Sompo gets uplift from S&P
Standard & Poor’s Global Ratings has raised the assessment of Sompo Holdings Group’s enterprise risk management (ERM) to “Strong” from “Adequate with strong risk controls”.
S&P commented that it views favourably the continued use of return‐on‐risk metrics in evaluating various risk‐taking initiatives, and the use of ERM analysis in making strategic decisions, such as product pricing and due diligence for mergers and acquisitions.
At the same time, S&P raised the financial strength ratings on Sompo International Holdings' (SIH) core operating companies to 'A+' from 'A'.
S&P pointed to “SIH’s increased integration and strategic importance to Sompo Group” as the company leverages SI’s operating platform “to enhance its product and geographic mix and expand its international presence”.
Sompo is bringing all international businesses outside Japan under the ownership of Sompo International (SI) by 2020.
Sompo’s goal is to transform into a “theme park for the security, health and wellbeing of customers” and further enhance corporate value, according to a company statement. To cope with evolving risks, Sompo is continuously enhancing its ERM practices on a group‐wide basis, and further expanding its business through establishment of a “truly integrated global platform” under SIH, the firm stated. Sompo endeavors to become one of the top 10 global insurers with respect to profit and ROE, the vision set under current Mid‐Term Management Plan.
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