Industry map/Finance & Business Services
Life Insurance industry map
Who earns the money in Life Insurance, and who keeps it. When a company spans several industries, only the relevant segment is counted.
FY2025 · 9 companies · ¥29.3T
Industry map
Companies ordered by revenue, connected by ownership (major shareholders). Arrows point from the shareholder to the investee.
- Industry size (revenue)
- ¥29.3T
- Companies
- 9
- Avg. salary（parent only）
- ¥9.3M
- Industry weather
- Cloudy
YoY -2.9%
Avg. age 43.1
Operating income +18.5%
株式会社第一ライフグループ[8750]
Domestic insurance business + 1 more
- Revenue
- ¥11.7T▲3.1%
- Operating income
- ¥788.9B▼1.9%
Margin 6.8%
Whole company: Revenue ¥11.3T · Net income ¥436.6B
Avg. salary ¥11.4M · 39.0（parent only）
Japan Post Insurance[7181]
- Revenue
- ¥5.63T▼8.8%
- Operating income
- —
- Japan Post Holdings owns 49.8%
Japan Post Holdings[6178]
Life insurance business
- Revenue
- ¥5.61T▼8.9%
- Operating income
- ¥271.8B▲60.0%
Margin 4.8%
Whole company: Revenue ¥11.4T · Net income ¥374.6B
Avg. salary ¥8.7M · 43.1（parent only）
T&D Holdings[8795]
Taiyo life insurance + 2 more
- Revenue
- ¥3.43T▼10.1%
- Operating income
- ¥263.6B▲31.3%
Margin 7.7%
Whole company: Revenue ¥3.48T · Net income ¥139B
Sony Financial Group[8729]
Life insurance
- Revenue
- ¥2.53T▲9.4%
- Operating income
- ¥59.4B▲188.2%
Margin 2.3%
Whole company: Revenue ¥2.87T · Net income ¥55.5B
Avg. salary ¥12.8M · 45.8（parent only）
Sompo Holdings[8630]
Domestic life insurance business
- Revenue
- ¥258.7B▲1.6%
- Operating income
- ¥68.6B▲129.6%
Margin 26.5%
Whole company: Revenue ¥5.37T · Net income ¥640.1B
Avg. salary ¥12.6M · 43.3（parent only）
SBI Insurance Group[7326]
Life insurance + 1 more
- Revenue
- ¥93.7B▲19.8%
- Operating income
- —
Whole company: Revenue ¥140.4B · Net income ¥2.88B
Avg. salary ¥9.3M · 51.0（parent only）
Lifenet Insurance Company[7157]
- Revenue
- ¥34.4B▲14.3%
- Operating income
- —
Avg. salary ¥8.3M · 41.8（parent only）
Advantage Risk Management[8769]
Small-Amount, Short-Term Insurance
- Revenue
- ¥227.2M
- Operating income
- -¥37.6M
Margin -16.6%
Whole company: Revenue ¥9.92B · Net income ¥686.6M
Avg. salary ¥6.4M · 40.4（parent only）
※ Card revenue and operating income cover only the segment in this industry; “Whole company” shows consolidated revenue and net income.
The weather is derived mechanically from year-over-year totals of revenue and operating income (both up = sunny, both down = rainy).
Industry takeaways
AI summary (figures come from filings)
- Dai-ichi Life Group leads with ¥11.7T in revenue, well ahead of Japan Post Insurance at ¥5.63T.
- The most profitable business here is small: Sompo's domestic life arm, with ¥258.7B in revenue and a 26.5% operating margin.
- The big names shrank. T&D Holdings fell -10.1% and Japan Post Insurance -8.8%.
- Online players grew instead: SBI Insurance Group +19.8%, Lifenet Insurance +14.3%.
Who earns the money
Area = revenue from businesses in this industry. Color = operating margin.
Who makes a profit
Across = revenue (log scale), up = operating margin, bubble size = operating income.
Ranking and momentum
| Rank | Company (business) | Revenue | Share | Op. margin | CAGR | FCF* |
|---|---|---|---|---|---|---|
| 1 | 株式会社第一ライフグループDomestic insurance business + 1 more | ¥11.7T | 39.9% | 6.8% | +6.7% | ¥672.4B |
| 2 | Japan Post Insurance | ¥5.63T | 19.2% | — | -3.4% | -¥1.93T |
| 3 | Japan Post HoldingsLife insurance business | ¥5.61T | 19.2% | 4.8% | -3.4% | -¥10.6T |
| 4 | T&D HoldingsTaiyo life insurance + 2 more | ¥3.43T | 11.7% | 7.7% | +3.8% | ¥136.8B |
| 5 | Sony Financial GroupLife insurance | ¥2.53T | 8.6% | 2.4% | +6.4% | ¥416.8B |
| 6 | Sompo HoldingsDomestic life insurance business | ¥258.7B | 0.9% | 26.5% | — | ¥646.5B |
| 7 | SBI Insurance GroupLife insurance + 1 more | ¥93.7B | 0.3% | — | +14.3% | ¥8.03B |
| 8 | Lifenet Insurance Company | ¥34.4B | 0.1% | — | — | ¥7.99B |
| 9new | Advantage Risk ManagementSmall-Amount, Short-Term Insurance | ¥227.2M | 0.0% | -16.6% | — | ¥1.2B |
* FCF is company-wide (not disclosed by segment). CAGR covers the available years, up to five.
How they make money differently
Where each company's ¥100 of sales goes, and how much it keeps (company-wide).
- Cost of sales
- Ordinary expenses
- SG&A
- Operating profit
- Ordinary profit
Ownership links
From the major-shareholder section of annual securities reports.
- ＳＢＩホールディングス株式会社Outside
- SubsidiarySBI Insurance Group59.7%
- Japan Post HoldingsIn industry
- AffiliateJapan Post Insurance49.8%
- ソニーグループ株式会社Outside
- StakeSony Financial Group17.4%
- 株式会社光通信Outside
- StakeSBI Insurance Group9.5%
The company on each card is a major shareholder of the companies listed under it (latest 'major shareholders' disclosure). 50%+ is labelled subsidiary and 20%+ affiliate, based on ownership alone. Stakes under 3% are omitted.
Compare the leaders side by side
All companies in Life Insurance (by revenue)
All 9 companies in this industry, ranked by revenue in each company's latest fiscal year. For companies that belong through one business segment, the figure is that segment's revenue.
- 株式会社第一ライフグループ¥11.7T · 6.8%
- Japan Post Insurance¥5.63T
- Japan Post Holdings¥5.61T · 4.8%
- T&D Holdings¥3.43T · 7.7%
- Sony Financial Group¥2.53T · 2.4%
- Sompo Holdings¥258.7B · 26.5%
- SBI Insurance Group¥93.7B
- Lifenet Insurance Company¥34.4B
- Advantage Risk Management¥227.2M · -16.6%
Revenue · Op. margin
Related industries
- Major Banks
- Regional Banks
- Online & Retail-Affiliated Banks
- Securities & Asset Management
- Non-life Insurance
- Credit Cards & Consumer Credit
- Cashless Payments
- Consumer Finance
- Leasing
- Crypto & Blockchain
- Investment Funds
- Venture Capital
- Consulting
- HR & Staffing
- Business Process Outsourcing
- M&A Advisory
- PR & IR Services
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