Sustainability

Management Base

Message from the CSuO

Positioning of Sustainability in the Dai-ichi Life GroupIn our medium-term management plan “Re-connect 2023,” we have positioned sustainability initiatives aimed at tackling “material

Sustainability Promotion

issues related to the global environment, local communities and society,” and for the promotion of “the well-being of employees,”
who are dealing with the material issues, as the foundation of our business activities.
For example, in the area of global environmental initiatives, we have identiﬁed climate change as the most important issue,

By promoting sustainability, we demonstrate ourcommitment to the “ sustainable well-being ” of all
stakeholders, society, and the global environment.

and are aiming to achieve “Net Zero” from the perspectives of both an institutional investor (through investment of premiums
received from policyholders) and an insurance provider (through operations and management related to the insurance business,etc.). In addition, we are working with local governments across Japan to resolve region-speciﬁc issues, such as health promotion,
education and the empowerment of women. These activities are now also carried out at overseas group companies in the UnitedStates, Oceania and Southeast Asia.

Hidehiko Sogano

Business activities
Creation of the Four Experiential Values

Sustainability

My name is Hidehiko Sogano, and I was appointed Chiefthen take action. As the core subsidiary, Dai-ichi Life has

Sustainability Ofﬁcer (CSuO) in April 2023. To further

already set a goal of achieving net-zero emissions by 2050

strengthen the Groupʼs sustainability efforts, this CSuO

and is taking steady action to achieve that goal. This ﬁscal

position was created in the CXO system and Sustainability

year, we formulated our Net Zero Transition Plan as a clear

Ofﬁce was established within the Corporate Planning Unit inroadmap for reaching our target. We have formulated action

the current ﬁscal year.

plans, mainly focusing on the activities of Dai-ichi Life, ofPromoting sustainability encompasses a wide variety

what we have been working on and what we plan to work onof topics, including addressing climate change, biodiversity,

to “promote net-zero transition of the real economy throughand other environmental issues, as well as respect for humaninvestment and ﬁnancing activities” and “achieve net-zerorights and diversity, and governance. In addressing theseemissions from business activities” as a ﬁnancial institution.

issues, we aim to provide the “sustainable well-being” toIn addition, we are a member of various international

all stakeholders, the society they comprise, and the globalorganizations that develop guidelines for such action plans

environment that surrounds them. Even if we focus on only

and actively participate in the drafting of new frameworks

environmental issues, for example, unless the individuals

from the outset. Since the establishment of GFANZ*, for

who are trying to resolve the issues feel a sense of security

example, we have actively participated in various working

across generations and a sense of well-being to lead a richgroups, with the cooperation of the Groupʼs overseas ofﬁce.

and healthy life, the efforts will not last long. If the society

In addition, this ﬁscal yearʼs Integrated Report includes a new

supports such efforts, it will spark a movement that willsection on promoting biodiversity. We also engage in humanspread and become a force for ensuring the sustainability ofrights due diligence efforts to ensure respect for such rights.

Health and Medical care

Global environment

practices among Group companies. Also, the outcomes ofstrives to maintain an environment that ensures diversity,

such efforts are discussed by internal ofﬁcers and employees,

fair and equitable evaluations, and the freedom to work in

as well as all Board members. In these ways, we have been

a way that allows each individual to think freely. In suchchallenging ourselves to promote sustainability in every

an environment, we ask ofﬁcers and employees to always
consider what will foster the well-being of customers and all

direction.
Through the aforementioned efforts, we are conﬁdent

other stakeholders. In ﬁscal 2022, the Group Sustainability

that the Group will continue beneﬁting all stakeholders in a

Committee, which actively incorporates the opinions ofsustainable manner. In the following pages, we provide details

outside experts, engaged in discussions about the ways toon initiatives promoted by the Group in the hope that you

ensure the sustainability of society by providing the Fourunderstand and support our commitment to sustainability. We

Experiential Values, customer experience that extends beyond

would also like to receive your honest feedback, so please do

the boundaries of insurance.

not hesitate to contact us.

The global environment is changing all the time, andthe international community is becoming more uncertain.
We need to think independently about what we can do for* Glasgow Financial Alliance for Net Zero: The worldʼs largest alliance offinancial institutions committed to net-zero emissions.

the sustainability of society and the global environment andValue Creation
Story

Strategies &Performance

Protect and improve
the well-being of all

Enhancing Connections

Climate change as the most material issue■ Sustainability Promotion Structure
The Group is building a sustainability promotion structure centered around the Group Sustainability Committee to make meaningful
contributions to the realization of a sustainable society. In April 2023, a new position of Chief Sustainability Ofﬁcer (CSuO) was
created for an individual tasked with promoting the Group sustainability strategy and chairing the Group Sustainability Committee.
A number of initiatives, including those designed to tackle climate change, are discussed by the committee and reported regularly
for review to the Executive Management Board and the Board of Directors. Further, the Group includes sustainability criteria,
including indicators related to progress in reducing CO2 emissions, as part of evaluation criteria for performance-linked stock-based
remuneration for directors and ofﬁcers.

Board of Directors

Supervision

Executive Management Board

have evolved into Groupwide initiatives as we share best

the well-being of each and every ofﬁcer and employee andIntroduction・Message

Society

Sustainability &Management Base

Governance

Data

Reports

Group Sustainability Committee
Execution

Based on these ideas, the Group places importance on

59

Asset Formation/Succession

These wide-ranging initiatives related to sustainability

the entire planet.

Group Vision

Protection

Employee well-being

Value
Creation

Director, Managing Executive Officer,
Chief Sustainability Officer

Various committees

Committee
Chair

Chief Sustainability Officer（CSuO）

Members

CEO, CFO, CRO, Heads of each unit, including Corporate
Planning Unit, Human Resources Unit, International Life
Insurance Business Unit and the Presidents of Dai-ichi
Life, Dai-ichi Frontier Life, Neo First Life, etc.

Collaborates●

Group ERM Committee●

Group Compliance Committee●

Group Human Rights
Awareness Promotion
Committee, etc.

Note: External experts and such are invited in accordance with the theme

Secretariat

Sustainability Office in the Corporate Planning Unit

Domestic Group companies
Dai-ichi Life
● Employee Well-being
Improvement Committee● Responsible Investment
Committee, etc.

Collaborates

Dai-ichi Frontier Life

Neo First Life

Global meetings
Global Leaders Committee (GLC)◆ Group Initiative Task Force (GITF)◆

etc.

Collaborates

Overseas groupcompanies

Dai-ichi Life Holdings Integrated Report 2023

60

Sustainability

Management Base■ Group Sustainability Committee
The Group Sustainability Committee discusses Group policies and strategies regarding sustainability, effective publication of

Initiatives to Respect Human Rights

information including external commitments, and monitoring of the implementation of initiatives at each Group company, from a
medium- to long-term perspective throughout the Group. These discussions all consider the opinions of several external experts.
The Committee then reports its discussions to the Executive Management Board and the Board of Directors.

Recent topics of discussion
Month

Main external experts*
Overview

Resolving social issues in the areas of “Protection” and “Asset
Formation/Succession”● Promoting Diversity and Inclusion (D&I)● Expansion of climate-related disclosure

September ● Resolving social issues in the area of “Health and Medical Care”● Promoting sustainability via the life insurance business
2022
December2022
February2023
May 2023

Resolving social issues in the area of “Enhancing Connections”
Promoting D&I and other human capital strategies● Review of external ESG assessments and future challenges●●

Resolving social issues in the area of “Health and Medical Care”"● Human rights due-diligence initiatives● Response to climate change and future issues● Sustainability Promotion Structure●

principles (the DSR Charter) that enumerates the value

Sustainability initiatives and the positioning of business activities
Transition finance initiatives at Dai-ichi Life
● Expansion of climate-related disclosure (Transition Plan)system that all executives and employees cherish. One article

be a company rooted in a value system of “respect for humanof this charter declares that we work to have “respect forrights” that seeks happiness for all, and works to develop

Toshiya Hoshino

human rights” and establishes the “Dai-ichi Life Group Human

employees who act in all situations with a mind to constantly

Director, ESG Integration ResearchCenter, Graduate School of Osaka
University

Rights Policy.” In addition, the core company of the Dai-ichi

care for others and who correctly understand the principles

Life Group, Dai-ichi Life, includes content regarding humanand guidelines related to human rights.

Peter David Pedersen

approve of any violation of any human rights in the pursuit of*Participants are invited as appropriate based on
the theme of each session.

●international community for human rights respect, we aim toRepresentative Director, Well-being forPlanet Earth Foundation

Co-founder of E-Square Inc. andRepresentative Director of NELIS●

Along with our Groupʼs early grasp of the trend in the

The Dai-ichi Life Group has established a set of Group action

Yoshiki Ishikawa●

June 2022■ Basic way of thinking

rights in its “Code of Conduct,” prescribing that we do notbusiness.

Dai-ichi Life Group Human Rights Policy
https://www.dai-ichi-life-hd.com/en/sustainability/
initiatives/rights.html■ Promotion of human rights due diligence
Committed to respecting the human rights of all business-related stakeholders, including those in the supply chain, the Dai-ichi LifeGroup pursues ongoing human rights due diligence initiatives in the following ways.

Message from External Expert

Representative Director, Wellbeing for Planet Earth Foundation

Dai-ichi Life example: Human rights due diligence initiative (PDCA cycle)

Yoshiki Ishikawa

Ph.D. in Medicine from Jichi Medical University after graduating from Faculty of Medicine, University of Tokyo and Harvard
School of Public Health. Researcher in the field of preventive medicine. Specializes in preventive medicine, behavioral science,computational creation science and conceptual evolution. Conducts interdisciplinary research with companies anduniversities on the theme of "What is the meaning of a Good Life?”

I have been participating in the Dai-ichi Life Groupʼs Sustainability Committee as an external expert
since ﬁscal 2021. The Group is committed to continuously improving its corporate value under the vision of “Protect andPCommit to the declaration of the Group
Human Rights Policy and promote thoroughknowledge of it within the company

D

Perform periodic evaluation of identification andinfluence of human rights risks related tobusiness in every organization in the company

A

Periodically disclose the state of initiatives,
and reflect the resulting opinions andevaluations back into the policy

C

Take measures to prevent/mitigate human rights
risks, correct/remedy human rights violations
when they occur, and measure the effectivenessof measures taken

improve the well-being of all.” At the committee, we have been discussing the Groupʼs value creation story, materiality
organization and business connections in order to achieve this vision. The outcomes of these discussions can be seen
objectively in the Dow Jones Sustainability Indices and other indices, which compare Dai-ichi Life Holdingsʼ progress in

In promoting human rights due diligence, we have put the following systems in place.

promoting sustainability to other companies.
The Dai-ichi Life Group will continue to make further efforts to demonstrate its uniqueness (competitive
advantage) and communicate how it aims to perform well in terms of both ﬁnancial and non-ﬁnancial KPIs in an easily
comprehensible manner to all stakeholders. It goes without saying that the Dai-ichi Life Group has placed a high valueon the “spirit of mutual support” since its foundation. The Group will continue to work steadily toward “sustainable wellbeing” for people, society and the Earth through dialogue and cooperation with its stakeholders. We look forward to yourcandid feedback on this topic.

We have created the “Sustainability Report”

Chief Sustainability Officer(CSuO)

Executive officer in charge of Human Capital

Appointed executive officers

Appointed department heads

Three times a year in principle (and as needed)
Share understanding of changing environment related
to sustainability (including human rights issues), as well
as status of and issues related to Group initiatives, andformulate, revise, and abolish measures to address themOnce a year in principle (and as needed)
Share understanding of changing environment related tohuman rights awareness, as well as status of and issues
related to Group initiatives, and formulate, revise, and abolishmeasures to address them

■ Initiatives as an institutional investor

Groupʼs approach to sustainability and our

At Dai-ichi Life, we strive to create a positive social impact through asset investment and lending that contribute to solving social

major initiatives in this regard. In addition, in

problems including the promotion of diversity and the respect for human rights, in accordance with the Basic Policy on Responsible

August 2023, we formulated and disclosed ourInvestment released in April 2022. Also, in stewardship activities centered on the exercise of voting rights and engagement“Net Zero Transition Plan” as an action plan tohttps://www.dai-ichi-lifehd.com/en/sustainability/
report/index.html

achieve net-zero emissions. We will continue
to publicize further information by disclosing
the latest information on our website.

Value Creation
Story

Group Human Rights Awareness Promotion Committee

https://www.dai-ichi-life-hd.com/en/sustainability/initiatives/rights.html

to provide a deeper understanding of theIntroduction・Message

Matters
discussed

Promotion system for respecting human rights

Group Sustainability Promotion Committee

Human rights due diligence initiatives■ Further information disclosure regarding sustainability

61

Name
Committee
Chair
Committee
members
Frequency

Strategies &Performance

Sustainability &Management Basehttps://www.dai-ichi-life-hd.com/
en/sustainability/environment/nztransitionplan.html

GovernanceData(dialogue) with the companies with which we invest or lend, we emphasize the viewpoints of diversity and respect for human rights.

Responsible Investment Reporthttps://www.dai-ichi-life.co.jp/english/dsr/investment/ri-report2.html

Dai-ichi Life Holdings Integrated Report 2023

62

Sustainability

Management Base

Addressing Climate Change:

Disclosure Based on the TCFD Recommendations■ Our stance
The Groupʼs pursuit of “well-being of all including future

our business. We will also actively participate in domestic andgenerations” can only be achieved if a sustainable society

international initiatives, such as GFANZ*2, the worldʼs largest

exists with a 100-year future horizon. We have positioned thecoalition of financial institutions committed to the goal of Net

sustainability of society as the foundation of our business

Zero, to share our views and contribute assertively to the global

operations. To this end, we will work more actively than everrulemaking process.
demonstrate stronger leadership as an institutional investor andwhich is the foundation of peopleʼs lives, the Group, as aninsurance provider by pursuing initiatives (including information

insurance provider and institutional investor, has set targets fordisclosure) that will serve as a model for the rest of the world.

contributing to the realization of a decarbonized society. We willIn these ways, we will contribute to achieving a decarbonizedcontinue stepping up efforts to address climate change throughsociety and, by extension, a sustainable society.
※6● 25%削減（第一生命）

issues aimed at transitioning to Net Zero in the realRoad map to Net Zeroeconomy. This plan was formulated in reference toEngagement Strategy

Emission reduction initiatives
related to business activities(shifting to renewable energy,saving energy, and reducing
total paper usage, etc.)

Encourage
investeesʼ
initiatives

Opinion andrulemaking
through global
financeinitiatives

As an institutional investor

As an insurance provider

Financed emissions (Scope 3, Category 15)

CO2 emissions from business activities(Scope 1 & 2)

Investments and loans in climate solutions

Number of investees engaged with

CO2 emissions from business activities(Scope 3, excluding Category 15)

Introduction of sustainability
indicators into executive remuneration
evaluation criteria (including progress
on CO2 emission reduction)

core operating entity in Japan. It is overseen by theUnit, with relevant departments of Dai-ichi Life incharge of promoting their respective initiatives. Its
implementation progress is monitored and discussed
by the Group Sustainability Committee, which reports
its ﬁndings to the Executive Management Board andPromotion by the Group
Sustainability Committee
and Group ERM Committee

Transition plan: Oversight: CSuO, Administration: Corporate Planning Unit, Implementation: relevant departments of Dai-ichi Life

Skills and culture

The current transition plan is formulated mainly
focusing on the activities of Dai-ichi Life, the Groupʼs
CSuO and administered by the Corporate Planning

Governance and promotion structure on climate change issues
Governance structure that reports tothe Executive Management Board
and Board of Directors and isoverseen by the Board of Directors

the transition plan guidance of GFANZ, etc.

is supervised by the Board of Directors.
This plan clearly states our priorities forachieving net zero. The contents of the plan will be
updated on an ongoing basis.

Building awareness among Group officers and employees※7● 50%削減（第一生命）

Full text of the Net Zero Transition Plan
https://www.dai-ichi-life-hd.com/
en/sustainability/environment/nztransitionplan.html※8● 15%削減（第一フロンティア生命）

Road map to Net ZeroFY2020

Expand assets
Support transition to acovered by
low-carbon society
emissionand creation of
reduction targets
environmental
and analyze
innovation throughemissionsinvestments and loans

Positive impact via investments and loans

To realize the aspirations*3 of the Groupʼs vision, we will

To ensure the sustainability of the global environment,

our Net Zero Transition Plan in August 2023 topromote a more integrated response to climate

Objective of the transition plan

Implementation Strategy

before to resolve material issues*1.

As a ﬁnancial institution, we produced and disclosed

Net Zero Transition Plan (Summary)

2022

2023

2024

2025

2050

2040

2030

■ Governance/Risk Management

Period of this MMP

Roles of the Executive Management Board and Board of Directors

Set net-zero targets

Initiatives as an institutional investor
Reduction of Scope 3*4 emissions(Category 15, financed emissions*5)● 25% reduction (Dai-ichi Life)*6

Investments and loans in climate solutions● Cumulative total ¥1 trillion (Dai-ichi Life)● 50% reduction (Dai-ichi Life)*7● 15% reduction (Dai-ichi Frontier Life)*8

Net
Zero

efforts are supervised by the Board of Directors and are based on business plans related to climate change which are formulated
under the leadership of the Executive Management Board. The progress status of initiatives (Direction of initiatives including Grouptargets, responses to risks, etc.) is reported regularly to the Executive Management Board and the Board of Directors, and the Boardof Directors provides supervision to further strengthen climate change initiatives.

Initiatives as an insurance provider
Reduction of Scope 1 & 2*4 emissions
100% renewable energy (Dai-ichi Life) ● Achieved one year ahead of schedule(entire Group)*9

Reduction of Scope 3*4 emissions(excluding Category 15)

Initiatives to strengthen governance structure

Net
Zero

● 50% reduction

In April 2021, we established the Group Sustainability Committee to formulate policies and strategies related to sustainability,
Net
Zero

● 30% reduction(Dai-ichi Life)*9

including climate change, and to monitor the implementation of initiatives. In April 2023, we established a new position of Chief
Sustainability Ofﬁcer. We are further reﬁning the sustainability promotion functions of the Sustainability Ofﬁce of the Corporate
Planning Unit to strengthen our structure for fostering a decarbonized society. In addition, we have set sustainability indicators,

Fostering awareness among Group employees

including progress in reducing CO2 emissions, as evaluation criteria for performance-linked stock-based remuneration for directors
and ofﬁcers (introduced in July 2022)*12.

Participation in and promotion of international initiatives
Appointed as a GFANZ Principals Group member
Joined NZAOA*10*11

Risk Management System

Established CSuO position

Strengthen our governance and promotion structure
Established Group Sustainability Committee
Set sustainability indicators as KPIs for executive compensation*1 For the material issues of the Dai-ichi Life Group, please refer to “Material Issues of theDai-ichi Life Group” on P.29.
*2 Glasgow Financial Alliance for Net Zero. Please refer to P.71 for details of this initiative
and the Groupʼs initiatives.
*3 The Groupʼs vision: “Protect and improve the well-being of all”
*4 Scope 1: Direct emissions by the Company; Scope 2: Indirect emissions associated withthe use of electricity, etc., supplied by other companies; Scope 3: Indirect emissions
other than Scope 1 and 2 emissions). Dai-ichi Lifeʼs Scope 3 (excluding Category 15)
emissions include Category 1 (Purchased goods and services), Category 3 (Fuel- andenergy-activities (not included in Scope 1 and 2)), Category 4 (Upstream transportationand distribution), Category 5 (Waste generated in operations), Category 6 (Businesstravel), Category 7 (Employee commuting), and Category 12 (Processing of soldproducts).
*5 Greenhouse gas (GHG) emissions of investees (Scope 3, Category 15)

63

The Group pursues climate-related initiatives through the Group Sustainability Committee and the Group ERM Committee. These

Introduction・Message

Value Creation
Story

Strategies &Performance*6 Compared with 2020 (listed equities, corporate bonds, and real estate portfolios)*7 Compared with 2020 (listed equities, corporate bonds, real estate, and loan portfolios)*8 Compared with FY2020, based on GHG emissions per unit of assets held (intensity)*9 Compared with FY2019*10 UN-convened Net-Zero Asset Owner Alliance (association of institutional investors
committed to transitioning their investment portfolios to net-zero GHG emissions by
2050)*11 Chief Sustainability Officer*12 Please see P.95 for details on the remuneration system for directors and executive
officers.
*13 Please refer to the following webpage for details on risk management:
https://www.dai-ichi-life-hd.com/en/about/control/in_control/administer.html*14 Degree of impact is based on economic loss, reputational damage (impact on sales,
management responsibility, and stock price), and other factors.

Sustainability &Management Base

Governance

Data

The Group is implementing risk management that takes

environmental issues as a challenge that should be tackled

appropriate measures at an early stage by specifying

by the international community. The Group also recognizes

foreseeable risks with the potential to signiﬁcantly impact its

addressing climate change as a material management riskbusiness as “material risks” and formulating business plansthat could considerably impact customersʼ lives and health,that take these risks into account .

corporate activities, social sustainability, and the like. From

*13

The Risk Management Unit identiﬁes group material

ﬁscal 2019, we deﬁned risk related to climate change as arisks based on the results of material risks identiﬁed atmaterial risk and have been reinforcing risk management.

group companies and conducts a four-stage evaluation ofSpeciﬁcally, the Group ERM Committee, chaired by the Chief

and the likelihood of occurrence,

Risk Ofﬁcer, discusses how to assess and respond to physicalthen uses a heat map to pinpoint material risks with highand transition risks, and reports to the Executive Management

importance. Group material risks are reviewed every year. The

Board and Board of Directors as necessary.

the degree of impact*14

Paris Agreement of 2016 has raised awareness of addressing

Dai-ichi Life Holdings Integrated Report 2023

64

Sustainability

Management Base

Governance/Risk Management System Relating to Climate Change Responses (as of April 2023)
Dai-ichi Life Holdings
Board of Directors

Supervision

Executive Management Board

Execution

Reports

Reports as part of material risk management

Group Sustainability Committee (convenes four times/year)●

Group ERM Committee (convenes around ﬁve times/year)

Develops and discusses policies and strategies foraddressing climate change, including the transition plan, andmonitors the progress of efforts to address climate change

Formulates risk management policy
and checks compliance status● Studies measures to strengthen the risk management system, etc.
●

Collaborates

As part of our efforts to understand risks related to claims

future climate scenarios to analyze the impact of maximum

and beneﬁt payments, we have analyzed the relationshiptemperatures on deaths and hospitalizations for the Groupʼsbetween air temperature and Dai-ichi Life's claims andthree domestic life insurance companies*19,*20. The analysis

beneﬁts since ﬁscal 2020 in cooperation with Mizuho–DL

results (see ﬁgure below) were limited, but it is noted that

Financial Technology Co., Ltd. Speciﬁcally, we conducted an

the analysis for hospitalization is based on considerable

analysis focusing on the increase in health hazards due toassumptions compared to mortality due to the wide variety

rising summer temperatures based on Dai-ichi Lifeʼs pastof diseases and the paucity of statistical data and previous

beneﬁt payment records to estimate the correlation between

studies.

them and maximum temperatures. We then assumed

Committee Chair: Chief Sustainability Ofﬁcer (CSuO)

Committee Chair: Chief Risk Officer (CRO)

Secretariat: Corporate Planning Unit

Secretariat: Risk Management Unit, etc.

Analyze past performance

Estimate the relationship between
temperatures and outbreaks

Establish future climate scenarios

Collaborates (e.g., information sharing, monitoring)

Collaborates (e.g., information sharing, monitoring)

Dai-ichi Life insurance
claims and benefits

Estimate the relationship between
maximum temperatures and theoccurrence of deaths/hospitalizations

Create simulations of future
maximum temperatures

Supported by priorresearch and medical
knowledge

Prepared from the SSP5-8.5
scenario of the IPCCʼs Sixth
Assessment Report

Group Companies

Highest temperatures
across Japan

Climate-related risks and opportunities
bring several impacts (shown on the right) overRisks

analyses using the SSP scenario*15 (5–8.5), theNGFS scenarios*16, and other scenarios, the Group,
as an insurance provider and institutional investor,
will strive to ensure resilience to climate change
and seize related opportunities.

Estimates for the 2090s (total for groupdomestic life insurance companies)●●

Increase in death benefits: ¥4.5 billion
Increase in hospitalization benefits:¥100 million–¥200 million

Increase in insurance claims and benefits paid due to increase inheatstroke and infectious diseases associated with global warming
Increase in insurance claims and benefits paid due to increase in flooding
due to typhoons, etc.
● Decrease in corporate value due to inadequate responses to environmental
changes, including significant changes in carbon taxes, damage to assets
due to changes in the market and social environment, development of newtechnologies, and changes in consumer behavior●

We used MSCIʼs CVaR methodology to analyze transition

measuring climate-related risks and opportunities is still●risk and physical risk related to our investment assets.

in its developmental stage, and the results have changed

The aggregated CVaR was –19.5% for the 1.5˚C Orderly

signiﬁcantly due to the revision of MSCIʼs methodology andIncrease in investment and loan opportunities, including in the renewableenergy business, that contribute to resolving climate change issues● Greater resilience of the investment portfolio resulting from proper
Opportunities
assessment of climate risks and opportunities by investees● Reduced operating costs through the introduction of infrastructure withhigh resource efficiency●

scenario*21, –21.2% for the 3˚C Orderly scenario*21 with highthe enhancement of scenario data. Dai-ichi Life will continue

physical risk, and –21.8% for the 1.5℃ Disorderly scenario

analyzing climate-related risks and opportunities, including

with high transition risk. In comparison to the benchmark,

CVaR, to strengthen the resilience of its investment and loan

the 1.5˚C Orderly scenario showed superior results in terms

portfolio.

*21of both transition and physical risks. The methodology for

CVaR (impact/amount of subject assets)

Scenario analysis
We expect that climate risks will have a wide range

Risk categories

of repercussions and may materialize over various[Physical risk] Risk of an increase in insurance claims and benefits paid
due to an increase in mortality, etc. caused by the spread of heat stroke
Underwriting
and infectious diseases resulting from rising temperaturesrisk⇒ See “(1) Impact of climate change on the life insurance business” on
the next pagetime frames. Based on the TCFD recommendations,
the Group classiﬁes climate risks into two
categories̶transition risk

*17

and physical risk*18

̶and recognizes them by our risk category.
The Group regards the examples shown in
the table on the right as climate risks that may
materialize over a time horizon of about 3 years(short term) and more than 10 years (long term)
and conducts scenario analyses for underwriting
risk and market/credit risk. There is still nointernationally established method for analyzing
the ﬁnancial impact of climate change on the life
insurance business, and we recognize that eachcompany conducts research and analysis on a trialand-error basis. We will continue working to identify[Transition risk] Risk that the prices of assets held will decline asbusinesses are affected by decarbonization and as society increasingly
chooses to invest in decarbonization
Market/credit [Physical risk] Risk of deterioration in the financial condition of acreditee counterparty due to damage to business facilities caused byrisk
extreme weather or disruption of supply chains in the manufacturingindustry, etc.
⇒ See “(2) Analysis of climate value-at-risk (CVaR)” on the next page
[Physical risk] Risk of increased insurance payouts due to extreme
Liquidity risk weather conditions and risk of inability to conduct sufficient market
transactions due to market disruptions caused by natural disasters, etc.
Operationalrisk[Transition risk] Risk of financial losses due to fines, lawsuits, etc.,
stemming from inadequate measures to address climate change[Physical risk] Risk of damage to data centers, business offices, andother locations necessary for operations due to extreme weather
conditions, resulting in the suspension of operations[Transition risk] Risk that our business will be negatively impacted bybeing evaluated as inappropriate by stakeholders (due to our inadequate
Reputational
climate change initiatives), continued relationships with businessrisk
partners that are insufficiently environmentally conscious, or otherfactors.

*15 Shared Socioeconomic Pathways: Climate change scenarios set by theIntergovernmental Panel on Climate Change (IPCC)*16 Climate change scenarios set by the Network for Greening the Financial System(network of financial authorities on climate risks, etc.)

Value Creation
Story

Strategies &Performance

Portfolio

Examples of major physical and transition risks

risks throughout the Group.

Introduction・Message

Estimate increases in deathand hospitalization benefits（2）Analysis of Climate Value-at-Risk (CVaR)

The Group recognizes that climate change may
the medium to long term. Based on the results ofEstimate future excess accruals

Statistical analysis■ Strategy/metrics and targets

65（1）Impact of climate change on the life insurance business*17 Risks arising from new government policies, technological innovation, market changes,
etc., in the process of transitioning to a low-carbon economy*18 Risks of direct damage to real estate and other assets due to long-term climatechange factors, such as rising temperatures and sea levels, as well as typhoons andother natural disasters

Sustainability &Management Base

Governance

Data

+5%

3℃ Orderly

1.5℃ Orderly

Benchmark1.5℃ Disorderly

1.5℃ Orderly

+0%
(5%)
(10%)

Transition risk

(15%)
(20%)
(25%)
(30%)

(21.2%)(19.5%)( 21.8%)■ Policy risk ■ Opportunities ■ Physical risk ■ Total( 23.2%)

Subject assets are Dai-ichi Life’s
equities and corporate bonds andDai-ichi Frontier Life’s corporate
bonds, totaling approximately¥8 trillion. Benchmarks are
NOMURA-BPI corporate bonds(for domestic corporate bonds),
Barclays Global Corporate Bond
Index (for foreign corporate
bonds), TOPIX (for domestic
equities), and MSCI ACWI (forforeign equities).
Data: As of March 31, 2023
Source: Reproduced by permissionof MSCI ESG Research LLC

Initiatives as an insurance provider
With respect to Scope 1 and Scope 2 CO2 emissions, the Group has set targets of a 50% reduction by ﬁscal 2025 (compared withﬁscal 2019) and Net Zero by ﬁscal 2040, in anticipation of the targets set in the Paris Agreement. To promote integrated efforts
among all employees, Dai-ichi Life has set Scope 3 (excluding Category 15) target (for items that should be emphasized from aperspective that leads to changes in business and staff behavior) of a 30% reduction by ﬁscal 2030 (compared with ﬁscal 2019) and
Net Zero by ﬁscal 2050.
*19 Dai-ichi Life, Dai-ichi Frontier Life, Neo First Life
*20 Please refer to P.63–64 of our Integrated Report 2022 for details on assumptions andother related matters used in the analysis.
*21 Orderly scenario: Orderly transition scenario
Disorderly scenario: Orderly transition does not proceed and carbon price soars*22 International initiative aiming to procure 100% of electricity consumed in businessactivities from renewable energy sources*23 Method of procuring electricity utilizing a scheme in which a solar power generation
facility dedicated to Dai-ichi Life is installed on land remote from where the demand islocated, and the electricity thus generated is sent to the demand location along with its
environmental value.

Dai-ichi Life Holdings Integrated Report 2023

66

Sustainability

Management BaseThe Groupʼs CO2 (Scope 1 & 2) emissions in ﬁscal 2022 wereof its target*24. We are also encouraging the introduction of

approximately 23,800 tons (down around 83% from ﬁscal

renewable energy at other Group companies in Japan and2019). Since becoming the ﬁrst Japanese life insurance

overseas.

company to join the RE100*22 in 2019, we have been reviewing

Category 15) totaled approximately 46,600 tons in ﬁscal

the use of environmental values, such as off-site PPA

2022 (down around 6% from ﬁscal 2019) through sequential

and non-fossil certiﬁcates. As a result, Dai-ichi

reductions in ofﬁce paper consumption and other measures.

Life achieved its renewable energy consumption target of

We will continue making Group-wide efforts to achieve

services

100% in its business activities in ﬁscal 2022, one year ahead

25% reduction

In addition, Dai-ichi Lifeʼs Scope 3 emissions (excluding

our electricity supply and demand contracts and promoting*23

GHG emissions*30 of Dai-ichi Life (listed equity, corporate bond, and real estate portfolio)

net-zero emissions.

Approx.
5.37
milliont-CO2eApprox.
4.72
milliont-CO2eApprox.
4.50
milliont-CO2e

2020

2021

2022

（

2025

and weighted average carbon intensity (WACI), which

Dai-ichi Life, the Groupʼs core domestic subsidiary

5.37 million t-CO2e*25 emitted in 2020. We attribute this to a

the TCFD recommends for disclosure purposes, in order(approximately ¥34 trillion in total assets as of March 31,

combination of factors, including progress of GHG emission

to assess the climate-related risks and opportunities of2023), has positioned climate change as the most important

reduction efforts by our investees and market ﬂuctuations

investees in relation to Dai-ichi Lifeʼs portfolio of domestic

issue for responsible investment and has been working tothat affect the calculation of GHG emissions allocated toand foreign equities and domestic and foreign corporate

realize a decarbonized society. In February 2021, we became

us. To further advance our net-zero efforts, we have set a

bonds. For WACI, the GHG emissions per unit of sales of thethe ﬁrst Japanese company to join NZAOA, demonstrating

new interim reduction target for 2030 (50% reduction in GHG

investees are weighted according to Dai-ichi Lifeʼs percentage

our commitment to achieving a net-zero investment and loan

emissions in our investment and loan portfolio*26 by 2030

of ownership. For domestic corporate bonds, the WACI tends

portfolio by 2050. To achieve this, we set an interim GHG(compared with 2020)).

to be relatively high, and our analysis indicates that this isemission reduction target (25% reduction by 2025 (comparedWe are also taking steps to strengthen the resilience

partly due to the relatively high proportion of the power sector,

with 2020)) for our listed equity, corporate bond, and realof our portfolio by incorporating transition risks, such as

which has high emissions in the domestic corporate bondestate portfolio in accordance with the NZAOA Protocol

signiﬁcant changes in carbon taxes and stranded assets,market.

(target-setting guidelines).

into our evaluation criteria for investees. We will continue

2050: Net Zeroentireinvestment
portfolio

Dai-ichi Life conducted an analysis of total carbon emissions

Initiatives as an institutional investor

50% reduction*31

To realize a decarbonized society, it is important

2030

）

(Year)[Dai-ichi Life] GHG emissions and WACI by asset
GHG emissions(million t-CO2e)

WACI (t-CO2e/¥ million)*32(Reference) 2020

Domestic
equities

2

0.7

0.8

Foreignequities

0.19

1.2

1.8

Domestic
corporate
bonds

1.9

2.4

2.6

Foreigncorporate
bonds

0.31

0.6

0.7

Real estate

0.1

-

-

to promote long-term transition strategies, particularly in

GHG emissions from Dai-ichi Lifeʼs listed equity,

analyzing climate-related risks (including transition andcorporate bond, and real estate portfolio in 2022 were

physical risks) and opportunities, using CVaR and other

GHG-intensive sectors. With this in mind, Dai-ichi Life announced its “Policy on Transition Finance” in September 2022. While ourmethodologies.

transition ﬁnance efforts may possibly lead to a temporary increase in our ﬁnanced emissions, since decarbonization of GHG-

approximately 4.5 million t-CO2e, down around 16% from theintensive sectors is essential for society as a whole to achieve net-zero emissions, then, if a potential investment is deemed to[Dai-ichi Life] Major initiatives to achieve Net Zerocontribute to appropriate transition, we will actively support such transition to contribute to realizing a decarbonized society.

Formulate Net Zero transitionplan[Dai-ichi Life] Policy on Transition Finance●

Developed a transition plan to achieve net-zero portfolio with reference to GFANZ guidance, etc.

Updated our previously announced interim GHG emission reduction target*27 for 2025 in accordancewith the NZAOA Protocol, setting a new target of a 50% reduction from our listed equity, corporate bond,real estate, and loan portfolio by 2030 (compared with 2020)● Engage in international initiatives through participation in the GFANZ Principals Group meetings andworkstreams●

Set reduction targets andpromote initiatives to achieve
net-zero emissions by 2050

Provide analyses and suggestions by our ESG analysts on climate change initiatives of around 50 of the
top GHG emitting investees, encourage them to set GHG emission reduction targets consistent with the
Encourage initiatives by
1.5˚C target and to develop and implement strategies to achieve the targets
investees through engagement ●Encourage the decarbonization efforts of investee companies through collaborative engagement
frameworks, such as Climate Action 100+ and the Life Insurance Association of Japan●

Aggressively make investments and loans to contribute to resolving climate change issues, targeting acumulative total of ¥1 trillion by the end of fiscal 2024 (cumulative balance of investments and loans at
the end of fiscal 2022: ¥710 billion)*28● Proactively supply capital for the transition to a low-carbon society through transition finance, impact
investments, and other means in addition to making investments and loans in green bonds andrenewable energy power generation businesses*29● Set a GHG emission reduction contribution
target of 1.5 million tons CO2e by fiscal 2024 to provide
positive impact through investments and loans● Developed and disclosed the “Policy on Transition Finance” to support the transition to a low-carbon
society●

Support the transition to a
low-carbon society and thecreation of environmental
innovation*24 For more information, please visit the following website (only in Japanese)
https://www.dai-ichi-life.co.jp/company/news/pdf/2023_019.pdf*25 GHG emission results for 2020 have been revised due to a change in vendor used (fromS&P Trucost Limited to MSCI ESG Research LLC). GHG emissions in 2022 using S&P
Trucost Limited were approximately 4.7 million t-CO2e (2020: approximately 6.02
million t-CO2e).
*26 In accordance with the NZAOA Protocol, we added loans to the assets covered under
the new interim reduction target. The year for the interim reduction target for our listed

67

Introduction・Message

Value Creation
Story

Strategies &Performance

equity, corporate bond, real estate, and loan portfolio is 2030.
*27 Reduce GHG emissions in our listed equity, corporate bond, and real estate portfolio by
25% by 2025 (compared with 2020)*28 Transition finance is a new financing method that aims to support the efforts ofcompanies that are steadily reducing GHG emissions in accordance with theirlong-term strategies targeting a decarbonized society*29 Renewable energy power generation projects for which the impact is disclosed

Sustainability &Management Base

Governance

Data

①

Dai-ichi Life chooses to take investment actions prioritizing the realization of long term carbon neutrality
for society as a whole.

②

When making investment decisions, Dai-ichi Life independently examines the validity and feasibility ofcompaniesʼ Transition strategies in terms of ensuring investment returns in addition to alignment with
key Transition Finance guidelines.

③

Dai-ichi Life will continuously review its decision criteria used in examining companiesʼ Transition
strategies in light of the external environments surrounding the Transition, situations of technologicalinnovations and other elements.

④

Based on the insights obtained in the detailed examination process of Transition Finance, Dai-ichi Lifefacilitates improvements in companiesʼ Transition strategies and more effective initiatives through suchengagement.
Full text of Dai-ichi Lifeʼs “Policy on Transition Finance”
https://www.dai-ichi-life.co.jp/english/dsr/investment/pdf/ri-report_008.pdf*30 Total (Scope 1 & 2) for the listed equity, corporate bond, and real estate portfolio. Figuresfor listed equities and corporate bonds are compiled by Dai-ichi Life based on data fromMSCI ESG Research LLC. The figure for the real estate portfolio was compiled by
Dai-ichi Life. The following calculation standards were used for measurement.
GHG emissions = Σ (GHG emissions per individual company Dai-chi Lifeʼspercentage ownership)

Dai-chi Lifeʼs percentage ownership = Investment value Enterprise value (Market
capitalization + Interest-bearing debt)*31 Loans have been included in assets covered by the new interim reduction target for 2030.
*32 WACI figures for 2020 have been revised due to a change in vendor used (from S&P
Trucost Limited to MSCI ESG Research LLC).

Dai-ichi Life Holdings Integrated Report 2023

68

Sustainability

Management Base

Dai-ichi Lifeʼs cumulative investments and loans aimed[Dai-ichi Life] Cumulative amounts and target amounts
of investments and loans for resolving social issues

at addressing social issues reached approximately ¥1.6
trillion as of the end of ﬁscal 2022. We will increase theseinvestments and loans to ¥2 trillion by the end of ﬁscal 2024

Investments and loans
in climate solutions
Approx. ¥0.71 trillion

to provide even more positive impacts on society.
Strengthening its responses to climate change issues
is the most important priority of its responsible investment

Approx.
¥1.6 trillion

Target:Approx.
¥2.0 trillion

approach. With this in mind, Dai-ichi Life will increaseto ¥1 trillion by the end of ﬁscal 2024

Target:Approx.
¥1.0
trillion(approximately ¥710 billion at the end of ﬁscal 2022).

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (FY end)

investments and loans that contribute to resolving climatechange issues*33

Analysis of nature-related risks

TOPICSIn the “Environmental Action Policy for the Dai-ichi LifeFirst, using the ENCORE*38, a nature risk assessment

Group ,” we clearly state that it regards the preservation

tool, we selected three sectors for analysis̶consumer*35of natural capital and biodiversity as our corporate

staples, materials, and utilities̶all of which have signiﬁcantsocial responsibility. With this in mind, we endorsed therisks, then we identiﬁed important nature-related themes

philosophy of the TNFD*36, which aims to establish a

in each sector. We also studied examples of risk cases

framework for the systematic identiﬁcation and disclosure

related to these themes in the value chains of our investeesof nature-related risks, and in October 2022 we joined theand evaluated their potential business impacts. As a

TNFD Forum.

result, among the nature-related risks that could affect ourinvestee companiesʼ businesses, we identiﬁed four areas

To better understand nature-related impacts andAs part of its integration efforts of climate change

dependencies, we ﬁrst analyzed nature-related risks andthat require closer attention̶forests, water, land use, andfactors into investment and loan decisions, Dai-ichi Life

opportunities associated with the equity portfolio of ourecosystems̶as cases of conﬂict were found in the past incore domestic subsidiary, Dai-ichi Life, in accordance withthose areas.

[Dai-ichi Life] Climate change integration scheme

conducts both quantitative and qualitative analyses in
evaluations of investees.

Quantitative evaluation●

scoring) based on the estimated impact on businessperformance of signiﬁcant changes in carbon taxes, etc.
(transition risk), the presence or absence of environmentrelated technologies, etc. (opportunities) that could leadto future earnings gains, and investeesʼ climate-related
risk initiatives and governance status, which are conﬁrmed
through engagement activities. By reﬂecting the results●

Qualitative evaluation

Evaluate opportunities with the
expectation that, for instance,
the company will expand its
business performance due to theJapanese governmentʼs GX
Promotion Strategy and that it
possesses superior technology
and can lead the industry inenergy conservation andenvironmental measures, etc.

the LEAP

Evaluate approachand content ofefforts to address
climate change risks

who examine each asset to make investment and loan
decisions, Dai-ichi Life incorporates climate-related risks andopportunities into the evaluation criteria for investees andHigh

Sectors to be explored in depth

Equityanalysts

Reflected in internal ranks and used
to make investment and loan decisionsof investment assets, which are mainly public and corporate bonds. In ﬁscal 2022, the company set a target to reduce GHG
emissions*34 in its investment portfolio by 15% by March 31, 2025 (compared with March 31, 2021). Its reduction efforts
include ESG engagement where it encourages investee companies to achieve their reduction targets and reduce more
emissions. As of March 31, 2023, Dai-ichi Frontier Life achieved an 8.7% reduction (compared with March 31, 2021).

Fostering awareness among officers and employees
In addition to our activities as an insurance provider and institutional investor,
we crucially need to raise the awareness and change the behavior of ourwill help the Group demonstrate its unique attributes. As part of this, we held
the “ECO Action Relay,” a Group-wide environmental event, in FY2022.

Groupwide environmental event
22 Group companies participated

The ECO Action Relay is a relay-type program of environmental initiatives at Group companies in Japan and overseas, andmore than 4,000 ofﬁcers and employees from 22 Group companies participated. Through the event, participants shared details of
initiatives and effective implementation methods that take advantage of the individuality of each company and department. As aresult, each and every executive and employee became more motivated about environmental initiatives.

Invasivealien
species

Soil

Air

GHGs Waste Resources

Forest products

Low

Financials

Consumer
discretionary/ Industrials/
services
services

Aluminum

Precious metals& minerals
Electricity utilities

Information
technology

Investment volume

High

Utilities

Renewable electricity
Independent power
producers, etc.

Examples of major risks and opportunities in the three selected sectors (consumer staples, materials, and utilities)
Examples of business opportunities in thethree sectors

Examples of business risks in the three sectors[Common] Increased costs of responding to various regulations andcriticisms
Rising raw
material prices [Commodities and materials] Soaring procurement costs due toincreased demand for certified raw materials
Decrease in [Consumer staples and materials] Instability of supply and price hikes
due to stricter regulations on land development and over-extraction of
Physical risk
biologicalnatural raw materials
resources[Consumer staples and materials] A combination of factors, such as
Raw material extinction of certain species (keystone species) that play an important
Systemic risk crop failure due role in the ecosystem of origin or contamination by pesticides, canto ecosystem cause the loss of ecosystem functions necessary for the production ofcollapse
raw materials, making it difficult to procure themTransition
risk

Dai-ichi Frontier Life (which mainly sells savings products through bancassurance channels) has approximately ¥7.9 trillion

ofﬁcers and employees to realize a decarbonized society, and we believe thisAgricultural products

Ecosystems

Industrial gases

Real estate

TNFDʼs risk
Potential events
classification[Dai-ichi Frontier Life] Efforts to reduce GHG emissions

ConsumerstaplesMaterials

Communication
services
Healthcare

Creditanalysts

Sub-industry

Diversified metals& mining

EnergyEvaluate corporate initiatives in terms of TCFD
endorsement, existence of CO2 reduction plan,content of the plan and progress of initiatives, status
of disclosure, and organizational (governance)
structure, etc.

Forests Water Land
use

SectorConsumerstaplesMaterials

Scores overall evaluation for each company
and shares findings with internal analysts

Details of Dai-ichi Lifeʼs ESG integration andengagement efforts (Responsible Investment Report)
https://www.dai-ichi-life.co.jp/english/dsr/
investment/ri-report2.html

Heat map of high-risk sub-industries in the three selected
sectors (impact)

Utilities

ESG scoring

thus strengthen the resilience of its portfolio.

approach proposed by the TNFD.

Dai-ichi Lifeʼs investment volumes
and nature-related risk level

Consider the results of engagement with the companiesof this ESG scoring in internal rankings used by analysts

TOPICS

ESG analysts

Estimate impact on businessperformance of significant
changes in carbon taxes, etc.
● Consider risk level by industry
when analyzing GHG emissionsof each company● GHG emission figures are basedon Scope 1 & 2 (Scope 3 is also
taken into account for someindustries)● Consider obtaining SBT
certification and developing
emission reduction plans, etc.

Speciﬁcally, ESG analysts evaluate companies (ESG*37[Consumer staples and materials] Use ofcertified raw materials can increase theadded value and profitability of our products[Consumer staples and materials] Switching
to alternative resources can ensure longterm, stable, and sustainable supplies[Common] Development of Nature-based
Solutions can lead to the creation of newvalues and markets

We recognize that the analyses above are in the early

improvements in our engagement activities with investees,

trial stage (in line with the LEAP approach) and that there

which will help us strengthen the resilience of ouris much room for future development. Nevertheless, weinvestment and loan portfolio in the future. We will continue

believe that insights and knowledge about nature-related

trying to contribute to realizing a nature-positive economy

risks and opportunities in our investeesʼ businesses,

by reﬂecting the results of these kinds of analyses in our

gained through these analyses, contribute to qualitative

engagement with investees and analyses of the investees.

*35 https://www.dai-ichi-life-hd.com/en/sustainability/environment/initiative.html*36 Taskforce on Nature-related Financial Disclosures*37 Acronym for Locate (locate interface with nature), Evaluate (evaluate
dependencies and impacts), Assess (assess risks and opportunities), andPrepare (prepare to respond to risks and opportunities and report). The aim of
the LEAP approach is to enable companies and financial institutions to assess
nature-related risks and opportunities.

*38 A nature-related risk analysis tool developed by the Natural Capital Finance
Alliance (NCFA), an international finance industry association for the natural
capital area, etc.
(Reference) Other initiatives related to natural capital and biodiversity
https://www.dai-ichi-life-hd.com/en/sustainability/environment/contribution.html*33 Investments and loans that contribute to resolving climate change issues, such as investing in green bonds and renewable energy power plant–related projects*34 GHG emissions per unit of assets held (intensity basis)

69

Introduction・Message

Value Creation
Story

Strategies &Performance

Sustainability &Management Base

Governance

Data

Dai-ichi Life Holdings Integrated Report 2023

70

Sustainability

Management BaseContribution To International
Rulemaking To Address Climate Change
The Group recognizes that addressing climate change is an important management issue for realizing asustainable society. Through GFANZ, which is the worldʼs largest coalition of financial institutions with net-zerocommitments (consisting of more than 550 financial institutions in 50 countries as of November 2022), we
have been contributing to international rulemaking to achieve a decarbonized society.
To realize its objective of “accelerating the global net-zero transition” GFANZ works in various areas.
These include supporting the development and effective implementation of net-zero transition plans across thefinancial industry, mobilizing capital for emerging markets and developing economies, and policy advocacy. It
also focuses on responses at the regional level, having established the Asia-Pacific (APAC) Network in June
2022, the Africa Network in September 2022, and the Japan Chapter, the first GANZ country chapter, launchedas part of the APAC Network in June 2023.

One of my favorite sayings is, “If you want to go fast, go alone. If you
want to go far, go together.” To achieve a sustainable future, I want towork hand-in-hand with the worldʼs ﬁnancial institutions to accelerate
the global transition toward decarbonization. With this in mind, I
have served as a member of the GFANZ Principals Group, which has
determined the direction and priorities of GFANZ since its inception.
At Principals Group meetings, formed by the chairs of
GFANZ and heads of various ﬁnancial institutions, we actively
discuss strategic directions for effectively accelerating the global
decarbonization transition. At those meetings, I have emphasized theneed to consider the characteristics of each country and region andthe importance of transition ﬁnance for decarbonization in the APAC
region.
It is very signiﬁcant that the GFANZ APAC Network was
established in June 2022 and the Japan Chapter, the ﬁrst GFANZ
country chapter in the world, was launched in June 2023. The Japan
Chapter is essential to furthering Japanʼs leadership in combatingclimate change, and I am honored to serve as the ﬁrst Chair of its
Consultative Group.
I am devoted to making every effort to realize a decarbonizedsociety and economy and to enhance the presence of Asia andJapan with the collaboration with various stakeholders including
other ﬁnancial institutions and government agencies.

GFANZ

GFANZ Glasgow Financial Alliance for Net Zero
Other regional network, etc.

Co-Chairs: Mark Carney, Michael Bloomberg
Vice Chair: Mary Schapiro
Principals Group

Dai-ichi Life

Launched in June 2022
Supports the acceleration of net-zero transitionin the APAC region

Katsuki Tsuboi, Yuki Hoshihara(Sample activity)
Draft guidance on financing the managed phaseout ofcoal-fired power plants in APAC (published in June 2023;
for public consultation)

Dai-ichi Life

Supports the Principals Group

Workstreams▶

▶

Sets strategic directions and priorities
and monitors progress

Steering Group
▶

▶

Dai-ichi Life

Recommendations on thecoal-fired power phase-out
process in terms of what should
be considered with respect to thecredibility of the transition andphase-out plan, social andeconomic impacts, andtransparency and accountability

Dai-ichi Life

Involved in specific tasks,
such as guidance development(Sample activity)
Financial Institution Net-zero
Transition Plans – Fundamentals, Recommendations,and Guidance (published in November 2022)
Recommendations on elements
required for a credible net-zerotransition plan for financial
institutions to decarbonize thereal economy, as well as key
transition finance strategies toachieve the transition

Secretariat▶

APAC Network

Senior Sustainability Specialists
Insurance Research TeamDai-ichi Life International (Europe)

Japan Chapter

Value Creation
Story

Strategies &Performance

Glasgow Financial Alliancefor Net Zero

We take the co-leaders role of “Mainstream Transition Finance,”a GFANZ workstream. This workstream promotes more financial
institutions and investees to develop transition plans for achieving
net-zero emissions. It also discusses what transition finance should
be for accelerating net-zero in society by financing.
While a united global approach is required to achieve net-zeroemissions, we should tailor our efforts to the circumstances of eachcountry and region. The workstream includes financial institutions
from a diverse range of countries and regions, including Europe, theUnited States, Africa, and Asia.
As a co-leader, we find it challenging, yet rewarding, to listen
carefully to the voices of participating members and organize
discussions on the way forward for the financial industry, taking into
account the different socioeconomic conditions and industrial andenergy structures in each country and region.
The Dai-ichi Life Group will accelerate its efforts to achieve netzero emissions and lead the global efforts of the financial industry.
We are at the forefront of these efforts and will contribute to therealization of the challenging global goal of achieving a net-zerosociety by 2050.

Launched in June 2023 (the first GFANZ country
chapter in the world)▶ Supports collaboration among domestic financial
institutions, relevant authorities and companies toaccelerate the transition to net-zero in Japan▶ Seiji Inagaki (Director, Chair of the Board, Dai-ichi
Life Holdings, Inc.) appointed as the first Chair of
the GFANZ Japan Chapter Consultative Group*▶

Managing Director
GFANZ APAC Network* Based on information available when this document was prepared* Advisory organization consisting of representatives of financial institutions and government agencies, etc.

Introduction・Message

Seiji Inagaki

Dai-ichi Life

Net-zero alliances, including NZAOA (asset owners), NZBA (banks), and NZAM (asset managers)

71

Director, Chair of the Board, Dai-ichi Life Holdings,
Inc.
GFANZ Principals Group Member
GFANZ Japan Chapter Consultative Group Chair

Sustainability &Management Base

Governance

The Japan Chapter began operations in June 2023 as the first GFANZ country chapter inthe world. I am grateful to Seiji Inagaki of Dai-ichi Life for chairing the Consultative Group,
which is composed of experts, in the chapterʼs first year.
The Japan Chapter will address common issues related to net zero in the Japanesefinancial industry with the leadership and innovation of Dai-ichi Life and the rest of thefinancial industry. It will also hold workshops on financial institutionsʼ net-zero transition
plans, engage in dialogue with financial institutions that are not yet GFANZ members, andhold annual summits. We sincerely look forward to working together with the Japanesefinancial industry, which shares our desire to achieve net-zero emissions.

Yuki Yasui

Data

Dai-ichi Life Holdings Integrated Report 2023

72

Management Base

■ Initiatives to improve employee engagement

Human Capital Management Strategies

Employee engagement
Employee engagement is our important indicator to

We strive to increase group value by creatinga “ World of Opportunities ” in which
our people all over the world can energeticallydemonstrate their authenticity and successfully
contribute.

understand how our employees work proactively. It is also
important for improving corporate value because it relates
to not only productivity and corporate performance but also

Overall engagement scores and comparison to the benchmark
Whole company

70

capital is the driving force for implementing our management strategies. The

April 2023

Human capital shift

682 persons

1,211 persons

BelongBe WellProtect

Turning diversity
into a strength

Flexible work
stylesIntroduction・Messagepersons300

persons

Number of candidates
for future global
management leaders

241 persons

286 persons

persons

My Career
program applicants

302 persons

371 persons

Percentage offemale executives*2

12.1%

13.4%

30%

Percentage offemale managers*3

16.5%

18.5%

30%

Male parental leaveuptake rate/numberof days*4

92.3%
11.8 days

100.0%*4
21.5 days

100％

Number of employees dispatched,including through corporate hometown
tax program (temporary staffing)

12 persons

100 persons

Value Creation
Story

Strategies &Performance

On the other hand, the score for “corporate philosophy,”which indicates the level of understanding and empathy

60
556162 6061

6464
64
64
59
57

0

understanding and empathy for our management strategy byproviding opportunities for dialogue between employees andJanuary 2022 (* added in August)for our business direction, remained mostly unchanged.

63
6161
61 62 6162
61

Therefore, we will continue pursuing initiatives to deepen

December 2022

management, such as town hall meetings and small-group
talks with executives.

Improving engagement from the bottom up (Actuarial Dept., Dai-ichi Life)

We believe that sharing and working toward the common goals of both our organization and each individual employee

16 postings

Contributing tolocal communities

indicating that our engagement efforts are paying off.

Case study

8 postings

87.6%

Implement
businessstrategies

we achieved improved scores in five of the nine categories,

69
66

300

Number of global
job-posting positions

85.7%

Connection
to corporate value creation

1,974

254 persons(2030)

100％

Dai-ichi Life
Organizational
Group that is
culture that
continuously
thrives onchosen by
diversity
customers

will lead to greater engagement. Accordingly, we are paying particular attention to human capital development andorganizational culture, which we regard as “two cornerstones for businessexecution.” To continue these efforts as an organization, in April 2022 weestablished the DSR Committee within the Actuarial Dept., which meets oncea month to monitor progress and share good practices. Under this committee,
we also formed three project teams (focusing on human capital development,
organizational culture, and business execution, respectively) to study specificmeasures.

Employeewell-being

Case study Fostering a sense of unity through interaction across departments and positions (Dai-ichi Frontier Life)To foster a greater sense of unity, we hold small-group town hall meetings with the president, “cross 1 for 1” dialogues*1 We classify our DX human talents into three levels: (1) DX user group, (2) DX maingroup, and (3) DX professional group. Those in the more highly skilled (2) and (3)categories, who can lead our organization and bring about change, are defined as“DX core talents.”*2 Sum of the Company and Dai-ichi Life
*3 Sum of line (section) managers and line general managers who headorganizations among management positions at the Company and three domestic
life insurance companies.

73

Target

100 persons

Percentage completing
secondary medical exams

allw ell-being of
r
ne
as a
t
r
li f e l o n g p ath e(April 2024)

Number of core DX
talents*1

Health and safetyso rt u n iti e

7070
70
70

Sense of change*eApril 2022

Opp

question improved significantly over the past year. In addition,

6767
6767

Environment

ot

ct
ing

Status of human capital value enhancement
Main indicators*5

Protectof65

Corporate cultureProrreforming our organizational culture to help employees maximize their potential.

ld

our corporate culture and atmosphere. The score for thisOriginal
question

CorporatephilosophyW

are working to develop and strategically allocate diverse human capital while

70

Recognition

Be Well

To realize a World of Opportunities and enhance corporate value, we

we added an original question about “sense of change,”
which indicates the degree of change employees feel in

Relationships

the world, including Japan.

Category-specific score comparisons

Since an incident of fraud was uncovered at Dai-ichi Life,

SupportBelonglifelong partner for more than 100 years, with employees in 10 countries around

Autonomous careeradvancement

FY2022

Personal growthStatement, we share our thoughts and feelings, which we have cherished as a

The surveys are conducted by an external research company.

DutiesGrowpillars: Grow, Belong, Be Well, and Protect. Through our Employee Philosophy

Grow

FY2021Category-speciﬁc scores and improvement efforts

Dai-ichi Life Groupʼs human capital management strategy consists of four(including natural attrition)

64

50
0

Amid an increasingly complex and ever-changing business environment, humanBusinesstransformation
Acquisition anddevelopment ofour people

63

60

surveys monthly last year and bimonthly this year. We have
improvement in the overall score.

Main humancapital activities

66

The Company and the three domestic life insurers
introduced engagement surveys in 2021, conducting pulse
also been working actively to improve engagement, leading toFour human capital
strategy pillars

Difference from the benchmark

67

improving CX, which is a core Group strategy.

HealthSustainability

that transcend departments and positions, and roundtable discussions with young employees and career hires. In*4 Sum of the Company, three domestic life insurance companies, and ipet Holdings
as of March 31, 2023. Calculated using the standard for calculating thepercentage of employees taking childcare leave, etc., the disclosure of which ismandated (announced under the revised Child Care and Family Care Leave Law,effective April 2023). Results exceeding 100% are disclosed as 100%.
*5 Sum of the Company and three domestic life insurance companies (excludes*2–*4 and global job postings)

Sustainability &Management Base

GovernanceData

our engagement surveys, we are beginning see good results, including a ﬁve-point year-on-year improvement in the“interdepartmental cooperation” score in the “corporate culture” category. We also send questionnaires to participants ofthese small-group forums in an ongoing effort to improve engagement.
Note: Fourteen town hall meetings have been held, attended by around 240 participants.

Dai-ichi Life Holdings Integrated Report 2023

74

Management Base

Grow

Major initiatives

To enable employees to continue developing new skills and motivation, the Group■ Key example: DX talents development

1 for 1 (Dai-ichi Life version of oneon-one)● Talent management program● Career design training by generation● My Career program (internal
recruitment)● Secondary jobs inside and outside
the Company● Future leadership development
program● DX talents development program● Global Job Posting program● Global leadership development
program● Self-development program(language training, Udemy, DL
NetCollege, etc.)●

works to create an environment where individual employees are encouraged
to grow and everyone can improve and create new possibilities for each other.
In particular, we believe that it is necessary for employees to always think ofcustomers, consider their own careers, and work autonomously. With this inmind, we hold “1 for 1” meetings (Dai-ichi Life version “one-on-one”), an initiativeby supervisors to support the growth of subordinates. These meetings havepermeated throughout the Company as a forum for employees to connect their
desires and aspirations to their personal career development.
We are increasing our investments in employee training each year to address
rapid changes in the business environment both in Japan and overseas. As peopleʼsbehavior and values change, we always focus on what our customers want andhelp our employees shape their own aspirations and continue improving themselves
through acquiring a variety of skills and experiences.

Total investment in employee training
2021

2022

2023

¥440 million¥500 million¥660 million (plan)

Digital skills are essential for delivering customer experience (CX) value that transcends
the insurance domain. With this in mind, the Group has divided its DX human capital
into three categories for all employees to work on: (1) the DX user group who
understand and can utilize digital technology, centered on “DX promotion staff”

DX
professional training② the DX
main group

New service
creation training
DX skills
development trainingof the Company; (2) the DX main group who can lead our organizations; and (3) the
DX professional group who can change our business model with DX. To identify andDX
literacy trainingDX
promotion
managerdevelop personnel in categories (2) and (3), we conducted an external assessment ofaround 2,000 people, mainly from organizations involved in DX. We use the results ofDigital course
for IT passport① the DX
user groupthe assessment to foster a DX-driven culture and help employees learn and embrace

DX literacy course

challenges by offering a wide range of experiences. These include practical training,

DX training
for new employeestransfers to gain practical experience, career rotations to companies outside the Group,and temporary transfers to venture companies. (The Company and Dai-ichi Life arecertified as “DX Certified Business Operators.”)

Manager, Human Resources Development Office,
Makoto Murakami
Human Resources Department, Dai-ichi Life

■ Key example: Domestic and global public recruitment system

One of our management strategies is to work continuously to identify and develop
Training
andmonitoringnext-generation leaders. Therefore, we continue implementing various processes
for each major position, from identifying candidates, external assessment, andTo help employees achieve their career ambitions, we provide opportunities for
In Japan, we introduced the My Career program to encourage employees

Talentreview

Japan: My Career Program (as of April)

them to demonstrate their strengths.

periodic talent reviews throughout year to development and monitoring. Throughdirectors and other key organization managers to address changes in the businessprofessionalgroup

To meet the changing needs of our customers, we ourselves must change. Because DX is essential to improve
CX, each employee must become a DX advocate. Therefore, we at Dai-ichi Life are strengthening DX humancapital development to enable all employees to think about their careers with digital utilization in mind.

■ Key example: Domestic and Global Talent Management Programs

this management cycle, we also actively appoint external talent to the positions of③ the DX

assigned to various organizations (around 800 people in total) to raise the overall level

Comments from person
in charge* Investment in self-development support and Company-initiated training, including internal and external
online training, undertaken by in-house employees. Approx. ¥61,000 per employee. (Excludes investments
in individual initiatives by each division or in sales staff, such as sales representatives.)

Training support system
DX coregroup

Sustainability

Assignment

Talent poolenvironment.

to think about and shape their own careers autonomously. We also offer awide range of positions in companies inside and outside the Group that enable
employees to work in diverse ﬁelds beyond insurance. The number of open

Number of job postings

2021
175

2022
222

2023
301

Number of applicants

188

302

371

Number of successful
candidates

73

93

141

positions, applicants, and successful candidates is increasing every year, and the “era of employees choosing their careers” isAssessment

Selection

becoming a reality.
Globally, we launched the Global Job Posting Program, which encourages employees to raise their hands for global opportunities
to demonstrate their expertise across countries. The number and scope of applications have expanded, with applicants from the United

Domestic talent management

Global talent management

Each year, the Human Capital Committee reviews andWe launched a global talent management program for

conﬁrms the pool of potential successors for each key

overall group companies under a common framework.

position and develops candidates through externalThis reﬂects the growing importance we place on

assessments, training, and assignment opportunities.

identifying and developing the next generation of

We pay particular attention to appointing women andleaders globally. To create synergies within the Group,

mid-career hires to head our organizations. Here, ourwe have also begun efforts to identify and develop

aim is to change our organizational culture throughglobal talent who can contribute to our global

decision-making by diverse people. We are also stepping

business beyond their country.

up efforts to swiftly select and train young talent in orderto develop and produce next-generation management
leaders in a stable and systematic manner.

Dai-ichi Life Group: Building and expanding our talent pool75

Introduction・Message

Value Creation
Story

Strategies &Performance

Sustainability &Management Base

GovernanceStates, Australia, Singapore, and India applying for postings in Japan, Singapore, India, Thailand, and the United Kingdom. This helps us
create a culture in which group people grow together, enhance each other, and support each otherʼs success.

Employee voices
TAL, Head of Cyber Transformation,
Information Security and Cyber

Star Union Dai-ichi LifeManager(Participation in the Global IT Collaboration project)(Participation in the Innovation Fund project)

I have the opportunity to challengeThis opportunity helps me in lot of ways

myself, consider effective ways toat personal as well as career level. In addition to strengthening

work at scale, and think outside the box. I feel that I am

my skills and knowledge about working globally, it has given

part of a global team as a project leader.

me the opportunity to think about our industry at the social

Samer Fouani

Ashok Kumar Sharma

level and prolonged information horizon towards industry.

Data

Dai-ichi Life Holdings Integrated Report 2023

76

Sustainability

Management Base

Belong

Key measures

We are accelerating our diversity and inclusion (D&I) efforts aimed at creating a■ Key example: Promoting the advancement of women

Training for females by layer“Cross 1 for 1” meetings withexecutives and department heads
to develop female leaders● Exchange meetings with femalerole model● Targets for ratio of female leaders
by layer and succession planning● Advancement of people withdisabilities● Global D&I activities● Onboarding support for mid-careerhires● Communications to promote D&I
within the Company●

world where people with diverse values, perspectives, abilities, experiences, and●expertise can share their opinions, demonstrate their collective strengths, andparticipate in decision-making. In addition to increasing the ratio of women in
management and other decision-making positions, we are working to increase theratio of mid-career hires to head our organizations in Japan. We also encourage
diverse people to make decisions that change our organizational culture.
I believe that creating a working environment and culture where employees
can work with vigor and high motivation, and where they can make the most of
their diverse personalities and maximize their abilities, will lead to the sustainablegrowth of the Company. In this time of rapid changes and diversifying customer
needs, we will raise the quality of decision-making from the perspective of diversity,
thereby making it easier and more rewarding to work, and thus create a strong

The domestic Group companies are stepping up efforts toon assignments while developing a business sense andachieve a 30% ratio of female executives by 2030. In addition

managerial perspective. By having directors and department

to enhancing training by layer, department directors makeheads acting as sponsors, participants can enhance theirsure that 30% of the candidates for each management post in

personal brand, boost their confidence, and build cross-their departments are women. As an opportunity to see andfunctional relationships with management. The program

develop candidates directly, department directors also have 1

also provides an opportunity for management to understandfor 1 meetings with candidates from departments with which

potential next-generation female leaders and foster athey do not normally have contact on a regular basis.

culture of sponsorship. As a result of this program, TAL has

Other Group companies are also promoting theincreased the percentage of female leaders to more than 40%

advancement of women. For example, TAL holds a companywide Female Leaders Sponsorship Program to develop female
leaders. Under the program, female employees selected as(as of 2023).
By learning from each otherʼs successful initiatives, we
also promote synergies within the Group.

candidates for leadership positions spend six months working

group of human capital.

The Dai-ichi Life Groupʼs D&I goals
Achieving sustainable growth together with diverse colleagues

Voices of Cross 1 for 1 and Female Sponsorship Program participants

Leveraging connections to create value
Line Manager, Neo First Life

Executive Officer

In my 1 for 1 sessions with

Ms. Matsuda had just been

Executive Ofﬁcer Atsuko Ochiai,transferred from a line manager

who has a different division andposition to a ﬁeld in which she had

career from me, I received advice from multiple andno experience and was trying to understand the situation■ Key example: Global D&I activities

objective viewpoints, which broadened my knowledge

and identify issues. In our 1 for 1 sessions, she talked

Although our D&I activities vary depending on the environment in each country, we began

and perspective and taught me how to work in a different

with a smile on her face from start to ﬁnish, which left

way than before. I had just arrived in a new department

an impression on me. Each time, I asked her to share her

where I had no experience and little knowledge orconcerns and challenges, we spent time together thinking

Connections

Respect for individuality

Positive inﬂuence on surroundings
unbound by organization/company

Understanding and respecting
diverse values lead to value creation

Ever-changing business environment

Noriko Matsuda

Diversifying customer values and needs

D&I activities as a Group in 2022 and held our ﬁrst Global D&I Summit online in November
2022.
The aim of the event, titled “Learning Together,” was to create a Group-wide culturethat respects diverse values, embraces differences, and promotes peopleʼs well-being.
It was attended by 59 leaders from 13 Group companies from Japan, the United States,
Australia, Singapore, Vietnam, Cambodia, Myanmar, India, Thailand, and Indonesia. In

Atsuko Ochiai

relationships, so Ms. Ochiaiʼs advice on how to manage

about the next steps. As the sessions progressed, sheand gather information and tips on negotiating were very

became more familiar with the workplace, expanded

useful in my new job. It was also a good opportunity to

her perspectives, and steadily gained conﬁdence. The

think about what I need to learn in the future.

opportunity to hear diverse perspectives and workplacesituations was a learning experience for me as well.

addition to sharing their understanding of D&I and learning about global trends through
TAL, General Manager

lectures by external professor, participants were divided into small groups and actively
exchanged opinions on future initiatives they would like to implement and ideas for

Samantha Holt

My sponsors were so keen to be a part of this program and it showed in the time they spent

the Group as a whole. By having diverse people assemble and share their thoughts, we

meeting with the participants and providing valuable insights and advice. It was fantastic to becontinuously foster Groupʼs D&I understanding and actions to create an organizationalable to dedicate some time to our personal and professional development in our otherwise busy

culture that makes the most of diversity.

workday. I also learned a lot about how to leverage more from professional relationships especiallysponsorship, the importance of our personal brand. It was a very meaningful experience.

■ Reference data for expanding the female leadership base49%
Percentage
of females
hired as new
graduates*1

77

Introduction・Message

62%
Percentage
of female
careerhires*1

Value Creation
Story

Strategies &Performance

Percentage
of female
career hires inmanagement
positions*1

Sustainability &Management Base30%
Percentage
of females inmanagement
positions*2

Governance

18.5%

29.3%

Data

Percentage
of femaleorganization
managers*3

13.4%
Percentage
of femaleexecutives*4*1 Sum of in-house positions of the Company and three domestic life
insurance companies*2 Sum of the Company and three domestic life insurance companies*3 Sum of line (section) managers and line general managers who headorganizations among management positions at the Company and threedomestic life insurance companies*4 Total of the Company and Dai-ichi Life

Dai-ichi Life Holdings Integrated Report 2023

78

Sustainability

Management Base

Be Well
By practicing “health management” that helps improve the health ofSubsidies for physical examinations andvarious cancer screenings● Nationwide mammography bus tours● Seminars on employee safety and health● Promoting use of QOLism (health promotion
smartphone app)
● Provision of self-care tools● Encouraging uptake of parental leave by males● Strengthening support system for balancing
childcare and work
● Full-remote working arrangement● Leave of absence system to support diverse
work styles●

customers, local communities, and society, the Group aims to foster thewell-being of all people. Here, the well-being of our employees is paramount,and for this reason we must continue and strengthen our workplace
health and safety initiatives while creating a worker-friendly environmentand culture. We contribute to the Group and society by emphasizing thewell-being of our employees and our organizational culture of overcoming
challenges in a positive manner.
Contributing to the well-being of all people
Healthmanagement
practices

Protect

Major initiatives

Realizing the well-being of
employees
Physical and mental health
Job satisfaction and ease of work

Contributing to thewell-being ofcustomers, local
communities, andsociety

Major initiatives

Committed to building a sustainable society, now and into the future, theCommunity contribution activities at each location(volunteer work, childrenʼs cafeteria, support for
women in poverty, financial literacy education for
local children, etc.)● Health and medical seminars held throughout
Japan● Environmental protection activities● Corporate hometown tax program (temporary
staffing)● Local womenʼs exchange meetings● Community contribution through employee healthpromotion and environmental protection activities● Participation in the Ministry of Health, Labourand Welfareʼs Corporate Action Program for
Promoting Cancer Prevention●

Group supports its customers, local communities, and all employees.
The Groupʼs core business is life insurance, which has a high socialand public inﬂuence. Therefore, one important pillar of our human capitalmanagement strategy is to encourage employees to engage in activities
aimed at building a sustainable society. By providing employees with
opportunities to contribute to more customers and local communities,
we foster the advancement of such communities.
Companies in the Group are pursuing measures in line withthemes that align closely with the life insurance business, such as
health promotion, environmental protection, and the creation of a nextgeneration society. In these ways, they are expanding efforts to build asustainable society with deep roots in each country and region.

■ Key example: Encouraging male employees to take parental leave■ Key example: Career rotation to other companies (temporary staffing under the corporate hometown tax program)Since 2022, we have been pursuing our goal of 100% of male employees taking at least one

From 2022, we started participating in the “corporatemonth of accumulated parental leave. This initiative goes beyond legal compliance and includes

Number of parental leave days
taken by males (average)

Approx.
2 timesraising awareness through pre-fatherhood education seminars to help male employees be close
to their partners after childbirth or at the peak of childcare anxiety and proactively engage inchildcare and housework. Here, superiors and subordinates together make written parental leaveplans, with employees granted up to 20 days of paid leave. We also hold “family-friendly boss
seminars” for upper management and work to create a mutually supportive work environment

21.5
days

11.8
days

FY2021

FY2022by gaining the understanding and cooperation of diverse employees.

Employee voices

Assistant Manager, Dai-ichi LifeThe dispatched employees are engaged in work that

hometown tax program (temporary stafﬁng)” as an initiative tohelps resolve local issues, such as tourism promotion, childcare

address regional issues throughout Japan. As of June 1, 2023,

support, and improvement of local welfare, thereby contributing

we had dispatched 67 employees in a wide range of positions

to regional and social sustainability. By participating in thisin 64 local governments. In recognition of these efforts, we

program, we will promote collaboration based on a three-way

received the Ministerʼs Award for the Fiscal 2022 Taxation“win-win” situation for local communities, our employees, andSystem to Support Regional Development (corporate hometown

our company.

tax program) from the Cabinet Ofﬁce.

Junya Hasegawa

Employee voices

Tourism Promotion Division, Tourism Bureau,
Nara Prefectural Government

Shoko Nakamura

I am in charge of promotion activities aimed at attracting visitors to Nara Prefecture. In my job,

During the parental leave period, I gained a full range of childcare experiences and acquired soloparenting skills. Raising a child is a challenge that people cannot understand without experiencing it.

we take advantage of Naraʼs strong tourism resources, such as shrines, temples, and history. We

The experience changed my appreciation for my partner and my own approach to child-rearing andalso engage in accommodation promotion projects by highlighting the appeal of Naraʼs cuisine.

family. In terms of work, I am now more conscious of efﬁciency than before and strive to achieve

In addition to outcomes, we need to appreciate the social signiﬁcance and impact of projects

better results in a limited amount of time. If I hear that a colleagueʼs partner is pregnant, I would encourage him to take

implemented by public agencies. This gave me a different learning experience from that of Dai-ichi Life and opened aparental leave without hesitation.

new avenue to my personal growth.

Length of parental leave available to males: (1) immediately after childbirth, and (2) taken in portions when partner returns
to work (31 days in total)■ Key example: Contributing to local communities through employee healthpromotion activities■ Key example: Seminars on employee health and safety
To help employees work safely, healthily, and vigorously, we provide support for (1) disease prevention, (2) prevention of serious
illness, and (3) mental health measures. This support includes hosting training and interviews by our occupational health staff, as
well as a wide variety of seminars. We also promote the health of our customers and local communities through seminars and otherprograms conducted by the National Center and the Dai-ichi Life Research Institute. In ﬁscal 2022, we co-hosted a panel discussion
with participants from other companies, outside experts, and our own management on the theme of hormonal disorders common toboth men and women. This provided a valuable opportunity to consider the importance of viewing health as a workplace issue andcreating comfortable working environments.

Womenʼs health and compatibility withdiseases specific to women● Hormonal changes and menopause● Mental health measures● Sleeping well

79

Introduction・Message

How to read health checkup items● Treating various types of cancer● Dementia● Frailty● Dietary habits●

Value Creation
Storyvirtual sporting event and raised approximately 5 billion đồngDai-ichi Life Vietnam is conducting a virtual run event called(¥30 million). Through these activities, we help people maintain“Dai-ichi Life̶The Route of Love” as part of its strategy tohealthy and happy lives.

promote peopleʼs health and well-being. Under this initiative,
participants record more than 50 sports, such as swimmingand yoga, on a smartphone app aimed at improving their health.
Based on the distance they walk or run, they also donate money
to plant trees and help those in need. The event was held in

Main health-related seminars●

Under the slogan “Healthy to Connect̶Healthy to Love,”

Strategies &PerformanceComments received after seminars

It is important to have a work environment where people can talkabout health, regardless of gender, age, or other barriers.
● I felt that talking to someone else made me feel better, instead oftrying to solve the problem on my own.
● It is important to reduce anxiety by having the right knowledge.
●

Sustainability &Management Base

GovernanceDatafour major Vietnamese cities, with a total of 24,475 participants(customers, personal representatives, and Dai-ichi Life Vietnam
employees from all over the country). The distance covered was
8,567,551 kilometers, which was recognized by the Vietnam
Records Organisation (VietKings) as the longest-distance

Dai-ichi Life Holdings Integrated Report 2023

80

Sustainability

Management Base

Message from the CIO/CDO■ Promotion of global innovation and fostering of a digital culture

DX & Innovation Promotion

To complement our organizational units in Tokyo that arebusinesses from the perspective of improving CX, andspeciﬁcally dedicated to innovation, we have established bases

contribute to our company becoming a global top-levelin Silicon Valley and London to conduct networking with local

insurance group.

companies and research. Through these bases, we are working to

In this era of major change sparked bytechnology, we will foster a strong digital culture
across the Group, thereby turning it into digitaldriven, high-growth organization.
Senior Managing Executive Officer,
Chief Information Officer/Chief Digital Officer

keep track of trends in advanced technologies and uncover andcollaborate with start-ups in a timely manner and on a global scale.
On the other hand, to introduce and embed such
advanced technologies within the Group, and to link them

Dai-ichi Life
Innovation Lab(London)essential to instill a strong digital culture in all organizations. To

Stephen Barnham

their DX literacy, and we offer various reskilling programs to

we will create innovative digitally-driven services andNorth America

Dai-ichi Life Innovation
Lab (Shibuya)

this end, it is essential for each and every employee to enhance

By spreading digital culture throughout the Group,

Dai-ichi Life
Innovation Lab(Silicon Valley)

Europeto the enhancement of the customer experience (CX), it isfurther foster a sense of pride and satisfaction in their work.

Japan
Organizational units specifically dedicated to innovation
HD IT and Digital Planning Unit / DL DX Strategy Dept.

My name is Stephen Barnham, and I was appointed Chiefcomplete transactions without speaking with a representative.

Information Ofﬁcer and Chief Digital Ofﬁcer (CIO/CDO) in April

This is also effective at connecting our customers with the2023. After a journey stretching more than three decades incorrect service professional when direct human interaction is■ Operation of the Innovation Fundglobal ﬁntech, I was delighted and privileged to join the Dai-ichi

needed.

As the transformation of the insurance industry throughdemonstration experiments and are continuing to beinnovation accelerates globally, a group-wide transformationconsidered for implementation.

long-term well-being, Star Union Dai-ichi in India deployed

opportunities due to the COVID-19 pandemic, which“YouMatter.” This is a customer engagement app enabling

accelerated the digital transformation of our industry andphysical, mental and ﬁnancial wellness for customers.

society. We responded swiftly and effectively to the changing

These are excellent examples of how we are usingneeds and expectations of our customers and staff bytechnology to remove friction from our customer experiences,developing tools to support them during those difﬁcult times.

make our staffsʼ jobs easier and build a robust and secure

An example of this was the enablement of remote sales, using

digital infrastructure.

a combination of video technology and AI tools, we created

One of the key factors that enabled us to achieve thesea chatbot and an online platform to facilitate sales when our

results has been our digital culture. In an age of exponential

sales representatives could not meet customers in person.

growth in digital transformation, a strong digital culture is

We also enabled ﬂexible working for our teams and havecritical. This is achieved not only through the deployment offurther extended the adoption of these new ways of working

cutting-edge technology but also through developing talent

on a permanent basis. This has created a wonderful working

with contemporary skills and ensuring the democratization ofenvironment in which staff can more effectively balance theirdigital across all levels of the organization. We believe thatwork and private lives.

digital culture is not only a source of competitive advantage

We made signiﬁcant progress in our strategic

but also a driver of employee satisfaction and retention.

priorities of enhancing our digital capabilities, expanding our

As we look forward to this year, we will continue theproduct portfolio, diversifying our distribution channels andjourney to build Dai-ichi into a high-growth, digitally-driven

strengthening our partnerships. An example of this is theorganization. We will continue to deploy digital tools,

strong partnership with the U.K.-based insurtech company

develop our talent and improve our ways of working. We

YuLife. This partnership will not only potentially provide us withwill particularly make extra effort across our global footprint

new ways to serve and support our customers but also have ato bring us closer together as one Dai-ichi team and morepositive impact on deepening the digital culture of the ﬁrm.

effectively use our amazing talent.

TAL also illustrated this, with the launch of a new

With our staff and customers ﬁrmly at the center of ourdigital insurance platform for its group insurance business.

thinking, we will continue to explore new business models and

The OpenAPI-based, cloud native platform will enhance user

cutting-edge digital solutions. This will include extending our

experience while streamlining policy management and claims

research in areas such as AI and embedded insurance.
During these times of signiﬁcant change driven byprocessing for its partners.
As a further example, Protective Life also deployed atechnology, I look forward to applying all my experience andnew cloud telephony engagement platform. Natural language

expertise to lead Dai-ichi to become a top global insuranceinteractive voice response capabilities enable customers toplayer.

Introduction・Message

Value Creation
Story

Strategies &Performance

Sustainability &Management Baseof innovative organization is necessary to achieve sustainablegrowth.
Toward this transformation, we launched an innovationData

the latest regulatory trends and ideas that utilize cutting-fund in ﬁscal 2021 with the themes of fostering a culture ofedge technologies, but also contributed to the embodimentinnovation, improving customer experience, and identifyingof group synergies, such as the initiation of collaborative

new business opportunities.

projects among group companies across countries.

This initiative supports the demonstration experiments
of innovative business ideas that contribute to the sustainablegrowth of the Group over the medium to long term,
overcoming the various constraints of each group company,

Final pitch

including overseas business.
In ﬁscal 2022, the second year of the program, the fundheld two rounds of funding, attracting 14 ideas from four
countries. Of those, 11 passed the initial stage of selections

Ideas
Submitted

and were presented at a pitch event where more than 100
internal and external relevant parties attended, with nine ideas
ultimately being selected to receive funding support. Of the
17 ideas that we have funded so far, three have completed

Regional ideas■ Initiatives around the Innovation FundThe Innovation Fund was the starting point, leading to the

Ideas
PitchedFiltered ideas

Ideas
FundedPoC/
Funded ideas Implementation

The north star
Forming of innovator community

Asia Pacific

AI/Data Science
Community

systematization of peripheral measures in each groupcompany. For example, Protective (U.S.A.) and TAL (Australia)

United States

have implemented their own programs for developing
innovative human capital and ideas. We are accelerating ourefforts to foster a culture of innovation and develop human

Idea Developers
ProgramJapan

Australia

capital including the APAC region and Japan. Participants inthese programs became those who challenge the Innovation
Fund, and this initiative serves as a “North Star” foremployees of group companies.

GovernanceThis initiative not only led to the creation of several
innovative ideas, including advanced ideas that respond toFund panel

In 2022, we faced unprecedented challenges andFund administration

In a further example of how we align with our customersʼ

family earlier this year.

81

Innovation Network

Training Program for
Digital Transformation Talents

Innovation Showcase

Innovation
Fellowship
ProgramDai-ichi Life Holdings Integrated Report 2023

82