JAPAN INSURERS FIND GROWTH OVERSEAS, OUTSIDE CORE OPS

Japan’s Mitsui Sumitomo, Sompo Japan, and Tokio Marine & Nichido Financial Life have reported solid growth either overseas or in non-core operations, providing some consolation for a saturated market at home and ongoing regulatory investigations regarding non-payment or mispayment of claims. On Friday Mitsui Sumitomo reported overseas net premiums of ¥128.6bn, up 31% year on year. In Japan, premium revenue was off 1%. Mitsui Sumitomo said that overseas premium revenue now accounted for 11% of premium income, and that this percentage was set to rise to 20% by financial year 2010-11. Meanwhile, Sompo Japan said that its life business was growing well, with the number of individual policies in force growing 10% in the nine months to December 31. At Tokio Marine & Nichido Financial Life the improved sales of variable annuity policies boosted it to fifth in market terms, while parent Tokio Marine and Nichido Life said that it expected to be earning between 20% and 25% of its profits from life business within 10 years. Overall, Millea reported net premium income up 8.4% to ¥1.59tn, helped by Nisshin Fire & Marine becoming a wholly owned subsidiary, and additional contribution from a unit in Brazil. At Aioi, net premiums grew 2.4% to ¥651.8bn year on year, helped by the sale of motor policies through Toyota dealerships. Sompo Japan and Nipponkoa reported lower premiums for the nine-month period.