# Life Insurance industry map (FY2025)

> Scope: 9 businesses (segment level)
> Unit: JPY millions. Each company's period is in the Period column
> Fiscal year: FY2025 = periods ending Apr 2025 to Mar 2026
> Page: https://vizora.meequs.com/en/industry/life-insurance
> Retrieved: 2026-09-30T17:45:49.847Z

## Summary (AI; tables are authoritative)

- 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%.

## Size and profitability

| # | Company (business) | Revenue | Share | Op. income | Op. margin | CAGR | Period |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| 1 | 株式会社第一ライフグループ（Domestic insurance business + 1 more） | 11,679,411 | 39.9% | 788,898 | 6.8% | +6.7%（4y） | FY ending Mar 2026 |
| 2 | Japan Post Insurance | 5,625,758 | 19.2% | — | — | -3.4%（4y） | FY ending Mar 2026 |
| 3 | Japan Post Holdings（Life insurance business） | 5,610,244 | 19.2% | 271,777 | 4.8% | -3.4%（4y） | FY ending Mar 2026 |
| 4 | T&D Holdings（Taiyo life insurance + 2 more） | 3,434,272 | 11.7% | 263,596 | 7.7% | +3.8%（4y） | FY ending Mar 2026 |
| 5 | Sony Financial Group（Life insurance） | 2,531,621 | 8.6% | 59,407 | 2.3% | +6.4%（4y） | FY ending Mar 2026 |
| 6 | Sompo Holdings（Domestic life insurance business） | 258,707 | 0.9% | 68,605 | 26.5% | — | FY ending Mar 2026 |
| 7 | SBI Insurance Group（Life insurance + 1 more） | 93,669 | 0.3% | — | — | +14.3%（4y） | FY ending Mar 2026 |
| 8 | Lifenet Insurance Company | 34,388 | 0.1% | — | — | — | FY ending Mar 2026 |
| 9 | Advantage Risk Management（Small-Amount, Short-Term Insurance） | 227 | 0.0% | -38 | -16.6% | — | FY ending Mar 2026 |

## Company-wide structure (¥100 model, FCF)

| Company | COGS | SG&A etc. | Op. income | Net income | FCF (JPY mn) | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 株式会社第一ライフグループ | — | 0円 | undefined円 | 4円 | 672,372 | — |
| Japan Post Insurance | — | 0円 | undefined円 | 3円 | -1,928,702 | — |
| Japan Post Holdings | — | 0円 | undefined円 | 3円 | -10,598,811 | — |
| T&D Holdings | — | 0円 | undefined円 | 4円 | 136,797 | — |
| Sony Financial Group | — | 0円 | undefined円 | 2円 | 416,798 | — |
| Sompo Holdings | — | — | — | — | 646,453 | — |
| SBI Insurance Group | — | 0円 | undefined円 | 2円 | 8,031 | — |
| Lifenet Insurance Company | — | — | — | — | 7,990 | — |
| Advantage Risk Management | 34円 | 56円 | 10円 | 7円 | 1,203 | — |

## Ownership links

| Company | Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: | ---: |
| Advantage Risk Management | 鳥越 慎二 | Major shareholder | 25.7% | 2026-03-31 |
| Advantage Risk Management | 笹沼 泰助 | Major shareholder | 16.8% | 2026-03-31 |
| Advantage Risk Management | SIX SIS LTD. (常任代理人 株式会社三菱UFJ銀行） | Major shareholder | 8.4% | 2026-03-31 |
| Advantage Risk Management | フォルソム 夕起子 | Major shareholder | 6.5% | 2026-03-31 |
| Advantage Risk Management | THE CHASE MANHATTAN BANK, N.A. LONDON SPECIAL ACCOUNT NO.1 （常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 4.8% | 2026-03-31 |
| Advantage Risk Management | 株式会社BIRDEX | Major shareholder | 2.5% | 2026-03-31 |
| Advantage Risk Management | 株式会社日本カストディ銀行（信託E口） | Major shareholder | 1.9% | 2026-03-31 |
| Advantage Risk Management | 前波 範彦 | Major shareholder | 1.6% | 2026-03-31 |
| Advantage Risk Management | CACEIS BANK / QUINTET LUXEMBOURG SUB AC / UCITS CUSTOMERS ACCOUNT （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.6% | 2026-03-31 |
| Advantage Risk Management | 住友生命保険相互会社 | Major shareholder | 1.3% | 2026-03-31 |
| Japan Post Insurance | 日本郵政株式会社 | Major shareholder | 49.8% | 2026-03-31 |
| Japan Post Insurance | 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 8.5% | 2026-03-31 |
| Japan Post Insurance | 株式会社日本カストディ銀行（信託口） | Major shareholder | 4.2% | 2026-03-31 |
| Japan Post Insurance | STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 2.9% | 2026-03-31 |
| Japan Post Insurance | NOMURA CUSTODY NOMINEES LIMITED OMNIBUS-FULLY PAID (CASHPB）(常任代理人 野村證券株式会社) | Major shareholder | 1.4% | 2026-03-31 |
| Japan Post Insurance | かんぽ生命保険社員持株会 | Major shareholder | 0.9% | 2026-03-31 |
| Japan Post Insurance | THE BANK OF NEW YORK, TREATY JASDEC ACCOUNT(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.7% | 2026-03-31 |
| Japan Post Insurance | JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.7% | 2026-03-31 |
| Japan Post Insurance | STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 0.6% | 2026-03-31 |
| Japan Post Insurance | BNYM AS AGT/CLTS 10 PERCENT(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.6% | 2026-03-31 |
| Lifenet Insurance Company | auフィナンシャルホールディングス株式会社 | Major shareholder | 18.3% | 2026-03-31 |
| Lifenet Insurance Company | GOLDMAN SACHS INTERNATIONAL (常任代理人 ゴールドマン・サックス証券株式会社) | Major shareholder | 14.3% | 2026-03-31 |
| Lifenet Insurance Company | ARIAKE MASTER FUND （常任代理人 立花証券株式会社） | Major shareholder | 7.0% | 2026-03-31 |
| Lifenet Insurance Company | 三井住友カード株式会社 | Major shareholder | 5.0% | 2026-03-31 |
| Lifenet Insurance Company | GOLDMAN,SACHS & CO.REG （常任代理人 ゴールドマン・サックス証券株式会社） | Major shareholder | 3.8% | 2026-03-31 |
| Lifenet Insurance Company | 株式会社セブン・フィナンシャルサービス | Major shareholder | 3.7% | 2026-03-31 |
| Lifenet Insurance Company | UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT （常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 3.2% | 2026-03-31 |
| Lifenet Insurance Company | 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 3.2% | 2026-03-31 |
| Lifenet Insurance Company | MLI FOR SEGREGATED PB CLIENT (常任代理人 BOFA証券株式会社) | Major shareholder | 2.9% | 2026-03-31 |
| Lifenet Insurance Company | 株式会社日本カストディ銀行(信託口) | Major shareholder | 2.3% | 2026-03-31 |
| T&D Holdings | 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 16.1% | 2026-03-31 |
| T&D Holdings | 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.9% | 2026-03-31 |
| T&D Holdings | ＧＯＬＤＭＡＮ，ＳＡＣＨＳ ＆ ＣＯ．ＲＥＧ（常任代理人ゴールドマン・サックス証券株式会社） | Major shareholder | 5.0% | 2026-03-31 |
| T&D Holdings | ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１(常任代理人株式会社みずほ銀行） | Major shareholder | 4.0% | 2026-03-31 |
| T&D Holdings | ＪＰモルガン証券株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| T&D Holdings | ＴＨＥ ＣＨＡＳＥ ＭＡＮＨＡＴＴＡＮ ＢＡＮＫ，Ｎ．Ａ． ＬＯＮＤＯＮＳＥＣＳ ＬＥＮＤＩＮＧ ＯＭＮＩＢＵＳ ＡＣＣＯＵＮＴ（常任代理人株式会社みずほ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| T&D Holdings | ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３(常任代理人株式会社みずほ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| T&D Holdings | ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１（常任代理人みずほ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| T&D Holdings | ＡＩＧ損害保険株式会社（常任代理人株式会社日本カストディ銀行） | Major shareholder | 1.2% | 2026-03-31 |
| T&D Holdings | ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８００８１（常任代理人株式会社みずほ銀行） | Major shareholder | 1.1% | 2026-03-31 |
| SBI Insurance Group | ＳＢＩホールディングス株式会社 | Major shareholder | 59.7% | 2026-03-31 |
| SBI Insurance Group | 株式会社光通信 | Major shareholder | 9.5% | 2026-03-31 |
| SBI Insurance Group | 西薗 仁 | Major shareholder | 1.7% | 2026-03-31 |
| SBI Insurance Group | 日本証券金融株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| SBI Insurance Group | 永井 詳二 | Major shareholder | 1.4% | 2026-03-31 |
| SBI Insurance Group | 光通信株式会社 | Major shareholder | 1.0% | 2026-03-31 |
| SBI Insurance Group | CLEARSTREAM BANKING S.A. （常任代理人 香港上海銀行東京支店） | Major shareholder | 1.0% | 2026-03-31 |
| SBI Insurance Group | 藪 太一 | Major shareholder | 0.9% | 2026-03-31 |
| SBI Insurance Group | 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.8% | 2026-03-31 |
| SBI Insurance Group | 生田 裕 | Major shareholder | 0.7% | 2026-03-31 |
| Japan Post Holdings | 財務大臣 | Major shareholder | 38.0% | 2026-03-31 |
| Japan Post Holdings | 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 9.4% | 2026-03-31 |
| Japan Post Holdings | 日本郵政社員持株会 | Major shareholder | 3.3% | 2026-03-31 |
| Japan Post Holdings | 株式会社日本カストディ銀行（信託口） | Major shareholder | 2.6% | 2026-03-31 |
| Japan Post Holdings | STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.2% | 2026-03-31 |
| Japan Post Holdings | JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.9% | 2026-03-31 |
| Japan Post Holdings | STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.8% | 2026-03-31 |
| Japan Post Holdings | JPモルガン証券株式会社 | Major shareholder | 0.7% | 2026-03-31 |
| Japan Post Holdings | ゴールドマン・サックス証券株式会社 ＢＮＹＭ(常任代理人 株式会社三菱ＵＦＪ銀行） | Major shareholder | 0.6% | 2026-03-31 |
| Japan Post Holdings | STATE STREET BANK AND TRUST COMPANY 505225（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 0.6% | 2026-03-31 |
| Sony Financial Group | ソニーグループ株式会社 | Major shareholder | 17.4% | 2026-03-31 |
| Sony Financial Group | 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 12.9% | 2026-03-31 |
| Sony Financial Group | 株式会社日本カストディ銀行(信託口) | Major shareholder | 3.5% | 2026-03-31 |
| Sony Financial Group | MOXLEY AND CO LLC(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 2.8% | 2026-03-31 |
| Sony Financial Group | BNYM AS AGT/CLTS NON TREATY JASDEC(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 1.4% | 2026-03-31 |
| Sony Financial Group | STATE STREET BANK AND TRUST COMPANY 505103(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.3% | 2026-03-31 |
| Sony Financial Group | JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.3% | 2026-03-31 |
| Sony Financial Group | STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.1% | 2026-03-31 |
| Sony Financial Group | BANK JULIUS BAER AND CO. LTD. SINGAPORE CLIENTS(常任代理人 株式会社三菱UFJ銀行) | Major shareholder | 0.9% | 2026-03-31 |
| Sony Financial Group | THE BANK OF NEW YORK MELLON 140044(常任代理人 株式会社みずほ銀行) | Major shareholder | 0.9% | 2026-03-31 |
| Sompo Holdings | 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 16.3% | 2026-03-31 |
| Sompo Holdings | 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.8% | 2026-03-31 |
| Sompo Holdings | STATE STREET BANK AND TRUST COMPANY 505103（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 3.4% | 2026-03-31 |
| Sompo Holdings | STATE STREET BANK AND TRUST COMPANY 505001（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 2.8% | 2026-03-31 |
| Sompo Holdings | ＳＯＭＰＯホールディングス従業員持株会 | Major shareholder | 2.3% | 2026-03-31 |
| Sompo Holdings | JP MORGAN CHASE BANK 380055（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.8% | 2026-03-31 |
| Sompo Holdings | THE CHASE MANHATTAN BANK,N.A. LONDONSECS LENDING OMNIBUS ACCOUNT(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.7% | 2026-03-31 |
| Sompo Holdings | THE BANK OF NEW YORK MELLON 140042(常任代理人 株式会社みずほ銀行決済営業部) | Major shareholder | 1.5% | 2026-03-31 |
| Sompo Holdings | GOVERNMENT OF NORWAY（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 1.4% | 2026-03-31 |
| Sompo Holdings | JP MORGAN CHASE BANK 385781（常任代理人 株式会社みずほ銀行決済営業部） | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社第一ライフグループ | 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 15.7% | 2026-03-31 |
| 株式会社第一ライフグループ | 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.9% | 2026-03-31 |
| 株式会社第一ライフグループ | SMP PARTNERS (CAYMAN) LIMITED(常任代理人 株式会社みずほ銀行) | Major shareholder | 2.7% | 2026-03-31 |
| 株式会社第一ライフグループ | STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行) | Major shareholder | 2.0% | 2026-03-31 |
| 株式会社第一ライフグループ | 新生信託銀行株式会社ECM MF信託口8299002 | Major shareholder | 1.9% | 2026-03-31 |
| 株式会社第一ライフグループ | CGML PB CLIENT ACCOUNT/COLLATERAL(常任代理人 シティバンク、エヌ・エイ) | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社第一ライフグループ | JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社第一ライフグループ | 第一生命グループ従業員持株会(注)１ | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社第一ライフグループ | JPモルガン証券株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社第一ライフグループ | ECM MF (常任代理人 立花証券株式会社) | Major shareholder | 1.3% | 2026-03-31 |
| Japan Post Holdings | 楽天グループ株式会社 | CAPITAL_ALLIANCE | — | 2026-03-31 |
| Japan Post Holdings | アフラック・インコーポレーテッド | CAPITAL_ALLIANCE | — | 2026-03-31 |
| Japan Post Holdings | ＪＰ楽天ロジスティクス株式会社 | JOINT_VENTURE | — | 2026-03-31 |
| 株式会社第一ライフグループ | Challenger Limited | CAPITAL_ALLIANCE | — | 2026-03-31 |
| Lifenet Insurance Company | 株式会社三井住友フィナンシャルグループ | CAPITAL_ALLIANCE | — | 2026-03-31 |
| Lifenet Insurance Company | KDDI株式会社 | ALLIANCE | — | 2026-03-31 |
| Lifenet Insurance Company | 日本航空株式会社 | CAPITAL_ALLIANCE | — | 2026-03-31 |
| Lifenet Insurance Company | auじぶん銀行株式会社 | ALLIANCE | — | 2026-03-31 |
| Lifenet Insurance Company | 三井住友カード株式会社 | CAPITAL_ALLIANCE | — | 2026-03-31 |
| SBI Insurance Group | 株式会社光通信 | CAPITAL_ALLIANCE | — | 2026-03-31 |

## Company details

- https://vizora.meequs.com/en/company/daiichilife-group/md
- https://vizora.meequs.com/en/company/japan-post-insurance/md
- https://vizora.meequs.com/en/company/japan-post-holdings/md
- https://vizora.meequs.com/en/company/t-and-d-holdings/md
- https://vizora.meequs.com/en/company/sony-financial-group/md
- https://vizora.meequs.com/en/company/sompo-holdings/md
- https://vizora.meequs.com/en/company/sbi-insurance-group/md
- https://vizora.meequs.com/en/company/lifenet-insurance/md
- https://vizora.meequs.com/en/company/advantage-risk-management/md

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).