Summary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2021

May 14, 2021 at 3:06 PM UTC · Issued by Japan Post Insurance Co., Ltd.

UNOFFICIAL TRANSLATION

Although the Company pays close attention to provide English translation of the information disclosed in

Japanese, the Japanese original prevails over its English translation in the case of any discrepancy.

Summary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2021 [Under Japanese GAAP]

	May 14, 2021
Company Name: JAPAN POST INSURANCE Co., Ltd.	Stock exchange listing: Tokyo Stock Exchange
Code Number: 7181	URL: https://www.jp-life.japanpost.jp/

Representative: SENDA Tetsuya, Director and President, CEO, Representative Executive Officer

Scheduled date of General Shareholder's Meeting: June 16, 2021

Scheduled date of commencing dividend payments: June 17, 2021

Scheduled date of filing securities report: June 18, 2021

Availability of supplementary briefing materials on financial results: Available

Schedule of financial results briefing session: Scheduled (for institutional investors and analysts)

(Amounts of less than one million yen are rounded down.)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2021 (April 1, 2020 to March 31, 2021)

(1) Consolidated Results of Operations			(% indicates changes from the previous corresponding period.)
		Ordinary income			Ordinary profit		Net income attributable to
					Japan Post Insurance

Fiscal year ended		Million yen	%		Million yen	%	Million yen	%
6,786,226		(5.9)		345,736			20.6		166,103	10.2
March 31, 2021

Fiscal year ended		7,211,405		(8.9)		286,601			8.2		150,687	25.1
March 31, 2020

(Note) Comprehensive Income (Loss)	Fiscal year ended March 31, 2021	¥934,447 million		[-%]
			Fiscal year ended March 31, 2020	¥(42,235) million		[-%]

	Net income per	Diluted net income	Return on equity	Ordinary profit to	Ordinary profit to
		share	per share	total assets	ordinary income

Fiscal year ended		Yen			Yen	%			%		%
295.33			-	7.0			0.5		5.1
March 31, 2021

Fiscal year ended	267.40			-	7.4			0.4		4.0
March 31, 2020

(Note) Diluted net income per share is not presented as potential common stock did not exist.

(2) Consolidated Financial Position

	Total assets	Net assets	Equity ratio	Net assets per share
	Million yen	Million yen	%	Yen
As of March 31, 2021	70,172,982	2,841,475	4.0	5,052.12
As of March 31, 2020	71,664,781	1,928,380	2.7	3,428.71

(Reference) Net assets attributable to the Company's shareholders as of March 31, 2021 and 2020 were ¥2,841,475 million and ¥1,928,380 million, respectively.

(3) Consolidated Cash Flows

Net cash provided by

Cash and cash

(used in) operating

(used in) investing

(used in) financing

equivalents at the end

activities

of the year

Fiscal year ended

Million yen

(2,806,302)

2,554,274

176,743

1,335,014

March 31, 2021

Fiscal year ended

(2,590,214)

3,248,209

(165,405)

1,410,298

March 31, 2020

2. Dividends

Dividend per share

Total

Payout

Dividends

1st

2nd

3rd

Fiscal

dividends

ratio

on net

Annual

assets

(annual)

quarter-end

quarter-endquarter-end

year-end

(consolidated)

Yen

Million

yen

Fiscal year

38.00

76.00

42,756

28.4

2.2

ended March

31, 2020

Fiscal year

ended March

0.00

76.00

42,756

25.7

1.8

31, 2021

Fiscal year

ending March

45.00

90.00

42.9

31, 2022

(Forecast)

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022 (April 1, 2021 to March 31, 2022)

(% indicates changes from the previous corresponding period.)

	Ordinary income	Ordinary profit	Net income attributable	Net income
	to Japan Post Insurance	per share

	Million yen	%	Million yen	%	Million yen	%	Yen
Full year	6,380,000	(6.0)	290,000	(16.1)	118,000	(29.0)	209.80

（Note）The Company has resolved matters related to the acquisition of its treasury stock at a meeting of the Board of Directors held on May 14,2021.

"Net income per share" under the Consolidated Financial Results Forecast does not reflect the expected effects of the acquisition of treasury stock. For details, please refer to "3.Unaudited Consolidated Financial Statements and Principal Notes,（5）Notes to the Consolidated Financial Statements,（Subsequent Events）" on page 15 of the Appendix.

* Notes:

Changes in significant subsidiaries during the period (changes in specified subsidiaries accompanying change in scope of consolidation): No
Changes in accounting policies, changes in accounting estimates and retrospective restatement
1. Changes in accounting policies due to the revision of accounting standards: No
2. Changes in accounting policies other than 1) above: No
3. Changes in accounting estimates: No
4. Retrospective restatement: No
Total number of shares issued (common stock)
1. Total number of shares issued at the end of the period:

March 31, 2021: 562,600,000 shares

March 31, 2020: 562,600,000 shares

Total number of treasury stock at the end of the period: March 31, 2021: 167,350 shares
March 31, 2020: 178,000 shares
Average number of shares during the period:

Fiscal year ended March 31, 2021: 562,429,381 shares

Fiscal year ended March 31, 2020: 563,533,640 shares

(Note)	Total number of treasury stock at the end of the period includes shares of the Company held in the
	Board Benefit Trust (BBT), namely 156,200 shares as of March 31, 2021, and 166,900 shares as of
	March 31, 2020.
	The average number of treasury stock held in the BBT (159,503 shares for the fiscal year ended
	March 31, 2021 and 176,573 shares for the fiscal year ended March 31, 2020) was deducted from
	the calculation of the average number of shares during the fiscal year ended March 31, 2021 and
	2020.

(Reference) Summary of Non-Consolidated Financial Results

1. Non-Consolidated Financial Results for the Fiscal Year Ended March 31, 2021 (April 1, 2020 to March 31, 2021)

(1) Non-Consolidated Results of Operations		(% indicates changes from the previous corresponding period.)
	Ordinary income		Ordinary profit		Net income
Fiscal year ended	Million yen	%	Million yen	%	Million yen	%
6,786,210		(5.9)	345,022		20.3	165,586	9.6
March 31, 2021

Fiscal year ended	7,211,403		(8.9)	286,829		8.2	151,132	24.9
March 31, 2020


	Net income per share	Diluted net income per share
Fiscal year ended			Yen			Yen
		294.41			-
March 31, 2021

Fiscal year ended			268.19			-
March 31, 2020

(Note) Diluted net income per share is not presented as potential common stock did not exist.

(2) Non-Consolidated Financial Position

	Total assets	Net assets	Equity ratio	Net assets per share
	Million yen	Million yen	%	Yen
As of March 31, 2021	70,173,857	2,838,638	4.0	5,047.07
As of March 31, 2020	71,667,398	1,926,474	2.7	3,425.32

(Reference) Net assets attributable to the Company's shareholders as of March 31, 2021 and 2020 were ¥2,838,638 million and ¥1,926,474 million, respectively.

The summary of consolidated financial results is outside the scope of audit of certified public accountants or audit corporations.
Explanation on the appropriate use of financial results forecasts, and other notes

(Cautionary note concerning forward-looking statements)

The financial results forecasts and other forward-looking statements herein are based on certain assumptions deemed reasonable by the Company at the time of this document's disclosure. Please note that actual results may differ from the forecast figures due to various factors including changes in the operating environment.

(Supplementary briefing materials on financial results)

The Company has prepared supplementary briefing materials, etc. in relation to financial information, which can be viewed on the Company's website.

JAPAN POST INSURANCE Co., Ltd.

Table of Contents of Appendix
1. Overview of Consolidated Results of Operations, etc. ...........................................................................................	2
(1)	Overview of Consolidated Results of Operations and Consolidated Financial Position for the Current Fiscal
	Year...................................................................................................................................................................	2
(2) Forecast .............................................................................................................................................................	3
(3)	Basic Policy for the Distribution of Profit and the Dividend Payout for the Current and Next Fiscal Years....	3
2. Basic Approach Concerning Selection of Accounting Standards ...........................................................................	4
3. Unaudited Consolidated Financial Statements and Principal Notes.......................................................................	5
(1)	Consolidated Balance Sheets ............................................................................................................................	5
(2)	Consolidated Statements of Income and Consolidated Statements of Comprehensive Income .......................	6
(3)	Consolidated Statements of Changes in Net Assets ..........................................................................................	8
(4)	Consolidated Statements of Cash Flows .........................................................................................................	10
(5)	Notes to the Consolidated Financial Statements .............................................................................................	12
(Notes on Going-Concern Assumption) ...........................................................................................................	12
(Additional Information) ..................................................................................................................................	12
(Segment Information and Others) ...................................................................................................................	12
(Per Share Data)................................................................................................................................................	14
(Subsequent Events) .........................................................................................................................................	15

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