Climate Change Data

Dai-ichi Life Holdings, Inc.

Climate Impact & Sustainability Data (2019-04 to 2020-03, 2022)

Reporting Period: 2019-04 to 2020-03

Environmental Metrics

Total Carbon Emissions:138,900 t-CO2e/year (Fiscal 2019)
Scope 1 Emissions:10,800 t-CO2e/year (Fiscal 2019)
Scope 2 Emissions:128,100 t-CO2e/year (Fiscal 2019)
Total Energy Consumption:265,154 thousand kWh/year (Fiscal 2019)
Waste Generated:6,092 tons/year (Fiscal 2019)

ESG Focus Areas

  • Livelihood stability through insurance
  • Asset Formation
  • Health Promotion
  • Securing regional and social sustainability
  • Climate Change
  • ESG Investment
  • Human Rights
  • Environmental Protection
  • Corporate Governance

Environmental Achievements

  • Introduced renewable energy (switched all electricity for the Hibiya Head Office building in Tokyo in April 2019, and the Toyosu Head Office building in April 2020, to renewable energy derived from hydro-electricity with an expected annual reduction in CO2 emissions of approximately 5,700t)
  • Reduced CO2 emissions by approximately 10% year-on-year in fiscal 2019

Social Achievements

  • Launched "Just," a product that enables customers to freely select and combine protection, exceeding 1.95 million policies in sales by June 2020
  • Attracted 31 daycare centers nationwide by April 2020, accommodating 1,629 children
  • Held 18 business networking meetings with approximately 5,600 participating companies and 42 matchmaking events with approximately 3,400 participants in FY 2019
  • Implemented various special measures in response to COVID-19, including offering grace periods for premium payments and special interest rates on policyholder loans

Governance Achievements

  • Formulated and published a Basic Policy on ESG Investment in April 2020
  • Established a consultation service within each company and with external lawyers in accordance with the Whistleblower Protection Act

Climate Goals & Targets

Long-term Goals:
  • Reduce CO2 emissions by 70% by fiscal 2050 (compared to fiscal 2013)
Medium-term Goals:
  • Reduce CO2 emissions by 40% by fiscal 2030 (compared to fiscal 2013)
  • Achieve 25% or more rate of female managers by April in FY2021
Short-term Goals:
  • Incorporate ESG into the management policy and management process of all assets (target completion by 2023)
  • Increase investment and loans to solve priority social issues (by 2023, more than double the amount of cumulative investments compared to the end of fiscal 2019)

Environmental Challenges

  • Climate change risks (physical and transition risks)
  • COVID-19 pandemic impact on business and society
  • Aging population and diversifying protection needs
  • Declining birthrate and population aging
Mitigation Strategies
  • Incorporating climate-related risks into evaluation standards for investment and loans
  • Conducting scenario analysis concerning medium- and long-term impacts of climate change
  • Implementing various special measures to support customers during the COVID-19 pandemic
  • Developing products and services that meet diverse customer needs
  • Expanding partnerships with local governments and other organizations to address regional issues

Supply Chain Management

Responsible Procurement
  • Sustainability Assessment Sheet attached to contracts
  • Green Purchasing guidelines

Climate-Related Risks & Opportunities

Physical Risks
  • Increase in insurance claims due to heat strokes, infectious diseases, and flooding
Transition Risks
  • Decrease in corporate value of companies with inadequate responses to environmental change
  • Damage to assets due to market and social environment changes
Opportunities
  • Increase in investment and loan opportunities in renewable energy business
  • Reduction in operating costs due to the introduction of high resource-efficiency infrastructure

Reporting Standards

Frameworks Used: GRI, SASB, TCFD, UNGC, SDG Compass

Third-party Assurance: Japan Quality Assurance Organization (for Scope 1 and 2 emissions and water consumption)

Sustainable Products & Innovation

  • Just
  • Dementia insurance
  • Income support insurance
  • Products that help extend the life of customer assets

Awards & Recognition

  • ESG Finance Award Japan from the Ministry of the Environment (February 2020)

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:23,800 tCO2e/year (Scope 1 & 2 in 2022)
Renewable Energy Share:100% (Dai-ichi Life in 2022)

ESG Focus Areas

  • Climate Change
  • Diversity & Inclusion (D&I)
  • Human Rights
  • Governance
  • Biodiversity
  • Responsible Investment

Environmental Achievements

  • Dai-ichi Life achieved 100% renewable energy conversion in fiscal 2022.
  • Group CO2 emission reduction (Scope 1 and 2): -83% compared to FY2019.
  • Greenhouse gas emissions in the investment portfolio (Scope 3): -16% compared to 2020.

Social Achievements

  • Launched employee well-being program, improving engagement survey overall score to 64 (from 63).
  • Increased ratio of female organizational heads to 18.5% (from an unspecified previous year).
  • Expanded training programs and work options to promote the employment of people with disabilities.
  • Acquisition of ipet Holdings Inc., expanding into pet insurance.

Governance Achievements

  • Appointed an outside director as Chair of the Audit & Supervisory Committee.
  • Separated the roles of president of Dai-ichi Life Holdings and Dai-ichi Life Insurance.
  • Introduced a new remuneration system based on job value grades, incorporating Long-Term Incentive (LTI) and sustainability indicators.

Climate Goals & Targets

Long-term Goals:
  • Become one of the top global insurance groups by 2030.
Medium-term Goals:
  • Achieve net-zero emissions (Scope 1 & 2) by FY2040.
  • Achieve net-zero emissions (Scope 3, excluding Category 15) by FY2050.
  • Increase ratio of female organization heads to 30% by 2030.
  • Achieve top-level NPS® in Japan by FY2026.
  • Reach 15 million total domestic customers by FY2026.
Short-term Goals:
  • Reduce Group CO2 emissions (Scope 1 & 2) by 50% by FY2025 (compared to FY2019).
  • Reduce Dai-ichi Life's Scope 3 emissions (excluding Category 15) by 30% by FY2030 (compared to FY2019).
  • Increase ratio of female organization heads to 30% by April 2024.
  • Improve engagement survey overall score to 67 by April 2024.
  • Expand ESG investments/loans to at least ¥2 trillion by FY2024.

Environmental Challenges

  • Declining birthrate and aging population in Japan.
  • Slow momentum in domestic business due to COVID-19 and monetary fraud.
  • Changes in customer needs and behavior.
  • Climate change risks (physical and transition).
  • Global geopolitical risks and economic turbulence.
Mitigation Strategies
  • Reforming the business model of retail sales activities in Dai-ichi Life.
  • Introducing a series of new initiatives in Dai-ichi Life, including consulting process, sales targets, and hiring methods.
  • Strengthening CX Design Strategy and digitalization.
  • Implementing capital circulation management to improve capital efficiency.
  • Actively developing overseas business through organic growth and M&As.
  • Formulating and disclosing a Net Zero Transition Plan.
  • Participating in GFANZ and other international initiatives.

Supply Chain Management

Climate-Related Risks & Opportunities

Physical Risks
  • Increase in insurance claims due to rising temperatures and extreme weather events.
Transition Risks
  • Decline in asset prices due to decarbonization and market shifts.
Opportunities
  • Increase in investment and loan opportunities in climate solutions.

Reporting Standards

Frameworks Used: International Integrated Reporting Framework, Guidance for Collaborative Value Creation (Ministry of Economy, Trade, and Industry), GRI Standards

Awards & Recognition

  • Grand Prize at the 2021 Data Health and Prevention Service Trade Fair
  • Good Design Award (2022)