Lifenet Insurance Company · TSE:7157
Lifenet Insurance — Q2 2025 Earnings Presentation
45 slides from Lifenet Insurance's earnings presentation, Nov 13, 2025
Slide 1: Presentation Material for Investors Second Quarter Fiscal 2025
Securities Code: 7157 TSE Prime Presentation Material for Investors Second Quarter for Fiscal 2025 November 13, 2025
Slide 2: Table of Contents
Table of Contents １. Main Initiatives for 1H of FY2025 2. Financial Results for 1H of FY2025 3. For Improvement of Market Evaluation 1
Slide 3: 1H for Fiscal 2025 Key Highlights
1H for Fiscal 2025 Key Highlights Key indicators Corporate Value Growth Profitability Comprehensive Equity1 Annualized premium2 Insurance service of policies-in-force results ¥ 175,566mn ¥ 35,805mn ¥ 6,089mn (YoY 106.4%) (YoY 110.0%) (YoY 133.4%) Notable achievements ◼ Transforming UX through servic
Slide 4: For Further Improvement of CX
For Further Improvement of CX Rebranding Tech & Services Embedded ◼ Transforming CX with highly convenient services Comparison Needs Consulting Policy Generation & Application Management Review Claim Consideration Jul. 2025 Oct. 2025 Aug. 2025 Expanding opportunities to provide the Reduced applicati
Slide 5: For Building Unique Position
For Building Unique Position Rebranding Tech & Services Embedded ◼ Establishing competitive advantage by leveraging online model, meeting customer needs for affordable premiums with "term" series Unique brand for the “term" product Lineup Renewal of whole-life cancer insurance Cancer Sales start Dec
Slide 6: Regrowth of Individual Life
Regrowth of Individual Life Rebranding Tech & Services Embedded ◼ Sales efforts leading to a strong turnaround towards growth in individual life Net increase of annualized premium of policies-in-force for individual life Multiple initiatives led to success （JPY millions） 843 YoY 680 +23.9％ 652 Optim
Slide 7: New Growth Stage for GCL business
New Growth Stage for GCL business Rebranding Tech & Services Embedded ◼ Agreed on new partnership with Kyoto Shinkin Bank ◼ Expanding the GCL business based on our first alliance achievement outside the existing collaboration group Support mortgage loan competitiveness Direction of future expansion
Slide 8: FY2024-2028 Mid-term Business Plan
FY2024-2028 Mid-term Business Plan Growth Strategy Goals in Fiscal 2028 Priority Areas Management Goal Comprehensive Equity (CE) : ¥200-240bn Rebranding Embedded Financial Targets 中期計画 Stock price：¥3,000+ Annual growth rate of CE per share： Tech & Services approx. 10% Non-financial Targets (Human ca
Slide 9: Table of Contents
Table of Contents １. Main Initiatives for 1H of FY2025 2. Financial Results for 1H of FY2025 3. For Improvement of Market Evaluation 8
Slide 10: Annualized Premium of Policies-in-Force
Annualized Premium of Policies-in-Force ◼ Resulted in ¥35,805mn and continued significant growth of 10.0% YoY YoY :AP1 of policies-in-force for GCL (JPY millions) 35,805mn +10.0％ :AP1 of policies-in-force for individual life (JPY millions) 32,559 Group credit 8,084 life insurance 27,255 6,455 2,570
Slide 11: Policies-in-Force Movement
Policies-in-Force Movement ◼ Individual life continued strong recovery ◼ GCL growth pace slowed by external factors but steadily accumulated :Net increase of AP of policies-in-force for GCL (JPY millions) :Net increase of AP of policies-in-force for individual life (JPY millions) Net increase of Net
Slide 12: Summary IFRS P/L
Summary IFRS P/L ◼ Insurance service results and net income resulted in ¥6,089mn and ¥4,478mn, respectively (JPY millions) Items FY2024/1H FY2025/1H Change Insurance service results 4,565 6,089 1,523 Financial results1 (57) 388 445 Other results (129) (176) (46) Profit before tax 4,378 6,301 1,922 N
Slide 13: Insurance Service Results
Insurance Service Results1 ◼ Achieved significant growth of 33.4% YoY and 62.1% progress rate for business forecasts :Insurance service results (fiscal year, JPY millions) :Insurance service results (1H, JPY millions) Business forecasts Progress rate 9,576 2 9,800 for the business 2 forecasts 8,222
Slide 14: Insurance Service Results Analysis
Insurance Service Results Analysis ◼ Grew strongly driven by lower-than-expected incurred claims of individual life and GCL (JPY millions) Insurance service results Items FY2024/1H FY2025/1H Change Risk 6,089 Expected adjustment Expected claims minus incurred CSM release Results from 26 672 646 minu
Slide 15: GCL Business Performance
GCL Business Performance ◼ Sales through au Jibun Bank are strongly contributing key indicators Our key indicator results (as of Sep. 2025) 8.5% (19.3%, if IFRS equity excluded) GCL contracts value :GCL :Individual life Comprehensive 包括資本 Equity 14,935mn :IFRS equity 22.6% AP for GCL AP of 保有契約年換算保険
Slide 16: Movement of Management Indicators
Movement of Management Indicators ◼ Strongly growing at a CAGR of 18% since IPO European Embedded Value（EEV）1 Comprehensive Equity ¥2,185 ¥2,080 175,566 ¥1,991 167,090 : EEV (JPY millions) 159,802 14,935 13,840 : GCL contracts value (JPY millions) 6,709 : CSM after tax (JPY millions) : IFRS Equity (
Slide 17: Changing Factors of Comprehensive Equity (CE)
Changing Factors of Comprehensive Equity (CE) ◼ Increased mainly due to unrealized gains on strategic investment stocks and assumption changes Management efforts Others : GCL movement（JPY millions）1 Acquired shares of Advance Create Co., Unrealized gains : CSM movement（JPY millions）1 on strategic Lt
Slide 18: Consolidated Business Forecasts for FY2025
Consolidated Business Forecasts for FY2025 ◼ Remains unchanged since May 2025 Growth Profitability AP of policies-in-force Insurance service results (JPY millions) Business forecasts (JPY millions) Business forecasts GCL approx. 1,400 37,500 9,800 Individual approx. 1,600 9,576 34,518 2025/03 2026/0
Slide 19: Table of Contents
Table of Contents １. Main Initiatives for 1H of FY2025 2. Financial Results for 1H of FY2025 3. For Improvement of Market Evaluation 18
Slide 20: Capital Market Evaluation
Capital Market Evaluation ◼ While the PCE ratio shows an improving trend, it remains below 1x, indicating room for further improvement CE and CE per Share1 Stock Price2 PCE(Price/CE per Share1) Ratio 2,185 2.00 2,080 : CE/share (JPY) 1,991 175,566 : CE 167,090 1,788 159,802 1,673 1,570 ¥ 1,968 1,430
Slide 21: Initiatives to Improve PCE Ratio
Initiatives to Improve PCE Ratio ◼ Targeting PCE of 1.0x+ by enhancing corporate value with individual life & GCL businesses and market valuation Enhancement of corporate value Improvement of market evaluation Scale expansion Open and active • Promote understanding of "Comprehensive Equity“ dialogue
Slide 22: Achieving Mid-term Business Plan
Achieving Mid-term Business Plan ◼ Aim to achieve FY2028 management goal by realizing sustainable growth through investment in priority areas ¥200-240bn CE growth image FY2028 Financial goals 167 Stock price 159 1241 133 ¥3,000+ Annual growth rate of CE per share approx. 10% 2022/03 2023/03 2024/03
Slide 23: https://ir.lifenet-seimei.co.jp/en/
All information on this document that is not historical fact constitutes forward-looking information and is based on assumptions and forecasts available to the company at the time of preparation. The company cannot guarantee the accuracy of these assumptions and forecasts. Earnings projections and o
Slide 24: LIFENET Manifesto
LIFENET Manifesto Sincere, Easy-to-understand, Affordable and Convenient I. Our Guiding Principles II. Making Life Insurance Accessible Again - Headache-free (1) Creating the future of the life insurance without losing sight of its original (1) Helping the customers help themselves. By making our ma
Slide 25: Appendix
Appendix
Slide 26: Glossary 1
Glossary 1 Glossary Explanation Revenue accrued for fulfillment of insurance services. Mainly, expected claims, expected maintenance expenses, risk Insurance revenue adjustment release, CSM release and recovery of insurance acquisition cash flows. Investment components which will be paid regardless
Slide 27: Glossary 2
Glossary 2 Glossary Explanation An indicator defined by the Group. It is the sum of “Equity (attributable to owners of the Company)” on the IFRS balance sheets, “CSM”, a liability representing unearned profit that the Group expects to earn as it provides insurance services Comprehensive Equity (insu
Slide 28: Breakdown of Policies-in-Force
Individual life Breakdown of Policies-in-Force Component 2024/09 2025/09 ratio Number of policies-in-force 618,039 659,078 100% - Term Life 301,426 318,080 48% - Whole-life Medical & Term Medical 168,639 181,730 28% - Long-term Disability 70,713 73,447 11% - Cancer 70,157 78,613 12% - Other1 7,104 7
Slide 29: Annualized Premium / Number of New Business
Individual life Annualized Premium / Number of New Business :AP1 of new business (JPY millions) :Number of new business 1,123 1,137 1,051 981 969 933 923 889 820 808 792 806 747 734 675 689 681 639 29,864 27,553 26,167 22,506 24,410 23,928 22,612 22,128 20,474 20,934 20,498 19,967 18,471 18,634 16,9
Slide 30: Surrender and Lapse Ratio
Individual life Surrender and Lapse Ratio :Surrender and lapse ratio1（%） 7.6% 6.9% 6.8% 6.6% 6.6% 6.4% 6.4% 6.4% 6.3% 6.3% 6.3% 6.0% 6.1% 5.6% 5.4% 5.5% 5.6% 5.4% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q FY2021 FY2022 FY2023 FY2024 FY2025 1. The surrender and lapse ratio is the annual e
Slide 31: Insurance Acquisition Cash Flows (IACF) Efficiency
Individual life Insurance Acquisition Cash Flows (IACF) Efficiency :Insurance acquisition cash flows / AP of new business :Insurance acquisition cash flows per new business (JPY thousands) Fiscal year1 Quarter 150 129 133 123 137 119 131 127 3.7 105 3.4 3.1 3.3 3.0 97 3.3 3.4 3.2 2.7 2.4 (Fiscal yea
Slide 32: Operating Expenses Ratio
Operating Expenses Ratio1 :Operating Expenses Ratio（％） :Operating expenses excl. insurance acquisition cash flows (JPY millions) Fiscal year2 Quarter 20.7% 19.4% 18.4% 16.7% 5,352 14.6% 17.8% 14.7% 16.1% 16.3% 4,935 4,715 14.4% 3,896 2,561 1,294 1,463 1,379 1,252 1,308 2021 ’22 ’23 ’24 ’25/1H 2024/2
Slide 33: Summary IFRS P/L (Quarter)
Summary IFRS P/L (Quarter) (JPY millions) Items 2024/2Q 2024/3Q 2024/4Q 2025/1Q 2025/2Q Notes on QonQ change Insurance service results 2,224 2,628 2,383 2,945 3,143 Expected claims minus incurred claims1 (19) 153 12 364 308 Risk adjustment release 405 399 416 404 420 CSM release 1,834 1,842 1,898 1,
Slide 34: Breakdown of Insurance Service Results
Breakdown of Insurance Service Results (JPY millions) FY2024 FY2025 Items （Ref.）Fiscal year １H 1H Insurance revenue 30,081 14,297 16,767 Expected claims 11,170 5,447 5,957 Risk adjustment release 1,612 797 824 CSM release 7,440 3,699 3,845 Recovery of IACF 4,143 2,008 2,276 Others (83) (40) (51) Pre
Slide 35: Breakdown of Financial Results
Breakdown of Financial Results ◼ Increase due to higher interest income from purchases of corporate bonds, and recovery from foreign exchange losses (JPY millions) Items FY2024/1H FY2025/1H Change Investment results (9) 386 396 Interest income 467 596 129 Impairment losses on financial assets, net (
Slide 36: Detail of Bond Portfolio
Detail of Bond Portfolio1 As of September 30, 2025 (JPY millions) Available-for-Sale Held-to-Maturity Total JPY Bonds 15,778 38,961 54,740 Duration2 4 years 6 years 5 years Foreign Currency Bonds 13,675 — 13,675 Duration2 4 years Non-Currency Hedged 2,052 — 2,052 Currency Hedged 11,622 — 11,622 1. B
Slide 37: CSM Movement
CSM Movement Impact of assumption (JPY millions) changes, etc. 3,147 Items FY2024 FY2025/1H New business Interest CSM, CSM accretion end of the period CSM, beginning 2,172 509 94,043 CSM, beginning of the period 92,173 92,059 of the period Amortization 92,059 in current period New business CSM 3,486
Slide 38: CSM Future Allocation
CSM Future Allocation ◼ Stable profits will be realized over long period from in-force CSM ◼ Aim for CSM release growth by adding CSM generated from future acquired new business Future allocation of CSM (JPY billions) Expected timing when CSM is recognized in PL Amount A+year 6 A+year 1 A＋year 2 A＋y
Slide 39: Comprehensive Equity Sensitivity Analysis
Comprehensive Equity Sensitivity Analysis1 ◼ Impacts of changes in assumptions (sensitivities) Changes in Comprehensive Equity (CE) as of Sep. 30, 2025 Of which (JPY millions) Changes in CE % changes changes in CSM2 Comprehensive Equity as of Sep. 30, 2025 175,566 ー 62,453 1.0% increase in risk-free
Slide 40: Impact on CE by Rising Interest Rates
Impact on CE by Rising Interest Rates ◼ Due to product characteristics, future revenue surpasses expenditures in insurance CF’s, positive on CE as contract value ◼ CE would be decreased through valuation losses with rising interest rates but the impact would be limited1 Insurance CF’s Contract value
Slide 41: Composition Ratios of Required Capital
Composition Ratios of Required Capital1 ◼ Due to our focus on protection products, insurance risk constitutes majority of the risk profile Lifenet2 Industry average3 Other risk Other risk 4% 11% Market risk Insurance Credit risk risk 13% 30% Market risk Insurance risk Credit risk 76% 66% 1. Ratio to
Slide 42: Solvency Margin Ratio Calculation
Solvency Margin Ratio Calculation As of September 30, 2025 ( (𝑅 1 + 𝑅 8 )2 + (𝑅 2 + 𝑅 3 + 𝑅 7 )2 + 𝑅 4 )/2 (JPY millions) = Solvency margin ratio Total amount of solvency margin Total amount of risk/2 1,630.7％ <numerator> ÷ < the denominator> 【Ref.】 48,238 Consolidated 5,916/2 Solvency margin…
Slide 43: IFRS Reporting
IFRS Reporting ◼ IFRS adoption better presents periodic performance and profitability from policies-in-force ◼ Capital adequacy and dividends are regulated by statutory accounting standards (J-GAAP) Statutory Accounting Comprehensive Equity IFRS 17 （J-GAAP） (CE) Recognition of revenue Economic value
Slide 44: Summary J-GAAP P/L & B/S
Summary J-GAAP P/L & B/S ◼ Strengthen modified co-insurance in FY2025 to mitigate the decline in capital and aim to improve the financial condition (JPY millions) Items FY2024 FY2024/1H FY2025/1H Items FY2024 FY2025/1H Ordinary income 41,994 20,291 25,558 Total assets 89,866 98,920 Insurance premium
Slide 45: Dividend Policy
Dividend Policy ◼ Aim for the increase in total shareholder return by capital gain1 Profit Policies-in-force & profit and loss（illustrative image） : Policies-in-force : New business : J-GAAP profit and loss Retained earnings are realized after generating profit Marketing expenses are recorded in lum
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