Overseas Business

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

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.
　Currently, in the environment surrounding overseas business, there remains a sense of uncertainty about the future, due in part to the spread and prolonging of COVID-19 around the world.
　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.

Nippon Life works to secure long-term, stable earnings through insurance and asset management business in America, Europe, and Asia-Pacific region.
　In the fiscal year ended March 31, 2021, the insurance business suffered a profit loss compared to the previous fiscal year.
Factors behind this included net losses by MLC caused by the continuation of high claims for income protection insurance, which is becoming a challenge for the entire Australian life insurance industry, and worsening profitability of group insurance impacted by changes in regulations, as well as the spread of COVID-19.
　In the asset management business, profit increased compared to the previous year. Thanks to financial and fiscal policies worldwide, market turmoil remained only temporary, after which there was an upturn and stability, leading to record-high profits at Nippon Life India Asset Management.
　As a result, the core operating profit ^* of the Group’s entire overseas business significantly decreased.

Strengthen Governance Structure
In an aim to strengthen overseas business, the “Global Business Risk and Control Office” was reorganized and upgraded to the “Global Business Risk and Control Department.” Moreover, the “Global Asset Management Business Department” was newly established from the perspective of strengthening the business management platform related to overseas asset management.
　We also newly established the “Special Committee for MLC Three-Year Plan Promotion,” which deliberates on matters such as the status of execution of MLC’s business plan, and changed the “Overseas Insurance Committee” to the “Global Business Committee.” In this way, we strengthened deliberation systems related to issues such as policies and strategies concerning the entire overseas business and management plan and results for local overseas corporations.
　In the new mid-term management plan as well, we are continually working on strengthening our governance structure, such as by implementing business management in anticipation of more stringent international regulations.

Strengthen / Improve Business Portfolios
In light of the impact of COVID-19, we conducted additional investments aimed at maintaining the soundness of MLC and recovering its profits in June and December, among other things.
　We continue to accelerate initiatives aimed at recovery toward a growth trajectory and increasing mid- and long-term profit by executing MLC’s three-year plan, among other measures.
　In the insurance business in China and India, there are plans for business partners to sell equity shares of local joint ventures to Nippon Life. We are accelerating aggressive and active initiatives in order to welcome new business partners who will contribute to further growth for Great Wall Changsheng Life Insurance and Reliance Nippon Life Insurance.
　In the new mid-term management plan, we will work on initiatives which make stable growth of existing investee companies the top priority. Alongside this, we will also evaluate new investment opportunities and promote strengthening of portfolios.

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 USA.
　In particular, the firm has built a strongly favorable reputation among Japanese and South Korean companies that are operating in the USA 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 “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.

Grand Guardian Nippon Life Insurance mainly offers products such as endowment, travel, and agricultural insurances primarily through corporate channels.
　By dispatching directors and other personnel, and sharing Nippon Life’s experience and know-how in a broad range of fields, we will work to achieve stable and sustainable growth, 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.