The subsidiaries of Tokio Marine and Sompo Japan as well as MS&AD, said they will make company-wide efforts to improve their business operations. Credit: HANDOUT The subsidiaries of Tokio Marine and Sompo Japan as well as MS&AD, said they will make company-wide efforts to improve their business operations. Credit: HANDOUT

(Bloomberg) — Japan's financial regulator penalized the country's largest property and casualty insurers for colluding to fix prices in contracts with corporate clients.

The Financial Services Agency has issued business improvement orders on the core units of Tokio Marine Holdings Inc., MS&AD Insurance Group Holdings Inc. and Sompo Holdings Inc., said Finance Minister Shunichi Suzuki at a briefing on Tuesday.

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