Japanese life insurance market. the role of the Appointed Actuary
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1 Japanese life insurance market and the role of the Appointed Actuary Masaaki Yoshimura General Secretary of IAJ 1
2 History of Japanese Actuary Modern life insurance companies formed around 1880 First insurance regulation (old Commercial Law) 1898 Establishment of the Institute of Actuaries of Japan 1899 IAJ started qualifying examination for fellowship 1936 Revision of Insurance Business Law 1939 Introduction of the Appointed Actuary* system IAJ incorporated Trust Banks joined IAJ as supporting member 1964 Non-life Ins. Cos. joined as supporting member 1970 IAJ started ASEA seminar for East Asian Countries 20 th ICA held in Tokyo 1976 * Hoken Keirinin in Japanese 2
3 History of Japanese Actuary Introduction of the Certified Pension Actuaries * Banks joined IAJ as supporting member th EAAC held in Tokyo 1995 Drastic Revision of the Insurance Business Law 1996 IAJ became a full member of IFAA (IAA) Centennial Anniversary of IAJ 1999 IAJ Centenary Convention IAA Tokyo meeting ASTIN / AFIR Colloquia IAJ was entitled designated corporation by FSA 2000 * Nenkin Suurinin in Japanese 3
4 About IAJ (Institute of Actuaries of Japan) More than 3500 individual members More than 100 supporting corporate members Original Qualification Examinations Many committees and research groups Many educational activities Annual Meeting Regular Meetings and Seminars ASEA (Actuarial Seminar of East Asia) Actuarial Seminar for university students to know about What is an Actuary Publication of Transactions, research papers Publication of Actuary Journals (basically every 3 months) 4
5 5 Number of Members Fiscal Year July.31 Fellows ,008 Honorary Associates Students ,674 1,667 1,637 1,703 Supporting Members Total 799 1,569 2,047 3,461 3,528 3,531 3,629
6 6 Membership by types of industry July.31 Honorary Fellows Associates Students Subtotal Supporting Members Total Life , ,456 Non-Life Trust Bank Others , ,224 Total 8 1, ,703 3, ,629
7 ASEA (Actuarial Seminar of East Asia) Seminar for actuaries of East Asia for 3 weeks in August 1st ASEA was held in1970 and it has been held 32 times by 2002 Nearly 500 actuaries from 13 different countries/regions in Asia Participants gain valuable experience, not only from the lectures but also from the stay in Japan and cultural exchanges among participants from various countries/regions. 7
8 8 Organizational Chart of the IAJ General Meeting Board of Councilors Standard Mortality Consultative Committee Kansai Branch Committees (E&E function) Committees (International function) Committees (Planning function) Board of Directors Meeting President Vice Presidents Secretariat Committees (Practice &Research function) Committees (General Affairs) Auditors Disciplinary Committee Appeals Board
9 Relationship with Regulatory Body Long-term relation since the establishment of IAJ Coping with various inquiries on actuarial matters from Regulatory Authority Send delegates to important councils of Regulatory Authority IAJ was entitled designated corporation by FSA Public-service corporation that perform services related to training actuarial specialists Establish coefficients to serve as the basis for computing Standard Valuation Reserves Undertaking other activities involving actuarial expertise. 9
10 Japanese Life Insurance Market Others 7% Asia Other 6% US 29% EU Other 19% UK 12% Japan 26% * Based on life insurance premium in
11 Life Ins. Products in Japan (~1980s) 1960s and 1970s Endowment Insurance, Endowment with Term 1970s Cancer insurance was introduced and many riders like Sickness and Hospitalization are developed 1980s Whole life with Term with various riders Almost all the products are With-Profits. 11
12 Success of Japanese Life Ins. Policyholders/Public Company Regulation IAJ The national character? Economic growth Management efforts Product Development Distribution channel Sound regulation Net level premium reserve Conservative dividend policy Sound Actuarial Practice 12
13 Japanese Equity Market Trend 40,000 35,000 30,000 NIKKEI ,000 20,000 15,000 10,000 5,000 0 Jan-74 Jan-79 Jan-84 Jan-89 Jan-94 Jan-99 13
14 Japanese Interest Rate Trend 8.0% 7.0% 6.0% 10yr - JGB 5.0% 4.0% Assumed Interest Rate 3.0% 2.0% 1.0% 0.0% Jan-85 Jan-90 Jan-95 Jan-00 14
15 Life Insurance Company Failures Company Date Failed Policy Reserve Cut Revised Guaranteed Interest Rate Nissan Mutual 04/1997 0% 2.75% Toho Mutual 06/ % 1.5% Daihyaku Mutual 05/ % 1.0% Taisho Life 08/ % 1.0% Chiyoda Mutual 10/ % 1.5% Kyoei Life 10/2000 8% 1.75% Tokyo Mutual 03/2001 0% 2.6% 15
16 16 Measures taken Asset Liability Capital Reduction of Risky Assets Investment Policy change Product Design change Dividend cut, Premium Increase for saving products Injection of Solvency Capital Business Restructuring Demutualization Coalition, Mergers and Acquisitions
17 17 Negative Spread or Positive Spread? Negative Spread Problem became very famous but The truth is. Negative spread on interest-rate factor* but Positive spread in terms of total gross premium for major products * Based on the assumption of the initial premium calculation
18 Statutory Role of the Appointed Actuary* Verification (each year) Adequacy of valuation reserve Fairness and equity of dividends Continuation of the insurance business The Appointed Actuary* must submit statement of opinion to the board of directors prepare supplementary report to the statement of opinion submit copy of these documents to the supervisory authority * Hoken Keirinin in Japanese 18
19 Statutory Role of the Appointed Actuary* Involvement Not only making the aforementioned confirmations each fiscal year, it is necessary for the company to make AA* participate in the following actuarial matters. Calculation of premium Calculation of valuation reserve Calculation of dividends to policyholders Calculation of surrender value Calculation of claim reserve Sales planning Making rules about agent commission etc. * Hoken Keirinin in Japanese 19
20 Success of Actuarial Profession Policyholders/Public Companies Regulatory Body Actuarial Organization /Member Actuaries Good Communication Both with Regulatory Body and Companies, etc. Sound Regulation Important statutory role Corporate Governance Active role in (financial) risk management Professionalism Sound Actuarial Practice Efforts to improve actuarial skills Strong Actuarial Organization to support member activities 20
21 Thank you for your kind attention! 21
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