7 Japan’s Biggest Insurance Companies- according to annual report of insurance companies in 2022, there are 7 biggest insurance companies in Japan. These companies basically have huge market of insurance products of Japan and foreign countries. Economically, Japan is one of the developed nations in the world based on its economic indicators. According to The World Bank Database in 2021, The Gross Domestic Product (GDP) from Japan reached 4.94 trillion US Dollars. As of 2022, the Japan’s population around 125 million of people, the GDP per Capita of Japan around 39,285 USD.
As the one of the world’s developed nations, financial industries always have big impact on economic valuations. Insurance industries in this country still has become main part of the economic sector and some insurance products can be found in this country. Based on the company sector, there are some biggest insurance companies in 2022. Basically, these companies have huge market of insurance products from Japan. Here is the rank of 7 Biggest Insurance Companies from Japan.
7 Japan’s Biggest Insurance Companies based on Assets
| Rank | Name of Insurance Companies From Japan | Assets | Assets | Liabilities | Liabilities |
|---|---|---|---|---|---|
| Japanese Yen (JPY) | US Dollar (USD) | Japanese Yen (JPY) | US Dollar (USD) | ||
| 1 | Nippon Life Insurance (Nissay) | 88,381 Billion Yen | 600 Billion USD | 80,328 Billion Yen | 546 Billion USD |
| 2 | Japan Post Insurance | 67,674 Billion Yen | 460 Billion USD | 64,753 Billion Yen | 440 Billion USD |
| 3 | Dai-ichi Life Holdings | 65,881 Billion Yen | 447 Billion USD | 61,472 Billion Yen | 418 Billion USD |
| 4 | Tokio Marine | 27,245 Billion Yen | 185 Billion USD | 23,173 Billion Yen | 157 Billion USD |
| 5 | MS&AD Insurance | 25,033 Billion Yen | 170 Billion USD | 21,731 Billion Yen | 147 Billion USD |
| 6 | T&D Holdings | 17,813 Billion Yen | 121 Billion USD | 16,423 Billion Yen | 111 Billion USD |
| 7 | Sompo Holdings | 13,787 Billion Yen | 93 Billion USD | 11,747 Billion Yen | 79 Billion USD |
| Source : Annual Report, 2022 | |||||
| Currency Rate : 1 Japanese Yen (JPY) = 0.0068 United States Dollar (USD) | |||||
The rank above was based on the Assets of the insurance company in 2022. All of the data was obtained from Balance sheet of Annual Report in 2022. Balance sheet can describe the financial position of the company. Principally, balance sheet consists of Assets, Liabilities, and Equities. Assets is the physical and non-physical properties that company has possessed. Meanwhile, the liabilities is the debt or obligation that company must be paid off in the future. Lastly, the equities are the difference value between assets and liabilities.
7 Japan’s Biggest Insurance Companies based on Net Income
| Rank | Name of Insurance Companies From Japan | Revenue | Revenue | Net Income | Net Income |
|---|---|---|---|---|---|
| Japanese Yen (JPY) | US Dollar (USD) | Japanese Yen (JPY) | US Dollar (USD) | ||
| 1 | Tokio Marine | 5,863 Billion Yen | 39.8 Billion USD | 410 Billion Yen | 2.788 Billion USD |
| 2 | Dai-ichi Life Holdings | 8,209 Billion Yen | 55.8 Billion USD | 409 Billion Yen | 2.781 Billion USD |
| 3 | Nippon Life Insurance (Nissay) | 8,356 billion Yen | 56 Billion USD | 351 Billion Yen | 2.3 Billion USD |
| 4 | MS&AD Insurance | 5,132 Billion Yen | 34.8 Billion USD | 265 Billion Yen | 1.8 Billion USD |
| 5 | Sompo Holdings | 4,167 Billion Yen | 28.3 Billion USD | 226 Billion Yen | 1.5 Billion USD |
| 6 | Japan Post Insurance | 6,454 Billion Yen | 43.8 Billion USD | 158 Billion Yen | 1 Billion USD |
| 7 | T&D Holdings | 2,614 Billion Yen | 17.7 Billion USD | 14.4 Billion Yen | 97 Million USD |
| Source : Annual Report, 2022 | |||||
| Currency Rate : 1 Japanese Yen (JPY) = 0.0068 United States Dollar (USD) | |||||
The Rank above was based on the Net Income of the company in 2022. All of the data was obtained from income statements of Annual Report in 2022. Basically, Income statements is the published report that showed the business performance of companies in the specific time. The loss or profit of companies can be looked at this report.
Brief Description of 7 Japan’s Biggest Insurance Companies
1. Nippon Life Insurance
Nippon Life Insurance is one of the biggest insurance companies as of 2022. Historically, Nippon Life Insurance Company or Nihon Seimei Hoken Sōgo-gaisha, simply known as Nissay was founded on July 4, 1889. Now, the company has head office Imabashi Sanchōme, Chūō-ku, Osaka, Japan. Along with the business development of the company, in 2022, the company has assets 600 billion US Dollar and liabilities around 546 billion US Dollar. Based on the business performance at Income statement, Annual Report of 2022, the company can generate revenue around 56 billion US Dollar and Net Income around 2.3 billion US Dollar.
2.Japan Post Insurance
Japan Post Insurance Co., Ltd. or in Japanese known as Kabushiki-gaisha Kanpo Seimei Hoken is a Japanese insurance company that was founded on October 1, 2007. Geographically, this company has main office in Tokyo, Japan. Based on the financial conditions in Balance sheet of annual report 2022, the company has assets around 67,674 billion Yen / 460 billion USD with liabilities around 64,753 billion Yen / 440 billion USD. Based on the business performance in 2022, the company generated revenue around 6,454 billion Yen / 43.8 billion USD and net Income around 158 billion Yen / 1 billion USD
3.Dai-ichi Life Holdings
The Dai-ichi Life Insurance Company, Limited or Dai-ichi Seimei Hoken Kabushiki-kaisha (Japanese language) is one of the biggest insurance companies from Japan. It was founded on September 15, 1902, by Tsuneta Yano. Financially, based on the balance sheet of the company, Dai-chi has assets around 65,881 billion Yen / 447 billion USD with liabilities around 61,472 billion Yen / 418 billion USD. Based on the business performance in 2021, the company has revenue around 8,209 billion Yen / 55.8 billion USD with Net Income around 409 billion Yen / 2.781 billion USD
4.Tokio Marine
Tokio Marine Holdings, Inc. is a multinational insurance holding company that have main office Tokyo. Historically, this company was founded on 1879 with the name of Tokio Marine Insurance. Along with business development of the company, Tokio Marine have 41 thousand of employee across the nations. Financially, in 2021, based on the balance sheet of the Tokio Marine, this company has assets around 27,245 billion Yen / 185 billion USD with Liabilities around 23,173 billion Yen / 157 billion USD. Financially, based on the business performance 2022, the company can generate revenue around 5,863 billion Yen / 39.8 billion USD with reaping Net Income around 410 billion Yen / 2.788 billion USD.
5.MS&AD Insurance
MS&AD Insurance Group Holdings or commonly known as Emu Esu ando Ei Dī Inshuaransu Gurūpu Horudingusu Kabushiki-gaisha in japanese language. Historically, this company was formed in 2008. Operationally, this company has main office on Tokyo, Japan. In 2022, financially, this company has assets around 25,033 billion Yen / 170 billion USD with liabilities around 21,731 billion Yen / 147 billion USD. Based on the business performance in 2022, the company can generate revenue approximately 5,132 billion Yen / 34.8 billion USD with net income around 265 billion Yen / 1.8 billion USD.
6.T&D Holdings
T&D Holdings is a Japanese insurance company. Historically, this company was established in 2004. Operationally, this company has main office in Nihonbashi, Chuo-ku, Tokyo. Financially. Based on the balance sheet of the company, T&D Holdings has Assets approximately 17,813 billion Yen / 121 billion USD with liabilities around 16,423 billion Yen / 111 billion USD. Based on the business performance in 2021, the company can generate revenue 2,614 billion Yen / 17.7 billion USD with Net Income around 14.4 billion Yen / 97 million USD.
7.Sompo Holdings
SOMPO Holdings, Inc. is Japanese insurance companies that has main office in Shinjuku, Tokyo, Japan. Historically, this company was founded on April 1st, 2001. Financially, based on the balance sheet of the company in 2022, Sompo Holdings has assets around 13,787 billion Yen / 93 billion USD with liabilities around 11,747 billion Yen / 79 billion USD. Based on the business performance in 2022, the company can generates revenue approximately 4,167 billion Yen / 28.3 billion USD and net income approximately 226 billion Yen / 1.5 billion USD.
Bibliography of 7 Biggest Insurance Companies from Japan
Tokio Marine. 2022. Annual Report 2022. Accessed via https://www.tokiomarinehd.com/en/ir/download/annual_report.html on May 29th, 2023.
Dai-ichi Life Holdings.2022. Annual Report 2022. Accessed via https://www.dai-ichi-life-hd.com/en/investor/library/annual_report/index.html on May 29th, 2023.
MS&AD Insurance.2022. Annual Report 2022. Accessed via https://www.ms-ad-hd.com/en/ir/library/disclosure.html on May 29th, 2023.
Sompo Holdings.2022. Annual Report 2022. Accessed via https://www.sompo-hd.com/en/ir/data/annual/ on May 29th, 2023.
Japan Post Insurance.2022. Annual Report 2022. Accessed via https://www.jp-life.japanpost.jp/english/aboutus/financial/en_abt_fnc_ar.html on May 29th, 2023.
T&D Holdings.2022. Annual Report 2022. Accessed via https://www.td-holdings.co.jp/en/ir/document/annual.html on May 29th, 2023.
The World Bank. 2022. GDP (current US$) – Japan. Accessed via https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=JP on May 29th, 2023.
The World Bank.2022. GDP per capita (current US$) – Japan. Accessed via https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=JP on May 29th, 2023.