MS&AD Insurance to promote M&A deals in Asia+

TOKYO, March 21 Kyodo -
MS&AD Insurance Group Holdings Inc., which will come into being on the
integration of three Japanese nonlife insurers on April 1, will promote mergers
and acquisitions in Asia, its incoming President Toshiaki Egashira said in a
recent interview with Kyodo News.
''We will pay particular attention to the Association of Southeast Asian
Nations,'' said Egashira, 61, currently president of Mitsui Sumitomo Insurance
Group Holdings Inc.
Egashira said he expects to see growth in overseas operations and the life
insurance business of the integrated nonlife insurance group.
Mitsui Sumitomo Insurance Group Holdings, Aioi Insurance Co. and Nissay Dowa
General Insurance Co. will integrate into Japan's largest nonlife insurance
group in terms of net premium revenues, which correspond to sales at
manufacturers, overtaking Tokio Marine Holdings Inc.
''We will become a dominant insurance group in terms of size,'' Egashira said.
''But we will still be short of catching up with the industry leader in terms
of profitability.''
''Our profitability will come closer to the level of Tokio Marine as cost
reduction effects emerge on the integration of computer systems in 2013,'' he
said. ''We will seek to become the world's largest insurance and finance
group.''
Egashira also said he will consider how to realign group companies toward 2013.
As Aioi Insurance and Nissay Dowa will merge into Aioi Nissay Dowa Insurance
Co. in October, MS&AD will own two major nonlife insurers -- Mitsui Sumitomo
Insurance Co. and Aioi Nissay Dowa.
The efficiency of retaining full-service nonlife insurers within the same group
could be questioned, he said. ''We will consider whether to merge them into one
or realign them by function.''
==Kyodo
2010-03-21 21:10:28