Insurance and insurtech take center stage: A detailed look at 21 select stocks set for tectonic shifts under the amended Insurance Business Act, with an industry restructuring map

The amended Insurance Business Act is intended to promote customer protection and fair competition by strengthening the obligation of specified large-scale multiple-insurer agencies to establish operational structures, strengthening business management obligations for agencies engaged in other businesses, expanding the scope of prohibited conduct relating to the execution of insurance contracts, and adding to the parties subject to notification requirements. Life insurance solicitors at large multiple-insurer agencies will also be subject to similar obligations to establish operational structures. This is expected to drive the exit of smaller agencies and further consolidation around companies with the necessary systems.

The industry structure is also being reshaped at the same time. In March 2025, MS&AD reached a final agreement on the merger of two non-life insurers under its umbrella and plans to establish a new company, with 1 April 2027 set as the effective date. The new company's net premiums written are expected to be approximately ¥3 trillion, making it likely to become Japan's largest non-life insurer. Its trade name is expected to change to Mitsui Sumitomo Insurance Group. This will shift the center of industry consolidation.

New market entry and capital movements are also gathering pace. In September 2025, Sony Financial Group, a subsidiary of Sony Group, listed on the TSE Prime Market. In April 2026, Japan Airlines is expected to acquire shares in Lifenet Insurance and become a major shareholder. Dai-ichi Life Holdings is expected to change its trade name to Dai-ichi Life Group in April 2026, while T&D Holdings is scheduled to be transferred to the PayPay Group in October 2027. These moves are expected to accelerate the renewal of the insurance and insurtech sectors.