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Corporate Management Strategy of a Life Insurance Company

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Corporate Management Strategy of a Life Insurance Company FALIA Invitational Seminar in Japan Channel & Sales Strategy for Individual Life Insurance Course in 2019 Corporate Management Strategy of a Life Insurance Company Hakimov Husanboy Senior Asst. Manager Corporate Planning Unit, Investor Relations Group Dai-ichi Life Holdings, Inc. The Dai-ichi Group at a Glance 1st mutual life insurance 2nd largest life insurance company established in company in Japan in terms of Sustainable and strong Japan (1902) and premium and other income: growth of net income: 1 1st major Japanese life US$48bn1 for the fiscal year US$2,027mm for the fiscal insurance company to go ended March 2019 year ended March 2019 public (2010) First mover in global Three growth engines: Solid strategy and operating expansion: Domestic Life Insurance, performance in growth areas Large geographical footprint in Overseas Life Insurance and of Domestic Life Insurance Asset Management 8 countries Strong credit fundamentals Holding Company and ratings: First-class asset management Structure(October, 2016) S&P: A+ (Outlook Positive) and ERM capability 2016promote our multi-brand Moody’s: A1 strategy and maximize our Fitch: A+ group’s capabilities (Note) Ratings of Dai-ichi Life as of the end of April 2018. 1 JPY/USD=110.99 1 Dai-ichi Group Overview Life Insurance Premium and Other Income(1) Key Statistics(2) (trillion yen) Premium and Other Income 0.0 2.0 4.0 6.0 8.0 5,344.0 (Consolidated, JPY in Billions) Nippon Life (Consolidated) 6.1 Total Assets (Consolidated, JPY in Billions) 55,941.2 Nippon Life 4.8 Dai-ichi Life Holdings (Consolidated) 5.3 Group European Embedded Value (JPY in Billions) 5,936.5 Dai-ichi Life 2.3 Sales Representatives (Dai-ichi Life)(3) 43,948 Japan Post Life 4.0 Solvency Margin Ratio (Dai-ichi Life) 970.8% Meiji Yasuda Life (Consolidated) Insurer Financial Strength Rating(4) 3.1 A+ / A1 / A+ Meiji Yasuda Life 2.8 (S&P / Moody’s / Fitch) Sumitomo Life (Consolidated) 2.6 Sumitomo Life 2.4 Annualized Net Premium (ANP) from Policies in Force(5) Prudential Group (Consolidated) 2.2 Product Line Company Dai-ichi Frontier MetLife 2.1 Individual Life (bancassurance) Annuities JPY 827.6 billion JPY 1,048.0 billion T&D Holdings (Consolidated) 1.7 35.4% 64.6% 28.0% 72.0% MS & AD (Combined) 1.6 Individual Dai-ichi Life (sales Insurance representatives) JPY 1,844.6billion JPY 2,129.7 billion Aflac 1.4 Total: JPY 2,957.3 billion Source: Public disclosures of each company (1) For the fiscal year ended March 31, 2019. (2) As of or for the fiscal year ended March 31, 2019 unless otherwise noted. (3) The number of sales representatives does not include employees who have licenses to sell insurance products but are engaged mainly in sales supportive functions. (4) Ratings of Dai-ichi Life as of end of April 2019. (5) As of March 31, 2019. Individual business only. Dai-ichi Life + Dai-ichi Frontier Life. 2 Trends in In-force Annualized Net Premium Group total: 3.95 4.0 (trillion yen) +7.8% CAGR 3.63 3.67 3.5 3.39 3.21 3.0 2.56 2.42 2.5 2.32 2.16 2.0 Domestic 1.5 Life: +4.6% CAGR 1.0 0.5 0.0 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Dai-ichi Life Vietnam TAL Protective Neo First Life Dai-ichi Frontier Life Dai-ichi Life 3 Group Adjusted Profit and Total Payout Group Adjusted Profit Seven consecutive years of dividend increase, five consecutive years of share repurchase announced, in line with total payout policy of 40% 350 CAGR 300 +5-7% 250.0 (1) 250 210.0 240.0 CAGR 214.7 204.6 210.1 236.3 Domestic 200 +16.0% Life 62% 150 116.0 100.0 100 Overseas Domestic Life 32% Life 90% 50 Asset Ma- 0 nagement 6% (50) Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Dai-ichi Life Other domestic life Overseas life Asset management 28 billion(2) Total Payout 39 billion(2) 23 billion 70 (yen/ share) 16 billion 60 15 billion (2) The 39.0 billion yen stock repurchase 50 for the fiscal year ended March 2018 40 represents maximum amount resolved 30 58 62 20 43 50 by the Board of Directors on May 15, 28 35 10 16 20 2018. 0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 (Forecast) (1) Trends in Group Adjusted Profits. Profit for the fiscal year ended March 2018 was 243.2 billion yen, and 210.0 billion yen for the year represents profit before one-time items such as gain on maturity of mutual funds, and comparable basis for the current medium term management plan 4 Where We Do Business: Life Insurance Market in Japan (Drivers of our business) Global Life Insurance Market Dai-ichi has a strong presence in the world’s three largest life insurance markets which account for almost 60% of the global life insurance market (billions of USD) Expected Growth in Life Insurance Market 800 0.9% Global Life Insurance Market (1) 700 Total $2,657bn Others Population 1,000 0.8% (In Millions) -0.3% 600 Australia 546 India 0 Dai-ichi’s operating markets 500 Taiwan 5.5% 14.9% 400 GDP 20,000 Korea (USD in -2.7% 317 Billions) 300 10,000 0 189 200 153 China 113 6.0% 10.5% 96 Life 100 78 55 Insurance 1,000 3.9% Market (2) (USD in 500 0 Billions) y c y n e d S K l i m f c n a n i a U U A t a n a p c 0 t I l a a a a m e r J r r North Asia Pacific L P I F e Japan a America (ex. Japan) i G s A 2015 2020E CAGR Source: Swiss Re, IMF (1) Based on total premium volume (2) Estimates by Dai-ichi Life Holdings, Inc. 6 Life Insurance Industry in Japan Continues to Grow Change in Population and Protection Needs In-force ANP of Japanese Life Companies 5-year average Population in 1985 (trillions of yen) (millions) 3.0 30 Protection Individual Annuity 2.9% for medical 2.5 & pension Individual Life needs 2.0 Medical etc. Protection 25 -0.6% 1.5 for family 1.0 0.5 20 Outstanding growth in single premium whole 0.0 life products through 0 20 40 60 80 100 (Age) bancassurance channel 15 as a substitute for term deposit (millions) Population in 2025 3.0 10 4.1% 2.5 Protection 2.0 for family Protection 1.5 for medical 5 & pension 3.9% 1.0 needs 0.5 M 0 M M M M M M M M M M M a 0.0 a a a a a a a a a a a r r r r r r r r r r r r - - - - - - - - - - - - 1 0 20 40 60 80 100 (Age) 0 0 1 1 1 1 1 1 1 1 1 1 8 9 0 2 3 4 5 6 7 8 9 (Source) National Institute of Population and Social Security Research (Source) Company disclosure, Life Insurance Laboratory, Life Insurance Association of Japan 7 Peer Comparison: Japanese Life Companies Highly visible through extensive network of Post Office Main products are saving type Japan insurance such as Post endowments Dai-ichi 9 companies in top 5 group Tens of thousands of sales Market share 55% representatives visit workplace or Overseas homes, giving customized Mutual consultation Cos Covers wide-range of insurance products from death protection to annuities Many companies specialize in medical and savings type Foreign products 15 cos in 13 group Cos Sell through independent 23% agents and direct, online Cos Specialize in medical products 4 cos in 3 group owned by Sales through P&C agents and 8% P&Cs independent agents Others Listed companies 8 Market Share in In-Force Annualized Net Premium Share in In-force ANP Share in Third Sector (Medical, etc.) In-force ANP 100% 100% 90% 90% 22.4% 22.0% 20.0% 20.0% 20.3% 19.7% 23.9% 24.1% 22.4% 22.9% 23.1% 22.8% 80% 80% 3.3% 3.4% 3.5% 3.2% 3.3% 3.0% 3.2% 3.9% 3.8% 3.7% 3.8% 3.0% 3.0% 3.1% 3.2% 3.7% 4.2% 4.1% 4.7% 4.7% 70% 5.3% 5.1% 5.1% 4.9% 70% 5.1% 4.9% 4.6% 4.5% 5.5% 5.4% 3.4% 4.0% 4.3% 4.7% 5.4% 5.6% 5.5% 5.4% 5.4% 3.7% 5.8% 5.7% 6.1% 6.1% 6.1% 5.9% 5.6% 60% 6.6% 60% 5.6% 6.5% 6.6% 6.5% 4.9% 6.5% 6.7% 4.1% 4.5% 5.4% 5.9% 6.0% 8.1% 7.9% 6.2% 50% 8.4% 8.2% 50% 6.2% 6.2% 6.1% 6.2% 8.7% 8.5% 6.3% 8.5% 8.2% 9.3% 9.0% 8.5% 8.6% 9.2% 8.9% 8.8% 8.5% 40% 9.0% 8.7% 40% 10.4% 10.8% 9.8% 9.7% 10.1% 10.4% 9.8% 9.8% 10.0% 10.0% 30% 9.6% 9.9% 30% 10.8% 10.5% 12.5% 13.4% 13.7% 13.8% 13.3% 12.1% 11.7% 11.7% 20% 11.7% 12.7% 20% 10% 10% 18.5% 18.0% 13.4% 13.2% 15.0% 14.8% 15.0% 15.8% 17.5% 16.9% 16.3% 15.6% 0% 0% Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 (※) Nippon Japan Post Dai-ichi Sumitomo Aflac Nippon (※) Dai-ichi Sumitomo Meiji Yasuda Prudential T&D Aflac Meiji Yasuda Japan Post Metlife NN Metlife MS&AD Others Prudential T&D Others (※) Market share of Japan Post is based on individual life and annuity insurance policies which were acquired after postal service privatization.
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