Mitsui Sumitomo Insurance Group Holdings Inc., Aioi Insurance Co. and Nissay Dowa General Insurance Co. each held extraordinary general shareholders' meetings Tuesday morning and received approval for a management integration in April.
Sompo Japan Insurance Inc. also obtained approval from its shareholders for its integration with Nipponkoa Insurance Co. in April. Nipponkoa is scheduled to hold its shareholder meeting Dec. 30.
The integration between Mitsui Sumitomo, Aioi and Nissay Dowa will create Japan's biggest nonlife insurer in terms of net premium revenues, which correspond to sales at manufacturers, overtaking industry leader Tokio Marine Holdings Inc.
In the integration through equity swaps on April 1, Aioi Insurance and Nissay Dowa will become subsidiaries of Mitsui Sumitomo Insurance, which will be renamed MS&AD Insurance Group Holdings Inc.
Effective Oct. 1, Aioi Insurance and Nissay Dowa will merge into a single subsidiary to be called Aioi Nissay Dowa Insurance Co.
Aioi Insurance is strong in auto insurance targeted at individuals and has a strong Toyota Motor Corp. market as the carmaker is the largest stakeholder in Aioi. Nissay Dowa, meanwhile, can use the sales network of its top shareholder, Nippon Life Insurance Co.
Sompo Japan and Nipponkoa will integrate their managements under a joint holding company.
Nipponkoa put off convening a general shareholders meeting from Tuesday to Dec. 30 due to a procedural glitch pointed out by some shareholders opposing the integration plan.