Sumitomo Marine & Fire Insurance Co. and Mitsui Marine & Fire Insurance Co. announced Monday they will merge in October 2001, moving up an earlier schedule by six months.
Top officials of the two major nonlife insurers also unveiled a business plan for the new firm created through the merger, which will rank No. 2 in premium revenue among the nation's casualty and property insurers.
The new insurance firm will aim to increase premium revenues to 1.24 trillion yen in fiscal 2004 from the two firms' combined premium revenues of 1.15 trillion yen in fiscal 1998, the officials said.