Lifenet Insurance Company · TSE:7157
Lifenet Insurance — Q3 FY2025 Earnings Presentation
45 slides from Lifenet Insurance's earnings presentation, Feb 12, 2026
Slide 1: Presentation Material for Investors Third Quarter for Fiscal 2025
Securities Code: 7157 TSE Prime Presentation Material for Investors Third Quarter for Fiscal 2025 February 12, 2026
Slide 2: Cumulative 3Q for Fiscal 2025 Key Highlights
Cumulative 3Q for Fiscal 2025 Key Highlights Key indicators Corporate Value Growth Profitability Comprehensive Equity1 Annualized premium2 Insurance service of policies-in-force results ¥ 174,507mn ¥ 36,386mn ¥ 8,758mn (YoY 105.6%) (YoY 109.1%) (YoY 121.8%) Notable achievements ◼ Strong individual l
Slide 3: Table of Contents
Table of Contents １. Main Initiatives for 3Q of FY2025 2. Financial Results for 3Q of FY2025 2
Slide 4: Strong Growth in Individual Life Performance
Strong Growth in Individual Life Performance ◼ Strong growth of 26.4% YoY, driven by the advancement of strategic marketing Net increase of AP1 of policies-in-force (Individual life) （JPY millions） YoY 1,276 Key Drivers +26.4％ 1,009 962 Product strategy to strengthen 1 engagement with the youth “Ult
Slide 5: Product Strategy to Strengthen Engagement with the Youth
1 Product Strategy to Strengthen Engagement with the Youth ◼ Performance driven by the "Term" series capturing the younger entry market, aiming to maximize LTV1 through sustained customer engagement Expansion driven by the "Term" series Expanding coverage Maximizing capturing the younger entry marke
Slide 6: "Ultimate Insurance Experience" through Service Excellence
2 “Ultimate Insurance Experience” through Service Excellence ◼ Enhancing competitive advantage by further focusing on "Tech & Services" Comparison Needs Policy Generation & Consulting Application Administration Review Claim consideration November 2025 Utilization of Voice AI in January 2026 New! Aug
Slide 7: Optimizing Promotions
3 Optimizing Promotions ◼ Building a sustainable growth foundation through an acquisition model pursuing quality in addition to quantity Direct channels Partner business channels In-housing of web ads operation Creating business opportunities to "mobilize" achieving both speed and quality to improve
Slide 8: Future Growth Drivers
Future Growth Drivers ◼ Establishing a scalable growth model for both individual life and GCL, aiming for accelerated business expansion Past challenges Future strategy ◼ Reliance on ad volume ◼ Attract high-intent leads via ◼ Lack of Sales × Product synergy optimized media mix Direct ◼ Untapped val
Slide 9: 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 10: Table of Contents
Table of Contents １. Main Initiatives for 3Q of FY2025 2. Financial Results for 3Q of FY2025 9
Slide 11: Annualized Premium of Policies-in-Force
Annualized Premium of Policies-in-Force ◼ Resulted in ¥36,386mn and continued growth of 9.1% YoY :AP1 of policies-in-force for GCL (JPY millions) 36,386mn YoY +9.1％ :AP1 of policies-in-force for individual life (JPY millions) 33,348 8,232 Group credit 27,872 6,914 life insurance 2,877 Individual 26,
Slide 12: Policies-in-Force Movement
Policies-in-Force Movement ◼ Individual life accelerates the rebound ◼ 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 i
Slide 13: Summary IFRS P/L
Summary IFRS P/L ◼ Insurance service results and net income resulted in ¥8,758mn and ¥6,240mn, respectively (JPY millions) FY2024/3Q FY2025/3Q Items (YTD) (YTD) Change Insurance service results 7,193 8,758 1,565 Financial results1 (67) 334 402 Other results (241) (312) (70) Profit before tax 6,884 8
Slide 14: Insurance Service Results
Insurance Service Results1 ◼ Achieved significant growth of 21.8% YoY and drastically exceeds progress rate for previous business forecasts Progress rate 【Revised】 for the previous :Insurance service results (fiscal year, JPY millions) Business Forecasts forecasts :Insurance service results (3Q YTD,
Slide 15: 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 FY2024/3Q FY2025/3Q Risk service results Items Change (YTD) (YTD) Expected adjustment CSM release Results from 8,758 minus incurred release Expected cl
Slide 16: GCL Business Performance
GCL Business Performance ◼ Sales through au Jibun Bank are strongly contributing key indicators ◼ Preparations are on track for the launch with Kyoto Shinkin Bank Our key indicator results (as of Dec. 2025) 8.4% (19.0%, if IFRS equity excluded) GCL contracts value :GCL :Individual life Comprehensive
Slide 17: Movement of Management Indicators
Movement of Management Indicators ◼ Strongly growing at a CAGR of 18% since IPO European Embedded Value（EEV）1 Comprehensive Equity ¥2,172 ¥2,080 ¥1,991 167,090 174,507 : EEV (JPY millions) 159,802 14,660 13,840 : GCL contracts value (JPY millions) 6,709 : CSM after tax (JPY millions) : IFRS Equity (
Slide 18: Changing Factors of Comprehensive Equity (CE)
Changing Factors of Comprehensive Equity (CE) ◼ Increased due to new business CSM and assumption changes in 2Q though affected by rising interest rates Management efforts Others Unrealized gains : GCL movement（JPY millions）1 on strategic : CSM movement（JPY millions）1 investment stocks : Equity movem
Slide 19: Revision of Consolidated Business Forecasts for FY2025
Revision of Consolidated Business Forecasts for FY2025 ◼ Upwardly revised insurance service results and net income based on favorable claims, while adjusted AP forecasts Growth Profitability AP of policies-in-force 【Revised】 Insurance service results 【Revised】 (JPY millions) Business forecasts (JPY
Slide 20: Capital Market Evaluation
Capital Market Evaluation ◼ While the PCE ratio shows an improving trend, further stabilization above 1x is needed CE and CE per Share1 Stock Price2 PCE(Price/CE per Share1) Ratio 2.00 2,080 2,172 : CE/share (JPY) 1,991 2,085 2,085 ¥2,085 174,507 : CE 167,090 1,788 159,802 1,742 1,673 1,742 1,742 1,
Slide 21: Initiatives to Improve PCE Ratio
Initiatives to Improve PCE Ratio ◼ Aim to improve PCE 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 wit
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 2024/12 2025/12 ratio Number of policies-in-force 626,146 670,589 100% - Term Life 304,831 322,371 48% - Whole-life Medical & Term Medical 171,163 185,265 28% - Long-term Disability 71,263 74,424 11% - Whole-life Cancer & Term Cancer 71,812 81
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 1,051 981 969 933 923 889 820 808 792 806 821 747 734 675 689 681 639 29,864 27,553 26,167 22,506 24,410 23,928 22,612 22,128 20,934 20,498 20,474 21,024 19,967 18,471
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% 5.4% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q FY2021 FY2022 FY2023 FY2024 FY2025 1. The surrender and lapse ratio is the
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 150 133 129 121 131 127 117 3.7 119 105 3.1 3.0 97 3.4 3.3 3.3 3.2 3.0 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% 17.8% 14.8% 16.7% 15.2% 16.3% 14.4% 14.7% 5,352 4,935 4,715 3,896 3,936 1,463 1,379 1,308 1,374 1,252 2021 ’22 ’23 ’24 ’25/3Q 2024/3
Slide 33: Summary IFRS P/L (Quarter)
Summary IFRS P/L (Quarter) (JPY millions) Items 2024/3Q 2024/4Q 2025/1Q 2025/2Q 2025/3Q Notes on QonQ change Insurance service results 2,628 2,383 2,945 3,143 2,669 Increase in claims payments due Expected claims minus incurred claims1 153 12 364 308 58 to a rebound from favorable claims experience
Slide 34: Breakdown of Insurance Service Results
Breakdown of Insurance Service Results (JPY millions) FY2024 FY2025 Items （Ref.）Fiscal year 3Q 3Q Insurance revenue 30,081 22,041 25,380 Expected claims 11,170 8,276 9,025 Risk adjustment release 1,612 1,196 1,241 CSM release 7,440 5,542 5,781 Recovery of IACF 4,143 3,062 3,471 Others (83) (71) (84)
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 FY2024/3Q FY2025/3Q Change Investment results (16) 340 357 Interest income 716 919 203 Impairment losses on financial assets, net
Slide 36: Detail of Bond Portfolio
Detail of Bond Portfolio1 As of December 31, 2025 (JPY millions) Available-for-Sale Held-to-Maturity Total JPY Bonds 15,195 39,752 54,947 Duration2 3 years 5 years 5 years Foreign Currency Bonds 14,618 — 14,618 Duration2 4 years Non-Currency Hedged 2,252 — 2,252 Currency Hedged 12,365 — 12,365 1. Ba
Slide 37: CSM Movement
CSM Movement Impact of (JPY millions) Interest assumption New business accretion changes, etc. CSM Items FY2024 FY2025/3Q 761 3,536 3,394 CSM, end of the period CSM, beginning 93,971 CSM, beginning of the period 92,173 92,059 of the period 92,059 Amortization 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 Dec. 31, 2025 Of which (JPY millions) Changes in CE % changes changes in CSM2 Comprehensive Equity as of Dec.31,2025 174,507 ー 62,461 1.0% increase in risk-free r
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 December 31, 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 1,618.8％ <numerator> ÷ < the denominator> 【Ref.】 48,830 Consolidated 6,032/2 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) FY2024/3Q FY2025/3Q Items FY2024 Items FY2024 FY2025/3Q (YTD) (YTD) Ordinary income 41,994 30,952 38,761 Total assets 89,866 101,222 Insu
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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