We announced the new medium-term management plan "CONNECT 2020", covering fiscal years 2018 to 2020, on March 29, 2018.
- Domestic Life Insurance Business
- Overseas Life Insurance Business
- Asset Management Business
With our medium-term management plan "CONNECT 2020" we aim to further enhance our profitability based on our sound business foundation as a leading Japanese insurance company. During "CONNECT 2020" we also aim to expand the Group's three growth engines - domestic life insurance, international life insurance and asset management - by strengthening and deepening connections (relationships, links, synergies) both within and outside of the Group.
Strengths of Dai-ichi Life Group
To Achieve Growth
Management Objectives and Mid- to Long-term Vision
Domestic Life Insurance Business
Responding flexibly to the changing times and changes in customer needs based on a structure with three domestic life insurance companies to provide the best products and services through the best channels
In Japan, with the decline in the working-age population, the death protection market is getting smaller. On the other hand, new customer needs for medical, nursing and savings are emerging. In addition, customer needs are becoming more diverse due to changes in social structure and lifestyles.
In order to continue to be a highly regarded life insurer by customers, we will cater to various needs of customers as their lifelong partner and provide new products and services in anticipation of changes in the future.
Increase value of new business by investing in products, services and distribution channels while maintaining profit levels
We operate the business as the Group's core business under the three domestic life insurance company structure to offer the best suited products via the most appropriate sales channels so that we can cater to various needs of customers.
The Dai-ichi Life Insurance Company, Limited
The Dai-ichi Frontier Life Insurance Co., Ltd
The Neo First Life Insurance Company, Limited
The Dai-ichi Life Group has established strong business alliances to improve its competitiveness in Japan.
Mizuho Financial Group, Inc.
The group's comprehensive business alliances with Mizuho Financial Group has achieved solid results through joint ventures such as Asset Management One and Mizuho-DL Financial Technology Co., Ltd., which engages in research and development of the latest financial technology. In the case of over-the-counter sales of insurance, the products of Dai-ichi Frontier Life Insurance and Neo First Life Insurance are marketed through banks and securities companies that operate under the Mizuho Financial Group. The partnership also includes the secondment of Dai-ichi Life Group staff with life insurance consulting skills.
Resona Holdings, Inc.
The business alliances with Resona Holdings seeks to improve the competitiveness of both businesses through the supply of better products and services in response to increasingly sophisticated and diverse customer requirements for insurance. In the case of over-the-counter sales of insurance, the products of Dai-ichi Frontier Life Insurance and Neo First Life Insurance are marketed through banks in the Resona Holdings Group. The partnership also includes the secondment of Dai-ichi Life Group staff with life insurance consulting skills.
Japan Post Insurance Co., Ltd.
The business alliances with Japan Post Insurance seeks to achieve ongoing improvements in corporate value through enhancements to business infrastructure made by combining and complimenting the respective strengths built up by the two partners over time. It also seeks to contribute to the development of regional communities in Japan through improvements to the quality of products and services, and to social and economic progress in various overseas markets by making life insurance more accessible and more widely adopted.
The three main areas of collaboration are the overseas life insurance business, the asset management business, and joint research into the life insurance business in Japan. The partnership also includes the exchange of personnel to facilitate these collaborations.
Overseas Life Insurance Business
Building a business portfolio that strikes a balance between stable markets and growth markets
The economic and business environment surrounding life insurance markets is different in each country.
Strong market growth is expected to continue in emerging markets in Asia supported by rapid economic growth.
Stable market growth is expected in developed countries (United States and Australia).
Implement custom strategy reflecting each region's growth stage while exploring new growth opportunities
Asset Management Business
Contributing to sustainable expansion in consolidated profits through sophisticated asset management and enhanced earnings power in the asset management business
Following the large-scale monetary easing by the Bank of Japan in April 2013, long-term interest rates in Japan have remained low, creating a difficult situation for insurance companies in terms of asset management.
On the other hand, as of March 2017, the household financial assets in Japan accumulated to approximately 1800 trillion yen, of which around 900 trillion yen were deposits and savings. We expect steady growth in the asset management market in Japan in light of the government's initiative to encourage personal asset formation as well as the change in social structure leading to the shift from "savings to investment".
Further growth is expected for the overseas asset management market driven by the United States and Europe.
Pursue synergies with group life insurers while benefiting from the growth of the global asset management market
Insurance Technology "InsTech"
Accelerate the creation of new value by leveraging changes in the surrounding environment and cutting-edge technology
Customer needs are rapidly changing due to the advancements in technology and social innovation. In order to cater to such needs, we promote InsTech (Insurance Technology), which utilizes cutting-edge technology, as a top priority and strategic initiative.
Take on challenges to create new value
Promotion of ERM
Improve capital efficiency and corporate value through appropriate capital allocation
We practice Enterprise Risk Management (ERM) as a means of realizing improved capital efficiency and enhanced corporate value by allocating capital to businesses that promise higher profits, while ensuring financial strength by appropriately controlling risk.
Achieve sustainable growth through maintaining balance among profit, capital and risk
Sustainable growth by achieving balance between profit, capital and risk
Diversity & Inclusion
Develop talented employees to support our Group's growth
At the Dai-ichi Life Group, 70,000 employees work in seven countries around the world. Accepting each other's differences (diversity and inclusion of human capital) is what we consider as one of our management strategies based on the belief that it is a source of sustainable growth. And we promote a workplace where people can thrive, regardless of their gender, age, nationality, ethnicity, ability and disability, sexual orientation, gender identity, lifestyle and other factors.
Innovate and create new value with diversity & inclusion of talent as the driving force for sustainable growth