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Overseas Business Developments
Sony Life Insurance (Philippines) Corporation
Sony Life Insurance (Philippines) Corporation was established in the Philippines in 1998 and commenced operations in November 1999. To reinforce its business foundation, the company’s capital was increased in December 2003, before it was transformed into a wholly owned subsidiary of Sony Life in March 2004.
Similar to the marketing channels used in Japan, Sony Life Insurance (Philippines) Corporation employs a consulting-based marketing approach using Lifeplanner sales agents. The company is steadily building up its marketing organization, particularly in the Manila metropolitan area. The company also responds continuously to diverse local needs as indicated by the start of its sales of dollar-denominated products and its efforts involving group life insurance for enterprise customers. Furthermore fulfilling its social responsibilities as a life insurance company, Sony Life Insurance (Philippines) Corporation places importance on compliance with all regulations and is upgrading its control systems to minimize business risk.
Representative Offices in Beijing and Taipei
Having received the necessary permissions from the applicable authorities, we opened our Beijing Representative Office in China in October 2008, and the Taipei Representative Office in the Republic of China in July 2009. Through these offices, we plan to gather information and conduct surveys on the financial and insurance markets in China and Taiwan.
AEGON Sony Life Insurance
In August 2009, AEGON Sony Life Insurance Co., Ltd., a 50-50 joint venture
established by Sony Life and AEGON of the Netherlands as a life insurance
company to handle individual annuity business exclusively, obtained approval from
the Japanese Financial Services Agency to conduct life insurance business. In
December, Lifeplanner sales employees and financial institutions began sales of AEGON Sony Life Insurance’s variable annuity products.
In addition to increasing the number of products that Lifeplanner sales employees handle, the new offering raises the level of protection
and increases the services we provide customers throughout their lives. Now that AEGON Sony Life Insurance has commenced
operations, Sony Life mounted a full-fledged effort targeting over-the-counter bank sales. In the future, Sony Life plans to augment its
offerings of innovative, high-quality annuities and services designed to ensure that customers live secure long lives.
For product details, please see the AEGON Sony Life Insurance website
(Japanese only) at http://www.aegonsonylife.co.jp/.
Reinsurance Company Established
In January 2010, Sony Life and the AEGON Group established SA Reinsurance Ltd. as a joint venture based in Bermuda, an overseas territory of the United Kingdom.
