Dai-ichi Life Group sailing through the fog of uncertainty

Dai-ichi Life Group sailing through the fog of uncertainty

Dai-ichi Life Group has reported stellar performance thanks to successful crisis response efforts. As of March 31, the group reported a total premium income of around $43 billion, with investment income reaching nearly $24.65 billion.

Thanks to cost-effective operations and concerted strategic business plan, Dai-ichi Life Insurance Co., Ltd.’s ordinary profit was recorded at nearly $5 billion while net income per share was around $3, 11 times higher than that of last year. The group owns total assets of more than $578 billion.

This year also marks an important tour de force for the Japanese group, when TAL Dai-ichi Life Australia Pty., Ltd. acquired Westpac’s life insurance business in Australia for a cash consideration of around $660 million plus adjusted net worth on completion. Westpac is Australia’s first bank and oldest company, and Dai-ichi Life was delighted to be partnering with one of Australia’s largest and most significant companies. The acquisition brings together two major life insurance businesses and will create a long-term relationship through a 20-year exclusive strategic alliance between the Westpac Group and TAL. In 2018, TAL Dai-ichi Life also acquired Suncorp’s Australian life business after the deal of around $480 million.

During the pandemic, strict social distancing measures have left a scar on the domestic economy, including the insurance industry. Dai-ichi Life has been navigating through the outbreak with resilience underpinned by the core values of agility, integrity, and the strong connection between its employees, customers, business partners, and the whole community.

Seiji Inagaki, president and representative director of Dai-ichi Life said, “This is the first year that our group implements its medium-term management plan. Dai-ichi Life members need to get rid of constraints and barriers imposed by existing standards and business models while continuing to promote the customer-centric spirit. In particular, the member companies will promote digital transformation to enhance customer experience, meeting their needs of a better quality of life.”

Besides that, Inagaki also emphasised that 2021 is a firm foundation for Dai-ichi Life to transform itself to become the preferred choice for customers, as well as a world-class financial advisor to all stakeholders.

Towards a sustainable society

Vietnam is the first overseas market where Dai-ichi Life Group has set up a wholly-owned life insurance company in 2007. After more than 14 years of development, Dai-ichi Life Vietnam has secured a solid foundation as one of the top four life insurance companies in Vietnam, ranking third in terms of business network with 290 offices and insurance agencies across the country.

Dai-ichi Life Vietnam is looking forward to the milestone of serving more than four million customers by the end of this year. This would be a turning point cementing the company’s position at its 15th anniversary in Vietnam next January.

Dai-ichi Life Vietnam continued to maintain upbeat growth with total premium revenue in the first six months reaching over $381.2 million, up 35 per cent on-year, with new premium fee revenue reaching nearly $143.8 million, up 60 per cent on-year.

The group’s approach to social responsibility includes empowering its people to address societal challenges with a sum of around $2.39 million over 14 years. In its latest initiatives, the Japanese insurer has contributed $326,000, including $130,000 to the Vietnamese vaccine fund for COVID-19 prevention and $196,000 to buy much-needed ventilators, protective gears, necessities, and cash to vulnerable localities.

In addition, the company has also implemented a voluntary financial support programme with a budget of more than $3.2 million to share clients’ difficulties. According to a survey by Vietnam Report in July, Dai-ichi Life Vietnam’s business excellence is broadly recognised, with the third ranking in the top 10 most prestigious life insurance companies in Vietnam.

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The first mutual life insurance company in Japan, Dai-ichi Life Holdings, Inc. was equitised and listed on the Tokyo Stock Exchange in 2010, then transformed into a joint-stock company in 2016.

Throughout its century-long journey, the group has successfully fostered a presence across countries and continents, from the US to Australia through Vietnam, India, and Thailand, among others. Dai-ichi Life has opened headquarters for its Asia-Pacific operations in Singapore and its North American headquarters in New York.