February 14, 2020

Financial Results for the Nine Months Ended December 31, 2019
Asahi Mutual Life Insurance Company (the “Company”; President: Hiroki Kimura)announces financial results for the nine months ended December 31, 2019.

［Contents］

１．Business Highlights

･････

Ｐ１

２．Investment Results of General Account Assets

･････

Ｐ３

３．Unaudited Non-consolidated Balance Sheets

･････

Ｐ６

４．Unaudited Non-consolidated Statements of Income

･････

Ｐ７

５．Breakdown of Ordinary Profit (Fundamental Profit)

･････

Ｐ９

６．Solvency Margin Ratio･････ Ｐ１０

７．Status of Separate Account･････ Ｐ１１

８．Status of the Company, Subsidiaries and Affiliates･････ Ｐ１２

Asahi Mutual Life Insurance Company

1．Business Highlights(1) Sum Insured of Policies in Force and New Policies(i) Policies in Force
As of March 31, 2019

As of December 31, 2019
Number of policies

Number of policies

Amount(Thousands)(100 millions of Yen)

Amount (100 millions of Yen)

(Thousands)

Changes(%, Pre-FYE)

Changes(%, Pre-FYE)

Individual insurance

7,207

153,499

7,244

100.5

144,569

94.2

Individual annuities

557

23,432538

96.5

22,29895.2

Group insurance－

14,778－－

14,611

98.9

Group annuities

－

170

－

－

164

96.4

Notes:
1. Policy amounts for individual annuities are equal to (a) the funds to be held at the time annuity payments are to commence for an annuity
for which annuity payments have not yet commenced and (b) the amount of policy reserves for an annuity for which payments havecommenced.
2. Policy amount in force for group annuities is equal to the amount of outstanding policy reserves.
3. Number of policies includes number of each unit with regard to "Hoken-ou" , "Hoken-ou Plus", etc.

(ii) New Policies
Nine months ended December 31, 2018
Amount (100 millions of Yen)

Number of policies

New
policies(Thousands)

Net increase by
conversion

Individual insurance

504

1,213

2,292

（1,079）Individual annuities

－

（120）

－

（120）

Group insurance

－

1,175

1,175

－

Group annuities

－

－

－

－

Nine months ended December 31, 2019
Number ofpolicies

Amount (100 millions of Yen)

(Thousands)

Changes(%, YoY)

Changes(%, YoY)

New
policies

Individual insurance

549

108.9

1,303

107.4

2,316

（1,013）

Individual annuities

－

－

（124）

－

－

（124）

Group insurance

－

－

72

6.2

72

－

Group annuities

－

－

－

－

－

－

Net increase by
conversion

Notes:
1. Number of new policies is the sum of new policies and policies after conversion.
2. Amount of new policies for individual annuities, both new policies and net increase by conversion, is equal to
the funds to be held at the time annuity payments are to commence.
3. Number of policies includes number of each unit with regard to "Hoken-ou" , "Hoken-ou Plus", etc.

1Asahi Mutual Life Insurance Company

(2) Annualized Premiums(i) Policies in Force(100 millions of Yen）

As of December 31, 2019
As of March 31, 2019

Changes(%, Pre-FYE)

Individual insurance

3,953

3,920

99.2

Individual annuities

1,451

1,406

96.9

Total

5,405

5,326

98.6

2,102

2,140

101.8

Third-sector products(ii) New Policies(100 millions of Yen）

Nine months ended
December 31, 2018

Nine months ended
December 31, 2019

Individual insurance

310

193

62.2

Individual annuities

（2）

（2）

－

Total

308

190

61.9

130

157

120.7

Third-sector products

Changes(%, YoY)

Notes:
1. Annualized premiums are calculated by multiplying factors according to the premium payment method(for single premium contracts, the amount is calculated by dividing the premium by the coverage period).
2. Figures for third-sector products represent portion of annualized premiums corresponding to the medical
benefits (hospitalization benefits, surgery benefits, etc.), living benefits (specific illness benefits, nursing
care benefits, etc.) and waiver benefits (excluding disability benefits, but including specific illness benefits
and nursing care benefits).

2

Asahi Mutual Life Insurance Company

２．Investment Results of General Account Assets(1) Asset Composition(Millions of Yen)

As of March 31, 2019
AmountPercentage

As of December 31, 2019
AmountPercentage

Cash, deposits, call loans

174,143

3.3

120,703

2.2

Monetary claims bought

28,9840.5

27,3500.5

4,232,046

79.4

4,461,597

81.9

Domestic bonds

2,770,086

52.0

2,738,344

50.3

Domestic stocks

311,6995.8

354,478

6.5

Foreign securities

1,078,849

20.2

1,297,274

23.8

Foreign bonds

893,733

16.8

1,105,288

20.3

Foreign stocks and other foreign securities

185,115

3.5

191,986

3.5

71,411

1.3

71,4991.3

426,804

8.0

385,291

7.1

Policy loans

44,272

0.8

41,2980.8

Industrial and consumer loans

382,5317.2

343,992

6.3

Real estate

383,1947.2

378,819

7.0

Deferred tax assets

10,413

0.2－－

Others73,596

1.4

75,198

1.4

Allowance for possible loan losses

（375）

（0.0）

（331）

（0.0）

5,328,808

100.0

5,448,630

100.0

1,212,135

22.7

1,429,244

26.2

Securities

Other securities
Loans

Total
Foreign currency-denominated assets

Note: Real estate is the sum of land, buildings and construction in progress.

3

Asahi Mutual Life Insurance Company

(2) Fair Value Information on Securities (with fair value, other than trading securities)(Millions of Yen)

As of March 31, 2019
Book value

Fair value

As of December 31, 2019

Gains/losses
Gains

Book value

Fair value

Gains/losses

Losses

Gains

Losses

Held-to-maturity debt securities

344,812391,680

46,867

46,872（5）337,234

382,023

44,78944,792（2）

Policy-reserve-matching bonds

2,074,484

2,407,849

333,364

335,418（2,053）

2,054,968

2,375,469

320,501

321,023（521）

Stocks of subsidiaries

－

－

－

－

－

－

－

－

－

－

1,682,582

1,811,255

128,673

175,552（46,878）

1,878,023

2,076,646

198,623

235,740（37,116）

Domestic bonds

530,817534,228

3,410

10,624（7,213）518,253

527,710

9,456

14,389（4,932）

Domestic stocks

160,295

291,232

130,937

142,919（11,982）

169,538

334,392

164,853

175,990（11,136）

Foreign securities

916,943913,737（3,205）21,317（24,523）

1,120,055

1,142,162

22,10742,291（20,184）

Foreign bonds

736,455

738,633

2,177

20,629（18,452）926,028

950,188

24,15938,863（14,703）

Foreign stocks andother foreign securities

180,487

175,104（5,383）688（6,071）

194,027

191,974（2,052）

3,428（5,481）73,912

71,411（2,501）657（3,159）69,35571,499

2,143

3,005

（862）

Monetary claims bought

613

645

32

32

－

819

882

63

63

－

Negotiable certificates of deposit

－

－

－

－

－

－

－

－

－

－

Others

－

－

－

－

－

－

－

－

－

－

4,101,879

4,610,785

508,906

557,843（48,937）

4,270,225

4,834,140

563,915

601,555（37,640）

Domestic bonds

2,766,675

3,114,133

347,458

356,731（9,272）

2,728,888

3,067,823

338,935

344,392（5,456）

Domestic stocks

160,295

291,232

130,937

142,919（11,982）

169,538

334,392

164,853

175,990（11,136）

Foreign securities

1,072,043

1,101,869

29,82654,349（24,523）

1,275,155

1,330,236

55,08075,265（20,184）

Foreign bonds

891,556

926,765

35,20953,661（18,452）

1,081,128

1,138,261

57,132

71,836（14,703）

Foreign stocks andother foreign securities

180,487

175,104（5,383）688（6,071）

194,027

191,974（2,052）

3,428（5,481）Other securities

73,912

71,411（2,501）657（3,159）69,35571,499

2,143

3,005

（862）

Monetary claims bought

28,952

32,137

3,185

3,185

－

27,28730,189

2,902

2,902

－

Negotiable certificates of deposit

－

－

－

－

－

－

－

－

－

－

Others

－

－

－

－

－

－

－

－

－

－

Available-for-sale securities

Other securities

Total

Note: The table above includes assets which are considered appropriate to deem as securities under the Financial Instruments and Exchange Act.

* Book value of securities without fair value is as follows:(Millions of Yen)

As of March 31, 2019
Held-to-maturity debt securities

As of December 31, 2019－－

Unlisted foreign bonds－－

Others－－－－Stocks of subsidiaries

6,649

6,694

Available-for-sale securities

Policy-reserve-matching bonds

23,82913,405

Unlisted domestic stocks (except over-the-counter stocks)

13,817

13,392Unlisted foreign stocks (except over-the-counter stocks)

10,012

12

Unlisted foreign bonds－－

Others－－30,47920,099Total

4Asahi Mutual Life Insurance Company

（Reference）
The table below shows the sum of securities with fair value and without fair value (in case that securities without fair value are foreign
currency-denominated, the fair value is calculated as the sum of book value and net unrealized gains (losses) on foreign exchange valuation).
(Millions of Yen)

As of March 31, 2019

As of December 31, 2019

Book value

Fair value

Gains/losses

Book value

Fair value

Held-to-maturity debt securities

344,812391,680

46,867

46,872（5）337,234

382,023

44,78944,792（2）

Policy-reserve-matching bonds

2,074,484

2,407,849

333,364

335,418（2,053）

2,054,968

2,375,469

320,501

321,023

（521）

6,649

6,649

－

－

－

6,694

6,694

－

－

－

Gains

Stocks of subsidiaries
Available-for-sale securities

Gains/losses

Losses

Gains

Losses1,706,411

1,835,084

128,672

175,552（46,879）

1,891,428

2,090,050

198,622

235,740（37,117）

Domestic bonds

530,817534,228

3,410

10,624（7,213）518,253

527,710

9,456

14,389（4,932）

Domestic stocks

174,112305,049

130,937

142,919（11,982）

182,930

347,784

164,853

175,990（11,136）

Foreign securities

926,956

923,749（3,206）

21,317（24,524）

1,120,068

1,142,174

22,10642,291（20,185）

Foreign bonds

736,455

738,633

2,177

20,629（18,452）926,028

950,188

24,15938,863（14,703）

Foreign stocks andother foreign securities

190,500

185,115（5,384）688（6,072）

194,040

191,986（2,053）

3,428（5,482）73,912

71,411（2,501）657（3,159）69,35571,499

2,143

3,005

（862）

Monetary claims bought

613

645

32

32

－

819

882

63

63

－

Negotiable certificates of deposit

－

－

－

－

－

－

－

－

－

－

Others

－

－

－

－

－

－

－

－

－

－

4,132,358

4,641,264

508,905

557,843（48,938）

4,290,325

4,854,239

563,913

601,555（37,641）

Domestic bonds

2,766,675

3,114,133

347,458

356,731（9,272）

2,728,888

3,067,823

338,935

344,392（5,456）

Domestic stocks

180,761

311,699

130,937

142,919（11,982）

189,625

354,478

164,853

175,990（11,136）

Foreign securities

1,082,056

1,111,881

29,82554,349（24,524）

1,275,168

1,330,248

55,07975,265（20,185）

Foreign bonds

891,556

926,765

35,20953,661（18,452）

1,081,128

1,138,261

57,132

71,836（14,703）

Foreign stocks andother foreign securities

190,500

185,115（5,384）688（6,072）

194,040

191,986（2,053）

3,428（5,482）Other securities

73,912

71,411（2,501）657（3,159）69,35571,499

2,143

3,005

（862）

Monetary claims bought

28,952

32,137

3,185

3,185

－

27,28730,189

2,902

2,902

－

Negotiable certificates of deposit

－

－

－

－

－

－

－

－

－

－

Others

－

－

－

－

－

－

－

－

－

－

Other securities

Total

Note: The table above includes assets which are considered appropriate to deem as securities under the Financial Instruments and Exchange Act.

(3) Fair Value Information on Money Held in Trust
The Company doesn't hold money held in trust.

5

Asahi Mutual Life Insurance Company

３．Unaudited Non-consolidated Balance Sheets(Millions of Yen)

As of March 31, 2019
Assets:Cash and deposits
Call loans
Monetary claims bought
Securities:
National government bonds
Local government bonds
Corporate bonds
Domestic stocks
Foreign securities
Loans:
Policy loans
Industrial and consumer loans
Tangible fixed assets
Intangible fixed assets
Agency accounts receivable
Reinsurance receivables
Other assets
Prepaid pension cost
Deferred tax assets
Customers' liabilities under acceptances and guarantees
Allowance for possible loan losses
Total assets

36,102140,000
28,984
4,257,457
1,790,446
49,768935,197
320,964
1,089,669
426,804
44,272
382,531
388,821
25,5763427
41,991
145
10,413
6(375)
5,356,358

As of December 31, 201936,19186,00027,3504,487,908
1,728,954
54,650961,297363,217
1,308,290
385,291
41,298343,992
383,828
24,9615324
44,92759
3(331)
5,476,522(Millions of Yen)

As of March 31, 2019
Liabilities:
Policy reserves and other reserves:
Reserve for outstanding claims
Policy reserves
Reserve for dividends to policyholders
Reinsurance payables
Bonds payable
Other liabilities:
Income taxes payable
Lease obligations
Asset retirement obligations
OthersReserve for employees' retirement benefits
Reserve for price fluctuation
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Acceptances and guarantees
Total liabilities
Net assets:
Foundation funds
Reserve for redemption of foundation funds
Reserve for revaluation
Surplus:Reserve for future losses
Other surplus:
Reserve for fund redemption
Equalized reserve for dividends to policyholders
Unappropriated surplus (loss)
Total foundation funds and others
Net unrealized gains (losses) on available-for-sale securities, net of tax
Land revaluation differences
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

6

As of December 31, 2019

4,605,062
27,5804,543,377
34,104397
88,295
192,123
60
2,922
246
188,893
33,64040,89017,116
64,977,531

4,550,139
27,2584,489,493
33,387
227
88,295
293,260
2,990
2,209
262
287,798
33,20842,6608,996
17,054
3
5,033,846

91,000166,000
281
67,073291
66,782
26,2009,258
31,324324,355
99,032(44,561)
54,471
378,826
5,356,358

91,000166,000
281
80,541
310
80,23135,3007,318
37,613337,823
149,572(44,720)
104,851442,675
5,476,522

Asahi Mutual Life Insurance Company

４．Unaudited Non-consolidated Statements of Income(Millions of Yen)

Nine months ended
December 31, 2018
486,094

Nine months ended
December 31, 2019466,932

Premium and other income:

295,396

293,292

Insurance premiums

294,043

291,720

Investment income:

120,487

109,474

Interest, dividends and other income

79,28379,292

Gains on sales of securities

33,174

22,829-1,844

70,20964,165

460,531439,973

Claims and other payments:

313,889

305,110Claims91,41486,558Annuities

97,367

95,865

Benefits

52,32752,491

Surrender benefits

68,357

66,187

Other payments

3,672

2,817

Provision for policy reserves and other reserves:

2

2

Provision for interest on policyholders' dividend reserves

22Investment expenses:

42,33630,494

Interest expenses

3,571

3,396

Losses on sales of securities

8,085

780

490

70

Losses on derivative financial instruments

16,85013,250Investment losses on separate accounts

1,363

-

Operating expenses

79,21379,311Other ordinary expenses

25,08925,05525,562

26,958

364

56

364

56

2,262

2,161

Losses on disposal of fixed assets

242

270

Impairment losses

329

121

1,690

1,770

Surplus before income taxes

23,66424,853

Income taxes including deferred taxes

4,551

5,254

Total income taxes

4,551

5,254

Net surplus

19,112

19,598

Ordinary income:Investment gains on separate accounts
Other ordinary income
Ordinary expenses:

Losses on valuation of securities

Ordinary profit
Extraordinary gains:
Gains on disposal of fixed assets
Extraordinary losses:

Provision for reserve for price fluctuation

7

Asahi Mutual Life Insurance Company

Notes to Unaudited Non-consolidated Financial Statements
Notes to Unaudited Non-consolidated Balance Sheet
1. Securities Lent under Lending Agreements
The amount of securities lent under lending agreements was ¥267,305 million as of December 31,
2019.

2. Reserve for Dividends to Policyholders
The change in reserve for dividends to policyholders for the reporting period ended December 31,
2019 was as follows:
Millions of Yen
Nine months ended
December 31, 2019
Balance at the beginning of the reporting period
Transfer to reserve from surplus in the previous fiscal year
Dividends to policyholders paid out during the reporting period
Increase in interest
Balance at the end of the reporting period

8

¥

¥

34,104
2,173
2,893
2
33,387

Asahi Mutual Life Insurance Company

５．Breakdown of Ordinary Profit (Fundamental Profit)(Millions of Yen)

Nine months ended
December 31, 2018

Nine months ended
December 31, 201915,766

20,03735,564

22,829Gains on money held in trust－－

Gains on trading securities－－

Gains on sales of securities

33,174

22,829

－

－

2,390

－

－

－

25,426

15,498Losses on money held in trust－－

Losses on trading securities－－

Losses on sales of securities

8,085

780

490

70

16,85013,250Foreign exchange losses

－

1,397

Other capital losses

－

－

Ｂ

10,138

7,330

Ａ＋Ｂ

25,90427,368Other one-time gains

32

40

Reinsurance revenue－－

Reversal of contingency reserve－－

Reversal of specific allowance for possible loan losses

32

40

Others

－

－

375

450

Reinsurance premiums－－

Provision for contingency reserve

375

450

Provision for specific allowance for possible loan losses－－

Provision for allowance for specified overseas loans－－

Write-offs of loans00Others

－

－

Ｃ

（342）

（409）

Ａ＋Ｂ＋Ｃ

25,562

26,958Fundamental profit

Ａ

Capital gains

Gains on derivative financial instruments
Foreign exchange gains
Other capital gains
Capital losses

Losses on valuation of securities
Losses on derivative financial instruments

Net capital gains (losses)
Fundamental profit plus net capital gains (losses)

Other one-time losses

Net other one-time gains (losses)
Ordinary profit

9

Asahi Mutual Life Insurance Company

６．Solvency Margin Ratio(Millions of Yen)

As of March 31, 2019

As of December 31, 2019

816,808

906,434

Foundation funds and surplus

318,065

333,132

Reserve for price fluctuation

40,89042,660Contingency reserve

51,182

51,632

48

47(Net unrealized gains on available-for-sale securities (before tax effect) anddeferred hedge gains (before tax effect)) × 90% (in case of losses： × 100%)

115,805

178,760

Net unrealized gains on land × 85%(in case of losses： × 100%)

10,434

10,368

Excess amount of policy reserves based on full-time Zillmer method

132,013

135,933

Qualifying subordinated debt

138,495

138,095

Excess amount of policy reserves based on full-time Zillmer method and qualifying subordinateddebt excluded from the calculation of solvency margin－－

Deduction

－

－

9,873

15,804

189,712200,764

Total solvency margin（Ａ）

General allowance for possible loan losses

OthersTotal amount of risk

( R1  R8 ) 2  ( R2  R3  R7 ) 2  R4

（Ｂ）

Insurance risk

R1

13,77913,289

Third-sector insurance risk

R8

9,622

9,842

Risk of assumed yield

R2

75,362

72,951Minimum guarantee risk

R7

1,069

1,063

Investment risk

R3

107,649

121,019

Operational risk

R4

4,149

4,363

861.1%

902.9%

Solvency margin ratio(Ａ) / {(1/2)×(Ｂ)} ×100

Notes:
1. The figures above are calculated based on Articles 86 and 87 of the Ordinance for Enforcement of the Insurance Business Act and
the Public Notice No. 50 of the Ministry of Finance of 1996.
2. "Excess amount of policy reserves based on full-time Zillmer method", "Qualifying subordinated debt" and "Excess amount ofpolicy reserves based on full-time Zillmer method and qualifying subordinated debt excluded from the calculation of solvency margin"
are calculated based on the Public Notice No.25 of the Financial Services Agency of 2011.
3. "Minimum guarantee risk" is calculated by standard method.

10

Asahi Mutual Life Insurance Company

７．Status of Separate Account(1) Separate Account Assets by Products(Millions of Yen)

As of March 31, 2019

As of December 31, 2019

Individual variable insurance

27,56027,876

Individual variable annuities－－

Group annuity products－－

27,56027,876Total(2) Sum Insured of Policies in Force(i) Individual Variable Insurance
As of March 31,2019
Number of policies(Thousands)

Individual variable insurance(fixed term)
Individual variable insurance(whole life)
Total

As of December 31, 2019

AmountNumber of policies(Thousands)(Millions of Yen)

Amount(Millions of Yen)

－

－

－

－

13

95,691

13

93,446

13

95,691

13

93,446(ii) Individual Variable Annuities
As of March 31,2019
Number of policies(Thousands)

As of December 31, 2019

AmountNumber of policies(Thousands)(Millions of Yen)

Amount(Millions of Yen)

Individual variable annuities

－

－

－

－

Total

－

－

－

－

11

Asahi Mutual Life Insurance Company

８．Status of the Company, Subsidiaries and Affiliates(1) Selected Financial Data
(Millions of Yen)

Nine months ended
December 31, 2018

Nine months ended
December 31, 2019

Ordinary income

489,131

470,094

Ordinary profit

25,323

26,843

Net surplus attributable to the Parent Company

18,996

19,529Comprehensive income

7,866

70,783(Millions of Yen)

As of March 31, 2019

As of December 31, 2019

5,357,677

5,478,295

865.7%

908.5%

Total assets
Solvency margin ratio(2) Scope of Consolidation and Application of Equity Method
Number of consolidated subsidiaries： 3

Unconsolidated subsidiaries are immaterial in terms of their impact on consolidated net income andsurplus, and also immaterial as a whole, therefore, the equity method is not applied.

12

Asahi Mutual Life Insurance Company

(3) Unaudited Consolidated Balance Sheets(Millions of Yen)

As of March 31, 2019

As of December 31, 2019

Assets:Cash and deposits

40,63040,357

Call loans

140,000

86,000

Monetary claims bought

28,98427,350

Securities

4,252,984

4,483,433

Loans

426,804

385,291

Tangible fixed assets

388,875

383,874

Intangible fixed assets

24,83624,2703

5Agency accounts receivable
Reinsurance receivables
Other assets
Net defined benefit assets
Deferred tax assets
Customers' liabilities under acceptances and guarantees
Allowance for possible loan losses
Total assets

427

324

42,94747,304292

204

11,262

209

6

3

(378)

(334)

5,357,677

5,478,295(Millions of Yen)

As of March 31, 2019

As of December 31, 2019

Liabilities:
Policy reserves and other reserves:
Reserve for outstanding claims
Policy reserves
Reserve for dividends to policyholders
Reinsurance payables

4,605,062

4,550,139

27,58027,2584,543,377

4,489,493

34,10433,387397

227

Bonds payable

88,29588,295

Other liabilities

192,779

295,202

Net defined benefit liabilities

36,48035,361

Reserve for price fluctuation

40,89042,660-8,247

17,116

17,054

Deferred tax liabilities
Deferred tax liabilities for land revaluation
Acceptances and guarantees
Total liabilities

6

3

4,981,027

5,037,192

Net assets:
Foundation funds

91,00091,000Reserve for redemption of foundation funds

166,000

166,000

281

281

Reserve for revaluation
Consolidated surplus

66,80180,200Total foundation funds and others
Net unrealized gains (losses) on available-for-salesecurities, net of tax
Land revaluation differences

324,083

337,482

99,034

149,572(44,561)(44,720)

Accumulated remeasurements of defined benefit plans(1,990)(1,303)

Total accumulated other comprehensive income

52,482

103,548

Non-controlling interests
Total net assets
Total liabilities and net assets

13

83

71

376,650

441,1035,357,677

5,478,295

Asahi Mutual Life Insurance Company

(4) Unaudited Consolidated Statements of Income and Statements of Comprehensive Income【Unaudited Consolidated Statements of Income】(Millions of Yen)

Nine months ended
December 31, 2018
489,131

Ordinary income:Nine months ended
December 31, 2019
470,094

Premium and other income

295,396

293,292

Investment income:

119,926

109,214

Interest, dividends and other income

78,741

79,048

Gains on sales of securities

33,174

22,831-

1,844

73,807

67,588463,807443,251

313,889

305,110Claims91,41486,558Annuities

97,367

95,865

Benefits

52,32752,491

Surrender benefits

68,357

66,187

Other payments

3,672

2,817

2

2

2

2

Investment expenses:

42,33630,494

Interest expenses

3,571

3,396

Losses on sales of securities

8,085

780

490

70

Losses on derivative financial instruments

16,85013,250Investment losses on separate accounts

1,363

-

Operating expenses

82,58082,717

Other ordinary expenses

24,99724,92625,323

26,843

364

56

364

56

2,262

2,163

Losses on disposal of fixed assets

242

271

Impairment losses

329

121

1,690

1,770

Surplus before income taxes

23,42524,736

Income taxes including deferred taxes

4,397

5,177

Total income taxes

4,397

5,177

Net surplus

19,027

19,55831

29

18,996

19,529Investment gains on separate accounts
Other ordinaｒｙ income
Ordinary expenses:
Claims and other payments:

Provision for policy reserves and other reserves:
Provision for interest on policyholders' dividend reserves

Losses on valuation of securities

Ordinary profit
Extraordinary gains:
Gains on disposal of fixed assets
Extraordinary losses:

Provision for reserve for price fluctuation

Net surplus attributable to non-controlling interests
Net surplus attributable to the Parent Company

14

Asahi Mutual Life Insurance Company

【Unaudited Consolidated Statements of Comprehensive Income】
Nine months ended
December 31, 2018

(Millions of Yen)
Nine months ended
December 31, 2019

Net surplus

19,027

19,558Other comprehensive income:(11,161)

51,225(11,565)

50,537

404

687

7,866

70,783

7,835

70,75431

29

Net unrealized gains (losses) on available-for-sale securities,
net of tax
Remeasurements of defined benefit plans
Comprehensive income:Comprehensive income attributable to the Parent Company
Comprehensive income attributable to non-controllinginterests

15

Asahi Mutual Life Insurance Company

Notes to Unaudited Consolidated Financial Statements
I. Notes to Unaudited Consolidated Balance Sheet
1. Securities Lent under Lending Agreements
The amount of securities lent under lending agreements was ¥267,305 million as of December 31,
2019.

2. Reserve for Dividends to Policyholders
The change in reserve for dividends to policyholders for the reporting period ended December 31,
2019 was as follows:
Millions of Yen
Nine months ended
December 31, 2019
Balance at the beginning of the reporting period
Transfer to reserve from surplus in the previous fiscal year
Dividends to policyholders paid out during the reporting period
Increase in interest
Balance at the end of the reporting period¥¥

34,104
2,173
2,893
2
33,387

II. Note to Unaudited Consolidated Statement of Income
Depreciation
For the reporting period ended December 31, 2019, the total amount of depreciation anddepreciation of rental real estate and other assets was ¥12,561 million.

16

Asahi Mutual Life Insurance Company

(5) Consolidated Solvency Margin Ratio(Millions of yen)

As of March 31, 2019

As of December 31, 2019

813,038

903,341

Foundation funds and surplus

317,059

332,118

Reserve for price fluctuation

40,89042,660Contingency reserve

51,182

51,632

Catastrophe loss reserve－－

General allowance for possible loan losses

Total solvency margin

（Ａ）

50

49

(Net unrealized gains on available-for-sale securities (before tax effect) and deferredhedge gains (before tax effect)) × 90% (in case of losses： × 100%)

115,807

178,760

Net unrealized gains on land × 85%

10,434

10,368Sum of unrealized actuarial differences and unrealized past service cost

（2,768）（2,080）

Excess amount of policy reserves based on full-time Zillmer method

132,013

135,933

Qualifying subordinated debt

138,495

138,095

Excess amount of policy reserves based on full-time Zillmer method and qualifying
subordinated debt excluded from the calculation of solvency margin－－

Deduction

－

－

9,873

15,804

187,822

198,860(in case of losses： × 100%)

OthersTotal amount of risk(

R R R R ) ( R R R ) R R
2

2

1

5

2

8

9

2

2

3

7

4

6

（Ｂ）

Insurance risk

R1

13,77913,289Ordinary insurance risk

R5

－

－

Disaster insurance risk

R6

－

－

Third-sector insurance risk

R8

9,622

9,842

Small amount short-term insurance provider insurance risk

R9

－

－

Risk of assumed yield

R2

75,362

72,951Minimum guarantee risk

R7

1,069

1,063

Investment risk

R3

105,782

119,139

Operational risk

R4

4,112

4,325

865.7%

908.5%

Solvency margin ratio(Ａ) / {(1/2)×(Ｂ)} ×100

Notes:
1. The figures above are calculated based on Articles 86-2 and 88 of the Ordinance for Enforcement of the Insurance Business Act and
the Public Notice No.23 of the Financial Services Agency of 2011.
2. "Excess amount of policy reserves based on full-time Zillmer method", "Qualifying subordinated debt" and "Excess amount of policy reserves
based on full-time Zillmer method and qualifying subordinated debt excluded from the calculation of solvency margin" are calculated based on
the Public Notice No.25 of the Financial Services Agency of 2011.
3. "Minimum guarantee risk" is calculated by standard method.

(6) Segment Information
The Company and its consolidated subsidiaries operate investment advisory business, etc., in addition to life insurance business inJapan. However, information on these segments are omitted because they represent such a minor proportion of total segments.

17

Asahi Mutual Life Insurance Company