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Annual Report 2021 (FY2020) 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 2021 Annual Report 2021 https://www.sumitomolife.co.jp Printed in Japan 植物油インキ使用 VEGETABLE OIL INK 005_9721785842107.indd 1-3 2021/07/20 14:12:33 SUMITOMO LIFE in Numbers (As of March 31, 2021) 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: 114 years Number of Sales Representatives*1: 34,799 Overview of Policies Annualized Premiums from Policies in Force*2 $25.3 billion Annualized Premiums from New Policies*2 $1.7 billion 1 SUMITOMO LIFE ANNUAL REPORT 2021 090_9721785842107.indd005_9721785842107.indd 14-6 2021/07/20 14:06:33 2021/07/20 14:12:33 About us Status of Profit Core Business Profit*3 $3.2 billion Total Assets*4 $371.1 billion Embedded Value*2 $40.5 billion Solvency Margin Ratio*4 862.5% *1 Sumitomo Life *2 Total of Sumitomo Life, Medicare Life and Symetra *3 Core business profit of the Group. Calculated by combining core business profit of Sumitomo Life and Medicare Life, and profit before tax of Symetra, Baoviet Holdings, BNI Life, Aviva Singlife Holdings 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 = ¥110.71, as of March 31, 2021. SUMITOMO LIFE ANNUAL REPORT 2021 2 090_9721785842107.indd010_9721785842107.indd 2 2021/07/20 14:06:3414:14:54 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 continuously 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 114 years of its establishment. 1907 May Incorporated as Hinode Life Insurance Co., Ltd. 1926 May Name changed to Sumitomo Life Insurance Co., Ltd., following the acquisition of Hinode Life Insurance Co., Ltd. by Sumitomo Goshi (joint-stock) Company in 1925. 1948 March All assets and liabilities were transferred to Kokumin Life Insurance Co. after the General Headquarters dismantled large Japanese conglomerates including “Sumitomo.” 1952 June Name changed to Sumitomo Life Insurance Company. 1972 August Established New York Representative Office. 1900-1980 1980-2010 1991 April Established Beijing Representative Office. 1999 April Launched nursing care coverage product. 2002 October Launched saving type products through banks, etc. 2005 November Established PICC Life Insurance Co., Ltd., with The People’s Insurance Company (Group) of China Limited. 2007 May 100th anniversary of foundation. 3 SUMITOMO LIFE ANNUAL REPORT 2021 091_9721785842107.indd010_9721785842107.indd091_9721785842107.indd 全ページ 3 全ページ 2021/07/20 14:14:54 2021/07/012021/07/01 17:09:39 17:09:39 About us 2015 July Transitioned to a Company with Committees. September Launched “1-UP,” a work disability income insurance. 2016 February Acquired full ownership of Symetra Financial Corporation (U.S.). July Started a new project, the “Japan Vitality Project.” 2017 April Started business alliance with NN Life Insurance Company, the Japanese subsidiary of NN Group N.V., an insurance group based in the Netherlands. 2018 April Established Sumitomo Life Digital Innovation Labs (Tokyo / U.S.). July Launched SUMITOMO LIFE Vitality Shared-Value Insurance. October Reached basic agreement on business alliance with AXA Life Insurance Co., Ltd. 2019 January Started business alliance with Sony Life Insurance Co., Ltd. June Invested in Singapore Life Pte. Ltd. (Singlife). August Acquired AIARU Small Amount & Short Term Insurance Co., LTD. as a subsidiary. 2020 November Established CVC fund, SUMISEI INNOVATION FUND. Made additional investment in Singlife in connection with its business combination with Aviva Ltd. and transition to a holding company. Sumitomo Life’s equity interests in Singlife were exchanged for those of Aviva Singlife Holdings Pte. Ltd. 2015-2020 2010-2015 2021- 2010 April Established Medicare Life Insurance Co., Ltd. as a life insurance 2021 March subsidiary. Launched Cancer PLUS ALIVE, a new product for the “era of living with cancer.” 2011 December Established Hanoi (Vietnam) Representative Office. 2012 December Formed strategic business alliance with Baoviet Holdings (Vietnam). 2013 December Formed strategic business alliance with PT Bank Negara Indone- sia (Persero) Tbk and PT BNI Life Insurance. SUMITOMO LIFE ANNUAL REPORT 2021 4 091_9721785842107.indd091_9721785842107.indd 全ページ 全ページ 010_9721785842107.indd 4 2021/07/012021/07/202021/07/01 17:09:39 14:14:54 17:09:39 TO BE AN “INDISPENSABLE” Insurance Company for Society under the new normal 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 Be Trusted 27 Financial Strength 29 European Embedded Value (EEV) 30 Multi-Channel, Multi-Product Strategy by Society 36 Overseas Operations 38 Asset Management (General Account) 41 Corporate Governance 44 Corporate Information 47 Global Environment Protection 49 Creation of Affluent Society 52 Financial Section 5 SUMITOMO LIFE ANNUAL REPORT 2021 092_9721785842107.indd010_9721785842107.indd092_9721785842107.indd 全ページ 5 全ページ 2021/07/20 14:15:07 2021/07/012021/07/01 16:26:19 16:26:19 About us Contribute to Society Be Trusted by Society Adapt to Social Change SUMITOMO LIFE ANNUAL REPORT 2021 6 092_9721785842107.indd092_9721785842107.indd 全ページ 全ページ 010_9721785842107.indd 6 2021/07/012021/07/202021/07/01 16:26:19 14:15:18 16:26:19 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 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 2021 010_9721785842107.indd 7 2021/07/20 14:15:20 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 of CSR management (key items of CSR) were summarized as follows. 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 optimal life secu- rity 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 creation 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. Key Items of CSR CSV project Extending healthy life expectancy creation Value through the insurance business Contribute to the realization of a society of affluence, vitality, Provision of sense of and longevity through the sound operation and development security through of the insurance business the insurance business Aim to be a company that grows sustainably and stably Realization of sustainable and stable growth Become the most trusted and supported company Building mutual trust with stakeholders by our stakeholders including our customers CSR base Honest business operations and a sound financial base Management structure that supports CSR SUMITOMO LIFE ANNUAL REPORT 2021 8 010_9721785842107.indd 8 2021/07/20 14:15:20 Brand vision As Sumitomo Life’s brand vision, we have declared the achievement of “Four Advanced Values” as our goal to empower the future of our customers.
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