Dai-ichi Life: Everything you need to know
Headquarters address |
13-1, Yurakucho 1-chome, Chiyoda-ku, Tokyo 100-8411, Japan |
Contact details |
+81-(0)3-3216-1222 |
Year established |
1902 |
Size (employees) |
52,300+ |
Premiums and other income |
¥5.3 trillion (2022) |
Underwriting expertise |
Life and health insurance |
Key people |
Seiji Inagaki (president & CEO) |
About Dai-ichi Life
Dai-ichi Life Holdings, Inc. provides life and health insurance, and pension products to clients across Asia and Australia. It operates three segments, namely:
Dai-ichi Life ranks 213th in Forbes 2022 Global 2000, which lists the world’s largest public companies. It is also the second-biggest Japanese insurer in the rankings, trailing only Tokio Marine. The firm has total assets amounting to $571.4 billion, while revenue is at $66.7 billion, according to Forbes.
In 2022, A.M. Best ranked Dai-ichi Life as the second-largest insurance company in Japan, after only to Nippon Life, and seventh in the Asia-Pacific region based on direct written premiums.
Brief history
The company was founded by Tsuneta Yano on September 15, 1902, becoming one of the oldest mutual insurance companies in Japan until a motion to demutualise was passed in 2009. The firm established its first overseas representative office in New York in 1975 and opened its first European office in London in 1982.
In 1990, Dai-ichi Life invested in Lincoln National Life Insurance Company, marking the first time a Japanese company participated in capitalizing a leading US insurer. In 1996, the firm established the Dai-ichi Property and Casualty Insurance Co. Ltd. A year later, it founded the Dai-ichi Life Research Institute.
Daichi Life entered an agreement on total business cooperation with the Industrial Bank of Japan, now Mizuho Financial Group in 1999, a year before it agreed to form a comprehensive business alliance with Sompo Japan Insurance and Aflac.
2010 marked the company’s demutualization and stock listing on the Tokyo Stock Exchange, with the firm raising ¥1.01 trillion. A year later, Dai-chi Life completed the takeover of ASX-listed Tower Australia Life Insurance Company, which was later renamed TAL. The firm later purchased Protective Life Corporation in 2015.
As of March 2022, the firm has one of the biggest assets of any listed company in Japan with a total of ¥38.7 trillion on its stand-alone balance sheet.
Leadership at Dai-ichi Life
Seiji Inagaki – president & CEO
Inagaki joined The Dai-ichi Mutual Life Insurance Company in 1986. He later played a central role in the demutualization of the company in 2010 and led the development of a system to implement the group’s growth strategy. He was appointed executive officer of Dai-ichi Life Insurance Company Limited in 2012, rising through the ranks and becoming managing executive officer in 2015. Inagaki was named director, and managing executive officer of Dai-ichi Holdings in 2016 and as president less than a year later. He was appointed CEO in 2022. Inagaki also serves as chairperson for The Life Insurance Association of Japan.
Culture
Dai-ichi Life is heavily involved in promoting the health of the communities it serves. In line with this, the firm has launched several initiatives, including:
They are still awaiting clarity on the central bank's timeline
DE&I initiative also published
Global 500 line-up includes 28 firms from insurance sector