Daiichi Life

Daiichi Life is the brand and operating insurance business associated with one of Japan’s oldest major life-insurance groups. It was established on September 15, 1902, as a mutual life-insurance company. Its founding reflected the early development of actuarial and modern insurance practices in Japan, with statistician Yanagisawa Yasutoshi and business figures including Ohashi Shintaro and Hamaguchi Kichibe among the founders, supported by insurance physician Yano Kota. For most of its early history, the company operated as a mutual insurer, serving policyholders through long-term life-protection and savings products. Its history includes expansion of its domestic organization, the relocation of its Tokyo head office to the Yurakucho and Hibiya area, and the use of its head-office facilities by Allied occupation authorities after the Second World War. The company later developed an overseas network, opening a representative office in New York in 1975 and one in London in 1982. It also became an institutional investor with interests in overseas insurance businesses, including an investment in Lincoln National Life Insurance Company in 1990. Daiichi Life broadened its activities beyond traditional individual life insurance during the 1990s and 2000s. It established or participated in businesses covering property and casualty insurance, research, asset management and strategic financial alliances. It also formed cooperation arrangements with financial and insurance institutions, including the Industrial Bank of Japan, Sompo Japan Insurance and Aflac. Its product and service scope includes individual life insurance, medical and health-related protection, annuities, group insurance, employee-benefit programs and investment-related services. Subsidiaries and affiliated companies extend the group’s activities into asset management, retirement solutions and international insurance. A decisive institutional change occurred in 2009, when policyholders approved demutualization. On April 1, 2010, the company completed the conversion from a mutual insurer into a stock company and listed on the Tokyo Stock Exchange. The initial offering raised approximately 1.01 trillion yen, making it one of Japan’s largest public offerings and giving the company access to equity-market capital. The listed operating company became the core insurance business of Dai-ichi Life Holdings. International expansion continued after the listing. In 2011, Daiichi Life completed the acquisition of Australia-listed Tower Australia, which was subsequently renamed TAL and became a wholly owned subsidiary. In 2015, the group acquired Protective Life Corporation in the United States, strengthening its position in North American life and retirement markets. The group has also used subordinated debt issued in overseas markets as part of its capital-management approach; a US-dollar subordinated-bond issue was announced in 2014. In Japan, Daiichi Life remains a large institutional investor as well as an insurer. Its investment portfolio includes Japanese equities and other assets held to support policyholder obligations and generate long-term returns. The group has historically held a significant stake in Tokyu Corporation and has maintained investments across a broad range of Japanese companies. Today, the Daiichi Life brand is principally associated with long-term financial security: life protection, income and retirement planning, medical coverage, group benefits and the stewardship of insurance assets. Its competitive position rests on its long operating history, nationwide distribution, financial scale, investment capability and relationships with individual and institutional customers.

Daiichi Life was founded on September 15, 1902, during the formative period of Japan’s modern insurance industry. It began as a mutual life-insurance company, an ownership structure in which policyholders collectively formed the membership base. The founding group included statistician Yanagisawa Yasutoshi, Hakubunkan president Ohashi Shintaro and Hamaguchi Kichibe, with support from insurance physician Yano Kota. The company’s early identity was tied to actuarial discipline, long-duration household protection and the accumulation of funds for future claims and benefits. During the prewar and wartime period, Daiichi Life operated amid major changes in Japan’s financial and regulatory environment. In 1938, Taizō Ishizaka, formerly a senior Ministry of Communications official, became president. The company also received authorization to conduct business in Manchuria under the insurance framework introduced there in the late 1930s. Its Tokyo headquarters were moved to the Yurakucho and Hibiya district, which later became strongly associated with the company. Following Japan’s defeat in 1945, the Tokyo head office was requisitioned for use by the Supreme Commander for the Allied Powers. In the postwar decades, Daiichi Life rebuilt and expanded its domestic insurance operations. It developed a broad policy portfolio and became an important holder of Japanese financial assets. The company also introduced new product forms, including insurance targeted at male customers in the late 1970s, while continuing to rely on life insurance as its central business. Internationalization began with the opening of a New York representative office in 1975 and a London representative office in 1982. In 1990, Daiichi Life invested in Lincoln National Life Insurance Company, marking an early instance of a Japanese company participating in the capitalization of a major US insurer. The company completed the DN Tower 21 head-office building in Tokyo in 1993. After the Great Hanshin earthquake in 1995, it simplified claims-settlement procedures to help affected policyholders. The 1990s also brought organizational diversification. Daiichi Property and Casualty Insurance was established in 1996, and Dai-ichi Life Research Institute was created in 1997. In 1999, the company agreed to broad business cooperation with the Industrial Bank of Japan, now part of the Mizuho Financial Group. In 2000, it agreed to a comprehensive business alliance involving Sompo Japan Insurance and Aflac. These arrangements reflected the increasing overlap among life insurance, banking, property and casualty coverage, research and employee benefits. Daiichi Life marked its centenary in 2002. A more fundamental transformation followed in 2009, when a motion to demutualize was approved. On April 1, 2010, the company became a stock corporation and listed on the Tokyo Stock Exchange. The offering raised roughly 1.01 trillion yen and made Daiichi Life one of Japan’s most prominent newly listed financial institutions. The listing also established the capital-market structure that later supported the formation and operation of Dai-ichi Life Holdings. The company then pursued a more international growth strategy. In 2011, it completed the takeover of Tower Australia; the business was renamed TAL and became wholly owned. In 2014, the company announced a US-dollar subordinated-bond issue aimed at overseas markets, illustrating its use of international capital markets. In 2015, it acquired Protective Life Corporation in the United States, adding scale in life insurance and retirement-related financial services. Daiichi Life’s modern business combines retail and group insurance in Japan with investment management and overseas insurance operations. The Japanese franchise provides life, medical, annuity and employee-benefit products, while group companies extend the business into asset management, retirement services and international markets. The company is also a major institutional investor, holding stakes in numerous Japanese corporations and historically maintaining a substantial shareholding in Tokyu Corporation. Its long-term business model is based on collecting premiums, investing policyholder funds prudently and paying contractual benefits over extended periods.

1. 2015Protective Life Corporation acquired

   The company purchases Protective Life Corporation in the United States.

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2. 2014Overseas subordinated financing

   Daiichi Life announces an approximately US$1 billion US-dollar-denominated subordinated-bond issue for overseas markets.

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3. 2011Tower Australia becomes TAL

   Following completion of the acquisition, Tower Australia is renamed TAL and operated as a wholly owned subsidiary.

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4. 2010Tokyo Stock Exchange listing

   Daiichi Life completes demutualization and lists on the Tokyo Stock Exchange.

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5. 2009Demutualization approved

   Policyholders approve the conversion of the mutual insurer into a stock company.

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6. 2002Centenary

   The company celebrates 100 years of operation.

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7. 2000Insurance-sector alliances announced

   Daiichi Life agrees to a broad business alliance involving Sompo Japan Insurance and Aflac.

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8. 1999Alliance with Industrial Bank of Japan

   The company agrees to comprehensive business cooperation with the Industrial Bank of Japan.

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9. 1997Research institute established

   Dai-ichi Life Research Institute is established.

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10. 1996Property and casualty subsidiary established

    Dai-ichi Property and Casualty Insurance is established as part of the group’s diversification.

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11. 1995Claims procedures simplified after the Great Hanshin earthquake

    Daiichi Life simplifies claims settlement procedures in response to the Great Hanshin earthquake.

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12. 1993DN Tower 21 is completed

    The company completes the DN Tower 21 head-office building in Tokyo.

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13. 1990Investment in Lincoln National Life

    Daiichi Life invests in Lincoln National Life Insurance Company, marking an early overseas insurance-capital transaction.

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14. 1982European representative office opens

    The company establishes its first European representative office in London.

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15. 1975First overseas representative office

    Daiichi Life opens its first overseas representative office in New York.

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16. 1945Tokyo head office is requisitioned

    The Tokyo head-office building is requisitioned for use by the Allied occupation administration.

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17. 1938Expansion into Manchuria

    Daiichi Life receives authorization to conduct insurance business in Manchuria during the prewar period.

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18. 1902Daiichi Life is founded

    The company is established on September 15 as a mutual life-insurance company in Japan.

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Long-term financial protection and planning built around customer security, life insurance expertise and institutional investment capability.

• Individual life insuranceLife insurance

  Daiichi Life’s core retail offering provides financial benefits to beneficiaries following death or other insured events. Product structures can combine protection with savings, investment or cash-value features, supporting household income replacement, estate planning and long-term financial security.

• Medical and health insuranceHealth insurance

  Health-related products address medical expenses and other risks associated with illness, hospitalization or treatment. They complement conventional life coverage and reflect the insurer’s broader role in helping customers manage mortality, morbidity and healthcare-related financial uncertainty.

• Annuity and retirement productsAnnuities and retirement

  Annuity products convert accumulated premiums or savings into scheduled benefits over time. They are designed for retirement income planning and other long-term financial objectives, using the insurer’s ability to manage assets and liabilities over extended horizons.

• Group insuranceGroup benefits

  Group insurance serves employers, organizations and their members through workplace or association-based protection. It can support employee benefits, group life coverage and related welfare programs, giving institutions a way to provide standardized financial protection to multiple policyholders.

• Asset managementInvestment management

  Through group companies and affiliated operations, Daiichi Life provides asset-management and institutional-investment capabilities. These activities support the management of insurance reserves and may also serve institutional clients, linking the insurance franchise with broader financial-services expertise.

• International life insuranceInternational insurance

  The group’s international platform includes operations in Australia and the United States, notably TAL and Protective Life. These businesses extend the group’s life-insurance and retirement-services reach beyond Japan while retaining life and savings protection as the central product domain.

• 2015Acquisition of Protective Life CorporationM&A

  Daiichi Life sought to increase its presence in North American life insurance and retirement services.

  What changed. The company purchased Protective Life Corporation in the United States.

  Aftermath. Protective Life became an important component of the group’s international insurance platform.

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• 2011Acquisition of Tower AustraliaM&A

  Daiichi Life pursued international growth through acquisitions in overseas life-insurance markets.

  What changed. The company completed its takeover of ASX-listed Tower Australia.

  Aftermath. The acquired business became wholly owned and was renamed TAL.

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• 2010Public listing and capital raisingOther

  Following the approved demutualization, Daiichi Life sought to become a publicly traded insurer.

  What changed. The company listed on the Tokyo Stock Exchange on April 1, 2010.

  Aftermath. The listing raised approximately 1.01 trillion yen and gave the insurer access to public-market capital.

  Capital raised in listing. Approximately JPY 1.01 trillion raised (April 1, 2010)

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• 2009Policyholders approve demutualizationStrategy

  Daiichi Life had operated as a mutual insurer for more than a century. A change in ownership structure was proposed to provide access to public equity capital and support the company’s future development.

  What changed. Policyholders approved the conversion from a mutual insurance company into a stock company.

  Aftermath. The conversion enabled the Tokyo Stock Exchange listing completed in 2010 and established the capital structure associated with the modern Dai-ichi Life group.

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• 2015Dai-ichi Life acquires Protective Life Corporation

  Dai-ichi Life purchased Protective Life Corporation, expanding its international life-insurance and retirement-services presence in the United States.

  M&A
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• 2015Dai-ichi Life announces Protective Life acquisition

  The group purchased Protective Life Corporation, expanding its presence in the United States life-insurance market.

  M&A
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• 2014Dai-ichi Life announces US-dollar subordinated bond issue

  The company announced plans to raise approximately US$1 billion through subordinated bonds denominated in US dollars and offered in overseas markets.

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• 2014Dai-ichi Life prepares overseas subordinated-bond issuance

  The company announced plans to raise approximately US$1 billion through U.S.-dollar-denominated subordinated bonds in overseas markets.

  PricingOther
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• 2011Dai-ichi Life completes acquisition of Tower Australia

  The company completed its takeover of the Australian-listed Tower Australia life-insurance business, which was subsequently renamed TAL and operated as a wholly owned subsidiary.

  M&A
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• 2011Dai-ichi Life expands in Australia through Tower Australia acquisition

  Dai-ichi Life completed the takeover of ASX-listed Tower Australia. The acquired wholly owned life-insurance business was subsequently renamed TAL.

  M&A
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• 2010Dai-ichi Life completes demutualization and Tokyo Stock Exchange listing

  The mutual insurer converted into a stock company and listed on the Tokyo Stock Exchange, raising approximately 1.01 trillion yen in the offering.

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• 2010Dai-ichi Life completes demutualization and lists on the Tokyo Stock Exchange

  The insurer converted from a mutual company into a stock company after member approval in 2009 and began trading on the Tokyo Stock Exchange on April 1, 2010. The offering reportedly raised approximately 1.01 trillion yen.

  M&AOther
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1. Daiichi Life
2. Dai-ichi Life official website