April 1, 2005
Millea Holdings, Inc.
Completed Merger of "Tokio Marine Newa Insurance Co., Ltd."
Newa Insurance Co., Ltd. and Tokio Marine Newa Insurance Co., Ltd. (formerly known as Allianz President Insurance Co., Ltd.) have completed the merger today. Both were general insurance companies in Taiwan, and Millea Asia Pte. Ltd. (CEO: Takaaki Tamai), a wholly owned subsidiary of Millea Holdings, Inc. (President: Kunio Ishihara), had investment into both companies.
The newly merged company will be a comprehensive general insurance company with its strength in both automobile insurance through car dealers' network and commercial insurance through solicitors, characteristics of Newa Insurance Co., Ltd. and Tokio Marine Newa Insurance Co., Ltd. respectively. By combining their direct insurance premium in 2004, the newly merged company will be ranked number 4 in the industry.
Millea Group has its intention to further expand its insurance business in Asian market where there are high potential prospect in growth and profitability.
< Outline of the newly merged company: >
Tokio Marine Newa Insurance Co., Ltd.
Mr. Kenneth Yen
Mr. C. K. Chen
No. of Employees:
Yulon Group 51.1% (including minor shareholders)
Millea Asia Pte. Ltd. 48.9%
NT$2,990,099,000 (approximately Yen 9.9 billion)
Direct Insurance Premium:
approximately NT$8.5 billion (approximately Yen 28.0 billion, combined figures for
the 2 companies in 2004)