Judges - Middle East Insurance Review

General Insurance Company of the YearMitsui SumitomoInsuranceThrough a succession of initiatives, Mitsui Sumitomo Insurance(MSI) has become the second largest non-life insurance companyin Japan measured by consolidated net premiums written. Thishas been done not just through domestic growth but also throughconsiderable growth overseas, predominantly in Asia.MSI has been emphasising new overseas business development, especiallyin Asia. MSI has been very active on the merger and acquisition front. Itsactivities in 2004 included participation in Asia Insurance (Cambodia)Limited, acquisition of the entire Asian non-life insurance operations ofAviva, the establishment of Cholamandalam MS Risk Services Limited, arisk management company in India, and finally acquisition of Mingtai Fire& Marine Insurance in Taiwan.These integrated activities have brought around US$1 billion grosspremium to MSI from its Asia operations last year, two-and-a-half timesits gross premiums in 2003.In 2003, the company launched MS WAVE II as a two-year strategicbusiness plan covering fiscal year 2003 through 2004 and achievedextremely good results. MS WAVE II was aimed at making MSI thenumber one in terms of “total corporate group power” against criteriaof profits and corporate quality. In the field of growth and profitability, thecompany aimed to diversify its profit sources that had depended largelyon domestic non-life insurance operations, and accelerate to expand ourprofit. Its success at doing this clearly impressed the judges.What also impressed were the strong activities promoting corporatesocial responsibilities. MSI has started a project for regenerating atropical forest of 300-hectare site in Indonesia and made cash donations,worth around US$380,000, to survivors of the Indian Ocean Tsunamiin December 2004.ABOUT THE ABOUT SPONSOR THE SPONSORJardine Lloyd Thompson (JLT) Asia is a recognisedmarket leader in the provision of world-classinsurance and reinsurance intermediary services,risk management advisory and associatedconsultancy services.Our operations in Asia date back to 1836.Today, JLT Asia is one of the most experiencedintermediaries in the region, with over 500 staffacross China, Hong Kong, Indonesia, Japan, Korea,Malaysia, Philippines, Singapore, Taiwan, Thailandand Vietnam.We are a member of the Jardine Lloyd ThompsonGroup, the largest European-based brokerquoted on the London Stock Exchange. TheGroup operates in over 30 countries andemploys over 5,000 personnel.Our team of insurance specialists are renownedfor their innovative approach to developingintegrated insurance, reinsurance and alternativerisk transfer solutions that meet the complex risksinherent in Asia.Our technical abilities span a wide range ofindustries and insurance markets. Where clientneeds dictate, our thinking goes beyond thetraditional boundaries of insurance.Every project, every client and every partnershipreceives attention from our senior management,supported by committed, skilled and clientfocusedteams. Our dedicated claims executives,recognised as among the best in the market, arean integral part of our client service teams.For its efforts at growth of profits and financial robustness throughdiversification and acquisition, and for its commitment to the region inboth a financial and CSR sense, Mitsui Sumitomo Insurance is worthywinner of this year’s award for General Insurance Company of theYear.Integrity is a hallmark of the JLT organisation.We believe that our quality and complianceregimes are the most thorough among brokersin the industry.www.jltasia.comJLT Asia – “Integrity at work”9 TH ASIA INSURANCE INDUSTRY AWARDS 200511