File:DN-Tower-02.jpg DN Tower 21
, headquarters of The Dai-ichi Mutual Life Insurance Company in Chiyoda, Tokyo, Japan. The low-rise section (left front) was built in 1938 and served as SCAP
The Dai-ichi Life Insurance Company, Limited (第一生命保険株式会社 Dai-ichi Seimei Hoken Kabushiki-kaisha), or Dai-ichi Life for short, is the third-largest life insurer in Japan by revenue, behind Japan Post Insurance and Nippon Life.
Founded on September 15, 1902, Dai-Ichi was the oldest mutual insurance company in Japan until a motion to demutualise was passed in 2009 and, on April 1, 2010, it listed on the Tokyo Stock Exchange, raising 1.01 trillion yen. As of March 2013, it had the most assets of any listed company in Japan with a total of 33 trillion yen on its stand-alone balance sheet, more than twice the total assets of #2-ranked Tokyo Electric Power Company.
It was announced in October 2014 that Dai-ichi would raise US$1 billion by issuing US-dollar-denominated subordinated bonds in overseas markets.
As of March 30, 2006
- Total assets - $276,552 million USD
- Policy reserves - $227,524 million USD
- Total capital - $21,425 million USD
- Solvency margin ratio - 1,095.5%
- Policies in force - $2,085 billion USD
- Policyholders - 8,646,469
- 1938 - head office is moved to its current Tokyo location.
- 1975 - first overseas representative office is established in New York City.
- 1982 - first European representative office is established in London.
- 1990 - investment in Lincoln National Life Insurance Company marked the first time a Japanese company participated in capitalizing a leading U.S. insurer.
- 1993 - completion of the DN Tower 21, a new head office building.
- 1995 - Great Hanshin earthquake: simplification of claims settlement procedures.
- 1996 - establishment of the Dai-ichi Property and Casualty Insurance Co., Ltd.
- 1997 - establishment of Dai-ichi Life Research Institute Inc.
- 1999 - agreement on total business cooperation with the Industrial Bank of Japan (now Mizuho Financial Group.)
- 2000 - agreement to form a comprehensive business alliance with Sompo Japan Insurance and Aflac.
- 2002 - celebration of its 100th Anniversary.
- 2010 - Demutualization and stock listing on the Tokyo Stock Exchange
- 2011 - completes take over of ASX listed Tower Australia life insurance company, the wholly owned subsidiary is then renamed TAL
- 2015 - purchased Protective Life Corporation