's corporate customers for their employees' health control. By medical-statistically calculating from latest medical checkup data such as those of blood test and inquiry, the software predicts values of key indicators associated with lifestyle-related disease for five and ten years ahead, respectively. The service aims to offer a person an opportunity to become more aware of such risk in future from his/her current health conditions and change his/her lifestyle so that the person individually tries to live in a healthier way and consequently his/her company saves medical expense.
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New type fire insurance developed for rental home tenants (Nov. 1) |
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MSI developed a new process of the contract on fire insurance for rental home tenants, and it has started since November 1st. On signing, even if a newly moving-in applicant happens to have money insufficient for premium payment with him/her, this policy can become effective cashlessly by debiting his/her bank account. For rollover, any procedures that are conventionally required every time his/her rent agreement is rolled over are unnecessary. To cancel the insurance on termination of the rent, he/she has simply to notify MSI of the intention by phone. Thus, it is far more convenient for an applicant because he/she needs not prepare cash for premium payment and is not bothered by papers, while his/her insurance agent can improve operation processing performance.
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Industry-first, digital-vocalized product pamphlet available (Nov. 9) |
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MSI applied "SP code" for a product pamphlet so that visually disabled and elderly people can make it sure by listening to the pamphlet about an insurance product they are interested in. This is the first device in the insurance industry. SP code or high density two dimension code developed for visually disabled and elderly people is used for the pamphlet. To listen to it, use the SP code reader for SP code to read it in, press the play button, and then it vocalizes digitally read-in part of the text. The first speaking pamphlet is one of Living FIT, a fire insurance policy specialized for furniture and appliances of rental home tenants. The voice pamphlet is introduced as part of CSR practices, and automobile and other line items will follow one by one.
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Business tieup with Kagawa Nutrition Univ to tackle metabolic syndrome (Nov. 18) |
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MSI and Kagawa Nutrition University (collectively, including undergraduate school, junior college and Kagawa Vocational College of Nutrition within Kagawa Education Institute of Nutrition) entered into a business collaboration to jointly develop a health seminar program, which mainly handles how to get better from metabolic syndrome, and open health seminars chargeable to corporate and organizational customers across the country. Metabolic syndrome is bodily condition which tends to easily cause various diseases due to visceral fat obesity. Besides opening seminars this autumn, the collaboration aims at assisting a research on the most advanced medical theme in this area in a form of health control practices at corporations and organizations and thereby easing their medical expense loads.
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Single premium annuity insurance, "MS New Stage" on sale (Nov. 28) |
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"MS New Stage", a lump-sum premium annuity insurance was released December 1st. It is designed more suitable for a long-term saving purpose, as it fixes its committed rate of return at a level based on market interest rates, with monthly re-fixing a rate to set for new policies. Based on an anticipation of baby boomer retirees continuously increasing, scope of financial asset items held and managed personally will be broadened, and their investment needs are becoming stronger and more diversified. In line with this environment perspective, this annuity product is intended to offer better for a saving purpose with a more attractive yield level than conventional monthly debit ones and thereby meet individual customers' needs.
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General BCM diagnosis service developed (Nov. 29) |
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MSI and its risk management service arm, Inter-Risk Research Institute & Consulting Inc. ("IRR") developed a service program and extend it to corporate customers free of charge since November, intending wide reach and education of business continuity management ("BCM"), which ensures undisrupted operation in case of a disaster or accident. This service contains different general diagnostic inquiries dependent on whether a corporate customer has already adopted BCM or not. Thus, the industry-first program meets needs of not only those which have already introduced BCM but also those which have not yet, and properly indicates degree of the cusomer's BCM awareness as well as gives them some tips for better preparations.
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BCM report on Japanese listed companies published (Nov. 29) |
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IRR conducted a survey of 3,755 listed corporations in Japan on their BCM practices and finished it up with a report. The report is the first analysis based on a wide ranging survey regarding BCM practices in Japan, and characteristic in its comparison with overseas practices.
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Business tieup concluded with Tohoku Bank in 401k plan (Dec. 14) |
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The Tohoku Bank, Ltd. and MSI entered into an agreement associated with the defined contribution pension business, so-called corporate "401k" program, and started the operation on December 15. Companies, whether large or small, tend more positive to revise and restructure their pension schemes in Iwate prefecture, where the bank's business is mainly based. In response these needs, the bank and MSI cooperatively recommend MSI's services related to defined contribution pension to the bank's corporate customers in the area.
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| (2) |
Life Insurance Operations |
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Mitsui Sumitomo MetLife celebrated a renaming party (Oct. 21) |
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Mitsui Sumitomo MetLife Insurance Co., Ltd. opened a party to celebrate its start under the new name at Imperial Hotel, Tokyo on October 21st for the life insurance subsidiary had become a joint venture of MSI and MetLife, Inc. in not only nominal but real terms, by having changed its name effective October 1st. More than 200 guests attended the party, including top executives from major financial institutions across Japan and MS MetLife's corporate customers and partners, blessed its new name and wished further flourishing development of the individual annuity insurance market.
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Mitsui Sumitomo Kirameki Life Insurance reported steady first half results (Nov. 22) |
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At Mitsui Sumitomo Kirameki Life Insurance Co., Ltd., newly written policies of individual insurance and individual annuity insurance mounted to Y841.6 bn in amount in force for the first half of fiscal 2005 ended September 31st, 2005. Although it was slightly lower than the amount reported a year before, it indicates that the life insurance subsidiary continuously generated a steadily high output. Total amount in force of individual insurance and individual annuity insurance increased to Y7,367 bn at another double digit growth rate of 15.8 percent on a year-on-year basis.
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MS Kirameki commenced single-premium endowment insurance (Dec. 1) |
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MS Kirameki newly designed a lump-sum premium endowment insurance whose surrender value is based on market prices, and launched it on December 1st, 2005. Based on conventional single-premium endowment insurances, this new type fixes its committed rate of return on signig, linking flexibly with market interest rates as they float. While it aims to offer a better yield, it has such product features as larger assurance and security with yen-based cash flows and death benefit.
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| (3) |
Overseas Operations |
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IRR joins in BCM co-operations in Asia (December 2) |
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Eight entities, including IRR, have been jointly working in the BCM business for dissemination and education, exploration and investigation, and consultation in the Asian region since December. They are IT Professional Group Co., Ltd., IPC Information Systems Japan, Inc., Asgent, Inc., IRR, Sanki Engineering Co., Ltd., Risk Management Institute of Nagaoka University of Technology, Hewlett-Packard Japan, Ltd. and BT Japan Corporation.
While the region frequently undergoes natural disasters, many Japanese companies have plants there. BCM may be insufficient in some cases where its application is limited to operations within Japan. Focusing on Japanese entrants there, the eight-member group will mostly disseminate BCM among them and assist them in adopting BCM.
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| (4) |
Environmental and Social Contribution Activities |
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MSI foundation selected subsidy recipients and welfare prize winners (Nov. 11) |
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Mitsui Sumitomo Insurance Welfare Foundation honored 44 cases with total subsidy amount of Y32. 15 mn. as "studies to subsidize in fiscal 2005" and "the 3rd Mitsui Sumitomo Insurance Welfare Foundation Prize" winners. The beneficiaries consist of 12 in the traffic safety and 32 in the elderly welfare. The foundation, which celebrated its 30th anniversary last autumn, have subsidized 1,387 cases with Y1,820.6 mn to proactively offer assistance for sound development of traffic safe society and better preparedness for coming aging society.
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Charity winter holidays' cards of Croatian children's drawings printed (Nov. 24) |
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Smile Heart Club, MSI's employees' social contribution body, and Kids Earth Fund, a non-profit organization, cooperatively designed five sorts of charity winter greeting card specimen to support children in the former Yugoslavian territories. While art therapy is given to children in Croatia to ease their post-traumatic stress symptoms by drawing pictures, some are elected out to print on winter holidays' cards every year, and sold to use the revenues for donations to children in the former Yugoslavian territories. In response to requests, part of thus raised fund will be used for assistance to children in Sri Lanka who suffered from the Tsunami.
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Tropical reforestation project rooting in Indonesia (Dec. 8) |
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Sumitomo Forestry Co. Ltd. and MSI have been working cooperatively with Indonesia's Ministry of Forestry on a reforestation project to protecti and restore a wildlife nature reserve forest in Yogyakarta special state on the Java island since April 2005. At the initial afforestation on December 5th, a ceremony was held at the site in Baluran Wildlife and Nature Reserve Forest and presided by the state governor with Forestry Minister. H. MS. Kaban as a guest. About 1,000 local people also joined, including representatives from four villages in the neighborhood.
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MSI Kansai Bloc and Shikoku Division presented children's books in braille (Dec. 22) |
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1,330 employees from MSI Kansai Bloc, consisting of Kansai Division, Osaka Commercial Business Division, Kansai Automobile Division, Kansai Marketing & Administration Dept. and Kansai General Affairs Dept., finished 110 children's books in braille, following the previous year. Shikoku Division also started brailling activity from this fiscal year and completed 153 books by 33 people for the first time. These children's books were donated to libraries, schools for the visually disabled and other similar organizations as well as those individuals who need books in braille. Kyushu Division will organize such activity to start on a regular basis in January. Brailling is spreading internally in this way.
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| (5) |
Others |
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Work in casual wear all through the year (Oct. 26) |
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All employees throughout the MSI group are free to work in casual wear all through the year. At MSI, employees have worked in casual wear every summer since fiscal 2003. In response to "Warm Biz" advocated by the Ministry of the Environment of Japan, recommendation of casual wear is extended to all through the year. This extention is intended to not only create workplace comfortable for employees to work independently and freely. But it should curtail electricity consumption by people's wearing a sweater or warm clothes in offices in winter where temperature is set lower than before by the air conditioners, and thereby ease emission loads on the environment.
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MSI received a business improvement order from FSAJ (Nov. 25) |
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MSI received a note of administrative disposition, in a form of business improvement order, dated November 25th issued in accordance with the Insurance Business Law by the Financial Services Agency of Japan. It pointed out that our administration performance was not satisfactory enough in respect of peripheral expenses and others incurred to be duly reimbursed. We take it seriously and deeply apologize to policyholders and other people concerned over the trouble. |
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Women's Judo |
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2005 Kodokan Cup All Japan Judo Championship at Chiba Port Arena on Nov. 19
Yosie Ueno won the championship in the 63kg class, following the previous year. Yuki Yokosawa and Rie Iwafuji won silver medals in the 52kg and the 57 kg classes, respectively. Hitomi Tokuhisa and Hitomi Kaiyama earned bronze medals in the 63kg and the 70kg classes, respectively. The MSI judo athletes all fought remarkably there.
The 5th China Qingdao International Tournament in Qingdao, China on Nov. 26-27
Emi Yamagishi won the gold medal in the 48 kg class.
2005 KRA Cup Korea Open International Judo Tournament in Cheju, S. Korea on Dec. 2-3
Yosie Ueno won the championship in the 63kg class.
23rd Fukuoka International Women's Judo Championship at Fukuoka Int'l Center on Dec. 10-11
Yuki Yokosawa won the silver medal in the 52kg class, Yoshie Ueno and Hitomi Tokuhisa finished third and fifth in the 63 kg class respectively. Rie Iwafuji also finished fifth in the 57kg class. They all made great achievements there.
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Women's Marathon and Track |
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East Japan Industrial Women's Ekiden Championship in Saitama Prefecture on Nov. 3
MSI formed a team as follows; Noriko Takayama for the Leg 1, Ikuyo Yamshita for the Leg 2, Yoko Shibui for the Leg 3, Narumi Hahashi for the Leg 4, Miki Ohiara for the Leg 5 and Ayumi Hashimoto for the Leg 6. While Ohira was the first prize winner of Leg 5, the MSI team achieved the sixth straight victory with a time of 2h 15m 07s. Achieving six consecutive victories is the first time ever in this ekiden relay race.
All Japan Industrial Women's Ekiden Relay Championship in Gifu on Dec. 18
MSI formed a team as follows; Noriko Takayama for the Leg 1, Ayumi Hashimoto for the Leg 2, Yoko Shibui for the Leg 3, Shiori Ishiyama for the Leg 4, Miki Ohira for the Leg 5 and Miki Ohyama for the Leg 6. While Ishiyama was the first prize winner of Leg 4, the MSI team achieved the third consecutive and the fifth championship with the time of 2h 13m 55s. This 5th title winning equals the historical record in the number of victories in the race.
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