Plans to create Japan’s largest non-life insurer out today
Japan’s Nikkei newspaper has said Mitsui Sumitomo, Aioi, and Nissay Dowa will detail their merger plan today to create Japan’s largest non-life insurer, Bloomberg reports.
Investors will receive about 0.19 of a share in the merged holding company for each they hold in Aioi or Nissay Dowa with Mitsui Sumitomo investors exchanging stock on a one-for-one basis.
Mitsui Sumitomo is Japan’s second-biggest non-life insurer, AIoi is fourth-ranked Aioi and Nissay Dowa six-ranked. Together they create a company with combined revenue from premiums of 2.59 trillion yen ($29bn) in the year ended March. That overtakes Tokio Marine Holdings’s 2.13 trillion yen in sales.
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