Life Insurance in Asia Pacific (2015)

MarketLine Industry Profile
Life Insurance in
Asia-Pacific
January 2015
Reference Code: 0200-0976
Publication Date: January 2015
WWW.MARKETLINE.COM
MARKETLINE. THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
Asia-Pacific - Life Insurance

MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED
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EXECUTIVE SUMMARY
Market value
The Asia-Pacific life insurance market grew by 4.5% in 2014 to reach a value of $928 billion.
Market value forecast

In 2019, the Asia-Pacific life insurance market is forecast to have a value of $1,203.8 billion, an increase of 29.7% since
2014.
Category segmentation
Life insurance is the largest segment of the life insurance market in Asia-Pacific, accounting for 82.6% of the market's
total value.
Geography segmentation
Japan accounts for 49.5% of the Asia-Pacific life insurance market value.
Market share
Japan Post Insurance is the leading player in the Asia-Pacific life insurance market, generating a 8.9% share of the
market's value.
Market rivalry
Despite healthy growth within the Asia-Pacific life insurance market, the degree of rivalry is measured as strong.

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TABLE OF CONTENTS
Executive Summary ....................................................................................................................................................... 2
Market value............................................................................................................................................................... 2
Market value forecast ................................................................................................................................................. 2
Category segmentation .............................................................................................................................................. 2
Geography segmentation ........................................................................................................................................... 2
Market share .............................................................................................................................................................. 2
Market rivalry.............................................................................................................................................................. 2
Market Overview ............................................................................................................................................................ 7
Market definition ......................................................................................................................................................... 7
Market analysis .......................................................................................................................................................... 7
Market Data ................................................................................................................................................................... 8
Market value............................................................................................................................................................... 8
Market Segmentation ..................................................................................................................................................... 9
Category segmentation .............................................................................................................................................. 9
Geography segmentation ......................................................................................................................................... 10
Market share ............................................................................................................................................................ 11
Market Outlook ............................................................................................................................................................. 12
Market value forecast ............................................................................................................................................... 12
Five Forces Analysis .................................................................................................................................................... 13
Summary .................................................................................................................................................................. 13
Buyer power ............................................................................................................................................................. 14
Supplier power ......................................................................................................................................................... 15
New entrants ............................................................................................................................................................ 16
Threat of substitutes................................................................................................................................................. 18
Degree of rivalry ....................................................................................................................................................... 19
Leading Companies ..................................................................................................................................................... 20
China Life Insurance Company Limited ................................................................................................................... 20
Japan Post Group .................................................................................................................................................... 23
Meiji Yasuda Life Insurance Company ..................................................................................................................... 24
Nippon Life Insurance Company .............................................................................................................................. 27
Appendix ...................................................................................................................................................................... 30

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Methodology............................................................................................................................................................. 30
Industry associations ................................................................................................................................................ 31
Related MarketLine research ................................................................................................................................... 31

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LIST OF TABLES
Table 1: Asia-Pacific life insurance market value: $ billion, 201014 ............................................................................. 8
Table 2: AsiaPacific life insurance market category segmentation: $ billion, 2014 ...................................................... 9
Table 3: AsiaPacific life insurance market geography segmentation: $ billion, 2014 ................................................. 10
Table 4: Asia-Pacific life insurance market share: % share, by value, 2014 ................................................................ 11
Table 5: Asia-Pacific life insurance market value forecast: $ billion, 201419 ............................................................. 12
Table 6: China Life Insurance Company Limited: key facts ......................................................................................... 20
Table 7: China Life Insurance Company Limited: key financials ($) ............................................................................. 21
Table 8: China Life Insurance Company Limited: key financials (CNY) ....................................................................... 21
Table 9: China Life Insurance Company Limited: key financial ratios .......................................................................... 21
Table 10: Japan Post Group: key facts ........................................................................................................................ 23
Table 11: Meiji Yasuda Life Insurance Company: key facts ......................................................................................... 24
Table 12: Meiji Yasuda Life Insurance Company: key financials ($) ............................................................................ 25
Table 13: Meiji Yasuda Life Insurance Company: key financials () ............................................................................ 25
Table 14: Meiji Yasuda Life Insurance Company: key financial ratios.......................................................................... 25
Table 15: Nippon Life Insurance Company: key facts .................................................................................................. 27
Table 16: Nippon Life Insurance Company: key financials ($) ..................................................................................... 28
Table 17: Nippon Life Insurance Company: key financials () ..................................................................................... 28
Table 18: Nippon Life Insurance Company: key financial ratios ................................................................................... 28

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LIST OF FIGURES
Figure 1: Asia-Pacific life insurance market value: $ billion, 201014 ............................................................................ 8
Figure 2: AsiaPacific life insurance market category segmentation: % share, by value, 2014 ..................................... 9
Figure 3: AsiaPacific life insurance market geography segmentation: % share, by value, 2014 ................................ 10
Figure 4: Asia-Pacific life insurance market share: % share, by value, 2014 ............................................................... 11
Figure 5: Asia-Pacific life insurance market value forecast: $ billion, 201419 ............................................................ 12
Figure 6: Forces driving competition in the life insurance market in Asia-Pacific, 2014 ............................................... 13
Figure 7: Drivers of buyer power in the life insurance market in Asia-Pacific, 2014 ..................................................... 14
Figure 8: Drivers of supplier power in the life insurance market in Asia-Pacific, 2014 ................................................. 15
Figure 9: Factors influencing the likelihood of new entrants in the life insurance market in Asia-Pacific, 2014............ 16
Figure 10: Factors influencing the threat of substitutes in the life insurance market in Asia-Pacific, 2014 ................... 18
Figure 11: Drivers of degree of rivalry in the life insurance market in Asia-Pacific, 2014 ............................................. 19
Figure 12: China Life Insurance Company Limited: revenues & profitability ................................................................ 22
Figure 13: China Life Insurance Company Limited: assets & liabilities ........................................................................ 22
Figure 14: Meiji Yasuda Life Insurance Company: revenues & profitability.................................................................. 26
Figure 15: Meiji Yasuda Life Insurance Company: assets & liabilities .......................................................................... 26
Figure 16: Nippon Life Insurance Company: revenues & profitability ........................................................................... 29
Figure 17: Nippon Life Insurance Company: assets & liabilities ................................................................................... 29

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MARKET OVERVIEW
Market definition
The value of the life insurance market is shown in terms of gross premium incomes from mortality protection and
retirement savings plans. All currency conversions have been calculated using constant 2013 annual average exchange
rates. The insurance market depends on a variety of economic and non-economic factors and future performance is
difficult to predict. The forecast given in this report is not based on a complex economic model, but is intended as a
rough guide to the direction in which the market is likely to move.
For the purposes of this report, Asia-Pacific comprises Australia, China, India, Indonesia, Japan, New Zealand,
Singapore, South Korea, Taiwan, and Thailand.
Market analysis
The Asia-Pacific life insurance market has remained in low to moderate growth in recent years and the market is
expected to continue this trend and marginally accelerate through to the end of the forecast period in 2019.
The Asia-Pacific life insurance market is expected to generate total gross written premiums of $928.0bn in 2014,
representing a compound annual growth rate (CAGR) of 3.3% between 2010 and 2014. In comparison, the Japanese
and Chinese markets will grow with CAGRs of 3.6% and 1.7% respectively, over the same period, to reach respective
values of $459.3bn and $167.4bn in 2014.
The life insurance segment is expected to be the market's most lucrative in 2014, with total gross written premiums of
$766.3bn, equivalent to 82.6% of the market's overall value. The pension/annuity segment will contribute gross written
premiums of $161.7bn in 2014, equating to 17.4% of the market's aggregate value.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 5.3% for the five-year period 2014
- 2019, which is expected to drive the market to a value of $1,203.8bn by the end of 2019. Comparatively, the Japanese
and Chinese markets will grow with CAGRs of 5.4% and 6.3% respectively, over the same period, to reach respective
values of $598.4bn and $227.5bn in 2019.

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MARKET DATA
Market value
The Asia-Pacific life insurance market grew by 4.5% in 2014 to reach a value of $928 billion.
The compound annual growth rate of the market in the period 201014 was 3.3%.
Table 1: Asia-Pacific life insurance market value: $ billion, 201014

Year
$ billion
billion
2010
815.4
614.0
2011
830.4
625.2
1.8%
2012
874.8
658.7
5.4%
2013
888.1
668.7
1.5%
2014
928.0
698.8
4.5%
CAGR: 201014
SOURCE: MARKETLINE
% Growth
3.3%
MARKETLINE
Figure 1: Asia-Pacific life insurance market value: $ billion, 201014
SOURCE: MARKETLINE

MARKETLINE
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MARKET SEGMENTATION
Category segmentation
Life insurance is the largest segment of the life insurance market in Asia-Pacific, accounting for 82.6% of the market's
total value.
The Pension/annuity segment accounts for the remaining 17.4% of the market.
Table 2: AsiaPacific life insurance market category segmentation: $ billion, 2014

Category
2014
Life insurance
766.3
82.6%
Pension/annuity
161.7
17.4%
928
100%
Total
SOURCE: MARKETLINE
MARKETLINE
Figure 2: AsiaPacific life insurance market category segmentation: % share, by value, 2014
SOURCE: MARKETLINE

MARKETLINE
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Geography segmentation
Japan accounts for 49.5% of the Asia-Pacific life insurance market value.
China accounts for a further 18% of the Asia-Pacific market.
Table 3: AsiaPacific life insurance market geography segmentation: $ billion, 2014

Geography
2014
Japan
459.3
49.5
China
167.4
18.0
South Korea
98.2
10.6
India
59.9
6.5
Rest of Asia-Pacific
143.3
15.4
Total
928.1
100%
SOURCE: MARKETLINE
MARKETLINE
Figure 3: AsiaPacific life insurance market geography segmentation: % share, by value, 2014
SOURCE: MARKETLINE

MARKETLINE
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Market share
Japan Post Insurance is the leading player in the Asia-Pacific life insurance market, generating a 8.9% share of the
market's value.
Meiji Yasuda Life Insurance Company accounts for a further 7% of the market.
Table 4: Asia-Pacific life insurance market share: % share, by value, 2014

Company
% Share
Japan Post Insurance
8.9%
Meiji Yasuda Life Insurance Company
7.0%
Nippon Life Insurance Co.
6.9%
China Life
5.3%
Other
71.9%
Total
100%
SOURCE: MARKETLINE
MARKETLINE
Figure 4: Asia-Pacific life insurance market share: % share, by value, 2014
SOURCE: MARKETLINE

MARKETLINE
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MARKET OUTLOOK
Market value forecast
In 2019, the Asia-Pacific life insurance market is forecast to have a value of $1,203.8 billion, an increase of 29.7% since
2014.
The compound annual growth rate of the market in the period 201419 is predicted to be 5.3%.
Table 5: Asia-Pacific life insurance market value forecast: $ billion, 201419

Year
$ billion
billion
% Growth
2014
928.0
698.8
4.5%
2015
983.2
740.3
5.9%
2016
1,029.0
774.8
4.7%
2017
1,078.3
811.9
4.8%
2018
1,139.1
857.7
5.6%
2019
1,203.8
906.4
5.7%
CAGR: 201419
SOURCE: MARKETLINE
5.3%
MARKETLINE
Figure 5: Asia-Pacific life insurance market value forecast: $ billion, 201419
SOURCE: MARKETLINE

MARKETLINE
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FIVE FORCES ANALYSIS

The life insurance market will be analyzed taking insurance companies as players. The key buyers will be taken as
consumers (both individual as well as corporate), and ict manufacturers, software houses and reinsurance companies as
the key suppliers.
Summary
Figure 6: Forces driving competition in the life insurance market in Asia-Pacific, 2014
SOURCE: MARKETLINE
MARKETLINE
Despite healthy growth within the Asia-Pacific life insurance market, the degree of rivalry is measured as strong.
Buyer power is moderate overall, as is the ability of new players in entering the market place with supplier power
remaining strong. Despite savings and investments being among the alternative methods of insuring ones self,
substitutes possess a weak force in the market, due to the expertise and capital required for investment.
The demand for life insurance is determined by various factors: i.e. gross domestic product, average length of life
expectancy, inflation and interest rates. Additionally, in developing countries, factors such as market structure, the
presence of foreign investors and financial development of economies should be taken into consideration. There are also
various reasons for getting a life insurance policy. Such a policy guarantees a replacement income for ones dependents
in case of death or major illness. Some types of life insurance create a cash value that, if not paid out as a death benefit,
can be borrowed or withdrawn on the owners request, which makes it an important element of sound financial planning
and investment.
Since most people consider paying their life insurance policy premiums a high priority, buying a cash-value type policy
can create a kind of forced savings plan. Various companies can also use group life insurance to cover their employees
or corporate-owned life insurance (COLI). COLI was originally purchased by companies to hedge against the financial
cost of losing key employees to unexpected death, the risk of recruiting and training replacements of necessary or
highly-trained personnel, or to fund corporate obligations to redeem stock upon the death of an owner.

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Buyer power
Figure 7: Drivers of buyer power in the life insurance market in Asia-Pacific, 2014
SOURCE: MARKETLINE
MARKETLINE
Due to the nature of the market and importance of the product offered, there are many individual consumers, diminishing
buyer power, as the impact of losing an individual customer is rather marginal. Large corporate clients have a lot more
bargaining power with insurance companies as they usually pay millions of dollars a year in premiums and losing such
high-margin corporate clients can negatively affect a player's revenues. This increases buyer power to some extent.
Customers in this market are not particularly loyal to one specific company and are willing to shop around for the best
deal. Online comparison sites allow customers to choose policies that meet their individual insurance needs, boosting
buyer power, however these can be negated in some instances as many big players own multiple brands.
However buyer power is weakened by the existence of switching costs, as for individuals, switching from one player to
another will often involve surrendering a policy early (an exception is where a term policy reaches its end and the buyer
chooses a different company for their next policy). The payout on a surrendered policy may be taxable, whereas the
payout on the death of the insured person is tax-free; also early surrender of an index-linked plan may mean that the
policyholder misses out on some interest payments. Buyer power is assessed as moderate overall.

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Supplier power
Figure 8: Drivers of supplier power in the life insurance market in Asia-Pacific, 2014
SOURCE: MARKETLINE
MARKETLINE
Suppliers in the life insurance market include ICT manufacturers and software houses. Certain insurance companies
require specialized computer systems, tailored towards their unique range of products or services. Underwriters, for
instance, use computer applications known as "smart systems" to manage risks. These types of systems are complex
and are often linked up to internet databases. A secure and reliable ICT infrastructure is essential and companies are
often reliant on one supplier. This is normally a large and reputable company, such as IBM. Such suppliers may have
their own unique and patented systems. This creates a disincentive for insurance companies to switch suppliers as many
employers are reluctant to spend the money training staff on new systems, which increases supplier power. Despite
many insurance companies maintaining their own IT departments, there is little likelihood of significant backward
integration, which further strengthens suppliers (although it is equally unlikely that suppliers would attempt to integrate
forwards into insurance services). Life insurers also require the services of reinsurance companies, in order to reduce
their own exposure to insured risks. Overall supplier power is strong in the life insurance market.

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New entrants
Figure 9: Factors influencing the likelihood of new entrants in the life insurance market in AsiaPacific, 2014
SOURCE: MARKETLINE

MARKETLINE
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Globalization is the key factor is bringing irreversible transformation of the Asia-Pacific life insurance market. India and
China are driving the growth in the region making it an important development engine for global insurers. The changing
socio-economic dynamics present attractive opportunities. The increasing wealth and educational development in Asia
has built a good foundation for the development of financial services. Barriers to entry into the life insurance market are
often described as low; however, new players entering the market must decide whether to initially enter on a large or
small scale, with each holding varying benefits and risks. The opportunity to enter the market on a small scale boosts the
threat of new entrants. However, to run successful operations within this market, highly specialized expertise and
knowledge are required. Entry to the market for well developed insurance companies is capital intensive and players
need to ensure some level of integration if entry to the market is to be a success. In the case of some Asia-Pacific
countries, forming cooperation with local players is often a good entry strategy as they benefit from experience and
knowledge of local needs and cultural background. Aviva employed such a strategy when entering the South Korean life
insurance market by forming a consortium with Woori Finance Holdings. Most of the successful life insurance
incumbents in the region employed a diversified income strategy: a substantial proportion of earnings are sourced
overseas, while maintaining a dominant position in the domestic market. Leading incumbents have strong reputation and
consumer recognition and they usually offer a vast range of services with which new entrants must compete. Most of the
threat from new entrants lies within the insurance industry itself. Repeat business is difficult to attain in this market, since
consumers will typically replace their life insurance policies at infrequent intervals only. This means that finding new
custom is vital, and access to distribution networks is a key criterion for successful market entry. Some companies have
carved out niche areas in which they underwrite insurance. These insurance companies are fearful of being squeezed
out by the big players. Another threat for many insurance companies is other financial services companies entering the
market. Indeed some banks and investment banks have started to offer insurance products. In some countries, however,
regulations are in place to prevent banks and other financial firms from entering the market. Government regulation is
generally stringent, limiting market entries by imposing capital adequacy and other requirements on players.
Furthermore, some countries, such as Japan, are looking to introduce new regulatory requirements similar to the EU
Solvency II directive, which is due to be implemented in 2014. The financial crash caused many governments to crack
down on banks and other financial institutions such as insurers and imposed new regulations. However some countries
have been less stringent with these containments and have seen better recovery of those markets. This may serve to
further dissuade new entrants. The likelihood of new entrants is assessed as moderate overall.

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Threat of substitutes
Figure 10: Factors influencing the threat of substitutes in the life insurance market in Asia-Pacific,
2014
SOURCE: MARKETLINE
MARKETLINE
There are a number of alternatives to taking out an insurance policy, i.e. in the form of other financial products, such as
savings and investments. Savings and investments include deposits, mutual funds and direct investments in equities and
bonds. Wills are also a way of accounting for risk and protecting family members after death. These options could be a
cheaper alternative to life insurance, but savings do not guarantee protection in the same way as life insurance, which
reduces the benefit of this option. Consumers can adopt risk management strategies, such as 'Self-Insurance', whereby
an eligible risk is retained, but a calculated amount of money is set aside. An organization could choose to operate its
own 'captive' structure and form its own insurance company subsidiary. Some insurances are backed up by the law such
as motor insurance, but with life insurance generally the more developed the market is the more individuals feel that
such a product is an essential purchase, regardless of the relative quality of the product. Although these are viable
substitutes they require a certain amount of expertise and capital. The threat of substitutes with respect to the life
insurance market is therefore assessed as weak.

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Degree of rivalry
Figure 11: Drivers of degree of rivalry in the life insurance market in Asia-Pacific, 2014
SOURCE: MARKETLINE
MARKETLINE
The Asia-Pacific life insurance market is fragmented, with several smaller companies in business alongside the majors.
For instance, the top four players account for just 28% of the markets total value. Apart from India and China, which are
putting Asia on a global scale, other countries like Japan are also increasingly diversifying their insurance sectors. Japan
is home to some of the largest Asian insurers, and tends to expand its client portfolio across the region. The insurance
sector in this region has seen Western financial services companies compete for Asian assets. Players within the life
insurance market offer similar services but some are diversified, and pursue a number of non-life insurance lines, which
tends to ease rivalry to some extent. The leading players are large companies offering similar life products, although
there are a number of different plans including temporary, permanent and various subclasses. Because of the
homogenous nature of the leading players insurance has become more like a commodity - an area in which an insurance
company with a low cost structure, greater efficiency and better customer service will beat out competitors. Entry
barriers, though not insignificant, are lower than exit barriers. For example, the regulatory system, through the imposition
of such measures as capital adequacy, is designed to prevent insurers from going out of business, as this would be to
the detriment of policyholders. When exit barriers in a market are high, players may weather poor market conditions
where necessary - but this tends to boost rivalry. Insurance companies also use higher investment returns and a variety
of insurance investment products to try to lure in customers. This leads to greater consolidation within the market. Larger
companies prefer to take over or merge with other companies rather than spend the money to market and advertise to
people. Overall, there is strong rivalry in the market.

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LEADING COMPANIES
China Life Insurance Company Limited
Table 6: China Life Insurance Company Limited: key facts
Telephone:
12 Floor, China Life Plaza, No.16 Financial Street, Xicheng District,

Beijing 100033, CHN
86 10 6363 2938
Fax:
86 10 6657 5112
Website:
www.e-chinalife.com
Financial year-end:
December
Ticker:
601628
Stock exchange:
Shanghai
Head office:
SOURCE: COMPANY WEBSITE
MARKETLINE
China Life Insurance Company Limited (China Life or 'the company') is a provider of life, annuities, accident and health
insurance products to individuals, primarily through agents operating in China, as well as other agencies located at
branch offices of banks, post offices and other organizations. It primarily operates in China.
The company operates through five business segments: individual life insurance business, short term insurance
business, group life insurance business, supplementary major medical insurance business, and other business.
The individual life insurance business segment relates primarily to the sale of long-term life insurance contracts and
universal life contracts which are mainly term life, whole life, endowment and annuity products, to individuals and
assumed individual reinsurance contracts.
The short-term insurance business segment relates primarily to the sale of short-term insurance contracts, which are
mainly the short-term accident and health insurance contracts.
The group life insurance business segment relates primarily to the sale of insurance contracts and investment contracts,
which are mainly term life, whole life and annuity products, to group entities.
China Life's supplementary major medical insurance business segment is engaged in the sale of supplementary major
medical insurance contracts to urban and rural residents.
The other business segment relates primarily to income and allocated cost of insurance agency business in respect of
the provision of services to China Life Insurance (Group) Company (CLIC), share of results of associates, income and
expenses of subsidiaries, unallocated income and expenditure of the group.
As of December 31, 2013, the company had about 177 million long-term in-force insurance policies offering individual
and group life, annuities, and health insurance protections. China Life had over 653,000 exclusive agents, 17,000 direct
sales representatives, 88,000 intermediary bancassurance outlets, and 54,000 sales representatives.
Key Metrics
The company recorded revenues of $67,446m in the fiscal year ending December 2013, an increase of 12.5% compared
to fiscal 2012. Its net income was $3,998m in fiscal 2013, compared to a net income of $1,820m in the preceding year.

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Table 7: China Life Insurance Company Limited: key financials ($)

$ million
2009
2010
2011
2012
2013
54,770.1
62,284.2
59,872.6
59,967.2
67,445.6
5,307.8
5,458.0
2,984.9
1,819.6
3,997.7
Total assets
197,278.0
226,834.3
255,683.3
306,533.9
318,483.4
Total liabilities
163,456.0
193,621.3
224,465.5
270,519.6
282,552.5
104,535
103,220
100,319
100,340
100,310
Revenues
Net income (loss)
Employees
SOURCE: COMPANY FILINGS
MARKETLINE
Table 8: China Life Insurance Company Limited: key financials (CNY)

CNY million
2009
2010
2011
2012
2013
339,290.0
385,838.0
370,899.0
371,485.0
417,812.0
32,881.0
33,811.0
18,491.0
11,272.0
24,765.0
Total assets
1,222,098.0
1,405,193.0
1,583,907.0
1,898,916.0
1,972,941.0
Total liabilities
1,012,577.0
1,199,445.0
1,390,519.0
1,675,815.0
1,750,356.0
Revenues
Net income (loss)
MARKETLINE
Table 9: China Life Insurance Company Limited: key financial ratios

Ratio
Profit margin
2009
2010
2011
2012
2013
9.7%
8.8%
5.0%
3.0%
5.9%
Revenue growth
13.0%
13.7%
(3.9%)
0.2%
12.5%
Asset growth
24.0%
15.0%
12.7%
19.9%
3.9%
Liabilities growth
24.7%
18.5%
15.9%
20.5%
4.4%
Debt/asset ratio
82.9%
85.4%
87.8%
88.3%
88.7%
Return on assets
3.0%
2.6%
1.2%
0.6%
1.3%
$523,941
$603,412
$596,822
$597,640
$672,372
$50,776
$52,877
$29,754
$18,134
$39,854
Revenue per employee

Profit per employee

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Figure 12: China Life Insurance Company Limited: revenues & profitability
MARKETLINE
Figure 13: China Life Insurance Company Limited: assets & liabilities

MARKETLINE
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Japan Post Group

Table 10: Japan Post Group: key facts
Head office:
3-2 Kasumigaseki 1-chome, Chiyoda ku, Tokyo 100 8798, JPN
Telephone:
81 3 3504 4411
Website:
www.japanpost.jp
Ticker:
March
MARKETLINE
Japan Post Group (Japan Post or 'the group') is engaged in the postal, postal savings, and postal life insurance
businesses. The group has its operations in Japan.
The group operates through four operating companies: Japan Post Insurance, Japan Post Bank, Japan Post, and Japan
Post Holdings.
Japan Post Insurance is an operating company within the Japan Post Group, which takes over services and functions
related to postal life insurance. The main business activities of the company include provision of insurance products and
various services, maintenance and management of insurance contracts, and asset management.
The group also provides one-stop logistics services that include transporting, storing, and sorting materials used in
business operations at post offices and their branch offices. Japan Post Bank undertakes the banking business within
the Japan Post Group. It provides various services such as deposits, fund transfers, and settlement services through a
network of branches and post offices in Japan.
The bank offers basic financial products and services that include liquid deposits as ordinary deposits and savings
deposits, time and savings deposits such as time deposits and TEIGAKU deposits, and transfer and settlement services
that include fund transfers and remittances. In addition, Japan Post Bank pays benefits from public pensions and sells
Japanese government bonds and investment trusts.
Japan Post undertakes the postal business and parcel delivery business within the Japan Post Group. The company has
set up post boxes throughout Japan and has commissioned Japan Post Network to handle mail and sell postage stamps,
postcards, and revenue stamps at nationwide post offices. Moreover, it has commissioned the sale of various postage
stamps and revenue stamps in Japan. It is also engaged in the sale and provision of postal, banking, and insurance
products and services. The company is involved in postal counter operations for regular mail, parcels, and other items,
sales of revenue stamps, bank agency services, intermediary services for financial products, solicitation of life and nonlife insurance, real estate business, merchandise sales, and operations consigned by local government entities.
Japan Post Holdings is a holding company that operates hospitals and hotels and also provides shared services to group
companies. The company has established 14 Teishin Hospitals around Japan that serve as corporate hospitals for the
group. Further, it constantly monitors group companies to ensure proper business operations.
Key Metrics
Japan Post Group is a privately owned group so full updated financials are unavailable however the group announced
annual revenue of JPN 15,849,185m (approximately $162,439 million) which translated to net incomes of JPN 562,753
m (approximately $5767m) for financial year ended march 2013.

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Meiji Yasuda Life Insurance Company

Table 11: Meiji Yasuda Life Insurance Company: key facts
Head office:
1-1 Marunouchi 2-chome, Chiyoda-ku, Tokyo 100 0005, JPN
Telephone:
81 3 3283 8293
Fax:
81 3 3215 8123
Website:
www.meijiyasuda.co.jp
Financial year-end:
March
MARKETLINE
Meiji Yasuda Life Insurance Company (MYLI or "the company") is engaged in the sale of both life and non-life insurance
products through its subsidiaries: Meiji Yasuda General Insurance and Meiji Yasuda Insurance Service. The company
offers life insurance, annuities, medical and nursing care insurance, non-life insurance and investment advisory services.
The company operates in Asia, Europe and the Americas.
MYLI's international business concentrates on three core areas: international insurance, international insurance
networks, and international reinsurance with overseas insurance companies.
The company provides international insurance services in the US, Europe, and Asia. In the US, MYLI operates through
its subsidiary, Pacific Guardian Life Insurance Company, Limited (PGL) and Meiji Yasuda America Incorporated. PGL
provides life insurance for communities, mainly in Hawaii and the west coast. Meiji Yasuda America Incorporated offers
insurance services for the products of associated insurers to Japanese affiliates in the US, where it has offices in New
York and Los Angeles. In Europe, the company operates through its subsidiary, Meiji Yasuda Europe Limited. MYLI also
operates in Poland through its joint ownership in TU Europa S.A., and TUiR Warta S.A. In Asia, the company operates
through its subsidiaries and affiliates, including Founder Meiji Yasuda Life Insurance Co., Ltd., PT Avrist Assurance, and
Meiji Yasuda Asia Limited. Meiji Yasuda Asia Limited provides insurance broking business in China (Hong Kong). In
addition, Meiji Yasuda Asia works in cooperation with local insurance companies in Hong Kong and controls the
management of Mandatory Provident Funds (MPFs). The company also has offices in Seoul and Beijing.
MYLI's international insurance networks focus on insurance and annuity needs of the overseas branches and
subsidiaries of multinational corporations. The company has joined two networks: All Net, administered by the Allianz
Group, and the Swiss Life Network, run by Swiss Life.
The company through the international reinsurance business assumes the reinsurance of life, accident and health
insurance policies from insurance companies around the world.
MYLI's asset management business activity focuses on surplus management type of asset liability management, which
takes into account debt characteristics for each asset classification, internal reserves, necessary profits (losses),
insurance products, and sales strategies. The company also focuses on asset management risk control functions, raising
the ratio of assets that deliver stable profits, and curbing price fluctuation risk.
The company is also engaged in various business activities such as individual insurance marketing; general agent
marketing; group insurance marketing; and underwriting, policyholder services, and claim payments.
Key Metrics
The company recorded revenues of $48,593m in the fiscal year ending March 2013, an increase of .3% compared to
fiscal 2012. Its net income was $2,997m in fiscal 2013, compared to a net income of $2,426m in the preceding year.

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Table 12: Meiji Yasuda Life Insurance Company: key financials ($)
$ million
2009
2010
2011
2012
2013
38,790.5
43,072.2
62,686.1
48,465.1
48,593.3
1,253.1
1,463.3
1,770.4
2,426.0
2,997.0
Total assets
244,987.9
257,106.6
278,041.7
339,045.0
351,724.4
Total liabilities
235,191.8
242,801.9
265,221.2
311,263.5
321,420.3
Revenues
Net income (loss)
MARKETLINE
Table 13: Meiji Yasuda Life Insurance Company: key financials ()

million
2009
2010
2011
2012
2013
3,784,791.0
4,202,559.0
6,116,284.0
4,728,735.0
4,741,249.0
122,269.0
142,773.0
172,741.0
236,709.0
292,418.0
Total assets
23,903,468.0
25,085,889.0
27,128,525.0
33,080,624.0
34,317,745.0
Total liabilities
22,947,664.0
23,690,179.0
25,877,630.0
30,369,979.0
31,360,979.0
Revenues
Net income (loss)
MARKETLINE
Table 14: Meiji Yasuda Life Insurance Company: key financial ratios
Ratio
2009
2010
2011
2012
2013
Profit margin
3.2%
3.4%
2.8%
5.0%
6.2%
Revenue growth
5.1%
11.0%
45.5%
(22.7%)
0.3%
Asset growth
0.0%
4.9%
8.1%
21.9%
3.7%
Liabilities growth
0.0%
3.2%
9.2%
17.4%
3.3%
Debt/asset ratio
96.0%
94.4%
95.4%
91.8%
91.4%
Return on assets
0.5%
0.6%
0.7%
0.8%
0.9%

MARKETLINE
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Figure 14: Meiji Yasuda Life Insurance Company: revenues & profitability
MARKETLINE
Figure 15: Meiji Yasuda Life Insurance Company: assets & liabilities

MARKETLINE
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Nippon Life Insurance Company

Table 15: Nippon Life Insurance Company: key facts
Head office:
3 5 12 Imabashi, Chuo ku, Osaka 541 8501, JPN
Telephone:
81 6 6209 4500
Website:
www.nissay.co.jp
Financial year-end:
March
MARKETLINE
Nippon Life Insurance Company (Nippon or "the company") provides comprehensive insurance services across a broad
spectrum of needs, including life insurance, non-life insurance, medical and nursing care insurance and asset formation.
Nippon is a life insurance company which also provides non-life insurance and its business contains underwriting
insurance, asset management, proxy for other insurance companies and other financial institutions. Insurance business
consists of five companies, one subsidiary and four affiliates and insurance related business consists of eight
companies, three subsidiaries and five affiliates including Nissay Dowa General Insurance Company, Nippon Life
Insurance Company of America, Nissay-Greatwall Life Insurance, China, Corporate Pension Business Service, Nippon
Insurance Service, Nissay Tokyo Insurance Agency and NLI Insurance Agency. Affiliates in insurance-related operations
engage in corporate pension system management work, life insurance policy solicitation and non-life insurance agency
work, life insurance policy and non-life insurance policy confirmation work, as well as life insurance brokerage agency
work in the US.
Asset management-related subsidiaries engage in discretionary investment and advisory services, investment trust
consignment services, trust and custody services, venture capital, leasing, credit guarantee services, building
management, overseas real estate investment and finance agency services. Asset management and related business
consists of 30 companies including Nissay Asset Management Corporation, The Master Trust Bank of Japan, Nissay
Credit Guarantee, Nissay Leasing, Nissay Capital, Shinjuku NS Building and others. Nissay Asset Management is
involved in the joint development of investment products together with partners such as Putnam Investments, The
Northwestern Mutual of the US and NLI Research Institute.
Nippon's general affairs-related subsidiaries engage in temporary staffing services, mediation and sales of goods to
Nippon and its employees, printing and bookbinding services, software development, information processing services,
system administration and management, receiving agency, as well as survey and research services and consists of 24
companies including Nissay New Creation, Nissay Information Technology, Nissay Computer, Nissay Card Service and
Nissay Research Institute.
Nippon's underwriting insurance is based on life insurance business licenses. Assets, such as money received as
premiums, are mainly invested in loans, securities and real estate. As part of auxiliary and other business, Nippon acts
as a proxy for other insurance companies and other financial institutions. Under its credit guarantee business, Nippon
guarantees loans money as credit guarantees.
In addition, the company operates internationally through a number of subsidiary companies, including Nippon Life
Insurance Company of America, Nissay-Greatwall Life Insurance, NLI International, NLI Investments Europe, NLI
Commercial Mortgage Fund and NLI Insurance Agency.
Key Metrics
The company recorded revenues of $68,813m in the fiscal year ending March 2014, a decrease of 5.4% compared to
fiscal 2013. Its net income was $2,915m in fiscal 2014, compared to a net income of $2,159m in the preceding year.

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Table 16: Nippon Life Insurance Company: key financials ($)

$ million
2010
2011
2012
2013
2014
67,582.2
68,123.9
72,511.9
72,709.1
68,813.0
3,003.0
2,375.5
2,274.1
2,158.7
2,915.0
Total assets
498,964.8
511,941.6
524,412.4
565,395.2
585,120.4
Total liabilities
473,304.3
490,546.6
499,085.2
524,383.9
533,597.4
Revenues
Net income (loss)
MARKETLINE
Table 17: Nippon Life Insurance Company: key financials ()

million
2010
2011
2012
2013
2014
6,594,000.0
6,646,851.0
7,074,986.0
7,094,229.0
6,714,089.0
293,000.0
231,782.0
221,886.0
210,622.0
284,416.0
Total assets
48,684,000.0
49,950,141.0
51,166,914.0
55,165,611.0
57,090,200.0
Total liabilities
46,180,300.0
47,862,633.0
48,695,744.0
51,164,139.0
52,063,100.0
Revenues
Net income (loss)
MARKETLINE
Table 18: Nippon Life Insurance Company: key financial ratios

Ratio
2010
2011
2012
2013
2014
Profit margin
4.4%
3.5%
3.1%
3.0%
4.2%
Revenue growth
(1.5%)
0.8%
6.4%
0.3%
(5.4%)
Asset growth
5.8%
2.6%
2.4%
7.8%
3.5%
Liabilities growth
3.6%
3.6%
1.7%
5.1%
1.8%
Debt/asset ratio
94.9%
95.8%
95.2%
92.7%
91.2%
Return on assets
0.6%
0.5%
0.4%
0.4%
0.5%

MARKETLINE
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Figure 16: Nippon Life Insurance Company: revenues & profitability
MARKETLINE
Figure 17: Nippon Life Insurance Company: assets & liabilities

MARKETLINE
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APPENDIX
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, crosschecked and presented in a consistent and accessible style.
Review of in-house databases Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLines in-house databases
provide the foundation for all related industry profiles
Preparatory research We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
-
National/Governmental statistics
International data (official international sources)
National and International trade associations
Broker and analyst reports
Company Annual Reports
Business information libraries and databases
Modeling & forecasting tools MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date

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Industry associations
International Association of Insurance Supervisors
c/o Bank for International Settlements, CH-4002 Basel, CHE
Tel.: 41 61 225 7300
Fax: 41 61 280 9151
www.iaisweb.org
Banking, Finance and Insurance Commission

Rue du Congrs 12-14, 1000 Brussels, BEL
Tel.: 32 2 220 5211
Fax: 32 2 220 5323
www.cbfa.be
Life Insurance Association of Japan

Shin-Kokusai bldg. 3F, 3-4-1 Marunouchi, Chiyoda-ku, Tokyo 100-05, JPN
Tel.: 81 3 3286 2624
Fax: 81 3 3286 2630
www.seiho.or.jp
Insurance Association of China

88th Capital Time Square, East Chang'an Street West Beijing Xicheng District Beijing 1031, CHN
Fax: 86 10 8391 3779
www.iachina.cn/index1.htm
Related MarketLine research

Industry Profile
Life Insurance in the United States
Life Insurance in China
Life Insurance in Europe
Global Life Insurance

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Page | 31
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Market value forecast

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Table 1: Asia-Pacific life insurance market value: $ billion, 201014

Figure 1: Asia-Pacific life insurance market value: $ billion, 201014

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Table 2: AsiaPacific life insurance market category segmentation: $ billion, 2014

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Table 3: AsiaPacific life insurance market geography segmentation: $ billion, 2014

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Table 4: Asia-Pacific life insurance market share: % share, by value, 2014

Japan Post Insurance

Meiji Yasuda Life Insurance Company

Nippon Life Insurance Co.

Figure 4: Asia-Pacific life insurance market share: % share, by value, 2014

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Table 5: Asia-Pacific life insurance market value forecast: $ billion, 201419

Figure 5: Asia-Pacific life insurance market value forecast: $ billion, 201419

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FIVE FORCES ANALYSIS

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12 Floor, China Life Plaza, No.16 Financial Street, Xicheng District,

SOURCE: COMPANY WEBSITE

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Table 7: China Life Insurance Company Limited: key financials ($)

Table 8: China Life Insurance Company Limited: key financials (CNY)

SOURCE: COMPANY FILINGS

Table 9: China Life Insurance Company Limited: key financial ratios

Revenue per employee

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