Merged Japanese insurers Mitsui Sumitomo and Aioi Nissay Dowa target ¥280 billion adjusted profit in fiscal 2030

The two insurers will merge next April into a single company, with Hiroshi Umiyama (current president and CEO of Mitsui Sumitomo) set to lead the merged entity. The target adjusted profit of ¥280 billion for fiscal 2030 (year ending March 2031) represents an increase of about ¥80 billion from current levels.

The merged company plans to cut costs by consolidating headquarters functions and branch networks. It will also leverage the combined automobile insurance and accident-related data from both firms to strengthen services, and promote wider adoption of telematics insurance (which uses customers' driving data to calculate premiums).

Umiyama apologized for unauthorized handling of internal information by Mitsui Sumitomo employees on loan to Toyota Motor that came to light in April, stating that any misconduct will be subject to strict punishment and preventative measures will be implemented.