Solid business franchise backed by relationships with both the Mitsui and Sumitomo groups Sound combined ratio despite temporary deterioration due partly to decreasing revenue following administrative penalties Extremely strong capitalization, backed partly by ample unrealized profits on stock holdings Overseas expansion diversifying profit sources and risks Limited growth prospects for the Japanese non-life insurance market Impact of administrative actions by the Financial Services Agency (FSA) Mitsui Sumitomo Insurance Co. Ltd. (MSI) has a solid business franchise with the third largest market share among Japanese non-life insurers in terms of net parent-only premiums. MSI's strong market position is backed by the well-recognized brand names of the Mitsui and Sumitomo groups, as well as its relationship with the groups. However, MSI's business
