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Sumitomo Life Insurance

SUMITOMO LIFE INSURANCE


By : Ririn Sholiha

History of Sumitomo Life Insurance

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life insurance

Sumitomo Life Insurance is the largest life insurer in Japan, established in 1907, which headquartered in Chuo – ku , Osaka . The company sells individual, group life and health policies specifically, through 70 branches and 1,500 district offices. Along with the sales force, Sumitomo sells its products through a network of financial institutions and affiliates. It also manages the pension and employees benefit programs, and offers brokerage and consulting. The company has a total of about 7 million policyholders, operating in Asian countries and other North America, is part of the Sumitomo Mitsui keiretsu, a group of Sumitomo Life Insurance companies linked by cross-ownership.

In 2005, the company announced a business partnership with PICC People’s Insurance Company of China Holdings Company (中国 人 保 控股 公司) . The new company will be called PICC Life Insurance Co (中国 人 保 寿险 有限公司) . It will sell insurance products, including savings -oriented endowment insurance. In addition, the company also has quite a lot of stock, how many shares owned by the company. Here’s the explanation:

Sumitomo Life Insurance Co. is one company that is preparing a bid for a stake in the life insurance unit of PT Bank Negara Indonesia, which bid for the 40 percent stake that could be worth as much as $ 800 million, and asked not to be identified because the considerations are private. Osaka-based company has dropped out of bidding for part of Thai Life Insurance, Meiji Yasuda Life Insurance abandon Co. as the remaining applicants only.

State Bank, which is controlled by the Indonesian government, plans to start selling insurance unit shares in the next two weeks. The deal follows the sale of a minority holding in the life insurance unit of PT Panin Financial Tbk to Dai – ichi Life Insurance Co. for 3.3 billion ( approximately ¥ 32.4 billion ) this month .

The Buyers , attracted by the middle class getting coverage for the first time , and has spent more than $ 6600000000 acquisition of insurance assets in Southeast Asia over the last two years , data compiled by Bloomberg .

Both Sumitomo and Meiji Yasuda made a final offer for the 15 percent stake held by Thailand, the second largest life insurance company in Thailand. The offer shares worth as much as $ 700 million.

In 2012 Sumitomo decided to become a strategic partner of Vietnam Bao Viet Insurance to acquire 18 % stake in the company, which was previously held by HSBC.

Sumitomo Life Insurance Co. reported earnings results for the quarter ending June 2013. For the quarter, the company reported a profit of 101.3 billion yen and core business premium income of 593.6 billion yen for the past year.

That was a description of the shares owned by the insurance company, until now the company is still going well, it’s because it has a commitment to providing the highest level of training and development opportunities to force their fields, the Sumitomo leaders have sent a clear signal of their dedication for the excellence of their fields, which can differentiate them from the competition, and may provide a key differentiator in the market.

This award recognizes the commitment and contribution of Sumitomo to help advance both qualitative and quantitative development of sales representatives through IQA program for more than fifty years since the founding of the program in 1960. Sumitomo is the first company worldwide to receive the IQA Special Award, which was established this year LIMRA.

IQA program created to improve the quality of professional life insurance sales worldwide in 1960. Since then it has become one of the most prestigious awards in the industry, used by 65 companies in 21 different countries. The annual award is designed to honor a sales representative for excellent production and outstanding persistency of life insurance business. If you want to enroll or want to know more detail information, you can contact at:

Sumitomo Life Insurance
1-4-35 , Shiromi
Chuo – ku
Osaka, 540-0001
Japan
Founded in 1907
Phone : 81 6 6937 1435

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