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Message From CEO

Tetsuya Senda, Director and Representative Executive Officer

Message From CEO
Director and President, CEO, Representative Executive Officer
SENDA Tetsuya

Striving to be an Insurance Company with a sense of "Warmth," Protecting Customers' Lives by Providing Life Insurance Products

We trace our beginnings back over 100 years as the Postal Life Insurance Service. Since that time, Japan Post Insurance has continued to support the lives and happiness of our customers through the insurance business. Through a nationwide network of post offices, Japan Post Insurance protects the lives and life stages of our customers, remaining close and learning about local communities, while offering support in times of need. The essence of Japan Post Insurance business activities is an ongoing effort toward sustainability, and our desire to support lives through insurance has ever been, and will ever remain, unchanged.

In this way, we have endeavored to be a close part of our customers' lives, supporting them in times of need. At the same time, we experienced in 2019 that we have been the source of trouble and concern to many individuals due to various problems in the solicitation quality issues. I want to take this opportunity to again express my deepest apologies. As a result of these problems, we have faced one of the most challenging business environments since our foundation. That we have lost a great deal of customer trust is a very serious matter to us.

Our current Medium-Term Management Plan (FY2021-FY2025), which we published in early fiscal 2021, returns to the root of our management philosophy -"Be a trustful partner for people, always being close at hand and endeavoring to protect their well-being"-and has clearly demonstrated our social mission (purpose) that "We will remain trusted and selected by customers, thereby protecting their lives by providing life insurance product."

Our social mission (purpose) is to provide life insurance through a community-based network of post offices, and to respond accurately to the needs of society in this age of the 100-year life. This mission includes reliable and smooth insurance claim payments, which represent the most critical point of contact between us and our customers, and is the primary role of life insurance. Listening carefully to feedback from customers and other stakeholders, which change according to the times and needs of local communities, we aim to be a life insurance company that offers warmth, satisfaction, and peace of mind to customers, demonstrating the "quality unique to Japan Post Insurance" through our business activities.

Sustainability Policy and Social Challenges (Materiality) to Address with Priority

We have set a "Sustainability Policy" to aim to realize sustainable growth and SDGs by contributing to resolving social issues related to sustainability through the embodiment of our management philosophy and fulfillment of our social mission to protect customers' lives with the power of insurance.

The SDGs are international goals that aim to create a more sustainable and better world. These goals serve as guides to meet the needs of society and our customers, representing values worthy of respect and achievement, not only from individuals, but also from corporations. We recognize that achieving the SDGs is a universal, top priority for management at our company, which takes on the challenge of solving social issues through the life insurance business.

To fulfill our social mission (purpose) based on the sustainability policy, we set up five "Social Challenges (Materiality) to Address with Priority."

Five Social Challenges (Materiality) to Address with Priority

Provide insurance products and services through the network of post offices, etc.
Contribute to the development of communities and society; and environmental conservation
Extend healthy life expectancy through health promotion, etc. - Increase well-being
Establish an environment where each and every employee can actively demonstrate his/her full potential to empower himself/herself
Corporate governance supporting the meaning of our business and social mission
(1) Provide insurance products and services through the network of post offices, etc.

With the coming age of the 100-year life, we are seeing rapid progress in aging, declining birthrates, population declines, urbanization, and depopulation of rural areas. And while the use of digital technology advances worldwide, there is also a digital divide, or a gap between those who use digital technologies easily and those who do not. Amid these circumstances, we have been asked to offer more functions beyond the traditional service as a life insurance provider in times of emergency. Customers are seeking ways to live a secured and healthy post-retirement life, as well as to prepare for inheritances and asset succession. We must meet these needs while offering warmth and convenience, not only through in-person interactions through our network of post offices, but also through the convenience of digital technologies as we engage in digital transformation (DX).
From the perspective of responding in a detailed manner to the diversifying needs of customers, we continue to improve how we support the life plans and family lives of our customers, building long-term relationships of trust, and establishing new Japan Post Insurance sales systems that provide high-quality, conscientious, and expert after-sales follow-up. At the same time, we endeavor to develop products that meet the coverage needs of all generations, and will launch new products that meet the needs of our customers.
Moreover, We strive to improve corporate management by making the most of the valuable asset of customer feedback, aiming to achieve a customer satisfaction level of 90% or higher (*1) and one of the highest Net Promoter Score (NPS)® (*2) in the industry as part of our medium-term management plan targets.

The satisfaction level was evaluated on a five-point scale of "satisfied," "somewhat satisfied," "not satisfied or dissatisfied," "somewhat dissatisfied," and "dissatisfied," and the total ratio of customers who answered "satisfied" and "somewhat satisfied" is shown.
Net Promoter Score (NPS)®: An index that measures customer loyalty (attachment and trust) to a company or brand (Net Promoter Score is a registered trademark of Bain & Company, inc., Fred Reichheld, and Satmetrix Systems, Inc.).
(2) Contribute to the development of communities and society; and environmental conservation

Climate change and other global environment issues are becoming increasingly important. The 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) held in November 2021 adopted an outcome document stating that supporters will pursue efforts to limit the increase in the average global temperature to 1.5°C.
Our own greenhouse gas emissions targets aim to reduce emissions by 46% by fiscal 2030 based on fiscal 2019 levels. We will reduce the electricity used in our offices, adopt electricity from renewable sources, and use hybrid vehicles for sales activities to reduce direct emissions of greenhouse gases. We are also working to reduce indirect greenhouse gas emissions by reducing the amount of copy paper used in our offices, digitizing documents delivered to customers, engaging in work-style reform (telework, etc.), and improving convenience for customers through expanded remote and digital contact points.
As an asset owner that manages assets over the long term based on insurance premiums received from customers, we recognize that society expects us to be involved in the climate change measures of our investment and financing partners. We are actively involved in these activities from the perspective of making a contribution to environmental conservation.
Specifically, we engage in initiatives related to climate change and the global environment, aiming to become carbon-neutrality by the year 2050. We implement investments and loans that contribute to decarbonized societies and conduct negative screening of investments in new project financing for coal-fired power generation in Japan and overseas. Our investments and loans that contribute to decarbonized societies, constructive dialogue (engagement) with investees, and asset management that addresses other ESG (environment, social, governance) issues fulfill our responsibility as an asset owner. One of the targets defined to accomplish during the span of our Medium-Term Management Plan (FY2021 to FY2025) is to achieve total power output of 1.5 million kW from renewable energy facilities in which we invest and finance. In this way, we set an example encouraging Japan and the world to become carbon neutral.

(3) Extend healthy life expectancy through health promotion, etc. - Increase well-being

As average life expectancies increase, we see a growing emphasis on extending the healthy life expectancy and avoiding bed confinement, dementia, or other conditions that require nursing care. Healthy life expectancy is the period of a healthy and fulfilling life in which individuals achieve a state of physical, mental, and social well-being. We believe we make a significant contribution to meeting needs for health and the revitalization of local communities by encouraging the spread of "Radio-Taiso" exercise for many years. We have leveraged our unique strengths to support "Radio-Taiso" as well as the Sukoyakanpo health support app that we developed.
"Radio-Taiso" was established by The Postal Life Insurance Bureau of the Ministry of Communications (the predecessor of Japan Post Insurance). This program has a storied history of local community support, and is familiar to many as a means for encouraging local health and community interaction. In addition to "Radio-Taiso" events held in groups, we have endeavored to communicate the appeal of "Radio-Taiso" as an exercise habit for health maintenance at home, where people are spending much more time due to COVID-19.
In addition to "Radio-Taiso" events in collaboration with local governments and other communities across Japan, we also held all-Japan elementary school "Radio-Taiso" competitions. Other related activities include "Radio-Taiso" events via digital technology, developed in response to the COVID-19 pandemic, and "Radio-Taiso" one-point lesson videos on YouTube. In these efforts, we encourage everyone to engage in "Radio-Taiso" at any time and in any place. To support the health management of the working generation and corporations, we have expanded our support to provide one-point "Radio-Taiso" lessons at offices. We have also launched a joint-research project with specialized institutions to verify the medical health benefits of "Radio-Taiso".

(4) Establish an environment where each and every employee can actively demonstrate his/her full potential to empower himself/herself

Creating work environments in which every employee feels motivated, including employees who interact directly with customers and employees who support them in the background, is an essential part of providing services that satisfy customers. One of the major causes behind the solicitation quality issues is the awareness of employees and corporate culture. We recognize that reforming corporate culture by revitalizing internal communications and making other efforts is an urgent matter for us. We must support the activities of a diverse base of human resources and adopt work styles not bound by time or place to create environments in which employees experience self-fulfillment and job satisfaction. Establishing a corporate culture in which employees contribute actively is a top priority requiring management to take the initiative.
To revitalize internal communications, we established a system (Direct Suggestions to the President of Japan Post Insurance) for employees to submit feedback and suggestions to the CEO. Direct Suggestions to the President of Japan Post Insurance allows employees to provide suggestions promptly and in real time. We believe this system is becoming very valuable from the perspective of customer experience, risk management, and enhancing corporate value.
Further, we pursue initiatives to encourage employee autonomous growth. These initiatives include regular dialogues between executives and employees and career planning support for each employee to design their own career path. Here, we offer professional experiences and self-improvement of skills for employees to achieve their career plans. Managers, who are the core of our organization, must improve their own skills if we are to encourage employees to maximize their capabilities. We respect the viewpoint of customer-first and take the initiative to solve all manner of issues in embodying our management philosophy. At the same time, we strive to change the mindset and behavior of managers to ensure we engage in management allowing each employee to feel motivated to work with their own hopes and dreams.

(5) Corporate governance supporting the meaning of our business and social mission

Corporate governance is the foundation of management. We recognize that governance issues were one of the major reasons we experienced the solicitation quality issues.
To prevent the solicitation quality issues from occurring again, we recognize that the most important management priority is to make sure to implement customer-first business activities. Therefore, we are pursuing a fundamental shift in sales solicitation policies and activities, committing to highly ethical principles that comply with laws, regulations, and social norms. We will strive to rebuild relationships of trust with customers through careful after-sales follow-up, while also improving systems for monitoring sales solicitations and strengthening the PDCA cycle.
We must avoid allowing the solicitation quality issues to fade from our memories and strive to avoid any recurrence. To this end, we will continue to conduct internal training and other measures to ensure compliance and to enhance corporate governance.
We will also continue to disclose information about our organization in an appropriate manner, and provide accurate and reliable sustainability-related information. From these perspectives, we will continue to do our utmost to improve governance to regain the trust of our customers.

Toward Achieving Sustainability

As a life insurance company, we have established a Sustainability Committee as a specialized committee to pursue company-wide efforts that address the materialities described above in an integrated manner. The Sustainability Committee plays a central role in overseeing sustainability management plans for the company, establishing, improving, and reinforcing a framework to pursue sustainability management. The committee is also responsible for company-wide initiatives, monitoring, managing, and overseeing the PDCA cycle. On the other hand, We have introduced initiatives for employees to engage in opinion exchange in small groups, discussing topics such as materiality of the company to foster awareness regarding sustainability.

Sustainability management in collaboration with our employees is how we grow our business while contributing answers to issues faced by our customers and society. By confronting issues, meeting challenges, and taking action, we will achieve sustainability and the sustainable growth of corporate value. I would like to ask for your understanding and support in our efforts toward the future of Japan Post Insurance.