LIFE INSURANCE BUSINESS IN JAPAN...2 Introduction The Life Insurance Fact Book summarizes key...

LIFE INSURANCE BUSINESS

IN JAPAN

The Life Insurance Association of Japan

2016-2017

Life Insurance Business in Japan at a Glance

Number of Companies

41 Companies

－Domestic company: 25

－Subsidiary of foreign company: 13

－Branch of foreign company: 3

(As of December 2017)

Life Insurance Ownership Rate per Household(b)

89.2%

－Number of policies owned by household: 3.8

－Death benefit amount of coverage per

household: 24.2 million yen

－Annual premium payment per household:

385 thousand yen

(Figures include Postal Insurance, Japan Agricultural Cooperatives

etc.)

Ordinary Profit(a)

2,662 billion yen

Number of Life Insurance Solicitors(a)

－Tied sales agents: 232,006

－Sales representatives

at agencies:

1,003,507

Sources: (a) Life Insurance Association of Japan "Summary of Life Insurance Business" (b) Japan Institute of Life Insurance "FY2016

Survey on Life Insurance in Japan"

Premium Income

33,4591 billion yen(a)

Number of Policies in Force (Individual Insurance)(a)

160 million

Insurance Benefits Paid

29,140 billion yen (fiscal 2016)(a)

Total Assets(a)

367,167 billion yen

- Corporate agencies: 35,306 offices - Individual agencies: 55,805 offices

Breakdown of Securities

Table of Contents

Part 1 Life Insurance in Numbers ··································· 1

Part 2 The Life Insurance Association of Japan (LIAJ) ·

·················································································· 37

1. The LIAJ’s Topics for Fiscal 2016 ····························· 38

1. Promotion of Friendly Life Insurance Services for the Elderly ······ 38

2. Promotion of Insurance Education ······································ 39

2. The LIAJ's Key Activities ········································ 42

1. Activities to Provide Information and Promote Understanding on

the Life Insurance Business ············································· 42

2. Consultation Services, Complaint Processing and Dispute

Resolution Operations regarding Life Insurance Business ········· 43

3. Activities regarding Systems and Measures to Ensure

Appropriate Operation of the Life Insurance Business ·············· 45

4. Activities regarding Education and Training for the Staff of

Member Companies ······················································· 51

5. Activities regarding Making Requests and Proposals to relevant

Authorities, Agencies and Organizations ······························ 52

6. Activities to Fulfill Social Responsibilities····························· 54

3. The LIAJ’s Organization Profile ································ 56

Note: In this document, the LIAJ's activities are categorized in accordance with its Business

Plan for Fiscal Year 2016. This “Life Insurance Business in Japan” does not specifically introduce (V) Research and study activities regarding the theory and practice of life insurance and (VIII) Other activities considered necessary to achieve the goals of the LIAJ.

1

Part 1

Life Insurance in Numbers

(Reprint of Life Insurance Fact Book 2017)

2

Introduction

The Life Insurance Fact Book summarizes key performance indicators of life

insurance companies operating in Japan. We hope that this report will provide a

better understanding of the life insurance business in Japan.

Please note that the data of Japan Post Insurance has been included in the

figures since fiscal 2008; therefore, some figures show the data excluding Japan

Post Insurance in order to maintain continuity with the previous data before its

inclusion. The data of Japan Post Insurance is not included in figures for fiscal

2007 and 2008 for the purpose of counting years (e.g. “for the Xth successive

years” or “for the first time in X years”).

In addition to this report, the LIAJ provides detailed statistical data of the life

insurance market in Japan; please refer to such data as necessary.

*The LIAJ is not responsible for any losses that may occur through the use of the

information contained in this CD-ROM.

3

Contents

Highlights of Business Results ································································ 4

I Underwriting Results ········································································ 6 1. Insurance Products for Individual ····················································· 6

(1) Individual Insurance ································································· 6 (2) Individual Annuity Insurance ···················································· 10 (3) Annualized Premium ······························································ 12 (4) Hospitalization and Surgery Protection ······································ 13 (5) Statistical Data by Gender, Age and Prefecture ··························· 14

2. Insurance Products for Groups ······················································ 19 (1) Group Insurance ··································································· 19 (2) Group Annuity Insurance ························································ 21

II Profit and Loss ············································································· 23

1. Insurance Related Profit and Loss ················································· 23 (1) Premium Income ··································································· 23 (2) Insurance Benefits Paid ·························································· 24

2. Investment Income and Expenses ················································· 26 3. Operating Expenses ···································································· 28 4. Ordinary Profits and Basic Profits ·················································· 28

III Investment Results ········································································ 29

1. Total Assets ··············································································· 29 2. Securities ·················································································· 30 3. Loans ······················································································· 31 4. Tangible Fixed Assets (Real Estate) ··············································· 33

IV Liabilities and Net Assets ································································ 33

Reference ························································································· 35

Distribution Channels and Sales Force ················································· 35 Member Companies ········································································· 36

4

Highlights of Business Results - The Trend of Individual Insurance Policies -

As of the end of fiscal 2016, the amount of policies in force (the amount of coverage for major protections such as death protection) for individual insurance was 862,905 billion yen (100.5% y/y) and increased from the previous year for the second successive year. The number of policies in force as of the end of fiscal 2016 was 167.72 million, increasing for the ninth successive year. Though the amount of new policies (including converted contracts) decreased from the previous year to 68,478 billion yen (98.8% y/y),decrease in lapses and surrenders owing to insurers’ efforts over the past years to maintain existing policies lead to the increase in policies in force. As to the type of new policies for individual policies in terms of amount (excluding converted contracts), suspension of savings-type products due to the lower domestic interest rates and consequent lower assumed interest rates for single-premium products resulted in the decreased sale particularly for whole life insurance from the previous year. Meanwhile, the sales of term insurance, which is largely protection-based, increased from the previous year to 35,977 billion yen (112.8%y/y). (See: pages 6 to 9) y/y)

As to the annualized premium (the amount of premium income which a life insurer would receive in one year, under the assumption that premium is equally divided and paid throughout the entire contract period) of policies in force, it amounted to 27.4 trillion yen (including 6.2 trillion yen for "third-sector") at the end of fiscal 2016, increasing steadily since fiscal 2006 when the record started. With small amount insurance products of policies increasing such as medical insurance, annualized premium is referred to as an additional indicator that supports the amount of policies.(See: page 12)

Note: The amount of annualized premium of "third-sector" includes the amount of premium to be allocated for paying medical coverage (e.g. benefits for hospitalization/surgery), living benefits (e.g. benefits for specified disease/long-term care), and premium waiver benefits (e.g. benefits due to specified disease or long-term care, but excluding disability).

19.2

31.8

4.9

2.4

16.6

35.9

5.1

1.5

0

5

10

15

20

25

30

35

40

Whole Life

Insurance

(Total)

Term

Insurance

Endowment

Insurance

Variable

Insurance

(trillion yen)Amount of newpolicies (fiscal2015)

Amount of newpolicies (fiscal2016)

Note: "Whole Life Insurance (Total)" includes whole life insurance, whole life with term rider and whole life with variable accumulation rate.

19.4 19.8 20.4 21.3 21.7 22.7 23.8 24.4 25.2 26.1 27.4

4.4 4.5 4.7 4.8 5.0 5.2 5.3 5.5 5.7 5.9 6.2

0.0

5.0

10.0

15.0

20.0

25.0

30.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

(trillion yen)Annualized Premium of Policies in Force

"Third-Sector"

Note: Including individual annuity insurance

861 857 862

0

20

40

60

80

100

120

140

160

180

0

100

200

300

400

500

600

700

800

900

1,000

2012 2013 2014 2015 2016

百万

Amount of Policies in Force

Number of Policies in Force

(million)

865 858

(trillion yen)

5

- Major Business Results - ○The amount1 and the ratio2 of lapses and surrenders for individual insurance has

been decreasing. (See: pages 6 and 8)

○The amount of new policies for individual annuity insurance increased significantly.

(See: page 10)

○Total assets was the highest ever. (See: page 29)

1 Amount of lapses and surrenders = ( lapses + surrenders + total of decrease in amount of a policy) - (reinstatements + total of increase in amount of a policy) 2 Ratio of lapses and surrenders = ( amount of lapses and surrenders / amount of policies in force at the beginning of

fiscal year )* 100%

56,927 billion yen 53,676 billion yen 52,471 billion yen 50,296 billion yen

Amount of lapses and surrenders

48,415 billion yen

6.6%6.2% 6.1%

5.9%

Ratio of lapses and surrenders

5.6%

2012 2013 2014 2015 2016

8,563 billion yen8,003 billion yen

8,632 billion yen 8,326 billion yen

11,064 billion yen

2012 2013 2014 2015 2016

344,998 billion yen350,582 billion yen

367,255 billion yen 367,167 billion yen

375,505 billion yen

2012 2013 2014 2015 2016

6

I Underwriting Results

1 Insurance Products for Individual3

(1) Individual Insurance

I. New Policies

The number of new policies for individual insurance (including converted contracts) was 19.3 million (97.1% y/y), and the new policies amount4 (reflecting the net increase arising from the conversion) was 68,478billion yen (98.8% y/y). [Figure 1]

Both the number and the amount of new policies decreased from the previous year in fiscal 2016 notwithstanding the increase trend over the several years supported by increased sales of medical insurance and whole life insurance. This turn-around reflects the negative developments such as suspended sales of single premium payment products due to the reduction in the standard assumed interest rate for such products following the further downward shift of the yield in the domestic investment market.

By type of new policies for individual insurance (excluding converted contracts), medical insurance ranked top in number (3.55 million, 22.8% of the total), followed by whole life insurance (3.51 million, 22.5%), term insurance (2.16 million, 13.9%), cancer insurance (208 million, 13.4%), and endowment insurance (1.38 million, 8.9%), with the ranks switched between term insurance and cancer insurance from the previous year. [Figure 2]

Of the total amount of new policies for individual insurance (excluding converted contracts), term insurance ranked top (35,977 billion yen, 48.9% of the total), followed by whole life insurance (14,377 billion yen, 19.5%), endowment insurance (5,194 billion yen, 7.1%), Juvenile insurance(1,781billion, 2.4%), variable insurance (1,558 billion, 2.1%), with Juvenile insurance moving up in the ranking. [Figure 3]

II. Policies in Force

The number of policies in force for individual insurance was 167.72 million (104.8% y/y), and the amount of policies in force was 862,905 billion yen (100.5% y/y). [Figure 1]

The number of policies in force increased for the ninth successive year. Despite the fact that the insured amount of policies in force had been decreasing due to the current trend of increasing medical protection while reducing death protection, it increased for the second successive year.

As for the number of policies in force for individual insurance, whole life insurance ranked top (36.59 million, 21.8% of the total), followed by medical insurance (35.29 million, 21.0%), cancer insurance (23.90 million, 14.3%), term insurance (21.19 million, 12.6%), endowment insurance (13.89 million, 8.3%) and whole life insurance with term rider (9.85 million, 5.9%). [Figure 4]

Of the total amount of policies in force for individual insurance, term insurance ranked top (268,940 billion yen, 31.2% of the total), followed by whole life insurance(176,659 billion yen, 20.5%), whole life insurance with term rider (120,368 billion yen, 13.9%), whole life insurance with variable accumulation rate (69,593 billion yen, 8.1%) and endowment insurance (45,407 billion yen, 5.3%). [Figure 5]

III. Lapses and Surrenders

The amount5 and the ratio6 of lapses and surrenders for individual insurance were 48,415 billion yen (96.3% y/y) and 5.6% (down by 0.3 points from the previous year). [Figure 6]

The amount and the ratio of lapses and surrenders decreased for the fifteenth successive year and eighth successive year, respectively.

3 The business result of individual insurance and individual annuity insurance includes those policies under which

policyholder is a corporate body and the insured is a member of the management (so-called "key person insurance"). 4 The amount of major protections such as a death protection. 5 Amount of lapses and surrenders = ( lapses + surrenders + total of decrease in amount of a policy) -

(reinstatements + total of increase in amount of a policy) 6 Ratio of lapses and surrenders = ( amount of lapses and surrenders / amount of policies in force at the beginning of

fiscal year )* 100%

7

Figure 1: New Policies and Policies in Force for Individual Insurance

Figure 2: Changes in Individual Insurance by Type (Number of New Policies)

Y/Y Y/Y Y/Y Y/Y

2012 19.67 121.3 71,345 108.8 136.01 106.9 861,651 99.6

2013 18.99 96.5 66,836 93.7 143.88 105.8 857,540 99.5

2014 19.39 102.1 67,431 100.9 151.73 105.5 857,432 100.0

2015 19.88 102.5 69,333 102.8 160.11 105.5 858,604 100.1

2016 19.30 97.1 68,478 98.8 167.72 104.8 862,905 100.5

Below are figures excluding Japan Post Insurance

2012 17.47 124.0 64,829 109.2 126.14 105.8 833,170 98.9

2013 16.76 95.9 60,276 93.0 132.21 104.8 823,805 98.9

2014 17.01 101.5 60,428 100.3 138.19 104.5 818,273 99.3

2015 17.48 102.7 62,165 102.9 144.76 104.8 814,197 99.5

2016 16.86 96.4 60,631 97.5 150.57 104.0 812,807 99.8

Note: The number includes converted contracts, and amount reflects the net increase arising from the conversion.

（Number: million, Amount: billion yen Y/Y: %）New Policies Policies in Force

Number Amount Number Amount

3.87 3.37 3.47 3.57 3.51

0.28 0.23 0.15 0.14 0.11

0.34 0.39 0.31 0.31 0.25

2.14 2.22 2.24 2.12 2.16

0.06 0.09 0.17 0.39 0.23

1.74 1.66 1.34 1.46 1.38

3.64 3.83 3.81 3.62

3.55

1.42 1.39 1.77 2.24

2.08

0.64 0.56 1.01

0.84 0.72

0.71 0.62

0.73 1.13

1.54

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

2012 2013 2014 2015 2016

（million）Others

Jevenile Insurance

Cancer Insurance

Medical Life Insurance

Endowment Insurance

Variable Insurance

Term Insurance

Whole Life with Variable

Accumulation Rate

Whole Life with Term

Rider

Whole Life Insurance

15.5914.89

14.4015.05

15.85

Note: Excluding

converted contracts

8

Figure 3: Changes in Individual Insurance by Type (Amount of New Policies)

Figure 4: Changes in Individual Insurance by Type (Number of Policies in Force)

17.4 14.5 15.2 15.5 14.3

3.9 2.4 1.6 1.2 0.8

2.6 3.6 2.9 2.4

1.3

31.4

29.0 31.0 31.8 35.9

0.4

0.6 1.0 2.4 1.5

5.6

5.3 4.6 4.9 5.1

0.2

0.2 0.2 0.1 0.1

0.01

0.01 0.02 0.02 0.02 1.3

1.2 2.2 2.0 1.7

9.9

10.4 10.6

12.5 12.3

0

10

20

30

40

50

60

70

80

2012 2013 2014 2015 2016

（trillion yen）Others

Jevenile Insurance

Cancer Insurance

Medical Insurance

Endowment Insurance

Variable Insurance

Term Insurance


Accumulation RateWhole Life with Term Rider

Whole Life Insurance

73.2 73.673.269.9

67.7

26.42 29.01 31.51 34.10 36.59

12.29 11.66 10.99 10.41 9.85 7.58 7.51 7.07 6.75 6.45 14.32 16.52 18.44 19.89 21.19 1.47

1.51 1.63

1.98 2.16

11.60 12.38

12.84 13.41

13.89 27.78

29.98 31.94

33.70 35.29

20.54 21.16

21.97 23.14

23.90

5.88

6.03 6.65

7.15 7.54

8.09

8.07 8.63

9.54 10.82

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

180.00

2012 2013 2014 2015 2016

（million） Others

Jevenile Insurance

Cancer Insurance

Medical Insurance

Endowment Insurance

Variable Insurance

Term Insurance


Accumulation Rate

Whole Life with Term

Rider

While Life Insurance

167.72

136.01

143.88151.73

160.11

9

Figure 5: Changes in Individual Insurance by Type (Amount of Policies in Force)

Figure 6: Changes in Amount and Ratio of Lapses and Surrenders of Individual Insurance

135 146 157 167 176

194 174 154 136 120

112 104 91 80 69

204 220 237 252 268

10 10 11 12 14

38 40 42 43 45 4 4 4 4 3

2 2 2 2 1

13 13 14 15 16 145 139 141 143 145

0

200

400

600

800

1,000

2012 2013 2014 2015 2016

（trillion yen）

Others

Jevenile Insurance

Cancer Insurance

Medical Insurance

Endowment Insurance

Variable Insurance

Term Insurance


Accumulation RateWhole Life with Term

Rider

862858857857861

56,927 53,676 52,471 50,296 48,415

6.66.2 6.1 5.9

5.6

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

0

20,000

40,000

60,000

80,000

100,000

2012 2013 2014 2015 2016

（％）（billion yen）

10

(2) Individual Annuity Insurance

IV. New Policies

The number and the amount7 of new policies for individual annuity insurance were 2.08 million (135.7% y/y) (including the net increase arising from the conversion) and 11.644 trillion yen (132..9% y/y) (reflecting the net increase arising from the conversion), increasing both in number and in amount from the previous year. [Figure 7]

Of all the new policies for individual annuity insurance (excluding converted contracts), the number of fixed individual annuity insurance was 1.93 million (93.3% of the total) and that of variable individual annuity insurance was 0.13 million (6.7%) in fiscal 2015,with fixed individual annuity insurance increasing for the first time in four years[Figure 8]

Of all the new policies for individual annuity insurance (excluding converted contracts), the amount of fixed individual annuity insurance was 10,336 billion yen (93.2% of the total) and that of variable individual annuity insurance was 757 billion yen (6.8%). [Figure 9]

V. Policies in Force

The number and the amount8 of policies in force for individual annuity insurance as of fiscal 2016 were 21.75 million (104.8% y/y) and 107,872 billion yen (104.1% y/y). [Figure 7]

The number of policies in force turned upward in fiscal 2003 due to the lifting of restrictions on sales of bancassurance. It increased from the previous year for the fourteenth successive year and has been setting new highs every year from fiscal 2006 to 2015; however, the amount decreased from the previous year for the first time in 13 years in fiscal 2016.

As for the number of policies in force for individual annuity insurance, that of fixed individual annuity insurance was 19.52 million (89.7% of the total) and that of variable individual annuity insurance was 2.23 million (10.3%). [Figure 10]

Of all the amount of policies in force for individual annuity insurance, fixed individual annuity insurance accounted for 95,175 billion yen (88.2% of the total) and variable individual annuity insurance for 12,697 billion yen (11.8%). [Figure 11]

VI. Lapses and Surrenders

The amount9 and the ratio10 of lapses and surrenders for individual insurance were 2,593 billion yen (71.3% y/y) and 3.0% (down by 1.1 points from the previous year). [Figure 12]

Figure 7: New Policies in Force for Individual Annuity Insurance

7 The amount of the annuity reserve (the total annuity amount that will be paid in the future, after being converted to the

value at the time of start of annuity payment). 8 The amount is the annuity reserve (the total annuity amount that will be paid in the future, after converted to the value

at the time of the start of annuity payment) as to the contracts before the start of annuity payment, and the amount of policy reserves (reserves accumulated for future payments) as to the contracts after the start of annuity payment.

9 Amount of lapses and surrenders = ( lapses + surrenders + total of decrease in amount of a policy) -

(reinstatements + total of increase in amount of a policy). Note that this includes only the contracts before the start of annuity payment, and the contracts after the start of annuity payment are excluded.

10 Ratio of lapses and surrenders = ( amount of lapses and surrenders / amount of policies in force at the beginning of

fiscal year (only includes the contracts before the start of annuity payment) )* 100%

（Number:million, Amount:billion yen, Y/Y:％）

Y/Y Y/Y Y/Y Y/Y

2012 1.65 103.9 8,563 108.4 20.42 103.4 103,518 104.7

2013 1.50 91.4 8,003 93.5 20.47 100.2 103,788 100.3

2014 1.59 106.0 8,632 107.9 20.50 100.1 104,131 100.3

2015 1.53 96.3 8,326 96.5 20.75 101.3 103,595 99.5

2016 2.08 135.7 11,064 132.9 21.75 104.8 107,872 104.1

2012 1.46 106.6 7,929 110.5 19.37 102.7 100,323 104.4

2013 1.35 92.6 7,479 94.3 19.28 99.6 100,344 100.0

2014 1.46 107.5 8,138 108.8 19.18 99.5 100,515 100.2

2015 1.47 101.0 8,106 99.6 19.39 101.1 100,118 99.6

2016 2.07 140.8 11,024 136.0 20.39 105.2 104,741 104.6

Below are figures excluding Japan Post Insurance.

Note: The number includes converted contracts, and the amount reflects the net increase arising from conversion.

New Policies Policies in Force

Number Amount Number Amount

11

Figure 8: Changes in Individual Annuity Insurance by Type (Number of New Policies)

Figure 9: Changes in Individual Annuity Insurance by Type

(Amount of New Policies)

Figure 10: Changes in Individual Annuity Insurance by Type (Number of Policies

in Force)

1.51.3 1.3 1.29

1.93

0.090.16 0.26 0.22

0.13

0

0.3

0.6

0.9

1.2

1.5

1.8

2.1

2.4

2012 2013 2014 2015 2016

（million）

Fixed Annuity Variable Annuity

2.07

1.521.561.471.6

8,023 7,054 7,001 6,964

10,336

526 919 1,653 1,390

757

0

2,000

4,000

6,000

8,000

10,000

12,000

2012 2013 2014 2015 2016

（billion yen）


11,094

8,3548,655

7,973

8,550

17.09 17.50 17.85 18.33 19.52

3.33 2.97 2.64 2.422.23

0.00

5.00

10.00

15.00

20.00

25.00

2012 2013 2014 2015 2016

（million）


21.7520.7520.5020.4720.42

Note: Excluding converted contracts

Note: Excluding converted contracts

12

Figure 11: Changes in Individual Annuity Insurance by Type (Amount of Policies

in Force)

Figure 12: Changes in Amount and Ratio of Lapses and Surrenders of Individual Annuity

Insurance

(3) Annualized Premium

The total amount of annualized premium on new policies for individual insurance was 2,415 billion yen (100.5% y/y), while that for individual annuity insurance was 889 billion yen (97.3% y/y) in fiscal 2016. The amount of annualized premium for individual insurance increased for the third successive year while that for individual annuity insurance decreased for the first time in the three years.[Figure 13]

The amount of annualized premium on policies in force for individual insurance was 20,777 billion yen (105.6% y/y), while that for individual annuity insurance was 6,705 billion yen (102.9% y/y). The amount of annualized premium on policies in force for individual insurance has been increasing for eight years, and that for individual annuity insurance increased for the first time in four years.

With regard to third-sector products, the amount of new policies was 673 billion yen (109.3% y/y) and that of policies in force was 6,228 billion yen (104.9% y/y). The amount of new policies increased for the fourth successive year and that of policies in force has been increasing consistently.

84,406 86,514 88,052 89,675 95,175

19,111 17,273 16,078 13,919 12,697

0

20,000

40,000

60,000

80,000

100,000

120,000

2012 2013 2014 2015 2016

(billion yen )


103,788103,518 103,595104,131 107,872

3,268

4,939 4,897

3,636

2,593

3.7

5.4 5.4

4.1

3.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2012 2013 2014 2015 2016


13

What is annualized premium?

Given the increase in the sales of medical, cancer and long-term care insurance policies and individual annuity plans, which have little or no death protection, it is sometimes inappropriate to judge the business result solely by focusing on the amount of policies (i.e. total amount of death protection as to individual insurance). Annualized premium is increasingly used as the complementary indicator.

There are various options for paying premiums for customers, including monthly payment, annual payment and lump-sum payment at the time of concluding the contract. Also, payments can be made either throughout the entire contract period or during a certain period. Annualized premium is calculated by adjusting these differences in payment options under the assumption that premium is equally divided and paid throughout the entire contract period, and indicates the average amount of premium income which a life insurer would receive in one year.

Example: Case of lump-sum premium payment (contract period: 5 years, total premium: 1 million yen) Premium Income: 1 million yen Annualized Premium: 200 thousand yen (1 million yen divided by 5 years)

Figure 13: Changes in Annualized Premium

New Policies Policies in Force

（billion yen）（billion yen）

Individual

Insurance

Individual

Annuity Total

Individual

Insurance

Individual

Annuity Total

"Third-Sector" "Third

Sector"

2012 2,125 817 2,942 510 16,884 6,968 23,853 5,384

2013 2,052 766 2,819 532 17,694 6,752 24,447 5,538

2014 2,222 883 3,106 560 18,645 6,577 25,222 5,704

2015 2,404 914 3,318 616 19,676 6,518 26,195 5,937

2016 2,415 889 3,304 673 20,777 6,705 27,483 6,228

Below are figures excluding Japan Post Insurance Below are figures excluding Japan Post Insurance

2012 1,693 594 2,288 469 15,029 6,301 21,330 5,197

2013 1,613 586 2,200 482 15,501 6,091 21,593 5,310

2014 1,764 721 2,486 518 16,118 5,903 22,022 5,447

2015 1,919 809 2,728 566 16,813 5,862 22,675 5,643

2016 1,907 869 2,777 617 17,569 6,136 23,705 5,894

Note: The amount of annualized premium of "third-sector" includes the amount of premium to be allocated for paying medical coverage (e.g. benefits

for hospitalization/surgery), living benefits (e.g. benefits for specified disease/long-term care), and premium waiver benefits (e.g. benefits due to

specified disease or long-term care, but excluding disability).

Figure 14: Change in Annualized Premium of Policies in Force

(4) Hospitalization and Surgery Protection

Of all the products for individual, the number of policies in force of medical insurance which provides protection against hospitalization/surgery as a base policy was 35.29 million (104.7% y/y), and that of cancer insurance was 23.90 million (103.3% y/y), increasing continuously. [Figure 15]

23,853 24,447 25,222 26,195 27,483

5,384 5,538 5,704 5,937 6,228

0

5,000

10,000

15,000

20,000

25,000

30,000

2012 2013 2014 2015 2016

(Billion Yen)

Annualized Premiumo f Policies Holders Third-Sector

14

Figure 15: Changes in Medical and Cancer Insurance (Number of Policies in Force)

To provide medical protection, there are also other types of insurance policies which are served with medical riders. With respect to insurance policies with hospitalization and surgery coverage (the sum of riders and stand-alone medical insurance policies among individual life insurance and individual annuity insurance), the number of policies with accidental hospitalization riders in force was 76.75 million (102.1% y/y), those with sickness hospitalization riders in force was 77.33 million (102.4% y/y), and those with surgical benefit riders in force was 102.74 million (103.0% y/y). [Figure 16]

Figure 16: Changes in Medical Insurance for Hospitalization and Surgery

(Number of Policies in Force)

Note: Figures are the total of the numbers of protection under individual insurance policies and individual annuity contracts in force, both as a base policy and as a rider. Products with more than one protections are counted in each protection.

(5) Statistical Data by Gender, Age and Prefecture11

VII. By Gender

Comparing the number of new policies for individual insurance (excluding converted contracts) by gender of the insured, the ratio of females has been increasing recently to exceed that of males. In fiscal 2016, the ratio of males was slightly higher than that of the previous year. The ratio of females was 50.2%, slightly exceeding that of men at 49.8%, though the gap was narrowed. [Figure 17]

Comparing the number of new policies for individual insurance between each type of insurance product by gender of the insured in fiscal 2016, "others" including cancer insurance and medical insurance ranked top (more than 50% of the total) for male and female, followed by whole life insurance, term insurance and endowment insurance. [Figure 18]

11 Statistical data by gender, age and prefecture is based on the classification of the insured.

27.78 29.98

31.94 33.70

35.29

20.54 21.16 21.97 23.14 23.90

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

2012 2013 2014 2015 2016

（million）

Medical Insurance Cancer Insurance

70.8172.31 73.57

75.1576.75

70.4172.21

73.7175.53

77.33

92.0594.52

96.7399.74

50.00

60.00

70.00

80.00

90.00

100.00

2012 2013 2014 2015 2016

（million） 102.74

Hospitalization due to unforseen accidents Hospitalization due to sickness Surgery

15

Comparing the number of new policies for individual annuity insurance by gender of the insured, the ratio of females has been higher than that of males so far, although the ratio of males has started to rise recently. In fiscal 2016, the ratios of males and females were 45.7% and 54.3%, respectively. [Figure 19]

Figure 17: Changes in Composition Ratio of Individual Insurance by Gender (Number of New Policies)

Figure 18: Composition Ratio of Individual Insurance by Type in FY2016 (Number of New Policies by Gender)

Figure 19: Changes in Composition Ratio of Individual Annuity by Gender (Number of New Policies)

49.5

49.6

50.1

49.6

49.8

50.5

50.4

49.9

50.4

50.2

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

2012

2013

2014

2015

2016

Male Female

22.1

28.0

17.8

10.0

8.5

9.3

51.6

52.7

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Male

Female

Whole Life Insurance Term Insurance Endowment Insurance Others

43.1

43.4

43.3

44.9

45.7

56.9

56.6

56.7

55.1

54.3

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

2012

2013

2014

2015

2016

Male Female

16

VIII. By Age

Comparing the number of new policies for individual insurance (excluding converted contracts) by age group of the insured, the ratio of those in their 40s has been on a rising trend, and the ratio of those in their 20s and 30s on a decreasing trend. In fiscal 2016, the ratio of those in their 20s to 40s has increased, resulting in a smaller ratio of those aged 50s and over 50s. [Figure 20]

Also, comparing the number of new policies for individual insurance between each type of insurance product by age group of the insured, the ratio of "others" (including medical insurance, juvenile insurance, etc.) was the highest in those under 20, reaching 71.5%. Among those in their 20s to 60s, the ratio of "others" ranked top at approximately 50%, followed by whole life insurance. [Figure 21]

Comparing the number of new policies for individual annuity insurance by age group of the insured, the ratio of those under 40s increased in fiscal 2016. [Figure 22]

Figure 20: Changes in Composition Ratio of Individual Insurance by Age (Number of New Policies)

Figure 21: Composition Ratio of Individual Insurance by Type in FY2016 (Number of New Policies by Age)

Figure 22: Changes in Composition Ratio of Individual Annuity by Age (Number of New Policies)

14.8

15.5

17.1

15.7

14.9

17.4

17.5

16.6

16.4

17.4

21.2

20.2

19.3

19.1

19.6

16.8

16.7

16.8

17.2

17.7

12.9

12.4

12.4

12.5

12.3

16.9

17.6

17.8

19.2

18.0

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

2012

2013

2014

2015

2016

Under 20 20s 30s 40s 50s 60 or older

9.3

21.4

23.1

22.5

28.4

44.0

9.9

19.1

19.8

17.2

11.4

4.1

9.3

9.4

8.7

10.5

9.1

6.7

71.5

50.0

48.4

49.9

51.1

45.2

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

Under 20s

20s

30s

40s

50s

60s or

older

Whole Life(including Whole Life with term rider) Term Insurance Endowment Insurance Others

1.6

3.4

4.7

5.6

6.9

17.4

17.0

14.4

16.7

20.6

20.6

19.1

16.9

18.9

19.9

18.2

18.5

18.5

19.6

20.4

15.5

16.7

17.8

16.1

15.3

26.8

25.2

27.7

23.1

16.8

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

2012

2013

2014

2015

2016

Under 20 20s 30s 40s 50s 60s or older

17

IX. By Prefecture

Regarding the details of individual insurance by each prefecture, Figure 23 provides the details of new policies (excluding converted contracts), and Figure 24 provides details of policies in force.

Prefecture Numver Amount

ten thousand （billion yen) （thousand yen）（Number）（thousand yen）（ten thousand）（ten thousand）

Hokkaido 67 2,503 3,709 0.24 912 534 274

Aomori 15 587 3,897 0.25 1,000 131 58

Iwate 14 610 4,178 0.28 1,175 127 51

Miyagi 30 1,353 4,484 0.31 1,396 230 96

Akita 11 432 3,672 0.27 1,020 102 42

Yamagata 15 631 4,056 0.38 1,541 111 40

Fukushima 23 1,094 4,686 0.30 1,415 192 77

Ibaraki 30 1,331 4,429 0.25 1,117 290 119

Tochigi 23 1,128 4,745 0.29 1,412 195 79

Gunma 21 1,087 4,696 0.27 1,346 194 80

Saitama 76 3,700 4,826 0.24 1,178 719 314

Chiba 67 3,123 4,633 0.24 1,137 615 274

Tokyo 200 10,596 5,275 0.29 1,577 1,304 671

Kanagawa 97 4,796 4,922 0.23 1,155 896 415

Niigata 25 1,227 4,737 0.29 1,390 228 88

Toyama 13 647 4,723 0.33 1,591 105 40

Ishikawa 15 718 4,599 0.33 1,527 114 47

Fukui 11 551 4,713 0.41 1,949 78 28

Yamanashi 10 457 4,416 0.29 1,308 83 34

Nagano 22 1,055 4,591 0.27 1,247 209 84

Gifu 23 1,157 4,985 0.29 1,474 201 78

Shizuoka 47 2,159 4,539 0.31 1,420 368 152

Aichi 88 4,699 5,289 0.28 1,513 731 310

Mie 22 1,013 4,571 0.29 1,334 179 75

Shiga 16 764 4,566 0.30 1,382 139 55

Kyoto 30 1,437 4,755 0.25 1,227 251 117

Osaka 111 5,799 5,201 0.27 1,412 864 410

Hyogo 61 3,025 4,884 0.25 1,231 550 245

Nara 14 683 4,671 0.25 1,175 136 58

Wakayama 12 521 4,219 0.28 1,193 97 43

Tottori 7 329 4,155 0.34 1,414 57 23

Shimane 8 339 4,072 0.29 1,192 68 28

Okayama 23 1,105 4,668 0.28 1,347 190 82

Hiroshima 35 1,710 4,814 0.27 1,344 281 127

Yamaguchi 17 742 4,213 0.27 1,140 139 65

Tokushima 11 461 4,179 0.33 1,397 75 33

Kagawa 12 636 4,927 0.30 1,484 98 42

Ehime 17 761 4,405 0.26 1,183 139 64

Kochi 9 372 4,003 0.26 1,065 72 35

Fukuoka 68 3,169 4,597 0.29 1,360 506 232

Saga 11 477 4,245 0.34 1,471 83 32

Nagasaki 18 1,051 4,129 0.30 1,239 138 62

Kumamoto 24 1,123 4,670 0.31 1,471 178 76

Oita 15 624 4,025 0.29 1,188 116 52

Miyazaki 15 576 3,798 0.29 1,111 111 51

Kagoshima 21 903 4,118 0.27 1,125 166 80

Okinawa 14 598 4,117 0.23 957 145 62

Total 1,559 73,607 4,719 0.27 1,309 12,558 5,622

3 the population does not include non-Japanese residents.

2.The figures are now policies excluding converted contracts.

Figure 23 : New Pol ic ies for Individual Insurance by Prefecture (FY2016)

Individual Insurance Amount per

policy

Policies per

household

Amount per

householdPopulation Household

* 1.Population and number of households are based on"Population, Demography, and Number of House holds based on the

Basic Resident Registers(as of 1 January 2016)" of the Ministry of Internal Affairs and Communications.

18

Prefecture Number Amount

（ten thousand）（billion yen）（thousand yen）（Number）（thousand yen）

Hokkaido 701 29,160 4,155 2.55 10,632

Aomori 162 8,035 4,954 2.76 13,684

Iwate 154 7,561 4,889 2.97 14,552

Miyagi 329 16,194 4,916 3.39 16,707

Akita 125 5,786 4,629 2.94 13,642

Yamagata 165 8,018 4,841 4.04 19,590

Fukushima 256 12,811 5,003 3.31 16,570

Ibaraki 333 16,613 4,987 2.79 13,950

Tochigi 270 14,788 5,462 3.38 18,509

Gunma 252 13,648 5,405 3.12 16,905

Saitama 886 46,470 5,243 2.82 14,794

Chiba 779 40,213 5,158 2.83 14,640

Tokyo 1,923 109,664 5,700 2.86 16,323

Kanagawa 1,132 59,530 5,257 2.72 14,341

Niigata 295 16,045 5,428 3.34 18,172

Toyama 167 8,930 5,329 4.11 21,958

Ishikawa 172 8,988 5,197 3.67 19,110

Fukui 127 6,973 5,480 4.49 24,648

Yamanashi 111 5,837 5,228 3.19 16,705

Nagano 266 13,739 5,149 3.15 16,233

Gifu 262 14,089 5,358 3.35 17,953

Shizuoka 532 26,648 5,006 3.50 17,524

Aichi 991 54,507 5,495 3.19 17,555

Mie 239 12,166 5,083 3.15 16,016

Shiga 181 9,427 5,186 3.28 17,049

Kyoto 330 16,890 5,104 2.82 14,428

Osaka 1,175 64,377 5,476 2.86 15,677

Hyogo 690 35,368 5,123 2.81 14,403

Nara 169 8,708 5,139 2.91 14,978

Wakayama 132 6,371 4,807 3.03 14,581

Tottori 87 4,368 4,971 3.76 18,732

Shimane 89 4,359 4,852 3.15 15,310

Okayama 260 13,508 5,192 3.17 16,462

Hiroshima 380 19,044 5,002 2.99 14,971

Yamaguchi 188 8,701 4,614 2.89 13,372

Tokushima 113 5,600 4,952 3.42 16,942

Kagawa 139 7,586 5,437 3.25 17,689

Ehime 179 8,975 5,011 2.78 13,944

Kochi 101 4,797 4,726 2.89 13,699

Fukuoka 705 33,828 4,794 3.02 14,522

Saga 119 5,847 4,880 3.69 18,019

Nagasaki 192 8,976 4,670 3.06 14,327

Kumamoto 247 11,500 4,653 3.23 15,068

Oita 162 7,184 4,422 3.09 13,671

Miyazaki 142 6,011 4,219 2.74 11,598

Kagoshima 219 9,540 4,351 2.73 11,889

Okinawa 121 5,501 4,524 1.94 8,799

Total 16,772 862,905 5,144 2.98 15,348

Note: Population and number of households are based on "Population, Demography and Number of

Households Based on the Basic Resident Registers(as of January 2016)" of the Ministry of Internal affairs

and Communications.

Figure 24 : Po l ic ies in Force for Individual Insurance by Prefecture

Individual Insurance Amount per

policy

Policies per

household

Amount per

household

(As of the End of FY2016)

19

2 Insurance Products for Groups

(1) Group Insurance

X. New Policies

The aggregated number of the newly insured (the number after resolving double counting of insured of coinsurance undertaken by multiple insurers) and the amount of new policies for group insurance were 0.43 million (93.5% y/y) and 3,30 billion yen (78.2% y/y). [Figures 25 and 28]

Looking at the aggregated number of the newly insured, new policies for group insurance had been declining since some policies of the group term insurance existing at that time were switched to general welfare group term insurance in fiscal 1997. However, it has remained on the same level since fiscal 2006.

Of all the new policies, the amount of general welfare group term insurance ranked top (1,426 billion yen, 47.1% of the total), followed by group credit life insurance (965 billion yen, 31.8%) and group term insurance (639 billion yen, 21.1%). [Figure 26]

XI. Policies in Force

The number of the insured (aggregated) and the amount of policies in force were 38.86 million (100.3% y/y) and 379,279 billion yen (101.1% y/y). [Figures 25 and 29]

Of all the policies in force, the amount of group credit life insurance ranked top (180,410 billion yen, 47.6% of the total), followed by group term insurance (109,408 billion yen, 28.8%) and general welfare group term insurance (88,882 billion yen, 23.4%). [Figure 27]

XII. Lapses and Surrenders

The amount of lapses and surrenders of group insurance12 decreased from the previous year to 7,372 billion yen (89.9% y/y), and the ratio of lapses and surrenders13 also decreased to 2.0 (down by 0.2 points from the previous year). [Figure 30]

[Major Types of Group Insurance]

Group Term Insurance: A kind of voluntary insurance product companies introduce for the purpose of welfare for its members, under which the applicants become insured and pay insurance premium.

General Welfare Group Term Insurance: A kind of term insurance companies requires its all members to subscribe mandatorily in principle for the purpose of providing life security to the surviving relatives of the member. Contracts are renewed every year and the companies pay the premium.

Group Credit Life Insurance: A kind of insurance used for the conservation of loans such as housing loans, under which a debtor of the loan becomes the insured and credit providers (e.g. banks) or credit guarantee institutions become policyholders and beneficiaries. Under group credit life insurance, in case the debtor dies or become affected by prescribed state of disabilities, benefits equivalent to the amount of unpaid debts will be paid to the policyholder to clear the debt.

12 Amount of lapses and surrenders = ( lapses + surrenders + total of decrease in amount of a policy) -

(reinstatements + total of increase in amount of a policy) 13 Ratio of lapses and surrenders = ( amount of lapses and surrenders / amount of policies in force at the beginning of

fiscal year )* 100%

20

Figure 25: New Policies and Policies in Force for Group Insurance

Figure 26: Breakdown of Group Insurance in FY2016 (Amount of New Policies)

Figure 27: Breakdown of Group Insurance in FY2016 (Amount of Policies in Force)

Figure 28: Changes in Group Insurance (Number/Amount of New Policies)

Y/Y Y/Y Y/Y Y/Y

2012 0.31 96.0 3,041 100.7 39.19 99.1 370,112 99.9

2013 0.70 221.4 4,479 147.3 39.34 100.4 371,288 100.3

2014 0.49 69.9 3,060 68.3 39.18 99.6 373,127 100.5

2015 0.46 94.3 3,873 126.5 38.75 98.9 375,152 100.5

2016 0.43 93.5 3,030 78.2 38.86 100.3 379,279 101.1

New Pol ic ies and Pol i ic ies in force

（Number:million, Amount:billion yen,Y/Y:%）New Policies Policies in force

Aggregated Number of Insured Amount Aggregate Number of Insured Amount

21

Figure 29: Changes in Group Insurance (Number/Amount of Policies in Force)

Figure 30: Changes in Lapses and Surrenders of Group Insurance (Amount/Ratio of Lapses and Surrenders)

(2) Group Annuity Insurance

The amount of policies in force for group annuity insurance (the amount of policy reserves) increased from the previous year for the sixth successive year since fiscal 2011 to 34,106

3,041

4,479

3,060

3,873

3,030

0.31

0.7

0.49 0.46

0.43

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0

1,000

2,000

3,000

4,000

5,000

6,000

2012 2013 2014 2015 2016

（million）（billion yen）

Amount

Aggregated Number

of Insured

370,112

371,288 373,127

375,152 379,279

39.19 39.34

39.18

38.75 38.86

38

39

39

40

40

41

350,000

355,000

360,000

365,000

370,000

375,000

380,000

2012 2013 2014 2015 2016

（million）（billion yen）Amount

Aggregated Number

of Insured

13,646

9,1296,991

8,204 7,372

3.7

2.5

1.92.2

2.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2012 2013 2014 2015 2016

（％）(billion yen)

22

billion yen, a gain six years in a row (101.2% y/y). [Figures 31 and 32]

Looking at the asset of corporate pensions of defined benefit type, which are the key products, while the assets of defined benefit corporate pensions increased in fiscal 2016 from the previous year to 15,620billion yen (14,788 billion yen in fiscal 2015), the assets of employees' pension funds decreased to 1,147 billion yen (1,461 billion yen in fiscal 2015). [Figure 33]

Figure 31: New Policies and Policies in Force for Group Annuity Insurance

Figure 32: Changes in Policies in Fore for Group Annuity Insurance (Amount)

Figure 33: Changes in Asset Balance of Employees' Pension Funds and Defined Benefit Corporate Pensions

Y/Y Y/Y Y/Y Y/Y

2012 0.10 168.6 19.8 222.0 17.89 99.5 31,815 102.1

2013 0.05 51.3 2.5 12.8 17.54 98.1 32,742 102.9

2014 2.77 5,012.8 45.7 1,795.6 19.30 110.0 33,355 101.9

2015 0.01 0.6 10.3 22.7 18.13 93.9 33,714 101.1

2016 0.003 23.0 7.7 74.7 17.12 94.4 34,106 101.2

Note: Double counting of the number of insured under coinsurancce undertaken by multiple insurers has been resolved

（Number:million, Amount:billion yen,Y/Y:%）New Policies Policies

Aggregated Number of Insured Amount Aggregated Number of Insured Amount

31,815 32,742 33,355 33,714 34,106

0

10,000

20,000

30,000

40,000

2012 2013 2014 2015 2016

（billion yen）

2,373 2,341 1,9971,461 1,147

12,17013,045

13,92214,788 15,062

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2012 2013 2014 2015 2016

（billion yen）

Employee's Pension funds Defined Benefit Corporate Pensions

23

II Profit and Loss

1 Insurance Related Profit and Loss

(1) Premium Income

The total amount of gross annual premium income was 33,459 billion yen (88.6% y/y) in Fiscal 2016. Though Gross annual premium income had trended upward in recent years, it decreased for the first time in three years in fiscal 2016, affected by the suspension of the sales of single-premium products due to the reduce in the assumed interest rates. [Figure 34]

As for results by type of business, individual insurance (23,611billion yen, 92.2% y/y), individual annuity insurance (4,340 billion yen, 91.8% y/y), group insurance (1,134 billion yen, 100.9% y/y), and group annuity insurance (3,057 billion yen, 67.0% y/y). [Figure 35]

By method of premium payments for individual insurance, monthly payment ranked top (52.9% of the total), followed by annual payment (21.4%), single-premium payment (16.2%) and monthly payment through payroll deduction (9.1%). The shares of single-premium payment and annual payment have significantly decreased from the previous year in fiscal 2016. [Figure 36]

Figure 34: Changes in Profit and Loss

Figure 35: Changes in Premium Income by Type

Ordinary

Revenue

s

Premium

Incomes and

Others

Premium

Income

Investmen

t Income

Interest

and

Dividend

Others

Ordinary

Expense

s

Insuranc

e

benefits

paid

Provision

for Policy

Reserves

Investme

nt

Expenses

Operatin

g

Expense

s

Other

s

2012 54,803 38,069 37,140 11,835 6,475 4,899 52,239 31,685 12,881 1,734 4,349 1,588 2,564

2013 53,215 35,784 34,738 11,326 6,877 6,105 50,113 33,778 9,108 1,345 4,389 1,491 3,101

2014 55,959 38,681 37,222 12,310 7,085 4,966 52,449 34,952 10,041 1,325 4,499 1,630 3,510

2015 52,305 38,962 37,748 8,291 7,111 5,051 49,537 32,454 8,361 2,473 4,706 1,541 2,768

2016 47,760 35,182 33,459 9,078 7,023 3,499 45,097 29,014 8,155 1,777 4,726 1,423 2,662


2012 42,968 31,587 30,658 10,274 4,975 1,106 40,933 21,012 12,872 1,705 3,836 1,507 2,034

2013 41,981 29,872 28,826 9,785 5,419 2,323 39,343 23,617 9,103 1,327 3,876 1,418 2,638

2014 45,790 32,724 31,267 10,850 5,720 2,215 42,773 25,892 10,040 1,314 3,986 1,538 3,016

2015 42,700 33,548 32,338 6,936 5,802 2,214 40,344 23,903 8,361 2,463 4,169 1,446 2,355

2016 39,101 30,141 28,424 7,710 5,797 1,250 36,717 21,463 8,155 1,617 4,166 1,314 2,383

（billion yen）Income Expenses

Ordinary

Profit

24,099 22,721 24,546 25,60723,611

4,3744,312

5,154 4,7294,340

1,1091,112

1,119 1,1241,134

3,6833,851

4,175 4,562

3,057

3,8742,739

2,226 1,723

1,314

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2012 2013 2014 2015 2016

（billion yen）

Individual Insurance Individual Annuity Insurance

Group Insurance Group Annuity Insurance

34,73837,222 37,748

33,459

37,140

24

Figure 36: Changes in Composition Ratio of Premium Income for Individual Insurance

by Premium Payment Methods

(2) Insurance Benefits Paid

The total amount paid by all life insurers under life insurance contracts in fiscal 2015 was 29,014 billion yen (89.4% y/y).

Of all the amount of insurance benefits paid, claims paid amounted to 11,053 billion yen (91.2% y/y), annuities paid amounted to 4,843 billion yen (99.7% y/y), benefits (other than claims paid and annuities paid) amounted to 3,904 billion yen (95.3% y/y), surrender benefits paid amounted to 5,768 billion yen (77.3% y/y), refunds to policyholders amounted to 1,125 billion yen (59.5% y/y) and reinsurance premiums14 amounted to 2,318 billion yen (114.7% y/y).

The amount of claims paid declined for the ninth successive year since fiscal 2008 due to the decrease in the number of existing postal life insurance policies. While the amount of annuities paid had been increasing consistently until fiscal 2014, in fiscal 2016, it decreased again from the previous year for the second successive year. The amount of benefits has decreased for the first time in five years. [Figure 37]

Figure 37: Changes in Insurance Benefits Paid

Note: Revenues and expenditures relating to the postal life insurance contracts issued by the former Japan Post (until 2007) is reflected on the revenues and expenditures of the Japan Post Insurance, through underwriting reinsurance from the Management Organization for Postal Savings and Postal Life Insurance that succeeds the contracts. Also, amounts equivalent to the insurance benefits paid (including annuities) relating to the postal life insurance is included in the "claims paid" of the Japan Post Insurance. Of all the claims paid, the number and the amount of death benefits were 1.02 million (101.5% y/y) and 2,89 billion yen (102.3% y/y), and the number and the amount of matured insurance policies were 0.65 million (95.2% y/y) and 1,406billion yen (97.54% y/y). [Figure 38]

14 Premiums that life insurers pay to reinsurers. Reinsurance is an insurance contract that life insurers concludes with

underwriting companies for reinsurance for the purpose of spreading risks regarding the amount of the benefit to be paid under the insurance contracts the insurer has underwritten.

(billion yen)

Claims Paid Annuities Paid BenefitsSurrendered

BenefitRefunds to

PolicyholdersReinsurancePremiums

Total

2012 15,296 3,360 3,936 5,867 1,036 2,188 31,685

2013 14,307 4,499 4,053 7,999 1,136 1,780 33,778

2014 12,971 5,196 4,066 8,772 1,817 2,129 34,952

2015 12,124 4,859 4,096 7,459 1,890 2,022 32,454

2016 11,053 4,843 3,904 5,768 1,125 2,318 29,014


2012 5,107 3,163 3,910 5,712 930 2,188 21,012

2013 4,796 4,242 4,019 7,779 1,000 1,778 23,617

2014 4,717 4,892 4,024 8,480 1,654 2,122 25,892

2015 4,547 4,518 4,047 7,080 1,697 2,011 23,903

2016 4,565 4,471 3,847 5,335 939 2,303 21,463

25

Figure 38: Changes in Number and Amount of Death/Maturity Benefit Payments

Of all the benefits paid, the number and the amount of hospitalization benefits increased to 6.66 million (102.9% y/y) and 693 billion yen (101.0% y/y), and also those of surgery benefits increased to 3.96 million (104.6% y/y) and 412 billion yen (103.0% y/y). [Figure 39]

Figure 39: Changes in Number and Amount of Hospitalization and Surgery Benefits

26

2 Investment Income and Expenses

Investment income in fiscal 2016 was 9,078 billion yen (109.5% y/y). Of all the investment income, while interest and dividends slightly decreased from the previous year to 7,023 billion yen (98.8% y/y), gain on sales of investment securities significantly increased to 1,077 billion yen(162.7%), and others (including profits on asset management of special accounts) increased to 897 billion yen (174.8% y/y). Profits on asset management of special accounts themselves amounted to 629 billion yen (16 billion yen in fiscal 2015. [Figure 40]

Of all the interest and dividends, the amount of interest and dividends from securities stood at 5,928 billion yen (99.7% y/y) and that of interest from loans stood at 697 billion yen (91.5% y/y).

The amount of profits on sales of securities stood at 1077 billion yen (162.7% y/y), and the losses on sales of securities stood at 551 billion yen (354.3% y/y). The losses on revaluation of securities stood at 71 billion yen (78.3% y/y). [Figures 40 and 41]

The amount of the balance of foreign exchange profits minus foreign exchange losses stood at -111 billion yen in fiscal 2016 (1,021 billion yen in fiscal 2015).

The investment yield on assets in general accounts was 1.96% (1.92% in fiscal 2015). Of all type, the numbers in each column decreased from the previous year, namely in bonds to 1.84% (1.75% in fiscal 2015), domestic stocks to 5.83% (5.17% in fiscal 2015), foreign securities to 2.31% (2.24% in fiscal 2015), financial loans to 1.83% (1.70% in fiscal 2015), and real estate to 2.80%.(2.62% in fiscal 2015) [Figure 42]

Figure 40: Changes in Investment Income

Securities LoansRent of Real

EstateDeposits and

Others

6,475 5,153 919 318 84 935 1,184 3,238 11,835

<102.9> <105.3> <93.2> <97.7> <95.5> <92.5> <1448.0> <430.7> <145.4>

6,877 5,620 866 312 79 1,124 693 2,631 11,326

<106.2> <109.1> <94.2> <97.9> <94.0> <120.1> <58.5> <81.2> <95.7>

7,085 5,880 809 312 83 1,032 1,110 3,082 12,310

<103.0> <104.6> <93.5> <100.1> <104.7> <91.8> <160.1> <117.1> <108.7>

7,111 5,947 762 318 82 662 4 513 8,291

<100.4> <101.1> <94.2> <102.0> <100.0> <64.2> <0.4> <16.7> <67.4>

7,023 5,928 697 319 77 1,077 79 897 9,078

<98.8> <99.7> <91.5> <100.2> <92.8> <162.7> <1,891.7> <174.8> <109.5>

4,975 3,964 612 318 79 875 1,184 3,238 10,274

<104.7> <107.1> <95.7> <97.7> <93.5> <95.0> <1448.0> <430.8> <157.9>

5,419 4,439 592 312 74 1,053 691 2,621 9,785

<108.9> <112.0> <96.8> <97.9> <93.7> <120.3> <58.4> <80.9> <95.2>

5,720 4,761 568 312 77 970 1,110 3,049 10,850

<105.5> <107.3> <95.9> <100.1> <104.1> <92.2> <160.5> <116.3> <110.9>

5,802 4,856 550 318 77 661 4 468 6,936

<101.4> <102.0> <96.9> <102.0> <99.2> <68.1> <0.4> <15.4> <63.9>

5,797 4,891 513 319 72 992 79 841 7,710

<99.9> <100.7> <93.3> <100.2> <93.8> <150.1> <1,891.7> <179.6> <111.2>

Total

（billion yen、％）

Interestand

Dividends

Profit onSales of

Securities

2014

ForeignExchange

ProfitOthers

2012

2013

Note 1: Other including income from monetary trusts, profit on financial derrivatives and gains on assets in special accounts

2016

2012

2015

2016


2015

2013

2014

Note 2: The figures in parentheses represent year-on-year rate.

27

Figure 41: Changes in Investment Expenses

Figure 42: Changes in Portfolio Yields by Type of Assets

61 323 216 29 1,105 1,734

<101.8> <45.8> <93.4> <15.9> <155.8> <91.8>

69 258 46 21 949 1,345

<113.4> <79.9> <21.7> <74.0> <85.9> <77.6>

64 82 13 105 1,059 1,325

<92.5> <31.8> <29.2> <491.7> <111.6> <98.5>

68 155 91 1,026 1,131 2,473

<106.9> <189.6> <665.2> <968.1> <106.8> <186.6>

74 551 71 191 889 1,777

<107.8> <354.3> <78.3> <18.6> <78.6> <71.9>

57 303 216 28 1,099 1,705

<98.8> <44.9> <93.4> <15.8> <161.4> <93.4>

64 247 46 21 946 1,327

<112.2> <81.7> <21.7> <75.8> <86.1> <77.8>

60 77 13 105 1,057 1,314

<92.9> <31.1> <29.2> <491.7> <111.8> <99.0>

64 153 91 1,025 1,128 2,463

<107.3> <199.7> <665.2> <967.7> <106.7> <187.4>

71 426 71 187 859 1,617

<111.7> <276.9> <78.3> <18.3> <76.2> <65.7>

Note 2: The figures in parenthese represent year-on-year rate.

（billion yen,％）Losses on

Sales of

Securities

Losses on

Revaluation of

Securities

Foreign

Exchange

Losses

Others Total

Note 1:Others include losses from monetary trusts, financial derivatives expenses and losses on assets in

special accounts

2016

2015

Interest paid

2016


2012

2015

2013

2014

2012

2013

2014

BondsDomesticStocks

ForeignSecurities

FinancialLoans

Real EstateGeneralAccountAssets

2012 2.00 0.61 5.25 2.18 2.35 2.36

2013 1.95 5.14 4.60 2.15 2.43 2.40

2014 1.88 5.31 5.50 2.28 2.50 2.58

2015 1.75 5.17 2.24 1.70 2.62 1.92

2016 1.84 5.83 2.31 1.83 2.80 1.96

2012 2.24 0.61 5.29 2.09 2.37 2.65

2013 2.10 5.15 4.65 2.07 2.46 2.68

2014 1.98 5.31 5.57 2.30 2.54 2.89

2015 1.81 5.17 2.24 1.50 2.67 2.02

2016 1.96 5.83 2.41 1.73 2.86 2.11

Below are figures exclusing Japan Post Insurance.

Note: Yields are calculated by dividing(investment income - investment expenses＋appraisal gains under Article 112 of

the Insurance Business Act ) by the average daily balance.

（％）

28

3 Operating Expenses

The total amount of operating expenses stood at 4,726 billion yen (100.4% y/y). The ratio of premium income to total operating expenses was 13.4% (up by 1.3points from the previous year). [Figure 43]

Figure 43: Changes in Operating Expenses

4 Ordinary Profits and Basic Profits

The total amount of ordinary profits decreased for the second successive year to 2,662billion yen (96.2% y/y) due to the decrease in premium income. The total amount of basic profits, which represents the profitability of the life insurance companies for the year, increased from the previous year to 3,392 billion yen (101.8% y/y) for the first time in six years. [Figure 44]

What is Basic Profit?

"Basic profit" is the indicator for the basic periodic profit/loss status of life insurers, comprised of income and expenditures for core insurance business (e.g. premium income, payments of insurance benefits and operating expenses) and income and expenditures for investment (mainly interest and dividends). The amount is calculated by deducting both "capital gains/losses" and "extraordinary gains/losses" (e.g. profits/losses on sales of securities) from the ordinary profits.

4,349 4,389 4,499 4,706 4,726

11.4

12.3 11.6

12.1

13.4

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

0

1,000

2,000

3,000

4,000

5,000

6,000

2012 2013 2014 2015 2016


Operating Expenses

Ratio to Premium Income

29

III Investment Results

1 Total Assets

As of the end of fiscal 2016, total assets increased from the previous year for the first time in two years to 375,505 billion yen (102.3% y/y).

By the type of items, securities accounted for 82.5% of total assets (309,714 billion yen, 103.1% y/y) followed by loans at 9.1% (34,071 billion yen, 97.4% y/y). [Figures 45 and 46]

Figure 45: Changes in Total Assets

Figure 46: Ratio to Total Assets

2,564

3,101

3,510

2,7682,662

3,259

3,545

3,823

3,334 3,392

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2012 2013 2014 2015 2016

(billion yen）

Ordinary Profits Basic Profits

Cash,Deposits

and Savings

Call LoansMonetary

TrustsSecurities Loans

TangibleFixed

AssetsOthers

TotalAssets

2012 3,574 2,766 2,059 27,824 40,244 6,460 11,646 344,998

2013 4,416 2,669 2,459 28,503 38,099 6,319 11,586 350,582

2014 5,608 3,672 3,332 29,942 36,810 6,329 12,072 367,255

2015 7,458 1,280 3,701 30,052 34,986 6,250 12,966 367,167

2016 7,534 1,201 4,543 30,971 34,071 6,124 12,314 375,505

2012 2,850 2,563 1,803 20,568 27,553 6,374 7,704 254,535

2013 2,753 2,439 1,877 21,565 27,078 6,230 7,461 263,493

2014 3,402 3,227 1,897 23,315 26,832 6,197 7,633 282,343

2015 5,602 920 2,056 23,691 26,008 6,104 8,018 285,624

2016 6,174 1,051 2,416 24,622 26,010 5,987 7,299 295,168


Cash,Deposits

and Savings

Call LoansMonetary

TrustsSecurities Loans

TangibleFixed

AssetsOthers

TotalAssets

2012 1.0 0.8 0.6 80.7 11.7 1.9 3.4 100.0

2013 1.3 0.8 0.7 81.3 10.9 1.8 3.3 100.0

2014 1.5 1.0 0.9 81.5 10.0 1.7 3.3 100.0

2015 2.0 0.3 1.0 81.8 9.5 1.7 3.5 100.0

2016 2.0 0.3 1.2 82.5 9.1 1.6 3.3 100.0

2012 1.1 1.0 0.7 80.8 10.8 2.5 3.0 100.0

2013 1.0 0.9 0.7 81.8 10.3 2.4 2.8 100.0

2014 1.2 1.1 0.7 82.6 9.5 2.2 2.7 100.0

2015 2.0 0.3 0.7 82.9 9.1 2.1 2.8 100.0

2016 2.1 0.4 0.8 83.4 8.8 2.0 2.5 100.0


（％）

Figure 44: Changes in Ordinary Profits and Basic Profits

30

2 Securities

By the type of securities (309,714 billion yen in total), Japanese government bonds ranked top with 148,553 billion yen (99.99% y/y) accounting for 48.0% of the total securities, followed by foreign securities at 85,197 billion yen (108.3% y/y), corporate bonds at 25,824 billion yen (101.8% y/y), stocks at 21,514 billion yen (101.8% y/y) and local government bonds at 12,982 billion yen (96.0% y/y). [Figure 47]

Since the domestic interest rate remained low throughout fiscal 2016, financial resources were increasingly allocated to foreign securities etc., because of their comparatively higher interest rates. As a result, the amount of bonds (total of government bonds, local government bonds and corporate bonds) decreased for the third successive year (187,360 billion yen, 99.95% y/y). The amount of stocks increased for second successive year. Among the assets, the amount of bonds accounted for 49.9%, foreign securities for 22.7%, and stocks for 5.7% of the total in fiscal 2016. [Figures 48 and 49]

Of all the foreign securities, the amount of bonds (total of government bonds, local government bonds corporate bonds, and other foreign securities) stood at 79,451 billion yen (110.1% y/y), and the amount of stocks stood at 5,745 billion yen (88.1% y/y). [Figure 49]

Figure 47: Changes in Breakdown of Securities

Figure 48: Changes in Balance of Bonds and Stocks.

Total

Amount Ratio Amount Ratio Amount Ratio Amount Ratio Amount Ratio Amount Ratio Amount

2012 148,769 53.5 13,934 5.0 25,155 9.0 16,725 6.0 55,986 20.1 17,673 6.4 278,244

2013 149,815 52.6 14,008 4.9 24,895 8.7 18,029 6.3 61,450 21.6 16,830 5.9 285,031

2014 148,761 49.7 13,868 4.6 24,855 8.3 22,697 7.6 73,280 24.5 15,965 5.3 299,429

2015 148,568 49.4 13,517 4.5 25,363 8.4 19,813 6.6 78,653 26.2 14,607 4.9 300,523

2016 148,553 48.0 12,982 4.2 25,824 8.3 21,514 6.9 85,197 27.5 15,642 5.1 309,714

2012 92,296 44.9 5,236 2.5 18,671 9.1 16,724 8.1 55,084 26.8 17,673 8.6 205,686

2013 97,292 45.1 4,835 2.2 18,454 8.6 18,028 8.4 60,211 27.9 16,830 7.8 215,652

2014 100,675 43.2 4,312 1.8 18,202 7.8 22,696 9.7 71,299 30.6 15,965 6.8 233,152

2015 104,389 44.1 4,112 1.7 19,126 8.1 19,812 8.4 74,964 31.6 14,507 6.1 236,912

2016 105,821 43.0 3,755 1.5 20,125 8.2 21,455 8.7 80,845 32.8 14,225 5.8 246,228


GovernmentBonds

LocalGovernment

BondsCorporate Bonds Stocks Foreign SecuritiesOther Securities

（Amount:billion yen、Ratio:％）

31

Figure 49: Changes in Balance of Foreign Securities

3 Loans

The balance of loans decreased from the previous year to 34,071 billion yen (97.4% y/y), accounting for 9.1% of the total assets (down by 0.4 points from the previous year).

Loans were the main items in the investment portfolios of life insurers from the late 1960s to early 1970s accounting for almost 70% over the total assets; however, the amount has been decreasing in the long run. Financial loans, accounting for 91.4% of total loans, decreased from the previous year to 31,132 billion yen (97.3% y/y), and policy loans also decreased from the previous year to 2,938 billion yen (97.9% y/y). [Figure 50]

As for the items of financial loans, loans to entities account for 84.6%, followed by loans to individuals for 5.6%. [Figure 51]

The amount of risk-monitored loans (total of loans to bankrupt borrowers, past due loans, loans overdue for three months or more and restructured loans) decreased from the previous year to 93 billion yen (80.0% y/y). Among them, past due loans amounted to 69 billion yen (76.9% y/y) and restructured loans amounted to 19 billion yen (90.7% y/y). The ratio of risk-monitored loans to total loans was 0.3% in fiscal 2016 (0.3% in fiscal 2015). [Figure 52]

Figure 50: Changes in Breakdown of Loans

50,78056,186

67,13772,131

79,451

5,2055,264

6,1426,521

5,745

16.217.5

20.021.4

22.7

0.0

5.0

10.0

15.0

20.0

25.0

0

20,000

40,000

60,000

80,000

100,000

2012 2013 2014 2015 2016


Bonds Stocks Ratio to Total Assets

Financial Loans Policy Loans Total LoansRatio to Total

Assets

2012 37,039 3,205 40,244 11.7

2013 34,964 3,134 38,099 10.9

2014 33,741 3,069 36,810 10.0

2015 31,985 3,001 34,986 9.5

2016 31,132 2,938 34,071 9.1

2012 24,383 3,169 27,553 10.8

2013 23,998 3,079 27,078 10.3

2014 23,837 2,994 26,832 9.5

2015 23,102 2,905 26,008 9.1

2016 23,190 2,820 26,010 8.8

（Amount:billion yen,Ratio:％）


32

Figure 51: Changes in Financial Loans to Entities and Individuals

Note 1: Financial loans to entities include the loans to foreign entities in addition to the items described above. Note 2: Financial loans from Japan Post Insurance to SMEs include loans to Management Organization for Postal Savings and Postal Life Insurance. Note 3: The figures in parentheses represent year-on-year rate.

(Classification of Scale of Entities by the Type of Business)

Type of Business

① All Types of Business

Except for ② to ④ ② Retail and Eating and

Drinking Business ③ Service Business ④ Wholesale Business

Large Entities With more

than 300 employees and;

Capital of 1 billion yen or more With more






Capital of 1 billion yen or more

Leading Medium-Sized Entities

Capital of more than 300 million yen and less than 1 billion yen




SMEs With capital of 300 million yen or less or 300 or less full-time employees

With capital of 50 million yen or less or 50 or less full-time employees



Large EntitiesLeading

Medium-sizedEntities

SMEsHome

MortgagesConsumer

Loans

32,489 17,097 131 13,874 1,451 794

<94.5> <98.3> <85.4> <89.8> <92.4> <102.2>

30,443 16,594 139 12,104 1,400 808

<93.7> <97.1> <106.6> <87.2> <96.5> <101.7>

29,437 16,282 135 11,040 1,333 706

<96.7> <98.1> <97.3> <91.2> <95.2> <87.4>

27,798 15,659 156 9,989 1,251 646

<94.4> <96.2> <115.5> <90.5> <93.8> <91.6>

26,338 14,849 129 9,047 1,142 587

<94.7> <94.8> <82.8> <90.6> <91.3> <90.8>

20,286 16,881 131 1,888 1,451 794

<97.1> <98.0> <85.4> <89.2> <92.4> <102.2>

19,981 16,351 139 1,885 1,400 808

<98.5> <96.9> <106.6> <99.8> <96.5> <101.7>

20,067 16,027 135 1,925 1,333 706

<100.4> <98.0> <97.3> <102.1> <95.2> <87.4>

19,505 15,439 156 1,916 1,251 646

<97.2> <96.3> <115.5> <99.5> <93.8> <91.6>

19,067 14,673 129 1,951 1,142 587

<97.8> <95.0> <82.8> <101.8> <91.3> <90.8>

2013

2016

2015

2014

2015

2016

Below are figures exclusing Japan Post Insurance

2012

2014

Loans to Individuals

（billion yen, ％）

2012

2013

Loans to Entities

33

Figure 52: Changes in Amount of Risk-Monitored Loans

4 Tangible Fixed Assets (Real Estate)

Of the total amount of tangible fixed assets (6,124 billion yen), the amount of real estate, which is the total amount of land, buildings and construction in process, was 6,027 billion yen (97.9% y/y). The total amount of tangible fixed assets accounts for 1.6% of the total assets for fiscal 2016.[Figures 45 and 53]

Figure 53: Changes in Balance of Real Estate

IV Liabilities and Net Assets

Total liabilities stood at 352,674 billion yen (102.6% y/y), accounting for 93.9% of gross capital (the total of liabilities and net assets). By the items of liabilities, insurance reserves account for 92.8% of total liabilities. Of all the insurance reserves, policy reserves, which are reserved for future insurance claim payments, account for 98.1% of total policy reserves. Other than that, reserves for policyholder dividends account for 1.3%, which are reserved for paying dividends on insurance contracts, and reserves for outstanding claims account for 0.7%, which are reserved for unclaimed insurance payable. [Figure 54 (upper panel)]

Meanwhile, total net assets were 22,830 billion yen (97.6% y/y), accounting for 6.1% of gross capital. It decreased from the previous year due to the decrease in "total valuation, translation adjustment, and others". [Figure 54 (lower panel)]

34

Figure 54: Liabilities and Net Assets

Breakdown of Liabilities （Billion、％）

　 Amount Ratio of Liabilities Ratio

327,298 92.8 87.2

Reserves for Outstanding Claims 2,180 0.6 0.6

Policy Reserves 321,021 91.0 85.5

Reserves for Policyholder Dividends 4,095 1.2 1.1

4,100 1.2 1.1

21,275 6.0 5.7

352,674 100.0 93.9

Amount Ratio of Net Assets Ratio

Total Foundation Funds and others or Total Stockholders' Equity10,684 46.8 2.8

Fund or Capital 2,840 12.4 0.8

Accumulated Redeemed Foundation Funds 2,376 10.4 0.6

Capital Surplus 1,872 8.2 0.5

Surplus or Retained Earnings 3,570 15.6 1.0

Others 24 0.1 0.0

12,146 53.2 3.2

0 0.0 0.0

22,830 100.0 6.1

37,550 － 100.0

Total Net Assets

Total Liabilities and Net Assets

Total Valuation, TranslationAdustment, and Others

Stock Acquisition Rights

Insurance Reserves

Reserves for Price Fluctuations

Others

Total Liablities

Breakdown of Net Assets

35

Reference

Distribution Channels and Sales Force

The distribution channels of the life insurance companies in Japan have diversified recently, including tied sales agents who belong to a sales office of a life insurance company organized within its domestic branch, sales agencies which conclude a service contract with a life insurance company, direct sales and internet sales. The solicitation of life insurance products is conducted mostly by tied sales agents, sales agencies (including corporate type and individual type) and sales representatives at agencies, who are required to be registered with the FSA as a life insurance solicitor in accordance with the Insurance Business Act.

While the number of tied sales agents had been on the decrease, it started to increase in fiscal 2015 and in the fiscal 2016 it increased for the second successive year to mark 232,006 (101.0% y/y). The number of corporate type sales agencies has remained almost unchanged and in fiscal 2016, it amounted to 35,306 (100.3% y/y). Also, the number of individual type sale agencies decreased to 55,805 (96.6% y/y) in fiscal 2016 for the second successive year. As to sales representatives at agencies, which has been increasing except for fiscal 2014 given that the banks started to sell all types of life insurance products in fiscal 2002 and that the postal privatization was achieved in 2007,it slightly increased again to 1,003,507 (100.4% y/y) in fiscal 2016 .

Figure 55: Number of Tied Sales Agents, Agencies and Sales Representatives

at Agencies at the End of Fiscal 2016

Note: The number of sales representatives at agencies includes the total of corporate agencies and individual agencies.

2009 2010 2011 2012 2013 2014 2015 2016

Corporate Agencies 35,084 34,820 34,694 34,809 34,714 35,218 35,199 35,306

Individual Agencies 70,980 68,046 64,470 61,298 56,938 59,700 57,786 55,805

Tied Sales Agencies 250,601 240,952 236,572 233,559 228,878 227,724 229,668 232,006

Sales Representatives at Agencies 970,797 989,301 1,005,471 1,011,176 1,015,242 992,266 999,218 1,003,507

0

20,000

40,000

60,000

80,000

100,000

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

（Agencies）（Agents）

36

Member Companies

Changes in the number of Member Companies

Note: Numbers are as of the end of each fiscal year.

List of Member Companies of the LIAJ (41 life insurers) as of March 2016

AXA Life Insurance Co., Ltd. Zurich Life Insurance Company Ltd.

AXA Direct Life Insurance Company Limited T&D Financial Life Insurance Company

Asahi Mutual Life Insurance Co. Tokio Marine & Nichido Life Insurance Co., Ltd.

American Family Life Assurance Company of Columbus Nippon Life Insurance Co.

Allianz Life Insurance Japan Ltd. The Neo First Life Insurance Company, Limited

AIG Fuji Life Insurance Company, Limited Fukoku Mutual Life Insurance Co.

SBI Life Insurance Co., Ltd. Fukokushinrai Life Insurance Co., Ltd.

NN Life Insurance Company, Ltd. The Prudential Life Insurance Co., Ltd.

ORIX Life Insurance Corporation The Prudential Gibraltar Financial Life Insurance Co., Ltd.

CARDIF Assurance Vie MassMutual Life Insurance Company

Japan Post Insurance Co., Ltd. Manulife Life Insurance Company

Crédit Agricole Life Insurance Company Japan Ltd. Mitsui Life Insurance Company Limited

The Gibraltar Life Insurance Co., Ltd. Mitsui Sumitomo Aioi Life Insurance Co., Limited

Sumitomo Life Insurance Co. Mitsui Sumitomo Primary Life Insurance Company, Limited

Sony Life Insurance Co., Ltd. Midori Life Insurance Company

AEGON Sony Life Insurance Co., Ltd. Meiji Yasuda Life Insurance Company

Sompo Japan Nipponkoa Himawari Life Insurance, Inc. MetLife Insurance K.K.

The Dai-ichi Life Insurance Company, Limited Medicare Life Insurance Co., Ltd.

The Dai-ichi Frontier Life Insurance Co., Ltd. Lifenet Insurance Company

Daido Life Insurance Co. Rakuten Life Insurance Co., Ltd.

Taiyo Life Insurance Company

As of Sep. 2017, the following company name has been changed as below.

AIG Fuji Life Insurance Company, Limited→FWD Fuji Life insurance Company, Limited

37

Part 2


(LIAJ)

38

1. The LIAJ’s Topics for Fiscal 2016

1. Promotion of Friendly Life Insurance Services for the Elderly

(1)“The Recommendation on Utilization of the Individual Number System in the Private Sector"

The LIAJ issued “The Recommendation on Utilization of the Individual Number System in the Private Sector”

for promotion of friendly life insurance services for the elderly". In further striving for improvement of service

quality in serving the elderly by ensuring smooth and prompt service processing and accessibility, utilization

by the life insurers of the Individual Number System, which is a newly-introduced public infrastructure went

into operation in 2016, would enable them to introduce effective measurers for better servicing the elderly.

Based on this recognition, the LIAJ made the recommendation on utilization of the Individual Number

System in the private sector. The life insurance business by nature plays key social role to support people's

lives financially by appropriately providing insurance benefits. Giving particular focus on the elderly

customers under the rapid aging, the life insurance industry will continue improving its services in order to

provide peace of mind through fulfilling such key social role.

◆ Examples of Utilization of the Individual Number System by Life Insurers

②Access to the official administrative information on current address of the elderly

③Delivering notices to each elderly via Individual Number Web Portal

①Access to the official administrative information on existence (alive/dead) of the elderly

・By obtaining information on existence (dead) of the elderly, lifeinsurers can reach out to the beneficiaries to facilitate insuranceclaims.

・By obtaining information on existence (alive) of the elderly, lifeinsurers will no longer need to check with supportingdocumentation to confirm the life, which would be required forclaims filing for whole life annuity contracts.

Effective and efficient confirmation of existence of the elderly

Smooth and prompt receptionof benefit

Less burdensome claims filing

Benefits for customers

・By obtaining current contact address of the elderly policyholderwhen it is unknown to the insurers, life insurers can continueproviding follow-up services.

Effective and efficient confirmation of elderly policyholders’ contact addresses

Timely and sure reception ofservices from life insurers


・By delivering important notice documents (e.g. notification ofmaturity) and certificates for tax deduction for life insurancepremium via the Web portal of Individual Number System, lifeinsurers can provide relevant information to the policyholderstimelily and surely.

Enhancement of user-friendliness for elderly policyholders

Timely and sure reception ofimportant notices from lifeinsurers


39

(2) The LIAJ Symposium Held on 19 January, 2017

In the symposium, good practices that give due consideration to the characteristics of the elderly customers

by member companies were shared and challenges and benefit of "utilization of the Individual Number

System in the private sector" were discussed. Mr. Haruki Mukai, Councilor, Cabinet Secretariat, delivered key

note speech, followed by a panel discussion about "Promotion of Friendly Life Insurance Services for the

Elderly: Recommendation on Utilization of the Individual Number System in the Private Sector" by five

panelists. The discussion provided valuable inputs into the development of the recommendation

2. Promotion of Insurance Education

Participating rate of life insurance is declining especially for younger people. This could threaten peace of

mind for society in the future. To address this concern, a broader understanding of the role and importance

of self-help efforts is essential. Accordingly, the LIAJ helped spread the knowledge that people need in order

to make their own financial plans.

In particular, in addition to existing efforts by the LIAJ such as providing teaching materials, the LIAJ discussed

increasing opportunities for insurance education at school and providing input to the parties concerned so

that students can learn the role of insurance in life planning.

Recognising that these initiatives are critical for the life insurance business, the LIAJ continues to conduct

them not for a single year but over the medium to long term in cooperation with the Japan Institute of Life

Insurance. the LIAJ conducted initiatives below.

(1) Support for Teachers

In consultation with junior-high and high school teachers, Ministry of Education, Culture, Sports, Science and

Technology and Ministry of Health, Labour and Welfare, the LIAJ developed teaching materials through which

students can learn the roles and benefits of social security system and insurance in social studies (civics)

classes in junior-high schools and civics classes in high schools and the implementation manual for teachers.

○ Teaching Materials and Web Portal for Teachers

Teaching Materials

Teaching material for social studies classes in junior-high schools:

“Corporate Roles and Responsibilities in the Society: How do the insurance companies

contribute to the society?”

Teaching material for civics classes in high schools:

“Let’s study Basics of Social Security System and Insurance!”

Web Portal

The LIAJ opened the Web portal that enables one-stop provision of information regarding

education on social security and insurance to teachers in junior-high and high schools.

The Web portal includes access to teaching materials on social security prepared by the Minis-

try of Health, Labour and Welfare and those on life planning and life security prepared by Japan

Institute of Life Insurance, and introduction of efforts made by member companies and the LIAJ.

40

(2) Recommendation for Greater Opportunity for Insurance Education at Schools in the Report

on Enhancement of insurance Education

The LIAJ made a recommendation for greater opportunity for insurance education at schools in its report

"The Report on Enhancement of Insurance Education" in April 2016 and o. The LIAJ conducted a teachers'

survey by sending out questionnaire to teachers who are teaching social science (civics) or domestic

science in 15,513 junior/senior high schools all over Japan as well as a field survey in some major Western

countries. The report put together the survey results in order to identify current practices and problems that

need to be solved regarding insurance education at schools. The report then makes a recommendation

for greater opportunity for insurance education at schools.

In 2017, the new junior high school curriculum guideline and its commentary, which reflected the LIAJ’s

recommendation, noted that "private insurance" and "self-help, mutual assistance and public assistance

are most appropriately used where in learning social security in social science (civics). The textbooks

reflecting the new curriculum guidelines will be used from FY 2021. In order to provide future generations

with necessary competence to live their life with financial security, the LIAJ will further enhance initiatives

regarding insurance education through which they can learn the importance of self-help efforts in financial

preparation for their future life security.

○ Summary of the Recommendation

When the social security system is mentioned in the class, it should be ensured that the

importance of self-help efforts and the benefit of the function of insurance is also communicated.

More practically, they should be learnt in both contexts of: the study of domestic science that

focuses on personal life, and the study of social science (civics) that focuses on social life.

Domestic Science: While the current standard course provides that insurance should be

introduced in high school classes as a tool to manage risks in one's life planning, the course

curriculum should be expanded to introduce insurance in the context of the social security

system as a tool to prepare for one's future life security.

Social Science (Civics): While the current standard course provides that social security

system should be mentioned in junior-high and high school classes, the course should be

improved to ensure that the importance of self-help efforts and the benefit of the use of

insurance in their financial preparation for their future life security is communicated.

In implementing the above policy, teaching materials or lecturers provided by life insurance sector

should be recognized and used as appropriate.

41

(3) Publication of "Casebook on Industry Initiatives on Insurance Education" as Past Initiatives

In February 2016, the LIAJ published a casebook that introduces voluntary and active initiatives by member

companies in the area of insurance education.

○ About the Casebook

The LIAJ conducted a survey of member companies on their initiatives for "provision of

knowledge about insurance" and "seminars and lectures" in the area of insurance education to

achieve the better understanding on the important role of self-help efforts. The casebook

introduces survey responses as follows:

Provision of Knowledge about Insurance: Member companies are providing knowledge

about insurance through their website, education materials and other tools.

Seminars and Lectures: Member companies are providing lecturers, endow courses,

opportunities for workplace experience, education events, and education for teachers and

consumer consultants. In fiscal 2014, these events were held 532 times in total and about

46,000 people participated in such events.

Other Initiatives: The Japan Institute of Life Insurance and the LIAJ are also promoting

initiatives to deepen the understanding on life insurance and life planning by people of all

generations through the "all generation-responsive package" supporting the consumer

understanding.

Through taking advantages of member companies' initiatives shared in the Case Studies, the

LIAJ will further support member companies in introducing and conducting voluntary and active

measures in the area of insurance education and enhance initiatives taken by the life insurance

industry as a whole.

42

2. The LIAJ's Key Activities

1. Activities to Provide Information and Promote Understanding on

the Life Insurance Business

(1) Holding Interactive Dialogues on Life Insurance and Periodical Engagement with Consumers'

Groups/Organizations

The LIAJ holds the "Interactive Dialogue on Life Insurance" in cooperation with the Japan Institute of

Life Insurance (JILI), with the aim of promoting a proper understanding of the life insurance business

through dialogues with consumers’ groups/organizations. In fiscal 2016, the LIAJ held 129 meetings in

total across Japan with consumers' groups/organizations and journalists. Additionally, the LIAJ

periodically visits such organizations to provide information and hear their opinions on the life insurance

industry and the LIAJ's activities.

(2) Providing Basic Information and Knowledge about Life Insurance on the Website

The LIAJ posts basic life insurance information and knowledge on its website, covering various topics.

Also, using a "Quick Search for Life Insurance Products" on the LIAJ's website, customers can find

relevant information on life insurance products.

(3) Publication of a Summary of Life Insurance Statistics

The LIAJ collects statistics on the life insurance business of all life insurers monthly, quarterly, and

annually, and publishes these statistics on its website. In addition, the LIAJ prepares and publishes "Life

Insurance Fact Book" which summarizes the key performance of life insurers and the results of the life

insurance industry, and "Statistical Data Package of Life Insurance Market in Japan" which contains

detailed statistical data of life insurers.

(4) Review and Further Refinement of Standards for Disclosure

Laws stipulate detailed items to be disclosed by life insurers regarding their business operation. The

LIAJ has also prepared a set of industry-wide "Standards for Disclosure" with additional items that it

considers should be voluntarily added by member companies in the light of usefulness for customers

and investors. The LIAJ reviews these standards every year for possible refinement.

(5) Publication of a Guidebook on Financial Reports of Life Insurers

The LIAJ has prepared a guidebook on financial reports of life insurers to help customers better

understand business conditions of life insurers and has published it on their website.

(6) Providing Disclosure Materials of Life Insurers

In addition to prepare disclosure materials of life insurers in the LIAJ's headquarters and local offices,

the LIAJ provides them to about 400 consumer centers across Japan in order to improve access to the

43

materials. Materials regarding financial results, statistics for first half year and quarterly statistics of life

insurers are also available on the LIAJ's website.

2. Consultation Services, Complaint Processing and Dispute

Resolution Operations regarding Life Insurance Business

(1) Life Insurance Consultation Center

The LIAJ is designated by the FSA as a designated dispute resolution body based on the Insurance

Business Act, and therefore processes complaints and resolves disputes related to the life insurance

business.In order to conduct those activities, the Life Insurance Consultation Center was established

within the LIAJ. The Center aims to raise public understanding of and trust in life insurance as well as

help protect policyholders' legitimate interests. The Center investigates the cases in a prompt and

transparent manner from a fair and neutral position upon receiving an inquiry or complaint about life

insurance or an application for dispute resolution procedures. The Center operates its services based

on the "Operational Rules for a Designated Dispute Resolution Body for (foreign) Life Insurance

Business" which was authorized by the FSA.

(2) Appropriate Handling from a Fair and Neutral Position of Consumers' Inquiries and

Complaints Received

In the Life Insurance Consultation Center (including Life Insurance Consultation Office (Tokyo), and the

Center's corresponding 51 local offices in every prefecture), expert consultants deal with inquiries and

complaints from a neutral position. When the Center receives a request to resolve a complaint, it strives

to reach an early settlement such as by making requests for a settlement and by mediating settlements

with the life insurers involved.

◆ Number of inquiries and complaints

Fiscal 2015 Fiscal 2016

General Inquiries 6,064 4,667

Complaints 4,724 4,744

Total 10,788 9,411

44

(4) Dispute Resolution by "Arbitration Council"

When a customer files a complaint with the Center, the Center facilitates communication between the

life insurer involved and the customer to reach a settlement. In principle, if they cannot reach a settlement

within one month, the Center convenes the Arbitration Council to resolve the dispute. The Arbitration

Council currently consists of 17 members (7 lawyers, 7 consumer advisors and 3 staff of the Life

Insurance Consultation Center) and strives to resolve the dispute appropriately from a fair and neutral

position.

◆ Flow of Procedure to Apply for the Arbitration Council

◆ Number of Filings for Procedures of the Arbitration Council

FY 2009 2010 2011 2012 2013 2014 2015 2016

Number 122 172 260 208 202 194 312 355

(5) Establishment of Arbitration Advisory Committee Consisting of External Experts

The Life Insurance Consultation Center established the Arbitration Advisory Committee consisting of

external experts such as scholars, lawyers, doctors, representatives of consumer organizations and full-

time executives of the LIAJ. In addition to responding to consultations by the Head of the Life Insurance

Consultation Center (Chairman of the LIAJ), the Arbitration Advisory Committee makes

recommendations and proposals, as appropriate, to ensure fair and smooth operation of the Center's

business and the Arbitration Council. The Center has a scheme for reflecting those recommendations

and proposals in the measures of the LIAJ and member companies.

Arbitration Council

Filing of Complaint

Judging of

appropriateness

Receive complaint

Arrange

negotiation

Settlement reached

Dispute unresolved

Fact-finding

through

documents,

hearings, etc.

Deliberation

Preparation/

presentation

of settlement

proposal

RefusalArbitration completed

by ruling

Settlement reached

Arbitration

unsuccessful

45

(6) Provision of Information regarding Consultations and Complaints

The Center publishes the annual "Life Insurance Consultation Center Report" and "Summaries of

Arbitration", which summarize the inquiries and complaints received during the year. To help prevent

disputes and their recurrence, the Center also prepares the quarterly "Voice Report" (sector-wide basis

and individual insurer basis), which provides information about inquiries and complaints in categories,

their numbers, as well as typical complaints that have been filed. In addition, the LIAJ discloses the

number of complaints by company on its website to ensure a neutral, fair and transparent process for

complaint handling.

(7) Reflecting Complaints in Improvement of Management

The life insurance industry is struggling to reflect complaints in improvement of their management. To

help make customers aware of the trend of complaints and how member companies deal with their

complaints, the LIAJ discloses information including the number and details of complaints as well as

those of payment/non-payment of insurance claims on the LIAJ's and member companies' websites.

3. Activities regarding Systems and Measures to Ensure

Appropriate Operation of the Life Insurance Business

(1) Development of the Code of Conduct for Member Companies

In order to achieve greater reliability on insurance business, the LIAJ has developed the "Code of

Conduct" that member companies and their officers/employees must follow. The Code of Conduct

consists of the "Principles of Conducts", the principles and standards which should be complied with by

each life insurer and its employees as they operate a company and conduct business, and the "Action

Guidelines" that should also be complied with.

(2) Development and Review of Voluntary Guidelines Suggesting Practical Points to Consider

To help life insurers to provide appropriate handling and best services for policyholders, from arranging

the contract to the payment of benefits, the LIAJ has developed voluntary guidelines which suggest

practical transactions and points to consider. These guidelines are referred to by each member

company and their executives and regular employees, and are periodically reviewed by the LIAJ.

(3) Collection of Best Practices to Reflect in Improvement of Management

The LIAJ had conducted "Follow-Up Survey" to monitor the measures taken by member companies in

accordance with voluntary guidelines and to better reflect objectives of the guidelines in their

management. Meanwhile, Consumers' Opinions Task Force, the cross-sectional body within the LIAJ,

had conducted survey to collect and analyze information on counseling, complaints, opinions or

requests received from outside of life insurance industry, and to collect member companies' initiatives

in the field where many complaints or requests were seen. Since 2015, these two surveys were

integrated into the regular "Value-Up Survey" to monitor the measures taken by member companies in

46

accordance with the voluntary guidelines. Through collecting and sharing examples of practices

adopted by member companies to improve customer services including measures reflecting the

opinions and requests from consumers and through improving the PDCA management cycle within

member companies, the LIAJ encourages them to adopt the guidelines in their management.

(4) Efforts to Address Revisions to the Insurance Business Act and Encouraging Establishment

of Management Systems for Appropriate Solicitation

As the business environment surrounding the Japanese insurance market is changing significantly (e.g.

diversification of the distribution channel), partial revisions were made to the Insurance Business Act

fully implemented on May 29, 2016 to introduce fundamental rules for insurance solicitation (e.g.

obligation to confirm customers' intention and to provide necessary information) and obligation on

insurance agencies to have management systems for appropriate solicitation in place. The LIAJ

encourages the member companies' establishment and operation of management systems for

appropriate solicitation by compiling and publishing a commentary in the form of questions and answers

on main points of the revision and drawing up "Guidelines for Insurance Agents to Have Management

Systems for Appropriate Solicitation in Place" and "Guidelines for Solicitation-related Activities".

(5) Activities as Authorized Personal Information Protection Organization

The LIAJ was accredited as an Authorized Personal Information Protection Organization by the

Financial Services Agency under the Act on the Protection of Personal Information in April 2005. The

LIAJ developed the Personal Information Protection Guidelines and provides guidance or

recommendations on complying with the guidelines to each member company, and also receives

related complaints from customers and shares them with member companies.

(6) Measures to Prevent Abuse of Life Insurance

Life insurance has the risk to be abused to make illegitimate profits (moral risk). The LIAJ is taking

various measures to mitigate this moral risks as well as cooperating with the police's investigation to

avoid overlooking of death caused by crimes.

Policy Data Registration System

When life insurance companies receive an application for insurance policy (including riders like

death benefit and hospitalization benefit), the relevant data of policyholders may be stored at the

registration center within the LIAJ. Life insurance companies refer to the registered details to judge

whether to accept a contract or whether to pay claims for death or hospitalization benefits, to

prevent attempts to receive insurance claims fraudulently by enrolling in several insurance policies

for short periods.

Policy Data Inquiry System

Life insurance companies and the National Mutual Insurance Federation of Agricultural

Cooperatives (Zenkyoren) have jointly operated the Policy Data Inquiry System to contribute to the

sound development of life insurance and cooperative systems since April 2002. Under the system,

the data held by Zenkyoren and the data registered in the Policy Data Registration System by the

LIAJ can be cross-referenced. They refer to the registered details to judge whether to accept a

contract or whether to pay claims for death or hospitalization benefits.

47

Cross Reference System for Assessing Insurance Claims

Upon receiving an insurance claim, participating insurance companies cross-reference each

other's data on policyholders. They then use the information when deciding whether to accept a

claim from a policyholder.

Liaison Conference between Life Insurers and the Police

In order to prevent the criminal abuse of life insurance, the LIAJ holds liaison meetings with the

National Police Agency. The "Liaison Conference between Life Insurers and the Police" is held

between the LIAJ's 52 local offices and municipal police headquarters to exchange information on

organized crime groups, special frauds and prevention of moral hazard.

(7) Measures against Special Frauds

Against special fraud, which has become a social issue, the LIAJ creates posters to call consumers'

attention in collaboration with the National Police Agency and the Financial Services Agency in addition

to distributing flyers to attract consumers' attention in its local offices across Japan.

(8) Measures against Money Laundering

The LIAJ creates a handbook, a commentary in the form of questions and answers and a poster to be

displayed for customers, to raise life insurance companies' understanding regarding money laundering.

(9) Measures against Anti-social Forces

The LIAJ has declared its commitment to cutting off any relations with anti-social forces (ASF). In this

regard, the LIAJ is taking measures such as encouraging member companies to add a clause that

enables insurers to terminate their contracts with ASF into the policy clauses, establishing a database

regarding anti-social forces for member companies' reference, and holding discussions with other

organizations in order to dissolve any insurance contracts with ASF or related parties.

48

○ Efforts to Combat Tax Evasion

Foreign Account Tax Compliance Act

On March 18, 2010, the Foreign Account Tax Compliance Act (FATCA) was enacted in the U.S.

as part of the Hiring Incentives to Restore Employment Act of 2010, with the aim of preventing tax

evasion by U.S. taxpayers using offshore financial accounts. Under the Act, foreign financial

institutions outside of the U.S. are required to report certain information about financial accounts

held by U.S. taxpayers directly to the U.S Internal Revenue Service (IRS). As of July 1, 2014, in

accordance with the "Statement of Mutual Cooperation and Understanding between the U.S.

Department of the Treasury and the Authorities of Japan to Improve International Tax Compliance

and to Facilitate Implementation of FATCA", Japanese life insurance companies started

implementing the due diligence procedures to identify certain financial accounts held by U.S.

taxpayers when concluding life insurance policy. And also, they started reporting the account

information to the IRS when the customers are identified as U.S. taxpayers.

OECD Common Reporting Standard

Following the increased demands for uniforming information exchanged between each country

with the aim of preventing tax evasion in accordance with the Automatic Exchange of Financial

Account Information (AEOI), the OECD also released a full version of Common Reporting

Standard (CRS) for AEOI prepared by the OECD Committee on Fiscal Affairs on July 21, 2014.

As for Japan, the Cabinet approved the implementation of the CRS, beginning January 1, 2018

(i.e. committed to first automatic exchange of information in 2018) on January 14, 2015. In Japan,

relevant legislations to support CRS were published on March 31, 2015, which came into force

on January 1, 2017. The legislations require life insurance companies in Japan to collect and

report to the National Tax Agency, non-resident account holder information sorted by residence

jurisdiction, after identifying the residence of the account holder by prescribed due diligence

procedures.

49

(10) LINC (The Life Insurance Network Center)

The life insurance industry established an industry-wide network system called the Life Insurance

Network Center, or LINC in 1986. This network has been striving to enrich their services to improve

information security in the insurance industry, and also reduces the burden of clerical work for client

companies. With several improvements to the network system since its establishment, the Center

currently operates the following 12 systems.

◆ LINC Systems

System Outline of Functions

1 Inter-network settlement system

among member companies To enable fund settlement among life insurers.

2

Data exchange system on

individual policies whose monthly

premiums are collected through

payrolls

To integrate data on individual policies whose premiums

are collected through payroll deduction and exchange

them between life insurers and client companies which

make payroll deductions.

3 Data exchange system

on asset-formation insurance

To act as an intermediary for exchanging data on asset-

formation insurance.

4 Registration system

on medical care insurance

To register the details of medical care insurance

contracts to check whether the same person is

designated as a medical care insured with several

insurance companies.


on life insurance solicitors

To perform application procedures for registration of life

insurance solicitors and manage the register.


on policy data

To register the details of contracts to check contracts

which designate the same person as a beneficiary of

hospitalization and death benefits in order to prevent

moral hazard.

7 Data distribution system on

National Pension Fund insurance

To collect and distribute data on National Pension Fund

insurance contracts to life insurers offering the

insurance.

8 Data exchange system

on life insurance business statistics

To collect statistical data from life insurers to prepare

materials on the business performance of the life

insurance industry.

9

Data exchange system on joint

Employee's Pension Fund

Insurance Report

To exchange data between life insurers and trust banks

to prepare the joint report on the Employees' Pension

Fund.

10 Cross referencing system

for assessing insurance claims

To cross-reference contracts among life insurers when a

claim is filed for insurance benefits and mutual aid

money in order to judge whether to pay the benefits,

cancel the contracts or allow the contracts to lapse in

order to prevent moral hazard.

11

Data exchange system on

corporate pension plans among

principal companies

To exchange settlement data on Employees' Pension

Funds and Defined Benefit Corporate Pensions among

principal life insurers and principal trust companies.

12 Statistics collection system on

incidence rates including mortality

To collect survey data on incidence rates including

mortality from life insurers and prepare statistical

materials.

50

(11) Promotion of Initiatives to Ensure Appropriate Business Operation

To ensure appropriate business operation, the LIAJ conducts several initiatives to encourage staff to

have the basic knowledge and improve their skills through the following examinations.

Examination for Life Insurance Claims Assessors

The LIAJ has been conducting the "Exam for Life Insurance Claims Assessors" since fiscal 2007.

This exam encourages staff who handle claims at life insurers to acquire the basic knowledge and

good judgment required by the staff with the aim of fostering such human resources, and

maintaining and improving their abilities in the light of securing proper payout practices.

Examination for Life Insurance Interviewers

When an applicant applies for a contract, whether to accept the contract is determined based on,

for example, the declaration form or a doctor's medical examination. As a way of determination,

the life insurance interviewer interviews the insured and checks their health. The LIAJ administers

qualification exam for interviewers.

(12) Development of Measures to Prepare for Disasters

To fulfill the social mission of the life insurance industry, the LIAJ takes several measures to continue its

important business such as payment of insurance benefits, even in extraordinary situations such as a

serious disaster or a pandemic of a new strain of influenza. Also, in light of the lessons learnt from the

Great East Japan Earthquake, life insurance companies reviewed and improved their countermeasures

against disaster as well as their services and business procedures. Life insurance companies reviewed

their business continuity plan (BCP) after the earthquake, and is striving to enhance their customer

services in ordinary situations.

(13) Operation of the Center for Locating Life Insurance Contracts in Disaster Areas

The LIAJ is operating the Center for Locating Life Insurance Contracts in Disaster Areas after the Great

East Japan Earthquake for those who were struck by disasters in designated disaster areas. Under this

search system, all member companies search for relevant insurance contracts for people who struggle

to claim insurance benefits because they have lost evidence of their contracts in a disaster or are not

sure of their insurance companies. Currently, the scope of this system has been expanded to any cases

where people have lost evidence of insurance contracts in an area covered by the Disaster Relief Act.

51

4. Activities regarding Education and Training for the Staff of

Member Companies

(1) Common-to-industry Educational System for Life Insurance Solicitors

Under the laws and regulations, tied sales agents and sales representatives at agencies need

to be registered with the FSA to sell life insurance products as life insurance solicitors. The

LIAJ administers the "General Course Exam" to check the knowledge, quality and capacity

of candidates seeking registration. The LIAJ also administers the "Professional Course Exam",

"Advanced Professional Course Exam" and "College Course Exam" in order to satisfy

customers' needs more appropriately. In addition, the LIAJ administers the "Variable Life

Insurance Sales Qualification Course Exam" for insurance solicitors to acquire knowledge

necessary to sell variable life insurance/annuities. The LIAJ reviews and enhances the

content of the textbooks for those examinations every year.

Exam Purpose Description

General Course To gain a basic knowledge on life insurance required by

a tied sales agent/sales rep at an agency.

・Compliance at the time of soliciting

insurance

・Importance of maintenance and

services after sales

Professional Course

To acquire more extensive expertise and related

knowledge on insurance solicitation based on the core

knowledge gained in the General Course.

・Knowledge about other financial

sectors

・Social security and corporate

benefit system

Advanced

Professional Course

To cultivate applicable and practical ability and acquire

comprehensive knowledge essential for financial

planning services.

・Categories of tax and its

calculation

・Public pension program

College Course

To further acquire life insurance and related knowledge

at an expert level. This course is the highest course in

the common-to-industry educational system.

・Financial planning

・Study on individual / corporate

insurance products

Variable Life

Insurance Sales

Qualification

To acquire knowledge on the characteristics and

mechanisms of variable products.

・Types of variable life insurance

and its mechanism

・Prohibited matters and issues in

soliciting variable products

Training for

Professional

Course Exam

(2 days, 12 hours

or more)

Professional

Course Exam

Pass

Life Consultant

Training for Variable Life

Insurance Sales

Qualification Exam

(2 days, 10 hours or more)

Variable Life Insurance

Sales Qualification Exam

Pass

Registration

(LIAJ)

Advanced

Professional

Course Exam

Pass

Senior Life

Consultant

College Course

Exam

Pass

Total Life

Consultant

Orientation

(more than 1 day)

Initiation

Pre-registration

training

(Min. 8 days, 30

subjects, 32 hours)

General Course

Exam

Registration

(Regional Finance

Bureau)

Post-registration

training period

(Min. 7 days, 15

subjects, 28 hours)

OJT

(1 month after

registration)

Pass

◆ Common-to-industry Educational System

52

(2) Continuing Education System for Life Insurance Solicitors

The LIAJ has a system for continuous education of all life insurance solicitors ("Continuing Education

System") once a year in principle so that they can conduct solicitation activities with an emphasis on

customer satisfaction and compliance. The LIAJ also conducts follow-up activities every year to

enhance the continuing education system.

(3) Life Insurance Course

This course is for staff engaged in the life insurance business, with the aim of imparting the basic

knowledge required to work in the life insurance industry. The course consists of eight subjects:

"Introduction to Life Insurance", "Life Insurance Actuarial Science", "Risk Selection", "Contractual

Provision and Law", "Life Insurance Products and Sales", "Life Insurance Accounting", "Asset

Management" and "Life Insurance and Tax Law". The LIAJ publishes the text and operates the exam

for each subject.

5. Activities regarding Making Requests and Proposals to Relevant

Authorities, Agencies and Organizations

(1) Requests on Tax Reform

Recognizing the current situation the social security system is in, the LIAJ believes it is important that

public security and private security fulfill their respective roles to support people's financial security.

Pursuing the idea of "double (public and private) pillared financial security", the LIAJ will continue to

request expansion of tax deduction and other schemes that encourages self-help efforts toward

enhanced private protection scheme.

(2) Continued Survey on Enhancing Equity Values for 43 Years

The LIAJ has been conducting serveys on the efforts of listed companies and institutional investors

regarding approach toward enhancing equity values for 43 years since fiscal 1974.

The LIAJ published its requests to investors as well as to companies from the perspectives of corporate

governance, management strategies oriented toward sustainable growth, and dialogues.

The LIAJ expects that the surmey results will promote medium-to long-term enhancement of equity

values, and thereby, link to revitalization of the stock market as a whole.

53

○ Follow-up Activities on Postal Privatization

Since the government announced its plans to privatize the nation's postal service in the cabinet's

"Basic Policy" and established the government-owned Japan Post in 2003, after continuous

discussions on postal privatization within the government, bills of the Postal Service Privatization

Act and related acts were passed in 2005. Following this enactment, Japan Post Holdings Co.,

Ltd. and Japan Post Insurance were established and announced plans to be listed in December

2014. They were successfully listed on the Tokyo Stock Exchange on November 4, 2015. On

April 1, 2016, the cap on the amount of additional insurance coverage, which is allowed after four

years from the date of conclusion, was raised to 10 million yen from 3 million yen and, as the

result, the cap on the amount of total coverage was raised to 20 million yen from 13 million yen.

In this context, the LIAJ has continued to express opinions that we can never agree to any

increase in the cap on the amount of insurance coverage or any expansion of business scope of

Japan Post Insurance without ensuring a level playing field and introducing an appropriate control

system.

(3) Comments on Global Standards for Insurance Supervision and International Financial

Reporting Standards

Amid the ongoing globalization of the insurance industry, discussions have been held on developing

global standards for insurance supervision at the International Association of Insurance Supervisors

(IAIS) and on developing International Financial Reporting Standards for insurance contracts at the

International Accounting Standards Board (IASB). The LIAJ submits various comments to input to such

discussions in order for the standards to appropriately reflect the characteristics of the life insurance

business in Japan. For instance, in 2017, IASB issued IFRS 17 is an International Financial Reporting

Standard on accounting for insurance contracts and has an effective date of 1 January 2021.

(4) Commitment to the Global Federation of Insurance Associations

The LIAJ is a founding member of the Global Federation of Insurance Associations (GFIA), which was

established in October 2012 with the aim of increasing effectiveness in providing input and to

exchanging information more effectively between insurance associations. The LIAJ will continue to

commit to the GFIA effectively to increase industry effectiveness in providing input to international bodies

such as the IAIS, and will contribute to further development of the GFIA.

○ The Global Federation of Insurance Associations (GFIA)

The GFIA is a non-profit association established to represent national and regional insurance

associations. Currently, its 40 member associations represent insurers and reinsurers in 60

countries that account for around 87% of total insurance premiums worldwide.

54

6. Activities to Fulfill Social Responsibilities

(1) The Project to Support Working Parents with Small Children - For Further Promotion of Active

Participation by Women

For further promotion of active participation by women and to address the issue of children on nursery

school waiting lists, the LIAJ aims to create an environment where working mothers need not to feel that

they are compromising on child rearing. Since fiscal 2014, the LIAJ has subsidized specific projects to

increase the facility capacity as well as projects to improve the quality of day nurseries/clubs for after-

school activities for children. In fiscal 2016, the LIAJ provided subsidies to 83 facilities, totaling 21 million

yen.

(2) Subsidy Program for Elderly Support Organizations - Staying Healthy in Old Age

Considering the society of accelerated aging of the population, it is of great importance to establish a

society where everyone can enrich their life in good health for all time, and to facilitate health promotion

so that they can live out their natural life span. Since fiscal 2014, the LIAJ has been providing subsidies

to private non-profit organizations and groups which engage in activities targeted for the elderly to

facilitate health care and health promotion, to promote independence of the elderly and to help them to

live a meaningful life. The LIAJ decided to provide subsidies to 52 organizations, totaling 5 million yen in

fiscal 2016.

(3) Activities to Enhance Family Bonds by Reading Picture Books to Children

The LIAJ has engaged in "Activities to Enhance Family Bonds by Reading Picture Books to Children"

since fiscal 2008 to enhance family bonds. In fiscal 2016, the LIAJ helped to hold the "JPIC* Workshop

for the Supporters of Reading Picture Books" and contributed to provision of opportunities for people to

spend more time with their families by promoting reading of picture books. In fiscal 2015, the workshops

were held in 33 regions and the number of participant was 3,431 in total. The LIAJ encourages the

participants to hold sessions for reading picture books to children based on what they learned at the

workshops, and provides the set of books for the sessions.

* Japan Publishing Industry Foundation for Culture

(4) Supporting Education of Care Workers and Childcare Workers

Care workers are expected to play a crucial role in providing elderly care. In order to support them, the

"Scholarship Program for Education of Care Workers" has been run for 27 years since fiscal 1989. The

recipients of the scholarship in the past are playing leading roles as care workers across the country. In

fiscal 2016, the LIAJ provided scholarship of annually 240 thousand yen per person (free of repayment

obligation) to 197 students. In addition, since 2017, the LIAJ launched new scholarship program for

childcare workers.

(5) Scholarship Program for International Students in Japan (Seiho Scholarship Program)

This scholarship (for two years, free of repayment obligation) has been provided to 363 international

students from Southeast Asia and East Asia as an international contribution to assist human exchanges.

55

(6) Encouraging Efforts against Environmental Issues with Numerical Targets

The life insurance industry is committed to addressing environmental issues by developing the Life

Insurance Industry's Action Guidelines for Environmental Issues, the Life insurance Industry's

Commitment to a Low Carbon Society, and also by setting a numerical target for reducing electricity

consumption as well as sharing information on member companies' efforts. The LIAJ set the reduction

targets for fiscal 2020 and from fiscal 2020 until fiscal 2030 in accordance with the "Nippon Keidanren's

Commitment to a Low-Carbon Society" and is encouraging active efforts against encouraging issues.

The LIAJ also conducts follow-up activities every year to further encourage efforts made by member

companies.

56

3. The LIAJ’s Organization Profile

The LIAJ started as an incorporated association with formal sanction by the authorities concerned on December

7, 1908. Since then, the Association has continued to make efforts for the sound development of the life insurance

industry.

Objective

To strive for the sound development of the life insurance industry and maintain its reliability.

Activities

1. Activities to provide information and promote understanding on the life insurance business

2. Consultation services, complaint processing and dispute resolution operations regarding life insurance

3. Activities regarding systems and measures to ensure appropriate operation of the life insurance business

4. Activities regarding education and training for the staff of member companies

5. Research and study activities regarding the theory and practice of life insurance

6. Activities regarding making requests and proposals to relevant authorities, agencies and organizations

7. Activities to fulfill social responsibilities

8. Other activities considered necessary to achieve the goals of the LIAJ

History

1898 The Forum of Japanese Life Insurers was founded.

1905 The Forum of Japanese Life Insurers was reorganized into the Association of Japanese Life Insurers.

1908 The Association of Japanese Life Insurers was authorized as an incorporated association.

1942 The Life Insurance Control Association was founded. The Association of Japanese Life Insurers was renamed

the Life Insurance Network, and most of its operations were transferred to the Life Insurance Control

Association.

1945 The Life Insurance Council of Japan was founded to take over the operations of the Control Association after

it was dissolved. The Life Insurance Network was renamed The Life Insurance Association of Japan (LIAJ).

All the operations of the Life Insurance Network were transferred to the LIAJ.

2008 The LIAJ marked the 100th anniversary since its foundation.

2014 The LIAJ made a transition from an incorporated association to a general incorporated association.

Membership

All 41 life insurance companies operating in Japan (As of December 31, 2017)

Board Members

Representatives of member companies and full-time officers of the LIAJ (As of December 31, 2017)

Offices

52 offices (the headquarters in Tokyo and 51 local offices) (As of December 31, 2017)

Number of Employees

268 employees (As of December 31, 2017)

Funding

Membership fees and revenues from business activities such as examination business (Budget for fiscal 2016:

approx. 5.24 billion yen, of which 4.14 billion yen from membership fees and 1.05 billion yen from revenues from

business activities)

57

Organization Chart

(As of December 31, 2017)

58

Board Members


Chairman

Masahiro Hashimoto President and Chief Executive Officer, Sumitomo Life Insurance Co.

Vice Chairmen

Seiji Inagaki President and Representative Director, The Dai-ichi Life Insurance Company, Limited

Yoshiteru Yoneyama President, Fukoku Mutual Life Insurance Co.

Directors

Yoshinobu Tsutsui President, Nippon Life Insurance Co.

Katsumi Nakazato President & Chief Executive Officer,Tokio Marine & Nichido Life Insurance Co.,

Ltd.

Yasunori Kume Representative, CARDIF Assurance Vie

Tomoo Hagimoto President and Representative Director, Sony Life Insurance Co., Ltd.

Akira Nishino Representative Director and President, AEGON Sony Life Insurance Co., Ltd.

Kaoru Takahashi President & CEO, Sompo Japan Nipponkoa Himawari Life Insurance, Inc.

Kazunori Kataoka President, ORIX Life Insurance Corporation

Hitoshi Morita President & CEO, Representative Executive Officer, Manulife Life Insurance

Company

Mitsuru Imoto Representative Director and President, MassMutual Life Insurance Company

Shoichiro Ichitani President and Chief Executive Officer, The Prudential Life Insurance Co., Ltd.

Norimitsu Shimada Executive Managing Director, NN Life Insurance Company, Ltd.

Norio Tomono Representative Director, President and COO, FWD Fuji Life Insurance

Company, Limited

Tomohiko Komoto Director, Representative Executive Officer, Deputy President and Chief

Distribution Officer, AXA Life Insurance Co., Ltd.

Masatoshi Koide President of Aflac Japan, Representative in Japan of Aflac, American Family

Life Assurance Company of Columbus

Hiroki Kimura President and Representative Director, Asahi Mutual Life Insurance Co.

Akio Negishi President, Meiji Yasuda Life Insurance Company

Sachin N. Shah Director, Representative Statutory Executive Officer and Chairman, MetLife

Insurance K.K.

Hitoshige Tambo President, Mitsui Sumitomo Aioi Life Insurance Co., Limited.

Masahiro Hashimoto President and Chief Executive Officer, Sumitomo Life Insurance Co.

Vice Chairmen

Toyonari Sasaki The Life Insurance Association of Japan (Full-time)

Kenichi Kobayashi The Life Insurance Association of Japan (Full-time)

Director

Kazushige Mori The Life Insurance Association of Japan (Full-time)

Auditors

Minoru Kudo Representative Director and President, Daido Life Insurance Co.

Daisuke Iwase President & Representative Director, Lifenet Insurance Company

Yuzo Hashiya President and Representative Director, Rakuten Life Insurance Co., Ltd.

Kazuo Ohtake Attorney at Law

59

Member Companies


AEGON Sony Life Insurance Co., Ltd. http://www.aegonsonylife.co.jp/

Aoyama Oval Building, 5-52-2 Jingumae, Shibuya-ku, Tokyo 150-0001

Allianz Life Insurance Japan Ltd. http://life.allianz.co.jp/

Anzen Building, 1-6-6 Motoakasaka, Minato-ku, Tokyo 107-0051

American Family Life Assurance Company of Columbus http://www.aflac.co.jp/

Shinjuku Mitsui Building, 2-1-1 Nishi-shinjuku, Shinjuku-ku, Tokyo 163-0456

Asahi Mutual Life Insurance Co. http://www.asahi-life.co.jp/

Asahi Seimei Otemachi Building, 2-6-1 Otemachi, Chiyoda-ku, Tokyo 100-8103

AXA Life Insurance Co., Ltd. http://www.axa.co.jp/

NBF Platinum Tower, 1-17-3 Shirokane, Minato-ku, Tokyo 108-8020

AXA Direct Life Insurance Company Limited http://www.axa-direct-life.co.jp/

8th Floor, KDX Kojimachi Building, 3-3-4 Kojimachi, Chiyoda-ku, Tokyo 102-0083

CARDIF Assurance Vie http://www.cardif.co.jp/

9th Floor, Shibuya Infoss Tower, 20-1 Sakuragaoka-cho, Shibuya-ku, Tokyo 150-0031

Crédit Agricole Life Insurance Company Japan Ltd. http://www.ca-life.jp/

15th Floor, Shiodome Sumitomo Building, 1-9-2 Higashi-Shimbashi, Minato-ku, Tokyo 105-0021

Daido Life Insurance Co. http://www.daido-life.co.jp/

1-2-1 Edobori, Nishi-ku, Osaka-shi 550-0002

Fukoku Mutual Life Insurance Co. http://www.fukoku-life.co.jp/

2-2-2 Uchisaiwaicho, Chiyoda-ku, Tokyo 100-0011

Fukokushinrai Life Insurance Co., Ltd. http://www.fukokushinrai.co.jp/

8-17-1 Nishi-Shinjuku, Shinjuku-ku, Tokyo 160-6132

FWD Fuji Life Insurance Company, Limited http://www.fwdfujilife.co.jp/

Kamiyacho MT Building, 4-3-20 Toranomon, Minato-ku, Tokyo 105-8633

Japan Post Insurance Co., Ltd. http://www.jp-life.japanpost.jp/

1-3-2 Kasumigaseki, Chiyoda-ku, Tokyo 100-8798

Lifenet Insurance Company http://www.lifenet-seimei.co.jp/

Kojimachi NK Building, 2-14-2, Chiyoda-ku, Tokyo 102-0083

Manulife Life Insurance Company http://www.manulife.co.jp/

3-20-2 Nishi-shinjuku, Shinjuku-ku, Tokyo 163-1430

MassMutual Life Insurance Company http://www.massmutual.co.jp/

2-1-1 Osaki, Shinagawa-ku, Tokyo 141-6023

Medicare Life Insurance Co., Ltd. http://www.medicarelife.com/

5th Floor, Sumitomo-seimei Kiyosumi Park Building, 1-11-12 Fukagawa, Koto-ku, Tokyo 135-0033

Meiji Yasuda Life Insurance Company http://www.meijiyasuda.co.jp/

2-1-1 Marunouchi, Chiyoda-ku, Tokyo 100-0005

MetLife Insurance K.K. http://www.metlife.co.jp/

4-1-3 Taihei , Sumida-ku, Tokyo 130-0012

Midori Life Insurance Company http://www.midori-life.com/

6-3-43 Ohji, Kita-ku, Tokyo 114-8595

Mitsui Life Insurance Company Limited http://www.mitsui-seimei.co.jp/

1-1-20 Aomi, Koto-ku, Tokyo 135-8222

60

Mitsui Sumitomo Aioi Life Insurance Co., Limited. http://www.msa-life.co.jp/

2-27-2, Shinkawa, Chuo-ku, Tokyo 104-8258

Mitsui Sumitomo Primary Life Insurance Company, Limited http://www.ms-primary.com/

16th Floor, Yaesu First Financial Building, 1-3-7 Yaesu, Chuo-ku, Tokyo 103-0028

Nippon Life Insurance Co. http://www.nissay.co.jp/

3-5-12 Imabashi, Chuo-ku, Osaka-shi 541-8501

NN Life Insurance Company, Ltd. https://www.nnlife.co.jp/

26th Floor, New Ohtani Garden Court, 4-1 Kioicho, Chiyoda-ku, Tokyo 102-0094

ORIX Life Insurance Corporation http://www.orixlife.co.jp/

Akasaka Star Gate Plaza, 2-3-5 Akasaka, Minato-ku, Tokyo 107-0052

Rakuten Life Insurance Co., Ltd. http://www.rakuten-life.co.jp/

Rakuten Crimson House, 1-14-1 Tamagawa, Setagaya-ku, Tokyo 185-0094

SBI Life Insurance Co., Ltd. http://www.sbilife.co.jp/

Shinjuku NS Building, 2-4-1 Nishi-shinjuku, Shinjuku-ku, Tokyo 163-0822

Sompo Japan Nipponkoa Himawari Life Insurance, Inc. http://www.himawari-life.co.jp/

Shinjuku Central Park Building, 6-13-1 Nishi-Shinjuku, Shinjuku-ku, Tokyo 163-8626

Sony Life Insurance Co., Ltd. http://www.sonylife.co.jp/

Otemachi Financial City Grand Cube, 1-9-2 Otemachi, Chiyoda-ku, Tokyo 100-8179

Sumitomo Life Insurance Co. http://www.sumitomolife.co.jp/

1-4-35 Shiromi, Chuo-ku, Osaka-shi 540-8512

THE The Dai-ichi Life Insurance Company, Limited http://www.dai-ichi-life.co.jp/

1-13-1 Yurakucho, Chiyoda-ku, Tokyo 100-8411

The Dai-ichi Frontier Life Insurance Co. Ltd. http://www.d-frontier-life.co.jp/

17th Floor, Osaki Wiz Tower, 2-11-1 Osaki, Shinagawa-ku, Tokyo 141-0032

The Gibraltar Life Insurance Co., Ltd. http://www.gib-life.co.jp/

Prudential Tower, 2-13-10 Nagata-cho, Chiyoda-ku, Tokyo 100-8953

The Neo First Life Insurance Company, Limited http://neofirst.co.jp/

Osaki Wiz Tower, 2-11-1 Osaki, Shinagawa-ku, Tokyo 141-0032

The Prudential Life Insurance Co., Ltd. http://www.prudential.co.jp/


The Prudential Gibraltar Financial Life Insurance Co., Ltd. http://www.pgf-life.co.jp/


Taiyo Life Insurance Company http://www.taiyo-seimei.co.jp/

2-7-1 Nihombashi, Chuo-ku, Tokyo 105-0022

Tokio Marine & Nichido Life Insurance Co., Ltd. http://www.tmn-anshin.co.jp/

Tokio Marine Nichido Building Shinkan, 1-2-1 Marunouchi, Chiyoda-ku, Tokyo 100-0005

T & D Financial Life Insurance Company http://www.tdf-life.co.jp/

1-1-1 Shibaura, Minato-ku, Tokyo 105-0023

Zurich Life Insurance Company Ltd. http://www.zurichlife.co.jp/

16th Floor, Nakano Central Park South, 4-10-2 Nakano, Nakano-ku, Tokyo 164-0001


3rd floor, Shin-Kokusai Building, 4-1 Marunouchi 3-Chome,

Chiyoda-ku, Tokyo 100-0005 Japan

Telephone: +81-3-3286-2652 Facsimile: +81-3-3201-6713

http://www.seiho.or.jp/

Published in March 2018

Date post:	15-Feb-2020
Category:	Documents
Upload:	others
View:	3 times
Download:	0 times

LIFE INSURANCE BUSINESS IN JAPAN...2 Introduction The Life Insurance Fact Book summarizes key...

Documents