Nissho

What Nissho does

Nissho Corporation (日硝興産株式会社) is a Tokyo-headquartered private company established in June 1972 that operates as a captive in-house service agent for Nippon Sheet Glass Co., Ltd. (NSG), its sole shareholder. The company conducts two principal lines: exclusive insurance agency services under long-standing agreements with Mitsui Sumitomo Marine Fire Insurance (property/casualty, since 1972) and Mitsui Sumitomo Aioi Life Insurance (life, since 1992), and a product sales operation distributing the internally developed H+B Cosmetics Cycrear skincare line. All sales channels are restricted to NSG group companies, current and former employees, and affiliated parties; the cosmetics line is explicitly not available to the general public. The company also provides facility-related services — equipment maintenance, administrative support, building repair, and industrial waste collection — to NSG manufacturing sites.

The insurance business operates on a recurring commission model tied to policy sales and renewals within the NSG group. The product line comprises medicinal skincare formulations featuring proprietary trehalose (a disaccharide produced via mass production for hydration), glucose-bound stable vitamin C derivative (engineered to resist heat and air degradation and to convert enzymatically into active vitamin C in the skin), and selected plant extracts (soybean isoflavone, amaogamo, Okinawa aloe vera). Nissho maintains six offices across Japan — Tokyo headquarters, Osaka Branch, Chiba Branch, and sales offices at Yokkaichi, Sagamihara, and Tsu — with most non-headquarters locations co-located inside NSG production facilities. Reported revenue is approximately 300 million JPY in fiscal year 2024 (Reiwa 6) with around 50 employees.

Nissho's commercial scope has narrowed materially over time. Consumer finance was discontinued in 2005, travel agency in 2010, specified worker dispatch in 2017, real estate in February 2022, and the Aflac agency business is set to end in April 2026. In May 2022, the Maizuru Branch and Kyoto Sales Office were absorbed into a newly established company via an absorption-type split. The remaining business is concentrated on insurance agency commissions and internal distribution of the Cycrear skincare line, with the captive NSG customer base as the sole revenue source.

Name

Nissho

Legal name

日硝興産株式会社

Website

https://2453.jp

Company type

Private

Founded year

1972

Operating status

Operating

Headcount range

251–500 employees

Short description

Nissho Corporation (日硝興産株式会社) is a Tokyo-based wholly-owned subsidiary of Nippon Sheet Glass that provides exclusive insurance agency and internal product distribution services solely to NSG group companies and employees across Japan.

Ownership category

akta.pro rank

Headquarters

HQ city

Osaka

HQ country

Japan

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Agency Commissions: Commissions from acting as exclusive agent for Mitsui Sumitomo Marine Fire Insurance (property insurance) and Mitsui Sumitomo Aioi Life Insurance (life insurance). This is a recurring commission-based revenue model tied to policy sales and renewals.
2. Equipment Maintenance and Facility Services: Services including equipment maintenance, administrative services, repair and renovation work, and industrial waste collection and transportation for Nippon Sheet Glass and group companies.
3. Product Sales (Cosmetics): Sales of H+B Cosmetics Cycrear skincare series to Nippon Sheet Glass employees, related companies, and former employees. Product sales are internal/employee-only, not publicly available.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Nissho Corporation acts as the exclusive in-house agent (インハウスエージェント) for Nippon Sheet Glass Co., Ltd. (NSG) and its group companies. The company sells property/casualty insurance under an exclusive agency agreement with Mitsui Sumitomo Marine Fire Insurance and life insurance under an exclusive agreement with Mitsui Sumitomo Aioi Life Insurance. It also distributes the H+B Cosmetics "Cycrear" skincare line internally to NSG employees and former employees, and provides facility-related services including equipment maintenance, administrative support, building repair/renovation, and industrial waste collection/transport to NSG manufacturing sites.

Product overview

Nissho Corporation operates as a diversified services company primarily focused on insurance agency services, serving as an exclusive in-house agent for the 日本板硝子 (Nippon Sheet Glass) group. The company's product portfolio includes property/casualty insurance and life insurance products distributed through exclusive agency agreements with 三井住友海上火災保険株式会社 and 三井住友海上あいおい生命株式会社, as well as the H+B cosmetics サイクレアー skincare product line launched in 2003. Additional business segments encompass equipment maintenance, administrative services, building repairs, and industrial waste collection/transport.

Differentiator

Problem solved

Functional benefit

Brands

• サイクレアー (Cycle Clear): A medicinal skincare series featuring moisturizing trehalose and stable vitamin C derivatives. Product line includes cleansing gel and mild wash, marketed for brightening and deep moisturizing effects.

Products and services

• Property and Casualty Insurance (損害保険) Property and casualty insurance products offered under an exclusive agency agreement with Mitsui Sumitomo Marine Fire Insurance Co., Ltd. (三井住友海上火災保険株式会社), covering personal and business insurance needs. Nissho has the authority to conclude property insurance contracts on behalf of the insurer, distributed directly to Nippon Sheet Glass group employees and operations.
• Life Insurance (生命保険) Life insurance products offered under an exclusive agency agreement with Mitsui Sumitomo Aioi Life Insurance Co., Ltd. (三井住友海上あいおい生命保険株式会社). Nissho acts as an intermediary in life insurance contract formation, distributed directly to Nippon Sheet Glass group employees and related parties.
• Travel Insurance (海外旅行保険) Travel insurance products available through the company's insurance services, including net-based insurance products from Mitsui Sumitomo, distributed to Nippon Sheet Glass group employees for overseas travel coverage.
• H+B Cosmetics Cycrear Skincare Line (H+B化粧品 サイクレアー) Medicinal skincare product line featuring proprietary moisturizing (trehalose) and brightening (stable vitamin C derivative) formulations, with plant-derived ingredients (soybean extract, amaogamo extract, Okinawa aloe vera). Sold exclusively to Nippon Sheet Glass employees, related company employees, and former employees through an internal sales program; not available to the general public.
• Cycrear Cleansing Jelly (サイクレアー クレンジングジェル) Makeup-removing cleansing gel in gentle jelly texture (150ml) that adheres to and removes dirt. Weakly acidic, fragrance-free, and colorant-free formula. Part of the H+B Cosmetics Cycrear skincare line sold exclusively to NSG group employees.
• Cycrear Mild Wash (サイクレアー マイルドウォッシュ) Facial cleanser (150ml) with fine, high-quality foam that gently wraps the skin. Uses amino acid-based cleansing ingredients and moisturizing components. Weakly acidic, fragrance-free, and colorant-free formula. Part of the H+B Cosmetics Cycrear skincare line sold exclusively to NSG group employees.
• Equipment Maintenance and Facility Services (設備保全・施設サービス) Services including equipment maintenance, administrative services, repair and renovation work, and industrial waste collection and transportation, provided to Nippon Sheet Glass and group companies across multiple manufacturing sites in Japan.

Quantifiable outcome

• Sells H+B Cosmetics Cycrear skincare products to a wide customer base, with positive customer feedback indicating high satisfaction with the product line.

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core.

• Nippon Sheet Glass Co., Ltd. (日本板硝子株式会社)coreStrategic or Co-development PartnerNippon Sheet Glass is the sole shareholder of Nissho Corporation. Nissho operates as an in-house agent serving the Nippon Sheet Glass group, providing integrated insurance, facility management, and support services. The relationship is foundational to Nissho's business model, with all major business lines tied to serving NSG group companies.
• Mitsui Sumitomo Marine Fire Insurance Co., Ltd. (三井住友海上火災保険株式会社)coreChannel Partner/ Reseller/ DistributorNissho holds an exclusive agent (専属代理店) agreement with Mitsui Sumitomo Marine Fire Insurance for property/damage insurance products. Nissho has the authority to conclude property insurance contracts on behalf of the insurer.
• Mitsui Sumitomo Aioi Life Insurance Co., Ltd. (三井住友海上あいおい生命株式会社)coreChannel Partner/ Reseller/ DistributorNissho holds an exclusive agent (専属代理店) agreement with Mitsui Sumitomo Aioi Life Insurance for life insurance products. Nissho acts as an intermediary in life insurance contract formation, though it does not hold the duty of disclosure acceptance.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Marsh Japan: Global insurance brokerage operating in Japan with strong corporate client relationships. Comparable as an incumbent corporate insurance intermediary competing for the same enterprise risk management wallet that Nissho serves at smaller scale.
• Sompo Japan Insurance: Major Japanese P&C insurance carrier offering commercial and personal lines through corporate agents and direct sales. Comparable as a broad incumbent with overlapping agency distribution model in the same Japanese insurance market.
• Aon Japan: Global insurance brokerage and risk management firm with a significant Japanese corporate client practice. Comparable as a higher-end corporate insurance intermediary serving Japanese enterprise risk management needs.
• Willis Towers Watson Japan: Global insurance and reinsurance brokerage with Japan operations serving large corporate clients. Comparable as an incumbent intermediary providing corporate insurance placement and risk advisory services similar to Nissho's in-house agent role at enterprise scale.
• Nippon Life Insurance: Japan's largest private life insurer with strong group life and corporate welfare product distribution. Comparable as a broad incumbent life carrier that competes with Mitsui Sumitomo Aioi Life, the carrier Nissho exclusively represents.
• Aioi Nissay Dowa Insurance: Major Japanese P&C insurance carrier formed through the merger of Aioi, Nissay, and Dowa Fire. Comparable because it is one of the large carriers whose agency products compete for placement with the carriers Nissho represents (Mitsui Sumitomo group).
• Tokio Marine & Nichido Fire Insurance: Japan's largest P&C insurance carrier with a deep exclusive/captive agency network across corporate groups. Comparable as a broad incumbent operating the same exclusive agency model Nissho performs at smaller scale for NSG.
• Dai-ichi Life Insurance: Major Japanese life insurance carrier with extensive corporate group insurance distribution. Comparable as a broad incumbent life carrier whose group products overlap with the life insurance lines Nissho distributes.

Direct peers

• Hoken-no-Madoguchi: Japan's largest chain of independent insurance agency storefronts, distributing P&C and life products from multiple carriers. Comparable as a directly adjacent insurance agency distribution model — multi-carrier retail/captive agency vs. Nissho's single-carrier captive model.

Others

• Zenrosai (Zenrosai Co-operative Insurance): Japanese cooperative insurance provider affiliated with labor union groups, distributing insurance to a defined membership base. Comparable as an organization that distributes insurance products to a captive/membership-defined audience, structurally similar to Nissho's employee-only distribution model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nissho