３損保統合 動き出すか金融の大再編（1月25日付・読売社説）
損害保険業界の勢力図が大きく塗り替わる。
業界２位の三井住友海上グループホールディングス、４位のあいおい損害保険、６位のニッセイ同和損害保険の３社が、持ち株会社方式で経営統合する。
新グループの保険料収入は合わせて３兆円に迫り、東京海上ホールディングスを抜いて業界トップに躍り出る。
統合による財務基盤の強化や事業の効率化のメリットを十分に生かし、一段と質の高い保険サービスを提供してもらいたい。
損保業界では、保険料自由化による競争激化をきっかけに、２００１年から合併ラッシュが起き、０４年に現在の大手６グループ体制に落ち着いた。
再編劇の幕が再び開き、３社統合で大手４グループに集約される事態となったのは、経営環境が厳しさを増しているためだ。
収益の柱である保険料収入のうち、主力の自動車保険は自動車販売の不振による契約減少や、小型車への乗り換えの増加に伴う保険料単価の低下で低迷している。火災保険も、住宅販売の落ち込みが響いている。
雇用情勢が厳しくなるにつれて「家計のスリム化」で保険料の支出を減らす動きも増えそうだ。
割安な保険料で販売を伸ばす新規参入会社の攻勢もあり、本業回復の見通しは明るくない。
さらに株価下落などが追い打ちをかけている。金融市場の混乱に関連する大手６社の損失は、今年度の９月中間期で２０００億円に迫り、通期ではその２倍以上に膨らむ見込みだ。
こうした状況を打開するため、三井住友など３社は、組織スリム化や経費軽減と同時に、各社の強みを生かした事業拡大も狙える統合に踏み切ったと言える。
今後の焦点は、首位を明け渡す東京海上と、大手の下位に甘んじる損害保険ジャパン、日本興亜損害保険などが、どのように巻き返しを図るかだ。損保ジャパンと日本興亜など、さらなる再編が起きる可能性もある。
金融危機の余波を受け、銀行・証券・保険の垣根を超えた金融再編の機運も高まっている。
米保険最大手ＡＩＧが日本の生命保険子会社の売却を検討している。米シティグループも日興コーディアル証券などを売却する意向を示している。
今回の３損保統合が、新たな大再編時代のさきがけとなるのかどうか。金融各社が描く戦略の行方が注目されよう。
（2009年1月25日01時34分 読売新聞）
■デイリー読売より訳例
The Yomiuri Shimbun
The balance of power among nonlife insurance companies is set to shift when Mitsui Sumitomo Insurance Group Holdings, Inc., Aioi Insurance Co. and Nissay Dowa General Insurance Co.--ranked second, fourth and sixth in the industry, respectively--merge through the creation of a holding company in April 2010.
Their combined net premium revenues will reach nearly 3 trillion yen, surpassing that of current industry leader Tokio Marine Holdings Inc.
We hope that the new group will provide insurance services of an even higher level of quality, by taking full advantage of its strengthened financial position and streamlined operations through the merger.
===
Economy forcing realignment
Streamlining of the nonlife insurance sector began in 2001, triggered by intensified competition among insurers due to deregulation of insurance premiums. By 2004, the current six major nonlife insurers dominated the industry.
The new period of realignment, which is unfolding as a result of the planned trilateral merger, will mean that the nonlife insurance industry eventually will be dominated by four major groups. The latest move has come about because the business environment for nonlife insurers has grown increasingly harsh.
Among the industry's premium revenue sources, sales of the core product, auto insurance, have been hovering at a low level due to a severe decline in auto sales and a fall in unit insurance premiums stemming from an increasing number of drivers switching to compact cars. Fire insurance also has been hit due to a plunge in home sales.
As the nation's employment situation grows more severe, it is expected that households will reduce spending on premium payments as they trim their household budgets.
Sales prospects regarding its core business in the nonlife insurance sector are not bright, as new insurance companies are successfully offering products with inexpensive premiums.
Moreover, plummeting stock prices have destabilized the industry. The combined losses of the six major nonlife insurers, due to the financial turmoil, reached nearly 200 billion yen for the April-September 2008 period, indicating that the loss for the full 2008 business year could swell to more than double that figure.
To address this situation, Mitsui Sumitomo Insurance Group Holdings and the two others seem to have opted to integrate not only to streamline their structures and cut costs, but also to facilitate business expansion by drawing on their respective strengths.
The focus of attention will now switch to how Tokio Marine Holdings--which will lose its top-ranked position when the trilateral merger is carried out--and lower-ranked insurers that appeared complacent about moves by the major insurers, including Sompo Japan Insurance Inc. and Nipponkoa Insurance Co., will regain lost ground. Further integration among insurers is possible, with a tie-up between Sompo Japan and Nipponkoa a possibility.
===
Finance sector must adapt
As a result of the ongoing financial crisis, a sector-wide realignment of the banking, securities and insurance in the financial industry is gathering momentum.
U.S. insurance giant American International Group Inc. is considering selling its Japanese insurance arms, while U.S. banking giant Citigroup has indicated it will divest itself of Nikko Cordial Securities Inc. and another firm under its wing.
The trilateral merger may set a precedent for a new era of major realignment across the financial sector. But regardless, the strategies drawn up by each financial company to ride out the global financial crisis will attract close attention.
(From The Yomiuri Shimbun, Jan. 25, 2009)
損害保険業界の勢力図が大きく塗り替わる。
業界２位の三井住友海上グループホールディングス、４位のあいおい損害保険、６位のニッセイ同和損害保険の３社が、持ち株会社方式で経営統合する。
新グループの保険料収入は合わせて３兆円に迫り、東京海上ホールディングスを抜いて業界トップに躍り出る。
統合による財務基盤の強化や事業の効率化のメリットを十分に生かし、一段と質の高い保険サービスを提供してもらいたい。
損保業界では、保険料自由化による競争激化をきっかけに、２００１年から合併ラッシュが起き、０４年に現在の大手６グループ体制に落ち着いた。
再編劇の幕が再び開き、３社統合で大手４グループに集約される事態となったのは、経営環境が厳しさを増しているためだ。
収益の柱である保険料収入のうち、主力の自動車保険は自動車販売の不振による契約減少や、小型車への乗り換えの増加に伴う保険料単価の低下で低迷している。火災保険も、住宅販売の落ち込みが響いている。
雇用情勢が厳しくなるにつれて「家計のスリム化」で保険料の支出を減らす動きも増えそうだ。
割安な保険料で販売を伸ばす新規参入会社の攻勢もあり、本業回復の見通しは明るくない。
さらに株価下落などが追い打ちをかけている。金融市場の混乱に関連する大手６社の損失は、今年度の９月中間期で２０００億円に迫り、通期ではその２倍以上に膨らむ見込みだ。
こうした状況を打開するため、三井住友など３社は、組織スリム化や経費軽減と同時に、各社の強みを生かした事業拡大も狙える統合に踏み切ったと言える。
今後の焦点は、首位を明け渡す東京海上と、大手の下位に甘んじる損害保険ジャパン、日本興亜損害保険などが、どのように巻き返しを図るかだ。損保ジャパンと日本興亜など、さらなる再編が起きる可能性もある。
金融危機の余波を受け、銀行・証券・保険の垣根を超えた金融再編の機運も高まっている。
米保険最大手ＡＩＧが日本の生命保険子会社の売却を検討している。米シティグループも日興コーディアル証券などを売却する意向を示している。
今回の３損保統合が、新たな大再編時代のさきがけとなるのかどうか。金融各社が描く戦略の行方が注目されよう。
（2009年1月25日01時34分 読売新聞）
■デイリー読売より訳例
The Yomiuri Shimbun
The balance of power among nonlife insurance companies is set to shift when Mitsui Sumitomo Insurance Group Holdings, Inc., Aioi Insurance Co. and Nissay Dowa General Insurance Co.--ranked second, fourth and sixth in the industry, respectively--merge through the creation of a holding company in April 2010.
Their combined net premium revenues will reach nearly 3 trillion yen, surpassing that of current industry leader Tokio Marine Holdings Inc.
We hope that the new group will provide insurance services of an even higher level of quality, by taking full advantage of its strengthened financial position and streamlined operations through the merger.
===
Economy forcing realignment
Streamlining of the nonlife insurance sector began in 2001, triggered by intensified competition among insurers due to deregulation of insurance premiums. By 2004, the current six major nonlife insurers dominated the industry.
The new period of realignment, which is unfolding as a result of the planned trilateral merger, will mean that the nonlife insurance industry eventually will be dominated by four major groups. The latest move has come about because the business environment for nonlife insurers has grown increasingly harsh.
Among the industry's premium revenue sources, sales of the core product, auto insurance, have been hovering at a low level due to a severe decline in auto sales and a fall in unit insurance premiums stemming from an increasing number of drivers switching to compact cars. Fire insurance also has been hit due to a plunge in home sales.
As the nation's employment situation grows more severe, it is expected that households will reduce spending on premium payments as they trim their household budgets.
Sales prospects regarding its core business in the nonlife insurance sector are not bright, as new insurance companies are successfully offering products with inexpensive premiums.
Moreover, plummeting stock prices have destabilized the industry. The combined losses of the six major nonlife insurers, due to the financial turmoil, reached nearly 200 billion yen for the April-September 2008 period, indicating that the loss for the full 2008 business year could swell to more than double that figure.
To address this situation, Mitsui Sumitomo Insurance Group Holdings and the two others seem to have opted to integrate not only to streamline their structures and cut costs, but also to facilitate business expansion by drawing on their respective strengths.
The focus of attention will now switch to how Tokio Marine Holdings--which will lose its top-ranked position when the trilateral merger is carried out--and lower-ranked insurers that appeared complacent about moves by the major insurers, including Sompo Japan Insurance Inc. and Nipponkoa Insurance Co., will regain lost ground. Further integration among insurers is possible, with a tie-up between Sompo Japan and Nipponkoa a possibility.
===
Finance sector must adapt
As a result of the ongoing financial crisis, a sector-wide realignment of the banking, securities and insurance in the financial industry is gathering momentum.
U.S. insurance giant American International Group Inc. is considering selling its Japanese insurance arms, while U.S. banking giant Citigroup has indicated it will divest itself of Nikko Cordial Securities Inc. and another firm under its wing.
The trilateral merger may set a precedent for a new era of major realignment across the financial sector. But regardless, the strategies drawn up by each financial company to ride out the global financial crisis will attract close attention.
(From The Yomiuri Shimbun, Jan. 25, 2009)
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