Dai-ichi Life Holdings, Inc.
Annual Integrated Report
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2021
Introduction | Message from the President | Vision of Dai-ichi Life Group | Corporate Governance | Business Overview / Data Section |
How can we contribute to people's happiness?
While happiness may differ from person-to-person we believe that leading life in good health and being true to yourself is a common source of happiness. We also believe that protecting one's valuables and preparing for the future so that one can live with peace of mind is an important element of happiness.
Reimagining happiness
Based on such standpoint, the Dai-ichi Life Group can play a role in making people happy. For over 100 years, the Group has been helping people prepare for and deal with unlikely and unexpected life events. Going forward, we want to contribute even more to the happiness of all by helping them maintain financial security, good health, and stable relationships throughout their lives. We want to stand by our customers in any situation, and make sure that the Group upholds this obligation over next 100 years.
1 Dai-ichi Life Holdings, Inc. | Annual Integrated Report 2021 2 |
Our
new
Introduction | Message from the President | Vision of Dai-ichi Life Group | Corporate Governance | Business Overview / Data Section |
resolve
Amid the COVID-19 pandemic, many things that had been taken for granted are no longer so. Now individuals and families are concerned about their health and living expenses more than ever. The bonds between people have changed and become fragmented.
Meanwhile, the global environment, on which our future depends, is being damaged day by day.
While staying a step ahead of these trends, all of us in the Dai-ichi Life Group are committed to changing for the better, having reflected on the relationship with our customers following a number of serious incidents of fraud occurred in recent years... the Group's management is shifting its focus from getting results to improving quality. We will explore new ways to support our customers and contribute to their happiness. And also help alleviate people's worries and create a brighter future for everyone. We will continue enhancing connections with all our stakeholders and make progress together in the years ahead.
3 Dai-ichi Life Holdings, Inc. | Annual Integrated Report 2021 4 |
Group Mission
"By your side, for life"
Contributing to the well-being of all and achieving a bright future in harmony with society in Japan and countries and regions around the world.
Mission | By your side, for life |
Vision | Protect and improve the well-being of all |
As a lifetime partner, we safeguard and contribute to the peace of mind, | |
prosperity and wellness of all the people we serve. |
Introduction | Message from the President | Vision of Dai-ichi Life Group | Corporate Governance | Business Overview / Data Section |
Concept Behind the New Vision of Dai-ichi Life Group
In 2022, the Group will celebrate 120 years since its founding. We hope to continue contributing to the well-being of all , including future generations, to enable them to lead healthy and prosperous lives with peace of mind. To this end, we will stand by our customers' side even more than in the past by expanding our business in four domains of experiential values (protection, asset formation/succession, health and medical care and enhancing connections).
Our goal of well-being of all will be achieved first and foremost through a sustainable society. In recent years we have increased our efforts toward material issues related to ensuring local and social sustainability and have made achieving a sustainable society as a core part of our business operations.
Well-being of all, | Achieving a sustainable society over the |
next 100 years, which is essential for | |
including future generations | |
realizing the well-being of all | |
Material issues related to | Material issues related to ensuring |
four experiential values | local and social sustainability |
Values | Dai-ichi's Social Responsibility Charter |
( DSR Charter) |
Brand Message | People First |
well-being
CONTENTS
Introduction
1 Introduction
5 Group Mission / Contents
Message from the President
7 Message from the President
17 Overview of Cases of Fraud by Employees of The Dai-ichi Life Insurance Company, Limited ("Dai-ichi Life") and Status of Response
Vision of Dai-ichi Life Group | Business Strategy | ||
19 | Value Creation Process | 29 | CX Design Strategy |
21 | Management Resources Supporting | 33 | Protection |
Contribution to well-being | 35 | Asset Formation/ | |
23 | |||
Material Issues of the Dai-ichi Life Group | Succession | ||
25 | Group History Since Demutualization | 37 | Health and |
27 | New Medium-Term Management Plan: | Medical Care | |
39 | |||
Overview of Re-connect 2023 | Overseas | ||
Business Strategy | |||
43 | Driving Innovation |
Financial/Capital | Special 31 | Exploring the Acquisition of | |
45 | Management Strategies | Feature | New Organizational Capability |
Capital Management | 38 | Medical Cost Control Support Service for | |
Policies and ERM | |||
Health Insurance Associations | |||
Sustainability and | 41 | Utilization of Digital Technologies in | |
51 | Business Foundation | the Group | |
Sustainability | 59 | ESG Investment by Dai-ichi Life | |
53 Climate Change Initiatives
- Response to TCFD | Corporate Governance | ||
63 | |||
Human Capital Management Strategies | 69 | External Directors' Roundtable Discussion | |
66 | |||
Diversity and Inclusion | 80 | Basic Approach to Corporate Governance | |
Business Overview /
Data Section
95 Global Network
97 Business Overview
105 Financial and Non-Financial Highlights
109 Financial and Non-Financial Historical Data
111 SASB Information Index
115 Overview and Organization of the Insurance
Holding Company
- Glossary of Terms
- Editorial Policy
5 Dai-ichi Life Holdings, Inc. | Annual Integrated Report 2021 6 |
Message From
Introduction | Message from the President | Vision of Dai-ichi Life Group | Corporate Governance | Business Overview / Data Section |
The President
We will reconnect with
all stakeholders in a better manner and build a better future
by contributing to the well-being of all.
President and Representative Director
Dai-ichi Life Holdings, Inc.
Regarding the Cases of Fraud Occurred at Dai-ichi Life
Q Going forward, what policies and initiatives are you planning in response to the frauds at Dai-ichi Life?
The series of fraud by employees of Dai-ichi Life came to light recently have shaken confidence in the life insurance business we operate, and I take it very seriously as the top of management at both Dai-ichi Life and Dai-ichi Life Holdings. I sincerely apologize not only to our policyholders but also to a wider range of our stakeholders.
In response to the discovery of fraud, Dai-ichi Life has established and built up a system to eradicate the mishandling of cash. In addition, to reform awareness of all executive officers and employees and to prevent a recurrence, we have also launched a company-wide Business Management Quality Reform Task Force. We recognize that the reform of our corporate culture and character cannot be accomplished overnight. However, to regain the trust of our stakeholders and establish a new corporate culture and character, I am taking the lead in each and every initiative.
P17: Overview of Cases of Fraud by Employees of The Dai-ichi Life Insurance Company, Limited ("Dai-ichi Life") and Status of Response
Review of the Previous Medium-Term Management Plan
Q Can you summarize the results of the previous medium-term management plan (MMP), "CONNECT 2020"?
During the three-year period from FY2018 to FY2020, covered by CONNECT 2020, we worked to improve customers' quality of life and to solve social issues. In addition, to fulfill our role as an insurance provider amid the spread of COVID-19, we of course continued to promptly pay insurance claims and provided various services such as applying accidental death benefits to death and severe disability caused by COVID-19, deferring insurance premium payments, and opening consulting services for customers regarding infectious disease. Moreover, we took on the challenge from both growth and discipline aspects by expanding our domestic and overseas business foundations, responding to digitalization, and establishing risk-reduction policies.
With regard to the quantitative targets, the Group further strengthened its three growth engines, namely the domestic life insurance business, the overseas life insurance business, and the asset management business, in light of changes in the surrounding environment, such as the rapid diversification of
Group Key Performance Indicators (KPIs) and Results under "CONNECT 2020" | |||||||||||||
Indicators | Objectives and | FY2018 | FY2019 | FY2020 | |||||||||
(Group Based) | Goals | Results | Results | Results | |||||||||
Accounting | Adjusted | Around ¥250bn | ¥236.3bn | ¥274.5bn | ¥282.8bn | ||||||||
Profit | Profit | (FY2020) | |||||||||||
Objectives | |||||||||||||
(Quantitative) | |||||||||||||
Future Profit | Value of New | Around ¥230bn | ¥197.4bn | ¥150.3bn | ¥112.6bn | ||||||||
(Economic Value) | Business | (FY2020) | |||||||||||
Capital | Average EV | 8% Average | (0.6%) | (2.8%) | 8.6% | ||||||||
Growth | |||||||||||||
Medium- to | Efficiency | Growth | (3 year avg.) | ||||||||||
(ROEV) | |||||||||||||
Long-term | |||||||||||||
Goals | Financial | Solvency Ratio | 170% to 200% | 169% | 195% | 203% | |||||||
Soundness | (Economic Value) | Range | |||||||||||
7 Dai-ichi Life Holdings, Inc. | Annual Integrated Report 2021 8 |
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Dai-ichi Life Holdings Inc. published this content on 31 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2022 07:29:02 UTC.