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Annual Report 2020 SUMITOMO LIFE in Numbers (As of March 31, 2020) SUMITOMO LIFE INSURANCE COMPANY Annual Report 2020 https://www.sumitomolife.co.jp Annual Report 2020 005_9721785842007.indd 3 2020/07/21 19:26:10 SUMITOMO LIFE in Numbers (As of March 31, 2020) Sumitomo Life is one of the world’s leading life insurance companies with more than 100 years of history and a strong financial base. Overview Years Since Foundation: 113 years Number of Sales Representatives*1: 32,206 Overview of Policies Annualized Premiums from Policies in Force*2 $25.7 billion Annualized Premiums from New Policies*2 $1.8 billion 1 SUMITOMO LIFE ANNUAL REPORT 2020 090_9721785842007.indd005_9721785842007.indd 14 2020/07/152020/07/21 14:01:5519:26:10 About us Status of Profit Core Business Profit*3 $3.6 billion Total Assets*4 $355.0 billion Embedded Value*2 $32.9 billion 2 Annualized Premiums from Policies in Force* Solvency Margin Ratio*4 % 2 870.0 Annualized Premiums from New Policies* *1 Sumitomo Life *2 Total of Sumitomo Life, Medicare Life and Symetra *3 Core business profit of the Group, excluding the impact of standard policy reserves concerning the minimum guarantees for variable annuities, etc. Core business profit of the Group is calculated by combining core business profit of Sumitomo Life and Medicare Life, and profit before tax of Symetra, Baoviet Holdings, BNI Life, Singlife, 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 = ¥108.83, as of March 31, 2020. SUMITOMO LIFE ANNUAL REPORT 2020 2 090_9721785842007.indd010_9721785842007.indd 2 2020/07/152020/07/16 14:01:5615:23:31 SUMITOMO LIFE to Present Based on the aspiration to create an “ideal life insurance company,” Sumitomo Life was established in May 1907 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 Sumitomo’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 113 years of its establishment. 1900 1920 1940 1960 1980 2000 1900-19801900-1980 1907 May1907 May IncorporatedIncorporated as Hinode as LifeHinode Insurance Life Insurance Co., Ltd. Co., Ltd. 1980-20101980-2010 1926 May1926 May 1980 July1980 July Name changedName changed to Sumitomo to Sumitomo Life Insurance Life Insurance Co., Ltd., Co., follow- Ltd., follow- EstablishedEstablished London RepresentativeLondon Representative Office. Office. ing the acquisitioning the acquisition of Hinode of LifeHinode Insurance Life Insurance Co., Ltd. Co., by Ltd. by SumitomoSumitomo Goshi (joint-stock) Goshi (joint-stock) Company Company in 1925. in 1925. 1999 April1999 April LaunchedLaunched nursing carenursing coverage. care coverage. 1948 March1948 March All assetsAll and assets liabilities and liabilities were transferred were transferred to Kokumin to Kokumin Life Life 2002 October2002 October InsuranceInsurance Co. after Co. the after General the GeneralHeadquarters Headquarters dismantled dismantled LaunchedLaunched annuities annuities through throughbanks, etc. banks, etc. large Japaneselarge Japanese conglomerates conglomerates including including “Sumitomo.” “Sumitomo.” 2003 April2003 April 1952 June1952 June EstablishedEstablished Beijing Representative Beijing Representative Office. Office. Name changedName changed to Sumitomo to Sumitomo Life Insurance Life Insurance Company. Company. 2005 November2005 November 1972 August1972 August EstablishedEstablished PICC Life PICC Insurance Life Insurance Co., Ltd., Co., with Ltd., The with People’s The People’s EstablishedEstablished New York New Representative York Representative Office. Office. InsuranceInsurance Company Company (Group) of(Group) China of Limited. China Limited. 2007 May2007 May 100th anniversary100th anniversary of foundation. of foundation. 3 SUMITOMO LIFE ANNUAL REPORT 2020 010_9721785842007.indd 3 2020/07/16 15:23:32 About us 2010 2015 2020 2015-20202015-2020 2015 July2015 July TransitionedTransitioned to a Company to a Company with Committees. with Committees. SeptemberSeptember LaunchedLaunched “1-UP,” “1-UP,”a work disability a work disability income insurance.income insurance. 2016 February2016 February AcquiredAcquired full ownership full ownership of Symetra of SymetraFinancial Financial Corporation Corporation (U.S.). (U.S.). July July Started aStarted new project, a new theproject, “Japan the Vitality“Japan Project.” Vitality Project.” 2017 April2017 April Started businessStarted business alliance withalliance NN withLife InsuranceNN Life Insurance Company, Company, the Japanese the Japanese 2010-20152010-2015 subsidiarysubsidiary of NN Group of NN N.V., Group an N.V.,insurance an insurance group based group in based the Netherlands. in the Netherlands. 2010 April2010 April 2018 April2018 April EstablishedEstablished Sumitomo Sumitomo Life Digital Life Innovation Digital Innovation Labs (Tokyo/U.S.). Labs (Tokyo/U.S.). EstablishedEstablished Medicare Medicare Life Insurance Life Insurance Co., Ltd. Co., as a Ltd. life as a life insuranceinsurance subsidiary. subsidiary. July July LaunchedLaunched SUMITOMO SUMITOMO LIFE Vitality LIFE Shared-Value Vitality Shared-Value Insurance. Insurance. 2011 March2011 March OctoberOctober LaunchedLaunched “W Stage,” “W providingStage,” providing more comprehensive more comprehensive ReachedReached basic agreement basic agreement on business on business alliance withalliance AXA with Life AXA Insurance Life Insurance Co., Ltd. Co., Ltd. nursing carenursing and care medical and medicalinsurance insurance coverage. coverage. DecemberDecember 2019 January2019 January EstablishedEstablished Hanoi (Vietnam) Hanoi (Vietnam) Representative Representative Office. Office. Started businessStarted business alliance withalliance Sony with Life Sony Insurance Life Insurance Co., Ltd. Co., Ltd. June June 2012 December2012 December Invested Investedin Singapore in Singapore Life Pte. LifeLtd. Pte.(Singlife). Ltd. (Singlife). Formed strategicFormed strategic business business alliance withalliance Baoviet with HoldingsBaoviet Holdings (Vietnam).(Vietnam). AugustAugust AcquiredAcquired AIARU Small AIARU Amount Small Amount& Short Term& Short Insurance Term Insurance Co., LTD. Co., as a LTD. subsidiary. as a subsidiary. 2013 March2013 March LaunchedLaunched “Cancer “Cancer PLUS,” offering PLUS,” offeringcomprehensive comprehensive cover- cover- age for cancer,age for which cancer, is whichof great is ofconcern great concernfor customers. for customers. DecemberDecember Formed strategicFormed strategic business business alliance withalliance PT Bankwith PTNegara Bank Negara IndonesiaIndonesia (Persero) (Persero) Tbk and TbkPT BNI and Life PT Insurance.BNI Life Insurance. SUMITOMO LIFE ANNUAL REPORT 2020 4 010_9721785842007.indd 4 2020/07/16 15:23:34 TO BE AN “INDISPENSABLE” Insurance Company for Society Be Trusted by Society CONTENTS 07 Our Mission, Vision and Values 11 Message from the President 15 Sumitomo Life Medium-Term Business Plan 2022 17 Contribute to Society -Contribution to the Achievement of the SDGs 19 CSV Project 21 Provision of SUMITOMO LIFE Vitality Shared-Value Insurance 24 Review of Operations 24 Individual Life Insurance and Annuities 25 Operating Results 27 Financial Strength 29 European Embedded Value (EEV) 30 Multi-Channel, Multi-Product Strategy 36 Overseas Operations 38 Asset Management (General Account) 40 Corporate Governance 43 Corporate Information 46 Global Environment Protection 47 Creation of Affluent Society 50 Financial Section 5 SUMITOMO LIFE ANNUAL REPORT 2020 010_9721785842007.indd 5 2020/07/16 15:23:40 About us Contribute to Society Adapt to Social Change SUMITOMO LIFE ANNUAL REPORT 2020 6 010_9721785842007.indd 6 2020/07/16 15:23:46 SUMITOMO LIFE Our Mission, Vision 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 set of guidelines for executives 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 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. 7 SUMITOMO LIFE ANNUAL REPORT 2020 010_9721785842007.indd 7 2020/07/16 15:23:46 About us CSR Management Policy Sumitomo Life has established the “CSR Management Policy” as one of its management policies, and pro- motes CSR management. Against this backdrop, in view of global trends such as the SDGs, which were put forward by the United Nations and are pursued by both the public and private sectors in Japan, items that are important in the promotion
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