Sompo forms global P&C and Wellbeing business segments

Sompo Holdings has announced it will restructure its business into two global segments: Sompo Property and Casualty re/insurance (Sompo P&C) and Sompo Wellbeing, effective April 1, 2025.

Sompo P&C will combine Sompo International Holdings’ insurance and reinsurance operations with its commercial and consumer P&C business in Japan.

James Shea, currently Chairman and CEO of Sompo’s global insurance and reinsurance business outside Japan, will serve as CEO of Sompo P&C. He will continue reporting to Sompo Group CEO Mikio Okumura and maintain his current role.

Under the new structure, Koji Ishikawa will remain CEO of Sompo Japan but will now report to Shea.

Kenneth Reilly, currently CEO of Insurance for Asia Pacific, will take on additional responsibilities as Deputy CEO of Sompo Japan, Commercial Insurance.

Nicolas Burnet will become Group Deputy CFO at Sompo Holdings and CFO of Sompo P&C, reporting to Shea and Group CFO Masahiro Hamada.

Sompo Wellbeing will include Sompo Himawari Life Insurance, the life insurance business, and Sompo Care, the nursing services business in Japan.

Sompo Wellbeing will operate as one group, creating products and services that address challenges related to health, financial stability in retirement, and nursing care needs.

Yasuhiro Oba, currently CEO of Sompo Himawari Life Insurance, will become CEO of Sompo Wellbeing, reporting to Okumura.

Yasuki Kume will take over as CEO of Sompo Himawari Life Insurance, while Takamitsu Washimi will remain CEO of Sompo Care.

Okumura said, “Sompo Group is taking the next step towards our goal of becoming a truly global financial institution born in Japan. By creating our Sompo P&C and Sompo Wellbeing global business segments, we will deliver a sustainable platform that meets the needs of all our stakeholders.

“Our streamlined organization brings together the deep and diverse range of skills, experiences and perspectives of our people and teams, to deliver more innovative solutions and enhanced problem-solving capabilities. With our collaborative ‘One Sompo’ culture, we are now an even stronger and more adaptable organization capable of thriving in the dynamic business environments we operate in around the world, both today and into the future.”

Shea commented, “This structural change is part of our ongoing evolution to remain resilient amid economic changes. It will simplify our business, allowing us to continue to foster deeper connections and alignment across geographies, deliver profitable results to our shareholders and create the best place to work in our industry.

“Sompo Japan and our Overseas business together represent in excess of US $30bn gross written premium driven by more than 40,000 employees worldwide. With a balanced portfolio globally of 51% commercial, 35% consumer and 14% reinsurance, we are well positioned across geographies and products to continue our strategy.

“I’m looking forward to maximizing the potential of our organization as a global community, driving innovation to achieve both our purpose and our strategic objectives more effectively.”

Oba added, “Sompo Wellbeing provides solutions for ‘health’, ‘nursing care’ and ‘finance after retirement’ concerns by connecting Sompo Himawari Life Insurance’s Insurhealth, Sompo Care’s nursing services, and other healthcare-related activity to realize Sompo’s Purpose: ‘For a future of health, wellbeing and financial protection’. In addition to insurance coverage, we will also provide services for ‘ease of mind’ across the boundaries of our operating companies, thereby staying close to the daily lives of our customers.”

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