SBI Insurance Group (SBI インシュアランスグループ)
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This entry sits under non-life-insurers INDEX. Read it against SBI Securities for peer / contrast context and banking index for the broader system / regulatory boundary.
TL;DR
sbi-hd‘s insurance-business supervisory intermediate holding company. **Established 2017-04 **, it is the platform for the online-direct-sales insurance business. Under it are SBI Insurance (mainly automobile insurance) / SBI Life Insurance (formerly PCA Life, term life + medical) / SBI Ikiiki Small-Amount Short-Term Insurance (for the elderly) / SBI Resta Small-Amount Short-Term Insurance (earthquake-expense insurance). The group strategy is “a Japanese version of the U.S. Geico / Progressive model” = low-price, direct type + cross-selling with SBI Securities, sbi-shinsei-bank, and SBI Sumishin Net Bank. 2017-09 Listed on the TSE Mothers → re-privatized 2023-09 by SBI HD making it a wholly owned subsidiary (TOB squeeze-out).
1. Company overview
Legal name: SBI Insurance Group Co., Ltd. English name: SBI Insurance Group Co., Ltd. Established: 2017-04-03 (as SBI HD’s insurance-business supervisory company) Headquarters: 1-6-1 Roppongi, Minato-ku, Tokyo (Izumi Garden Tower, same location as SBI HD) Parent company: sbi-hd (100% wholly owned subsidiary) Listing history: 2018-09-27 Listed on the TSE Mothers → in the TSE market restructuring of 2022-04 , moved to the TSE Growth Market (securities code 7326, still listed at present). sbi-hd holds it as a consolidated subsidiary (voting-rights ratio 59.67% as of 2025-03-31; making it a wholly owned subsidiary has not been carried out) Business type: Insurance holding company (small-amount short-term insurance holding + supervision of non-life and life insurance subsidiaries)
Major subsidiaries
SBI HD（持株・上市 8473）
└── SBI インシュアランスグループ（中間持株・100%）
├── SBI 損害保険（100%）── ネット直販型自動車保険メイン、2008 開業
│ └── 火災保険・がん保険・賠償責任保険 等
├── SBI 生命保険（100%）── 旧 PCA 生命、2015-04 SBI 化
│ └── 定期死亡保険・医療保険・就業不能保険
├── SBI いきいき少額短期保険（100%）── 旧 アイリオ生命系、高齢者向け
│ └── 高齢者向け医療・葬儀保険
├── SBI リスタ少額短期保険（100%）── 地震費用保険専業History
| Year/month | Event |
|---|---|
| 2006-06 | Preparation for establishing an online-direct-sales subsidiary for automobile insurance (investment by SBI Holdings 100%) |
| 2008-01 | SBI Insurance commences operations (online-direct-sales automobile insurance) |
| 2008 | Ailio Life Small-Amount Short-Term Insurance established → later renamed SBI Ikiiki Small-Amount Short-Term |
| 2014-02 | SBI HD signs a contract to acquire PCA Life Insurance (a Japanese corporation of the UK Prudential system) |
| 2015-04 | PCA Life → name changed to SBI Life Insurance (SBI subsidiary conversion completed) |
| 2016 | Resta Small-Amount Short-Term Insurance (earthquake-expense specialist) comes under SBI |
| 2017-04-03 | SBI Insurance Group established (conversion to insurance-business supervisory intermediate holding company) |
| 2017-09-27 | Listed on the TSE Mothers |
| 2022 | Formulated medium-term management plan (strengthening cross-selling, expanding the earnings base) |
| 2023-08 | SBI HD announces a TOB aimed at making it a wholly owned subsidiary (shareholder returns + securing management agility) |
| 2023-09-29 | Delisted from the TSE Growth → made a wholly owned subsidiary of SBI HD 100% (squeeze-out completed) |
| 2024 onward | Under the medium-term plan, integrated operation of the insurance group and accelerated customer-base sharing with SBI Securities / SBI Shinsei Bank |
2. Business segment map
| Subsidiary | Business type | Mainstay products | Features |
|---|---|---|---|
| SBI Insurance | Non-life | Automobile insurance | Online direct sales, mileage-based rates, young to mid-career customers |
| SBI Life Insurance | Life | Term life + medical + disability | Former PCA, specialized in simple protection |
| SBI Ikiiki small-amount short-term | Small-amount short-term | Elderly medical / funeral | Specialized in the senior segment |
| SBI Resta small-amount short-term | Small-amount short-term | Earthquake-expense insurance | Niche, specialized in earthquake disasters |
Core concept
- Online-direct-sales insurance (direct type) = eliminating agency costs → low-price pitch
- U.S. Geico / Progressive model: multi-product cross-selling starting from automobile insurance
- SBI economic-zone cross-selling: SBI Securities 1300 万 accounts + SBI Sumishin Net Bank + the customer-base sharing of sbi-shinsei-bank
- 4 product group (non-life + life + elderly small-amount short-term + earthquake small-amount short-term) covering the entire life-cycle range
Partnership / acquisition strategy
- Conversion to a wholly owned subsidiary (2023-09): reducing listing-maintenance costs + improving management-decision speed + integrated operation of the sbi-hd economic zone
- Linkage within the SBI economic zone: synergy design such as proposing insurance at the time of securities-account opening, and bundling fire insurance with Shinsei Bank loan contracts
Competitors
| Category | Competitor | Notes |
|---|---|---|
| Online-direct-sales life insurance | lifenet | Industry pioneer, SBI Life’s biggest rival |
| Online-direct-sales non-life (automobile) | axa-japan AXA Direct | One of the largest direct-type automobile insurers |
| Online-direct-sales non-life (automobile) | sony-fg Sony Sonpo | Largest direct-type non-life insurer |
| Foreign-affiliated direct non-life | zurich-japan Zurich | Automobile / medical direct sales |
| Cross-industry online non-life | rakuten-fg Rakuten Sonpo | Rakuten-economic-zone-based, structurally similar |
| Small-amount short-term (elderly / earthquake) | Various small-amount short-term insurers | Fragmented market |
4. Regulation & policy
- Supervisor: Financial Services Agency (FSA)
- Regulatory laws: Insurance Business Act (non-life / life subsidiaries) + Insurance Business Act Article 272 (small-amount short-term insurers)
- Soundness: solvency margin ratio (consolidated + individual)
- Policy issues from 2024:
- Personal-information protection (high data-dependence given online direct sales)
- Cybersecurity (strengthened FSA monitoring)
Related
- sbi-hd (parent company) · sbi-shinsei-bank · lifenet · axa-japan · sony-fg · zurich-japan · rakuten-fg · prudential-japan
Sources
- Wikipedia: SBI Insurance Group (https://ja.wikipedia.org/wiki/SBIインシュアランスグループ, 2026-05-19 extraction)
- Wikipedia: SBI Insurance (2026-05-19 extraction)
- Wikipedia: SBI Life Insurance (2026-05-19 extraction, former PCA Life renaming 2015-04 confirmed)
- SBI HD official / insurance-business IR (2026-05-19 extraction)
- SBI Insurance Group IR stock information (https://www.sbiig.co.jp/ir/stock/information.html, 2026-05-29 reference) ── confirming securities code 7326, TSE Growth Market, and continued listing (2018-09-27 Mothers listing → 2022-04 Growth migration, sbi-hd voting rights 59.67%, as of 2025-03-31)
[!info] Verification status confidence: likely (v1.0 Wikipedia + SBI HD IR cross-check 2026-05-19, listing status 2026-05-29 re-confirmed). The company discloses an insurance-business segment as a consolidated subsidiary of SBI HD (voting rights 59.67%, as of 2025-03-31), but conversion to a wholly owned subsidiary / delisting has not been carried out, and it remains listed on the TSE Growth Market (7326) (2026-05-29 IR / Wikipedia confirmed). Subsidiary individual KPIs (in-force policy count, insurance premium income, combined ratio) vary by point in time; for the latest values refer to SBI HD’s quarterly reports. The specific locations and scale of overseas insurance operations are limited to public information.