Mitsui Sumitomo (MSIG), Aioi and Nissay Dowa – respectively the second, fourth and sixth largest in the sector – are looking at a business integration that could lead to a full merger and catapult the new company ahead of Tokio Marine, Japan's largest non-life insurer.
The combined premium revenues of the three totalled Y2,730bn ($30bn) in the year to last March, just above the Y2,245bn recorded by Tokio Marine and Y2,718bn for Allstate of the US. The combined company would also be bigger by revenues than Nomura, the Japanese bank.
All three companies said nothing had been decided, but none denied that the possibility of a merger was being explored.