Yoshio
Sato has served among number of positions at Sumitomo Life Insurance Company
among the high level positions
has been as Senior Vice President of Sumitomo Life Insurance Co. He has also
served as Managing Director of the firm. Now he holds the highest executive
posts in the firm. Sato has been the President since March 30, 2007 and is also
the Chief Executive Officer.
The
firm Sato heads has been in existence for over a hundred years and is currently
one of the largest corporations in the world. Sumitomo Life Insurance Company began
as Hinode Life Insurance Co., and was incorporated in May 1907. The firm
changed its name on May 1926 to Sumitomo Life Insurance Co., Ltd. following its
acquisition by Sumitomo Goshi (joint-stock) Company.
After
WWII, in 1948 all assets and liabilities were transferred to Kokumin Life
Insurance Co. in line with the Allies’ dismantling of large Japanese
conglomerates which included “Sumitomo”. By 1952 the name was changed to
Sumitomo Life Insurance Company.
A
major overseas venture took place in 2005 when the firm Sato now heads,
established PICC Life Insurance Co., Ltd. in China with The People’s Insurance
Co. Group of China Limited. Under Sato’s leadership Sumitomo Life established
Medicare Life Insurance Co., Ltd. as a life insurance subsidiary in April 2010.
Another overseas venture took place in December 2012 with a business alliance
formed with Bao Viet Holdings (Vietnam).
Based
in Osaka, Japan Sumitomo Life Insurance provides
life insurance products mainly in Japan. It offers individual life insurance
products, including whole life insurance with term riders, interest-sensitive
whole life insurance with benefit riders, whole life insurance, endowment
insurance, and other individual life insurance products. This includes medical
insurance, cancer insurance, juvenile insurance, and term rider with survival
benefits as well as other financial products and services.
Sato
heads a company that has around 42,098 employees distributed with 11,228 under
administrative and 30,870 under sales. Sumitomo Life has 71 branch offices and
1,516 district offices. The firm’s total assets as of March 31, 2013 stood at
$281.3 billion.
While
not as popularly known globally Sato heads a huge company very few CEOs would
ever have a chance of running.
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