Insurance Industry Developments in Asia: Partnerships and Restructures

Strategic Insights -

Matsushita Electric Works and Sumitomo Life Insurance Company have partnered to promote nursing care services, with Sumitomo's 50,000 sales agents marketing these services to 9 million policyholders and their families. Meanwhile, the National Australia Bank is separating its insurance and investment operations from banking, following the acquisition of MLC from Lend Lease Corp. In Japan, Taisho Life Insurance reported a net loss of 7 billion yen, with a solvency margin of 67.7 percent, and Royal & SunAlliance is set to sell insurance through Australia Post's website.

Key Takeaways:

  • Matsushita Electric Works and Sumitomo Life Insurance Company have formed a partnership to promote nursing care services, with Sumitomo's 50,000 sales agents marketing these services to 9 million policyholders and their families.
  • The National Australia Bank will separate its insurance and investment operations from banking, following the acquisition of MLC from Lend Lease Corp.
  • Taisho Life Insurance Company reported a net loss of 7 billion yen, with a solvency margin of 67.7 percent, highlighting the need for the company to dispose of bad loans.
  • Royal & SunAlliance will sell insurance through Australia Post's website, providing customers with an alternative to over-the-counter and phone services.
  • This partnership aims to increase insurance sales and revenue for both companies, through a targeted and convenient sales channel.
  • The insurance industry in Asia is experiencing significant changes, including partnerships, acquisitions, and restructurings, which are expected to shape the market in the coming years.

Statistics:

  • 50,000: The number of sales agents at Sumitomo Life Insurance Company who will market nursing care services to 9 million policyholders and their families.
  • 7 billion yen: The net loss reported by Taisho Life Insurance Company for the year ended March 31, 2000.
  • 67.7 percent: The solvency margin of Taisho Life Insurance Company, which is below the 200 percent threshold considered healthy for a life insurer.
  • 9 million: The number of policyholders and their families who will be targeted by Sumitomo Life's sales agents.

Sources:

  • Asia Pulse (http://www.asiapulse.com)
  • Matsushita Electric Works Ltd.
  • Sumitomo Life Insurance Co.
  • National Australia Bank Ltd
  • Lend Lease Corp Ltd
  • Taisho Life Insurance Co.
  • Royal & SunAlliance
  • Australia Post