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...Later in the day, Fitch also revised down the outlook of 11 Japanese insurers to negative from stable, including big houses such as Tokio Marine & Nichido Fire Insurance, Sompo Japan Nipponkoa Insurance...
...Sompo Japan and Nipponkoa said they would “aim to enhance profitability by jointly expanding overseas insurance business with high growth potential”....
...Sompo Japan, which is merging with NipponKoa next year, aims to increase revenues from its overseas operations. It has businesses in 26 markets outside Japan and has invested extensively in Asia....
...The insurance sector was in focus after a local report said that two non-life insurers, Sompo and NipponKoa, would merge in the second such integration in two months....
...Nipponkoa, the largest general insurer, lost 4.8 per cent to close at Y873. Sompo Japan, its biggest rival, was down 4.4 per cent to Y1,473. Reaction to recent quarterly earnings results was mixed....
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