Daiichi Life Insurance’s Toshiaki Sumino has assumed the role of chairperson of the Life Insurance Association of Japan (LIAJ), effective 17 July 2026.
Sumino succeeds Yukinori Takada, president and CEO of Sumitomo Life Insurance. The LIAJ nominated Sumino as chairperson-elect at its board meeting on 17 April, ahead of his formal election following the association’s extraordinary general meeting last Friday.
He currently serves as representative director and president of Daiichi Life Insurance, a position he has held since 2023. He joined Daiichi Mutual Life Insurance in 1992 and became an executive officer of the holding company in 2016.
In his policy statement, Sumino said the industry must continue “supporting flourishing lives and a prosperous society through peace of mind” amid demographic change, technological advances, geopolitical instability and rising household costs.
During his term, the new chairperson said the LIAJ will focus on three areas: promoting customer-oriented business conduct, improving financial well-being and contributing to a sustainable society.
“Precisely because we live in an era of persisting uncertainty, we will make the utmost efforts to address the various challenges over the coming year,” he added.
According to Sumino, the association also plans to strengthen compliance risk management, update its guidance for insurance sales through independent agencies, and promote financial literacy, including among younger consumers.
The appointment comes as Japan’s life insurance sector enters a new solvency regime, with Fitch Ratings expecting major insurers to remain well-capitalised and profitable in the financial year ending March 2027. Stable surrender and lapse rates, continued capital build-up and a widening investment spread are expected to support results, although conservative mass-lapse assumptions could put greater pressure on smaller insurers.
