第一ライフグループ / 旧 第一生命 HD
On this page
- Wiki route
- TL;DR
- 1. Company overview
- Key KPIs (FY2024 = 2025-03 period, consolidated, disclosed 2025-05-15)
- Key KPIs (overview / business type)
- Main subsidiaries / holdings
- Main shareholder composition (based on public information)
- Key timeline (excerpt)
- 2. Business segment map
- Domestic 3 -axis channel strategy
- Overseas strategy
- Asset-management joint venture
- DX / insurtech
- Competitive structure
- 4. Regulation / policy
- Related
- Sources
Wiki route
This entry sits under life-insurers INDEX. Read it against Nippon Life for peer / contrast context and insurance index for the broader system / regulatory boundary.
TL;DR
One of the major domestic 4 life insurers (Dai-ichi Life / nippon-life / Sumitomo Life / Meiji Yasuda Life). Founded 1902-09 , Japan’s first mutual-company-form insurance company. Demutualized and listed 2010-04 (the largest mutual-to-stock conversion in history at the time); converted to a holding company 2016-10 , launching Dai-ichi Life HD. In 2026-04-01 it changed its trade name to Daiichi Life Group, Inc. (株式会社第一ライフグループ). TSE PRIME 8750. Strategy: domestic (sales-representative + bank counter sales + multi-tied agency 3 axes) + overseas (US Protective / Australian TAL / Asia) + asset management (the Mizuho JV Asset Management One). FY2024 (2025-03 period) net income 4,296 億円 (+34%), with overseas business profit exceeding 1,000 億円 for the first time (1,146 億円) and US Protective profit 3.4 x. Promoting DX such as the health-promotion-type “Kenko Daiichi.” The mid-term plan “Re-connect 2026” (2024〜) is being rolled out.
1. Company overview
Legal name: 株式会社第一ライフグループ (trade name changed 2026-04-01) Former trade name: Dai-ichi Life Holdings, Inc. (第一生命ホールディングス株式会社) English name: Daiichi Life Group, Inc. Securities code: TSE PRIME 8750 Founded: 1902-09 (formerly Dai-ichi Mutual Life Insurance Company, founded by Tsuneta Yano) Demutualization and listing: 2010-04-01 Holding-company conversion: 2016-10-01 (launch of Dai-ichi Life HD) Headquarters: 1-13-1 Yurakucho, Chiyoda-ku, Tokyo (Dai-ichi Life Building) Business type: one of the major domestic 4 life insurers
Key KPIs (FY2024 = 2025-03 period, consolidated, disclosed 2025-05-15)
| Item | FY2024 actual | YoY |
|---|---|---|
| Ordinary revenue | 9 兆 8,732 億円 | ▲10.5% (same period prior year +1.15 兆 decrease) |
| Ordinary profit | 7,191 億円 | +33.4% |
| Net income attributable to parent-company shareholders | 4,296 億円 | +34% |
| Total assets | about 69.6 兆円 | increase |
| ROE | 11.7% | improved |
| Overseas business profit | 1,146 億円 (first time exceeding 1,000 億) | Protective profit about 3.4 x |
| Dai-ichi Life Insurance standalone net income | 3,055 億円 | +50% |
| Dividend | 137 円/share (+24 円) | dividend increase |
| Share buyback | 1,000 億円 additional announcement | strengthened shareholder returns |
| Number of employees (consolidated) | about 60,814 名 | efficiency improvement ongoing |
FY2025 full-year forecast (based on FY2025 1H actuals, 2026-03 period): net income about 3,470 億円 (▲19% assumed) — investment income expected to shrink on concerns over US tariff policy. FY2025 1H (2025-09 period) actuals: ordinary revenue 5 兆 1,196 億円 (▲1.4%), ordinary profit 3,434 億円 (▲7.7%), interim net income 2,096 億円 (▲10.1%).
Key KPIs (overview / business type)
| Item | Overview |
|---|---|
| Business type | one of the major domestic 4 life insurers (Dai-ichi Life / nippon-life / Sumitomo Life / Meiji Yasuda Life) |
| Listing | TSE PRIME 8750 (listed 2010-04-01, the largest mutual-to-stock conversion in history at the time) |
| Main businesses | domestic life insurance (Dai-ichi Life Insurance) + overseas (Protective / TAL) + asset management |
| Overseas subsidiaries | Protective Life (US, made a consolidated subsidiary 2015-02 , about 5,800 億円) / TAL (Australia) / Star Union Dai-ichi (India) |
| Mid-term plan | ”Re-connect 2026” (2024〜) / overseas profit contribution ratio 40% target (FY2026) |
Main subsidiaries / holdings
第一ライフグループ（旧 第一生命 HD、持株会社・上場 8750）
├── 第一生命保険（100%）── 主力国内事業・営業職員チャネル
├── 第一フロンティア生命（100%）── 銀行窓販向け（貯蓄性商品中心)
├── ネオファースト生命（100%）── ネット・乗合代理店向け
├── Protective Life Corporation（米国, 100%）── 2015-02 連結子会社化、米生保第 13 位
├── TAL Dai-ichi Life Australia（豪州）── 豪州生保大手
├── Star Union Dai-ichi Life Insurance（印度）── インド合弁
├── 第一生命ベトナム / ミャンマー等 ── アジア展開
├── アセットマネジメント One（49%）── みずほ FG と JV、信託・運用 ★
└── 第一生命経済研究所 ── シンクタンクMain shareholder composition (based on public information)
- Because it was formerly a mutual company, there was no controlling shareholder at founding; at the 2010-04 listing, shares were widely dispersed via new-share allotments and offerings to policyholders
Key timeline (excerpt)
| Year/month | Event |
|---|---|
| 1902-09 | Founded (Tsuneta Yano, formerly Dai-ichi Mutual Life Insurance Company, Japan’s first mutual-company-form insurance) |
| Prewar〜postwar | established its position as a major domestic life insurer as a mutual company |
| 2007-10 | invested 30% in Tower Australia (later TAL) |
| 2010-04-01 | demutualized and listed on the TSE First Section (the largest mutual-to-stock conversion in history at the time) |
| 2011-05 | made TAL a wholly owned subsidiary (Australia) |
| 2015-02 | completed acquisition of Protective Life Corporation (US, about 5,800 億円, US life insurer No. 13 位) |
| 2016-09 | launch of Asset Management One (integration of 4 Mizuho-affiliated asset-management companies, Dai-ichi Life 49% / Mizuho FG 51%) |
| 2016-10-01 | establishment of Dai-ichi Life HD (holding-company conversion, launch of the current entity) |
| 2017〜 | strengthened Asia expansion such as Star Union Dai-ichi (India) and Dai-ichi Life Vietnam |
| 2019 | full-scale “insurtech” strategy, rollout of the health-promotion-type insurance “Kenko Daiichi” |
| 2020〜 | Dai-ichi Life “Special Investigation Committee” matter (inappropriate money transactions by some sales representatives, external investigation → business improvement plan) |
| 2024 | mid-term management plan “Re-connect 2026” (2024〜2026 年 fiscal year) announced |
| 2025-05 | FY2024 results: net income 4,296 億円 (+34%), overseas business exceeding 1,000 億円 for the first time, additional share buyback 1,000 億円 |
2. Business segment map
| Segment | Main operator | Characteristics |
|---|---|---|
| Domestic life insurance (sales representatives) | Dai-ichi Life Insurance | sales-representative (Lifetime Design Designer) channel, traditional mainstay (FY2024 net income 3,055 億円 +50%) |
| Domestic life insurance (bank counter sales) | Dai-ichi Frontier Life | centered on savings-type / single-premium products, specialized in bank-counter sales |
| Domestic life insurance (agency) | Neo First Life | for net / multi-tied agencies, medical insurance, etc. |
| US life insurance | Protective Life Corporation | US life insurer No. 13 位, acquired for about 5,800 億円 (2015-02), FY2024 profit about 3.4 x |
| Australian life insurance | TAL Dai-ichi Life Australia | major Australian life insurer, strong in group insurance |
| Indian life insurance | Star Union Dai-ichi Life | Indian joint venture |
| Asia emerging | Dai-ichi Life Vietnam / Myanmar, etc. | growth-market expansion |
| Asset management | Asset Management One (49%) | JV with mizuho-fg, one of the largest Japanese-bank-affiliated asset managers |
| Think tank | Dai-ichi Life Research Institute | macro / market analysis |
| DX / health promotion | ”Kenko Daiichi” app / health-promotion-type insurance | insurtech |
Domestic 3 -axis channel strategy
- Sales-representative channel: Dai-ichi Life Insurance’s “Lifetime Design Designer,” the traditional mainstay (one of the two major sales-representative channels alongside nippon-life)
- Bank counter sales: Dai-ichi Frontier Life, specialized in savings-type single-premium products (megabank / regional-bank channels)
- Multi-tied agency / net: Neo First Life, medical insurance and third-sector products
Overseas strategy
- US (Protective Life): made a consolidated subsidiary 2015-02 for about 5,800 億円, US life insurer No. 13 位. FY2024 profit about 3.4 x (yen-depreciation effect + expanded investment income from rising interest rates)
- Australia (TAL): invested 2007-10 → made a wholly owned subsidiary 2011-05 , major Australian group insurer
- India (Star Union Dai-ichi): joint venture, bank-affiliated channels such as Bank of India + Union Bank of India
- Asia emerging (Vietnam / Myanmar, etc.): growth markets, long-term cultivation
- Strategic significance: an overseas-diversification hedge against the domestic environment of population decline / low interest rates. FY2026 target: overseas life-insurance business profit contribution ratio 40%
Asset-management joint venture
- Asset Management One (launched 2016-09 ): Dai-ichi Life HD 49% + mizuho-fg 51%. Integration of 4 社 Mizuho-affiliated firms (DIAM, Shinko Investment Trust, Mizuho Asset Management, Mizuho Trust asset management), one of the largest Japanese-bank-affiliated
DX / insurtech
- “Kenko Daiichi” app: health-promotion-type insurance, Apple Watch linkage / use of health data
- Insurtech strategy (2019〜): expansion of digital channels, AI underwriting assessment
- Data-driven: in cooperation with the Dai-ichi Life Research Institute, use of health / medical data
Competitive structure
- Major domestic 4 life insurers: Dai-ichi / nippon-life / Sumitomo / Meiji Yasuda. By total-asset scale nippon-life is first, and Dai-ichi Life is the only major one that is a stock company and listed (the other 3 社 are mutual companies)
- Advantages of demutualization: agile capital raising / M&A (such as the Protective acquisition), governance transparency, shareholder returns (FY2024 137 円 dividend +24 円 / 1,000 億円 share buyback)
- Disadvantages of demutualization: the balance of short-term share-price pressure vs. long-term policyholder interests
4. Regulation / policy
- Supervisory authority: FSA, Insurance Business Act
- Soundness regulation: solvency margin ratio (SMR), with investment-policy impact from the 2025〜 introduction of economic-value-based solvency regulation (J-ICS / ESR)
- Overseas regulation: US (NAIC, state insurance authorities), Australia (APRA), India (IRDAI), etc.
- Accounting: IFRS 17 (insurance contracts) applied 2023〜, improving the financial transparency of Japanese life insurers
- Recent policy talking points:
- 2024〜 normalization of the BOJ policy rate → expectations for improved investment yields of domestic life insurers (contributing to FY2024 results)
- 2025〜 transition to economic-value-based regulation → pressure to review the asset-management portfolio
- 2025〜 concerns over US tariff policy lead to a forecast of shrinking FY2025 profit (▲19% full-year forecast)
- strengthened compliance of the sales-representative channel (after the 2020 年 inappropriate-money-transaction matter)
Related
Sources
- Wikipedia: Dai-ichi Life Holdings (public information 2026-05-19 extracted)
- Dai-ichi Life HD official IR / history page (public information, https://www.dai-ichi-life-hd.com/ → current https://www.daiichilife-group.com/)
- 2025年3月 period financial summary (consolidated, disclosed 2025-05-15) https://www.daiichilife-group.com/investor/library/earning/pdf/2024/2024_001.pdf
- 2026年3月 period 2 quarter interim financial summary (consolidated, disclosed 2025-11-14) https://www.dai-ichi-life-hd.com/investor/library/earning/pdf/2025_hanki_001.pdf
- Results highlights / consolidated (official IR) https://www.daiichilife-group.com/investor/financial/highlight.html
- Nikkei 2025-05-15 report (net income +34% / Protective 3.4 x / dividend 137 円)
[!info] Verification status confidence: high (v1.1, 2026-05-19 public IR verification completed). FY2024 full-year figures (net income 4,296 億 / ordinary revenue 9.87 兆 / ordinary profit 7,191 億 / total assets 69.6 兆 / overseas business profit 1,146 億 / employees 60,814 名) are based on the financial summary + official IR highlights. The Protective profit 3.4 x increase and the first overseas exceeding 1,000 億 match the Nikkei report and official IR. FY2025 1H actuals (disclosed 2025-11-14) are also reflected.