NEWS IN BRIEF

Japan ’s Sumitomo Life Insurance… has appointed current managing director Yoshio Sato as the man to replace current Shinichi Yokoyama once he steps down in July this year to take up the role of chairman, while existing chairman Yasuo Yoshino moves into an advisory role. Sato told reporters at the press conference that: “I am to turn our company into a trustworthy one with high ethical standards.” Sumitomo is one of 10 Japanese life insurers that have been investigated by the Financial Supervisory Agency for failing to pay some claims.