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February 14, 2016 6:15 AM ET

Insurance

Company Overview of Sumitomo Life Insurance Company

Company Overview

Sumitomo Life Insurance Company provides life insurance products primarily in Japan. It offers medical and nursing care insurance, as well as retirement planning products; individual life insurance and individual annuities; group insurance and group annuities; workers’ asset-formation insurance and annuities; and other insurance products. The company markets its products through sales representatives, financial institutions, and insurance outlets. Sumitomo Life Insurance Company was founded in 1907 and is headquartered in Osaka, Japan.

1-4-35, Shiromi

Chuo-ku

Osaka,  540-8512

Japan

Founded in 1907

Phone:

81 6 6937 1435

Key Executives for Sumitomo Life Insurance Company

Chief Executive Officer, President, Representative Executive Officer, Director, Member of Nominating Committee and Member of Compensation Committee
Age: 59
Chairman, Representative Executive Officer, Member of Nominating Committee and Member of Compensation Committee
Age: 66
Senior Managing Executive Officer and Director
Age: 58
Senior Managing Executive Officer and Director
Age: 57
Senior Managing Executive Officer
Age: 56
Compensation as of Fiscal Year 2015.

Sumitomo Life Insurance Company Key Developments

Sumitomo Life Insurance Company Reports Unaudited Consolidated Earnings Results for the Nine Months Ended December 31, 2015

Sumitomo Life Insurance Company reported unaudited consolidated earnings results for the nine months ended December 31, 2015. For the period, the company reported ordinary income of ¥2,701,056 million, ordinary profit of ¥142,442 million, profit before income taxes of ¥64,164 million, net profit of ¥56,511 million, net profit attributable to the parent company of ¥56,508 million against ordinary income of ¥2,614,650 million, ordinary profit of ¥114,824 million, profit before income taxes of ¥91,836 million, net profit of ¥76,189 million, net profit attributable to the parent company of ¥76,313 million a year ago.

Sumitomo Life Insurance Company Reports Unaudited Consolidated Earnings Results for the Six Months Ended September 30, 2015

Sumitomo Life Insurance Company reported unaudited consolidated earnings results for the six months ended September 30, 2015. For the period, the company reported ordinary income of JPY 1,833,394 million against JPY 1,695,300 million a year ago. Ordinary profit was JPY 103,777 million against JPY 89,256 million a year ago. Surplus before income taxes was JPY 40,496 million against JPY 58,353 million a year ago. Net surplus attributable to the parent company was JPY 34,221 million against JPY 48,690 million a year ago. Net cash provided by operating activities was JPY 224,220 million against JPY 147,191 million a year ago. Purchase of tangible fixed assets was JPY 7,476 million against JPY 5,501 million a year ago.

Symetra Financial Enters MOU Related to Class-Action Suit Arising from Sumitomo Life deal

Symetra Financial entered into a memorandum of understanding regarding the settlement of certain litigation arising out of the announcement of its deal with Sumitomo Life Insurance. Symetra Financial Corp. disclosed in a Form 8-K filed Oct. 28 that it entered into a memorandum of understanding regarding the settlement of certain litigation arising out of the announcement of its deal with Sumitomo Life Insurance Co. On August 20, a purported shareholder of Symetra filed a class-action complaint against the company, each of the members of its board, Sumitomo Life and SLIC Financial Corp., purportedly on behalf of certain shareholders of Symetra. The complaint alleges that Symetra's board members breached their fiduciary duties in connection with their approval of the merger. The complaint also challenges the decision of the board to adopt a forum selection bylaw designating the state and federal courts in Delaware for the resolution of intracorporate disputes. Finally, the complaint alleges that the Sumitomo parties aided and abetted the alleged breaches of fiduciary duties. The plaintiff on October 16 amended the complaint, adding that the Symetra board breached its fiduciary duty of disclosure by filing a materially deficient preliminary proxy statement. The plaintiff asked the Superior Court of Washington, King County, to declare that the lawsuit can be maintained as a class action; declare that the merger is unfair, unjust and inequitable to the plaintiff and the other members of the class; and enjoin the defendants from taking any steps necessary to accomplish the merger at an inequitable and unfair price, among other things. The amended complaint added a request to the court of relief to enjoin the defendants from soliciting stockholder votes on the merger until the alleged material deficiencies have been remedied.

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
August 11, 2015
Symetra Financial Corporation
Merger/Acquisition
April 30, 2015
Sumitomo Life Insurance Agency America, Inc.
Private Placement
April 30, 2015
Lifeplaza Partners Co, Ltd
 

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