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 THREE MONTHS ENDED JUNE 30, 2022
August 5, 2022

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
Corporate Communications and Investor Relations Dept.
https://www.ms-ad-hd.com/en/ir/contact.html
Scheduled date to file the Quarterly Securities Report:
August 5, 2022
Scheduled date to commence dividend payments:
Explanatory material for business results:
Available
To be held
IR Conference (for institutional investors and analysts):(Note) Amounts of less than one million yen are truncated.

1. Consolidated Financial Highlights for the Three Months Ended June 30, 2022 (April 1, 2022 to June 30, 2022)(Yen in millions)(1) Consolidated business performance
Ordinary income
Three months ended
June 30, 2022
Three months ended
June 30, 2021

Net income attributable to ownersof the parent

Ordinary profit

1,314,730

1.3 %

93,550(43.4) %60,426(49.1) %1,298,270(16.3) %165,14550.0 %

118,74822.8 %

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

For the three months ended June 30, 2022:
For the three months ended June 30, 2021:(Note) Comprehensive income

Net income attributable to ownersof the parent per share- Basic
Three months ended
June 30, 2022
Three months ended
June 30, 2021¥
(68,603) million (127.0)¥ 254,481 million
10.2
(Yen)
Net income attributable to ownersof the parent per share- Diluted

110.52110.48212.84212.75(2) Consolidated financial conditions%%(Yen in millions)
Total assets

Net assets

Ratio of net assets less noncontrolling interests to total assets

June 30, 2022

25,217,387

3,173,171

12.4%

March 31, 2022

25,033,846

13.0

%

3,302,749
As of June 30, 2022:
As of March 31, 2022:(Reference) Net assets less non-controlling interests¥¥

3,128,203
3,258,887

millionmillion

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

4th quarter

Annual total

Year ended March 31, 2022

-

82.50

-

97.50

180.00Year ending March 31, 2023

92.50

-

92.50

185.00Year ending March 31, 2023
(Forecast)(Note) Revision of the latest announced dividends per share forecast: None

3. Consolidated Earnings Forecasts for the Year Ending March 31, 2023 (April 1, 2022 to March 31, 2023)(Yen in millions)
Ordinary profit
Year ending March 31, 2023

350,000(10.4) %Percent figures represent changes from the preceding year.

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

Net income attributable to ownersof the parent
240,000(8.7) %Net income attributable to ownersof the parent per share (Yen)441.85

* 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 June 30, 2022:
593,632,891 shares
As of March 31, 2022:
593,632,891 shares
2. Number of shares of treasury stock
As of June 30, 2022:
47,572,599 shares
As of March 31, 2022:
46,400,654 shares
3. Average number of shares of outstanding stock
For the three months ended June 30, 2022:
546,715,218 shares
For the three months ended June 30, 2021:
557,897,663 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 MS&AD Insurance Group Holdings, Inc.
(“the Company”) as of the disclosure date of the report 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 and consolidated earnings for the second quarter (cumulative) are not disclosed due to difficulties incalculating 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
3
2. Consolidated Statements of Income and Comprehensive Income ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
5
3. Notes to Consolidated Financial Statements ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・(Notes to Going Concern Assumptions) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
5
5(Notes to Significant Changes in Shareholders' Equity) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・(Adoption of Special Accounting Methods Allowed to be Applied to Quarterly Consolidated
5
Financial Statements) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
Explanatory Material for Business Results
1. Summary of Consolidated Business Results ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ 6
10
2. Non-Consolidated Business Results of Mitsui Sumitomo Insurance Co., Ltd. ・・・・・・・・・・・・
14
3. Non-Consolidated Business Results of Aioi Nissay Dowa Insurance Co., Ltd. ・・・・・・・・・・・・
4. Supplementary Information
18(1) Supplementary Information on Consolidated Business Results ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・(2) Summary of Business Results of Main Consolidated Subsidiaries ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
21

1Consolidated Financial Statements and Main Notes
1. Consolidated Balance Sheets(Yen in millions)

March 31, 2022
AssetsCash, deposits and savings
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 stock payments
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

June 30, 2022

2,357,036
146,489
2,039,135
16,959,321
985,242487,691
443,159
1,529,465
30,26540,65323,000(7,614)25,033,846

2,430,442
148,029
2,095,924
16,607,069
991,349
489,534
444,369
1,866,521
30,80998,77923,000(8,444)25,217,387

18,608,139
2,467,600
16,140,539
782,902
1,837,250
137,710176
30,006
266,381266,381
45,52823,00021,731,096

18,736,927
2,540,158
16,196,769
782,9022,059,061
135,155
158
11,687252
269,271
269,271
25,79823,00022,044,215

100,534
553,680
1,251,280(159,850)
1,745,644

100,534
552,805
1,258,331(164,592)
1,747,078

1,565,167(998)(52,492)
1,566
1,513,242
762
43,0993,302,749
25,033,846

1,361,971(12,612)30,6431,122
1,381,124
607
44,361
3,173,171
25,217,387

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
Reversal of outstanding claims
Investment income:Interest and dividends income
Investment gains on money trusts
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
Investment losses on trading securities
Losses on sales of securities
Impairment losses on securities
Investment losses on separate accounts
Operating expenses and general and administrative expenses
Other ordinary expenses:
Interest expense
Ordinary profit
Extraordinary income:
Gains on sales of fixed assets
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
Income before income taxes
Income taxes
Net income
Net income attributable to non-controlling interests
Net income attributable to owners of the parent

3

Three months ended
June 30, 2021
1,298,270
1,116,658
981,247
14,438
8,789
83,194
26,669173,224
94,03015,425
29,13737,915(8,789)8,387
1,133,125
930,247
463,31247,764
189,349
39,745
102,478
86,61025,219
482
4,276
1,046
7,023
171,804
5,854
3,854
165,145
243
243
3,903
1,099
1,025
1,778
1,778
161,485
42,085
119,399651
118,748(Yen in millions)Three months ended
June 30, 2022
1,314,730
903,596
1,027,597
11,928
8,518(160,456)
402,657
105,990
179,495
31,004(8,518)8,476
1,221,179
944,861
506,315
51,365
194,447
37,01187,08545,414
22,15991,533
19,8704,576
14,0007,492
44,828
178,654
6,1302,529
93,550
38
38
8,245
3,988
1,365
2,890
2,890
85,343
23,832
61,511
1,084
60,426

(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

Three months ended
June 30, 2021
119,399(Yen in millions)Three months ended
June 30, 2022
61,511

59,580(2,028)70,200(493)
7,823
135,082
254,481(201,693)(10,894)
70,369(441)
12,544(130,114)(68,603)

252,929
1,552(71,690)3,087

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)Three months ended Three months ended
Items
June 30, 2021
June 30, 2022

ChangeChange ratio%

Net premiums written (non-life insurance)

1

9,812

10,275463

4.7

Mitsui Sumitomo Insurance

2

3,890

3,914

23

0.6

Aioi Nissay Dowa Insurance

3

3,234

3,225

(9)

(0.3)

4

7,125

7,139

14

0.2

Mitsui Direct General Insurance

5

89

86

(3)

(3.4)

Overseas insurance subsidiaries

Simple sum

6

2,597

3,049

451

17.4

Insurance premiums (domestic life insurance)

7

3,163

3,728

564

17.9

Mitsui Sumitomo Aioi Life Insurance

8

1,193

1,171

(22)

(1.9)

Mitsui Sumitomo Primary Life Insurance

9

1,969

2,557

587

29.8

Ordinary profit

10

1,651

935

(715)

(43.4)Net income attributable to owners of the parent

11

1,187

604

(583)

(49.1)

Mitsui Sumitomo Insurance

12

637

429

(208)

(32.7)

Aioi Nissay Dowa Insurance

13

270

239

(31)

(11.5)

14

908

669

(239)

(26.4)

Mitsui Direct General Insurance

Simple sum

15

8

10

1

20.3

Mitsui Sumitomo Aioi Life Insurance

16

65

53

(11)

(17.2)

Mitsui Sumitomo Primary Life Insurance

17

150

32

(117)

(78.2)

Overseas insurance subsidiaries

18

88

(25)

(114)

(128.9)Others, consolidation adjustments, etc.

19

(34)

(136)

(101)

-

(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)Three months ended Three months ended
Items
June 30, 2021
June 30, 2022

ChangeChange ratio%(+)

Net premiums written

1

7,125

7,139

14

0.2

(-)

Net claims paid

2

3,678

4,070

391

10.6

(-)

Loss adjustment expenses

3

430

460

29

6.8

(-)

4

1,470

1,489

19

1.3

5

1,011

1,023

12

1.2

6

533

95

(437)

(82.1)(-)

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

7

(143)

352

495

-

(-)

Movement in ordinary underwriting reserves

8

(91)

3

95

-

(+)

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

9

28

200

172

610.3

10

796

(59)

(856)

(107.5)

11

229

(240)

(469)

(205.0)Underwriting profit

12

567

180

(386)

(68.1)

13

640

736

96

15.0

14

99

94

(4)

(4.4)

15

541

641

100

18.5

(+)

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

192

154

(37)

(19.7)(-)

Impairment losses on securities

17

42

66

23

54.7

(+)

Other

18

1

23

21

1,693.4

Investment profit

19

692

753

60

8.8

Other ordinary profit/(loss)

20

(30)

(39)

(8)

-

Ordinary profit

21

1229

895

(334)

(27.2)

Extraordinary income/(losses):

22

(42)

(69)

(27)

-

Gains/(losses) on reserve for price fluctuation

23

(14)

(15)

(0)

-

Income before income taxes

24

1,187

825

(362)

(30.5)

Income taxes

25

278

156

(122)

(44.0)Net income

26

908

669

(239)

(26.4)

(-)

(-)

(+)
(-)

(+)

(+)

(-)

Net loss ratio
Ratios Net expense ratio
Combined ratio

Note 127

57.7 %

63.5 %

5.8 %Note 228

34.8 %

35.2 %

0.4 %Note 329

92.5 %

98.7 %

6.2 %

30

3,428

4,347

919

31

54.4 %

67.9 %

13.5 %

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*.
* 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

26.8

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

Three months ended
June 30, 2021

Three months ended
June 30, 2022

ChangeChange ratio

Amount of new policies(Note)

1

4,732

3,381

(1,350)(28.5) %Annualized premiums of
new policies

2

63

57

(6)

(10.5) %Amount of policies in force(Note)3(As of the beginningof the FY2022)

238,477

236,965(Change fromthe beginning of
the FY2022)(1,512)(0.6) %

Annualized premiums forpolicies in force

4(As of the beginningof the FY2022)

4,438

4,428

(Change fromthe beginning of
the FY2022)(9)(0.2) %

Insurance premiums

5

1,193

1,171

(22)

(1.9) %

Ordinary profit

6

102

87

(15)

(14.8) %Extraordinary income/(losses)

7

(3)

(3)

(0)

-

Net income

8

65

53

(11)

(17.2) %(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

Three months ended
June 30, 2021

Three months ended
June 30, 2022

1,980

2,628

68,03667,8273

1,969

Ordinary profit

4

Extraordinary income/(losses)
Net income

ChangeChange ratio
648

32.7 %(208)(0.3) %

2,557

587

29.8 %

209

54

(155)

(73.9) %

5

-

(9)

(9)

-

6

150

32

(117)

(78.2) %(As of the beginningof the FY2022)(Note) The figures represent the total sum of individual insurance and individual annuities.

8(Change fromthe beginning of
the FY2022)

(4) Business Results of Overseas Insurance Subsidiaries(Yen in 100 millions)Three months ended Three months ended
Items
June 30, 2021
June 30, 2022

ChangeChange ratio%

Net premiums written

1

2,597

3,049

451

17.4

Asia

2

425

508

83

19.6

Europe

3

2,077

2,408

331

15.9

Americas

4

95

132

37

38.9

5

88

(25)

(114)

(128.9)

Asia

6

73

75

1

2.6

Europe

7

(51)

(143)

(91)

-

Americas

8

15

3

(11)

(76.0)

International life insurance

9

51

38

(12)

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

92. Non-Consolidated Business Results of Mitsui Sumitomo Insurance Co., Ltd.
(1) Business Results(Yen in 100 millions)Three months ended Three months ended
Items
June 30, 2021
June 30, 2022

ChangeChange ratio
0.6

%

(+)

Net premiums written

1

3,890

3,914

23

(-)

Net claims paid

2

1,985

2,161

176

8.9

(-)

Loss adjustment expenses

3

233

248

15

6.5

(-)

4

771

775

4

0.6

5

554

566

11

2.1

6

345

162

(183)

(53.1)(-)

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

7

(51)

233

284

-

(-)

Movement in ordinary underwriting reserves

8

(102)

(0)

102

-

(+)

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

9

5

51

45

814.7

10

504

(19)

(524)

(103.9)

11

142

(82)

(225)

(158.1)

Underwriting profit

12

361

63

(298)

(82.6)

13

461

524

63

13.7

14

66

62

(4)

(6.3)

15

395

462

67

17.0

(+)

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

117

45

(72)

(61.8)(-)

Impairment losses on securities

17

15

56

40

264.8

Other

18

(11)

45

56

Investment profit

19

486

496

9

2.0

Other ordinary profit/(loss)

20

(16)

(25)

(8)

-

Ordinary profit

21

831

534

(297)

(35.8)

(-)

(-)

(+)
(-)

(+)
(+)

(+)

(-)

-

Extraordinary income/(losses)

22

(13)

(14)

(1)

-

Gains/(losses) on reserve for price fluctuation

23

(10)

(10)

(0)

-

Income before income taxes

24

818

519

(298)

(36.5)

Income taxes

25

180

90

(89)

(49.8)Net income

26

637

429

(208)

(32.7)

Note 127

57.0 %

61.6 %

4.6 %Note 228

34.1 %

34.3 %

0.2 %Note 329

91.1 %

95.9 %

4.8 %

30

1,878

2,355

477

31

54.1 %

66.6 %

12.5 %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

25.4

Mitsui Sumitomo Insurance Co., Ltd. (Non-consolidated)(2) Premiums written(Yen in 100 millions)

Net premiums written
Three months ended
Three months ended
June 30, 2021
June 30, 2022
AmountChange ratio
AmountChange ratio%%

Direct premiums written (excluding deposit premiums from policyholders)Three months ended
June 30, 2021
AmountChange ratio
%
799
5.6

Three months ended
June 30, 2022
AmountChange ratio
%
853
6.7

Fire and allied

430

12.7

414

(3.6)

Marine

153

8.4

202

31.9

272

8.8

344

Personal accident

414

1.5

429

3.6

425

1.2

448

5.5

1,738

1.4

1,734

(0.3)

1,766

1.5

1,759

(0.4)

CALI

360

(11.2)

321(10.8)

351

1.2

328

(6.6)

Other

792

13.0

811

2.5

951

9.9

977

2.8

Total

3,890

3.6

3,914

0.6

4,566

4.2

4,712

3.2

Voluntary automobile(3) Net claims paid
Three months ended June 30, 2021
AmountChange ratio
Net loss ratio%%

Amount442(Yen in 100 millions)Three months ended June 30, 2022
ChangeChange ratio Net loss ratio
%
%
%
42.1
109.9
34.0

Fire and allied

311

(3.9)

75.9

Marine67(20.4)

47.8

61

(8.9)

32.3

(15.5)

Personal accident

170

(6.5)

45.0

212

24.9

53.5

8.5

Voluntary automobile

791

7.3

54.1

838

5.9

58.0

3.9

CALI

259

(11.8)

80.3

246

(5.1)

85.6

5.3

Other

384

(1.9)

50.8

360

(6.4)

46.5

(4.3)

Total
1,985
(1.5)
57.0
2,161
(Note) Net loss ratio = (net claims paid + loss adjustment expenses) / net premiums written x 100

8.9

61.6

4.6

(Reference) Incurred losses caused by natural disasters in Japan(Yen in 100 millions)Three months ended June 30, 2022

Three months ended June 30, 2021
Incurred losses Net claims paid

Outstanding
claimsIncurred losses Net claims paid Outstanding
claimsFire and allied

1

0

1

80

2

77

Voluntary automobile

-

-

-

112

5

106

Other

0

0

0

0

0

0

Total
8
1
0
1
193
184
(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)Three months ended June 30, 2021
Three months ended June 30, 2022
AmountChangeChange ratio
AmountChangeChange ratio
%
%
(16)
383
1
399
(18)
(4.3)
Personnel expenses
(4.2)
429
44
2
385
35
10.0
Non-personnel expenses
11.5
35
1
3
34
2
7.7
Taxes and contributions
3.5
28
848
4
819
19
2.4
Total
3.5
(Note) Total = loss adjustment expenses + operating expenses and general and administrative expenses<Company expenses>

Items<Expenses for underwriting>
Items
Operating expenses and generaland administrative expenses
Commissions andcollection expenses

5

Three months ended June 30, 2021
AmountChangeChange ratio
%
554

9

1.8

(Yen in 100 millions)Three months ended June 30, 2022
AmountChangeChange ratio
%
566

11

2.1

6

771

42

5.8

775

4

0.6

Total

7

1,326

52

4.1

1,341

15

1.2

Net expense ratio

834.1 %

0.2 %

34.3 %

0.2 %

11

26.4

Mitsui Sumitomo Insurance Co., Ltd. (Non-consolidated)(5) Catastrophe reserve(Yen in 100 millions)

March 31, 2022
Balance

June 30, 2022

Reserve ratio

Reversal

Provision

Balance

Reserve ratio%
Fire and allied

%

1,110

47.0

234

41

917

55.4

Marine

815

130.8

-

10

826

102.1

Personal accident

842

56.7

-

13

856

49.8

Voluntary automobile

1,418

20.6

-

55

1,473

21.2

Other

2,029

68.2

0

29

2,059

63.4

Total
6,216
43.4
234
151
6,133
42.7
(Note) Reserve ratio = catastrophe reserve / net premiums written (excluding premiums of residential earthquake insurance and CALI) x 100
Reserve ratio for June 30, 2022 is calculated on an annualized basis using net premiums written multiplied by four as a denominator.

(6) Investment assets(Yen in 100 millions)

March 31, 2022

June 30, 2022

ChangeCash, deposits and savings

7,640

6,601

Investments in securities:

55,241

55,416174

Domestic bonds

13,517

13,034(483)

Domestic stocks

19,685

18,811(873)

Foreign securities

21,06722,481

1,414(1,039)

972

1,088

116

Loans

4,106

4,060

(46)

Land and buildings

1,886

1,891

5

Total

68,87567,969

(906)

8,816

8,702

(113)

Three months ended
June 30, 2021
438

Three months ended
June 30, 2022
501

Domestic bonds

36

34

(2)

Domestic stocks

223

289

65

Foreign securities

168

173

5

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

Investments in securities:

Change
62

9

3

(5)

Loans

6

5

(0)

Land and buildings

15

16

0

Other

1

1

0

Total

461

524

63

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)

June 30, 2022

Cost

Fair value

Difference

Domestic bonds

12,381

13,034652

Change fromMarch 31, 2022
(182)

Domestic stocks

5,284

18,423

13,138(798)

Foreign securities

7,289

8,259

969

84

Other securities

573

588

15

(29)

25,52940,306

14,776

(926)

Total

(Yen in 100 millions)
March 31, 2022

Cost

Fair value

Difference

Domestic bonds

12,682

13,517835

Domestic stocks

5,359

19,296

13,936

Foreign securities

6,045

6,930

885

Other securities

476

521

44

24,56340,266

15,702

Total(Notes) 1. The above tables describe available-for-sale securities (excluding stocks and other securities without market prices and investmentsin partnerships etc.).
2. “Other securities” includes loan receivable trust beneficiary certificates included in Monetary claims bought on the balance sheets.

Gains and losses on sales of securities(Yen in 100 millions)Three months ended
June 30, 2021
Gains/(losses)

Three months ended
June 30, 2022
Gains/(losses)

Domestic bonds

4

(0)

1

1

Domestic stocks

78

47

48

1

Foreign securities

35

(2)

0

2

Other securities

-

-

-

-

117

45

50

5

Three months ended
June 30, 2021

Three months ended
June 30, 2022

Total
Impairment losses on securities

Gains

Losses(Yen in 100 millions)

ChangeDomestic bonds

-

-

-

Domestic stocks

15

2

(13)

Foreign securities

-

53

53

Other securities

-

-

-

Total

15

56

40

13

3. Non-Consolidated Business Results of Aioi Nissay Dowa Insurance Co., Ltd.
(1) Business Results(Yen in 100 millions)Three months ended Three months ended
Items
June 30, 2021
June 30, 2022

ChangeChange ratio%(+)

Net premiums written

1

3,234

3,225

(9)

(0.3)

(-)

Net claims paid

2

1,693

1,908

215

12.7

(-)

Loss adjustment expenses

3

197

211

14

7.1

(-)

4

699

714

14

2.1

5

456

457

0

0.2

6

187

(66)

(254)

(135.5)(-)

Commissions and collection expenses
Operating expenses and general andadministrative expenses for underwriting
Underwriting profitt/(loss) before
movements in reserves
Movement in outstanding claims

7

(92)

119

211

-

(-)

Movement in ordinary underwriting reserves

8

10

3

(7)

(67.6)(+)

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

9

22

149

126

559.9

10

291

(39)

(331)

(113.7)

11

86

(157)

(244)

(282.6)

Underwriting profit

12

205

117

(87)

(42.7)

13

179

212

32

18.3

14

32

32

(0)

(0.4)

15

146

179

33

22.5

(+)

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

74

109

35

47.0

(-)

Impairment losses on securities

17

27

9

(17)

(63.5)

(-)

(-)

(+)
(-)

(+)
(+)

(+)

(-)

Other

18

12

(21)

(34)

(277.0)Investment profit

19

206

257

51

24.8

Other ordinary profit/(loss)

20

(13)

(14)

(0)

-

Ordinary profit

21

398

360

(37)

(9.4)

Extraordinary income/(losses):

22

(28)

(55)

(26)

-

Gains/(losses) on reserve for price fluctuation

23

(4)

(4)

(0)

-

Income before income taxes

24

369

305

(63)

(17.3)

Income taxes

25

98

65

(32)

(33.2)Net income

26

270

239

(31)

(11.5)

Note 127

58.5 %

65.7 %

7.2 %Note 228

35.7 %

36.3 %

0.6 %Note 329

94.2 %

102.0 %

7.8 %

30

1,550

1,992

441

31

54.8 %

69.6 %

14.8 %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.

14

28.5

Aioi Nissay Dowa Insurance Co., Ltd. (Non-consolidated)(2) Premiums written(Yen in 100 millions)

Net premiums written
Three months ended
Three months ended
June 30, 2021
June 30, 2022
AmountChange ratio
AmountChange ratio%%

Direct premiums written (excluding deposit premiums from policyholders)Three months ended
June 30, 2021
AmountChange ratio
%
608
6.7

Three months ended
June 30, 2022
AmountChange ratio%

Fire and allied

404

6.4

398

(1.6)

Marine15(15.0)

16

0.8-

Personal accident

166

4.8

175

5.4

185

7.1

195

1,917

4.1

1,948

1.6

1,807

2.9

1,812

0.3

336

(7.1)

305

(9.2)

382

3.7

361

(5.5)

Voluntary automobile
CALI

-

656

7.9

-

5.3

Other

392

8.9

380

(3.0)

466

7.5

479

2.9

Total

3,234

3.6

3,225

(0.3)

3,449

4.5

3,505

1.6

(3) Net claims paid
Three months ended June 30, 2021
AmountChange ratio
Net loss ratio%%

Amount(Yen in 100 millions)Three months ended June 30, 2022
ChangeChange ratio Net loss ratio
%
%
%
13.1
106.7
13.9

Fire and allied

360

13.4

92.8

407

Marine

13

30.3

82.1

28

116.7

176.7

94.6

Personal accident

63

(1.8)

44.0

70

11.4

46.8

2.8

Voluntary automobile

861

9.0

51.8

916

6.5

54.3

2.5

CALI

216

(12.8)

73.6

206

(4.8)

77.8

4.2

Other

177

5.9

47.9

278

56.5

75.9

28.0

Total
1,908
1,693
5.9
58.5
(Note) Net loss ratio = (net claims paid + loss adjustment expenses) / net premiums written x 100

12.7

65.7

7.2

(Reference) Incurred losses caused by natural disasters in Japan(Yen in 100 millions)Three months ended June 30, 2022

Three months ended June 30, 2021
Incurred losses Net claims paid
Fire and allied

Outstanding
claimsIncurred losses Net claims paid Outstanding
claims69

366

Voluntary automobile

-

-

-

122

10

112

Other

-

-

-

0

0

0

0

0

0

Total
13
0
0
0
192
178
(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)Three months ended June 30, 2021
Three months ended June 30, 2022
AmountChangeChange ratio
AmountChangeChange ratio
%
%
(8)
1
331
12
4.1
Personnel expenses
323
(2.4)
25
2
324
24
8.1
Non-personnel expenses
349
7.8
(2)
3
29
(0)
(0.4)
Taxes and contributions
27
(8.3)
14
4
684
37
5.7
Total
699
2.2
(Note) Total = loss adjustment expenses + operating expenses and general and administrative expenses<Company expenses>

Items<Expenses for underwriting>
Items
Operating expenses and generaland administrative expenses
Commissions andcollection expenses

5

Three months ended June 30, 2021
AmountChangeChange ratio
%
456

9

2.0

(Yen in 100 millions)Three months ended June 30, 2022
AmountChangeChange ratio
%
457

0

0.2

6

699

44

6.8

714

14

2.1

Total

7

1,156

53

4.8

1,171

15

1.4

Net expense ratio

8

35.7 %

0.4 %

36.3 %

0.6 %15

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

March 31,2022
Balance

June 30, 2022

Reserve ratio

Reversal

Provision

Balance

791

Reserve ratio%
Fire and allied

%

939

47.1

208

60

Marine

98

145.1

14

0

84

132.3

Personal accident

699

117.7

-

5

705

100.3

1,044

14.0

-

62

1,107

14.2

798

56.2

75

12

734

48.2

Voluntary automobile
Other

49.7

Total
3,581
31.0
298
141
3,423
29.3
(Note) Reserve ratio = catastrophe reserve / net premiums written (excluding premiums of residential earthquake insurance and CALI) x 100
Reserve ratio for June 30, 2022 is calculated on an annualized basis using net premiums written multiplied by four as a denominator.

(6) Investment assets(Yen in 100 millions)

March 31,2022

June 30, 2022

ChangeCash, deposits and savings

1,583

1,293

(290)

Investments in securities:

26,43726,028(408)

Domestic bonds

7,752

7,350

(402)

Domestic stocks

8,883

8,511

(371)

Foreign securities

8,653

9,095

441

Other securities

1,147

1,070

(77)

Loans

2,457

2,499

42

Land and buildings

1,672

1,651

(21)

Total

32,151

31,472

(678)

2,935

2,862

(73)

Three months ended
June 30, 2021
158

Three months ended
June 30, 2022
194

Domestic bonds

19

20

1

Domestic stocks

103

124

20

Foreign securities

32

48

16

Other securities

2

0

(2)

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

Investments in securities:

Change
35

Loans

5

5

0

Land and buildings

11

11

(0)

Other

4

1

(2)

Total

179

212

32

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)

June 30, 2022

Cost

Fair value

Difference

Domestic bonds

7,077

7,350

272

Change fromMarch 31, 2022
(69)

Domestic stocks

3,480

8,154

4,674

(283)

Foreign securities

8,092

8,247

155

(212)

Other securities

833

901

68

(54)

19,48324,655

5,171

(620)

Total

(Yen in 100 millions)
March 31, 2022

Cost

Fair value

Difference

Domestic bonds

7,410

7,752

342

Domestic stocks

3,564

8,522

4,957

Foreign securities

7,448

7,816

367

Other securities

860

983

123

19,28325,075

5,791

Total

(Note) The above tables describe available-for-sale securities (excluding stocks and other securities without market prices and investmentsin partnerships etc.).

Gains and losses on sales of securities(Yen in 100 millions)Three months ended
June 30, 2021
Gains/(losses)

Three months ended
June 30, 2022
Gains/(losses)

Domestic bonds

1

(2)

0

Domestic stocks

38

108

109

0

Foreign securities

34

3

31

27

Other securities

-

-

-

-

Total

74

109

141

31

Three months ended
June 30, 2021

Three months ended
June 30, 2022

Impairment losses on securities

Gains

Losses(Yen in 100 millions)

ChangeDomestic bonds

-

-

-

Domestic stocks

3

6

3

Foreign securities

24

3

(21)

Other securities

-

-

-

Total

27

9

(17)

17

2

4. Supplementary Information(1) Supplementary Information on Consolidated Business Results(a) Consolidated Business Results(Yen in 100 millions)Three months ended Three months ended
June 30, 2021
June 30, 2022

ChangeChange ratio

Ordinary income and expenses:
Underwriting income:

11,166

9,035(2,130)(19.1) %Net premiums written

9,812

10,275463

4.7

Deposit premiums from policyholders

144

119

(25)

(17.4)

Life insurance premiums

831(1,604)(2,436)(292.9)

Reversal of outstanding claims

266

-

(266)

(100.0)

9,302

9,448

146

1.6

4,633

5,063

430

9.3

477

513

36

7.5

1,893

1,944

50

2.7

Underwriting expenses:
Net claims paid
Loss adjustment expenses
Commissions and collection expenses
Maturity refunds to policyholders

397

370

(27)

(6.9)

1,024

870

(153)

(15.0)

Provision for outstanding claims

-

454

454

-

Provision for underwriting reserves

866

221

(644)

(74.4)

2,294

132.4

Life insurance claims

Investment income:

1,732

4,026

Interest and dividends income

940

1,059

119

12.7

Investment gains on money trusts

154

1,794

1,640

1,063.6

Gains on sales of securities

291

310

18

6.4

Investment gains on separate accounts

379

-

(379)

(100.0)Investment expenses:

252

915

663

262.9

Investment losses on money trusts

4

198

193

4,016.3

Investment losses on trading securities

42

45

2

7.0

Losses on sales of securities

10

140

129

1,237.3

Impairment losses on securities

70

74

4

6.7

Investment losses on separate accounts

-

448

448

-

1,718

1,786

68

4.0

25

23

(1)

(7.4)

41

19

(21)

(52.6)

1,651

935

(715)

(43.4)

2

0(2)(84.4)

Operating expenses and general and administrative
expenses
Other ordinary income and expenses:
Gains/(losses) on equity method investments
Ordinary profit
Extraordinary income and losses:
Extraordinary income
Extraordinary losses

39

82

43

111.2

Extraordinary income/(losses)

(36)

(82)

(45)

-

1,614

853

(761)

(47.2)

Income taxes

420

238

(182)

(43.4)Net income

1,193

615

(578)

(48.5)

6

10

4

66.5

1,187

604

(583)

(49.1)

Income before income taxes

Net income attributable to non-controlling interests
Net income attributable to owners of the parent

18

(b) Premiums Written and Net Claims Paid by Line of Insurance
Direct Premiums Written by Line of Insurance (including Deposit premiums from policyholders)Three months ended
June 30, 2021

Lines of Insurance

Share
Change ratio
(%)
(%)
18.8
8.6
7.0
7.0
7.6
(7.1)
40.6
3.1
6.8
2.5
19.2
5.0
100.0
3.8
1.3
(41.2)

AmountFire and allied
MarinePersonal accident
Voluntary automobile
CALI
Other
Total:
Deposit premiums from policyholders(Yen in millions)Three months ended
June 30, 2022

202,266
74,833
81,996436,40973,416
205,832
1,074,756
14,438Amount217,533
86,44583,249441,951
68,998
218,606
1,116,785
11,928

Share
Change ratio
(%)
(%)
19.5
7.5
7.7
15.5
7.4
1.5
39.6
1.3
6.2
(6.0)
19.6
6.2
100.0
3.9
1.1
(17.4)Net Premiums Written by Line of InsuranceLines of Insurance

Change ratio
Share
(%)
(%)
14.7
15.0
5.7
5.7
7.0
2.1
45.7
3.1
7.1
(9.2)
19.8
4.4
100.0
4.0

AmountFire and allied
MarinePersonal accident
Voluntary automobile
CALI
Other
Total

(Yen in millions)Three months ended
June 30, 2022

Three months ended
June 30, 2021

144,50255,88068,380448,658
69,866
193,959
981,247

Amount156,133
63,23773,375458,172
62,835
213,844
1,027,597

Share
Change ratio
(%)
(%)
15.2
8.0
6.2
13.2
7.1
7.3
44.6
2.1
6.1
(10.1)
20.8
10.3
100.0
4.7

Net Claims Paid by Line of InsuranceLines of Insurance

Share
Change ratio
(%)
(%)
20.5
12.4
3.8
0.6
5.9
(10.7)
43.0
5.3
10.3
(12.3)
16.5
(4.3)
100.0
1.6

AmountFire and allied
MarinePersonal accident
Voluntary automobile
CALI
Other
Total

(Yen in millions)Three months ended
June 30, 2022

Three months ended
June 30, 2021

94,95817,391
27,292
199,254
47,74376,671
463,312(Note) The figures in the above tables include elimination of intersegment transactions.

19

Amount111,520
19,09232,525
212,543
45,35985,274506,315

Share
Change ratio
(%)
(%)
22.0
17.4
3.8
9.8
6.4
19.2
42.0
6.7
9.0
(5.0)
16.8
11.2
100.0
9.3

(c) Investments in Securities
1. Trading securities
March 31, 2022
Unrealized
Carrying amountgains/(losses)
included in income
2,881,150

Trading securities(Yen in millions)
June 30, 2022
Unrealized
Carrying amountgains/(losses)
included in income(21,877)

2,724,795(86,230)(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)
June 30, 2022

March 31, 2022
Items

Carrying
amountFair value

Difference

Carrying
amountFair value

Difference

Domestic Bonds

1,220,261

1,355,323

135,061

1,222,835

1,318,313

95,477

Foreign Securities

3,875

3,852

(22)

4,324

4,426

101

Other Securities

12,794

12,794-

10,234

10,234-

1,236,931

1,371,971

135,039

1,237,395

1,332,975

95,579Total(Note) “Other Securities” includes commercial papers included in Monetary claims bought on the consolidated balance sheet.

3. Debt securities earmarked for underwriting reserves(Yen in millions)
June 30, 2022

March 31, 2022
Items

Carrying
amountFair value

Difference

Carrying
amountFair value

Difference

Domestic Bonds

1,928,505

1,808,470(120,034)

1,948,829

1,688,145(260,683)

Foreign Securities

762,307765,773

3,466

592,010564,374(27,636)2,690,812

2,574,244(116,567)

2,540,839

2,252,520(288,319)

Total
4. Available-for-sale securities(Yen in millions)
June 30, 2022

March 31, 2022
Items

Cost

Carrying
amountDifference

Cost

Carrying
amountDifference

Domestic Bonds

2,942,768

3,091,347

148,578

2,887,835

2,986,981

99,145

Domestic Stocks

943,916

2,782,250

1,838,333

927,558

2,658,138

1,730,579

Foreign Securities

3,476,345

3,666,310

189,964

3,689,508

3,820,702

131,193

Other Securities

294,132

311,557

17,424

305,395

310,4215,026

7,657,163

9,851,465

2,194,301

7,810,297

9,776,243

1,965,945

Total(Notes) 1. Stocks and other securities without market prices and investments in partnerships etc. are excluded from 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(excluding stocks and other securities without market prices and investments in partnerships etc.) as follows.
For the year ended March 31, 2022, ¥32,701 million (comprised of ¥2,724 million on Domestic stocks and ¥29,976million on
Foreign securities)
For the three months ended June 30, 2022, ¥6,568 million (comprised of ¥429 million on Domestic stocks and ¥6,138 million on
Foreign securities)
In principle, the Company and its domestic consolidated subsidiaries recognize impairment losses on securities if the fairvalue 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, 2022

June 30, 2022

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

759,266
4,368
474
5,524,192
410,660
207,534
93,554359,190
16,822(1,736)
7,374,326

655,667
4,009
501
5,541,610
406,033
208,791
89,741
366,224
17,075(1,714)
7,287,941(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
Reserve for stock payments
Reserves under the special laws:
Reserve for price fluctuation
Deferred tax liabilities
Acceptances and guarantees
Total liabilities

3,755,418
726,484
3,028,933
630,902621,956
5,300
778
3,990
611,885
84,660171
9,806
27,332
27,332138,075
16,822
5,285,144

3,759,154
749,823
3,009,331
630,902663,202
7,154
633
4,000
651,413
81,388153
170
119
28,41928,419112,481
17,0755,293,068(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
93,107704,391
937,095
1,134,070
18,015
1,152,086
2,089,181
7,374,326

139,595
93,107676,225
908,928
1,069,365
16,5781,085,944
1,994,873
7,287,941

21

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

Non-Consolidated Statements of Income
Three months ended
June 30, 2021

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:
Investment losses on money trusts
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

473,138
419,089
389,049
10,630
6,651
5,111
7,506
53,032
46,157
11,821(6,651)
1,016
389,989
326,378
198,562
23,323
77,13027,208
2,436
42
22
1,539
58,671
2,503
2,463
83,14917
1,364
81,80118,017
63,784(Yen in millions)Three months ended
June 30, 2022
487,473428,363
391,446
8,578
6,231
19,601
57,88152,471
27
5,079(6,231)
1,228
434,053
366,421
216,193
24,84877,56024,332
23,338
6,325
578
5,618
60,0381,267
1,253
53,41916
1,477
51,9599,039
42,920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 amount ofrisks.
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( R 1  R 2) 2  ( R 3  R 4) 2  R 5  R 6

March 31, 2022

June 30, 2022

3,598,612

3,568,347

866,008
27,332
325
625,26678

908,928
28,419406
615,68379

1,415,205

1,333,797

55,081
380,902
3,642
232,054

55,080380,902
3,642
248,690996,144990,632

General insurance risk (R1)
144,258
144,766
Insurance risk of third sector insurance contracts (R2)
Assumed interest rate risk (R3)
11,064
10,729Asset management risk (R4)
821,285
818,364
Business administration risk (R5)
22,11722,016
Catastrophe risk (R6)
129,267
126,978(C) Solvency margin ratio
722.5 %
720.4 %[(A) / {(B) x 1/2}] x 100(Note) The non-consolidated solvency margin ratio for June 30, 2022 is calculated by partially applying the simplified method
where components are calculated based on the data used for March 31, 2022.

23

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

March 31, 2022

June 30, 2022

(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

155,570
2,821
2,643,754
245,701
181,973
71,174366,920
24,93045,2708,000(966)
3,745,150

126,246
3,115
2,602,865
249,942
178,655
69,300387,577
25,81562,154
8,000(973)
3,712,702(Liabilities)
Policy liabilities:
Outstanding claims
Underwriting reserves
Bonds issued
Other liabilities:
Income taxes payable
Asset retirement obligations
Other liabilities
Reserve for pension and retirement benefits
Accrued bonuses for employees
Reserve for stock payments
Reserves under the special laws:
Reserve for price fluctuation
Acceptances and guarantees
Total liabilities

2,465,971
623,230
1,842,741
72,000320,157
4,860
1,204
314,093
39,688
7,054
33,79733,7978,000
2,946,669

2,455,193
635,165
1,820,027
72,000353,743
5,795
1,182
346,765
40,447349
111
34,28534,2858,000
2,964,130(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
197,213
378,426
420,054420,054
798,480
3,745,150

100,005
81,207
191,403372,616
375,955
375,955
748,5713,712,702

24

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

Non-Consolidated Statements of Income
Three months ended
June 30, 2021

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
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

366,863
340,286
323,454
3,808
3,280
9,202
25,06817,934
0
7,633(3,280)1,508
327,039
274,709
169,307
19,76069,926
12,536
2,884
3,044
164
2,739
48,713571
196
39,8248
2,896
36,936
9,847
27,089(Yen in millions)Three months ended
June 30, 2022
399,600
364,056
322,501
3,349
3,265
22,71332,921
21,2230
14,152(3,265)
2,622
363,503308,360
190,829
21,161
71,415
12,678
11,935
5,746
3,177
999
48,788608
198
36,09616
5,551
30,561
6,576
23,985

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( R1  R 2 ) 2  ( R 3  R 4 ) 2  R 5  R 6

March 31, 2022

June 30, 2022

1,396,160

1,358,755

348,631
33,7971,139
359,818
205

372,616
34,285
1,176
343,222214

523,963

469,078

35,12350,0005,394
48,87536,16550,0006,094
58,090368,045

332,605

General insurance risk (R1)
121,208
121,572
Insurance risk of third sector insurance contracts (R2)
Assumed interest rate risk (R3)
5,544
5,409
Asset management risk (R4)
241,858
235,069
Business administration risk (R5)
9,042
8,337
Catastrophe risk (R6)
83,50354,805(C) Solvency margin ratio
758.6 %
817.0 %[(A) / {(B) x 1/2}] x 100(Note) The non-consolidated solvency margin ratio for June 30, 2022 is calculated by partially applying the simplified method
where components are calculated based on the data used for March 31, 2022.

26

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

March 31, 2022

June 30, 2022

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

17,49935,268
728
4,393
4,917
130
(3)
62,93314,146
38,413
689
4,293
4,452
139
(3)
62,132(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
Reserve for stock payments
Reserves under the special laws:
Reserve for price fluctuation
Deferred tax liabilities
Total liabilities

44,17623,734
20,442
2,267
106
198
1,963
373
294
94
94
5
47,212

43,57023,55720,012
1,434
109
198
1,126
389
2
95
95
5
45,498(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

39,106
9,006(32,284)
15,827(106)(106)
15,72062,933

39,106
9,006(31,277)
16,834(200)(200)
16,634
62,13227

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

Non-Consolidated Statements of Income
Three months ended
June 30, 2021

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

9,106
9,096
8,961
4
87
41
5
10
(4)
5
8,077
5,471
4,743
639
89
2,604
0
1,029
1
1,027
94
933

(Yen in millions)Three months ended
June 30, 2022
9,274
9,264
8,652
5
176
429
3
8
(5)
6
8,211
5,614
4,884
636
94
2,595
0
1,063
1
1,061
54
1,007

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, 2022

June 30, 2022

17,001

17,60015,827
94
0
1,185
1

16,834
95
0
868
1

(106)

(200)

-

-

5,199

5,215

General insurance risk (R1)
4,616
4,616
Insurance risk of third sector insurance contracts (R2)
Assumed interest rate risk (R3)00Asset management risk (R4)
994
1,058
Business administration risk (R5)
177
179
Catastrophe risk (R6)300300(C) Solvency margin ratio
653.9 %
674.9 %[(A) / {(B) x 1/2}] x 100(Note) The non-consolidated solvency margin ratio for June 30, 2022 is calculated by partially applying the simplified method
where components are calculated based on the data used for March 31, 2022.

29

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

March 31, 2022

June 30, 2022

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

107,417
4,613,652
58,9906,855
28,9681,379
1,274
54,37010,923(91)
4,883,740

100,229
4,641,719
58,948
8,125
27,8361,250
479
57,53920,782(90)
4,916,820(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
Reserve for stock payments
Reserves under the special laws:
Reserve for price fluctuation
Total liabilities

4,208,571
38,9704,158,746
10,854
2,949
309
480,344
227,342
228,535
632
239
414
23,1794,647
5
11,126
11,126
4,707,955

4,245,919
35,846
4,199,251
10,8212,750
400
507,218
242,926
239,536
2,093
217
419
22,0254,699
4
15
11,454
11,4544,772,464(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

85,50019,95540,662
146,117
29,667
29,667
175,784
4,883,740

85,50019,95534,585140,040
4,315
4,315
144,356
4,916,820

30

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

Non-Consolidated Statements of Income
Three months ended
June 30, 2021

Items
Ordinary income:Insurance premiums and others:
Insurance premiums
Investment income:Interest and dividends income
Gains on sales of securities
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 derivative transactions
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

134,636
119,419
119,358
13,88512,305
1,576
1,331
704
124,369
53,255
10,968
4,836
7,976
28,071947
47,73147,731065
6418,4194,898
10,267
0
309
1,023
8,934
2,416
6,517

(Yen in millions)Three months ended
June 30, 2022
136,258
117,401
117,134
14,912
13,419
1,477
3,944
3,124
127,50963,651
13,563
5,195
11,92831,574909
40,50440,5040354
353
18,048
4,951
8,748
0
363
886
7,499
2,101
5,397

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, 2022
June 30, 2022
Number of policies
Number of policies
AmountAmount(in thousands)(in thousands)
Individual insurance
3,858
232,274
3,859
230,817
Individual annuities
159
6,203
158
6,147
Group insurance
96,18098,072
Group 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(Yen in 100 millions)Three months ended June 30, 2022

Three months ended June 30, 2021
Number ofpolicies(in thousands)

Amount

Net increase
New policies by conversion

Number ofpolicies(in thousands)

Amount

Net increase

New policies by conversion

Individual insurance
61
4,721
4,721
46
3,372
3,372
Individual annuities
0
11
11
0
8
8
Group insurance
160
160
235
235
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, 2022
4,057
381
4,438

(Yen in 100 millions)
June 30, 2022
4,049
379
4,428

1,524

(2) New policies
Three months ended
June 30, 2021
63
0
63

-

1,532
(Yen in 100 millions)Three months ended
June 30, 2022
56
057

Individual insurance
Individual annuities
Total:
Medical coverage,
34
27
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
by 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)

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(Note)

Three months ended
June 30, 2021
133,057
119,419
124,104
8,952
1,574
(260)
10,267
0
309
1,023
2,416
6,517

Three months ended
June 30, 2022
134,766
117,401
127,151
7,615
1,278
(144)
8,748
0
363
886
2,101
5,397

Change1,709(2,018)3,046(1,337)(296)
115(1,518)
0
54
(137)
(315)
(1,119)Since the three-month period ended June 30, 2022, calculation of fundamental profit has been changed. As a result, due to the effect ofhedge costs on foreign exchange included in fundamental profit after the change, fundamental profit decreased by ¥139 million
and capital gains/(losses) increased by the same amount for the three-month period ended June 30, 2022, compared to those before thechange. Also, the amounts for the three-month period ended June 30, 2021 were restated accordingly. As a result, due to the effect ofhedge costs on foreign exchange, fundamental profit decreased by ¥58 million and capital gains/(losses) increased by the sameamount, compared to those before the change.

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( R 1  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, 2022

June 30, 2022

398,033

371,584

134,643
11,12640,305
4

138,684
11,45440,451
3

37,083

5,394

165,324
9,545

164,717
10,878

69,10569,794

18,36917,845
3,263
53,4001,857

18,395
17,954
3,269
54,104
1,874

1,151.9 %1,064.7 %(e) Mitsui Sumitomo Primary Life Insurance Co., Ltd. (Non-consolidated)
Non-Consolidated Balance Sheets(Yen in millions)
Items

March 31, 2022

June 30, 2022

(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
Bad debt reserve
Total assets

764,01280,9952,035,737
3,748,856
288,656
743
12,553
2,482
39,10980,169(9)7,053,307

895,445
80,9952,092,194
3,354,149
295,929693
11,9072,320
29,607
100,801(8)
6,864,036(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
Reserve for stock payments
Reserves under the special laws:
Reserve for price fluctuation
Total liabilities

6,545,794
27,676
6,518,118
2,847
4,950
64,209
4,227
607
182
59,192
194,031
194,031
6,811,832

6,428,708
21,533
6,407,174
4,086
4,879
61,490668
401
183
60,237
2
195,016
195,016
6,694,184(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
182,927
248,722(782)(6,465)(7,248)241,474
7,053,307

41,06024,735
164,359
230,154(44,831)(15,472)(60,303)
169,851
6,864,036

34

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

Non-Consolidated Statements of Income
Three months ended
June 30, 2021

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

363,063
220,514
196,986
74,772
16,615
14,98514
4,901
37,91567,776
5,525
61,263342,079
313,579
31,35918,89350,842
168,795
778
42,90914,9529
196
14,732
11,053
2,494
20,984
20,984
5,896
15,08835(Yen in millions)Three months ended
June 30, 2022
686,730
309,427
255,701
258,827
17,093
159,598
109
5,744
75,888118,475
6,142
110,943
681,247
610,066
38,234
19,34551,588426,538
1,421
72,93753,5977
8,760
44,828
13,975
3,608
5,483
985
4,498
1,209
3,289

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, 2022
June 30, 2022
Number of policies
Number of policies
AmountAmount(in thousands)(in thousands)
665
45,874626
46,105
Individual insurance
353
22,161
345
21,721
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)Three months ended June 30, 2022

Three months ended June 30, 2021
Number ofpolicies(in thousands)

Amount

Net increase
New policies by conversion

Number ofpolicies(in thousands)

Amount

Net increase

New policies by conversion

Individual insurance
23
1,785
1,785
33
2,262
2,262
Individual annuities
2
194
194
5
366
366
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, 2022
4,284
2,475
6,759

(Yen in 100 millions)
June 30, 2022
4,472
2,471
6,943

6

(2) New policies
Three months ended
June 30, 2021
162
31
193

6
(Yen in 100 millions)Three months ended
June 30, 2022
189
46
236

Individual insurance
Individual annuities
Total:
Medical coverage,00living benefits, etc.
(Notes) 1. An annualized premium is the annual total of premiums that is obtained by multiplying the amount of a single payment
by 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)

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(Note)

Three months ended
June 30, 2021
351,864
220,514349,174
2,689
17,759535
20,984
5,896
15,088Three months ended
June 30, 2022
717,996309,427
684,930
33,065(27,722)
140
5,483
985
1,209
3,289

Change366,131
88,912335,756
30,375(45,482)(394)(15,501)
985(4,687)(11,799)

Since the three-month period ended June 30, 2022, calculation of fundamental profit has been changed. As a result, due to the effect ofhedge costs on foreign exchange etc. included in fundamental profit after the change, fundamental profit decreased by ¥1,058 million
and capital gains/(losses) increased by the same amount for the three-month period ended June 30, 2022, compared to those before thechange. Also, the amounts for the three-month period ended June 30, 2021 were restated accordingly. As a result, due to the effect ofhedge costs on foreign exchange etc., fundamental profit decreased by ¥105 million and capital gains/(losses) increased by the sameamount, compared to those before the change.

Non-Consolidated Solvency Margin Ratio(Yen in millions)
March 31, 2022

June 30, 2022

739,516

719,010

226,865
194,031
79,070-230,154
195,016
78,932-(5,170)(73,521)

188,425
56,293230,855
57,572( R 1  R 8) 2  ( R 2  R 3  R 7 ) 2  R 4

135,086

136,221

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

1,331
329,4401,366
101,598
2,674

1,463
3
30,5601,208
101,744
2,699

1,094.8 %1,055.6 %(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 risks37