Lifenet Insurance Company · TSE:7157
Lifenet Insurance — Q1 FY2026 Earnings Presentation
46 slides from Lifenet Insurance's earnings presentation, Aug 12, 2026
Slide 1: Presentation Material for Investors First Quarter for Fiscal 2026
Securities Code: 7157 TSE Prime Presentation Material for Investors First Quarter for Fiscal 2026 August 12, 2026
Slide 2: Table of Contents
Table of Contents １. Main Initiatives for 1Q of FY2026 2. Financial Results for 1Q of FY2026 1
Slide 3: 1Q for Fiscal 2026 Key Highlights
1Q for Fiscal 2026 Key Highlights Key Indicators Corporate Value Growth Profitability Comprehensive Equity1 Annualized premium2 Insurance service (CE) of policies-in-force results ¥ 174,854mn ¥ 37,810mn ¥ 2,104mn （YoY 102.6%） （YoY 107.4%） （ YoY 71.5%） Notable Achievements ◼ Advanced JAL alliance, es
Slide 4: Progress on the Capital and Business Alliance with JAL
Progress on the Capital and Business Alliance with JAL ◼ Completed capital transaction in June 2026, aiming to maximize LTV targeting JAL Mileage Bank (JMB) members Significance Alignment of strategies Foundation Highly engaged JMB member base • Characteristics of Customers in the JAL Ecosystem Driv
Slide 5: Initiatives in Priority Areas
Initiatives in Priority Areas ◼ Delivering the “Ultimate Insurance Experience” with high external recognition Tech & Services Rebranding Embedded • Promoted AI agent • Enhanced the LIFENET • Individual: Sustained adoption to boost manifesto-based branding growth momentum despite productivity & lower
Slide 6: 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 Stock price：¥3,000+ Annual growth rate of CE per share： Tech & Services approx. 10% Non-financial Targets (Human capital
Slide 7: Table of Contents
Table of Contents １. Main Initiatives for 1Q of FY2026 2. Financial Results for 1Q of FY2026 6
Slide 8: Annualized Premium of Policies-in-Force
Annualized Premium of Policies-in-Force ◼ Resulted in ¥37,810mn and achieved steady growth of 7.4% YoY :AP1 of policies-in-force for GCL2 (JPY millions) :AP1 of policies-in-force for individual life (JPY millions) 37,810mn YoY ＋7.4％ 35,214 Group credit 8,634 life insurance 29,507 7,923 3,735 Individ
Slide 9: Policies-in-Force Movement
Policies-in-Force Movement ◼ Maintained steady growth trend, with individual life growth offsetting the impact of GCL premium rate revision in April Net increase of Net increase of :Net increase of AP of policies-in-force for GCL (JPY millions) GCL individual life :Net increase of AP of policies-in-
Slide 10: Summary IFRS P/L
Summary IFRS P/L ◼ Insurance service results reached ¥2,104mn, with quarterly profit attributable to owners of the Company at ¥1,637mn (JPY millions) Items 2025/1Q 2026/1Q Change Insurance service results 2,945 2,104 (840) Financial results1 183 323 140 Other results (65) (124) (59) Profit before ta
Slide 11: Insurance Service Results
Insurance Service Results ◼ Decreased YoY due to high claim payments, compared to a low level in prior year period Business forecast vs. forecast :Insurance service results (fiscal year, JPY millions) :Insurance service results (1Q, JPY millions) 11,606 11,200 18.8％ 9,576 8,222 1 6,618 1 ￥2,104ｍn 1
Slide 12: Insurance Service Results Analysis
Insurance Service Results Analysis ◼ CSM release contributed, but weighed down by higher claim payments in individual life and GCL (JPY millions) Items 2025/1Q 2026/1Q Change Reinsurance Results from results Others GCL Expected claims minus incurred claims 364 26 (337) Expected 438 (33) (1,080) minu
Slide 13: Progress of GCL Business
Progress of GCL Business ◼ Steadily contributed to corporate value and growth, while profit turned negative due to higher claim payments ◼ Launched business with The KYOTO SHINKIN BANK in July 2026 Performance for Key Indicators (As of June 30, 2026) Corporate Value Growth Profitability GCL Contract
Slide 14: Movement of Management Indicators
Movement of Management Indicators ◼ Maintained strong 17% CAGR since 2012 IPO despite slight decrease vs. prior FY-end European Embedded Value (EEV)1 Comprehensive Equity : EEV (JPY millions) ¥2,193 ¥2,176 ¥2,080 : GCL contracts value (JPY millions) : CSM after tax (JPY millions) ¥1,991 167,090 176,
Slide 15: Changing Factors of Comprehensive Equity (CE)
Changing Factors of Comprehensive Equity (CE) ◼ New business CSM grew, but management effort gains were limited ◼ Decreased on failure to absorb rising interest rate impact Management efforts Others Impact of assumption Net income2 New business Interest changes, etc. GCL contracts 1,637 CSM accretio
Slide 16: 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 17: Consolidated Business Forecasts for FY2026
Consolidated Business Forecasts for FY2026 ◼ Maintained business forecasts announced in May 2026 Growth Profitability AP of policies-in-force Business forecasts Insurance service results GCL Business forecasts (JPY millions) 41,300 (JPY millions) Individual approx. 1,900 Favorable 11,606 Approx. 11,
Slide 18: Current Market Evaluation
Current Market Evaluation ◼ Focusing on both expanding corporate value and improving market valuation as Price to CE ratio continues below 1.0x CE per Share1 Stock Price2 Price/CE per Share1 2,193 2,176 2.00 2,080 ：1株当たりCE (円) 1,991 ：CE（百万円） 176,149 174,854 1,788 167,090 159,802 1,673 1,570 1,430 2,
Slide 19: 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 Details for page25 Expanding business scale Growth of individual and group i
Slide 20: New Initiatives for Strengthening Dialogue
New Initiatives for Strengthening Dialogue ◼ Published Integrated Report (English edition coming Sept 2026) to deepen dialogue on value creation Main Points • Messages from President and Executives on the future vision • Evolution of customer experience accelerated by technology and AI • Expanding v
Slide 21: Toward Accelerating Future Growth
Toward Accelerating Future Growth ◼ Aiming for scale expansion and profitability improvement through online model strengths and deepening partner strategy AI-era competitive advantage created by the"Ultimate Insurance Experience" • Accelerate online life insurer differentiation by driving brand stre
Slide 22: 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 23: https://ir.lifenet-seimei.co.jp/en/
This document is a translation of the original Japanese document, prepared and provided solely for readers' convenience. In case of any discrepancy or dispute, the Japanese original shall prevail. Forward-looking statements in this material, such as financial forecasts, plans, outlooks, and strategi
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: Current initiatives to Improve Market Valuation
Current initiatives to Improve Market Valuation • Disclosing cost of capital (6-8%) to facilitate ongoing dialogue, with reviews planned based on feedback Proactive and open dialogue with • Promoting valuable risk-taking in alignment with the implementation of shareholders and economic value-based s
Slide 27: 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 28: Glossary 2
Glossary 2 Glossary Explanation An indicator defined by Lifenet. It is the sum of “Equity (attributable to owners of the Company)” on the IFRS balance Comprehensive Equity sheets, “CSM”, a liability representing unearned profit that the Company expects to earn as it provides insurance services (CE)
Slide 29: Breakdown of Policies-in-Force
Individual life Breakdown of Policies-in-Force Component 2025/06 2026/06 ratio Number of policies-in-force 647,914 698,946 100% - Term Life 313,522 333,334 48% - Whole-life Medical & Term Medical 178,209 193,807 28% - Long-term Disability 72,634 77,047 11% - Whole-life Cancer &Term Cancer 76,426 87,
Slide 30: Annualized Premium / Number of New Business
Individual life Annualized Premium / Number of New Business :AP1 of new business (JPY millions) :Number of new business 1,137 969 963 923 889 821 844 820 808 806 792 747 734 675 689 681 639 29,864 22,244 25,525 23,928 22,612 22,128 20,934 20,498 20,474 21,024 19,967 18,471 18,634 16,993 17,174 16,95
Slide 31: Surrender and Lapse Ratio
Individual life Surrender and Lapse Ratio :Surrender and lapse ratio1（%） 6.9% 6.8% 6.6% 6.4% 6.4% 6.4% 6.3% 6.3% 6.1% 5.2% 5.6% 5.5% 5.6% 5.5% 5.4% 5.4% 5.4% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2022年度 2023年度 2024年度 2025年度 2026年度 FY2022 FY2023 FY2024 FY2025 FY2026 1. The surrender and
Slide 32: 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 year Quarter 123 133 129 120 127 123 119 117 117 105 3.3 3.4 3.1 3.3 3.2 3.1 3.3 3.0 3.0 2.7 (fiscal yea
Slide 33: Operating Expenses Ratio
Operating Expenses Ratio1 :Operating Expenses Ratio（％） :Operating expenses excl. insurance acquisition cash flows (JPY millions) Fiscal year Quarter 20.7% 18.4% 16.7% 15.1% 14.8% 14.4% 14.7% 15.2% 15.8% 14.8% 5,352 5,392 4,715 4,935 1,387 1,252 1,308 1,374 1,456 1,387 (fiscal year) 2025/1Q 25/2Q 25/
Slide 34: Summary IFRS P/L (Quarter)
Summary IFRS P/L (Quarter) (JPY millions) Items 2025/1Q 2025/2Q 2025/3Q 2025/4Q 2026/1Q Note Insurance service results 2,945 3,143 2,669 2,847 2,104 Expected claims minus incurred claims 364 308 58 (167) 26 Risk adjustment release 404 420 416 434 419 CSM release 1,871 1,974 1,935 2,090 2,029 Reinsur
Slide 35: Breakdown of Insurance Service Results
Breakdown of Insurance Service Results (JPY millions) FY2025 FY2026 Items （Ref.）Fiscal Year １Q 1Q Insurance revenue 34,388 8,222 9,030 Expected claims 12,197 2,944 3,192 Risk adjustment release 1,676 404 419 CSM release 7,871 1,871 2,029 Recovery of IACF 4,722 1,123 1,290 Others (97) (40) (40) Premi
Slide 36: Breakdown of Financial Results
Breakdown of Financial Results ◼ Increased due to higher interest income from additional corporate bond purchases, etc (JPY millions) Items FY2025/1Q FY2026/1Q Change Investment results 184 286 102 Interest income 284 358 73 Impairment losses on financial assets, net (0) (0) 0 Other investment incom
Slide 37: Detail of Bond Portfolio
Detail of Bond Portfolio1 As of June 30, 2026 (JPY millions) Available-for-Sale Held-to-Maturity Total JPY Bonds 13,687 44,821 58,508 Duration2 3 years 5 years 4 years Foreign Currency Bonds 15,221 — 15,221 Duration2 4 years Non-Currency Hedged 2,284 — 2,284 Currency Hedged 12,937 — 12,937 1. Based
Slide 38: CSM Movement
CSM Movement Impact of Amortization assumption in current (JPY Millions) changes, etc. period Interest 480 (2,029) Items FY2025 FY2026/1Q New business accretion CSM 280 1,022 CSM, beginning of the period 92,059 97,385 CSM, beginning of the period CSM, New business CSM 4,726 1,022 97,385 end of the p
Slide 39: 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 40: Comprehensive Equity Sensitivity Analysis
Comprehensive Equity Sensitivity Analysis1 ◼ Impacts of changes in assumptions (sensitivities) Changes in Comprehensive Equity (CE) as of June 30, 2026 Of which (JPY millions) Changes in CE % changes changes in CSM2 Comprehensive Equity as of June 30, 2026 174,854 ー 65,116 1.0% increase in risk-free
Slide 41: 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 42: Conceptual Illustration of Internal ESR
Conceptual Illustration of Internal ESR1 JPY millions As of June 30, 20262 Internal ESR [Reference] 402％ = Eligible Capital 143,736 ÷ Required capital 35,752 Regulatory ESR Insurance underwriting risk 339% 36,191 Catastrophe risk Cash, 11,004 Differences deposits, Market risk Liabilities in standard
Slide 43: Internal ESR
Internal ESR1 ◼ Sustained robust financial soundness through valuable risk-taking with internal ESR of 402% Internal ESR Internal ESR Sensitivity Analysis ：Eligible capital (JPY millions) Changes as of June 30, 2026（based on parallel shift） JPY millions ：Required capital (JPY millions) Eligible Requ
Slide 44: 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 (J-GAAP) Statutory Accounting Embedded Value IFRS 17 （J-GAAP） Economic value of Recognition of revenue Financial soundne
Slide 45: Summary J-GAAP P/L & B/S
Summary J-GAAP P/L & B/S (JPY millions) Items FY2025/1Q FY2026/1Q Items End of FY2025 FY2026/1Q Ordinary income 12,467 13,805 Total assets 103,745 103,749 Insurance premiums and Cash and deposits 11,321 11,725 other 12,289 13,500 Ordinary expenses 11,450 13,621 Money held in trust 14,975 15,278 Insu
Slide 46: 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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