September 4, 2023
Mitsui Sumitomo Insurance Company, Limited

Mitsui Sumitomo Insurance Forges
A Strategic Partnership with Brazil's Largest Non-Life Insurer, Porto Seguro
Mitsui Sumitomo Insurance Co., Ltd.(“MSI”, President & CEO: Shinichiro Funabiki), a subsidiaryof MS&AD Insurance Group Holdings, Inc. (“MS&AD Holdings”, President & CEO: Noriyuki Hara),
has forged a strategic partnership with Porto Seguro S.A.(“Porto Group”), Brazil's largest non-life
insurance group. The partnership agreement, signed on August 31st, paves the way for collaboration
between Mitsui Sumitomo Seguros S/A. (“MSS”, MSI's Brazilian subsidiary) and Porto Seguro
Companhia de Seguros Gerais (“Porto”, Porto Group's insurance subsidiary) through initiatives
including launching coinsurance products, leverage mutual networks, and enhancing risk solution
service. We aim to reinforce our business in Brazil, and also enhance our customer service.
1. Overview of Porto Group
Porto Group is Brazil's largest non-life insurance group, with six insurance subsidiaries, as wellas credit card company, system development company, and insurtech startups under its umbrella.
Porto Group has achieved stable business operations in the highly competitive Brazilian insurance
market by using data coordination for sophisticated risk analysis.
Name of the holding company
Headquarters address
Year of establishment
Chairman of the board of directors
Chief Executive Officer
Total assets*
Revenue of Insurance Business***
Industry ranking
Number of employees

Porto Seguro S.A.
São Paulo, Brazil
Established in 1945
Bruno Campos Garfinkel
Roberto de Souza Santos
BRL 50.6 billion (approximately JPY 1.3 trillion**)BRL 18.9 billion (approximately JPY 470 billion**)Ranked 1st (based on 2022 gross written premiums)
13,000 employees* Total assets of the holding company** Exchange rate: 1 BRL = 25 JPY.
*** Revenue of insurance business of Porto Group (Source: Earnings Release Conference Call 4Q22 of Porto Group)

2. Overview of the Partnership Agreement
1) In the retail segment, MSS and Porto will launch a coinsurance scheme with Porto as the leader.
Under this scheme, we aim to enhance both business and profitability by leveraging strengths
of both companies, which include distribution networks.
2) Through the partnership, we will utilize various risk solution service as well as telematics
technologies to further improve our products and services.
3. Objective and Background of the Partnership
Brazil's insurance market is the largest with a market size of approx. 2.9 trillion yen in Central
and South America, and further growth is expected in the future. By leveraging the networks andexpertise of Porto Group, we aim to achieve further business expansion and enhance profitability ofMSS.
*Source: Superintendencia de Seguros Privados

[Overview of MSS]
Name of the company
Headquarters address
Year of establishment
Representative
Total assets
Property and casualty
business revenue
Number of employees

insurance

Mitsui Sumitomo Seguros S/A.
São Paulo, Brazil
1965
Koichi Kawasaki
BRL 1.3 billion (approximately JPY 32 billion)*
BRL 800 million (approximately JPY 20 billion)*
Approximately 300*Exchange rate: 1 BRL = 25 JPY.

Reference: MSI's Overseas Business Structure
MSI carry out international business through an overseas network of 41 countries and regions.
Making full use of over 90 years’ experience in international business, we provide products andservices to alleviate the wide variety of risks occurring throughout the world.
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