MITSUI SUMITOMO ASSUMES CONTROL OF SUMITOMO LIFE’S P&C BUSINESS

Japan-based institution Mitsui Sumitomo has moved to shore up its operations by assuming control of the property and casualty policies of its subsidiary Sumitomo Life, which is to withdraw from the general insurance market to focus on its life insurance business. Policy holders of Sumo-Sei General Insurance, the non-life unit of Sumitomo Life, will be asked to move their policies to Mitsui Sumitomo which will continue to use Sumitomo Life’s sales network of 29,000 agents throughout Japan.