Latest news with #NipponLifeInsuranceCo.
Asahi Shimbun
29-06-2025
- Business
- Asahi Shimbun
New Keidanren chairman shows that nice guys can finish first
Yoshinobu Tsutsui in Tokyo's Chiyoda Ward on May 1 (Photo by Kotaro Ebara) Yoshinobu Tsutsui's humble beginnings and the social norms he learned during childhood helped to propel him to the top of Keidanren (Japan Business Federation), the most powerful business lobby in the country. The 71-year-old on May 29 became the first Keidanren chairman from a financial institution. Tsutsui took over as president of Nippon Life Insurance Co. in April 2011, three weeks after the Great East Japan Earthquake and tsunami disaster. He immediately set a policy of quickly paying insurance money to victims, thereby setting an overall direction for the insurance industry. 'Whatever headwind we may face, we must fulfill our corporate mission of protecting our customers and supporting people's livelihoods,' he said in an address to employees at the time. Tsutsui grew up in a plebeian neighborhood along the Hanshin Electric Railway Co. line in Kobe. He was the youngest of five brothers under a factory worker father and a full-time homemaker mother. 'I wore hand-me-downs,' Tsutsui said. 'Food was supposed to be divided equally, but it was, in fact, allocated with more weight to my older brothers.' He said there was a solemn sense of hierarchy in his family. 'I acquired this habit of studying the faces of my older brothers and carefully assessing the mood at all times,' Tsutsui said. His mother would take him to a nearby street day after day to go shopping. He would listen to the casual conversations that she exchanged with storekeepers. 'Those days nurtured my social sensibilities,' Tsutsui said. Masakazu Tokura, Tsutsui's predecessor as Keidanren chairman, also attached importance to keeping tabs on social issues, such as widening disparities and collapsing ecosystems. Tokura said he named Tsutsui as his successor based largely on his 'social' viewpoint. 'Tsutsui begins by listening to the accounts of others and respects their decisions, no matter how much younger they are,' a former subordinate of Tsutsui said. 'He is consistent in that stance.' Tsutsui also believes that 'a company embodies people.' 'It sums up the behaviors of individuals,' he said. 'People matter more than anything else. And they become big powers only through cohesion.'
Yomiuri Shimbun
02-06-2025
- Business
- Yomiuri Shimbun
Keidanren Under New Tsutsui Leadership: Strong Ability to Communicate Needed to Overcome Difficult Situation
The tariff policies of U.S. President Donald Trump are shaking the world, causing major changes to the global economic order. As a leader in the business community, Keidanren (Japan Business Federation) must convey its messages strongly to overcome this difficult situation. Yoshinobu Tsutsui, former chairman of Nippon Life Insurance Co., has taken office as the 16th chairman of Keidanren. This is the first time for a figure from a financial institution to assume the post, whose past holders have mainly been people from the manufacturing industry. Nippon Life Insurance is a leading institutional investor with in-depth knowledge of the management of a wide range of companies. To break out of the long period of stagnation known as the 'lost 30 years,' Keidanren under Tsutsui must take the lead in discussions on the state of government economic policies and corporate management. The first test will be how to maintain the trend of wage increases. In an effort to achieve a growth-oriented economy in which both wages and investment increase, historically high wage increases have continued at major companies for three consecutive years, including this year's shunto spring wage negotiations. However, amid growing uncertainty over the future due to the U.S. high tariff policy, the momentum for wage hikes at small and midsize companies is weakening, and dark clouds are looming over major companies' shunto negotiations next year. 'Extremely powerful momentum for wage increases has been established. The most important task now is to further cement this trend,' Tsutsui said. He must take the lead in the wage hike movement and make it spread throughout Keidanren's member companies. The internal reserves of Japanese companies have risen to about ¥600 trillion, which should provide sufficient capacity for investment and wage increases. It is the responsibility of member companies to continue investing aggressively and raising wages even in the face of headwinds. Stabilizing the social security system and dispelling future concerns are important tasks even for corporate management. Tsutsui has stated that 'it is not appropriate to reduce consumption tax,' as it is a fundamental source of revenue supporting the social security system. This is a valid point. Close attention must be paid to changes in the global economic order. The United States will likely maintain its protectionist stance for some time. The free trade system centered on the United States is wavering, and the foundation of Japan's economic growth is being shaken. Tsutsui has announced a plan to establish a Global South committee within Keidanren and strengthen ties with emerging and developing countries. It is important to deepen relations with India and the Association of Southeast Asian Nations. It is necessary to devise a strategy to reduce dependence on the United States, expand sales channels to other countries and regions and continue economic growth. Toyota Motor Corp. President Koji Sato is among the four people to newly assume a vice chair post. It has been a long time since a Toyota president has held that job. It is hoped that he will bring new energy to Keidanren by leveraging his experience as the head of Japan's largest manufacturing company. (From The Yomiuri Shimbun, June 2, 2025)
28-05-2025
- Business
All 4 Major Japanese Life Insurers Post Record Profits in FY 2024
News from Japan Economy May 28, 2025 15:03 (JST) Tokyo, May 28 (Jiji Press)--All four major Japanese life insurance firms posted record core business profits in fiscal 2024, thanks to higher investment gains. A weaker yen boosted the insurance companies' interest income on their foreign bond holdings in yen terms, and their stock dividend income increased on the back of strong performance of domestic companies, according to the insurers' earnings reports for the fiscal year to March 2025 released by Monday. Nippon Life Insurance Co. saw its core business profit surpass 1 trillion yen for the first time, up 32.3 pct from the previous year. Core business profit rose 21.6 pct at Dai-ichi Life Holdings Inc. and climbed 11.6 pct at Meiji Yasuda Life Insurance Co. Sumitomo Life Insurance Co.'s core business profit grew 24.3 pct, backed by the conversion of a Singaporean unit into a consolidated subsidiary. [Copyright The Jiji Press, Ltd.] Jiji Press
Bloomberg
15-05-2025
- Business
- Bloomberg
Nippon Life to Stop Sending Staff to Sales Departments at Banks
Nippon Life Insurance Co. will discontinue the practice of temporarily sending employees to work in sales departments of other firms such as banks, judging that the arrangements may distort fair competition. So-called secondment agreements with major banks and regional lenders have allowed Japanese insurers to dispatch staff to financial firms, where they can sell the companies' insurance products. But critics have said that the practice has led to misconduct, in addition to reducing competition.
Bloomberg
13-05-2025
- Business
- Bloomberg
Japan's Biggest Insurer Weighs Riskier Overseas CLO Investments
Japan's biggest life insurer is considering taking on a little more risk with its investments in collateralized loan obligations, as it looks for ways to eke out better returns abroad. Nippon Life Insurance Co. last year joined other Japanese institutions that are buying CLOs — financial products made up of leveraged corporate loans — to diversify investments. They have typically focused on the highest-rated notes, which are seen as the least risky but offer lower returns.
