MSIG will not detract from CSR cause despite economic downturn
Singapore, January 13, 2009 – Mitsui Sumitomo Insurance Group (MSIG) Holdings today awarded grants to four researchers in Singapore for projects related to senior citizen welfare and traffic safety. Three additional grants would be handed out in Thailand tomorrow.
The grants were administered by the Mitsui Sumitomo Insurance Welfare Foundation (MSIWF), which was founded in 1975 by the company. To-date, the foundation has handed out 1,572 awards with a combined value of JPY 1,967 million.
Mr. Alan Wilson, CEO of MSIG Holdings (Asia) said, “The current downturn may put a damper on the economy but we are not going to stop giving back to the community. The MSIWF is one of many avenues through which MSIG contributes back to the society in a tangible manner. The Welfare Foundation has a heritage that spans three decades and the grant has benefited many budding researchers and the general public. We will continue to expand the reach of the MSIWF grant through Asia.”
The grant was first extended to researchers outside Japan in January 2008, first in Singapore and subsequently in Thailand with this year’s award. The other markets that MSIG operates in, such as Hong Kong, Indonesia and Malaysia, are being considered for future grants.
Wilson added, “With our growing presence in Asia, in addition to the MSIWF grant, we will progressively introduce interesting and beneficial initiatives from Japan to the other markets in Asia.”
MSIG has established itself as a key player in the foreign-affiliated non-life insurance sector. The company is among the top five in almost all ASEAN countries. Under an active growth strategy leveraged by mergers and acquisitions, net premiums written overseas outside of Japan doubled while net income tripled during the past three years from fiscal 2004 to fiscal 2007.
48 research projects on elderly welfare and traffic safety
Mr. Kazuo Sekiguchi, Executive Director of MSIWF said, “In accordance with our aim to contribute to the enrichment of the society in an applicable and relevant manner, the MSIWF grant focuses on senior citizen welfare and traffic safety, and targets young researchers and academics.”
Sekiguchi shared, “The prevention of traffic accidents and the promotion of better elderly care are deeply intertwined with the origins of our business of insurance. This is coupled with an appreciation of the importance to cultivate and encourage young researchers and academics in a research environment where there is a lack of small grants. By offering research grants, we are contributing to the continual growth and stimulation of the intellectual atmosphere.”
A total of 48 grants were awarded this year with a combined value of JPY 42.6 million. Four projects were selected to be awarded with the MSIWF grant in Singapore. Three were related to the elderly and one on traffic safety, and each grant carries a maximum value of S$10,000. The three Thailand projects were all related to traffic safety and each is valued at THB 150,000.
The seven projects are:
• Development of an intelligent physiotherapy system, National University of Singapore, Singapore
• Design and development of mobility assistive systems for senior citizens, Nanyang Technological University (NTU), Singapore
• Promoting exercise and healthy food consumption: A study on senior citizens’ acceptance and adoption of digitally mediated fitness games, NTU, Singapore
• Design and make innovative gadgets that enhance traffic safety in a sustainable manner, NTU, Singapore
• Evaluation of drivers’ attitudes to speed management strategies, Asian Institute of Technology (AIT), Thailand
• Assessment of “running safety” and “passenger ride comfort” of the express railway section, AIT, Thailand
• Evaluation of the factors influencing pedestrians in not using overhead walkways in Buddhamonthon, Nakhonpathom, Mahidol University International College, Thailand
• In fiscal year 2007 (1 April 2007 to 31 March 2008), MSIG spent JPY 11.0 billion on CSR activities, including social contribution and welfare, ethics and compliance and environmental protection activities.
• An estimated JPY 70.3 billion in corporate value has been generated by CSR activities for MSIG(calculated based on the CSRV brand valuation model laid out by the Ministry of Economy, Trade and Industry’s Committee on Brand Value Evaluation, Japan).
For further information, please contact:
Brand and Communications, MSIG Holdings (Asia) Pte Ltd
Tel: +65 6827 2828
Greg Ting Wee Liang
PR Consultant, Filament Public Relations
Tel: +65 9791 7870
About MSIG Holdings (Asia) Pte Ltd:
MSIG Holdings (Asia) Pte. Ltd. is one of three holding companies for the Mitsui Sumitomo Insurance Group (MSIG) around the world and has operations in markets such as Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.
A leading provider of general insurance solutions for more than 100 years, MSIG currently operates in over 40 markets in Asia Pacific, United States and Europe, of which 16 are in Asia. MSIG has total assets of more than USD 83.9 billion, as at March 2008, and has received strong financial ratings, including an AA financial strength rating from Standard & Poor’s, an Aa3 financial strength rating from Moody’s Investors Service and an A+ financial strength rating from A.M. Best.
MSIG Holdings (Asia) Pte. Ltd. is based in Singapore and helmed by CEOs Hideki Wake and Alan J. Wilson.
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