Premium Company Profile: Sumitomo Life Insurance Company

Sumitomo Life Insurance Company (Sumitomo Life or ‘the company’) is a leading Japanese life insurer with premium income of JPY2,971 billion (approximately $25,433 million) in 2007. This profile offers a comprehensive review of Sumitomo Life’s operations and performance.

Report Highlights
Sumitomo Life, one of Japan's largest mutual life insurance companies, is a part of the Sumitomo Mitsui keiretsu, a group of firms linked by cross-ownership. The company offers individual, group life, and specialized health insurance policies. It operates in Japan, with international presence in other Asian countries as well the US and the UK. Sumitomo Life ranks third among the largest life, health mutual insurers in the Forbes global 500 companies in 2007, just behind Nippon Life Insurance and Dai-ichi Mutual Life Insurance. The company recorded revenues of JPY3,780,294 million (approximately $32,359.3 million) in the fiscal year ended March 2007. The company's policy cancellations and lapses in annualized premium recorded a significant fall over the last few years. The annualized premium decreased from JPY188.6 billion (approximately $1.6 billion) to JPY115.3 billion (approximately $1billion) during 2003–2007.
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Overview 1
Catalyst 1
Summary 1
2
tables 2
Company Structure 3
Company Overview and Key Facts 3
Business Description 3
History 4
Company Locations and Subsidiaries 5
Head Office 5
Other Locations and Subsidiaries 5
Products and Services List 7
Major Products and Services 7
Competitors and Strategic Business Relationships 8
Top Competitors 8
Strategy 9
Company Statement 9
Strategy 10
Investment 10
Enhanced Service 10
Expansion into the Chinese market 11
New Sales Channels 11
Regulatory changes 11
Corporate Social Responsibility 11
Overview 11
Sumitomo Foundation 12
Sumitomo Life Social Services Foundation 12
Sumitomo Life Health Foundation 12
Initiatives for community development 12
Charity concerts 12
SWOT Analysis 14
Overview 14
Strengths 14
Strong domestic life insurer 14
Alternate platforms for sale 14
Reduction in policy cancellations 15
Weaknesses 15
Lowered Ratings 15
Operational disturbances 16
Opportunities 16
Expansion into the Chinese market 16
Privatization of Japan Post and deregulation of OTC sales 16
Buoyant asset management industry 17
Threats 17
Shrinking Japanese insurance market 17
Japan's slowing population growth 17
Natural disasters 18
Key Employees 19
List of Key Employees 19
Financial and Operational Overview 21
Financial Overview 21
APPENDIX 23
Ask the analyst 23
Datamonitor consulting 23
Disclaimer 23
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Table 1: Sumitomo Life Insurance Company - Key Facts 3
Table 2: Sumitomo Life Insurance Company - Other Locations and Subsidiaries 5
Table 3: Sumitomo Life Insurance Company - Products and Services 7
Table 4: Sumitomo Life Insurance Company - Top Competitors 8
Table 5: Sumitomo Life Insurance Company - SWOT Analysis Summary 14
Table 6: Sumitomo Life Insurance Company - Key Employees 19
Table 7: Sumitomo Life Insurance Company - Financial Statements Summary 21
Table 8: Sumitomo Life Insurance Company - Other Key Statistics and Ratios 21

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