Sumitomo Life to Scrap Nonlife Insurance Unit
Tokyo, Sept. 30 (Jiji Press)–Sumitomo Life Insurance Co. said Tuesday that it will scrap nonlife insurance unit Sumi-Sei General Insurance Co. as it strengthens its business partnership with Mitsui Sumitomo Insurance Co.
From October 2009, Mitsui Sumitomo will fully supply automobile and other nonlife insurance products to the life insurer.
Sumi-Sei General, which currently supplies nonlife insurance products to Sumitomo Life, will terminate its operations, and its policies in force will be transferred to Mitsui Sumitomo. Sumi-Sei General will be disbanded or sold to another party.
Following the move, Sumitomo Life will focus its resources on its mainstay life insurance operations. Meanwhile, Mitsui Sumitomo can sell its products through Sumitomo Life’s powerful marketing network with some 29,000 salespeople. END
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