Page 1

Activities of Japan Institute of Life Insurance

June, 2012

Page 2

１．Background and objectives Based on a report by the Insurance Council (hereinafter called “IC”) in June, 1975 that IC strongly requested the life insurance industry to establish a third party organization with people of learning and experience in order to propel the research and study on life insurance from a point of view in the long term and to popularize proper knowledge on life insurance, all the life insurance companies operating in Japan then backed the project financially and established the Japan Institute of Life Insurance (hereinafter called “JILI”). On top of that, ever since the establishment in January,1976, JILI has conducted various activities to aim at contributing to healthy development of life insurance through mutual understandings between consumers and life insurance business by grasping and providing the consciousness and intention of consumers on life insurance on a neutral and impartial ground. JILI made the transition into the Public Interest Incorporated Foundation in April, 2011. After the transitional period, JILI continuously drives forward each of the activities to bear mutual understanding between consumers and life insurance business in the same manner as it has done in the past.

Councilors and Trustees

(as of June, 2012)

Councilors Chairman

Tadao Miyakawa

Councilor

Noriyuki Ogi

Councilor

Hatoko Shimizu

Councilor

Hiroshi Takahashi

Councilor

Kazuyoshi Hotta

Councilor

Yasushi Morimiya

Councilor

Tomonobu Yamashita

Councilor

Yoshio Sato

Councilor

Josuke Shindo

Councilor

Yoshinobu Tｓutｓui

Councilor

Kenji Matsuo

Chairman，The Institute of Statistical Research Professor Emeritus, Hitotsubashi University Professor Emeritus Nagoya Keizai University Councilor Japan Housewives Association Trustee The Economic Club Professor Keio University Professor Emeritus Meiji University Professor The University of Tokyo Graduate School President and Representative Director, Chief Executive Officer Sumitomo Life Ｉｎｓｕｒａｎｃｅ Cｏｍｐａｎｙ Chairman, CEO Japan Post Ｉｎｓｕｒａｎｃｅ Cｏｍｐａｎｙ, Limited President Nippon Life Ｉｎｓｕｒａｎｃｅ Cｏｍｐａｎｙ Representative Executive Officer, President Meiji Yasuda Life Ｉｎｓｕｒａｎｃｅ Company

Page 3 Councilor

Koichiro Watanabe

Representative Director, President The Dai-ichi Life Ｉｎｓｕｒａｎｃｅ Cｏｍｐａｎｙ, Limited

Trustees President

Hiromi Murai

Trustee

Mitsuharu Ito

Trustee

Kyoko Uemura

Trustee

Junko Shigekawa

Trustee

Kiyohisa Nishizaki

Trustee

Takao Nishimura

Trustee

Takeshi Miyatake

Trustee

Tsutomu Muramoto

Trustee

Takau Yoneyama

Trustee

Shinya Ariｓue

Trustee

Masahiro Ueda

Trustee

Hiroshi Kanai

Trustee

Hiroaki Tonooka

Trustee

Masahiro Hashimoto

Trustee

Ryoji Hatsuse

Trustee

Yasuomi Matsuyama

Trustee

Toshihisa Minakata

Trustee

Takao Numata

Japan Institute of Life Ｉｎｓｕｒａｎｃｅ Professor Emeritus Kyoto University Professor Tokyo Kasei-Gakuin University Professor Saitama University Adviser The Japan Opera Foundation Professor Yokohama National University Guest Professor Mejiro University Graduate School Professor Seijo University Professor Hitotsubashi University Executive Managing Officer Mitsui Life Ｉｎｓｕｒａｎｃｅ Cｏｍｐａｎｙ, Limited Director, Senior Managing Executive Officer Daido Life Ｉｎｓｕｒａｎｃｅ Company Director, Managing Executive Officer The Dai-ichi Life Ｉｎｓｕｒａｎｃｅ Cｏｍｐａｎｙ, Limited Senior Managing Executive Officer Meiji Yasuda Life Ｉｎｓｕｒａｎｃｅ Company Representative Director, Senior Managing Executive Officer Sumitomo Life Ｉｎｓｕｒａｎｃｅ Cｏｍｐａｎｙ Managing director, Executive Officer Asahi Mutual Life Ｉｎｓｕｒａｎｃｅ Cｏｍｐａｎｙ Director and Managing Executive Officer Nippon Life Ｉｎｓｕｒａｎｃｅ Cｏｍｐａｎｙ Senior Managing Executive Officer Japan Post Ｉｎｓｕｒａｎｃｅ Cｏｍｐａｎｙ, Limited Executive Secretary Japan Institute of Life Ｉｎｓｕｒａｎｃｅ

Page 4 Partner of Certified Public Tax Accountants' Corporation,

Auditor

Sannjiro Ihara

Auditor

Kyoji Kumata

Auditor

Katsumasa Furuya

Nishimura & Associates Accountants Director, Managing Executive Officer Taiyo Life Ｉｎｓｕｒａｎｃｅ Cｏｍｐａｎｙ Deputy President and Executive Officer Fukoku Mutual Life Ｉｎｓｕｒａｎｃｅ Cｏｍｐａｎｙ

Organization BOARD OF COUNCILORS

CHAIRMAN OF THE BOARD

BOARD OF TRUSTEES

AUDITORS

PRESIDENT

EXECUTIVE SECRETARY

PLANNING & ADMINISTRATION DIVISION

INSURANCE　STUDY DIVISION

INFORMATION & EDUCATION DIVISION

２．Basic Policy As a result of the Great East Japan Earthquake in 2011, importance of safety net supporting the stabilization of national life is again becoming a big issue. Due to the progress of rapid declining birthrate, a growing proportion of elderly people, and the economic change inside and outside Japan affect the increase of young and elderly single people and the employment environment, it is neccesary to review the social security system. With the background that the social and economic environments surrounding our lives are drastically changing, studies regarding to the transformation of life security system based on those environmental changes, the shape of life insurance business and the future of life planning (life security) become vastly more important. Under these circumstances, JILI promotes understanding and studies on life insurance in the field of financial life planning and life protection by enriching and strengthening such existing activities as consumer enlightenment and information dissemination, studies on life insurance, and research activity.

Page 5

１．Consumer enlightenment and information dissemination activities To promote and initiate the following activities that have been wrestled with in the field of consumer enlightenment and information dissemination activities. （1） To provide direct enlightenment and information activities by the JILI’s staff members such as study meetings, lectures at universities or colleges, and study meetings for consumer affairs specialists in order to offer knowledge about life insurance. (2) To hold seminars for teachers as educational activities in schools, to provide teaching materials for lesson practice, and to support and enhance the activities of leaders. （3）To promote information dissemination to every layer of consumers through the homepage of JILI, the mobile site for the young adult segment,ａｎｄ the pamphlets for consumers. (4) To put The Junior High School Essay Contest into execution, which marks its 50th anniversary this year. （5）To study the contemporary subjects and the future with regard to life planning which is the utilization base of life insurance.

２．Studies on life insurance activity In addition to existing activities as stated above, JILI tackles activities that would be helpful to promote basic study relating to life insurance through academic exchanges between the insurance academy and the insurance industry, and assistance to students or scholars.

３．Research activity JILI conducts the 17th national survey on life protection as a time series research (every three years) and publishes the survey report in December, 2012.

１．Study meetings JILI delegates instructors for consumers’ study meetings with an aim of providing proper knowledge relating to life insurance, life protection and life planning. JILI promotes effective dissemination of information to meet the needs of every age group as well as to hold study meetings by positively promoting study meetings at companies, labor unions and others in cooperation with governmental and local administrative sections and local consumer organization. JILI team works with the 50 local offices of LIAJ in order to execute the nation wide activities. （1） Delegations of Instructors to study meetings on life insurance Responding to requests by the governmental and local sections related to consumer affairs, consumer organizations, companies, labor unions and others, JILI delegates JILI’s staff members or the local office managers of LIAJ as an instructor to those study meetings approximately 190 times

Page 6 annually. a. Study meetings held by the governmental and local sections related to consumer affairs, and consumer organizations. ・ Targeted participants : Ｃonsumers b. Study meetings held by the companies, governmental agencies, and labor unions ・ Targeted participants : Employees of the companies, public officials of governmental agencies c. Study meetings held by the local Financial Services Information Committees(hereinafter called “FSIC”) across Japan. ・ Targeted participants : Ｃonsumers Number of study meetings and participants Number of study

Compared with

Number of

Compared with

meetings

previous fiscal

participants

previous fiscal year

year Fiscal 2009

232

98%

10,810

97%

Fiscal 2010

220

95%

7,912

73%

Fiscal 2011

191

87%

6,690

85%

（2） Cooperation activities with the local offices of LIAJ JILI cooperates with managers at the local offices of LIAJ, requesting them to visit the local Consumer affairs Centers, consumer groups, FSIC, and Care & Welfare Colleges with an aim of introducing JILI’s activities such as delegation of instructors for study meetings. JILI also requests them to be instructors by themselves on a case-by-case basis.

２．Cooperation and interchanges with consumer related groups （1） Providing Consumer Affairs Specialists and others with information on life insurance ① Study Meetings for Consumer Affairs Specialists (approximately 60 times annually) ・ JILI delegates its staff members as an instructor to provide consumers with technical information on life insurance to study meetings held by consumer affairs specialists in charge of consultant services at the central and local consumer administrative bodies or advisors of FSIC. ・ JILI, periodically, holds lectural courses for consumer affairs specialists for every prefecture or for every municipality in cooperation with The Japan Consumer’s Association (hereinafter called “ JCA ” ), Japan Association of Consumer Affairs Specialists (hereinafter called “JACAS”) and The Nippon Association of Consumer Specialists (hereinafter called “NACS”). ・ JILI organizes “Life Planning Courses” in cooperation with JCA and provides the new consumer consultants qualified by JCA with professional knowledge about life insurance. ・ JILI carries on to delegate its staff members as an instructor to the consumer affairs specialist training lectures held by municipalities. Number of study meetings and participants Number of

Compared with

Number of

Compared with

study meetings

previous fiscal

Participants

previous fiscal

year

year

Page 7 Fiscal 2009

57

102%

847

91%

Fiscal 2010

71

125%

1,541

182%

Fiscal 2011

69

97%

1,757

114%

② Providing consumer affairs specialists with specified useful information through “The Exchange of Opinion Meeting” ・ JILI introduces its activities and promotes to hold the study meetings for consumer affairs specialists on the occasion of “The Exchange of Opinion Meeting” jointly held with LIAJ in 54 regions through out Japan. （２） Intercommunication with consumer related organizations JILI participates in the exchange of opinion meeting with consumer governmental agencies and consumer organizations held by LIAJ, promoting to strengthen the relationship as well as exchanging information. JILI promotes to strengthen collaboration amongst consumer related organizations by introducing the life insurance study meetings and the study meetings for consumer affairs specialists, and distributing the revised pamphlets. （3） Cooperation with Japan Academy Of Consumer Education (hereinafter called “JACE”) With an aim of being helpful to development of consumer education, JILI conducts assistances for superior theses on consumer education in cooperation with JACE, honoring and presenting subsidies at the JACE’s general meetings. （4） Putting Questionnaire for Consumers into execution JILI properly grasps the conciseness and intention of consumers with their responses to the questionnaire on life insurance through life insurance study meetings, life insurance practical learning courses and so on, for a better enlightenment and information provision activities.

３．Educational activities in schools With an aim to substantiate life insurance, life protection and life planning in school education, JILI conducts the following activities. （1） Life insurance practical learning courses (approximately 200 times annually) With assistance of professors at universities and junior colleges, JILI conducts practical learning courses on life insurance and life planning. JILI also recommends those courses to senior high schools. Number of learning courses and participants Number of

Compared with

Number of

Compared with

learning courses

previous fiscal

participants

previous fiscal

year

year

Fiscal 2009

275

105%

23,009

176%

Fiscal 2010

277

101%

16,065

70%

Fiscal 2011

226

82%

14,774

92%

Page 8 （2） Activities for senior high schools ① Summer seminar for senior high school teachers JILI holds a summer seminar on the theme of life planning and life protection for high school teachers in three places nationwide. In order to propel the senior high school teachers in charge of financial education, life planning, life insurance education and so on to participate in the seminar, JILI tries to substantiate such a subject at the seminar as practical reports of class work. ② Delegation of instructors to study meetings JILI delegates its staff members as instructors to study meetings held by senior high school teachers specialized in homemaking courses, civics lessons and commerce on the theme of life planning, life insurance and utilization of JILI’s supplementary textbooks. (5 times annually) （3） Activities for junior high schools ① The Junior high school essay contest For the purpose of enlightenment for bearers of this country’s future from a long term view point and also image enhancement of life insurance, targeting junior high school students on the subject of our lives and life insurance, JILI puts The 50th Essay Contests for Junior High School Students into execution under the auspices of The Education, Culture, Sports, Science and Technology Ministry, The Financial Services Agency and The All Japan Junior High School Principal’s Association. ・ To award “Special School Award (tentatively called)” to junior high schools of multiple-year application. ・ To produce DVDs containing 50 years of change and the essays awarded by The Education, Culture, Sports, Science and Technology Ministry in the past. ・ To produce the 50th anniversary collection book and distribute to the circle of the life insurance industry as well as to the public. ② Promoting utilization of reading material “What Is Life Insurance?” on life insurance for junior high school students ・ To give it out sans charge as a reference material for The Junior high school essay contest to the junior high schools through out the country as well as to propel its use at social studies classes. （4） Supplementary reading materials for school education JILI offers supplementary reading materials and DVD teaching materials for school education free of charge.

４．JILI’s Website （1） Enhancement of Information in JILI’s Website ① JILI newly uploads the contents of supplementary DVD for schools (animated film)

and improves

information provision. JILI, periodically, provides information and updates data at such sites as “Life Planning Information Understandable At First Sight” and others . ② JILI improves the information content on mobile site under the title of “Life Insurance Stadium” which targets at the young adult segment, and, on a regular basis, provides information and

Page 9 updates data. ③ JILI revises the online magazine and offers information to the public extensively (24 times annually). （2） Enhancement of Information by JILI’s online magazine JILI works on increasing the number of registers of the online magazine in order to offer new information to the parties concerned at the central and local consumer administrative bodies, the parties concerned in school, applicants for publications, and participants in study meetings, and periodically offers the up-to-the minute information (2 or 3 times monthly). Number of access to JILI’s website Number of access

Compared with previous fiscal year

Fiscal 2009

1,510,696

128%

Fiscal 2010

1,683,130

111%

Fiscal 2011

1,733,261

103%

５． Publication activities （1） Offering Information Through JILI’s publications ① JILI provides consumers with the up-to the minute and accurate information on life insurance, life protection, and life planning through a variety of the publications from a fair and neutral standpoint. ・ JILI revises and enriches the existing publications, responding to trends of life insurance products, revision of social security systems and others． ② JILI promotes to make use of the pamphlets through press releases, JILI’s website, online magazine, sales of JILI’s publications at bookstore front (including sales by JILI’s web) and direct mails to financial institutions, ordinary businesses and labor unions. ・ JILI promotes to expand a new sales route such as catalogers aiming to broaden the demographic of pamphlet users. Number of Publications Number of

Number of

publications (A)

charged publications of (A)

Fiscal 2009

515,246

412,041

Fiscal 2010

463,785

353,274

Fiscal 2011

374,939

279,240

（2） Publication of “Individual Life Products Booklet” (“Kakusha-Kojin–Hoken–Shohin–Ichiran”) JILI publishes the “Individual Life Products Booklet” and offers it to each life insurance company of the industry with making the most of it for the JILI’s consultation services.

６．Consultation services on life insurance

Page 10 JILI responds to inquiries from consumers on matters of life insurance, individual pensions, life planning and so on, offering the up-to-the minute and appropriate information and giving advice to them. JILI offers JILI’s Report (2 times annually) to the industry as well as to the public which analyzes the consciousness and requests of consumers often found at the JILI’s consultation services.

7. Publicity activity JILI promotes publicity activities to have the mass media understand JILI’s activities and to offer information to consumers through the press. ・ To strengthen daily contacts with the mass media through the press releases and by dealing with inquiries from the press. ・ To strengthen contacts with the local press by the local office managers of LIAJ through delivering JILI’press releases to the local mass media.

8. Life Planning Study (New) JILI studies contemporary subjects and future perspectives of life planning which is the basis of life insurance, working together with home economists, insurance scholars, and life planning researchers. ・ To publish the report in the second semester of the fiscal 2013 with the study duration until September, 2013.

１．Operation of society meetings for the study （1） Case study society meeting

(“Hoken-Jirei-Kenkyu-Kai”)

The society consisting of scholars, attorneys, and specialists of the industry analyzes and studies judicial precedents mainly on life insurance. ・ The society meetings are held both in Tokyo and Osaka (9 times a year in each area). ・ The results of studies are compiled as a “Case Study Report” and issued at the opportunities of each society meeting. The report is provided to the subscribers with a set price and to the research institutions free of charge. ・ The number of members for fiscal 2012: Tokyo: 26 scholars, 25 attorneys, 45 staff members of the industry Osaka: 18 scholars, 31 attorneys, 6 staff members of the industry （2） The study group on insurance business law in Kansai (“Kansai-Hoken-Gyouhou-Kenkyu-Kai”) The society meeting is consisted of the commercial laws scholars in Kansai area and staff members in charge of judicial affairs of the industry studies the life insurance business laws on an article-by-article basis. ・ The society meetings are held 9 times annually. ・ The number of members for fiscal 2012: 13 scholars, 2 attorneys, 15 staff members of the industry

Page 11

（3） Life insurance & finance law society meeting

(“Seiho-Kinyu-Hosei-Kenkyu-Kai”)

The society meeting is consisted of scholars on insurance law and economic law in Kansai area, and staff members in charge of judicial affairs of the industry studies the finance related laws except for life insurance business law. ・ The society meetings are held 6 times annually. ・ The number of members for fiscal 2012: 12 scholars, 14 staff members of the industry （4） Life insurance accounting society meeting

(“Seimeihoken-Kaikei-Kenkyu-Kai”)

The society meeting is consisted of literates on accounting, and staff members in charge of accounting of the industry studies theories relating to life insurance accounting and accounting in general. ・ The society meetings are held 6 times annually. ・ The number of members for fiscal 2012: 10 scholars, 8 staff members of the industry （5） Life insurance related business law society meeting The society meeting is consisted of scholars mainly in the Kanto area on insurance law and staff members in charge of judicial affairs of the industry studies finance related laws centering on life insurance. ・ The society meetings are held 6 times annually. ・ The number of members for fiscal 2012: 14 scholars, 9 staff members of the industry （6） Basic judicial precedents on life insurance society meeting The society meeting studies, mainly, the model and crucial judicial precedents in the past in order to facilitate improvement in comprehension on judicial precedents on life insurance for the leading staff members in charge of underwriting field and judicial affairs section at each life insurance company. ① The one series of society meeting is consisted of 16 time society meetings for 2 years and it is to be held 8 times annually (the fiscal 2012 falls on the second year). ・ The number of members for fiscal 2012: 3 scholars, 1 attorney, 60staff members of the industry （7） Society meeting on supervision and regulation for international insurance groups The society meeting is consisted of scholars of insurance theory, insurance law, and others. The meeting studies, mainly, the countermeasures of the international institutions of insurance supervisor and the effects on the insurance systems in Japan and the life insurance industry taking up the supervisions and regulations towards insurance groups operating internationally. ・ The number of members for fiscal 2012: 6 scholars, 6 staff members of the industry （8） Society meeting on transformation of life protection system and role of life insurance industry (tentatively called) in Tokyo (new)

Page 12 It is the society meeting by educated people of insurance science, which surveys the historical development of social security and enterprise security, the contemporary subjects and the current examination progress, and studies the expected role of life insurance industry in the times of aging population combined with the diminishing number of children. ① The study starts in October, 2012 and ends in October, 2014. ② The report is to be published in April, 2015.

２．Cooperation and interchange with the academic circles （1） “Insurance Theory Seminars” and “Insurance Theory Seminars Social Meetings” “Insurance Theory Seminars” and “Insurance Theory Seminars Social Meetings” whose members are research workers at universities and parties concerned of the industry are held both in Tokyo and Osaka respectively 6 to 8 times annually. ① “ Insurance Theory Seminars” are operated for opportunities where research workers at universities present the results of study and bring them up for discussion. ②

“Insurance Theory Seminars Social Meetings” are operated for opportunities where staff members of the industry offer the industry related information to the research workers at universities.

・ The number of members for fiscal 2011: Tokyo: 93 scholars, 64 staff members of the industry Osaka: 80 scholars, 11 staff members of the industry （2） “Academic Promotion Committee” JILI holds the academic promotion committee for the purpose of inquiries on academic promotion and deliberating on assistance for studies two times annually. ① In the first half, JILI reports the academic promotion activities in the previous fiscal year, explains the activities plan for the current fiscal year, and deliberates on assistance for studies. ② In the latter half, JILI reports the academic promotion activities during the first half of the current fiscal year and exchanges views on the activities plan for the next fiscal year.

３．Assistance for studies on life insurance for research workers at universities （1） Assistance for studies on life insurance ① JILI provides young research workers in life insurance and the related field with grants for research and studies. ② JILI conducts an evaluation and awards for their research and studies. （2） Assistance for seminars at universities JILI provides the association of life insurance theory seminars at universities (The Tokyo Student Insurance Seminars (TSIS) consisting of 6 universities, The Risk and Insurance Seminar (RIS) consisting of 21 universities and others) with assistance for their activities.

Page 13 （3） Uncovering new researchers JILI strives to uncover young insurance researchers through contacting insurance related academic meetings.

４．Lecture meetings JILI conducts a lecture meeting on the theme of new trends on life insurance and related fields for the industry. (once annually)

５．Publications JILI publishes periodical collection of theses as opportunities for expressing the fruits of society meetings for the study managed by JILI or for expressing the fruits of society meetings for the study by research workers at universities and staff members of the industry. JILI issues academic publications, which contributes to studies and practical business affairs relating to life insurance. （1） The Collection of Theses on Life Insurance ・ JILI publishes collection of study theses on life insurance. (4 times annually) ・ JILI advertises for subscribers with a set price from inside and outside the industry, and provides some of research institutions with the publications free of charge. （2） The Collection of Judicial Precedents on Life Insurance JILI publishes the volume 16 of the Collection of Judicial Precedents on Life Insurance within the fiscal 2012. （3） Case Study Society Meeting Report ・ JILI publishes “Case Study Society Meeting Report” after each meeting as study results by The Case Study Society Meeting which is held 9 times annually as well as posts the report in order of precedence on the JILI’s website after the elapse of a certain period of time. ・ JILI recruits a charged subscriber member within and without the life insurance industry and also provides research institutes and others with it sans charge. （４） Maintenance of “English-Japanese Dictionary of Life Insurance Terms” JILI stabilizes and substantiates the maintenance system for “English-Japanese Dictionary of Life Insurance Terms” which was established in the fiscal 2010.

６．Cooperation with related organizations JILI contacts and cooperates with related organizations such as The Japanese Society of Insurance Science and others, undertaking the secretariats of Institute of Life Insurance Management.



Page 14

１．Time series research （1） The National Survey on Life Insurance (every three years) Grasping the actual conditions of insured households, and consumers’point of view on life insurance, JILI offers information to the industry as well as to the public. JILI conducts the 17th survey for the period from April through June in 2012 based on the project plan formulated in the fiscal 2011 and publishes the survey report in December, 2012. （2） The Survey on Life Protection (every three years) Grasping the consciousness of consumers on life protection and the actual condition of preparation for life protection starting with the buying rates, JILI offers the information to the industry as well as to the public. JILI formulates a project plan in the fiscal 2012 for the 13th survey for the period from April through June in 2013.