International Life Insurance Business
Contribute to the brighter and more secure future of our customers around the world and the development of the insurance business in each country, while playing a vital role as a growth driver of the Group in enhancing corporate value.
(Overseas Life)
(ca. +30% YoY growth)
(Overseas Life)
(ca. +11% YoY growth)
Core strategy
Our international life insurance business began with our entry into Vietnam in 2007. Since then, we have expanded into markets at various stages of development, building a well-balanced portfolio that includes advanced economies such as the U.S., high-growth markets across the Asia-Pacific region, and early-stage emerging markets with strong long-term growth potential. Today, we serve more than 40mn overseas customers and have contributed to the development and expansion of the insurance industry in every market we operate in.
We have set a target for FY2026 to generate more than ¥160bn in adjusted profit from our international life insurance business, aiming to increase its contribution to ca. 40% of the Group's total adjusted profit.
Worldwide Business Operations
Regional Initiatives
We are implementing region-specific strategies. In the US—the world’s largest market—we will pursue inorganic growth in capital-light business areas, while also enhancing capital efficiency and scaling profitability, supported by strengthened economic value-based capital management. In Oceania—a market where we hold a leading share—we will develop adjacent businesses and pursue synergies between our businesses in Australia and New Zealand. In Southeast Asia—the starting point of our international life insurance business—we will strengthen our business base in the Mekong region and expand into new geographies and business areas, such as digital and distribution channels. In India—a high-potential market—we will focus on expanding our market share. In the UK and Europe—new strategic regions for us—we will explore collaborative initiatives with M&G, a key strategic partner and entry point into these markets.
Driving growth in the world's largest US market
In FY2024, new sales in the retirement business remained stable. Adjusted profit rose to ¥57.4bn, supported by improvements in investment income and effective cost control measures. In addition, the absence of one-off losses related to securities of failed US banks contributed.
As part of its strategic initiatives in FY2024—and in addition to enhancing its retail business—Protective completed its 60th acquisition in November 2024 : ShelterPoint. Through this acquisition, Protective has added a new business line, group insurance, and it is expected to diversify its portfolio and stabilize earnings. To improve capital efficiency,Protective ceded a portion of legacy blocks in FY2025.
This strategic move aims to enhance profitability and unlock surplus capital by reducing associated risks.
Protective aims to pursue inorganic growth in capital-light business areas, while also working to enhance capital efficiency and scale profitability,supported by strengthened economic value-based capital management.
Pursuing growth opportunities in the Australian market
In FY2024, TAL achieved strong year-on-year growth in new business, driven by the acquisition of a large group insurance contract. Adjusted profit remained steady at ¥37.4bn, supported by a solid business foundation built through both organic growth and strategic acquisitions. TAL also increased its market share to 34%, further strengthening its position as the leading provider in Australia's life insurance protection market.
As part of a new strategic initiative, TAL completed the acquisition of 19.9% of the issued shares of Challenger, a leading player in Australia's individual annuity market. As of August 2025, Challenger has become an equity-method affiliated company of Dai-ichi Life Holdings. Challenger has deep expertise in designing, distributing and managing the investment for retail annuity products, and is well placed for opportunities in the retirement sector, which will continue to grow to meet the needs of Australia's aging population. This investment reflects TAL's long-term commitment to the retirement sector and is expected to contribute to sustainable and growing profits and dividends to TAL and the Dai-ichi Life Group.
Market deepening in Vietnam
Although Dai-ichi Life Vietnam (DLVN) experienced a year-on-year decline in income and profit in FY2024 due to the slowdown in both agency and bancassurance channels in the Vietnamese market, it expanded its market share and achieved the top sales position among foreign life insurance companies in terms of annualized first-year premium by enhancing the customer experience and other initiatives, which helped prevent a sharp decline in sales. DLVN will continue to strengthen its business foundation and pursue Group synergy across the Mekong region.
Strategic partnership with M&G
In May 2025, we announced a long-term strategic partnership with M&G, one of the leading companies in the insurance and asset management sectors in the UK and Europe. This investment is intended to acquire new profit sources in an increasingly uncertain environment, while also diversifying our business portfolio. We will explore collaborative and strategic initiatives with M&G in the insurance and asset management sectors, positioning M&G as an entry point into the UK and EU markets.
Global Leaders Committee (GLC)
The Group has established the Global Leaders Committee (GLC) as a forum for dialogue between senior management of our international group companies and Dai-ichi Life Holdings executives. At the GLC, participants discuss group management matters and business strategies, and share the Group principles and Global Leaders Committee (GLC) strategic initiatives. Although participation was previously limited to CEOs, from FY2024 onward it has been expanded to include CXOs and executives with their own business lines. This change enables closer communication with senior management overseas.
