# Mitsui Sumitomo Primary Life Insurance

Mitsui Sumitomo Primary Life Insurance is an Insurance based in Tokyo, Japan.

## Overview

- **Organization type:** Insurance
- **Headquarters:** Tokyo, Japan
- **Region:** Asia
- **Address:** 2-2-1 Yaesu, Chuo-ku, Tokyo 104-0028, Japan
- **Founded:** 2013
- **Assets under management:** Undisclosed
- **Website:** ms-primary.com
- **LinkedIn:** https://www.linkedin.com/company/mitsui-sumitomo-primary-life-insurance-company-limited

## Regulatory record

- **Reports private funds:** No

## About

Mitsui Sumitomo Primary Life Insurance was established in 2013 after the dissolution of Mitsui Sumitomo MetLife Insurance, a 50-50 joint venture with MetLife. MS&AD Insurance Group Holdings took full ownership, rebranding the entity as its primary life insurance arm. The firm operates from the Yaesu Central Tower in Tokyo and distributes products partly through a strategic relationship with Toyota Group. As a general account investor, the firm manages assets to support longer-duration Japanese yen liabilities, principally annuity and protection products. The portfolio spans domestic investment-grade corporate bonds, Japanese equities, and overseas credit, including US and Australian dollar-denominated assets. Challenger Limited serves as a strategic reinsurance partner for the firm's foreign-currency annuity offerings in Japan. On the real estate side, the firm holds direct commercial properties, including the Tokyo Midtown Yaesu complex and office assets in Okayama. The firm's Fund Management Group, represented internationally by Deputy General Manager Makoto Ichioka, directs asset allocation decisions. The parent company, MS&AD Insurance Group Holdings, consolidates the firm's financials, making standalone AUM figures undisclosed to the public. The firm is a PRI signatory and participates in the Life Insurance Association of Japan. Mitsui Sumitomo Primary Life's structural distinctiveness comes from its clean break with a large foreign partner. Unlike many Japanese life insurers that operate legacy foreign joint ventures, MSI Primary Life is wholly owned by MS&AD, giving the parent full control over product development and capital allocation without the dividend-sharing constraints of a joint-venture structure.

## Sectors

- Financials
- Real Estate
- Infrastructure

## People

- Shinichiro Ueno — President and CEO
- Makoto Ichioka — Deputy General Manager, Fund Management Group

## Questions

### Who runs investment decisions at Mitsui Sumitomo Primary Life?

The Fund Management Group handles asset allocation and investment decisions. Deputy General Manager Makoto Ichioka is the senior investment professional who represents the firm at international conferences and investor forums, including the Japan-New Zealand Investment Forum. President and CEO Shinichiro Ueno holds ultimate executive responsibility.

### What is Mitsui Sumitomo Primary Life's relationship to MetLife?

The firm was originally Mitsui Sumitomo MetLife Insurance, a 50-50 joint venture between MS&AD Insurance Group and MetLife. The partnership dissolved in 2013, with MS&AD acquiring full ownership and renaming the entity Mitsui Sumitomo Primary Life Insurance.

### How does Mitsui Sumitomo Primary Life distribute its insurance products in Japan?

The firm maintains a strategic distribution relationship with Toyota Group to reach customers. It operates as part of the broader MS&AD network, which includes strategic ties with Nippon Life Insurance Company.

### Does Mitsui Sumitomo Primary Life manage real estate investments directly?

Yes, the firm holds direct commercial real estate assets in Japan. Its portfolio includes the Tokyo Midtown Yaesu complex, which houses its own headquarters, and an office property in Okayama. The firm also carries a broader investment property portfolio within Japan.

### What is the firm's exposure to foreign-currency products?

The firm issues US dollar and Australian dollar-denominated annuities to Japanese retail and institutional clients. Challenger Limited, an Australian investment manager, acts as the strategic reinsurance partner for these foreign-currency annuity liabilities.

## Related profiles

- [Mitsui Sumitomo Insurance](https://altss.com/profile/mitsui-sumitomo-insurance)
- [MLC Asset Management](https://altss.com/profile/mlc-asset-management)

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Last updated: 2026-06-03T20:00:00.000Z

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