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Overseas Business

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

Recognition of the Business Environment and Basic Strategy

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 the environment surrounding overseas business, there is a sense of uncertainty about the future, due in part to the prolonging of COVID-19 and increasing geopolitical risk such as escalating tensions in Russia and Ukraine. Despite this, we aim to (1) ensure growth opportunities that cannot be obtained domestically and secure profits stably over

the long term and (2) control risk through regional and business diversification and stabilize the Group’s management, and are moving ahead with development and various kinds of initiatives for overseas business.
 As social and economic conditions change, and customer needs grow increasingly diverse, we continue to work on providing services that meet customer expectations such as insurance and asset management in each country and region.

Review

Nippon Life works to secure long-term, stable earnings through insurance and asset management business in the U.S., Europe, and Asia-Pacific region.
 The insurance business saw a significant year-on-year increase in profits mainly due to improved earnings at MLC in Australia. MLC achieved a surplus for the first time in three fiscal years due to efforts to improve the profitability of its income protection insurance and increase the efficiency of business expenses, which have been issues for the entire industry.
 Despite an increase in certain business expenses, the asset management business saw the same level of profit as last year due to an increase in assets under management and an increase in income against a backdrop of favorable market conditions.
 As a result, the core operating profit* of the Group’s overseas business in fiscal year ended March 31, 2022 significantly increased, recording the highest profit ever of ¥23.8 billion.

* Core operating profit is calculated based on net income before taxes of overseas life insurance subsidiaries and affiliates and overseas asset management subsidiaries and affiliates, with adjustments based on the stock ownership ratio and excluding impacts of interest rate fluctuation

Group Core Operating Profit Trends (Overseas Business)

Main Activities

In fiscal 2022, we will continue to concentrate efforts on enhancing our overseas governance structure and strengthening and improving our business portfolios to make steady progress.
 We also share our philosophy with each company to develop business based on our sustainability management and customer-oriented business operations, and aim to establish a revenue base for sustainable growth and secure long-term, stable earnings.

Enhancing Governance Structure
In terms of conducting business overseas, we are enhancing our company-wide governance structure to address the complex risks associated with political systems, regulations and business practices that differ from those in Japan.
 Specifically, we established guidelines for business investment and business management in fiscal 2021, and we created a support system of committee members who participate in specialized departments in anticipation of the strengthening of international regulations. We are also working to reorganize and strengthen the functions of regional headquarters.
 We are focusing on training our staff supporting overseas business by establishing various programs to develop human resources with specialized skills in addition to language skills and providing resources for online classes.

Strengthen/Improve Business Portfolios
We will work on initiatives which make stable growth of existing investee companies with top priority. Alongside this, we will also evaluate new investment opportunities and promote strengthening and improving of portfolios.
 While MLC was in the black for the first time in three years in fiscal 2021, we will continue to accelerate initiatives aimed at obtaining stable earnings and expanding earnings by executing MLC’s three-year plan, among other measures.
 At Great Wall Changsheng Life Insurance in China and Reliance Nippon Life Insurance in India, business partners of each joint venture are planning to sell down their equity share, and we are taking steps to change partners to ensure stable continuation of business.

Overseas Business Development

We operate life insurance business in seven countries outside of Japan, including the U.S., Australia, India, Myanmar, China, Thailand and Indonesia. By providing products and services in various countries, we contribute to the popularization of life insurance and development of the life insurance market, and we aim to maximize policyholder interests by working to develop our overseas business in order to earn long-term stable profits.

Insurance Business

Nippon Life Insurance Company of America

Established in 1991 as our first overseas primary insurance company.
 Nippon Life Insurance Company of America provides products and services, mainly group medical insurance in New York, Los Angeles, Chicago and other cities. Under the motto, “Nissay even in America,” it is working to provide detailed and quality services, and, in particular, the firm has built a strongly favorable reputation among Japanese and South Korean companies that are operating in the U.S. by offering customer service in Japanese and Korean.

MLC Limited

In 2016, Nippon Life acquired the life insurance business of National Australia Bank and made it a subsidiary.
 MLC is working to realize its vision to be “Australia’s leading and most trusted life insurer.” It provides products and services to individuals through financial advisors, etc. and aim to improve customer experience. In addition, MLC and Nippon Life actively share initiatives and know- how with each other in a wide range of areas.

Reliance Nippon Life Insurance Company Limited

Reliance Nippon Life Insurance has an extensive network of sales offices throughout India and mainly offers products and services to individuals and groups through agents and other channels.
 Nippon Life invested and made it an affiliated company in 2011, and since then, it has been working to create synergies in various sectors by proactively sharing examples of its good practices and other information. Distribution channels to service customers based on the activity model adopted by Nippon Life’s sales representatives working in Japan are drawing attention in India.

Grand Guardian Nippon Life Insurance Company Limited

Grand Guardian Nippon Life offers endowment and other insurance products through its agents and corporate agencies.
 Since its establishment in 2019 as a joint venture with one of the leading conglomerates in Myanmar, Nippon Life has been sharing best business practices, including product development through the advanced digital technologies, while seconding senior management personnel. It is committed to widely popularize life insurance in Myanmar society, and to contribute to the development and growth of the country’s life insurance market and industry.

Great Wall Changsheng Life Insurance Co., Ltd.

Great Wall Changsheng Life Insurance provides long-term and protection products mainly through agents in Shanghai, Zhejiang, Jiangsu and other parts of China.
 Since 2003, when it was established as the first joint venture between a Japanese life insurance company and a local firm in China, Nippon Life has shared know-how and worked to advance its business management and risk management with a major Chinese financial asset company* as a partner. It is also promoting collaborative efforts in sectors such as unique product development and services for Japanese companies.
※We changed partners in 2009.

Bangkok Life Assurance Public Company Limited

Bangkok Life Assurance is a listed company with operations throughout Thailand including Bangkok, providing products and services that meet diverse customer needs through major commercial banks and agents.
 Nippon Life invested in the company in 1997 and made it an affiliate in 2004. Its directors have been sent from Nippon Life to strengthen its governance, and we promote collaborative initiatives in areas such as actuarial operations and services for Japanese companies.

PT Asuransi Jiwa Sequis Life

Sequis Life provides products and services throughout Indonesia including Jakarta mainly through agents. It is also working to train agents and diversify its distribution channels to further meet asset formation and coverage protection needs.
Nippon Life invested and made it into an affiliate in 2014, and together with one of Indonesia’s leading conglomerates, it promotes the sophistication of asset management utilizing know-how and its network. In addition, it is working to support collaborative promotion with local Japanese companies.

Note: The number of employees represents figures as of March 31, 2022.

Asset Management Business

Nippon Life India Asset Management Limited

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, LLC

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, Inc.

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

Notes: 1. The share acquisition period indicates the month and year of initial investment.
2. The number of employees represents figures as of March 31, 2022.

Worldwide Network

HEADQUARTERS

Osaka Head Office
3-5-12, Imabashi, Chuo-ku, Osaka 541-8501, Japan
Tel: 81-6-6209-4500
Tokyo Headquarters
1-6-6, Marunouchi, Chiyoda-ku, Tokyo 100-8288, Japan
Tel: 81-3-5533-5133

GLOBAL REPRESENTATIVE OFFICES

GLOBAL REPRESENTATIVE OFFICES

New York Representative Office
101 Park Avenue, 33rd Floor, New York, NY 10178, U.S.A.
Tel: 1-646-231-4000
London Representative Office
11th Floor, 3 Noble Street, London EC2V 7EE, U.K.
Tel: 44-20-7507-6000
Frankfurt Representative Office
An der Hauptwache 5 60313 Frankfurt am Main, Germany
Tel: 49-69-273999-0
Beijing Representative Office
Chang Fu Gong Office Building, Room 4007 Jia 26, Jian Guo Men Wai Dajie Beijing, 100022, China
Tel: 86-10-6513-9240

SUBSIDIARIES

Insurance and Insurance Related

666 Third Avenue, Suite 2201, New York, NY 10017, U.S.A.
Tel: 1-212-682-3000
105-153 Miller Street, North Sydney NSW 2060, Australia
Tel: 61-3-8634-4721

Research

Nippon Life Americas, Inc.
101 Park Avenue, 33rd Floor, New York, NY 10178, U.S.A.
Tel: 1-646-231-4000
Nippon Life Asia Pacific (Regional HQ) Pte. Ltd.
1 Raffles Quay, #10-01A North Tower, Singapore, 048583, Republic of Singapore
Tel: 65-6438-2850

Asset Management

Nippon Life Global Investors Americas, Inc.
101 Park Avenue, 33rd Floor, New York, NY 10178, U.S.A.
Tel: 1-646-231-4000
Nippon Life Global Investors Europe Plc
11th Floor, 3 Noble Street, London EC2V 7EE, U.K.
Tel: 44-20-7507-6011
Nippon Life Schroders Asset Management Europe Limited
1 London Wall Place, London EC2Y 5AU, U.K.
Tel: 44-20-7658-6000
Nippon Life Global Investors Singapore Limited
138 Market Street #34-02 CapitaGreen Singapore 048946, Republic of Singapore
Tel: 65-6800-7000
4th Floor, Tower A, Peninsula Business Park,
Ganapatrao Kadam Marg, Lower Parel (W), Mumbai - 400013, India
Tel: 91-22-6808-7000

AFFILIATES

Insurance and Insurance Related

Great Wall Changsheng Life Insurance Co., Ltd.
5F No.688 West NanJing Road, Jing An District Shanghai 200041, China
Tel: 86-21-3899-9888
1415 Krungthep - Nonthaburi Road, Wongsawang, Bangsue, Bangkok 10800, Thailand
Tel: 66-2-777-8888
Unit No.401B, 402,403 & 404, 4th Floor, Inspire-BKC G Block, BKC Main Road, BKC, Bandra East, Mumbai 400051, India
Tel: 91-22-6896-5000
Sequis Tower Lt. 33 JI. Jend. Sudirman Kav. 71, SCBD Jakarta 12190, Indonesia
Tel: 62-21-522-3123
Corner of Pyay Road & Narnattaw Street, No. 485, Kamayut Township, Yangon, Myanmar
Tel: 95-1-2306124

Asset Management

2049 Century Park E, Suite 3050,Los Angeles, CA 90067, U.S.A.
Tel: 1-310-996-9600
865 South Figueroa Street, Suite 1800 Los Angeles, CA 90017, U.S.A.
Tel: 1-213-244-0000