LIFE INSURANCE BUSINESS IN JAPAN

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1 LIFE INSURANCE BUSINESS IN JAPAN The Life Insurance Association of Japan

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3 Contents 1. Overview of the Life Insurance Business in Japan in fiscal a ) Business Results... 2 b ) Revenues and Expenditures... 6 c ) Assets... 9 d ) Liabilities and Net Assets e ) Member Companies and Sales Force Topics in Life Insurance Industry a) Great East Japan Earthquake b) Partial Amendments to Insurance Business Act c) Revision of Solvency Margin Ratio Our Activities a) Activities for Reflecting Customers' Opinions b) Requests and Proposals to Organizations In Charge c) Establishment of Appropriate Business Structure. and Ensuring Appropriate Payment of Benefits...18 d) Activities for Clearly Disclosing Information e) Approach to Environmental Issues f ) Educational System g) Life Insurance Consultation Center h) Social Service Activities i) Measures against Moral Hazard j) LINC (The Life Insurance Network Center) Requests and Proposals a) Tax Reform b) Postal Reform c) IASB d) IAIS e) Others The Life Insurance Association of Japan Organization Chart Board Members Member Companies Japan Institute of Life Insurance... 46

4 1. Overview of the Life Insurance Business in Japan in Fiscal 2011 a) Business Results 1) Individual Insurance The number of new policies for individual insurance (including converted contracts) was million (102.3% y/y), and the amount of new policies (reflecting the net increase arising from the conversion) was Y trillion (104.1% y/y) for this fiscal year. The number of new policies has been increasing since fiscal 2007 due to strong sales of medical life insurance and whole life insurance. In fiscal 2011, combined with active sales of single-premium whole life insurance by banks, the number and amount of new policies increased from the previous year for the fourth successive year. Although the amount of new individual insurance policies had decreased since fiscal 1997, in fiscal 2010, it increased from the previous year for the first time in 14 years. This fiscal year, it increased from the previous year for the second successive year. Among the number of new policies for individual insurance (excluding converted contracts), whole life insurance ranked top (33.0% of the total), followed by medical life insurance (25.1%), endowment (13.6%), cancer insurance (11.7%) and term insurance (9.3%). The number of policies in force for individual insurance increased from the previous year to million (104.3% y/y) due to strong sales of bancassurance products. The number of policies in force increased from the previous year for the fourth successive year due to the favorable effects of bancassurance. However, the amount of policies in force decreased from the previous year to Y trillion (98.4% y/y) due to the current trend of people increasing medical protection while holding down death protection as well as the decrease in the amount of insurance coverage. Among the number of policies in force for individual insurance, whole life insurance ranked top (35.4% of the total), followed by medical life insurance (20.1%), cancer insurance (15.6%), term insurance (9.5%) and endowment insurance (9.3%). Table 1 New Policies and Policies in Force for Individual Insurance Fiscal Year New Policies (Number: in million, Y/Y: %, Amount: Y billion) Policies in Force Number Amount Number Amount Y/Y Y/Y Y/Y Y/Y , , , , , , , , , , *The number includes converted contracts, and the amount reflects the net increase arising from the conversion. 2

5 1. Overview of the Life Insurance Business in Japan in Fiscal 2011 Figure 1: Percentage Distribution of Individual Insurance by Type (Number of New Policies) 100% 90% 80% Others Juvenile Insurance 70% 60% Cancer Insurance 50% 40% 30% Medical Life Insurance Endowment 20% 10% 0% Term Insurance Whole Life Insurance *Excluding converted contracts Figure 2: Percentage Distribution of Individual Insurance by Type (Number of Policies in Force) 100% 90% Others 80% 70% 60% 50% 40% 30% 20% 10% 0% Juvenile Insurance Cancer Insurance Medical Life Insurance Endowment Term Insurance Whole Life Insurance *Excluding converted contracts 3

6 1. Overview of the Life Insurance Business in Japan in Fiscal ) Individual Annuities The number of new policies for individual annuities (including converted contracts) was 1.58 million (110.0% y/y), and the amount of new policies (reflecting the net increase arising from the conversion) was Y7.899 trillion (114.6% y/y). Although the number of new individual annuity policies declined after reaching a peak in FY1993, it then increased due to the start of bancassurance in October It started to decrease again in fiscal 2007 and decreased last year as well despite a temporary increase in fiscal 2008 and fiscal This fiscal year, however, it increased both in number and in amount due to strong sales of bancassurance products. Among the number of new policies for individual annuities (excluding converted contracts), fixed individual annuities accounted for 95.1% of the total and variable individual annuities accounted for 4.9% of the total in fiscal The ratio of variable individual annuities to the total number of new policies has declined since reaching a peak in fiscal The number and amount of policies in force for individual annuities for this fiscal year were million (104.0% y/y) and trillion (103.3% y/y), respectively. The number had been decreasing since peaking in fiscal 1995, but started to increase from fiscal 2003 due to bancassurance. The amount of policies in force showed the same trend and increased for the ninth successive year, reaching a record high. Among the number of policies in force for individual annuities, fixed individual annuities accounted for 82.6% and variable individual annuities for 17.4% of the total in fiscal Table 2 New Policies and Policies in Force for Individual Annuities (Number: in million, Y/Y: %, Amount: Y billion) New Policies Policies in Force Fiscal Number Amount Number Amount Year Y/Y Y/Y Y/Y Y/Y , , , , , , , , , , *The number includes converted contracts, and the amount reflects the net increase arising from the conversion. 4

7 1. Overview of the Life Insurance Business in Japan in Fiscal 2011 Figure 3: Percentage Distribution of Individual Annuities by Type (Number of New Policies) 100% 90% 80% % 60% 50% 40% 30% Variable Annuity Fixed Annuity 20% 10% 0% Figure 4: Percentage Distribution of Individual Annuities by Type (Number of Policies in Force) 100% *Excluding converted contracts 90% % 70% 60% 50% 40% 30% 20% 10% 0% Variable Annuity Fixed Annuity *Excluding converted contracts 5

8 1. Overview of the Life Insurance Business in Japan in Fiscal ) Medical Insurance The number of policies in force for medical life insurance (independent policies) was million (107.1% y/y), and the amount of policies in force was Y4.726 trillion (94.1% y/y) for this fiscal year. The amount of policies in force for medical life insurance represents only the amount of death benefits and does not include the amount of benefits such as hospitalization benefits (For products without death security, while their number is included in the number of policies in force, the amount of benefits is not included in the amount.). Widespread products these days limit the amount of death security while enhancing security for hospitalization and surgery. Therefore, even though the number of policies in force has increased, the amount of policies in force has decreased. In addition to independent medical life insurance contracts, there are some types of medical insurance such as insurance contracts with hospitalization and surgery riders (which provide medical benefits for hospitalization and surgery due to unforeseen accidents and sickness), and medical care insurance (which supplements the public medical insurance scheme with medical treatment benefits covering copayments in public medical insurance for hospitalization due to unforeseen accidents and disease). With respect to insurance policies with riders to individual life insurance and individual annuity, the number of policies with accidental hospitalization riders in force was million (102.3% y/y), those with sickness hospitalization riders in force was million (102.7% y/y), and those with surgical benefit riders in force was million (102.3% y/y). The number of policies in force for medical care insurance was 1.68 million (100.7% y/y). Table 3 Policies in Force for Medical Insurance Contracts Fiscal Year Medical Life Insurance (independent policies) Accidental Hospitalization (Number: in million, Y/Y: %, Amount: Y billion) Sickness Hospitalization Surgical Benefit Medical Care Insurance Number Amount Number Number Number Number , , , , , y/y (%) b) Revenues and Expenditures 1) Premium Income Total premium income rose to Y trillion (105.3% y/y) from the previous year. It had been on a slight decrease since peaking in fiscal 1995, but has remained around Y27 trillion since fiscal From fiscal 2008, it exceeded Y34 trillion because of the inclusion of reinsurance premiums of Japan Post Insurance. This year, it increased from the previous year due to active sales of single-premium products. As shown below, the premium income of individual insurance and group annuities increased to Y trillion (111.2% y/y) and Y3.925 trillion (103.0% y/y) from the previous year, respectively, while individual annuities and group insurance declined to Y4.679 trillion (97.4% y/y) and Y1.114 trillion (99.8% y/y) from the previous year, respectively. 6

9 1. Overview of the Life Insurance Business in Japan in Fiscal 2011 Table 4 Breakdown of Premium Income (Y billion) Fiscal Year Total Premium Income Individual Insurance Individual Annuities Group Insurance Group Annuities Others ,023 14,947 6,577 1,195 4, ,063 16,634 6,670 1,128 3,737 5, ,116 17,641 6,640 1,133 3,727 4, ,454 20,447 4,802 1,115 3,812 4, ,289 22,734 4,679 1,114 3,925 3,835 Y/Y (%) ) Investment Results As well as the increase of interest and dividends to Y6.293 trillion (100.4% y/y), which account for nearly 80% of total investment income, profits on asset management of special accounts increased from the previous year to Y513 billion. Therefore, the total investment income increased from the previous year to Y8.139 trillion (106.0% y/y). The investment yield on assets in general accounts is 1.92%, increasing from the previous year. Among items of assets, bonds (1.91%), domestic stocks (1.56%) and foreign securities (2.91%) increased from the previous year, but loans (1.94%) and real estate (2.27%) decreased in this fiscal year. Table 5 Investment Income (Y billion) Fiscal Year Interest and Dividends Securities Loans Real Estate Others Profit on Sales of Securities Foreign Exchange Profit Others Total ,901 3, , ,223 4,451 1, , , ,099 4,459 1, ,274 10, ,265 4,764 1, , , ,293 4, , ,139 Y/Y (%) , Table 6 Portfolio Yield Classified by Type of Asset (%) Fiscal Year General Account Assets Bonds Domestic Stocks Foreign Securities Loans Real Estate

10 1. Overview of the Life Insurance Business in Japan in Fiscal ) Insurance Benefits Paid The total amount paid by all life insurance companies under life insurance contracts in this fiscal year was Y trillion (97.4% y/y), decreasing from the previous year. The amount of claims paid and benefits decreased to Y trillion (93.6% y/y) and Y3.804 trillion (95.7% y/y) from the previous year, respectively. Meanwhile, the amount of annuities paid continued to increase, reaching Y3.134 trillion (109.0% y/y). Table 7 Breakdown of Insurance Benefits Paid (Y billion) Fiscal Year Insurance Benefits Paid a Claims Paid Annuities Paid Benefits ,141 6,194 2,106 3, ,818 19,965 2,351 4, ,681 18,829 2,558 4, ,049 17,243 2,876 3, ,208 16,143 3,134 3,804 Y/Y (%) a. Including others 4) Basic Profit and Ordinary Profit The basic profit of member companies, which represents the profitability of the life insurance business for the fiscal year, increased from the previous year to Y3.074 trillion (117.0% y/y) due to the increase of premium income and investment income from asset management. Ordinary profit increased from the previous year to Y2.583 trillion (140.3% y/y) due to the decline of extra expenses such as provision of contingency reserves. Table 8 Basic Profit and Ordinary Profit (Y billion) Fiscal Year Basic Profit* Ordinary Profit ,555 1, , ,848 1, ,628 1, ,074 2,583 Y/Y (%) *Basic Profit = Ordinary Profit - Capital Gain/Loss - Nonrecurring income/loss 8

11 1. Overview of the Life Insurance Business in Japan in Fiscal 2011 c) Assets As of the end of fiscal 2011, total assets stood at Y trillion (102.0% y/y). Among the items, securities accounted for 78.8% of the total assets (Y trillion, 103.9% y/y) followed by loans accounting for 12.9% of the total (Y trillion, 96.1% y/y). Among securities items, Japanese government bonds ranked top with Y trillion (106.7% y/y) accounting for 54.9% of the total securities, followed by foreign securities at Y trillion (102.6% y/y), corporate bonds at Y trillion (100.2% y/y), stocks at Y trillion (90.9% y/y) and local government bonds at Y trillion (110.5% y/y). Bonds (total of government bonds, local government bonds and corporate bonds) are tending to increase (Y trillion, 106.0% y/y), while stocks are tending to decline. Among the items of foreign securities, bonds (including government bonds, local government bonds, corporate bonds and other foreign securities) and stocks increased to Y trillion (102.8% y/y) and Y4.902 trillion (100.6% y/y), respectively. Table 9 Breakdown of Assets (Amount: Y billion, Ratio: %) Fiscal Year Cash/Deposits Call Loans Monetary Trust Securities Ratio Ratio Ratio Ratio , , , , , , , , , , , , , , , , , , , , Y/Y (%) (Continued) Fiscal Year Loans Tangible Fixed Assets Others Ratio Ratio Ratio Total Assets , , , , , , , , , , , , , , , , , , , ,952 Y/Y (%) Table 10 Breakdown of Securities (Amount: Y billion, Ratio: %) Fiscal Year Government Bonds Local Government Bonds Corporate Bonds Stocks Ratio Ratio Ratio Ratio , , , , , , , , , , , , , , , , , , , , Y/Y (%) (Continued) Fiscal Year Foreign Securities Other Securities Bonds a Stocks Ratio Ratio Ratio Ratio , , , , , , , , , , , , , , , , , , , , Y/Y (%) a. Including national government bonds, local government bonds, corporate bonds and other foreign securities 9

12 1. Overview of the Life Insurance Business in Japan in Fiscal 2011 d) Liabilities and Net Assets Total liabilities stood at Y trillion (101.4% y/y) as of the end of fiscal 2011, accounting for 96.5% of the total of liabilities and net assets. Meanwhile, total net assets were Y trillion (118.6% y/y), accounting for 3.5% of the total of liabilities and net assets. Table 11 Liabilities and Net Assets Fiscal Year Total a Liabilities Insurance Reserves Price Fluctuation Reserves (Y billion) Net Assets Total , ,098 1,459 10, , ,133 1,374 6, , ,202 1,461 10, , ,379 1,500 9, , ,683 1,679 11,482 Y/Y (%) a. Including others e) Member Companies and Sales Force The number of member companies, which are all life insurers operating in Japan, stood at 43 as of the end of March 2012 including 5 mutual insurers (The number of member companies as of the end of December 2012 is 43 including 5 mutual insurers). Faced with the dramatically changing environment surrounding the insurance industry, many life and general insurers have been promoting the reorganization of the insurance industry such as through business cooperation, combination and merger in order to increase the convenience for customers and enhance the stability of insurers' business. In fiscal 2011, Mitsui Sumitomo Aioi Life was formed by the merger of Mitsui Sumitomo Kirameki Life and Aioi Life, and NKSJ Himawari Life was formed by the merger of Sompo Japan Himawari Life and NIPPONKOA Life due to the reorganization of their parent companies. In addition, Gibraltar Life was merged with AIG Edison Life and AIG Star Life, which are all affiliated with the Prudential Financial Group, aimed at increasing business efficiency. The number of member companies with foreign participation stood at 18 as of the end of March 2012, composed of 14 domestic companies with foreign capital and 4 branch offices of foreign companies. However, MetLife Alico was converted to a locally-incorporated entity from a branch office of American Life Insurance Company in Japan as of April 2012, so there are 15 domestic companies with foreign capital and 3 branch offices of foreign companies as of the end of December The number of tied sales agents decreased from the previous year to 236 thousand. Also, the number of agencies decreased from the previous year. Meanwhile, the number of sales representatives at agencies has continued to increase since the lifting of the ban on bancassurance in fiscal 2002, rising to 1,005 thousand. Table 12 Number of Member Companies and Agents/Agencies Fiscal Year Member Companies* Tied Agents Number of Sales Force (in thousands) Agencies Sales Reps at Agencies (32) (35) (40) (41) (38) ,005 *Numbers in parentheses are those of stock companies. As of the end of the fiscal year. 10

13 1. Overview of the Life Insurance Business in Japan in Fiscal 2011 Reference: Member Companies with Foreign Participation* (As of the end of March 2012) Domestic Companies with Foreign Capital Branch Offices of Foreign Companies AEGON Sony Life Hartford Life PCA Life Aflac Allianz Life ING Life Gibraltar Life Cardif Assurance Vie AXA Life Manulife Life Prudential Life MetLife Alico Crédit Agricole Life MassMutual Life Prudential Gibraltar Financial Life Zurich Life Fuji Life NEXTIA Life *Foreign stake of 50% or more 11

14 2. Topics in Life Insurance Industry a) Great East Japan Earthquake The life insurance industry has worked hard to recover from the Great East Japan Earthquake, with the fundamental policy of "Taking actions giving utmost consideration to affected people to provide them peace of mind as soon as possible". The and each member company are still working to complete the payment of the remaining insurance benefits for all customers. While we estimate that the total amount of payments will be about 164 billion yen, the amount of payments actually made by life insurers under life insurance contracts as of December 28, 2012 reached about 159 billion yen, accounting for 96.9% of the total estimated amount. Number of Dead 15,879 Number of Payments 20,897 Number of Missing 2,712 Amount of Payments Y billion *Source: National Police Agency (As of December 26, 2012) *As of December 28, ) Measures for life insurance contracts In order to assist the livelihoods of the victims who are concerned about insurance benefit payouts and premium payments, the and member companies took the following measures for life insurance contracts. (a) Full payment of accident-related insurance benefits under accident riders All life insurers decided to fully pay accident-related insurance benefits to beneficiaries who were affected by the Great East Japan Earthquake without applying the earthquake exclusion clauses. (b) Extension of the grace period for premium payments Life insurers extended the grace period for premium payments up to the end of December 2012 at the request of customers. Besides, provided a policyholder continues to pay the premiums from January 2012, the due date for paying the grace-period premiums was also extended until the end of October 2012 in case of difficulty paying the full amount of premiums by the specified due date. (Installment payment was allowed for the grace-period premiums.) The number of contracts whose grace period for premium payments was extended, reached approximately 230 thousand. Among them, approximately 157 thousand contracts (68.4% of the total) continues the coverage, and approximately 72 thousand contracts (31.6% of the total) completed the payments. (c) Simple and prompt payment of insurance benefits Life insurers allowed customers to claim for benefit payments without submitting certain documents normally required, such as residence certificates and certification of unforeseen accidents. At the same time, life insurers allowed for special treatment to consider the insured as being hospitalized from the day of the disaster and paid benefits for the period, even if they first received medical treatment in a temporary facility and were later hospitalized, due to the state of hospitals after the disaster. 12

15 2. Topics in Life Insurance Industry 2) Safety confirmation of customers In order to notify customers of the necessary procedures for payment of insurance benefits, life insurers took several approaches to confirm their customers' safety, such as individual visits by their tied sales agents to customers' houses and evacuation centers, outbound phone calls, and or direct mailing. 3) Facilitating the system to ensure payment of insurance benefits without fail (a) The Center for Searching for Life Insurance Contracts in Disaster Areas The established a search system, called the Center for Searching for Life Insurance Contracts in Disaster Areas. Under this system, all member companies can investigate any relevant insurance contracts for people who have family members or relatives who died or remain missing due to the disaster and who do not have any evidence of their insurance contracts because their home was either washed away or burned down. As of December 28, 2012, the number of inquiries received by the Center reached 3,733. The number of persons subject to the inquiry system was 6,535, among whom contracts of 4,130 persons were found, accounting for 63.2% of the total. Persons subject to the inquiry system (Research conducted by member companies) Found Not Found Number 6,535 4,130 2,405 Ratio (b) Special treatment for the missing *As of December 28, 2012 In order to make benefit payments for the missing as soon as possible, the has made several requests to the relevant ministries. In accordance with our requests, the Ministry of Justice decided to allow simple treatment concerning procedures for death notification under the Family Registration Act. Thanks to this special treatment, life insurers became able to quickly pay insurance benefits to family members of the missing. The number and amount of benefit payments for the missing reached 3,733 and approximately 27.7 billion yen, respectively as of December 28, (c) Industry-wide database In order to ensure payment of insurance benefits without fail, the established an industry-wide database for collecting and sharing information among member companies, which includes the list of fatalities disclosed by police, information submitted to the Center for Searching for Life Insurance Contracts in Disaster Areas, and information from member companies on death of insured persons. (d) The Life Insurance Support Network for Orphaned Minors In order to ensure proper payment of insurance benefits for minors who lost both of their parents or their guardians because of the disaster, the established an information-exchange network with the cooperation of administrative bodies and local bar associations. So far, we have supported 34 orphaned minors for the selection of guardians by introducing local bar associations to them through this network, and the number of cases of benefit payment to such minors reached

16 2. Topics in Life Insurance Industry 4) Publicity activities for measures by the life insurance industry In order to provide necessary information to all the disaster victims, the has conducted several publicity activities, such as providing information through various mass media and on the website, displaying posters and distributing leaflets in evacuation centers. The has also actively shared information with the public on its measures and efforts for the disaster, such as at the interactive dialogue meeting with consumers' consultants (refer to page 17) and even abroad, mainly in Asian countries. The will continue to provide information related to the purpose and importance of life insurance for the public. 5) Support for post-quake reconstruction and for rebuilding victims lives The is continuously taking necessary measures for the post-quake reconstruction and for rebuilding victims lives. Specifically, the donated 30 cars for welfare service to social welfare councils by using donations collected from the staff of member companies, and also donated money to Shoubou Ikueikai (Fire Scholarship Foundation), which was founded to provide scholarships to students whose parent was a firefighter and died or became physically challenged due to a work-related accident. 6) 2012 State Minister s Commendation for Contributors to Consumer Support In recognition of its valuable response to the Great East Japan Earthquake, the received the 2012 State Minister s commendation for contributors to consumer support, which is presented to those active in the protection and enhancement of consumer interest in various fields based on the commendation program under the authority of the Consumer Affairs Agency. 14

17 2. Topics in Life Insurance Industry b) Partial Amendments to Insurance Business Act To develop the environment to help enhance the international competitiveness of Japanese insurers and promote business restructuring while protecting policyholders, the FSA made partial amendments to the Insurance Business Act and related laws and regulations, such as reviewing the regulation on the scope of business of subsidiary companies of acquired foreign insurance companies and extending the period of availability of the government subsidy to Policyholder Protection Corporation of Japan. 1) Review of regulation on the scope of business of subsidiary companies of acquired foreign insurance companies Under the current regulation, only certain types of companies are eligible to be held as subsidiary companies such as insurance companies, banks and foreign companies operating insurance business. This regulation puts Japanese insurance companies at a disadvantage when they compete with insurance companies in other countries to acquire a foreign insurance company as Japanese companies, when bidding, need to set conditions to dispose of companies that cannot be held as subsidiary companies, thus impeding the entry of Japanese companies into overseas markets. This review allows Japanese insurance companies to hold subsidiary companies of acquired foreign insurance companies which are ineligible to be held as subsidiary companies within a certain period (5 years) in principle. Besides, in case where the disposal of the companies within a certain period is hindered, there are exceptions where Japanese insurance companies are allowed to hold the subsidiary companies beyond the period under certain conditions with the approval of FSA. 2) Review of regulation on transfer of insurance contracts Under the current regulation, it is specified that "a transfer of insurance contracts shall cover the insurance contracts comprehensively for which the policy reserve is calculated on the same basis" when transferring insurance contracts to another insurance company (approval system of FSA). This regulation restricts the transfer of insurance contracts to some degree, and so this may hamper the restructuring of an insurance company depending on the characteristics of customers and distribution channels. While maintaining the approval system on the transfer of insurance contracts, the review abolished the regulation on the transfer unit of insurance contracts after taking required measures (e.g. enhancing information provision and reviewing the requirements for sustaining of objections) to ensure fairness among and the protection of policyholders. 3) Abolition of regulation on suspension of conclusion of insurance contracts The current regulation specifies that "the transferor company shall not conclude any insurance contract that belongs to the same class as the insurance contracts to be transferred, for the period ranging from the time of adoption of the resolution to the time of execution or renunciation of the transfer of insurance contracts (regulation on suspension of conclusion of insurance contracts)". However, it is pointed out that, in case where an insurance company transfers the insurance contracts on the premise of continuing the business such as where a branch office in Japan of the foreign insurer becomes locally incorporated, this regulation may hinder certain procedures such as renewal of insurance contracts, and thus be inconvenient to policyholders. The review abolished the regulation on suspension of conclusion of insurance contracts, while imposing an obligation on insurance companies to obtain the consent of policyholders for the transfer of insurance contracts to the transferee company in case when they conduct insurance solicitation activities for insurance contracts to be transferred during the period of the transfer of insurance contracts. 15

18 2. Topics in Life Insurance Industry 4) Extension of period of availability of government subsidy to Policyholder Protection Corporation of Japan Under the current system, a government subsidy is available for Policyholder Protection Corporation of Japan (PPCJ) to provide financial aid to insolvent life insurers under certain conditions, in case the ceiling on industry contributions cannot cover the full amount of financial assistance for bankruptcy of life insurers, until the end of March However, taking into account the impacts of the Great East Japan Earthquake and the confusion in the global financial and capital markets since the European sovereign-debt crisis, it has been decided that the availability of the government subsidy will be extended for another 5 years in order to protect policyholders. Accumulation limit 400 billion 16.2 billion (As of the end of March 2011) 0 Borrowing limit 460 billion 40 billion each year Accumulation Funding of Policyholder Protection Corporation of Japan for financial aid to insolvent life insurers is as follows: 1. Pre-funding by life insurers who are members of the Corporation (Amount limit: 400 billion, Actually accumulated amount: 16.2 billion) 2. Government-guaranteed loans (Amount limit: 460 billion) 3. Government subsidy is available under certain conditions, in case the ceiling on industry contributions cannot cover the full amount of financial assistance for bankruptcy of life insurers until the end of March Borrowing (Government-guaranteed loans are available) (Government subsidy is available) Extend availability period from March 2012 to March 2017 c) Revision of Solvency Margin Ratio 1) Introduction of Prudential Standards on a Consolidated Basis With respect to groups whose parent company is an insurance company or an insurance holding company, it is essential to promptly capture the risks that the insurance company may be influenced by the deterioration of other companies within the group in order to protect policyholders, and therefore the Act for Partial Revision of the Financial Instruments and Exchange Act was approved on May 12, 2010 and officially announced on May 19, 2010, which specifies the introduction of prudential standards on a consolidated basis. In accordance with this Act, the Ordinance for Enforcement of the Insurance Business Act and related laws and regulations were officially announced in March 2011, which provides the specific calculation method under the prudential standards on a consolidated basis. These were introduced as an indicator of the prompt corrective measures from the end of March ) Discussion on Introduction of an Economic Value-based Solvency Regime An economic value-based solvency regime can help to appropriately recognize the financial conditions of an insurance company and enhance risk management by an insurance company through the consistent fair value assessment of assets and liabilities. Recently, the introduction of such a regime has been discussed by organizations including the IAIS. In Japan, the FSA conducted field tests on the introduction of an economic value-based solvency regime. Based on the results of these tests, including any practical issues and challenges, the FSA conducted further examinations on the introduction in cooperation with expert organizations, such as the Institute of Actuaries of Japan and the Non-Life Insurance Rating Organization of Japan, from June 2011 to March

19 3.Our Activities a) Activities for Reflecting Customers' Opinions The is conducting the following activities for reflecting customers' opinions in the management of life insurance companies. 1) Holding Interactive Dialogue on Life Insurance The holds "Interactive Dialogue on Life Insurance" in cooperation with the Japan Institute of Life Insurance (JILI) and local offices, with the aim of promoting proper understanding of the life insurance business. In fiscal 2011, the held 144 meetings in total with consumers' bodies/organizations and the press. Also, the periodically visits consumer related organizations to provide information or to hear their opinions on the life insurance industry and the 's activities. 2) Operating the Secretariat of Customers' Opinions With the aim of reflecting customers' opinions in the management of life insurance companies, the operates the Secretariat of Customers' Opinions, which collects and analyzes information such as on counseling or complaints and opinions or requests received by the as well as opinions of outside experts received at the Arbitration Advisory Committee (see page 24), and then shares the information among member companies. The Secretariat also exchanges information on specific best practices of member companies and on findings from their actual business. b) Requests and Proposals to Organizations In Charge The submits various requests and proposals to the parties concerned in order to encourage people to help their own lives. 1) Request on Tax Reform (see page 27) In response to requests over many years by the, the new tax deduction scheme for life insurance premiums came into effect from January 1, 2012, which provides tax deductions for long-term care/medical insurance in addition to life insurance and individual annuity insurance. The is also making requests to maintain and expand the exemption of inheritance tax on death benefits in the 2012 tax reform. 2) Approach to Postal Privatization Issues (see page 28-34) The revised Postal Service Privatization Act was enforced in April 2012, and is still being discussed by the Postal Privatization Committee. The considers that it is not acceptable to increase the amount limit and business scope of Japan Post Insurance without ensuring a level playing field and without preparing an appropriate system including on underwriting and insurance payouts. Therefore, the has repeatedly expressed these concerns to the parties concerned. 3) Request on Utilization of My Number System The government considered introducing an identification number system for social security and taxation, and submitted the so-called My Number bill to the Diet in February Both in times of serious disaster and in ordinary times, this network system for the life insurance industry will enhance the convenience of customers, the efficiency of the life insurance industry, and all administrative matters such as ensuring prompt payment of insurance benefits. The intends that life insurers promptly use the network system of identification numbers. 4) Request on International Regulations and Accounting Standards (see page 35-40) Amid the ongoing globalization of the insurance industry, the submits various comments to international organizations including the International Association of Insurance Supervisors (IAIS) and the International Accounting Standards Board (IASB) in order to appropriately reflect the characteristics of the life insurance business. The is also strengthening cooperation with insurance associations in other jurisdictions by joining the Global Federation of Insurance Associations (GFIA) which was established in October

20 3. Our Activities 5) Enhancement of Stock Valuations The conducts questionnaire surveys of listed companies and institutional investors and analyzes settlement data. The collects and publishes its requests from the position of shareholders and institutional investors on improvements and ways to enhance stock valuations. In March 2012, the published its requests on the setting and announcement of business objectives, the enhancement of shareholder returns, and the improvement of corporate governance. 6) Abolishment of Tax-qualified Pension Plan As tax incentives for tax-qualified pension plans were abolished at the end of March 2012, companies adopting such plans needed to switch over to other corporate pension plans. The and life insurers which had run tax-qualified pension plans had therefore taken necessary measures over the past ten years since April 2002 to complete the abolishment of such plans, including conducting publicity activities to explain the details of the abolishment to customers and to make requests on tax reform to the government. As a result, the abolishment of tax-qualified pension plans was completed by the deadline. c) Establishment of Appropriate Business Structure and Ensuring Appropriate Payment of Benefits The and member companies are making the following efforts to fulfill the roles and social mission of the life insurance industry such as the payment of insurance benefits by ensuring that businesses are managed in the interest of customers. 1) Development of Voluntary Guidelines To enable life insurers to provide appropriate handling and best services for policyholders, from arranging the contract to the payment of benefits, the has prepared voluntary guidelines which include practical transactions and points to consider. These guidelines are referred to by each member company and their executives/regular employees, and are periodically reviewed by the. Last year, the revised the guidelines on documents used when making insurance solicitations so that policyholders can properly understand how insurance benefits are paid, both at the time of solicitation as well as at the time of benefit payment or the insurance claim process. 2) Collection and Sharing of Best Practices The monitors how the voluntary guideline is being reflected in the management of life insurers. To promote use of the guidelines, the collects examples of best practices adopted by member companies to improve customer services, and shares the information with all member companies. 3) Development of Manual for Earthquakes and for New Strains of Influenza To fulfill the social mission of the life insurance industry, the takes several measures to continue its important business such as payment of insurance benefits, even in extraordinary situations such as a serious disaster or a pandemic of a new strain of influenza. The also revised the manual for earthquakes in light of the lessons learnt from the Great East Japan Earthquake. 4) Activities as Authorized Personal Information Protection Organization The was accredited as an Authorized Personal Information Protection Organization by the Financial Services Agency under the Act on the Protection of Personal Information in April The developed the Personal Information Protection Guidelines and provides guidance or recommendations on complying with the guidelines to each member company, and also receives related complaints from customers and shares them with member companies. 18

21 3.Our Activities d) Activities for Clearly Disclosing Information 1) Basic Explanation about Life Insurance The posts basic life insurance information and knowledge on its website. The contents systematically cover various topics such as "What is life insurance?", "The mechanism of life insurance", "The mechanism for calculating insurance premiums and insurance dividends" and so on. 2) Quick Search for Life Insurance Products The operates a "Quick Search for Life Insurance Products" on its website so that customers can gather necessary information on the life insurance products of life insurers. This is linked to product descriptions of life insurers on their websites so that customers can find more details about the products. 3) Disclosure of Complaint Information To help make customers aware how member companies address their complaints, the discloses information including the number and details of complaints as well as those of payment/non-payment for insurance claims on the 's and member companies' websites. 4) Setting of Standards for Disclosure The Insurance Business Act and other related laws stipulate detailed items to be disclosed by life insurers. The has also prepared a set of industry-wide "Standards for Disclosure" with additional items that it considers should be voluntarily added by member companies. The reviews these standards every year for possible improvement. In addition, it has prepared a guidebook on disclosure by life insurers to help customers understand, because the financial statements of life insurers vary significantly from those in other industries. 5) Publication of a Summary of Life Insurance Statistics The collects data and publishes the statistics of the life insurance business of all life insurers monthly, quarterly, in the first half year and annually on its website. In addition, the prepares and publishes "Life Insurance Business Results" which briefly summarize the life insurers' key performance and the business results of the life insurance industry, and "Summary of Life Insurance Business" (CD-ROM) which contains detailed statistical data of life insurers. e) Approach to Environmental Issues The has committed itself to the "Nippon Keidanren's Commitment to a Low Carbon Society" and developed "Action Guidelines for Environmental Issues" and "Life Insurance Industry's Commitment to a Low Carbon Society". Also, the conducts a "Follow-up Survey of Voluntary Action Plans on the Environment" every year and verifies member companies' actions concerning environmental issues. The life insurance industry uses a lot of electricity in its business, causing greenhouse gas emissions which may contribute to global warming. Therefore, the industry has committed to reducing electricity consumption in headquarters buildings by 2% from the fiscal 2006 level (estimated to be about 17% from the fiscal 2000 level) on average for the period from fiscal 2008 to The has also set the target that electricity consumption per unit floor area should not exceed the level in fiscal

22 3. Our Activities f) Educational System 1) Common-to-Industry Educational System for Life Insurance Solicitors Under the laws and regulations, tied sales agents and sales representatives at agencies need to be registered with the FSA to sell life insurance products as life insurance solicitors. The administers the General Course Exam to check the knowledge, quality and capacity of examinees required for their registration. The also operates the examination system for the Professional Course, Advanced Professional Course and College Course in order to better meet policyholders needs. In addition, the administers the Variable Life Insurance Sales Qualification Course Exam for insurance solicitors to sell variable life insurance/annuities. The reviews and enhances the content of the textbooks for those examinations every year. Chart of Common-to-industry Educational System Initial 3-month training period (In total 15 days, 45 subjects, 60 hours) Orientation (more than 1 day) Initiation Training for Variable Life Insurance Sales Qualification Exam (2 days, 10 hours or more) Pre-registration training (Min. 8 days, 30 subjects, 32 hours) Training for Professional Course Exam (2 days, 12 hours or more) Variable Life Insurance Sales Qualification Exam Pass Registration () General Course Exam Pass Registration (Regional Finance Bureau) Professional Course Exam Pass Life Consultant Advanced Professional Course Exam Pass College Course Exam Pass Post-registration training period (Min. 7 days, 15 subjects, 28 hours) Senior Life Consultant Total Life Consultant OJT (1 month after registration) Purpose and Summary of Each Course Course Purpose Description General Course To gain a basic knowledge on life insurance required by a tied sales Compliance at the time of soliciting insurance agent/sales rep at an agency. Importance of maintenance and services after sales Professional Course To acquire more extensive expertise and related knowledge on insurance Knowledge about other financial sectors solicitation based on the core knowledge gained in the General Course. Social security and corporate benefit system Advanced Professional Course To acquire relevant practical knowledge essential for financial planning services. Categories of tax and its calculation Public pension program College Course To acquire further expertise on life insurance and related knowledge at a professional level. This course is the highest course in the common-to-industry educational system. Financial planning Study on corporate insurance products Variable Life Insurance Sales Qualification Course To acquire knowledge on the characteristics and mechanism of variable products. Types of variable life insurance and its mechanism Prohibited matters and issues in soliciting variable products 20

23 3.Our Activities 2) Continuing Education System The has a system for continuous education of all life insurance solicitors once a year in principle, centering on compliance, accountability and services after sales such as claims payment so that life insurance solicitors can conduct solicitation activities with an emphasis on customer satisfaction and compliance. The also conducts follow-up activities every year to enhance the continuing education system. 3) Life Insurance Course This course is for staff engaged in the life insurance business, with the aim of imparting the basic knowledge required to work in the life insurance industry. The course consists of eight subjects: Introduction to Life Insurance, Life Insurance Actuarial Science, Risk Selection, Contractual Provision and Law, Life Insurance Products and Sales, Life Insurance Accounting, Asset Management and Life Insurance and Tax Law. The publishes the text and operates the exam for each subject. 4) Examination for Life Insurance Interviewers When an applicant applies for a contract, the conclusion of the contract is judged by the declaration form or a doctor's assessment. As a way of judging contracts, the life insurance interviewer interviews the insured and checks their health. The administers its approved examination. 5) Examination for Life Insurance Claims Assessors The has been conducting the Exam for Life Insurance Claims Assessors since fiscal This exam encourages applicants to acquire the basic knowledge and good judgment required by those in charge of examining claims at life insurers. This exam helps to foster such human resources and to maintain and improve their abilities. 21

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