Japan bancassurance distribution overlay matrix

TL;DR

Japanese bancassurance (銀行窓販 / 窓販) was liberalised in three stages between 2001 and 2007 and now sits as the dominant channel for foreign-currency annuity, foreign-currency single-premium savings, level-premium foreign-currency whole-life with medical rider, and yen single-premium savings. The overlay matrix maps which life insurer each major bank channel sells through and on what economic terms. Megabank channels — MUFG Bank, SMBC, Mizuho Bank, Resona Bank, and Japan Post Bank — combined with major regional bank shelves carry product placements from Manulife, Prudential, AXA Japan, Dai-ichi Frontier Life (Dai-ichi HD bancassurance affiliate), MS Primary Life (MS&AD bancassurance affiliate), Sumitomo Life, Tokio Marine & Nichido Life, Sony Life, SBI Life (Sumishin-SBI Net Bank linkage), and Aflac (Japan Post Bank cancer-insurance tie-up). The matrix axes that matter: (1) exclusive vs shelf — is the bank channel selling one insurer or a curated shelf of several; (2) single-premium vs level-premium product split — bancassurance leans heavily toward single-premium savings; (3) foreign-currency annuity dominance — USD / AUD-denominated products carry the bulk of bancassurance new business value; (4) commission structure — typical front-load commission ratio for single-premium products is materially higher than for level-premium products and has been a long-running FSA conduct topic; (5) recent re-tie-up changes including the SBI Shinsei Bank / SBI Life grouping post-SBI acquisition; and (6) FSA conduct rule pressure — suitability for elderly customers, foreign-currency-product explanation, and commission-disclosure progress. Bancassurance interacts with broader channel architecture covered in life insurance channel mix and with the foreign-affiliate competitive set in foreign-life-affiliate positioning.

Wiki route

This page sits under insurance INDEX and is the bank-side companion to bancassurance economics Japan. Read it together with life insurance channel mix, the Japan life insurance big four entry, the life big-four overlay matrix, foreign-life-affiliate positioning, the agency / brokerage Japan landscape, the medical insurance rider product matrix, the kyosai vs FSA perimeter matrix, the Kampo Japan Post insurance entry, the internet life insurance business model, and economic-value-based solvency for the regulatory-capital context that affects how insurers price single-premium savings.

The clean bank anchors for this overlay include MUFG / MUFG Bank, SMBC Trust Bank / SMBC, Mizuho FG / Mizuho Bank, Resona HD / Resona Bank, Saitama Resona Bank, Japan Post Bank / Japan Post group, SBI Shinsei Bank, Sony Bank, and the Nishi-Nippon City Bank / Higashi-Nippon Bank / Kita-Nippon Bank / Minami-Nippon Bank regional examples. The insurer anchors include Manulife Japan, Prudential Japan, AXA Japan, Sumitomo Life, Tokio Marine & Nichido Life, Mitsui Sumitomo Aioi Life, Dai-ichi Frontier Life, Sony Life, SBI Life, MS Primary Life, Aflac Japan, and Kampo Life.

Why this matrix matters

Reading Japanese bancassurance as a single channel hides the underlying differentiation. Three structural questions sit underneath:

Is the bank shelf exclusive or curated? Some bank-insurer relationships are effectively single-carrier for selected product lines (e.g. historical Japan Post Bank / Aflac cancer-insurance arrangement) while others are multi-carrier shelves selected for product diversification. The economic incentive structure differs.
What is the product mix actually placed? Single-premium foreign-currency annuity is the dominant bancassurance product by new business value; yen single-premium savings and level-premium foreign-currency whole-life with medical rider are second-tier. Level-premium term protection is rarely a bancassurance product.
What is the commission structure and the conduct-rule overhead? Front-load commission ratios for single-premium products are materially higher than for level-premium products. FSA has run multi-year conduct-rule pressure on suitability for elderly customers and on foreign-currency-product explanation. The commission-disclosure direction has moved gradually toward more transparency.

The matrix below records these axes as routing rather than as as-of-date dollar numbers. Specific commission ratios, shelf composition, and tie-up depth are date-specific and should be sourced from each bank’s published distribution disclosure, each insurer’s IR materials, FSA conduct-rule publications, and industry data from Seiho and the Japanese Bankers Association.

MUFG channel — multi-shelf with selected exclusives

MUFG Bank operates a multi-carrier bancassurance shelf across foreign-currency annuity, yen single-premium savings, foreign-currency whole-life with medical rider, level-premium savings, and selected medical / cancer products. The shelf typically includes Manulife, Prudential, Dai-ichi Frontier Life, MS Primary Life, AXA Japan, Sumitomo Life, Tokio Marine & Nichido Life, and others, with the precise shelf evolving each fiscal year. The MUFG-group asset-management vehicle MUFG Asset Management is a separate distribution channel for investment trusts that sits parallel to the bancassurance shelf. The trust-bank trust-bank (cross-group through Mitsubishi UFJ Trust separately) has its own private banking distribution.

SMBC channel — large foreign-currency annuity shelf with SMBC Trust Bank private banking

SMBC operates a large bancassurance shelf with Manulife, Prudential, Dai-ichi Frontier Life, MS Primary Life, Sumitomo Life (group affiliate), AXA Japan, and others. SMBC Trust Bank runs a high-net-worth bancassurance shelf with foreign-currency product emphasis. The group’s life-affiliate route is broader because of Sumitomo Life’s group affiliation history with SMBC — see the life big-four overlay matrix.

Mizuho channel — multi-shelf with Asset Management One overlap

Mizuho Bank operates a multi-carrier shelf including Manulife, Prudential, Dai-ichi Frontier Life, MS Primary Life, Sumitomo Life, AXA Japan, and others. The Mizuho Trust private banking arm has a high-net-worth bancassurance shelf. The asset-management linkage to Asset Management One (Dai-ichi Life HD / Mizuho FG joint venture) is parallel to but distinct from the bancassurance shelf.

Resona / Saitama Resona channel — retail-bancassurance specialty

Resona Bank and Saitama Resona Bank operate a retail-bancassurance shelf with a strong individual-customer focus. The shelf includes Dai-ichi Frontier Life, MS Primary Life, Manulife, Sumitomo Life, AXA Japan, and others. Resona’s retail focus historically made bancassurance a meaningful fee-income contribution.

Japan Post Bank channel — Kampo Life + Aflac cancer + curated foreign-currency shelf

Japan Post Bank is the largest single bancassurance channel in Japan by branch count. The structural product placements are:

Kampo Life: historic post-related life products sold through the post-office network; subject to special-law constraints on product approval — see the Kampo Japan Post insurance entry.
Aflac cancer insurance: long-running structural tie-up where Aflac cancer products are distributed through Japan Post Bank / Japan Post (郵便局) counters.
Foreign-currency annuity and bancassurance shelf: curated shelf with Dai-ichi Frontier Life, MS Primary Life, Sumitomo Life, Manulife, and others.

The post network distribution constraint is unique among the major channels because of the post-privatization-era statutory framework.

SBI Shinsei Bank channel — SBI Life integration

SBI Shinsei Bank (post-SBI HD consolidation of legacy Shinsei Bank) has integrated SBI Life into the broader SBI group bancassurance route alongside the curated multi-carrier shelf inherited from Shinsei. The SBI ecosystem also includes SBI Securities and SBI Insurance Group for cross-line distribution. See the internet life model for SBI Life’s direct-online channel.

Sony Bank and other digital banks — bancassurance overlay

Sony Bank operates a digital-bank bancassurance shelf with foreign-currency product emphasis. The Sony FG umbrella also includes Sony Life (lifeplanner channel) and Sony Insurance (online non-life). Digital banks more broadly are minor channels for bancassurance compared to megabank networks but matter for high-net-worth / younger digital-customer segments.

Regional bank shelves — wide carrier coverage

Major regional banks operate bancassurance shelves of varying breadth. Typical shelf includes Dai-ichi Frontier Life, MS Primary Life, Manulife, Sumitomo Life, and others. Examples in the wiki anchor set include Nishi-Nippon City Bank under Nishi-Nippon FHD and the smaller Higashi-Nippon Bank / Kita-Nippon Bank / Minami-Nippon Bank examples; the actual carrier shelves at each regional bank vary by relationship.

Big comparison matrix table

The matrix below maps bank channel × insurer carrier on the conceptual product placements that drive bancassurance new business value. Specific carrier names on each shelf and shelf depth are date-specific; the cells below are illustrative of the conceptual mix rather than a definitive shelf disclosure.

Bank channel identity and bancassurance role

Bank channel	Group parent	Branch reach	Bancassurance role tilt
[[megabanks/mufg-bank	MUFG Bank]]	[[megabanks/mufg	MUFG]]
[[megabanks/sumitomo-mitsui-banking-corp	SMBC]]	[[megabanks/sumitomo-mitsui-banking-corp	SMBC group]]
[[trust-banks/smbc-trust-bank	SMBC Trust Bank]]	SMBC	Private-banking channel
[[megabanks/mizuho-bank	Mizuho Bank]]	[[megabanks/mizuho-fg	Mizuho FG]]
[[trust-banks/mizuho-trust-bank	Mizuho Trust]]	Mizuho FG	Private-banking channel
[[megabanks/resona-bank	Resona Bank]]	[[megabanks/resona-hd	Resona HD]]
[[megabanks/saitama-resona-bank	Saitama Resona Bank]]	Resona HD	Regional / metropolitan-area retail bank
[[regional-banks/japan-post-bank	Japan Post Bank]]	[[megabanks/nippon-post	Japan Post group]]
[[regional-banks/sbi-shinsei-bank	SBI Shinsei Bank]]	[[megabanks/sbi-hd	SBI HD]]
[[regional-banks/sony-bank	Sony Bank]]	[[megabanks/sony-fg	Sony FG]]
Major regional banks	Various FG	Region-specific reach	Multi-carrier shelf

Insurer carrier × bank channel matrix (conceptual)

Insurer	MUFG Bank	SMBC	SMBC Trust	Mizuho Bank	Mizuho Trust	Resona / Saitama Resona	Japan Post Bank	SBI Shinsei Bank	Sony Bank	Regional bank shelf
[[life-insurers/manulife-japan	Manulife Japan]]	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Selective
[[life-insurers/prudential-japan	Prudential Japan]]	Yes	Yes	Yes	Yes	Yes	Selective	Selective	Selective	Selective
[[life-insurers/axa-japan	AXA Japan]]	Yes	Yes	Yes	Yes	Yes	Yes	Selective	Yes	Selective
[[life-insurers/sumitomo-life	Sumitomo Life]]	Yes	Yes (group affiliation route)	Yes	Yes	Yes	Yes	Yes	Yes	Selective
[[life-insurers/tokio-marine-nichido-life	Tokio Marine & Nichido Life]]	Yes	Yes	Yes	Yes	Yes	Yes	Selective	Selective	Selective
[[life-insurers/mitsui-sumitomo-aioi-life	Mitsui Sumitomo Aioi Life]]	Yes	Yes	Selective	Yes	Selective	Yes	Selective	Selective	Selective
[[life-insurers/dai-ichi-frontier-life	Dai-ichi Frontier Life]]	Yes	Yes	Yes	Yes (Dai-ichi / Mizuho AM JV linkage)	Yes	Yes	Yes	Yes	Selective
[[life-insurers/ms-primary-life	MS Primary Life]]	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Yes	Selective
[[life-insurers/sony-life	Sony Life]]	Selective	Selective	Selective	Selective	Selective	Selective	Selective	Selective	Yes (group route)
[[life-insurers/sbi-life	SBI Life]]	Selective	Selective	Selective	Selective	Selective	Selective	Selective	Yes (group route)	Selective
[[life-insurers/aflac-japan	Aflac Japan]] (cancer-specialty)	Selective	Selective	Selective	Selective	Selective	Selective	Yes (structural tie-up)	Selective	Selective
[[life-insurers/kampo-life	Kampo Life]]	n/a	n/a	n/a	n/a	n/a	n/a	Yes (Japan Post group route)	n/a	n/a

Note: “Yes” indicates the carrier appears on the bank channel’s bancassurance shelf in publicly reported product placements at some point; “Selective” indicates limited or product-specific placement; “n/a” indicates no presence under the current structure. Specific shelf composition changes each fiscal year and across product cycles.

Single-premium vs level-premium product split

Product category	Bancassurance presence	Notes
Foreign-currency single-premium annuity (USD / AUD)	Dominant bancassurance product by new business value	Largest commission and the central FSA conduct-rule focus
Foreign-currency single-premium whole-life	Major bancassurance product	Often bundled with medical rider
Yen single-premium savings (定額終身 / 一時払終身)	Major bancassurance product	Demand sensitive to rate environment
Foreign-currency level-premium whole-life with medical rider	Growing bancassurance product	Anchored by Manulife / Prudential / similar
Yen level-premium savings / annuity	Moderate bancassurance product	Smaller share than single-premium
Level-premium term protection	Limited bancassurance product	Tied-channel and agency dominant
Medical / cancer specialty	Selective bancassurance product	Japan Post Bank / Aflac structural tie-up is the largest single placement
Variable annuity (variable-return savings)	Historic bancassurance product; reduced after FSA-led product redesign	Replaced largely by foreign-currency annuity

Channel exclusivity and shelf curation

Bank channel	Exclusive / shelf tilt	Notes
MUFG Bank	Curated multi-carrier shelf	Group asset-management vehicle parallel
SMBC	Curated multi-carrier shelf	Sumitomo Life group affiliation route
Mizuho Bank	Curated multi-carrier shelf	Asset Management One parallel
Resona / Saitama Resona	Curated multi-carrier shelf	Retail focus
Japan Post Bank	Curated multi-carrier shelf + Kampo group route + Aflac structural cancer tie-up	Special-law / post-privatization-era constraints
SBI Shinsei Bank	Curated multi-carrier shelf + SBI Life group integration	Post-SBI HD acquisition realignment
Sony Bank	Curated multi-carrier shelf	Group Sony Life lifeplanner separately
Major regional banks	Curated multi-carrier shelf	Carrier set varies by relationship

Commission structure and conduct rules (conceptual)

Axis	Single-premium foreign-currency annuity	Level-premium foreign-currency whole-life	Yen single-premium savings	Level-premium yen savings	Medical / cancer
Typical commission tilt	Higher front-load	Mixed front-load and ongoing	Mid-range front-load	Lower front-load	Lower front-load
Suitability rule focus	Elderly customer + foreign-currency risk	Elderly customer + foreign-currency risk + medical rider explanation	Rate / market timing suitability	Standard suitability	Standard suitability
FSA conduct-rule attention	High (multi-year)	Increasing	Moderate	Standard	Standard
Commission-disclosure direction	Moving toward more transparency	Same	Same	Same	Same
Product redesign history	Variable annuity → foreign-currency annuity shift	Foreign-currency whole-life expansion	Periodic redesigns	Stable	Stable

Re-tie-up history and structural changes

Bank channel	Selected structural change
Japan Post Bank / Aflac	Long-running cancer-insurance distribution tie-up; capital and operational alignment evolved over time
Japan Post Bank / Kampo	Group-internal route under Japan Post group post-privatization
SBI Shinsei Bank / SBI Life	Post-2021–2023 SBI HD consolidation of legacy Shinsei Bank brought SBI Life closer into the bank’s bancassurance route
MUFG / SMBC / Mizuho	Periodic shelf rebalancing; foreign-currency annuity remained the dominant product family across cycles
Resona / Saitama Resona	Retail-bancassurance specialisation continued with periodic shelf review
Mizuho / Asset Management One	Dai-ichi Life HD / Mizuho FG joint venture in asset management; parallel to but distinct from the Mizuho bancassurance shelf
Sony Bank	Group route to Sony Life lifeplanner parallel to bancassurance shelf

Bank-side fee-income contribution (conceptual)

Bank channel	Bancassurance fee-income role
MUFG Bank	Material contributor to retail fee income; rebalanced against AM and other fee lines
SMBC	Material contributor; rebalanced against AM and securities cross-sell
Mizuho Bank	Material contributor; rebalanced against AM and securities cross-sell
Resona / Saitama Resona	Significant contributor to retail fee income
Japan Post Bank	Major contributor; Kampo route plus Aflac structural tie-up plus foreign-currency shelf
SBI Shinsei Bank	Growing contributor with SBI Life integration
Sony Bank	Selective contributor with foreign-currency emphasis
Major regional banks	Significant retail fee-income contributor at many regionals

Insurer-side new business value (NBV) channel mix

Insurer	Bancassurance NBV share (conceptual)	Notes
Manulife Japan	Significant — bancassurance is a primary channel	USD whole-life with medical rider anchor
Prudential Japan	Bancassurance + lifeplanner mix	Bancassurance is secondary to lifeplanner
AXA Japan	Multi-channel mix including bancassurance	Bancassurance is significant
Dai-ichi Frontier Life	Bancassurance is the primary channel by design	Dedicated bancassurance affiliate of Dai-ichi HD
MS Primary Life	Bancassurance is the primary channel by design	Dedicated bancassurance affiliate of MS&AD
Sumitomo Life	Tied + bancassurance + agency mix	Bancassurance complements tied sales force
Tokio Marine & Nichido Life	Agency + bancassurance mix	Bancassurance is secondary
Mitsui Sumitomo Aioi Life	Agency + bancassurance mix	Bancassurance is secondary
Sony Life	Lifeplanner-dominant	Bancassurance is limited
SBI Life	Online + group bancassurance	Bancassurance is growing via SBI Shinsei Bank route
Aflac Japan	Agency + corporate + Japan Post Bank tie-up	Bancassurance is a meaningful share via Japan Post Bank cancer route
Kampo Life	Japan Post Bank / Japan Post network	Group-internal distribution

FSA conduct-rule overlay

Rule area	Application	Notes
Suitability for elderly customers	All bancassurance sales	Multi-year FSA guidance evolution; product-explanation procedures and recorded confirmation required
Foreign-currency-product explanation	Foreign-currency annuity, foreign-currency whole-life	Required pre-sale explanation of FX risk and surrender-value FX exposure
Commission-disclosure direction	All bancassurance sales	Movement toward more transparency over multiple FSA initiatives
Cooling-off	Standard for life insurance contracts	Generally 8 days from earlier of contract / delivery
Product approval process	All FSA-perimeter products	Variable annuity wave was largely replaced by foreign-currency annuity after FSA-led product redesign
Solicitor / agent qualification	All bancassurance sales	Insurance solicitor license under Insurance Business Act

Foreign-currency annuity FX-risk transfer

Axis	Foreign-currency single-premium annuity	Yen single-premium savings
FX risk	Transferred to policyholder at issuance	None
Surrender-value behaviour	Foreign-currency-denominated; exposed to JPY appreciation	Yen-denominated; stable
Insurer balance sheet	Backed by foreign-currency bonds; less hedging cost than hedged-USD bond book	Backed by yen bonds; rate-cycle dominant
Customer profile	Older customers seeking yield uplift over JPY rates; some younger customers seeking diversification	Older customers seeking yen stability
Suitability sensitivity	High; FSA conduct-rule focus	Standard
ALM consequence for insurer	Asset / liability denominated in same foreign currency; FX risk net of policyholder behaviour	Standard yen ALM

Recent re-tie-up and structural changes (conceptual)

Event / theme	Detail
SBI HD consolidation of Shinsei Bank	[[regional-banks/sbi-shinsei-bank
Japan Post Bank / Aflac structural alignment	Capital alignment between Japan Post group and Aflac alongside the long-running distribution tie-up
Foreign-currency annuity dominance	Foreign-currency annuity remained the dominant single-premium bancassurance product family across the 2010s and 2020s
Variable annuity decline	Variable annuity was largely replaced by foreign-currency annuity after FSA-led product redesign in the 2010s
FSA suitability framework progression	Multi-year FSA Conduct Supervision pressure on suitability for elderly customers, foreign-currency-product explanation, and commission-disclosure direction
ESR rollout 2025	FSA economic-value-based solvency regime changes the capital treatment of foreign-currency annuity liabilities for the insurer — see [[insurance/economic-value-based-solvency
Bancassurance-dedicated affiliate model	[[life-insurers/dai-ichi-frontier-life

Historical and structural context

The current Japanese bancassurance structure reflects three liberalisation stages and several decades of product evolution:

2001 first-stage liberalisation permitted banks to sell selected insurance products at the counter, beginning with mortgage-linked life insurance and selected savings products.
2002 second-stage liberalisation expanded the permissible bancassurance product set.
2007 full liberalisation removed remaining product-line restrictions, allowing banks to sell the full range of life insurance products (with conduct-rule safeguards). Foreign-currency annuity and foreign-currency whole-life with medical rider expanded rapidly after this.
2007 Japan Post privatization created Japan Post Bank and Kampo Life within the Japan Post group. The Japan Post Bank counter network became the largest single bancassurance channel by branch count.
2010s variable-annuity decline as FSA-led product redesign and conduct-rule pressure reduced the appeal of variable-return savings; foreign-currency annuity became the replacement product family.
2010s–2020s foreign-currency annuity dominance with USD- and AUD-denominated single-premium products carrying the bulk of bancassurance new business value. Manulife, Prudential, AXA, Dai-ichi Frontier Life, MS Primary Life, and Sumitomo Life were among the most prominent suppliers.
2021–2023 SBI consolidation of Shinsei Bank brought SBI Life and the SBI group’s cross-line distribution into a major retail-bank channel.
2025 ESR rollout under the FSA economic-value-based solvency regime affects how insurers price foreign-currency annuity liabilities and how bancassurance product sales translate into capital consumption.
Periodic FSA conduct-rule cycles have continued to evolve the suitability framework, foreign-currency-product explanation requirements, and commission-disclosure direction.

Decision use

Use this matrix when reading bank channel × insurer relationships in Japan rather than reading either side in isolation. Practical analytical questions:

Carrier shelf overlap. Most megabank shelves include the same core set of bancassurance carriers (Manulife, Prudential, AXA, Dai-ichi Frontier, MS Primary, Sumitomo Life, etc.) with differences in shelf depth and product placement. Differentiation is in the long tail of selective placements and in the exclusive / structural tie-ups.
Group-affiliation route. Some carrier placements flow from group-affiliation history (SMBC / Sumitomo Life; Mizuho / Dai-ichi linkage via Asset Management One; Japan Post Bank / Kampo Life). Reading the shelf without the group-affiliation overlay misses the structural placements.
Single-premium vs level-premium economics differ. Single-premium foreign-currency annuity is the highest-commission product family. Level-premium foreign-currency whole-life with medical rider carries a different commission and customer-profile mix. The bancassurance contribution to insurer NBV depends on the mix.
Conduct-rule overhead. Multi-year FSA conduct-rule pressure on suitability for elderly customers and on foreign-currency-product explanation has reshaped the sales process. The disclosure and recorded-confirmation overhead is meaningful for both banks and insurers.
Japan Post Bank is structurally special. Its branch network reach, the Aflac cancer tie-up, the Kampo group-internal route, and the foreign-currency shelf together make it the largest single bancassurance channel. The post-privatization-era statutory framework is a unique structural constraint.
Bancassurance-dedicated affiliate model. Dai-ichi Frontier Life and MS Primary Life are dedicated bancassurance affiliates of Dai-ichi HD and MS&AD respectively. Their sole channel is bancassurance, which changes how each affiliate’s earnings translate against the parent group.
ESR impact on product economics. The 2025 FSA ESR rollout reshaped the capital cost of foreign-currency annuity liabilities. Bancassurance product pricing and shelf composition can shift over time as carriers re-optimise capital consumption.

Boundary cases / caveats

Numbers are conceptual. Carrier shelf composition, commission ratios, NBV channel splits, and customer profile are date-specific. Sources are FSA conduct-rule publications, each bank’s published distribution disclosure, each insurer’s IR materials, Seiho industry data, and the Japanese Bankers Association industry summaries.
“Yes” / “Selective” cells are illustrative. The matrix represents the conceptual presence of each carrier on each bank channel based on widely reported bancassurance shelves; specific product-by-product placements at a given fiscal year should be confirmed against the bank’s current bancassurance disclosure.
Regional bank shelves vary widely. Carrier composition at major regional banks varies by relationship and historic affiliation. The matrix lumps regional banks together; specific regional-bank-by-regional-bank shelves require separate review.
Online-bank bancassurance is smaller. Sony Bank is the largest of the digital-bank bancassurance channels in the wiki anchor set; other digital banks have smaller shelves. The internet-direct life channel (Lifenet, SBI Life direct) sits separately — see the internet life model.
Kyosai-perimeter alternative. Bancassurance sits firmly inside the FSA perimeter. The cooperative (kyosai) perimeter has its own member-distribution routes — see the kyosai vs FSA perimeter matrix.
Trust-bank bancassurance. SMBC Trust, Mizuho Trust, and Mitsubishi UFJ Trust private-banking channels carry separate high-net-worth bancassurance shelves with foreign-currency product emphasis. These are not always disclosed at the same granularity as the megabank retail shelves.
Cancer-specialty placement. Aflac cancer-insurance distribution is concentrated at Japan Post Bank as the structural tie-up channel and is selective at other bank channels.
Kampo Life special law. Kampo Life sits inside the FSA perimeter but with post-privatization product-approval and distribution constraints — see the Kampo entry.
Re-tie-up sensitivity. Carrier shelves change at each fiscal year and around major group restructuring events (notably the SBI HD / Shinsei Bank consolidation). The matrix captures the conceptual structure as of the page date.
FSA conduct-rule progression. Suitability, foreign-currency-product explanation, and commission-disclosure rules continue to evolve. Newer FSA initiatives can shift the bancassurance economics direction.
Variable annuity legacy. Variable annuity exposure remains on insurer balance sheets from historic vintages; the current bancassurance flow is dominated by foreign-currency annuity and foreign-currency whole-life with medical rider.

Sources

FSA: Regulated entities and licensed insurers.
FSA: News and publications hub (conduct supervision).
Seiho: Life Insurance Association member-company list.
Japanese Bankers Association: English information hub.
Bank of Japan: Statistics hub.
MUFG: Group corporate / IR.
SMBC Group (SMFG): Group corporate / IR.
Mizuho FG: Group corporate / IR.
Resona HD: Group corporate / IR.
Japan Post Bank: Corporate / IR.
Manulife Japan: Corporate.
Prudential Japan: Corporate.
Dai-ichi Frontier Life: Corporate.