{ "id": "epyvjfaryr", "slug": "daiichi-life-group", "title": "Daiichi Life Group", "updated": "2026-10-15", "topic_path": [ { "id": "society", "label": "Society and history", "api_url": "https://www.edgepedia.org/api/v1/topics/society" }, { "id": "society.economy", "label": "Economics and business", "api_url": "https://www.edgepedia.org/api/v1/topics/society.economy" }, { "id": "society.economy.finance", "label": "Finance", "api_url": "https://www.edgepedia.org/api/v1/topics/society.economy.finance" }, { "id": "society.economy.finance.insurance", "label": "Insurance", "api_url": "https://www.edgepedia.org/api/v1/topics/society.economy.finance.insurance" }, { "id": "society.economy.finance.insurance.life-insurers", "label": "Life insurers", "api_url": "https://www.edgepedia.org/api/v1/topics/society.economy.finance.insurance.life-insurers" } ], "geo": [ { "id": "geo.asia.t1800.society.economy.finance", "label": "Asia (other) · 1800 to 1945: Finance", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.asia.t1800.society.economy.finance", "path": [ { "id": "geo.asia", "label": "Asia (other)", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.asia" }, { "id": "geo.asia.t1800", "label": "Asia (other) · 1800 to 1945", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.asia.t1800" }, { "id": "geo.asia.t1800.society", "label": "Society and history", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.asia.t1800.society" }, { "id": "geo.asia.t1800.society.economy", "label": "Economics and business", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.asia.t1800.society.economy" }, { "id": "geo.asia.t1800.society.economy.finance", "label": "Finance", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.asia.t1800.society.economy.finance" } ] }, { "id": "geo.asia.t2021.society.economy.finance", "label": "Asia (other) · 2021 and later: Finance", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.asia.t2021.society.economy.finance", "path": [ { "id": "geo.asia", "label": "Asia (other)", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.asia" }, { "id": "geo.asia.t2021", "label": "Asia (other) · 2021 and later", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.asia.t2021" }, { "id": "geo.asia.t2021.society", "label": "Society and history", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.asia.t2021.society" }, { "id": "geo.asia.t2021.society.economy", "label": "Economics and business", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.asia.t2021.society.economy" }, { "id": "geo.asia.t2021.society.economy.finance", "label": "Finance", "api_url": "https://www.edgepedia.org/api/v1/geo/geo.asia.t2021.society.economy.finance" } ] } ], "excerpt": "Daiichi Life Group is a Japanese insurance holding company built around The Dai-ichi Life Insurance Company, founded in 1902 and ranked second in Japan by premium income.", "snippet": "Daiichi Life Group is a Japanese insurance holding company built around The Dai-ichi Life Insurance Company, founded in 1902 and ranked second in Japan by premium income.", "node": "society.economy.finance.insurance.life-insurers", "markdown": "# Daiichi Life Group\n\n**Daiichi Life Group** is a Japanese insurance holding company built around The Dai-ichi Life Insurance Company, Limited, a life insurer founded in 1902, which today ranks second in Japan by insurance premium and other income with a 12.3% domestic share.[1](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_002.pdf) The group serves approximately 36.5 million customers in Japan and approximately 39.5 million overseas, and held total assets of ¥74,159,097 million in fiscal year 2025, up from ¥51,985,851 million in FY2016.[1](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_002.pdf) • [2](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_008.pdf)\n\n| Key fact | Detail |\n|---|---|\n| Founded | 1902; The Dai-ichi Life Insurance Company is the group's 100%-owned domestic core business company, with 47,502 employees and agents[2](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_008.pdf) |\n| Market position | Japan No. 2, with 12.3% of insurance premium and other income among domestic group companies[1](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_002.pdf) |\n| Customers | Approximately 36.5 million in Japan and 39.5 million overseas (FY2025)[1](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_002.pdf) |\n| Total assets | ¥74,159,097 million in FY2025, from ¥51,985,851 million in FY2016[2](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_008.pdf) |\n| FY2025 results | Ordinary revenues ¥11,308,276 million; group adjusted profit ¥551.5 billion; embedded value ¥9,658.4 billion; economic solvency ratio 220%[2](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_008.pdf) • [1](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_002.pdf) |\n| Ownership | Demutualized from a mutual company on April 1, 2010 and listed on the Tokyo Stock Exchange; policyholders received shares[3](https://www.dai-ichi-life.co.jp/english/news_release/2009/pdf/index_002.pdf) |\n| Overseas reach | Insurance operations in nine countries, from developed to emerging markets[4](https://www.dai-ichi-life.co.jp/company/results/disclosure/2024/pdf/index_004.pdf) |\n\n## Overview\n\nThe group sells life insurance in two broad ways. The domestic core company, The Dai-ichi Life Insurance Company, operates alongside other Japanese insurers in a multi-brand structure, while overseas subsidiaries in nine countries add premiums from the United States, the United Kingdom, and emerging Asia.[2](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_008.pdf) • [4](https://www.dai-ichi-life.co.jp/company/results/disclosure/2024/pdf/index_004.pdf) In FY2025 the group's policies in force carried an annualized premium of ¥5,433.6 billion, of which overseas companies accounted for ¥1,875.8 billion, roughly a third.[2](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_008.pdf)\n\nOwnership is the group's structural distinction within Japan. The IMF's 2017 review said three of Japan's five largest life insurers were mutual; Dai-ichi converted to a stock company in 2010 and answers to shareholders as well as policyholders.[5](https://www.imf.org/-/media/files/publications/cr/2017/cr17281.pdf) • [3](https://www.dai-ichi-life.co.jp/english/news_release/2009/pdf/index_002.pdf)\n\n## History and demutualization\n\nDai-ichi Life was founded in 1902 as a mutual insurer, meaning its policyholders, not shareholders, held the ownership rights.[2](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_008.pdf) On June 30, 2009, the 108th general meeting of representative policyholders resolved, under Article 86 of the Insurance Business Law, to convert the company from a mutual company to a stock company effective April 1, 2010, with the shares listed on the [Tokyo Stock Exchange](https://www.edgepedia.org/tokyo-stock-exchange) on or immediately after that date.[3](https://www.dai-ichi-life.co.jp/english/news_release/2009/pdf/index_002.pdf)\n\nPolicyholders of participating policies received shares in the new company, with any cash proceeds remitted by bank transfer from April 2010.[3](https://www.dai-ichi-life.co.jp/english/news_release/2009/pdf/index_002.pdf) The right to receive Member dividends, the mutual-era distribution, converted into the right to receive policyholder dividends, and contract terms such as premiums and coverage were unchanged.[3](https://www.dai-ichi-life.co.jp/english/news_release/2009/pdf/index_002.pdf) The IMF's 2017 sector review identifies Dai-ichi as the fourth-largest Japanese life insurer and notes it as the one among the top five that demutualized and listed in 2010.[5](https://www.imf.org/-/media/files/publications/cr/2017/cr17281.pdf)\n\n## Business structure and governance\n\nThe domestic business runs as five companies under the holding company, serving approximately 9.5 million individual customers and about 160,000 corporate clients through multiple brands and channels.[4](https://www.dai-ichi-life.co.jp/company/results/disclosure/2024/pdf/index_004.pdf) Group employment totaled 60,138 in FY2025, of which 9,670 worked at overseas group companies; the female executive ratio was 18.2%.[2](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_008.pdf)\n\n**Leadership.** Group CEO Tetsuya Kikuta has operated a Matrix-Type Corporate Management Structure since 2022, combining the functions of group CxOs and business heads across the operating companies.[1](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_002.pdf) The FY2024 mid-term management plan was built by backcasting from an FY2030 aspiration of a \"global top-tier insurance group\" and a \"leader shaping the future of the Japanese insurance industry.\"[1](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_002.pdf)\n\n## Overseas expansion\n\nJapan's shrinking domestic market has driven its major insurers to expand overseas through acquisitions, mainly targeting the United States, the United Kingdom, and emerging Asia.[5](https://www.imf.org/-/media/files/publications/cr/2017/cr17281.pdf) Daiichi Life's overseas operations now span nine countries at different growth stages, from stable developed markets to early-stage emerging ones.[4](https://www.dai-ichi-life.co.jp/company/results/disclosure/2024/pdf/index_004.pdf) The weight of the business has shifted accordingly: new business annualized premium in FY2025 was ¥576.9 billion, of which ¥407.7 billion was domestic and ¥169.1 billion overseas, and overseas policies in force premium grew to ¥1,875.8 billion from ¥1,547.4 billion two years earlier.[2](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_008.pdf)\n\nThe forward plan is approximately ¥1.5 trillion in strategic investments from FY2026 through FY2030, with around 70% allocated to developed overseas markets and around 30% to emerging markets, domestic businesses, and non-insurance businesses.[1](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_002.pdf)\n\n## By the numbers\n\nFY2025 was a record year. Ordinary revenues were ¥11,308,276 million, ordinary profit ¥753,688 million, and net income attributable to shareholders ¥436,598 million.[2](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_008.pdf) Group adjusted profit, the company's core earnings measure, reached ¥551.5 billion, a record for the third consecutive year, and group adjusted ROE reached 12.7%, beating the FY2026 target of 12% or higher one year early.[1](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_002.pdf)\n\n**Capital and value metrics.** Group embedded value, a measure of the present value of in-force business plus adjusted net assets, was ¥9,658.4 billion in FY2025, up from ¥8,164.6 billion in FY2024, with value of new business of ¥173.8 billion and a new business margin of 2.45%.[2](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_008.pdf) The economic solvency ratio was 220%, and the company reports ROEV of 20.7% against a cost of capital of 9%.[2](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_008.pdf) • [1](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_002.pdf) On the statutory measure, The Dai-ichi Life's solvency margin ratio was 865.0% at fiscal 2023 (group 692.6%), against a regulatory minimum of 200%.[4](https://www.dai-ichi-life.co.jp/company/results/disclosure/2024/pdf/index_004.pdf)\n\nThe trend since listing is visible in shareholder returns: the dividend per share rose from ¥10.75 in FY2016 to ¥54.50 in FY2025, with EPS of ¥119.83 in FY2025.[2](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_008.pdf) A 2017 investor presentation gives a baseline of consolidated premium and other income of ¥4,468.7 billion, total assets of ¥51,985.8 billion, a non-consolidated solvency margin ratio of 850.5%, and insurer financial strength ratings of A+ (S&P), A1 (Moody's), and A+ (Fitch).[6](https://www.olis.or.jp/e/pdf/20170525_saito.pdf)\n\n## Investment portfolio and the interest-rate environment\n\nJapanese life insurers hold long-duration domestic bonds as the core of their portfolios. At end-2015 the industry had 44% of assets in long-duration Japanese government and semi-government bonds, and the rate of return on life insurance assets hovered between 1.8% and 2.5% per year since 2009.[5](https://www.imf.org/-/media/files/publications/cr/2017/cr17281.pdf) To lift returns, the four major life insurers raised non-yen investments from 14% of assets in 2011 to 20% in 2015.[5](https://www.imf.org/-/media/files/publications/cr/2017/cr17281.pdf)\n\n**Currency risk** accompanies that shift: about 60% of the industry's foreign-currency exposure was in U.S. dollars and 20% in euro, with currency hedges ranging from 20% to 80%.[5](https://www.imf.org/-/media/files/publications/cr/2017/cr17281.pdf) A May 2026 [Bank of Japan](https://www.edgepedia.org/bank-of-japan) working paper finds that in Japan and Germany, where yield-guaranteed contracts are relatively prevalent, insurers responded to the prolonged low-interest-rate environment by increasing investment in high-yield credit assets and foreign-currency-denominated assets, a reach-for-yield pattern that may increase credit and currency risk associated with guaranteed liabilities.[7](https://www.boj.or.jp/en/research/wps_rev/rev_2026/data/rev26e07.pdf)\n\n## How it compares with its Japanese peers\n\nThe IMF's sector review frames the market: Japan's insurance sector holds 13% of total financial sector assets, with life insurance about 12 times the size of non-life by assets, and the five largest life insurers, three of which are mutual, account for 67% of life sector assets.[5](https://www.imf.org/-/media/files/publications/cr/2017/cr17281.pdf) In the IMF's 2017 review, Japan Post Insurance was the largest life insurer with 22% market share by assets; Dai-ichi was fourth-largest and the one that had demutualized and listed in 2010.[5](https://www.imf.org/-/media/files/publications/cr/2017/cr17281.pdf) Daiichi Life reports the No. 2 position on premium income.[1](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_002.pdf)\n\nThe company benchmarks itself against a defined peer set: [T&D Holdings](https://www.edgepedia.org/t-and-d-holdings), Japan Post Insurance, Tokio Marine, MS&AD, and SOMPO domestically, and AIA, Aflac, Allianz, AXA, and Zurich overseas. Its relative TSR rank among 14 peers was No. 5 in FY2025.[2](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_008.pdf) • [1](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_002.pdf)\n\n## References\n\n1. [Daiichi Life Group Integrated Report 2026 (CEO message and strategy)](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_002.pdf)\n2. [Daiichi Life Group Annual/Integrated Report 2026 data section](https://www.daiichilife-group.com/en/investor/library/annual_report/pdf/2026_index_008.pdf)\n3. [Resolution of the Plan for Demutualization by the Board of Directors (Dai-ichi Life, June 2009)](https://www.dai-ichi-life.co.jp/english/news_release/2009/pdf/index_002.pdf)\n4. [Dai-ichi Life (Japan) financial disclosure document 2024](https://www.dai-ichi-life.co.jp/company/results/disclosure/2024/pdf/index_004.pdf)\n5. [Financial Sector Assessment Program Technical Note — Insurance Sector Regulation and Supervision; IMF Country Report No. 17/281](https://www.imf.org/-/media/files/publications/cr/2017/cr17281.pdf)\n6. [Investor Presentation (Dai-ichi Life, May 2017)](https://www.olis.or.jp/e/pdf/20170525_saito.pdf)\n7. [International Comparison of Life Insurers: Evolving Business Models and Financial Stability Issues (Bank of Japan working paper, May 2026)](https://www.boj.or.jp/en/research/wps_rev/rev_2026/data/rev26e07.pdf)\n\n---\n*Topic: Encyclopedia › Society and history › Economics and business › Finance › Insurance › Life insurers*\n\n*Initially written Oct 10, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*\n\n*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*\n\nLicense: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license\n", "same_as": [], "url": "https://www.edgepedia.org/daiichi-life-group", "markdown_url": "https://www.edgepedia.org/daiichi-life-group.md", "license": { "name": "Edgepedia Community License 1.0", "url": "https://www.edgepedia.org/edgepedia/license", "summary": "Free with credit, commercial use included. AI training is open to everyone. For other uses, organizations over USD 100M in revenue or 100M monthly users license separately.", "spdx": "LicenseRef-Edgepedia-Community-1.0" }, "credit": "\"Daiichi Life Group\", Edgepedia (EdgeChat), https://www.edgepedia.org/daiichi-life-group. Edgepedia Community License 1.0.", "credit_md": "\"[Daiichi Life Group](https://www.edgepedia.org/daiichi-life-group)\", Edgepedia (EdgeChat), [https://www.edgepedia.org/daiichi-life-group](https://www.edgepedia.org/daiichi-life-group). [Edgepedia Community License 1.0](https://www.edgepedia.org/edgepedia/license).", "credit_html": "\"Daiichi Life Group\", Edgepedia (EdgeChat), https://www.edgepedia.org/daiichi-life-group. Edgepedia Community License 1.0.", "speakable": "Daiichi Life Group is a Japanese insurance holding company built around The Dai-ichi Life Insurance Company, founded in 1902 and ranked second in Japan by premium income." }