Lifenet Insurance Company · TSE:7157
Lifenet Insurance — FY2025 Earnings Presentation
55 slides from Lifenet Insurance's earnings presentation, May 13, 2026
Slide 1: Presentation Material for Fiscal 2025
Securities Code: 7157 TSE Prime Presentation Material for Fiscal 2025 May 13, 2026
Slide 2: Executive Summary
Executive Summary Results for FY2025 ◼ Comprehensive Equity (CE) representing corporate value up 5% YoY, annualized premiums of policies-in-force up 8% YoY, and insurance service results up 21% YoY, growing strongly ◼ Under the new management team, the turnaround in individual life and improved expe
Slide 3: Table of Contents
Table of Contents １. Financial Results for Fiscal 2025 2. Future Initiatives 2
Slide 4: Fiscal 2025 Key Highlights
Fiscal 2025 Key Highlights Key Indicators Corporate Value Growth Profitability Annualized premium2 Insurance service Comprehensive Equity1 of policies-in-force results (CE) ¥ 176,149mn ¥ 37,290mn ¥ 11,606mn （YoY 105.4%） （YoY 108.0%） （ YoY 121.2%） Notable Achievements ◼ Enhanced competitive advantage
Slide 5: Annualized Premium of Policies-in-Force
Annualized Premium of Policies-in-Force ◼ Resulted in ¥37,290mn and achieved steady growth of 8.0% YoY :AP1 of policies-in-force for GCL2 (JPY millions) :AP1 of policies-in-force for individual life (JPY millions) 37,290mn YoY ＋8.0％ 34,518 Group credit 8,571 life insurance 28,750 7,640 3,326 Individ
Slide 6: Policies-in-Force Movement
Policies-in-Force Movement ◼ Individual life further accelerated growth ◼ GCL expanded in 4Q supported by seasonal factors, despite sluggish growth earlier due to external factors :Net increase of AP of policies-in-force for GCL (JPY millions) :Net increase of AP of policies-in-force for individual
Slide 7: Strong Growth in Individual Life
Strong Growth in Individual Life ◼ Enhanced marketing strategies drove top-line growth and improved efficiency through evolved marketing strategies enhancing both quality and quantity AP of policies-in-force IACF Efficiency :Net increase of AP of policies-in-force for individual life :Insurance acqu
Slide 8: Summary IFRS P/L
Summary IFRS P/L ◼ Insurance service results reached ¥11.6bn, surpassing the ¥10bn mark with net income showing a major jump to ¥8 bn (JPY millions) Items FY2024 FY2025 Change Insurance service results 9,576 11,606 2,029 Financial results1 (33) 266 300 Other results (363) (483) (119) Profit before t
Slide 9: Insurance Service Results
Insurance Service Results1 ◼ Substantially grew by 21.2% YoY, surpassing the upwardly revised forecast announced in February Business forecast 11,200 vs. forecast : Insurance service results (fiscal year, JPY millions) 103.6％ ￥ 11,606 ｍn2 2 9,576 2 8,222 7,216 2 6,618 YoY ＋21.2％ 2021 2022 2023 2024
Slide 10: Insurance Service Results Analysis
Insurance Service Results Analysis ◼ Grew strongly driven by lower-than-expected incurred claims of individual life and GCL (JPY millions) Results from Items FY2024 FY2025 Change GCL Risk adjustment CSM release 1,352 Expected claims minus Expected Others 191 563 371 minus incurred release Insurance
Slide 11: GCL Business Performance
GCL Business Performance ◼ Sales through au Jibun Bank strongly contributed to key indicators ◼ Collaboration with Kyoto Shinkin Bank will launch in July 2026 Our key indicator results (as of Mar. 2026) :GCL 8.7%(19.0%, if IFRS equity excluded) GCL contracts value :Individual life :IFRS equity Compr
Slide 12: Movement of Management Indicators
Movement of Management Indicators ◼ Strongly growing at a CAGR of 17% since IPO Comprehensive Equity European Embedded Value（EEV）1 (CE) ¥2,193 ¥2,080 176,149 ¥1,991 167,090 : EEV (JPY millions) 159,802 15,315 13,840 : GCL contracts value (JPY millions) 6,709 : CSM after tax (JPY millions) : IFRS Equ
Slide 13: Changing Factors of Comprehensive Equity (CE)
Changing Factors of Comprehensive Equity (CE) ◼ Increased due to new business CSM and assumption changes though affected by rising interest rates Management efforts Others : GCL movement（JPY millions）1 : CSM movement（JPY millions）1 Unrealized gains on strategic : Equity movement（JPY millions） 1 inve
Slide 14: CSM Movement and Future Allocation
CSM Movement and Future Allocation ◼ Strong increase in pre-tax CSM, supported by highly efficient new business acquisition in individual life and assumption changes ◼ Expansion of CSM through new business growth.etc enhanced the certainty for profit growth Pre-tax CSM movement Increase in CSM (JPY
Slide 15: Key Drivers of CE Changes and Linkage to P&L
Key Drivers of CE Changes and Linkage to P＆L ◼ Current CSM growth in individual life drives future annual profit CE Key factors of change P&L features ◼ Business performance GCL ◼ Changes in insurance ◼ Annual insurance results GCL contracts value assumptions directly linked to profit ◼ Interest rat
Slide 16: Initiatives for FY2025
Initiatives for FY2025 ◼ Accelerating initiatives to enhance the value of online life insurance and create a unique competitive advantage under new leadership Tech & Services Rebranding Embedded Accelerate differentiation Driving younger segment entry Individual life： through continuous service via
Slide 17: Progress toward FY2028 Goals (FY2025)
Progress toward FY2028 Goals (FY2025) FY2024 FY2025 FY2028 Results Results Goals Management Goal Increase Comprehensive Equity ¥167bn ¥176bn ¥200-240bn in corporate Financial Targets value Annual growth rate of CE per share 4.5％ 5.4％ approx.10% Stock price ¥1,7421 ¥2,0111 ¥3,000+ Non-financial Targe
Slide 18: Consolidated Business Forecasts for FY2026
Consolidated Business Forecasts for FY2026 ◼ Projecting steady growth in policies-in-force; insurance service results will increase, excluding the impact of favorable claims experience in FY2025 Growth Profitability AP of policies-in-force Business forecasts Insurance service results GCL Business fo
Slide 19: Table of Contents
Table of Contents １. Financial Results for Fiscal 2025 2. Future Initiatives 18
Slide 20: 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 21: Business Environment Assessment
Business Environment Assessment ◼ Tech adoption and shifting interest rates impacting the online life insurance landscape Online finance penetration Online finance going mainstream across all generations across all generations Widespread AI adoption in Potential for efficiency gains and operational
Slide 22: Strategic Direction Based on Business Environment
Strategic Direction Based on Business Environment ◼ Promoting strategies adapted to environmental changes to achieve mid-term business targets Online finance penetration Realignment of financial and across all generations online ecosystems Online products and services Expanding partner business 1 fo
Slide 23: Online Products and Services for All Generations
1 Online Products and Services for All Generations ◼ Delivering the ultimate insurance experience to all potential customers Product revision starting June 2026 Existing segments retention rate Improving Flexible coverage reduction for retention Point 1: Age limit expansion New 70 80 potential segme
Slide 24: Leveraging AI to Create New Insurance Experience
2 Leveraging AI to Create New Insurance Experience ◼ Driving productivity via internal adoption and transforming industry operations with Individual Number System integration AI for customers Product & Service • Enhance underwriting accuracy with an AI engine Delivering ultimate insurance experience
Slide 25: Expanding Partner Business Leveraging Ecosystem
3 Expanding Partner Business Leveraging Ecosystem ◼ Accelerating access to vast ecosystems of cross-industry leaders with the new JAL alliance ・ ・ ・ Aviation Growth through multi-layered ecosystems Deploying Lifenet’s products within the JAL ecosystem Payment Expanding into the SMBC Group’s V-Point
Slide 26: Strategic Goals and Initiatives with JAL
Strategic Goals and Initiatives with JAL ◼ Leveraging synergies for strategic growth and business expansion Lifenet JAL Group Mid-term Business Plan Management Vision 2035 Strengthening the Expansion into No.1 presence “Embedded” “Non-Aviation Strong brand in online life strategy Areas” recognition
Slide 27: Product Strategy Responding to Interest Rate Trends
4 Product Strategy Responding to Interest Rate Trends ◼ In response to rising interest rates and inflation, we aim to provide products that address the respective challenges faced by individuals and financial institutions Individual Life Group Credit Life Developing products that capture Expanding p
Slide 28: Current Market Evaluation
Current Market Evaluation ◼ With our PCE ratio below 1.0x, we recognize significant room for valuation upside CE per Share1 Stock Price2 Price/CE per Share1 2,193 2.00 2,080 1,991 176,149 2,011 CE/share (JPY) 167,090 1,788 CE (JPY millions) 159,802 1,673 1,742 1,570 1,430 1,512 124,666 ¥1,683 1,239
Slide 29: Initiatives to Improve the PCE Ratio
Initiatives to Improve the PCE Ratio ◼ Increasing the PCE ratio by enhancing corporate value and market valuation through individual and group insurance Enhancing corporate value (CE) Initiatives to improve market valuation Expanding business scale Growth of individual and group insurance Proactive
Slide 30: Achieving Mid-term Business Plan
Achieving Mid-term Business Plan ◼ Aim to achieve the FY2028 management targets by realizing sustainable growth through growth investments in priority areas CE growth image ¥200-240bn 176 Goals in Fiscal 2028 167 159 Stock price 133 3,000+ 1241 ¥ Annual growth rate of CE per share approx. 10% 2022/0
Slide 31: 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 32: 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 33: Appendix
Appendix
Slide 34: Management Structure (Scheduled for June 21, 2026)
Management Structure (Scheduled for June 21, 2026)1 ◼ Maintaining a board majority of independent outside directors with the appointment of a new non-executive director Internal Non-executive New Directors Director Junpei Yokozawa Takeshi Kawasaki President and Director, Executive Shingo Nishida Rep
Slide 35: Current initiatives to Improve Market Valuation
Current initiatives to Improve Market Valuation • Disclosing cost of capital (6-8%) to facilitate ongoing dialogue, with Proactive and open dialogue with reviews planned based on feedback shareholders and • Promoting valuable risk-taking in alignment with the implementation of investors economic val
Slide 36: 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 37: 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 38: Breakdown of Policies-in-Force
Individual life Breakdown of Policies-in-Force Component 2025/03 2026/03 ratio Number of policies-in-force 637,417 686,237 100% - Term Life 309,489 328,420 48% - Whole-life Medical & Term Medical 174,797 190,054 28% - Long-term Disability 71,947 75,860 11% - Whole-life Cancer &Term Cancer 74,126 84,
Slide 39: 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 1,051 933 981 969 963 923 889 820 808 806 821 792 747 734 675 689 681 639 25,525 29,864 27,553 26,167 24,410 23,928 22,506 22,612 22,128 20,934 20,498 20,474 21,024 19,
Slide 40: 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% 6.1% 5.5% 6.0% 5.6% 5.5% 5.6% 5.4% 5.4% 5.4% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY2021 2021年度 FY2022 2022年度 2023年度 FY2023 FY2024 2024年度 FY2025 2025
Slide 41: 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 133 120 129 131 105 127 119 117 117 97 3.3 3.4 3.1 3.3 3.2 3.0 3.0 3.1 2.7 2.4 (fiscal yea
Slide 42: 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% 15.1% 4,935 5,352 5,392 16.3% 14.7% 15.2% 15.8% 4,715 14.4% 3,896 1,379 1,252 1,308 1,374 1,456 (fiscal year) 2021 22 23 24 25
Slide 43: Summary IFRS P/L (Quarter)
Summary IFRS P/L (Quarter) (JPY millions) Items 2024/4Q 2025/1Q 2025/2Q 2025/3Q 2025/4Q Note Insurance service results 2,383 2,945 3,143 2,669 2,847 Expected claims minus incurred claims 12 364 308 58 (167) Increased in claims Risk adjustment release 416 404 420 416 434 Increased due to assumption C
Slide 44: Breakdown of Insurance Service Results
Breakdown of Insurance Service Results (JPY millions) Item FY2024 FY2025 Insurance revenue 30,081 34,388 Expected claims 11,170 12,197 Risk adjustment release 1,612 1,676 CSM release 7,440 7,871 Recovery of IACF 4,143 4,722 Others (83) (97) Premium income of GCL1 5,797 8,018 Insurance service expens
Slide 45: Breakdown of Financial Results
Breakdown of Financial Results ◼ Increased due to higher interest income from additional corporate bond purchases, etc (JPY millions) Items FY2024 FY2025 Change Investment results 53 313 259 Interest income 974 1,255 281 Impairment losses on financial assets, net (5) (3) 1 Other investment income (9
Slide 46: Detail of Bond Portfolio
Detail of Bond Portfolio1 As of March 31, 2026 (JPY millions) Available-for-Sale Held-to-Maturity Total JPY Bonds 13,770 43,157 56,928 Duration2 3 years 5 years 5 years Foreign Currency Bonds 14,874 — 14,874 Duration2 4 years Non-Currency Hedged 1,980 — 1,980 Currency Hedged 12,893 — 12,893 1. Based
Slide 47: CSM Movement
CSM Movement (JPY Millions) Impact of Amortization assumption in current changes, etc. period Items FY2024 FY2025 7,450 (7,871) Interest CSM, beginning of the period 92,173 92,059 New business accretion CSM, CSM 1,020 end of the period New business CSM 3,486 4,726 CSM, 4,726 97,385 beginning of the
Slide 48: 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 49: Comprehensive Equity Sensitivity Analysis
Comprehensive Equity Sensitivity Analysis1 ◼ Impacts of changes in assumptions (sensitivities) Changes in Comprehensive Equity (CE) as of March 31, 2026 Of which (JPY millions) Changes in CE % changes changes in CSM2 Comprehensive Equity as of March 31, 2026 176,149 ー 65,232 1.0% increase in risk-fr
Slide 50: Impact of Rising Interest Rates on CE
Impact of Rising Interest Rates on CE ◼ 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 51: Conceptual Illustration of Internal ESR
Conceptual Illustration of Internal ESR1 JPY millions As of March 31, 20262 Internal ESR [Reference] 394％ = Eligible Capital Required capital 146,640 ÷ 37,175 Previous Standards Solvency Margin Ratio Insurance underwriting risk 37,434 1,617％3 Consolidated Catastrophe risk Regulatory ESR Statement of
Slide 52: Internal ESR
Internal ESR1 ◼ Sustained robust financial soundness through valuable risk-taking with internal ESR of 394% Internal ESR Internal ESR Sensitivity Analysis ：Eligible capital (JPY millions) ：Required capital (JPY millions) Changes as of March 31, 2026（based on parallel shift） JPY millions Eligible Req
Slide 53: 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 Embedded Value IFRS 17 （J-GAAP） Economic value of Recognition of revenue Financi
Slide 54: Summary J-GAAP P/L & B/S
Summary J-GAAP P/L & B/S ◼ Achieved profitability for the first time, driven by the strengthening of modified co-insurance, etc. (JPY millions) Items FY2024 FY2025 Items End of FY2024 End of FY2025 Ordinary income 41,994 52,220 Total assets 89,866 103,745 Insurance premiums and Cash and deposits 16,
Slide 55: 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
Lifenet Insurance Company — FY2025 Earnings Presentation on 6ix