Red border indicates current entity. Japan’s shrinking life sector 1999-2011: How the many became the few Red line indicates forthcoming event

Dai-Tokyo Fire & Marine April 2001 October 2009 form Chiyoda Fire & Marine form Aioi Life April 2010 Aioi Nissay changes name 0 Dowa Fire & Marine April 2007 Dowa to MS&AD October 2011 April 2001 Mitsui Sumitomo Insurance merge as form Nissay April 2004 becomes Mitsui Insurance Group Insurance Mitsui Nissay General Life on demutualsing Dowa General Holdings formed Group Sumitomo Aioi Mitsui Mutual Life Holdings November 2001 forms Components Life Insurance continue as (TSE 8725) part of MS&AD Mitsui Fire & Marine ‘alliance’ covering all subsidiaries of main Insurance Mitsui Mirae aspects of operations with Components Group Holdings October 2001 form Mitsui Mitsui Mutual Life, company or each Sumitomo Insurance continue as Sumitomo Marine & Fire and other subsidiaries Sumitomo Yu-Yu Life Sumitomo Mitsui Banking October 2001 form Mitsui Sumitomo October 2002 October 2005 becomes April 2011 changes to Mitsui Kirameki Life Mitsui Sumitomo Sumitomo Primary Life on Mitsui Sumitomo CitiInsurance set up with MetLife on change of buyout of MetLife’s shares. joint venture partner Company and joins MS&AD CitiCorp to sell annuities Insurance Group Holdings

Yasuda Fire & Marine

January 2001. July 2002 merge to form Sompo Acquires 60% (up frpm 39% of Japan Insurance. INA Himawari Life from

subsidiary of CIGNA of US. Yasuda Sompo April 2010 merge to Changes name to Yasuda Himawari Life become NKSJ

Holdings (TSE 8630) Sompo Nissan Fire & Marine Components continue as DIY Life Japan DIY Life subsidiaries Spring 2014

Set to merge after Nippon Fire & Marine April 2001 merge to form previous deadline Nippon Fire Partner Life NipponKoa Insurance abandoned following Great East Japan Koa Fire & Marine Life insurance subsidiries merge Koa Life to become NipponKoa Life Earthquake.

Yasuda Mutual Life January 2004 merge to Meiji Mutual Life create Meiji Yasuda Life

Daido Mutual Life October 2001 building on existing broad April 2002 Daido April 2003 Taiyo April 2004 T&D Holdings (8795) newly established and lists alliance jointly acquire Tokyo Life, and Life lists on TSE Life lists on TSE on TSE, Daido Life and Taiyo Life (both delisted a month Taiyo Mutual Life rename it T&D Financial Life after demutualising after demutualising before) and T&D Financial Life become subsidiaries

Tokio Marine & Fire July 2008 changes name toTokio Marine Holdings (8766). Tokio Life October 2003 parent and life cos merge February 2004 Millea aquires & Nichido Life and Tokio Marine & Nichido as Tokio Marine & Nichido Fire and Skandia Life Insurance Co Financial Life remain as subsidiaries which in October Nichido Marine & Fire become subsidiaries of Millea (Japan) and remanes it Tokio 2013 set to merge in October 2014 Nichido Life Holdings set-up on the same day Marine & Nichido Financial Life

April 2001 acquired by August 2000 Taisho Life goes bankrupt Azami Life a joint venture

between Yamato Mutual Life and Softbank. April 2002 merge. New entity October 2009 files for Yamato Mutual Life named Yamato Life bankruptcy Tokyo District court approves Prudential plan to Kyoei Life October 2000 files April 2001 acquired by Prudential rehabilitate 2009. Name for reorganisation Financial and renamed Gibraltar Life changed to Prudential Gibraltar Financial Life

Nissan Life is first domino, going bankrupt in April 1997 October 1997 new vehicle* Aoba

Life takes over insurance contracts November 1999 Aoba bought by Artemis part of French holding company Financiere Pinault November 2004 bought by Prudential in folded Saison Life into Gibraltar Life February 2011 Toho Mutual Life acquires both December 1999 GE Edison April 1998 sets up GE April 2002 GE June 2003 sold to companies for June1999 Toho Life takes on Toho’s contracts integration with Edison Life as j.v. with Edison Life buys AIG becomes AIG Mutual fails supported by lifeboat flated by Gibraltar Financial General Electric Co Saison Life Edison Life Life Insurance Association. Life by Q1 2012 Chiyoda Mutual Life April 2001 goes bankrupt. AIG acquires renamed AIG Star Life

American Family Life Insurance Co (Alico) owned by AIG March 2010 bought by MetLife which will in turn sell its interest is Mitusi Sumitomo Metlife to AD&MS

SBI Life Insurance May 2008 become Nextia Life a web- based business wholly owned by SBI Life Insurance Planning AXA Life Insurance March 2000 AXA Life acquires 2001 both entities become Nippon Dantai Life Nippon Dantai Life & thus all of part of AXA Life & November 1999 sets up jv AXA Nichiden Life. Nippon Dantai subsequently operate under AXA Nichiden with AXA Life is renamed Nichidan Life its name. Alsoin this period This compilation is concerned solely with life assurance. Other firms, such as fire & marine companies, are included only when they are parents or subsidiaries of life cos. 2006 Monex and others set up Lifenet January 2007 Fukoku Mutual Life April 2010 Sumitomo Life founds Asahi Mutual Life Sumitomo Life* Zurich Life Insurance (TSE 7157) acquires Kyoei Kasai Shinrai Life to from internet sales unit Medicare Life Cardif Assurance Vie Fukokushinrai Life. Credit Agricole Life Janary 2007 Sony Life and Aegon set up * Note that while July 2007 Dai-ichi Life sets up annuities April 2010 Dai-ichi demtualises and Fuji Life annuties business Sony Life Aegon lists on TSE Harford Life Sumitomo Life is “close business Dai-ichi Frontier Life in which to” MS&AD it is a Late 2008 Ario Life Insurance – set up by ING Life NKSJ is 10% shareholder In addition to those mentioned at left mutual and is not part Expert Group as “mutual aid” insurer in 1996 – Japan Post Insurance and above, the following operate life of MS&AD’s corporate incorporates as company. In late 2010 takes in January 2010 PCA Life (Prudential UK) stops writing new business insurance businesses in Japan structure Rakuten as minority shareholder. MassMutual Life January 2007 Midori Life Insurance Co, March 2010 AIG sells American Family Life Life (Alico) to Metropolitan Life of the US Orix Life another former “mutual aid”, incorporates. American Family Life of Columbus © 2011 Jo McBride/Japan Pensions Industry Database. This notice must appear on any reproduction