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Annual Report 2018 SUMITOMO LIFE INSURANCE COMPANY Head Office SUMITOMO LIFE INSURANCE COMPANY 1-4-35, Shiromi, Chuo-ku, Osaka 540-8512, Japan Tokyo Head Office 7-18-24, Tsukiji, Chuo-ku, Tokyo 104-8430, Japan Annual Report 2018 Annual Report 2018 http://www.sumitomolife.co.jp Printed in Japan 005_9721785843007.indd 1-3 2018/07/17 17:22:26 SUMITOMO LIFE Sumitomo Life is one of the world’s leading life insur- ance companies with more than 100 years of history in Numbers and a strong financial base. (As of March 31, 2018) Years Since Foundation: Overview 111 years Number of Sales Representatives*1: 31,894 Annualized Premiums from Policies in Force*2 Overview of Policies $26.1billion Annualized Premiums from New Policies*2 $2.0billion 1 SUMITOMO LIFE ANNUAL REPORT 2018 005_9721785843007.indd 4-6 2018/07/17 17:22:26 About us Core Business Profit*3 Status of Profit $3.4billion *Core business profit excluding the impact of standard policy reserves concerning the minimum guarantees for variable annuities, etc. Total Assets*4 $339.1billion Embedded Value*2 $35.5billion Solvency Margin Ratio*4 881.7% *1 Sumitomo Life *2 Total of Sumitomo Life, Medicare Life and Symetra *3 Core business profit for the Group. Calculated by combining core business profit of Sumitomo Life and Medicare Life, and profit before tax of Symetra, Baoviet Holdings, BNI Life, and PICC Life attributable to Sumitomo Life’s equity stake in each company, with adjustments made to some internal transactions. *4 On consolidated basis Note: US$1.00 = ¥106.24, as of March 31, 2018. SUMITOMO LIFE ANNUAL REPORT 2018 2 010_9721785843007.indd 2 2018/07/20 13:50:35 SUMITOMO LIFE Based on the aspiration to create an ‘ideal life insurance company’, Sumitomo Life was established in May 1907 to Present under the name of Hinode Life Insurance Co., Ltd. While the Company changed its name to Sumitomo Life Insurance Co., Ltd. in 1926, the aspiration to become an ideal company has been continually passed on under Sum- itomo’s spirit of pursuing social and national benefits in its business, and the Company has now grown to be one of the world’s largest life insurance companies after 111 years of its establishment. 1999 April 1948 Launched March nursing care All assets and liabilities were coverage. transferred to Kokumin Life Insurance Co. after the Gen- eral Headquarters dismantled large Japanese conglomerates 2003 including “Sumitomo”. April Established Beijing Representative 1980 Office. July Established London 2002 1926 Representative October May Office. Launched annuities Name changed to Sumitomo through banks, etc. Life Insurance Co., Ltd., fol- 1972 lowing the acquisition of August Hinode Life Insurance Co., Ltd Established New York by Sumitomo Goshi (joint- Representative Office. stock) Company in 1925. 1907 May Incorporated as Hinode Life Insurance Co., Ltd.. 1952 June Name changed to Sumitomo Life Insurance Company. 1900 1920 1940 1960 1980 2000 3 SUMITOMO LIFE ANNUAL REPORT 2018 010_9721785843007.indd 3 2018/07/20 13:50:37 About us 2018 April Established Sumitomo Life Digital Innovation Labs 2013 (Tokyo/U.S.). March July Launched “Cancer PLUS” offering Launched SUMITOMO LIFE comprehensive coverage for cancer, Vitality Shared-Value Insurance. which is of great concern for customers. 2005 December Formed strategic business alliance with November PT Bank Negara Indonesia (Persero) Established PICC Life Tbk and PT BNI Life Insurance. 2017 Insurance Co., Ltd., with The People’s Insurance April Company (Group) of Started business alliance with China Limited. NN Life Insurance Company, the Japanese subsidiary of NN Group N.V., an insurance 2011 group based in the Netherlands. May March 110th anniversary of foundation. 2007 Launched “W Stage” (mainline May product) providing more compre- 100th anniversary hensive nursing care and medical of foundation. insurance coverage. December 2016 Established Hanoi (Vietnam) February Representative Office. Acquired full ownership of Symetra Financial Corporation (U.S.). July Started a new project, the 2010 “Japan Vitality Project.” April Established Medicare Life Insurance Co., Ltd. as a life insurance 2015 subsidiary. July Transitioned to a Company with Committees. September Launched “1-UP” a work disability income insurance. 2005 2010 2015 SUMITOMO LIFE ANNUAL REPORT 2018 4 010_9721785843007.indd 4 2018/07/20 13:50:37 EMPOWERING YOUR Future From the perspective of customers: Recommended company From the perspective of society: Indispensable company 5 SUMITOMO LIFE ANNUAL REPORT 2018 010_9721785843007.indd 5 2018/07/20 13:50:39 About us From the perspective of employees: Fulfilling company CONTENTS 07 Our Mission, Vision and Values 11 Message from the President 15 Japan Vitality Project 17 Sumitomo Life Medium-Term Business Plan 2019 19 Review of Operations 19 Individual Life Insurance and Annuities 21 Operating Results 22 Financial Strength 24 European Embedded Value (EEV) 25 Multi-Channel, Multi-Product Strategy 30 Overseas Operations 32 Asset Management (General Account) 33 Corporate Governance 37 Corporate Information 39 Creation of Affluent Society 42 Financial Section SUMITOMO LIFE ANNUAL REPORT 2018 6 010_9721785843007.indd 6 2018/07/20 13:50:41 SUMITOMO LIFE Our Mission, VisionXXXXXXXX and Values The operating policy of the Company sets the “Management Policy,” which is our corporate philosophy, as the apex. The “CSR Management Policy” states the Company’s universal mission stated in the Management Policy reorganized from the CSR perspective, and the “Sumitomo Life Brand Vision” states the “Image of the Company from customer’s perspective” that we are aim to become in the medium to long term. The “Sumitomo Life Group Code of Conduct” has been established as a behavior guideline for execu- tives and employees of Sumitomo Life and each Group company. Sumitomo Life Operating Policy Management Policy CSR Management Sumitomo Life Sumitomo Life Group Policy Brand Vision Code of Conduct 7 SUMITOMO LIFE ANNUAL REPORT 2018 010_9721785843007.indd 7 2018/07/20 13:50:41 About us Management Policy Management Policy 1. Based upon the concepts of coexistence, co-prosperity and mutual support, we strive to strengthen and expand our business, while contributing to the advancement of social and public welfare. 2. Creditworthiness and steadiness will be the foundation for the execution of our business. 3. We will always remain composed in judgment and retain a progressive and indomitable spirit, responding to changes in our environment and keeping abreast of the times. CSR Management Policy The Company has established the “CSR Management Policy,” through reorganization of the Company’s uni- versal mission stated in the “Management Policy” from the CSR perspective. CSR Management Policy Through the sound operation and development of the insurance business, Sumitomo Life will contribute to the realization of a society of affluence, vitality and longevity. Under this philosophy, through conducting honest business operations and a sound financial base, we aim to become the most trusted and supported company by our stakeholders including our customers, and to grow sustainably and stably. To our customers With the trust from our customers as the starting point of all our activities, we will provide opti- mal life security services to each and every person through the sound management of the insurance business. To our business partners We will earn the trust and support of our business partners, and fulfill our social responsibility together with them. To our employees We will work on creating a company where each and every employee can continuously work with pride, confidence and enthusiasm. We will value a free and open corporate culture, where employees are filled with the spirit of challenging spirits. To society We recognize our role and responsibility as a member of society, and will contribute to the cre- ation of a healthy and enriched society, as well as the development of regional societies and the international society. To the global environment To support healthy lifestyles, we will constantly consider the impact of our business activities on the global environment and actively work on protecting it. SUMITOMO LIFE ANNUAL REPORT 2018 8 010_9721785843007.indd 8 2018/07/20 13:50:41 Based on the “CSR Management Policy,” items that are important in the promotion of CSR management are reorganized as follows. These key items are also positioned as specific CSR materialities (important tasks) in the GRI standards. Key Items of CSR Main Initiatives SDGs Items Value creation Value CSV project Extending healthy life expectancy ■ Provision of SUMITOMO LIFE Vitality through the insurance business Shared-Value Insurance ■ Promotion of health-enhancing throughout society as a whole (Sumisei Vitality Action) ■ Promotion of health-focused management ■ Promotion of advanced consulting and services to Provision of sense of security empower your future through the insurance business ■ Provision of advanced products and services ■ Enhancement of products and services for corporate customers ■ Implementation of Sumitomo Life Medium-Term Business Plan 2019 Realization of sustainable ■ Promotion of research related to health-enhancing through industry, government and academia and stable growth collaborations ■ Promotion of digital innovation ■ Promotion of ERM management ■ Improvement of customer satisfaction levels Building mutual trust with ■ Symbiosis with business partners stakeholders ■ Improvement of employees’ job satisfaction levels ■ Creation of affluent society ■ Conservation
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