We believe that adopting strategies that accurately capture opportunities and risks associated with material issues identified by the Group will help ensure the sustainability of our business. We consider the following items to be particularly important due to not only their high probability but also their impacts being global in scale and long-lasting for the future.
Expected future social and market trends
| Key facts | Effects on customers and society | Opportunities and risks perceived by the Dai-ichi Life group | |
|---|---|---|---|
| FY2030 | When digital natives become the core of society, communication without barriers between the real and virtual worlds will be commonplace, and people will favor businesses with more timely and convenient customer contact points regardless of industry. In addition, value perceptions of “social good” will prompt people to evaluate businesses more meticulously from the perspectives of social significance and business ethics. | <Opportunities> ■ Provide highly convenient means of communication to improve customer satisfaction ■ Attract new customers via multiple contact points <Risks> ■ Decline in customer support and satisfaction due to inadequate response to new communication preferences ■ Reduced market presence due to lack of diverse customer contact points, including in non-insurance areas |
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Percentage of digital natives in the world population 73%(*1) |
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| By 2030, so-called digital natives (millennials and Generation Z) will account for around 73% of the world's population and play a central role in consumer behavior. | |||
| Until 2033 | We expect the insurance market to grow significantly in the next decade, especially in emerging Asian countries. As countries grow economically, people will seek new forms of protection and savings due to rising incomes and changing lifestyles. In addition, we expect technological innovation to drive the rapid expansion and evolution of businesses in the periphery of insurance, such as health and medical care and financial services, in some countries and regions. | <Opportunities> ■ Seize future growth opportunities by making flexible and promising investments in the Asia pacific and other regions ■ Strengthen group synergies by expanding and reinforcing business foundations in regions with high growth potential <Risks> ■ Missed growth opportunities due to inability to make appropriate investments for financial, organizational, or other reasons ■ Potential need to downsize or withdraw from businesses in certain regions due to misjudgment of business risks specific to a local region / market |
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Average annual growth rate forecast for the Asian life insurance market (next 10 years) 8.1%(*2) |
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Over the decade to 2033, the Asian life insurance market is expected to maintain a high average annual growth rate of 8.1% due to economic growth in various countries, post-pandemic risk awareness, and a growing interest in sustainability.
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| 2023 | "As its business becomes progressively more global in nature, we need to attract more diverse and specialized talent. The same applies to our business in Japan. To continue meeting the needs of our diverse clientele, we aim to be an attractive company with diversity in hiring channels and working styles, not to mention gender and nationality, as well as the ability to create new levels of employment and well-being." | <Opportunities> ■ Acquire and accumulate various expertise, including in new areas, and demonstrate positive chemistry through human diversity ■ Strengthen our business foundation by improving global management capabilities <Risks> ■ Stagnation or setback in business expansion / entrenchment due to lack of necessary talent and skill sets ■ Decline in competitiveness due to poor group governance and global management capabilities |
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Japan's ranking in the Global Gender Gap Index 125th(*3) |
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| Japan lags far behind the rest of the world in terms of gender equality. To address emerging values and create innovations, we need to not only eliminate gender disparities but also bolster efforts to develop and attract diverse human capital. | |||
| 2050 | Responding to social issues conducive to global sustainability, such as addressing climate change and respecting human rights and diversity, will become even more essential and widespread than it is today. We believe that economic rationality and ethical orientation in consumption and purchasing are not trade-offs but should be compatible. This value perception will become more mainstream in the future, and new businesses could emerge as a result. In addition, the responsibility of companies to emphasize sustainability will increase, and how they fulfill their commitments will greatly affect their corporate value. |
<Opportunities> ■ Secure and bolster earnings by increasing investment and financing opportunities that help resolve ESG and other issues ■ Maintain a presence and strengthen our business foundation by taking initiatives to ensure sustainability <Risks> ■ Damage to assets due to a decline in value stemming from inadequate sustainability initiatives ■ Increase in claims and benefit payments due to a failure to avoid global warming and the resulting increase in natural disasters |
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Greenhouse gas emission target Net 0 |
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| Sustainability initiatives, including compliance with the 2050 target of net zero greenhouse gas emissions, are a universal commitment. In this context, the responsibilities of companies are increasing every year. | |||
- *1
UN Forecast
- *2
Allianz Global Insurance Report 2023
- *3
WEF, Global Gender Gap Report 2023