Overseas Business

We aim to maximize benefits for
policyholders through Nippon
Life’s distinctive overseas
business development.

The business environment surrounding overseas business is expected to remain under pressure for the foreseeable future, due mainly to the impact of the global COVID-19 pandemic.
　In this challenging business environment at present, Nippon Life, as a mutual company, has been working in overseas business to fulfill its mission to maximize policyholder interests even amid all types of environmental changes. In developing overseas business, we have three key objectives: (1) accrue earnings by tapping into growth in overseas market, (2) stabilize the

Company’s operations through regional and business diversification, and (3) create synergies by mutually utilizing the products, services, and know-how of each company within the Group.
　In growing overseas business, we will firmly maintain our basic strategy of forging strong relationships built on trust with local partners and management teams, and sharing and instilling Nippon Life’s philosophy: customer-oriented operational management and conducting operations with a view to the long term.

Through insurance and asset management business in the US, Europe and the Asia-Pacific region, Nippon Life has been building an earnings base to drive sustainable growth across the Group.
　Although the profitability of MLC worsened in the previous fiscal year, we spurred the growth of other existing investee companies and expanded our business portfolio. As a result, Group company net income amounted to ¥11.5 billion.
　We entered the life insurance market in Myanmar. With this step, Nippon Life’s global overseas business network expanded to seven countries in the insurance business and four countries in the asset management business. In order to drive the growth of each company, Nippon Life is providing management support and

working to create synergies. Measures to create synergies include collaborations that harness the initiatives and expertise of Group companies. We are carefully considering new investments as a way to expand the business portfolio from a medium- and longterm perspective.
　Further, we take steps to strengthen and enhance our management foundation that supports overseas business expansion, including advancing the Group governance framework and developing global human resources. We also actively research overseas trends, including regulations and the latest initiatives, through our representative offices.

Growing and Increasing the Corporate Value of Existing Investee Companies
In August 2019, Nippon Life made an additional investment in Reliance Nippon Life Asset Management Limited of India and turned the company into a subsidiary. In January 2020, it was renamed as Nippon Life India Asset Management Limited.
　In December 2019, Nippon Life injected capital into MLC Limited in Australia in response to changes in the business environment. Along with initiating measures to improve governance structure, Nippon Life is undertaking company-wide efforts to restore MLC to an earnings path and increase its earnings over the mid to long term.

Conversion of Nippon Life India Asset Management Limited (NAM India) into a subsidiary

Announcement of the name of a new fund

Considering New Investment Opportunities
In September 2019, Nippon Life acquired a 35% stake in Grand Guardian Life Insurance Company Limited, which is affiliated with the Shwe Taung Group, a major conglomerate in Myanmar. With this acquisition, Grand Guardian Life Insurance Company was renamed as Grand Guardian Nippon Life Insurance Company Limited.

Strengthening Our Management Base
Effective from the fiscal year ending March 31, 2021, the Global Business Risk and Control Office was reorganized and upgraded to the Global Business Risk and Control Department. Moreover, the Overseas Asset Management Business Department was newly established from the perspective of strengthening the business management platform related to overseas asset management.

Investment in Grand Guardian Nippon Life Insurance Company Limited (GGNL)

With the presidents of the Shwe Taung Group and GGNL

Nippon Life Insurance Company of America mainly provides group medical insurance through our bases in New York, Los Angeles, Chicago and other cities. Under the motto, “Nissay even in America,” we are working to expand the Nippon Life brand’s reach in the US.
　In particular, the firm has built a strongly favorable reputation among Japanese and South Korean companies that are operating in the US by offering customer service in Japanese and Korean.
Since its establishment, we have sent directors and other personnel from the

Company to Nippon Life Insurance Company of America, and we are striving to strengthen the earnings base by supporting business management, sales activities, and other functions.

In addition to managing and monitoring MLC through Nippon Life appointed directors and employees, we are proactively capitalizing on our overseas business experience to date, providing our support and sharing business expertise throughout the Group.
　Together with our partner National Australia Bank (NAB), we aim to realize MLC’s vision to be “an Australia’s leading and most trusted life insurer.”

We are sharing our experiences and best practices as well as enhancing business management through directors and other personnel assigned from Nippon Life to the company. For instance, we are drawing attention in India by creating sales channels to service customers in a more detailed fashion, based on the activity model adopted by Nippon Life’s sales representatives working in Japan.

　Going forward, we will continue working to develop our collaborative frameworks together with Reliance Nippon Life Insurance.

In September 2019, Nippon Life completed the acquisition of a 35% equity stake in Grand Guardian Life Insurance Company Limited (renamed as Grand Guardian Nippon Life Insurance Company Limited), which is affiliated with the Shwe Taung Group.
　By sharing Nippon Life’s experience and know-how in a broad range of fields, we will work to achieve the stable and sustainable growth of Grand Guardian Nippon Life

Insurance, while contributing to the development of the life insurance market in Myanmar.

Established as the first joint venture in Shanghai between a Japanese life insurance company and a local firm, Great Wall Changsheng Life Insurance is currently developing its business activities in seven regions centered on the Yangtze River Delta region.
　Nippon Life has sent directors and other personnel to Great Wall Changsheng Life Insurance to advance its business management and risk management. Along with this, Nippon Life is promoting collaborative

frameworks in areas such as bolstering agent organizations, cultivating business with local Japanese companies and actuarial operations.

As customers’ needs become increasingly diverse, Bangkok Life is focusing on growing the organization of agents possessing advanced consulting skills, in addition to expanding bancassurance, its core channel.
　Along with sending directors and other personnel to Bangkok Life in order to strengthen its governance, Nippon Life is promoting collaborative frameworks to bolster actuarial operations and agent

organizations as well as cultivate business with local Japanese companies.

Sequis Life has strong financial soundness and offers high-quality services provided through sales agents. Nippon Life dispatches personnel such as a komisaris (commissioner) to share its expertise.
　In addition, we will continue to contribute to further growth through collaborating with local Japanese companies, and also through initiatives such as supporting the development of the middle-income strata of society.

Nippon Life India Asset Management is a first-rate asset management firm with an expansive investment product lineup ranging from stocks to bonds in India’s fund management industry, which continues to experience high growth.

Post Advisory Group is an asset management firm that provides investment products focused on high-yield corporate bonds, with a client base centered on US and Japanese institutional investors.

The TCW Group is an asset management firm with especially strong fixed-income operations. It manages one of the largest investment trusts in the US and supplies investment products to the world’s largest pensions and institutional investors.