Sompo Wellbeing will work as one group to create products and services addressing challenges related to health, financial stability after retirement, and nursing care needs. These are all prominent challenges in Japan due to the country’s ageing population and declining birth rate
Tokyo: Japanese major Sompo Holdings announced the formation of its business into two global segments: Sompo Property and Casualty (re)insurance (Sompo P&C), and Sompo Wellbeing, effective April 1, 2025.
The simplified organization provides a resilient, innovative and sustainable platform to support all its stakeholders.
Sompo P&C will integrate Sompo International Holdings Ltd’s insurance and reinsurance business together with its Japan commercial and consumer P&C operations. The segment will be led by James Shea, currently Chairman and Chief Executive Officer (CEO) of Sompo’s global insurance and reinsurance business outside of Japan.
Shea will become CEO, Sompo P&C, continuing to report to Sompo Group CEO Mikio Okumura. He will also continue in his current role running the Overseas Insurance and Reinsurance business.
Within the new Sompo P&C business structure:
Koji Ishikawa, CEO of Sompo Japan, continues in his role, and will now report to Mr Shea.
Kenneth Reilly will expand his current responsibilities as CEO, Insurance, Asia Pacific, to also include Deputy CEO of Sompo Japan, Commercial Insurance.
Nicolas Burnet will become Group Deputy Chief Financial Officer (CFO) at Sompo Holdings, and CFO for Sompo P&C. He will help oversee the global investment strategy for Sompo in addition to capital allocation, investor relations and merger & acquisitions. He will report to Mr Shea and Masahiro Hamada, Group CFO.
Sompo Wellbeing will include the life insurance business, Sompo Himawari Life Insurance, and the nursing services business in Japan, Sompo Care.
Sompo Wellbeing will work as one group to create products and services addressing challenges related to health, financial stability after retirement, and nursing care needs. These are all prominent challenges in Japan due to the country’s ageing population and declining birth rate.
Sompo Group CEO Mikio 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.
“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.
“maximizing the potential of our organization as a global community, driving innovation to achieve both our purpose and our strategic objectives more effectively.”