Sumitomo Life Group Medium-Term Business Plan 2028
― To remain an "indispensable insurance group" in every era ―
Sumitomo Life Insurance Company has formulated a new three-year plan, "Sumitomo Life Group Medium-Term Business Plan 2028." This plan aims to contribute to the long-term well-being of all stakeholders, including our policyholders.
Returning to Sumitomo Life's purpose of "contributing to social and public welfare," we prioritize the well-being of our policyholders and declare our aim to become a corporate group that will continue to provide optimal value tailored to each individual, for as many people as possible into the future.
Approach to the formulation of this plan
Amid rapidly changing business environments, Sumitomo Life Group must enhance its strategy execution capabilities across the entire group, domestically and internationally, while simultaneously evolving its business model itself in order to achieve sustainable growth.Sumitomo Life Group's Vision 2030 has set the goal of 20 million customers receiving the value of well-being and have 5 million SUMITOMO LIFE Vitality members while envisioning the well-being of our stakeholders. This plan is positioned as a leap forward in achieving that vision. We will contribute to our stakeholders' well-being as a "lifelong partner" by increasing the sophistication of our value offerings in both quantity and quality.
Furthermore, we have established the "Next Decade" perspective for the next ten years, and formulated this plan. Even amid increasingly rapid environmental changes, we will continually pursue the ideal form of our business with a view toward the next decade, and build a foundation that enables us to remain close to our customers for a long time. We will ensure the sustainability of our business to support long-term value provision, while also aiming to create new value that can only be realized through a long-term perspective.
Basic policy and numerical goals
Under this plan, we have formulated a group-wide management strategy designed to ensure the realization of the "Sumitomo Life Group Vision 2030." Furthermore, looking ahead to the "Next Decade," the 10-year period that follows, we will advance our initiatives with a foundational focus on strengthening group management, thereby enabling us to achieve sustainable growth amidst an environment of uncertain change and to remain an "indispensable insurance company."
In terms of social value, we will contribute to helping more people "well-being" by expanding the number of customers receiving well-being value and increasing the number of SUMITOMO LIFE Vitality members.
In terms of economic value, we will steadily build key indicators such as annualized premiums and core business profit for the group, while maintaining financial soundness and aiming for sustainable growth in corporate value.
We will set these key performance indicators on a group-wide basis and work toward achieving them.
Domestic and overseas business strategy
In promoting our new medium-term business plan, we will make customer-oriented business operations and compliance initiatives the "cornerstone" of our business activities, and we will aim for sustainable value creation and growth through honest business operations built on society's trust and confidence.
Domestically, we will focus on strengthening business sustainability centered on the Sumisei WX (Well-being Transformation) initiative, pursuing two key transformations ——"Distribution Transformation" and "Customer Experience Value Transformation."
Through "Distribution Transformation," we will continue to build an integrated framework of sales channels, products, and services based on our existing multi-channel, multi-product initiatives in order to deliver optimal value connect it to our core value.
In "Customer Experience Value Transformation," we will evolve our well-being value proposition by visualizing customer conditions, promoting behavioral change, and redesigning customer contact points in an integrated manner, to create experiences that allow customers to continue to feel value.
We will actively integrate technological innovations including AI as drivers of these transformations into our business operations. We will advance the enhancement of human capital value by promoting digital and AI utilization across the entire company. We will advance AI and data utilization in all business areas including sales activity support, enhancement of consulting services, and streamlining of administrative processes to further evolve the "human and digital integration."
In asset management, we aim to enhance profitability by advancing our portfolio sophistication while positioning our entire asset management operations as responsible investment. We will systematically incorporate ESG factors into our investments and financing decisions and actively promote stewardship activities. Furthermore, as an asset owner, we will strive to balance responsible investment with improved profitability, thereby contributing to the realization of a nation strong in asset management.
Overseas operations will concentrate on North America and Asia, where we expect to have an overall advantage based on market size and growth potential in each region. We will work on strengthening our revenue base as a growth business while advancing regional diversification within the group. In addition to realizing synergies with existing investments, we will also consider new growth opportunities, enhance our group management structure, and work to strengthen our earnings base and diversify risks on a global basis.
