MS&AD unit submits report on improvement plan to FSA

MS&AD Insurance Group Holdings (TSE:8725) announced that its subsidiary, Sumitomo Marine & Fire Insurance, has submitted a report to the FSA detailing progress on its business improvement plan. This plan stems from an administrative action received in December 2023 related to inappropriate business practices. The report details the implementation of measures to prevent recurrence of issues such as data leaks and improper insurance premium adjustments. The company emphasizes a commitment to strengthening its governance and ensuring compliance, aiming to regain public trust and focusing on customer-centric practices with enhanced risk management. MS&AD is also in preparations to merge with Aioi Nissay Dowa Insurance, further consolidating the group's governance and risk management structure. They reiterate their intention to accelerate efforts and continue to report progress to the regulatory body.