20, PGA Sompo Japan Insurance Inc. has built a solid reputation as a steadfast and vibrant company known for its constant drive to remain a significant player in the Philippine insurance market by meeting the ever-changing risk landscape with innovative ideas.
The successful partnership that was formally created on July 1991 draws a rich history of two industry leaders: Prudential Guarantee Assurance, Inc. and Sompo Japan Insurance Inc. The partnership became a milestone in the industry as Prudential Guarantee foresaw the easing of borders across continents for more robust business opportunities.
Prudential Guarantee could not have found a more strategic partnership than with Sompo Japan Insurance Inc., a highly respected centuries-old company founded on October 1, 1888. It was originally called the Yasuda Fire and Marine Insurance Company until it merged with two other companies in 2002. Sompo Japan has enjoyed the patronage of customers for more than 120 years since its founding and is the second largest insurance company in Japan. It has an extensive overseas network that includes Asia, Europe, Africa, the Middle East, to South, North, and Central America. Their head office is a landmark at Shinjuku-ku, Tokyo, in Japan’s foremost business hub. Its paid-up capital is US$ 868 million and has increased its capitalization to US$ 1.2 billion. The company’s total asset is US$ 108 billion and has a net worth of US$ 13 billion. It has 18,708 employees with 45,084 Sales Agencies around the globe.
On May 27, 2011, Sompo Japan was selected as one of 2011 World’s Most Ethical Companies, making it the only Japanese financial institution on the list. This is the second time that Sompo Japan was selected for this honor, which was first received in 2009. The “World’s Most Ethical Companies” list has been developed through a survey of a wide range of corporate ethical programs and announced annually by Ethisphere Institute, a U.S. think tank specializing in company ethics and corporate social responsibility (CSR). It was adjudged Green Company of the Year at the 14th Asia Insurance Industry Awards in 2010, a recognition bestowed for their initiatives on sustainable development on climate change as well as adopting innovative approaches to integrate into urban planning, factors to develop low carbon cities of the future.
Prudential Guarantee, an established top leader in the Philippine insurance market, prides itself with being the only insurance company that paid the single biggest aviation claim in Philippine history at Php 7.5 billion for Air Philippines Flight 541.
Besides its impressive business and financial profiles, PGA Sompo Japan also believes in making a difference by taking to heart its corporate social responsibility. This year, PGA Sompo Japan with Sompo Japan Foundation donated to St. Francis School VSA Arts Philippines for its program on early detection of hearing impairment in newborn babies through advanced testing equipment. In May and as part of the program, a Sentiero hearing screening equipment was donated by PGA Sompo Japan to a community- based hospital in Bulacan.
PGA Sompo Japan Insurance Inc. Chairman and CEO Mr. Robert Coyiuto, Jr. notes: “The solid foundation has been built. And as we move and look forward to many more years of success and achievement, our mission is to continue delivering the best services to our international clients, to become an even more dynamic and innovative team so that we may be able to rise above the trials the future will bring.”
PGA Sompo Japan has been one of the first companies where two different companies and cultures have solidly merged its vision of providing the best quality service to its global clients. By promoting excellence and dynamic growth, it is committed to supporting the worldwide call for good governance.