This document has been translated from the Japanese original solely for reference purposes, and the Japanese original shall prevail if any discrepancy is identified.

SUMMARY OF FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED DECEMBER 31, 2020
February 12, 2021

MS&AD Insurance Group Holdings, Inc.

Name of Listed Company:
Stock Exchange Listing:
Securities Code Number:
URL:
Representative:
Contact:

Tokyo Stock Exchange and Nagoya Stock Exchange8725
https://www.ms-ad-hd.com
Noriyuki Hara, President & CEO
Masaru Kenma, Manager, Consolidated Accounting Section, Accounting Department
Telephone: 03-5117-0305
Scheduled date to file the Quarterly Securities Report:
February 12, 2021
Scheduled date to commence dividend payments:
Explanatory material for business results:
Available
IR Conference (for institutional investors and analysts):
To be held
(Note) Amounts of less than one million yen are truncated.

1. Consolidated Financial Highlights for the Nine Months Ended December 31, 2020 (April 1, 2020 to December 31, 2020)(Yen in millions)(1) Consolidated business performance
Ordinary income
Nine months ended
December 31, 2020
Nine months ended
December 31, 2019

Net income attributable to ownersof the parent

Ordinary profit

3,971,253(4.1) %

220,258(16.8) %150,053(44.4) %4,142,165

0.0 %264,777

11.4 %

269,932

54.2 %

Percent figures represent changes from the corresponding period of the preceding year.

For the nine months ended December 31, 2020:
For the nine months ended December 31, 2019:¥ 599,793¥ 397,318(Yen)
Net income attributable to owners Net income attributable to ownersof the parent per shareof the parent per share- Basic- Diluted(Note) Comprehensive income

Nine months ended
December 31, 2020
Nine months ended
December 31, 2019265.30265.15467.05466.81(2) Consolidated financial conditions

millionmillion

51.0

%
- %

(Yen in millions)
Total assets

Net assets

Ratio of net assets less noncontrolling interests to total assets

December 31, 2020

23,999,313

2,990,945

12.3%

March 31, 2020

23,196,455

2,494,038

10.6%

As of December 31, 2020:
As of March 31, 2020:(Reference) Net assets less non-controlling interests¥ 2,950,060¥ 2,451,670

millionmillion

2. Dividends(Yen)
Dividends per share
1st quarter2nd quarter3rd quarter

4th quarter

Annual total

Year ended March 31, 2020

-

75.00

-

75.00

150.00Year ending March 31, 2021

-

75.00

75.00

150.00Year ending March 31, 2021
(Forecast)(Note) Revision of the latest announced dividends per share forecast: None

3. Consolidated Earnings Forecasts for the Year Ending March 31, 2021 (April 1, 2020 to March 31, 2021)(Yen in millions)
Ordinary profit
Year ending March 31, 2021

200,000

Net income attributable to owners Net income attributable to ownersof the parentof the parent per share (Yen)

26.8 %

Percent figures represent changes from the preceding year.

(Note) Revision of the latest announced earnings forecasts: None

140,000(2.1) %

247.89

* Notes(1) Changes in significant subsidiaries for the period (changes in specified subsidiaries resulting in changes in scope of
consolidation): None
(2) Adoption of special accounting methods allowed to be applied to quarterly consolidated financial statements: Yes(Note) For details, please refer to “Adoption of Special Accounting Methods Allowed to be Applied to Quarterly Consolidated
Financial Statements” on page 5 of the Appendix.

(3) Changes in accounting policies and accounting estimates and restatements
1. Changes in accounting policies due to revisions of accounting standards: None
2. Changes in accounting policies other than above: None
3. Changes in accounting estimates: None
4. Restatements: None

(4) Number of shares of issued stock (common stock)
1. Number of shares of issued stock (including treasury stock)
As of December 31, 2020:
As of March 31, 2020:
2. Number of shares of treasury stock
As of December 31, 2020:
As of March 31, 2020:
3. Average number of shares of outstanding stock
For the nine months ended December 31, 2020:
For the nine months ended December 31, 2019:593,473,207 shares593,291,754 shares
29,480,067 shares
24,244,439 shares
565,599,265 shares
577,940,971 shares* This report is outside the scope of the external auditor's quarterly review.
* Notes to the earnings forecasts
Any earnings forecasts in this report have been made based on the information available to the Company as of the disclosure date of thereport and certain assumptions, and therefore do not guarantee future performance. Actual results may differ substantially from these
forecasts depending on various factors. The forecasts of consolidated ordinary income for the current fiscal year is not disclosed due todifficulties in calculating reasonable forecast figures stemming from a high susceptibility to natural disasters and market conditions.

[Appendix]

Contents
Page
Consolidated Financial Statements and Main Notes
1. Consolidated Balance Sheets ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
2. Consolidated Statements of Income and Comprehensive Income ・・・・・・・・・・・・・・・・・・・・・・・
3. Notes to Consolidated Financial Statements ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・(Notes to Going Concern Assumptions) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・(Notes to Significant Changes in Shareholders' Equity) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・(Adoption of Special Accounting Methods Allowed to be Applied to Quarterly Consolidated
Financial Statements) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Explanatory Material for Business Results
1. Summary of Consolidated Business Results ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
2. Non-Consolidated Business Results of Mitsui Sumitomo Insurance Co., Ltd. ・・・・・・・・・・・・
3. Non-Consolidated Business Results of Aioi Nissay Dowa Insurance Co., Ltd. ・・・・・・・・・・・・
4. Supplementary Information(1) Supplementary Information on Consolidated Business Results ・・・・・・・・・・・・・・・・・・・・・・・(2) Summary of Business Results of Main Consolidated Subsidiaries ・・・・・・・・・・・・・・・・・・・・

1

2
3
5
5
5
5

6
10
14
18
21

Consolidated Financial Statements and Main Notes
1. Consolidated Balance Sheets(Yen in millions)
March 31, 2020
AssetsCash, deposits and savings
Receivables under resale agreements
Monetary claims bought
Money trusts
Investments in securities
Loans
Tangible fixed assets
Intangible fixed assets
Other assets
Assets for retirement benefits
Deferred tax assets
Customers' liabilities under acceptances and guarantees
Bad debt reserve
Total assets
Liabilities
Policy liabilities:
Outstanding claims
Underwriting reserves
Bonds issued
Other liabilities
Liabilities for pension and retirement benefits
Reserve for retirement benefits for officers
Accrued bonuses for employees
Reserve for losses on sales of shares of subsidiaries and associates

Reserves under the special laws:
Reserve for price fluctuation
Deferred tax liabilities
Acceptances and guarantees
Total liabilities
Net assets
Shareholders' equity:
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income:Net unrealized gains/(losses) on investments in securities
Net deferred gains/(losses) on hedges
Foreign currency translation adjustments
Accumulated actuarial gains/(losses) on retirement benefits
Total accumulated other comprehensive income
Stock acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

2

December 31, 2020

1,846,225
407,722160,091
1,666,494
15,494,580
892,335
488,331442,695
1,535,400
24,113219,385
31,500(12,421)
23,196,455

1,798,733
200,100
180,403
1,895,801
16,511,280
933,284
482,048
422,954
1,478,087
23,081
53,61633,500(13,577)
23,999,313

17,809,540
2,149,921
15,659,619
809,093
1,672,264
179,686
325
28,392
16,957
137,400
137,400
17,25431,50020,702,416

18,342,825
2,215,133
16,127,692
809,093
1,458,074
181,190
246
9,141
155,316
155,316
18,98033,50021,008,368

100,000
553,163
1,019,468(84,432)
1,588,199

100,276
553,428
1,084,505(100,828)
1,637,380

982,042
30,916(140,106)(9,381)
863,470
1,206
41,1612,494,038
23,196,455

1,483,664
23,228(182,970)(11,243)
1,312,679
1,019
39,8652,990,945
23,999,313

2. Consolidated Statements of Income and Comprehensive Income(Consolidated Statements of Income)Ordinary income:
Underwriting income:Net premiums written
Deposit premiums from policyholders
Investment income on deposit premiums from policyholders
Life insurance premiums
Investment income:Interest and dividends income
Investment gains on money trusts
Investment gains on trading securities
Gains on sales of securities
Investment gains on separate accounts
Transfer of investment income on deposit premiums from policyholders

Other ordinary income
Ordinary expenses:
Underwriting expenses:
Net claims paid
Loss adjustment expenses
Commissions and collection expenses
Maturity refunds to policyholders
Life insurance claims
Provision for outstanding claims
Provision for underwriting reserves
Investment expenses:
Investment losses on money trusts
Losses on sales of securities
Impairment losses on securities
Losses on derivative transactions
Operating expenses and general and administrative expenses
Other ordinary expenses:
Interest expense
Ordinary profit
Extraordinary income:
Gains on sales of fixed assets
Reversal of reserves under the special laws:
Reversal of reserve for price fluctuation
Gains on step acquisitions
Gains on change in equity
Reversal of reserve for losses on sales of shares of subsidiaries and associates

Extraordinary losses:
Losses on sales of fixed assets
Impairment losses on fixed assets
Provision for reserves under the special laws:
Provision for reserve for price fluctuation
Losses on reduction of tangible fixed assets
Losses on change in equity
Income before income taxes
Income taxes
Net income
Net income attributable to non-controlling interests
Net income attributable to owners of the parent
3

Nine months ended
December 31, 2019
4,142,165
3,605,066
2,725,319
60,13530,525
783,729
521,103
239,143
59,841
59,32481,066
108,588(30,525)
15,995
3,877,387
3,244,287
1,528,769
130,511545,095
166,664
296,515
42,200525,250
108,476
6,267
5,696
5,778
35,689509,506
15,116
9,943
264,777
90,571
1,516
79,663
79,6636,587
2,804
172,861
1,456
171,404
182,488(89,263)271,751
1,819
269,932(Yen in millions)
Nine months ended
December 31, 2020
3,971,253
2,932,691
2,678,760
61,78328,530156,426
1,027,348
229,816
168,694
24,484
122,560
237,070(28,530)
11,2133,750,995
3,133,392
1,410,379
137,735
550,235
171,551
277,300
86,194
486,173
94,77337,812
5,864
12,80736,233502,277
20,551
10,832
220,258
9,041
809
118
8,113
24,366
3,606
1,597
17,915
17,91501,246
204,932
52,098152,834
2,780
150,053

(Consolidated Statements of Comprehensive Income)Net income
Other comprehensive income:Net unrealized gains/(losses) on investments in securities
Net deferred gains/(losses) on hedges
Foreign currency translation adjustments
Accumulated actuarial gains/(losses) on retirement benefits
Share of other comprehensive income of equity method investments

Total other comprehensive income
Total comprehensive income
Allocation:
Comprehensive income attributable to owners of the parent
Comprehensive income attributable to non-controlling interests

4

Nine months ended
December 31, 2019271,751(Yen in millions)
Nine months ended
December 31, 2020
152,834

154,801
2,012(47,396)(706)
16,856
125,567
397,318

495,838(8,508)(46,354)(1,859)7,843
446,959
599,793395,704
1,614

599,263530

3. Notes to Consolidated Financial Statements(Notes to Going Concern Assumptions)Not applicable.

(Notes to Significant Changes in Shareholders' Equity)
Not applicable.

(Adoption of Special Accounting Methods Allowed to be Applied to Quarterly Consolidated Financial Statements)(Calculation of income tax expenses)
The domestic consolidated companies calculate their income tax expenses primarily by multiplying income before income taxes
by the effective income tax rate, after adding or deducting the permanent difference if this amount is significant.

5

Explanatory Material for Business Results
1. Summary of Consolidated Business Results(1) Consolidated Business Results(Yen in 100 millions)
Items

Nine months ended
December 31, 2019

Nine months ended
December 31, 2020

ChangeChange ratio%

Net premiums written (non-life insurance)

127,253

26,787

(465)

(1.7)

Mitsui Sumitomo Insurance

2

11,535

11,684148

1.3

Aioi Nissay Dowa Insurance

3

9,626

9,603

(22)

(0.2)

4

21,162

21,288126

0.6

Mitsui Direct General Insurance

5

263

265

1

0.7

Overseas insurance subsidiaries

6

5,819

5,233

(585)

(10.1)

Insurance premiums (domestic life insurance)

7

10,646

8,859(1,787)(16.8)

Mitsui Sumitomo Aioi Life Insurance

8

3,828

3,758

(70)

(1.8)

Mitsui Sumitomo Primary Life Insurance

9

6,818

5,101

(1,716)(25.2)

Ordinary profit

10

2,647

2,202

(445)

(16.8)Net income attributable to owners of the parent

11

2,699

1,500

(1,198)(44.4)

Mitsui Sumitomo Insurance

12

1,616

835

(780)

(48.3)

Aioi Nissay Dowa Insurance

13

455

298

(157)

(34.5)

14

2,071

1,133

(937)

(45.3)

Mitsui Direct General Insurance

15

2

21

19

895.2

Mitsui Sumitomo Aioi Life Insurance

16

69

127

57

82.9

Mitsui Sumitomo Primary Life Insurance

17

188

359

171

91.2

Overseas insurance subsidiaries

18

300

(90)

(390)

(130.0)

Others, consolidation adjustments, etc.

19

67

(52)

(119)

(177.6)

Simple sum

Simple sum(Note) Items 12 to 18 represent the net income or loss on a non-consolidated basis after taking into account the Company’s ownership interests in
its subsidiaries.

6(2) Business Results of Domestic Non-Life Insurance Subsidiaries (Simple Sum of Two Main Consolidated
Subsidiaries)
The figures in the tables below are presented as simple sum of Mitsui Sumitomo Insurance Co., Ltd. and Aioi Nissay Dowa Insurance Co., Ltd.
(Yen in 100 millions)
Nine months ended Nine months ended
Items
December 31, 2019 December 31, 2020

ChangeChange ratio%(+)

Net premiums written

1

21,162

21,288

126

0.6

(-)

Net claims paid

212,297

11,307

(989)

(8.0)

(-)

Loss adjustment expenses

3

1,157

1,226

68

6.0

(-)

4

3,986

4,169

182

4.6

5

2,959

2,962

3

0.1

6

760

1,622

861

113.2

(-)

Commissions and collection expenses
Operating expenses and general andadministrative expenses for underwriting
Underwriting profit before
movements in reserves
Movement in outstanding claims

7

(47)

252

300

-

(-)

Movement in ordinary underwriting reserves

8

365

320

(44)

(12.1)(+)

Other
Underwriting profit before
movement in catastrophe reserve
Movement in catastrophe reserve

9

86

66

(19)

(23.1)

10

529

1,115

585

110.6

11

(328)

574

902

-

Underwriting profit

12

857

540

(317)

(37.0)

13

1,321

1,230

(90)

(6.9)

14

350

325

(24)

(7.1)

15

970

904

(65)

(6.8)

(+)

Interest and dividends income
Transfer of investment income on deposit
premiums from policyholders
Net interest and dividends income(item 13 - item 14)
Gains/(losses) on sales of securities

16

691

422

(269)

(38.9)(-)

Impairment losses on securities

17

58

40

(18)

(31.2)

(+)

Other

18

(114)

(61)

53

-

Investment profit

19

1,489

1,225

(263)

(17.7)(+)

Other ordinary profit/(loss)

20

(48)

(93)

(44)

-

Ordinary profit

21

2,298

1,672

(625)

(27.2)

Extraordinary income/(losses):

22(1,151)

(94)

1,056

-

Gains/(losses) on reserve for price fluctuation
Losses on valuation of shares of subsidiaries
and associates
Income before income taxes

23

716

(44)

(760)

(106.1)24(1,863)

-

1,863

-

25

1,146

1,578

431

Income taxes

26

(924)

444

1,369

-

Net income

27

2,071

1,133

(937)

(45.3)

Note 1

28

63.6 %

58.9 %(4.7) %

Note 229

32.8 %

33.5 %

0.7 %Note 330

96.4 %

92.4 %(4.0) %

(-)

(-)

(+)
(-)

(+)

(-)

Net loss ratio
Ratios Net expense ratio
Combined ratio

Incurred losses (including loss adjustment expenses) Note 4, 5
EI loss ratio

Note 4, 6

11,47831

62.3 %

32

10,92558.6 %(553)(3.7) %

(Notes) 1. Net loss ratio = (net claims paid + loss adjustment expenses) / net premiums written x 100
2. Net expense ratio = (commissions and collection expenses + operating expenses and general and administrative expenses for underwriting)/ net premiums written x 100
3. Combined ratio = net loss ratio + net expense ratio
4. The calculation is exclusive of residential earthquake insurance and CALI*.
* CALI stands for compulsory automobile liability insurance, and the same hereinafter.
5. Incurred losses (including loss adjustment expenses) = net claims paid + loss adjustment expenses + movement in outstanding claims
6. EI loss ratio = incurred losses (including loss adjustment expenses) / earned premiums x 100
Earned premiums are calculated based on unearned premiums (excluding underwriting reserves for natural disasters), premium reserve, etc.

7

37.7

(4.8)

(3) Business Results of Domestic Life Insurance Subsidiaries
1. Mitsui Sumitomo Aioi Life Insurance Co., Ltd.
(Yen in 100 millions)
Items

Nine months ended
December 31, 2019

Nine months ended
December 31, 2020

ChangeChange ratio

Amount of new policies(Note)1

15,492

13,051(2,440)(15.8) %Annualized premiums of
new policies

2

217

192

(25)

(11.5) %Amount of policies in force(Note)3(As of the beginningof the FY2020)

244,580

243,189(Change fromthe beginning of
the FY2020)(1,390)(0.6) %

Annualized premiums forpolicies in force

4(As of the beginningof the FY2020)

4,481

4,474

(Change fromthe beginning of
the FY2020)(6)(0.2) %

Insurance premiums

5

3,828

3,758

(70)

(1.8) %

Ordinary profit

6

148

209

61

41.3 %

Extraordinary income/(losses)

7

(8)

(8)

0

-

Net income

8

69

127

57

82.9 %(Note) The figures represent the total sum of individual insurance and individual annuities.

2. Mitsui Sumitomo Primary Life Insurance Co., Ltd.
(Yen in 100 millions)
Items
Amount of new policies(Note)

1

Amount of policies in force(Note)

2

Insurance premiums

Nine months ended
December 31, 2019

Nine months ended
December 31, 2020

6,894

5,099

65,14068,165

3

6,818

Ordinary profit

4

Extraordinary income/(losses)
Net income

ChangeChange ratio(1,795)(26.0) %

3,024

4.6 %

5,101

(1,716)(25.2) %

171

624

452

263.9 %

5

87

(127)

(215)

(244.9) %

6

188

359

171

91.2 %(As of the beginningof the FY2020)(Note) The figures represent the total sum of individual insurance and individual annuities.

8(Change fromthe beginning of
the FY2020)

(4) Business Results of Overseas Insurance Subsidiaries(Yen in 100 millions)
Items

Nine months ended
December 31, 2019

Nine months ended
December 31, 2020

ChangeChange ratio%

Net premiums written

1

5,819

5,233

(585)

(10.1)

Asia

2

1,362

1,285

(77)

(5.7)

Europe

3

4,127

3,645

(481)

(11.7)

Americas

4

328

302

(25)

(7.8)

5

300

(90)

(390)

(130.0)

Asia

6

144

205

60

42.0

Europe

7

62

(292)

(355)

(566.7)

Net income/(loss) attributable to owners of the parent

Americas

8

22

33

11

53.3

International life insurance

9

70

(36)

(107)

(152.0)9

2. Non-Consolidated Business Results of Mitsui Sumitomo Insurance Co., Ltd.
(1) Business Results(Yen in 100 millions)
Nine months ended Nine months ended
Items
December 31, 2019 December 31, 2020

ChangeChange ratio%(+)

Net premiums written

1

11,535

11,684

148

1.3

(-)

Net claims paid

2

6,783

6,245

(537)

(7.9)

(-)

Loss adjustment expenses

3

659

701

41

6.3

(-)

4

2,077

2,198

121

5.8

5

1,570

1,595

25

1.6

6

444

942

498

112.0

(-)

Commissions and collection expenses
Operating expenses and general andadministrative expenses for underwriting
Underwriting profit before
movements in reserves
Movement in outstanding claims

7

(50)

121

171

(-)

Movement in ordinary underwriting reserves

8

(25)

118

143

-

(+)

Other
Underwriting profit before
movement in catastrophe reserve
Movement in catastrophe reserve

9

43

21

(21)

(49.6)

10

563

725

161

28.6

11

(250)

270

520

-

Underwriting profit

12

814

455

(359)

(44.1)

13

854

802

(52)

(6.1)

14

232

217

(14)

(6.3)

15

622

585

(37)

(6.0)

(+)

Interest and dividends income
Transfer of investment income on deposit
premiums from policyholders
Net interest and dividends income(item 13 - item 14)
Gains/(losses) on sales of securities

16

394

303

(90)

(23.0)(-)

Impairment losses on securities

17

39

27

(11)

(30.4)

(-)

(-)

(+)
(-)

(+)
(+)

(+)

(-)

-

Other

18

(45)

(2)

42

-

Investment profit

19

932

858

(74)

(7.9)

Other ordinary profit/(loss)

20

(65)

(67)

(2)

-

Ordinary profit

21

1,682

1,246

(435)

(25.9)

Extraordinary income/(losses)

22(1,131)

(31)

1,099

-

Gains/(losses) on reserve for price fluctuation
Losses on valuation of shares of subsidiaries
and associates
Income before income taxes

23

729

(30)

(760)

(104.2)24(1,863)

-

1,863

-

25

550

1,215

664

Income taxes

26(1,065)

379

1,444

-

Net income

27

1,616

835

(780)

(48.3)

Note 128

64.5 %

59.5 %(5.0) %

Note 229

31.6 %

32.5 %

0.9 %Note 330

96.1 %

92.0 %(4.1) %

31

6,349

6,054

(294)

32

61.4 %

58.6 %(2.8) %Net loss ratio
Ratios Net expense ratio
Combined ratio

Incurred losses (including loss adjustment expenses) Note 4, 5
EI loss ratio

Note 4, 6(Notes) 1. Net loss ratio = (net claims paid + loss adjustment expenses) / net premiums written x 100
2. Net expense ratio = (commissions and collection expenses + operating expenses and general and administrative expenses for underwriting)/ net premiums written x 100
3. Combined ratio = net loss ratio + net expense ratio
4. The calculation is exclusive of residential earthquake insurance and CALI.
5. Incurred losses (including loss adjustment expenses) = net claims paid + loss adjustment expenses + movement in outstanding claims
6. EI loss ratio = incurred losses (including loss adjustment expenses) / earned premiums x 100
Earned premiums are calculated based on unearned premiums (excluding underwriting reserves for natural disasters), premium reserve, etc.

10

120.6

(4.6)

Mitsui Sumitomo Insurance Co., Ltd. (Non-consolidated)(2) Premiums written(Yen in 100 millions)
Direct premiums written (excluding deposit premiums from policyholders)
Net premiums written
Nine months ended
Nine months ended
Nine months ended
Nine months ended
December 31, 2019
December 31, 2019
December 31, 2020
December 31, 2020
AmountChange ratio
AmountChange ratio
AmountChange ratio
AmountChange ratio
%
%
%
%
2,494
1,504
2,763
1.7
9.9
1,763
17.2
10.8

Fire and allied
Marine

463

(1.0)

386

(16.6)

659

4.4

588

(10.8)

Personal accident

1,075

(3.5)

1,069

(0.6)

1,156

(2.6)

1,090

(5.7)

Voluntary automobile

5,006

1.8

5,107

2.0

5,058

1.8

5,169

2.2

CALI

1,397

5.5

1,188

(15.0)

1,281

2.2

1,062

(17.1)

Other

2,088

3.9

2,169

3.9

2,461

4.7

2,648

7.6

Total

11,535

1.9

11,684

1.3

13,112

3.6

13,322

1.6(3) Net claims paid
Nine months ended December 31, 2019
AmountChange ratio
Net loss ratio%%
Fire and allied(Yen in 100 millions)
Nine months ended December 31, 2020
ChangeAmountChange ratio Net loss ratio%%%(23.5)
1,035
61.2(31.5)

1,353(10.1)

92.7

Marine

246

1.5

55.8

276

12.1

74.5

18.7

Personal accident

533

(1.1)

54.1

516

(3.0)

53.0

(1.1)

2,627

3.1

60.7

2,374

(9.6)

55.4

(5.3)

CALI

954

(6.4)

75.3

882

(7.6)

82.2

6.9

Other

1,066

16.6

53.3

1,159

8.7

55.7

2.4

Total
6,783
0.2
64.5
6,245
(Note) Net loss ratio = (net claims paid + loss adjustment expenses) / net premiums written x 100

(7.9)

59.5

(5.0)

Voluntary automobile(Reference) Incurred losses caused by natural disasters in Japan
Nine months ended December 31, 2019
Incurred losses Net claims paid

Outstanding
claims(Yen in 100 millions)
Nine months ended December 31, 2020
Incurred losses Net claims paid Outstanding
claimsFire and allied

572

488

84

323

232

90

Voluntary automobile

51

61

(10)

18

22

(4)

Other

59

24

35

18

15

3

Total
270
683
574
108
360
90
(Note) The above table describes losses caused by natural disasters in Japan, which exclude residential earthquake insurance, incurred
during the respective period.

(4) Expenses(Yen in 100 millions)
Nine months ended December 31, 2019
Nine months ended December 31, 2020
Items
AmountChangeChange ratio
AmountChangeChange ratio
%
%
1,235
(10)
Personnel expenses
1
1,246
(22)
(1.8)
(0.9)
1,056
77
Non-personnel expenses
2
979
49
5.3
7.9
98
3
Taxes and contributions
3
94
(0)
(0.6)
4.1
2,390
70
Total
4
2,320
25
1.1
3.0
(Note) Total = loss adjustment expenses + operating expenses and general and administrative expenses<Company expenses><Expenses for underwriting>
Items
Operating expenses and generaland administrative expenses
Commissions andcollection expenses

Nine months ended December 31, 2019
AmountChangeChange ratio%(Yen in 100 millions)
Nine months ended December 31, 2020
AmountChangeChange ratio
%

5

1,570

16

1.1

1,595

25

1.6

6

2,077

83

4.2

2,198

121

5.8

Total

7

3,648

99

2.8

3,794

146

4.0

Net expense ratio

8

31.6 %

0.2 %

32.5 %

0.9 %11Mitsui Sumitomo Insurance Co., Ltd. (Non-consolidated)(5) Catastrophe reserve(Yen in 100 millions)
March 31, 2020
Balance

December 31, 2020

Reserve ratio

Reversal

Provision

Balance

Reserve ratio%%

Fire and allied

998

48.6

105

157

1,051

44.8

Marine

813

131.4

29

4

788

153.0

Personal accident

748

51.0

-

34

782

54.9

Voluntary automobile

978

14.6

-

163

1,142

16.8

1,907

68.4

23

68

1,952

67.5

Other

Total
5,446
39.9
158
428
5,717
40.9
(Note) Reserve ratio = catastrophe reserve / net premiums written (excluding premiums of residential earthquake insurance and CALI) x 100
Reserve ratio for December 31, 2020 is calculated on an annualized basis using net premiums written multiplied by four thirds as adenominator.

(6) Investment assets(Yen in 100 millions)
March 31, 2020
Cash, deposits and savings

December 31, 2020

Change

5,009

3,929

(1,079)Investments in securities:

49,25553,374

4,118

Domestic bonds

15,342

15,170(172)

Domestic stocks

14,33917,6163,276

Foreign securities

18,94819,863914

Other securities
Loans

624

723

99

4,006

4,214

208

Land and buildings

1,900

1,868

(32)

Total

60,171

63,386

3,214

10,394

9,769

(624)

Nine months ended
December 31, 2019
775

Nine months ended
December 31, 2020
730

Domestic bonds

123

113

(9)

Domestic stocks

437

389

(47)

Foreign securities

204

213

9

(Reference)Long-term investment assets(7) Breakdown of interest and dividends income(Yen in 100 millions)

Investments in securities:

Change
(45)

9

13

3

Loans

22

20

(2)

Land and buildings

48

47

(1)

Other

8

5

(3)

Total

854

802

(52)

Other securities

12

Mitsui Sumitomo Insurance Co., Ltd. (Non-consolidated)(8) Investments in securities
Unrealized gains and losses on investments in securities(Yen in 100 millions)
December 31, 2020

Cost

Fair value

Difference

Domestic bonds

13,95815,1701,212

Change fromMarch 31, 2020
(131)

Domestic stocks

5,632

17,223

11,591

3,482

Foreign securities

4,721

5,024

303

268

Other securities

357

401

43

52

24,67037,82013,150

3,671

Total

(Yen in 100 millions)
March 31, 2020

Cost

Fair value

Difference

Domestic bonds

13,99915,342

1,343

Domestic stocks

5,836

13,9458,108

Foreign securities

4,587

4,622

35

Other securities

345

336

(8)

24,76834,246

9,478

Total

(Notes) 1. The above tables describe available-for-sale securities with practically determinable fair value.
2. “Other securities” includes loan receivable trust beneficiary certificates and commercial papers included in Monetaryclaims bought on the balance sheets.

Gains and losses on sales of securities(Yen in 100 millions)
Nine months ended
December 31, 2019
Gains/(losses)

Nine months ended
December 31, 2020
Gains/(losses)

Gains

LossesDomestic bonds

24

5

5

0

Domestic stocks

264

267

270

3

Foreign securities

98

30

38

8

Other securities

6

0

0

-

394

303

315

12

Nine months ended
December 31, 2019

Nine months ended
December 31, 2020

Domestic bonds

-

-

-

Domestic stocks

38

27

(11)

Foreign securities

0

-

(0)

Other securities

-

-

-

Total

39

27

(11)

Total
Impairment losses on securities(Yen in 100 millions)
Change(Note) Apart from the above, Losses on valuation of shares of subsidiaries and associates of ¥186.3 billion was recorded under Extraordinary losses
in the nine months ended December 31, 2019.

13

3. Non-Consolidated Business Results of Aioi Nissay Dowa Insurance Co., Ltd.
(1) Business Results(Yen in 100 millions)
Nine months ended Nine months ended
Items
December 31, 2019 December 31, 2020

ChangeChange ratio%(+)

Net premiums written

1

9,626

9,603

(22)

(0.2)

(-)

Net claims paid

2

5,514

5,062

(452)

(8.2)

(-)

Loss adjustment expenses

3

497

525

27

5.5

(-)

4

1,909

1,970

61

3.2

5

1,388

1,366

(22)

(1.6)

6

316

679

363

114.8

(-)

Commissions and collection expenses
Operating expenses and general andadministrative expenses for underwriting
Underwriting profit before
movements in reserves
Movement in outstanding claims

7

2

131

128

4,551.5(-)

Movement in ordinary underwriting reserves

8

390

202

(187)

(48.1)(+)

Other
Underwriting profit/(loss) before
movement in catastrophe reserve
Movement in catastrophe reserve

9

42

44

1

3.7

10

(34)

389

424

11

(77)

304

381

Underwriting profit

12

43

85

42

97.6

13

466

427

(38)

(8.3)

14

118

108

(10)

(8.7)

15

347

319

(28)

(8.1)

(+)

Interest and dividends income
Transfer of investment income on deposit
premiums from policyholders
Net interest and dividends income(item 13 - item 14)
Gains/(losses) on sales of securities

16

297

118

(178)

(60.1)(-)

Impairment losses on securities

17

19

13

(6)

(32.9)

(+)

Other

18

(69)

(58)

10

-

Investment profit

19

556

366

(189)

(34.1)

Other ordinary profit/(loss)

20

16

(25)

(42)

(260.0)Ordinary profit

21

615

426

(189)

(30.8)

Extraordinary income/(losses):

22

(20)

(63)

(43)

-

Gains/(losses) on reserve for price fluctuation

23

(13)

(13)

(0)

-

Income before income taxes

24

595

363

(232)

(39.0)

Income taxes

25

140

65

(75)

(53.7)Net income

26

455

298

(157)

(34.5)(4.3) %

(-)

(-)

(+)
(-)

(+)

(+)

(-)

Net loss ratio
Ratios Net expense ratio
Combined ratio

Note 127

62.5 %

58.2 %

Note 228

34.3 %

34.7 %

0.4 %Note 329

96.8 %

92.9 %(3.9) %

30

5,129

4,871

(258)

31

63.4 %

58.6 %(4.8) %

Incurred losses (including loss adjustment expenses) Note 4, 5
EI loss ratio

Note 4, 6(Notes) 1. Net loss ratio = (net claims paid + loss adjustment expenses) / net premiums written x 100
2. Net expense ratio = (commissions and collection expenses + operating expenses and general and administrative expenses for underwriting)/ net premiums written x 100
3. Combined ratio = net loss ratio + net expense ratio
4. The calculation is exclusive of residential earthquake insurance and CALI.
5. Incurred losses (including loss adjustment expenses) = net claims paid + loss adjustment expenses + movement in outstanding claims
6. EI loss ratio = incurred losses (including loss adjustment expenses) / earned premiums x 100
Earned premiums are calculated based on unearned premiums (excluding underwriting reserves for natural disasters), premium reserve, etc.

14

-

(5.0)

Aioi Nissay Dowa Insurance Co., Ltd. (Non-consolidated)(2) Premiums written(Yen in 100 millions)
Net premiums written
Nine months ended
Nine months ended
December 31, 2019
December 31, 2020
AmountChange ratio
AmountChange ratio%%
Fire and allied
MarinePersonal accident

1,526

12.4

1,557

2.0

57

(9.7)

50

(11.9)

Direct premiums written (excluding deposit premiums from policyholders)Nine months ended
December 31, 2019
AmountChange ratio
%
1,911
16.9
0

717.2

Nine months ended
December 31, 2020
AmountChange ratio
%
2,056

7.6

0

(99.7)
2.8

434(10.7)

442

1.8

464

(8.2)

476

Voluntary automobile

5,333

3.9

5,448

2.2

5,060

2.1

5,225

3.3

CALI

1,238

4.4

1,078

(12.9)

1,352

3.7

1,134

(16.1)

Other

1,036

2.5

1,027

(0.9)

1,170

3.0

1,217

4.0

Total

9,626

4.2

9,603

(0.2)

9,959

4.5

10,1101.5(3) Net claims paid
Nine months ended December 31, 2019
AmountChange ratio
Net loss ratio%%
Fire and allied

1,166(24.9)

Marine

32

13.0

57.4

27

(16.3)

54.6

Personal accident

192

(3.6)

49.6

191

(0.6)

49.3

(0.3)

2,844

2.5

59.6

2,569

(9.7)

53.5

(6.1)

CALI

814

(7.2)

72.5

742

(8.8)

75.9

3.4

Other

463

3.9

47.4

538

16.0

55.2

7.8

Total
5,514
(6.2)
62.5
5,062
(Note) Net loss ratio = (net claims paid + loss adjustment expenses) / net premiums written x 100

(8.2)

58.2

(4.3)

Voluntary automobile

78.5(Yen in 100 millions)
Nine months ended December 31, 2020
ChangeAmountChange ratio Net loss ratio%%%(14.9)
993
66.9(11.6)(Reference) Incurred losses caused by natural disasters in Japan
Nine months ended December 31, 2019
Incurred losses Net claims paid

Outstanding
claims(Yen in 100 millions)
Nine months ended December 31, 2020
Incurred losses Net claims paid Outstanding
claimsFire and allied

467

421

46

204

200

4

Voluntary automobile

56

79

(22)

15

19

(4)

Other

33

11

22

8

4

3

Total
224
557
512
45
228
4
(Note) The above table describes losses caused by natural disasters in Japan, which exclude residential earthquake insurance, incurred
during the respective period.

(4) Expenses(Yen in 100 millions)
Nine months ended December 31, 2019
Nine months ended December 31, 2020
Items
AmountChangeChange ratio
AmountChangeChange ratio%%(10)
Personnel expenses
1
960
16
1.8
949
(1.1)
38
Non-personnel expenses
2
905
92
11.4
943
4.3
(13)
Taxes and contributions
3
85
2
3.0
72
(15.6)
14
Total
4
1,951
111
6.1
1,966
0.8
(Note) Total = loss adjustment expenses + operating expenses and general and administrative expenses<Company expenses><Expenses for underwriting>
Items
Operating expenses and generaland administrative expenses
Commissions andcollection expenses

5

Nine months ended December 31, 2019
AmountChangeChange ratio
%
1,388

102

8.0

(Yen in 100 millions)
Nine months ended December 31, 2020
AmountChangeChange ratio
%
1,366

(22)

(1.6)

6

1,909

105

5.9

1,970

61

3.2

Total

7

3,297

208

6.7

3,336

39

1.2

Net expense ratio

834.3 %

0.9 %

34.7 %

0.4

15

%

(2.8)

Aioi Nissay Dowa Insurance Co., Ltd. (Non-consolidated)(5) Catastrophe reserve(Yen in 100 millions)
March 31, 2020
Balance

December 31, 2020

Reserve ratio

Reversal

Provision

Balance

Reserve ratio%%

Fire and allied

858

43.1

164

264

958

46.2

Marine

98

136.2

3

0

96

143.4

Personal accident

662

116.4

-

14

676

114.8

Voluntary automobile

571

8.0

-

174

746

10.3

Other

768

55.9

11

30

786

57.4

Total
2,959
26.6
179
484
3,263
28.7
(Note) Reserve ratio = catastrophe reserve / net premiums written (excluding premiums of residential earthquake insurance and CALI) x 100
Reserve ratio for December 31, 2020 is calculated on an annualized basis using net premiums written multiplied by four thirds as adenominator.

(6) Investment assets(Yen in 100 millions)
March 31, 2020

December 31, 2020

ChangeCash, deposits and savings

1,765

2,001

235

Investments in securities:

23,17625,3672,190

Domestic bonds

8,290

7,850

(439)

Domestic stocks

6,969

8,870

1,900

Foreign securities

7,158

7,728

569

Other securities

757

918

160

Loans

2,181

2,243

62

Land and buildings

1,598

1,695

96

Total

28,721

31,307

2,585

3,578

3,326

(252)

Nine months ended
December 31, 2019
401

Nine months ended
December 31, 2020
366

Domestic bonds

64

58

(5)

Domestic stocks

202

179

(23)

Foreign securities

107

109

1

Other securities

26

19

(7)

Loans

15

15

0

Land and buildings

35

35

(0)

(Reference)Long-term investment assets(7) Breakdown of interest and dividends income(Yen in 100 millions)

Investments in securities:

Change
(35)

Other

13

9

(3)

Total

466

427

(38)

16

Aioi Nissay Dowa Insurance Co., Ltd. (Non-consolidated)(8) Investments in securities
Unrealized gains and losses on investments in securities(Yen in 100 millions)
December 31, 2020

Cost

Fair value

Difference

Domestic bonds

7,349

7,850

501

Change fromMarch 31, 2020
(38)

Domestic stocks

3,736

8,602

4,865

1,955

Foreign securities

6,230

6,832

601

277

Other securities

751

810

59

80

18,06724,096

6,028

2,275

Total

(Yen in 100 millions)
March 31, 2020

Cost

Fair value

Difference

Domestic bonds

7,750

8,290

540

Domestic stocks

3,798

6,708

2,910

Foreign securities

5,957

6,282

324

Other securities

672

651

(20)

18,17921,932

3,753

Total

(Note) The above tables describe available-for-sale securities with practically determinable fair value.

Gains and losses on sales of securities(Yen in 100 millions)
Nine months ended
December 31, 2019
Gains/(losses)

Nine months ended
December 31, 2020
Gains/(losses)

Domestic bonds

22

8

11

2

Domestic stocks

252

62

64

2

Foreign securities

21

47

54

7

Other securities

-

-

-

-

297

118

130

12

Nine months ended
December 31, 2019

Nine months ended
December 31, 2020

Domestic bonds

-

-

-

Domestic stocks

19

7

(11)

Foreign securities

0

5

5

Other securities

-

-

-

Total

19

13

(6)

Total
Impairment losses on securities

LossesGains(Yen in 100 millions)17

Change4. Supplementary Information(1) Supplementary Information on Consolidated Business Results(a) Consolidated Business Results(Yen in 100 millions)
Nine months ended
December 31, 2019

Nine months ended
December 31, 2020

ChangeChange ratio

Ordinary income and expenses:
Underwriting income:

36,05029,326(6,723)(18.7) %Net premiums written

27,253

26,787

(465)

(1.7)

601

617

16

2.7

Life insurance premiums

7,837

1,564

(6,273)(80.0)

Underwriting expenses:

Deposit premiums from policyholders

32,442

31,333(1,108)(3.4)

Net claims paid

15,287

14,103(1,183)(7.7)

Loss adjustment expenses

1,305

1,377

72

5.5

Commissions and collection expenses

5,450

5,502

51

0.9

Maturity refunds to policyholders

1,666

1,715

48

2.9

Life insurance claims

2,965

2,773

(192)

(6.5)

Provision for outstanding claims

422

861

439

104.2

Provision for underwriting reserves

5,252

4,861

(390)

(7.4)

Investment income:

5,211

10,273

5,062

97.1

2,391

2,298

(93)

(3.9)

Investment gains on money trusts

598

1,686

1,088

181.9

Investment gains on trading securities

593

244

(348)

(58.7)

Gains on sales of securities

810

1,225

414

51.2

1,085

2,370

1,284

118.3

1,084

947

(137)

(12.6)

Investment losses on money trusts

62

378

315

503.4

Losses on sales of securities

56

58

1

2.9

Impairment losses on securities

57

128

70

121.6

Losses on derivative transactions

356

362

5

1.5

5,095

5,022

(72)

(1.4)

Interest and dividends income

Investment gains on separate accounts
Investment expenses:

Operating expenses and general and administrative
expenses
Other ordinary income and expenses:

8

(93)

(102)

(1,163.3)

41

(45)

(87)

(210.0)

2,647

2,202

(445)

(16.8)

Extraordinary income

905

90

(815)

(90.0)

Extraordinary losses

1,728

243

(1,484)(85.9)

Gains/(losses) on equity method investments
Ordinary profit
Extraordinary income and losses:

Extraordinary income/(losses)

(822)

(153)

669

Income before income taxes

1,824

2,049

224

Income taxes

(892)

520

1,413

-

Net income

2,717

1,528

(1,189)(43.8)

18

27

9

52.8

2,699

1,500

(1,198)(44.4)Net income attributable to non-controlling interests
Net income attributable to owners of the parent(Notes) 1. Extraordinary income for the nine months ended December 31, 2019 includes reversal of reserve for price fluctuation of ¥79.6 billion.
2. Extraordinary losses for the nine months ended December 31, 2019 include impairment losses of ¥171.4 billion.
3. Income taxes for the nine months ended December 31, 2019 include a decrease of ¥165.7 billion mainly due to recognizing deferred
tax assets related to reorganization of Mitsui Sumitomo Insurance's international business.

18

12.3

(b) Premiums Written and Net Claims Paid by Line of Insurance
Direct Premiums Written by Line of Insurance (including Deposit premiums from policyholders)

Lines of Insurance
Fire and allied
MarinePersonal accident
Voluntary automobile
CALI
Other
Total:
Deposit premiums from policyholders

Nine months ended
December 31, 2019
Share
Change ratio
Amount(%)(%)
573,303
19.6
10.2
149,0295.1
1.7
237,886
8.1(2.3)
1,183,088
40.4
1.3
263,4489.0
3.0
522,02517.8(1.2)
2,928,781
100.0
2.3
60,1352.1(5.1)(Yen in millions)
Nine months ended
December 31, 2020
Share
Change ratio
Amount
(%)(%)
602,60720.7
5.1
152,0125.2
2.0
226,1677.8(4.9)
1,196,700
41.0
1.2
219,777
7.5(16.6)
519,87717.8(0.4)
2,917,142
100.0
(0.4)
61,7832.1
2.7

Nine months ended
December 31, 2019
Share
Change ratio
Amount(%)(%)
456,027
16.7
4.6
123,0424.5
2.1
183,898
6.8(5.3)
1,228,404
45.1
2.3
263,9369.7
5.0
470,00917.2(0.0)
2,725,319
100.0
2.0

(Yen in millions)
Nine months ended
December 31, 2020
Share
Change ratio
Amount(%)(%)
470,74217.6
3.2
118,461
4.4(3.7)
170,637
6.4(7.2)
1,229,76645.9
0.1
226,963
8.5(14.0)
462,18717.2(1.7)
2,678,760
100.0
(1.7)

Nine months ended
December 31, 2019
Share
Change ratio
Amount(%)(%)
320,01420.9(18.0)
58,7633.9(0.7)
85,456
5.6
2.7
662,359
43.3
1.7
177,297
11.6(6.8)
224,877
14.7
8.7
1,528,769
100.0
(3.3)

(Yen in millions)
Nine months ended
December 31, 2020
Share
Change ratio
Amount(%)(%)
272,36119.3(14.9)
55,8144.0(5.0)
85,7766.1
0.4
597,950
42.4(9.7)
162,824
11.5(8.2)
235,651
16.7
4.8
1,410,379
100.0
(7.7)

Net Premiums Written by Line of InsuranceLines of Insurance
Fire and allied
MarinePersonal accident
Voluntary automobile
CALI
Other
Total

Net Claims Paid by Line of InsuranceLines of Insurance
Fire and allied
MarinePersonal accident
Voluntary automobile
CALI
Other
Total

(Note) The figures in the above tables include elimination of intersegment transactions.

19

(c) Investments in Securities
1. Trading securities
March 31, 2020
Unrealized
Carrying amountgains/(losses)
included in income
Trading securities

2,949,868(Yen in millions)
December 31, 2020
Unrealized
Carrying amountgains/(losses)
included in income(107,583)

2,987,036

186,605(Note) “Trading securities” includes certificates of deposits included in Cash, deposits and savings, and commercial papers included in
Monetary claims bought on the consolidated balance sheet.

2. Held-to-maturity securities(Yen in millions)
December 31, 2020

March 31, 2020
Items

Carrying
amountFair value

Difference

Carrying
amountFair value

Difference

Domestic Bonds

1,095,428

1,311,673

216,244

1,094,913

1,291,154

196,240

Foreign Securities

4,003

4,066

62

3,645

3,787

141

Other Securities

13,108

13,108

-

5,657

5,657

-

1,112,541

1,328,848

216,307

1,104,216

1,300,598

196,382

Total(Note) “Other Securities” includes certificates of deposits included in Cash, deposits and savings, and commercial papers included in
Monetary claims bought on the consolidated balance sheet.

3. Debt securities earmarked for underwriting reserves(Yen in millions)
December 31, 2020

March 31, 2020
Items

Carrying
amountFair value

Difference

Carrying
amountFair value

Difference

Domestic Bonds

1,020,255

1,089,940

69,684

1,324,587

1,330,151

5,563

Foreign Securities

1,382,664

1,523,118

140,453

1,256,797

1,420,657

163,860

Total

2,402,920

2,613,059

210,138

2,581,385

2,750,809

169,423

4. Available-for-sale securities(Yen in millions)
December 31, 2020

March 31, 2020
Items

Cost

Carrying
amountDifference

Cost

Carrying
amountDifference

Domestic Bonds

3,429,477

3,700,304

270,827

3,330,462

3,568,590

238,127

Domestic Stocks

1,018,732

2,065,614

1,046,882

987,250

2,582,867

1,595,616

Foreign Securities

2,578,973

2,651,182

72,2092,906,271

3,089,381

183,109

Other Securities

274,406

269,561(4,845)

279,663

293,005

13,3417,301,590

8,686,663

1,385,073

7,503,649

9,533,844

2,030,195

Total(Notes) 1. Available-for-sale securities without practically determinable fair value are not included in the above table.
2. “Other Securities” includes certificates of deposits included in Cash, deposits and savings, and commercial papers and loan
receivable trust beneficiary certificates included in Monetary claims bought on the consolidated balance sheet.
3. The Company and its consolidated subsidiaries recognized impairment losses on Available-for-sale securities with practicallydeterminable fair value as follows.
For the year ended March 31, 2020: ¥36,009 million (comprised of ¥31,843 million on Domestic stocks and ¥4,165 million on
Foreign securities)
For the nine months ended December 31, 2020: ¥10,794 million (comprised of ¥6,663 million on Domestic stocks and ¥4,131
million on Foreign securities)
In principle, the Company and its domestic consolidated subsidiaries recognize impairment losses on securities with practicallydeterminable fair value if the fair value declines by 30% or more from the cost.

20

(2) Summary of Business Results of Main Consolidated Subsidiaries(a) Mitsui Sumitomo Insurance Co., Ltd. (Non-consolidated)
Non-Consolidated Balance Sheets(Yen in millions)
Items

March 31, 2020

December 31, 2020

(Assets)
Cash, deposits and savings
Receivables under resale agreements
Monetary claims bought
Money trusts
Investments in securities
Loans
Tangible fixed assets
Intangible fixed assets
Other assets
Deferred tax assets
Customers' liabilities under acceptances and guarantees
Bad debt reserve
Total assets

489,791
8,217
2,961
4,925,543
400,609
209,951
98,478419,666
111,516
25,987(6,635)
6,686,089

376,763
1,999
9,816
4,377
5,337,401
421,435
206,392
99,020337,418
10,86524,782(6,437)
6,823,835(Liabilities)
Policy liabilities:
Outstanding claims
Underwriting reserves
Bonds issued
Other liabilities:
Income taxes payable
Lease obligations
Asset retirement obligations
Other liabilities
Reserve for pension and retirement benefits
Reserve for retirement benefits for officers
Accrued bonuses for employees
Reserves under the special laws:
Reserve for price fluctuation
Acceptances and guarantees
Total liabilities

3,715,273
629,241
3,086,032
587,093566,927
3,744
1,297
3,913
557,973
120,827
316
10,63319,00719,00725,987
5,046,067

3,703,790
641,380
3,062,410
587,093557,01030,123
1,375
3,952
521,558
117,959
238
456
22,08922,08924,782
5,013,421(Net assets)
Common stock
Capital surplus
Retained earnings
Total shareholders' equity
Net unrealized gains/(losses) on investments in securities
Net deferred gains/(losses) on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

139,595
93,107
698,675
931,378
683,030
25,613
708,643
1,640,022
6,686,089

139,595
93,107609,741
842,444944,782
23,186
967,969
1,810,413
6,823,835

21

Mitsui Sumitomo Insurance Co., Ltd. (Non-consolidated)

Non-Consolidated Statements of Income
Nine months ended
December 31, 2019

Items
Ordinary income:
Underwriting income:Net premiums written
Deposit premiums from policyholders
Investment income on deposit premiums from policyholders
Reversal of outstanding claims
Reversal of underwriting reserves
Investment income:Interest and dividends income
Investment gains on money trusts
Gains on sales of securities
Transfer of investment income on deposit premiums from policyholders
Other ordinary income
Ordinary expenses:
Underwriting expenses:
Net claims paid
Loss adjustment expenses
Commissions and collection expenses
Maturity refunds to policyholders
Provision for outstanding claims
Investment expenses:
Losses on sales of securities
Impairment losses on securities
Operating expenses and general and administrative expenses
Other ordinary expenses:
Interest expense
Ordinary profit
Extraordinary income
Extraordinary losses
Income before income taxes
Income taxes
Net income

22

1,420,361
1,309,851
1,153,558
41,91023,215
5,018
86,111
107,580
85,497423
41,482(23,215)2,929
1,252,140
1,070,832
678,30265,971
207,786
117,737
7,886
2,025
3,923
166,064
7,356
7,014
168,221
74,239187,378
55,082(106,544)
161,627(Yen in millions)
Nine months ended
December 31, 2020
1,359,250
1,259,383
1,168,453
45,41321,752
23,622
96,70280,266
1,429
31,583(21,752)
3,164
1,234,578
1,053,222
624,573
70,111
219,897
124,087
12,139
4,862
1,200
2,730
168,9417,551
7,442
124,672700
3,839
121,532
37,952
83,580Mitsui Sumitomo Insurance Co., Ltd. (Non-consolidated)

Non-Consolidated Solvency Margin Ratio
Insurance companies running their business in Japan calculate the non-consolidated solvency margin ratio pursuant to theprovisions of Articles 86 and 87 of the Insurance Business Act Enforcement Regulations and Public Notice No. 50 issued by the
Ministry of Finance in 1996.
While insurance companies set aside reserves to provide for payments of insurance claims should an insured event occur, they arealso required to maintain sufficient funds to pay out in an event outside the normal range of estimates such as a major catastrophe
and a significant drop in the value of their assets.
The non-consolidated solvency margin ratio, or item (C) in each of the tables below, which is calculated in accordance with theInsurance Business Act, is the ratio of “solvency margin of insurance companies calculated based on their capital and otherreserves”, or (A) the total amount of solvency margin, to “risks exceeding the normal range of estimates”, or (B) the total amountof risks.
The non-consolidated solvency margin ratio is one of the objective indicators used by the insurance regulatory authorities tosupervise insurance companies. A non-consolidated solvency margin ratio of 200% or over indicates adequate ability to satisfy
insurance claims and other payment requirements.
(Yen in millions)(A) Total amount of solvency margin
Total net assets
Reserve for price fluctuation
Contingency reserve
Catastrophe reserve
General bad debt reserve
Net unrealized gains/(losses) on investments in securities andnet deferred gains/(losses) on hedges (prior to tax effect deductions)
Net unrealized gains/(losses) on land
Excess of policyholders' contract deposits (a)Subordinated debts, etc. (b)Amount excluded from the margin, out of (a) and (b)Deductions
Others(B) Total amount of risks( R1  R 2) 2  ( R 3  R 4 ) 2  R 5  R 6

March 31, 2020

December 31, 2020

3,076,392

3,393,216

879,578
19,007550,227
86

842,444
22,089577,31480

852,586

1,179,601

54,618487,093
3,642
236,835

65,549487,093
3,642
222,683

877,260

917,787

General insurance risk (R1)
136,088
137,488
Insurance risk of third sector insurance contracts (R2)
Assumed interest rate risk (R3)
13,475
13,159Asset management risk (R4)
700,269
760,211
Business administration risk (R5)
19,617
20,453
Catastrophe risk (R6)
131,040
111,836(C) Solvency margin ratio
701.3 %
739.4 %[(A) / {(B) x 1/2}] x 100(Note) The non-consolidated solvency margin ratio for December 31, 2020 is calculated by partially applying the simplified method
where components are calculated based on the data used for September 30, 2020.

23

(b) Aioi Nissay Dowa Insurance Co., Ltd. (Non-consolidated)
Non-Consolidated Balance Sheets(Yen in millions)
Items

March 31, 2020

December 31, 2020

(Assets)
Cash, deposits and savings
Money trusts
Investments in securities
Loans
Tangible fixed assets
Intangible fixed assets
Other assets
Prepaid pension expenses
Deferred tax assets
Customers' liabilities under acceptances and guarantees
Bad debt reserve
Total assets

174,108
2,441
2,317,658
218,147
182,184
55,884
381,021
19,427
63,1627,500(804)
3,420,733

197,8142,332
2,536,738
224,369
183,370
60,883360,187
19,82010,500(775)
3,595,240(Liabilities)
Policy liabilities:
Outstanding claims
Underwriting reserves
Bonds issued
Other liabilities:
Income taxes payable
Lease obligations
Asset retirement obligations
Other liabilities
Reserve for pension and retirement benefits
Accrued bonuses for employees
Reserves under the special laws:
Reserve for price fluctuation
Deferred tax liabilities
Acceptances and guarantees
Total liabilities

2,366,879
564,436
1,802,443
72,000265,188
10,0902
891
254,203
34,3786,619
30,08830,0887,500
2,782,654

2,405,893
577,563
1,828,329
72,000237,3671,907
1
847
234,61136,402785
31,40831,408140
10,5002,794,498(Net assets)
Common stock
Capital surplus
Retained earnings
Total shareholders' equity
Net unrealized gains/(losses) on investments in securities
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

100,005
81,207
185,491
366,703271,374
271,374
638,078
3,420,733

100,005
81,207
184,679
365,892
434,848434,848
800,741
3,595,240

24

Aioi Nissay Dowa Insurance Co., Ltd. (Non-consolidated)

Non-Consolidated Statements of Income
Nine months ended
December 31, 2019

Items
Ordinary income:
Underwriting income:Net premiums written
Deposit premiums from policyholders
Investment income on deposit premiums from policyholders
Investment income:Interest and dividends income
Investment gains on money trusts
Gains on sales of securities
Transfer of investment income on deposit premiums from policyholders
Other ordinary income
Ordinary expenses:
Underwriting expenses:
Net claims paid
Loss adjustment expenses
Commissions and collection expenses
Maturity refunds to policyholders
Provision for outstanding claims
Provision for underwriting reserves
Investment expenses:
Losses on sales of securities
Impairment losses on securities
Operating expenses and general and administrative expenses
Other ordinary expenses:
Interest expense
Ordinary profit
Extraordinary income
Extraordinary losses
Income before income taxes
Income taxes
Net income

25

1,065,452
992,924
962,658
18,224
11,851
66,19346,6462
30,287(11,851)
6,334
1,003,865
849,922551,455
49,791
190,900
48,926
282
6,689
6,771
560
1,936
145,358
1,812
419
61,58690
2,094
59,583
14,04745,535(Yen in millions)
Nine months ended
December 31, 2020
1,037,809
988,295
960,369
16,37010,82645,42942,7880
13,088(10,826)
4,084
995,187
844,803506,20352,540197,01747,464
13,12725,886
4,712
1,214
1,300
144,086
1,583
590
42,622
73
6,378
36,3166,500
29,815

Aioi Nissay Dowa Insurance Co., Ltd. (Non-consolidated)

Non-Consolidated Solvency Margin Ratio(Yen in millions)(A) Total amount of solvency margin
Total net assets
Reserve for price fluctuation
Contingency reserve
Catastrophe reserve
General bad debt reserve
Net unrealized gains/(losses) on investments in securities andnet deferred gains/(losses) on hedges (prior to tax effect deductions)
Net unrealized gains/(losses) on land
Excess of policyholders' contract deposits (a)Subordinated debts, etc. (b)Amount excluded from the margin, out of (a) and (b)Deductions
Others(B) Total amount of risks( R 1  R 2 ) 2  ( R 3  R 4) 2  R 5  R 6

March 31, 2020

December 31, 2020

1,148,081

1,412,826

348,00230,088906
299,132
123

365,892
31,408
1,029
329,681158

338,684

542,784

27,38558,8004,269
49,22836,11754,4004,579
55,934

326,916

365,693

General insurance risk (R1)
114,413
115,983
Insurance risk of third sector insurance contracts (R2)
Assumed interest rate risk (R3)
6,634
6,351
Asset management risk (R4)
194,535
234,899
Business administration risk (R5)
8,060
8,926
Catastrophe risk (R6)
87,42589,085(C) Solvency margin ratio
702.3 %
772.6 %[(A) / {(B) x 1/2}] x 100(Note) The non-consolidated solvency margin ratio for December 31, 2020 is calculated by partially applying the simplified method
where components are calculated based on the data used for September 30, 2020.

26

(c) Mitsui Direct General Insurance Co., Ltd. (Non-consolidated)
Non-Consolidated Balance Sheets(Yen in millions)
Items

March 31, 2020

December 31, 2020

(Assets)
Cash, deposits and savings
Investments in securities
Tangible fixed assets
Intangible fixed assets
Other assets
Bad debt reserve
Total assets

12,13335,972
447
5,880
5,339
(4)
59,768

11,862
37,978
583
4,854
5,256
(2)
60,534(Liabilities)
Policy liabilities:
Outstanding claims
Underwriting reserves
Other liabilities:
Income taxes payable
Asset retirement obligations
Other liabilities
Reserve for pension and retirement benefits
Accrued bonuses for employees
Reserves under the special laws:
Reserve for price fluctuation
Deferred tax liabilities
Total liabilities

43,70522,946
20,759
1,405
95
18
1,291
219
288
79
79
50
45,75042,12722,38019,747
1,548
286
18
1,243
264
84
84
34
44,060(Net assets)
Common stock
Capital surplus
Retained earnings
Total shareholders' equity
Net unrealized gains/(losses) on investments in securities
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

39,106
9,006(34,083)
14,028(10)(10)
14,01759,768

39,106
9,006(31,646)
16,4658
816,47360,53427

Mitsui Direct General Insurance Co., Ltd. (Non-Consolidated)

Non-Consolidated Statements of Income
Nine months ended
December 31, 2019

Items
Ordinary income:
Underwriting income:Net premiums written
Investment income on deposit premiums from policyholders
Reversal of outstanding claims
Reversal of underwriting reserves
Investment income:Interest and dividends income
Transfer of investment income on deposit premiums from policyholders
Other ordinary income
Ordinary expenses:
Underwriting expenses:
Net claims paid
Loss adjustment expenses
Commissions and collection expenses
Investment expenses
Operating expenses and general and administrative expenses
Other ordinary expenses
Ordinary profit
Extraordinary income
Extraordinary losses
Income before income taxes
Income taxes
Net income

28

28,07328,036
26,354
17
552
1,112
20
37
(17)
17
27,752
20,683
18,422
2,015
244
7,067
2
321
5
315
71
244

(Yen in millions)
Nine months ended
December 31, 2020
28,18428,14426,548
16
566
1,012
20
37
(16)
19
25,517
17,771
15,460
2,068
242
7,743
1
2,666
6
2,660
223
2,437

Mitsui Direct General Insurance Co., Ltd. (Non-Consolidated)

Non-Consolidated Solvency Margin Ratio(Yen in millions)(A) Total amount of solvency margin
Total net assets
Reserve for price fluctuation
Contingency reserve
Catastrophe reserve
General bad debt reserve
Net unrealized gains/(losses) on investments in securities andnet deferred gains/(losses) on hedges (prior to tax effect deductions)
Net unrealized gains/(losses) on land
Excess of policyholders' contract deposits (a)Subordinated debts, etc. (b)Amount excluded from the margin, out of (a) and (b)Deductions
Others(B) Total amount of risks( R1  R 2) 2  ( R 3  R 4) 2  R 5  R 6

March 31, 2020

December 31, 2020

15,305

17,461

14,028
79
0
1,205
2

16,465
84
0
899
0

(10)

10

-

-

5,809

5,817

General insurance risk (R1)
5,227
5,227
Insurance risk of third sector insurance contracts (R2)
Assumed interest rate risk (R3)00Asset management risk (R4)955
993
Business administration risk (R5)
194
195
Catastrophe risk (R6)300300(C) Solvency margin ratio
526.9 %
600.3 %[(A) / {(B) x 1/2}] x 100(Note) The non-consolidated solvency margin ratio for December 31, 2020 is calculated by partially applying the simplified
method where components are calculated based on the data used for September 30, 2020.

29

(d) Mitsui Sumitomo Aioi Life Insurance Co., Ltd. (Non-consolidated)
Non-Consolidated Balance Sheets(Yen in millions)
Items

March 31, 2020

December 31, 2020

(Assets)
Cash, deposits and savings
Receivables under resale agreements
Investments in securities
Loans
Tangible fixed assets
Intangible fixed assets
Due from agencies
Reinsurance accounts receivable
Other assets
Bad debt reserve
Total assets

196,400
407,7223,757,612
63,1304,345
32,841
1,996
868
45,651(97)
4,510,472

112,810
198,100
4,061,764
59,1953,434
30,082
1,585
438
42,891(88)
4,510,215(Liabilities)
Policy liabilities:
Outstanding claims
Underwriting reserves
Reserve for dividends to policyholders
Due to agencies
Reinsurance accounts payable
Other liabilities:
Payables under repurchase agreements
Payables under securities lending transactions
Income taxes payable
Lease obligations
Asset retirement obligations
Other liabilities
Reserve for pension and retirement benefits
Reserve for retirement benefits for officers
Reserves under the special laws:
Reserve for price fluctuation
Deferred tax liabilities
Total liabilities

3,779,645
31,8863,737,682
10,0773,623
291
449,640
412,965
25,072
532
1,296
437
9,336
3,856
9
8,725
8,725
3,891
4,249,683

3,943,110
31,2483,902,055
9,806
3,006
295
285,601
200,362
74,712
3,137
655
431
6,302
4,273
7
9,512
9,512
1,873
4,247,681(Net assets)
Common stock
Capital surplus
Retained earnings
Total shareholders' equity
Net unrealized gains/(losses) on investments in securities
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

85,50093,68819,000
198,188
62,59962,599260,788
4,510,472

85,50093,68825,934205,12257,411
57,411
262,534
4,510,21530

Mitsui Sumitomo Aioi Life Insurance Co., Ltd. (Non-consolidated)

Non-Consolidated Statements of Income
Nine months ended
December 31, 2019

Items
Ordinary income:Insurance premiums and others:
Insurance premiums
Investment income:Interest and dividends income
Gains on sales of securities
Gains on derivative transactions
Other ordinary income:Reversal of outstanding claims
Ordinary expenses:
Insurance claims and others:
Insurance claims
Annuity payments
Benefits
Surrender benefits
Other refunds
Provision for underwriting reserves and others:
Provision for underwriting reserves
Provision for interest portion of reserve for dividends to policyholders
Investment expenses:
Losses on sales of securities
Operating expenses
Other ordinary expenses
Ordinary profit
Extraordinary income
Extraordinary losses
Provision for reserve for dividends to policyholders
Income before income taxes
Income taxes
Net income

31

436,155
393,177
382,891
39,75135,505
3,988
230
3,225
1,567
421,299
175,482
34,244
14,44322,05889,863
3,075
171,173
171,173
0
1,127
1,098
60,78012,736
14,856
0
813
4,624
9,418
2,458
6,959

(Yen in millions)
Nine months ended
December 31, 2020
418,841
376,383
375,857
39,22936,555
2,189
419
3,228
637
397,856
162,252
35,38014,521
23,01785,395
2,751
164,373
164,373
0
223
199
57,41813,58920,9850806
2,869
17,3104,579
12,730Mitsui Sumitomo Aioi Life Insurance Co., Ltd. (Non-consolidated)

Business Results
Amount of Policies in Force and New Policies(1) Policies in force(Yen in 100 millions)
March 31, 2020
December 31, 2020
Number of policies
Number of policies
AmountAmount(in thousands)(in thousands)
3,726
237,974
3,794
236,722
Individual insurance
171
6,605
167
6,466
Individual annuities
88,884
92,335
Group insuranceGroup annuities
22(Notes) 1. The amounts of individual annuities represent the total sum of (a) the funds to be held at the time annuity payments areto commence for the policies for which annuity payments have not yet commenced and (b) the underwriting reserves
for the policies for which annuity payments have commenced.
2. The amounts of group annuities represent the underwriting reserves.
(2) New policies
Nine months ended December 31, 2019
Number ofpolicies(in thousands)

Amount(Yen in 100 millions)
Nine months ended December 31, 2020

Number ofpolicies
Net increase
New policies
by conversion (in thousands)

AmountNew policies

Net increaseby conversion

Individual insurance
239
15,447
15,447
188
13,016
13,016
Individual annuities
0
44
44
0
35
35
Group insurance
677
677
1,080
1,080
Group annuities(Note) The amounts of individual annuities represent the funds to be held at the time annuity payments are to commence.
Annualized Premiums(1) Policies in force
Individual insurance
Individual annuities
Total:
Medical coverage,
living benefits, etc.

March 31, 2020
4,075
406
4,481

(Yen in 100 millions)
December 31, 2020
4,068
405
4,474

1,381

(2) New policies
Nine months ended
December 31, 2019
215
1
217

-

1,440
(Yen in 100 millions)
Nine months ended
December 31, 2020
191
1
192

Individual insurance
Individual annuities
Total:
Medical coverage,
147
108
living benefits, etc.
(Notes) 1. An annualized premium is the annual total of premiums that is obtained by multiplying the amount of a single payment
with the number of payments per year in accordance with the premium payment method. An annualized premium for a
lump-sum payment policy is the premium divided by the number of years of coverage.
2. “Medical coverage, living benefits, etc.” represents the portion of annualized premiums that corresponds to medical
coverage benefits (for hospitalization, surgeries, etc.), living benefits (for specified diseases, nursing care, etc.) andpremium waiver benefits (excluding those for disability, but including those for specified diseases, nursing care, etc.).

32

Mitsui Sumitomo Aioi Life Insurance Co., Ltd. (Non-consolidated)
Non-Consolidated Business Performance(Yen in millions)
Nine months ended
December 31, 2019431,938
393,177
419,167
12,7703,120(1,035)
14,856
0
813
4,624
2,458
6,959

Fundamental revenues:
Insurance premiums and others
Fundamental expenses
Fundamental profit
Capital gains/(losses)
Non-recurring gains/(losses)
Ordinary profit
Extraordinary income
Extraordinary losses
Provision for reserve for dividends to policyholders
Income taxes
Net income

Nine months ended
December 31, 2020
416,224
376,383
397,005
19,2192,410(644)
20,985
0
806
2,869
4,579
12,730Change(15,713)(16,793)(22,162)
6,448
(709)
390
6,129
0
(7)
(1,754)
2,121
5,770

Non-Consolidated Solvency Margin Ratio(Yen in millions)(A) Total amount of solvency margin
Total capital
Reserve for price fluctuation
Contingency reserve
General bad debt reserve
Net unrealized gains/(losses) on investments in securities andnet deferred gains/(losses) on hedges (prior to tax effect deductions) x 90%
Net unrealized gains/(losses) on land x 85%
Excess of continued Zillmerized reserve (a)Subordinated debts, etc. (b)Amount excluded from the margin, out of (a) and (b)Brought in capital
Deductions
Others(B) Total amount of risks( R1  R 8) 2  ( R 2  R 3  R 7) 2  R 4

Insurance risk (R1)
Insurance risk of third sector insurance contracts (R8)Assumed interest rate risk (R2)
Minimum guarantee risk (R7)
Asset management risk (R3)
Business administration risk (R4)(C) Solvency margin ratio[(A) / {(B) x 1/2}] x 100

33

March 31, 2020

December 31, 2020

492,307499,746

193,323
8,725
38,8883

201,5139,512
39,541
3

78,24971,764

168,067
5,048

168,228
9,182

63,551

66,88818,352
16,532
3,210
47,841
1,718

18,42817,045
3,237
51,3331,800

1,549.3 %1,494.2 %(e) Mitsui Sumitomo Primary Life Insurance Co., Ltd. (Non-consolidated)
Non-Consolidated Balance Sheets(Yen in millions)
Items

March 31, 2020

December 31, 2020

(Assets)
Cash, deposits and savings
Monetary claims bought
Money trusts
Investments in securities
Loans
Tangible fixed assets
Intangible fixed assets
Reinsurance accounts receivable
Other assets
Deferred tax assets
Total assets

399,783
100,995
1,660,997
4,342,621
215,294
1,046
12,565
8,971
29,497
43,132
6,814,907

578,214103,992
1,889,006
4,357,338
247,510923
13,407
5,767
23,98021,7227,241,864(Liabilities)
Policy liabilities:
Outstanding claims
Underwriting reserves
Due to agencies
Reinsurance accounts payable
Other liabilities:
Income taxes payable
Lease obligations
Asset retirement obligations
Other liabilities
Reserves under the special laws:
Reserve for price fluctuation
Total liabilities

6,463,416
19,394
6,444,021
3,581
4,997
68,587
1,396
881
177
66,13279,50079,5006,620,083

6,790,747
24,192
6,766,555
3,282
5,006
71,654
4,853
718
179
65,90392,22092,2206,962,911(Net assets)
Common stock
Capital surplus
Retained earnings
Total shareholders' equity
Net unrealized gains/(losses) on investments in securities
Net deferred gains/(losses) on hedges
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

41,06024,735
117,883
183,678(5,340)
16,486
11,145
194,823
6,814,907

41,06024,735
146,957
212,752
56,2799,920
66,200278,953
7,241,864

34

Mitsui Sumitomo Primary Life Insurance Co., Ltd. (Non-consolidated)

Non-Consolidated Statements of Income
Nine months ended
December 31, 2019

Items
Ordinary income:Insurance premiums and others:
Insurance premiums
Investment income:Interest and dividends income
Investment gains on money trusts
Gains on sales of securities
Investment gains on separate accounts
Other ordinary income
Ordinary expenses:
Insurance claims and others:
Insurance claims
Annuity payments
Benefits
Surrender benefits
Other refunds
Provision for underwriting reserves and others:
Provision for outstanding claims
Provision for underwriting reserves
Investment expenses:
Interest expense
Losses on sales of securities
Operating expenses
Other ordinary expenses
Ordinary profit
Extraordinary income
Extraordinary losses
Income before income taxes
Income taxes
Net income

956,838
719,522681,801
234,319
67,94753,148
4,541
108,5882,997
939,683
461,552
71,24364,984
134,220
100,133
3,129
375,091
1,217
373,873
57,96015
46038,237
6,841
17,155
8,780
25,9357,125
18,80935(Yen in millions)
Nine months ended
December 31, 2020
1,368,290
601,529
510,131
763,806
64,343
129,451
68,912
237,070
2,955
1,305,857
942,134
79,14362,410151,567
488,844
3,081
327,3314,797
322,533364
11
319
29,112
6,914
62,432
12,72049,712
13,75035,961

Mitsui Sumitomo Primary Life Insurance Co., Ltd. (Non-consolidated)

Business Results
Amount of Policies in Force and New Policies(1) Policies in force(Yen in 100 millions)
March 31, 2020
December 31, 2020
Number of policies
Number of policies
AmountAmount(in thousands)(in thousands)
825
42,587771
44,586
Individual insurance
386
22,553386
23,578
Individual annuities
Group insuranceGroup annuities(Note) The amounts of individual annuities represent the total sum of (a) the funds to be held at the time annuity payments are tocommence (the premium reserves in the case of individual variable annuities) for the policies for which annuity payments
have not yet commenced and (b) the underwriting reserves for the policies for which annuity payments have commenced.
(2) New policies(Yen in 100 millions)
Nine months ended December 31, 2020

Nine months ended December 31, 2019
Number ofpolicies(in thousands)

AmountNumber ofpolicies
Net increase
New policies
by conversion (in thousands)

AmountNew policies

Net increaseby conversion

Individual insurance
75
5,572
5,572
47
4,253
4,253
Individual annuities
20
1,322
1,322
13
845
845
Group insuranceGroup annuities(Note) The amounts of individual annuities represent the funds to be held at the time annuity payments are to commence (thepremium reserves at the time of enrollment in the case of individual variable annuities).
Annualized Premiums(1) Policies in force
Individual insurance
Individual annuities
Total:
Medical coverage,
living benefits, etc.

March 31, 2019
3,318
2,660
5,979

(Yen in 100 millions)
December 31, 2020
3,645
2,668
6,313

0

(2) New policies
Nine months ended
December 31, 2019
515
236
751

2
(Yen in 100 millions)
Nine months ended
December 31, 2020
451
165
617

Individual insurance
Individual annuities
Total:
Medical coverage,2
living benefits, etc.
(Notes) 1. An annualized premium is the annual total of premiums that is obtained by multiplying the amount of a single payment
with the number of payments per year in accordance with the premium payment method. An annualized premium for a
lump-sum payment policy is the premium divided by the number of years of coverage.
2. “Medical coverage, living benefits, etc.” represents the portion of annualized premiums that corresponds to medical
coverage benefits (for hospitalization, surgeries, etc.), living benefits (for specified diseases, nursing care, etc.) andpremium waiver benefits (excluding those for disability, but including those for specified diseases, nursing care, etc.).

36

Mitsui Sumitomo Primary Life Insurance Co., Ltd. (Non-consolidated)
Non-Consolidated Business Performance(Yen in millions)
Nine months ended
December 31, 2019
958,947
719,522960,331(1,384)
20,786(2,246)
17,1558,780
7,125
18,809Fundamental revenues:
Insurance premiums and others
Fundamental expenses
Fundamental profit/(loss)
Capital gains/(losses)
Non-recurring gains/(losses)
Ordinary profit
Extraordinary income
Extraordinary losses
Provision for reserve for dividends to policyholders
Income taxes
Net income

Nine months ended
December 31, 2020
1,326,575
601,529
1,304,426
22,14941,395(1,111)
62,432
12,72013,75035,961

Change367,628(117,993)
344,094
23,533
20,6081,135
45,277(8,780)12,7206,625
17,151

Non-Consolidated Solvency Margin Ratio(Yen in millions)(A) Total amount of solvency margin
Total capital
Reserve for price fluctuation
Contingency reserve
General bad debt reserve
Net unrealized gains/(losses) on investments in securities andnet deferred gains/(losses) on hedges (prior to tax effect deductions) x 90%(100% in case of negative value)
Net unrealized gains/(losses) on land x 85%
Excess of continued Zillmerized reserve (a)Subordinated debts, etc. (b)Amount excluded from the margin, out of (a) and (b)Brought in capital
Deductions
Others(B) Total amount of risks( R1  R 8) 2  ( R 2  R 3  R 7 ) 2  R 4

Insurance risk (R1)
Insurance risk of third sector insurance contracts (R8)Assumed interest rate risk (R2)
Minimum guarantee risk (R7)
Asset management risk (R3)
Business administration risk (R4)(C) Solvency margin ratio[(A) / {(B) x 1/2}] x 100

37

March 31, 2020

December 31, 2020

546,005

652,048

179,481
79,50080,497-

212,752
92,22081,609-(7,417)

69,938172,286
41,657141,139
54,387

146,376

152,821996
253,345
1,656
88,480
2,889

1,040
2
50,246
1,488
98,066
3,016

746.0 %

853.3 %