August 9, 2023

Financial Results for the Three Months Ended June 30, 2023
Asahi Mutual Life Insurance Company (the “Company”; President: Hiroki Kimura) announces
financial results for the three months ended June 30, 2023.

［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)

･････

Ｐ10

６．Solvency Margin Ratio

･････

Ｐ11

７．Status of Separate Account

･････

Ｐ12

８．Status of the Company, Subsidiaries and Affiliates

･････

Ｐ13

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, 2023
Number of policies(Thousands)

As of June 30, 2023
Number of policies

Amount(100 millions of Yen)

Amount (100 millions of Yen)

(Thousands)

Changes(%, Pre-FYE)

Changes(%, Pre-FYE)

Individual insurance

7,347

115,128

7,301

99.4

112,629

97.8

Individual annuities452

18,199446

98.8

17,937

98.6

Group insurance-

14,103--

14,933105.9

Group annuities

-

124

-

-

121

97.9

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 forwhich annuity payments have not yet commenced and (b) the amount of policy reserves for an annuity for which payments have commenced.
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
Three months ended June 30, 2022
Amount (100 millions of Yen)

Number of policies(Thousands)

New
policies

Net increase by
conversion

Individual insurance

162

438

755

(316)

Individual annuities

-

(11)

-

(11)

Group insurance

-

57

57

-

Group annuities

-

-

-

-

Three months ended June 30, 2023
Number of policies(Thousands)

Amount (100 millions of Yen)

Changes(%, YoY)

Changes(%, YoY)

New
policies

Net increase by
conversion

Individual insurance

160

98.5

292

66.7

617

(325)

Individual annuities

-

-

(9)

-

-

(9)

Group insurance

-

-

888

1546.6888-Group annuities

-

-

-

-

-

-

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 timeannuity 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 March 31, 2023

As of June 30, 2023

Changes(%, Pre-FYE)

Individual insurance

3,743

3,702

98.9

Individual annuities

1,173

1,163

99.1

Total

4,917

4,866

99.0

2,235

2,221

99.4

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

Three months ended
June 30, 2022

Three months ended
June 30, 2023

Changes(%, YoY)

Individual insurance

47

45

95.1

Individual annuities

(0)

(0)

-

Total

47

45

95.2

38

37

97.6

Third-sector products

Notes:
1. Annualized premiums are calculated by multiplying factors according to the premium payment method (for single premium contracts, theamount 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, 2023
AmountCash, deposits, call loans
Monetary claims bought

207,394

As of June 30, 2023

Percentage
3.9

AmountPercentage

187,114

3.5

20,292

0.4

19,8250.4

4,277,590

81.3

4,389,715

82.0

Domestic bonds

2,609,731

49.6

2,625,352

49.1

Domestic stocks

507,674

9.7

579,680

10.8

Foreign securities

1,088,201

20.7

1,107,042

20.7

Foreign bonds

705,21613.4

690,293

12.9

Foreign stocks and other foreign securities

382,9857.3

416,748

7.8

71,982

1.4

77,640

1.5

Securities

Other securities
Loans

303,961

5.8

296,706

5.5

Policy loans

30,254

0.6

29,772

0.6

Industrial and consumer loans

273,7075.2

266,934

5.0

355,384

6.8

353,420

6.6

Deferred tax assets

5,690

0.1

-

-

Others89,543

1.7

104,846

2.0

(648)

(0.0)

(683)

(0.0)

5,259,210

100.0

5,350,946

100.0

1,140,112

21.7

1,139,238

21.3

Real estate

Allowance for possible loan losses
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 (other than trading securities)(Millions of Yen)

As of March 31, 2023
Book value Fair value

As of June 30, 2023

Gains/losses
Gains

Held-to-maturity debt
securities
Policy-reserve-matchingbonds

288,832

312,438

23,60523,661

2,093,763

2,109,209

15,445

129,585

-

-

-

-

Available-for-sale securities 1,626,794

1,786,581

159,786

293,373

Stocks of subsidiaries

Book value Fair value

Gains/losses

Losses(56)

Gains

Losses285,064

309,661

24,597

24,629(31)(114,139) 2,114,863

2,135,736

20,873

128,713(107,840)

-

-

-

-

-

(133,587) 1,626,317

1,870,032

243,715

365,659(121,943)-

Domestic bonds

417,814401,531(16,283)

2,292(18,575)

413,882

399,362(14,520)

1,950(16,470)

Domestic stocks

173,309431,919

258,609268,691(10,081)

174,421498,938

324,517330,323(5,806)

Foreign securities

963,085

881,997(81,087)

19,885(100,973)

964,779

894,971(69,808)

27,759(97,567)

Foreign bonds

623,607550,216(73,390)

1,744(75,134)

612,427535,293(77,134)

330(77,465)

Foreign stocks andother foreign securities

339,477

331,781(7,696)18,141(25,838)

352,351359,677

7,326

27,428(20,102)

71,79370,235(1,557)

2,399(3,956)72,44775,873

3,425

5,524

(2,098)

Monetary claims bought

792

897

105

105

-

786

887

100

100

-

Negotiable certificates ofdeposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

4,009,390

4,208,228

198,837446,620(247,782) 4,026,244

4,315,430

289,186

519,002(229,816)

Domestic bonds

2,626,015

2,628,326

2,311

135,049(132,738) 2,639,872

2,649,201

9,329

133,646(124,316)

Domestic stocks

173,309431,919

258,609268,691(10,081)

174,421498,938

324,517330,323(5,806)

Foreign securities

1,118,085

1,055,559(62,525)

38,448(100,973) 1,119,779

1,069,613(50,166)

47,401(97,567)

Foreign bonds

778,607

723,778(54,828)

20,306(75,134)

767,427

709,935(57,492)

19,972(77,465)

Foreign stocks andother foreign securities

339,477

331,781(7,696)18,141(25,838)

352,351359,677

7,326

27,428(20,102)

Other securities

71,79370,235(1,557)

2,399(3,956)72,44775,873

3,425

5,524

(2,098)

Monetary claims bought

20,18722,187

1,999

2,032

(33)

19,72421,804

2,080

2,106

(26)

Negotiable certificates ofdeposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

Other securities

Total

Notes:
1. The table above includes assets which are considered appropriate to deem as securities under the Financial Instruments and ExchangeAct.
2. The table above excludes stocks, investments in partnerships and others without a market price.

* Book value of stocks, investments in partnerships and others without a market price is as follows:(Millions of Yen)
As of March 31, 2023 As of June 30, 2023

Stocks of subsidiaries

62,621

67,671

Available-for-sale securities

59,77060,926

Domestic stocks

13,134

13,120Foreign stocks

11

10

Others46,62547,795

Total

122,391

128,597

4

Asahi Mutual Life Insurance Company

(Reference)
Fair value information on securities including stocks, investments in partnerships and others without a market price is asfollows:(Millions of Yen)

As of March 31, 2023

As of June 30, 2023

Gains/losses

Book value Fair value

Gains
Held-to-maturity debt
securities
Policy-reserve-matchingbonds

288,832

312,438

23,60523,661

2,093,763

2,109,209

15,445

129,585

62,62162,621--

Available-for-sale securities 1,686,565

1,852,666

166,100

299,693

Stocks of subsidiaries

Gains/losses

Book value Fair value

Losses(56)

Gains

Losses285,064

309,661

24,597

24,629(31)(114,139) 2,114,863

2,135,736

20,873

128,713(107,840)

67,671

67,6753

3-(133,592) 1,687,243

1,941,941

254,698

376,642(121,943)-

Domestic bonds

417,814401,531(16,283)

2,292(18,575)

413,882

399,362(14,520)

1,950(16,470)

Domestic stocks

186,443445,053

258,609268,691(10,081)

187,541

512,059

324,517330,323(5,806)

Foreign securities

1,007,974

933,201(74,773)

26,205(100,978) 1,010,817

951,992(58,825)

38,742(97,567)

Foreign bonds

623,607550,216(73,390)

1,744(75,134)

612,427535,293(77,134)

330(77,465)

Foreign stocks andother foreign securities

384,367

382,985(1,382)

24,461(25,844)398,389

416,698

18,30938,411(20,102)73,53971,982(1,557)

2,399(3,956)

74,21577,640

3,425

5,524

(2,098)

Monetary claims bought

792

897

105

105

-

786

887

100

100

-

Negotiable certificates ofdeposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

4,131,782

4,336,935

205,152

452,940(247,788) 4,154,842

4,455,015

300,172

529,989(229,816)

Domestic bonds

2,626,015

2,628,326

2,311

135,049(132,738) 2,639,872

2,649,201

9,329

133,646(124,316)

Domestic stocks

249,065

507,674

258,609268,691(10,081)255,163579,680

324,517330,323(5,806)

Foreign securities

1,162,974

1,106,764(56,210)44,768(100,978) 1,165,867

1,126,688(39,179)

58,388(97,567)

Foreign bonds

778,607

723,778(54,828)

20,306(75,134)

767,427

709,935(57,492)

19,972(77,465)

Foreign stocks andother foreign securities

384,367

382,985(1,382)

24,461(25,844)

398,439

416,752

18,312

38,415(20,102)

Other securities

73,53971,982(1,557)

2,399(3,956)

74,21577,640

3,425

5,524

(2,098)

Monetary claims bought

20,18722,187

1,999

2,032

(33)

19,72421,804

2,080

2,106

(26)

Negotiable certificates ofdeposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

Other securities

Total

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

（3）Fair Value Information on Money Held in Trust
The Company does not hold money held in trust.

5

Asahi Mutual Life Insurance Company

3. Unaudited Non-consolidated Balance Sheets
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

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 March 31, 2023

(Millions of Yen)
As of June 30, 2023

41,673
166,000
20,292
4,303,789
1,693,184
50,610865,936
507,674
1,088,201
303,961
30,254
273,707359,493
33,4976
687
50,226
424
5,690
600
(648)
5,285,695

31,362
156,000
19,825
4,417,911
1,701,203
48,070876,078
579,680
1,107,042
296,706
29,772
266,934
357,343
34,311
4
148
56,074
400
9,990
(683)
5,379,395

As of March 31, 2023

(Millions of Yen)
As of June 30, 2023

4,331,522
34,5134,269,904
27,103700
150,555
290,565
133
1,360
967
288,105
28,727
38,21015,062600
4,855,944

4,312,032
33,257
4,249,898
28,876309
150,555
310,184
169
1,258
969
307,787
28,782
38,79018,533
14,942
9,990
4,884,121

51,000206,000
281
90,207366
89,841
22,6007,093
60,148347,489
130,668(48,406)
82,261
429,751
5,285,695

51,000206,000
281
91,666381
91,28531,7006,893
52,692348,948
195,041(48,716)
146,325495,274
5,379,395

Asahi Mutual Life Insurance Company

4. Unaudited Non-consolidated Statements of Income
Three months ended
June 30, 2022
Ordinary income:Premium and other income:Insurance premiums
Investment income:Interest, dividends and other income
Gains on sales of securities
Investment gains on separate accounts
Other ordinary income
Ordinary expenses:
Claims and other payments:
ClaimsAnnuities
Benefits
Surrender benefits
Other payments
Provision for policy reserves and other reserves:

162,310
93,57093,33840,085
31,115
3,936
28,653
149,215
97,541
27,45824,99622,123
21,897668
14
13
0
16,633
908
7,169
3,710
805
26,5958,430
13,094
768
41
96
630
12,326
2,491
2,491
9,834

Provision for reserve for outstanding claims
Provision for interest on policyholders’ dividend reserves
Investment expenses:
Interest expenses
Losses on trading securities
Losses on sales of securities
Losses on valuation of securities
Losses on derivative financial instruments
Investment losses on separate accounts
Operating expenses
Other ordinary expenses
Ordinary profit
Extraordinary gains:
Gains on disposal of fixed assets
Extraordinary losses:
Losses on disposal of fixed assets
Impairment losses
Provision for reserve for price fluctuation
Surplus before income taxes
Income taxes including deferred taxes
Total income taxes
Net surplus

7(Millions of Yen)
Three months ended
June 30, 2023
156,713
91,241
90,84742,00228,755
5,652
2,523
23,470147,633
93,94225,932
24,72919,34322,730751
0018,387
1,307
145
4,414
1
8,372
26,965
8,337
9,079
1
1
875
54
240
580
8,205
2,235
2,235
5,969

Asahi Mutual Life Insurance Company

Notes to Unaudited Non-consolidated Financial Information
Notes to Unaudited Non-consolidated Balance Sheet
1. Reserve for Outstanding Claims Incurred but not Reported Events
With respect to reserve for outstanding claims incurred but not reported events (referring to claims
for which the occurrence of the insured events has not been reported but the Company finds that
insured events have already occurred ; hereinafter the same), the scope of payment of
hospitalization benefits were changed in the fiscal year ended March 31, 2023 with regard topeople with diagnoses of COVID-19 given and under the care of a doctor and the like at anaccommodation facility or at home (“deemed hospitalizations”) and special treatment for deemedhospitalizations was ended after May 8, 2023. As a result of this change, an appropriate amountof reserves cannot be obtained with the calculation method set forth in the main rules in Article 1,
Paragraph 1 of the Japanese Ministry of Finance Public Notice No.234, 1998 (“IBNR Notice”). The
company therefore records the amount that was calculated using the following method, pursuant
to provisions in the proviso of Article 1, Paragraph 1 of IBNR Notice (the “Proviso”).
(Overview of the calculation method)

The Company calculates the reserve for outstanding claims incurred but not reported events for
deemed hospitalizations and the others separately.
The amount of reserve for outstanding claims incurred but not reported events other than deemedhospitalizations is calculated using the same manner as that set force in the main rules in Article
1, Paragraph 1 of IBNR Notice, excluding the amount related to deemed hospitalizations from arequired amount of reserves for incurred but not reported events and the amount of claim
payments for all the fiscal years, as set forth in the main rules in Article 1, Paragraph 1 of IBNR
Notice.
The amount of reserve for outstanding claims incurred but not reported events for deemedhospitalizations is calculated based on the amount for deemed hospitalizations of those at highrisk of serious illness after September 26, 2022, the number of new infections and the number of
new infections over the last three months (except after May 8, 2023), considering the average days
it takes from the occurrence of the insured events to the filing of claims.
2. Accounting Procedures Specific to Quarterly Financial Information
As the proposed appropriation of surplus for the fiscal year ended March 31, 2023 was approved at theannual meeting of representative policyholders held on July 4, 2023, it is included in the nonconsolidated balance sheet as of June 30, 2023.

3. Securities Lent under Lending Agreements
The amount of securities lent under lending agreements was ¥205,519 million as of June 30, 2023.

8

Asahi Mutual Life Insurance Company

4. Reserve for Dividends to Policyholders
The change in reserve for dividends to policyholders for the reporting period ended June 30, 2023 was
as follows:

Millions of Yen
Three months ended
June 30, 2023
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¥

927,1032,497
725
028,876

Asahi Mutual Life Insurance Company

5. Breakdown of Ordinary Profit (Fundamental Profit)
Three months ended
June 30, 2022
Fundamental profit
Ａ
8,627
Capital gains
8,905
Gains on money held in trust
Gains on trading securities
Gains on sales of securities
3,936
Gains on derivative financial instruments
Foreign exchange gains
3,282
Other capital gains
1,686
Capital losses
11,015Losses on money held in trust
Losses on trading securities
Losses on sales of securities
7,169
Losses on valuation of securities
Losses on derivative financial instruments
3,710
Foreign exchange losses
Other capital losses
134
Net capital gains (losses)
Ｂ(2,109)Fundamental profit plus net capital gains (losses)
Ａ＋Ｂ
6,517
Other one-time gains
6,577
Reinsurance revenue
Reversal of contingency reserve
6,577
Reversal of specific allowance for possible loan losses
OthersOther one-time losses
0
Reinsurance premiums
Provision for contingency reserve
Provision for specific allowance for possible loan losses
0
Provision for allowance for specified overseas loans
Write-offs of loans
0
OthersNet other one-time gains (losses)
Ｃ
6,576
Ordinary profit
Ａ＋Ｂ＋Ｃ
13,094※ The above fundamental profit is calculated based on the new calculation method.
（Reference） Breakdown of "other" items

Fundamental profit
Hedging costs related to foreign exchange
Gains (losses) on cancellation of investment trusts
Gains (losses) on redemption of securities caused by foreign exchange
fluctuation
Other capital gains
Hedging costs related to foreign exchange
Gains on cancellation of investment trusts
Gains on redemption of securities caused by foreign exchange fluctuation
Other capital losses
Hedging costs related to foreign exchange
Losses on cancellation of investment trusts
Losses on redemption of securities caused by foreign exchange fluctuation

10

Three months ended
June 30, 2022
(1,551)65(1,686)
69
1,686
1,686
134
65
69

(Millions of Yen)
Three months ended
June 30, 2023
8,368
13,786
5,652
3,258
4,876
13,067
145
4,414
1
8,372
133
718
9,087
7
6
0
0
(7)
9,079

(Millions of Yen)
Three months ended
June 30, 2023
(4,742)(4,701)
(175)
133
4,876
4,701
175
133
133

Asahi Mutual Life Insurance Company

6. Solvency Margin Ratio(Millions of Yen)
As of March 31, 2023 As of June 30, 2023

Total solvency margin（Ａ）

947,464

1,023,534

Foundation funds and surplus

342,668

347,735

Reserve for price fluctuation

38,21038,790Contingency reserve

63,10963,116345

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

149,490229,228

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

35,037

34,678

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

148,266

148,132

Qualifying subordinated debt

199,555

194,555--

Deduction(50,000)(55,000)

Others

20,78021,917203,084

230,302

General allowance for possible loan losses

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

Total amount of risk

( R1 + R8 ) 2 + ( R2 + R3 + R7 ) 2 + R4（Ｂ）

Insurance risk

R1

11,558

11,440Third sector insurance risk

R8

10,84810,805

Risk of assumed yield

R2

64,04963,525

Minimum guarantee risk

R7

1,004

1,003

Investment riskR3

132,366

159,741

Operational risk

R4

4,396

4,930

933.0%

888.8%

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

Notes:
1. The figures above are calculated based on Articles 86 and 87 of the Enforcement Regulation 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 amountof policy reserves based on full-time Zillmer method and qualifying subordinated debt excluded from the calculation ofsolvency 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.

11

Asahi Mutual Life Insurance Company

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

As of March 31, 2023

As of June 30, 2023

AmountAmountIndividual variable insurance

26,43828,391

Individual variable annuities--

Group annuity products--

26,43828,391

Total（2）Sum Insured of Policies in Force(i) Individual Variable Insurance
As of March 31, 2023

As of June 30, 2023

AmountAmountNumber of policies(Thousands)(Millions of Yen)

Number of policies(Thousands)(Millions of Yen)

Individual variable insurance(fixed term)

-

-

-

-

Individual variable insurance(whole life)

12

83,683

11

83,145Total

1283,683

11

83,145(ii) Individual Variable Annuities
As of March 31, 2023

As of June 30, 2023

AmountAmountNumber of policies(Thousands)(Millions of Yen)

Number of policies(Thousands)(Millions of Yen)

Individual variable annuities

-

-

-

-

Total

-

-

-

-

12

Asahi Mutual Life Insurance Company

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

Three months ended
June 30, 2022

Three months ended
June 30, 2023

Ordinary income

169,808

170,604

Ordinary profit

11,163

5,697

Net surplus attributable to the Parent Company

8,762

3,471

(38,200)

68,094Comprehensive income(Millions of Yen)

As of March 31, 2023
Total assets
Solvency margin ratio

As of June 30, 2023

5,283,507

5,373,316

979.3%

931.8%(2) Scope of Consolidation and Application of Equity Method
Number of consolidated subsidiaries: 4
Unconsolidated subsidiaries are immaterial in terms of their impact on consolidated net income and surplus, andalso immaterial as a whole, therefore, the equity method is not applied.

13

Asahi Mutual Life Insurance Company

（3）Unaudited Consolidated Balance Sheets
As of March 31, 2023

(Millions of Yen)
As of June 30, 2023

Assets:Cash and deposits

50,601

46,860Call loans

166,000

156,000

Monetary claims bought

20,292

19,825

4,249,612

4,358,733

Loans

303,961

296,706

Tangible fixed assets

360,023

357,885

Intangible fixed assets

38,05339,090

6

5

Reinsurance receivables

26,87130,843

Other assets

58,96566,695

421

402

8,745

60

Securities

Agency accounts receivable

Net defined benefit assets
Deferred tax assets
Customers’ liabilities under acceptances and guarantees

600

890

Allowance for possible loan losses

(648)

(683)

5,283,507

5,373,316

Total assets

As of March 31, 2023

(Millions of Yen)
As of June 30, 2023

Liabilities:
Policy reserves and other reserves:

4,335,719

Reserve for outstanding claims

4,317,219

36,41135,4504,272,203

4,252,892

27,10328,876826

466

Bonds payable

150,555

150,555

Other liabilities

294,447

323,859

Net defined benefit liabilities

31,54831,369Reserve for price fluctuation

38,21038,790015,464

15,062

14,942

Policy reserves
Reserve for dividends to policyholders
Reinsurance payables

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

600

890

4,866,969

4,893,557

Foundation funds

51,00051,000Reserve for redemption of foundation funds

206,000

206,000

281

281

Total liabilities
Net assets:

Reserve for revaluation
Consolidated surplus

79,001

77,962

Total foundation funds and others

336,283

335,244

Net unrealized gains (losses) on available-for-sale securities, net of tax

130,668

195,041

Land revaluation differences(48,406)(48,716)

Accumulated remeasurements of defined benefit plans(2,104)(1,868)

Total accumulated other comprehensive income

80,157

144,456

96

56

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

14

416,537

479,758

5,283,507

5,373,316

Asahi Mutual Life Insurance Company

（4）Unaudited Consolidated Statements of Income and Statements of Comprehensive Income【Unaudited Consolidated Statements of Income】
Three months ended
June 30, 2022
Ordinary income:(Millions of Yen)
Three months ended
June 30, 2023

169,808

170,604

Premium and other income

100,433

105,074

Investment income:

39,77941,815Interest, dividends and other income

30,82728,585

Gains on sales of securities

3,937

5,652

-

2,523

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

29,59523,714

158,644

164,906

99,034

99,733Claims27,45825,932

Annuities

24,996

24,729Benefits

22,35020,368

Surrender benefits

21,89722,730

Other payments

674

762

Provision for policy reserves and other reserves:

345

0Provision for reserve for outstanding claims

344

-

0

0

Investment expenses:

Provision for interest on policyholders’ dividend reserves

16,633

18,387

Interest expenses

908

1,307

Losses on trading securities-

145

Losses on sales of securities

7,169

4,414

-

1

Losses on derivative financial instruments

3,710

8,372

Investment losses on separate accounts

805-

Operating expenses

33,34037,186

Other ordinary expenses

9,289

9,597

11,163

5,697

-

1

Losses on valuation of securities

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

-

1

768

875

Losses on disposal of fixed assets

41

54

Impairment losses

96

240

630

580

Surplus before income taxes

Provision for reserve for price fluctuation

10,395

4,823

Income taxes including deferred taxes

1,620

1,338

Total income taxes

1,620

1,338

Net surplus

8,775

3,485

12

13

8,762

3,471

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

15

Asahi Mutual Life Insurance Company

(Millions of Yen)

【Unaudited Consolidated Statements of Comprehensive Income】

Net surplus
Other comprehensive income: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-controlling interests

16

Three months ended
June 30, 2022

Three months ended
June 30, 2023

8,775

3,485

(46,976)

64,608(47,101)

64,373

125

235(38,200)

68,094(38,213)68,08012

13

Asahi Mutual Life Insurance Company

Notes to Unaudited Consolidated Financial Information
I. Notes to Unaudited Consolidated Balance Sheet
1. Reserve for Outstanding Claims Incurred but not Reported Events
With respect to reserve for outstanding claims incurred but not reported events (referring to claims
for which the occurrence of the insured events has not been reported but the Company finds that
insured events have already occurred ; hereinafter the same), the scope of payment of
hospitalization benefits were changed in the fiscal year ended March 31, 2023 with regard topeople with diagnoses of COVID-19 given and under the care of a doctor and the like at anaccommodation facility or at home (“deemed hospitalizations”) and special treatment for deemedhospitalizations was ended after May 8, 2023. As a result of this change, an appropriate amountof reserves cannot be obtained with the calculation method set forth in the main rules in Article 1,
Paragraph 1 of the Japanese Ministry of Finance Public Notice No.234, 1998 (“IBNR Notice”). The
company therefore records the amount that was calculated using the following method, pursuant
to provisions in the proviso of Article 1, Paragraph 1 of IBNR Notice (the “Proviso”).
(Overview of the calculation method)

The Company calculates the reserve for outstanding claims incurred but not reported events for
deemed hospitalizations and the others separately.
The amount of reserve for outstanding claims incurred but not reported events other than deemedhospitalizations is calculated using the same manner as that set force in the main rules in Article
1, Paragraph 1 of IBNR Notice, excluding the amount related to deemed hospitalizations from arequired amount of reserves for incurred but not reported events and the amount of claim
payments for all the fiscal years, as set forth in the main rules in Article 1, Paragraph 1 of IBNR
Notice.
The amount of reserve for outstanding claims incurred but not reported events for deemedhospitalizations is calculated based on the amount for deemed hospitalizations of those at highrisk of serious illness after September 26, 2022, the number of new infections and the number of
new infections over the last three months (except after May 8, 2023), considering the average days
it takes from the occurrence of the insured events to the filing of claims.
2. Accounting Procedures Specific to Quarterly Financial Information
As the proposed appropriation of surplus for the fiscal year ended March 31, 2023 was approved at theannual meeting of representative policyholders held on July 4, 2023, it is included in the consolidatedbalance sheet as of June 30, 2023.

3. Securities Lent under Lending Agreements
The amount of securities lent under lending agreements was ¥205,519 million as of June 30, 2023.

17

Asahi Mutual Life Insurance Company

4. Reserve for Dividends to Policyholders
The change in reserve for dividends to policyholders for the reporting period ended June 30, 2023 was
as follows:

Millions of Yen
Three months ended
June 30, 2023
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¥

27,1032,497
725
028,876

II. Note to Unaudited Consolidated Statement of Income
Depreciation
For the reporting period ended June 30, 2023, the total amount of depreciation and depreciation ofrental real estate and other assets was ¥4,454 million.

18

Asahi Mutual Life Insurance Company

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

As of March 31, 2023 As of June 30, 2023

Total solvency margin（Ａ）

979,054

1,058,206

Foundation funds and surplus

326,009328,653

Reserve for price fluctuation

38,21038,790Contingency reserve

64,26364,520--Catastrophe loss reserve
General allowance for possible loan losses

347

381

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

149,491

229,228

Net unrealized gains on land × 85%

35,037

34,678(2,924)(2,688)

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

148,282

148,168

Qualifying subordinated debt

199,555

194,555

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

Deduction--

20,78021,917

199,938

227,129(in case of losses： × 100%)

Sum of unrealized actuarial differences and unrealized past service cost

OthersTotal amount of risk(

R +R +R +R ) +( R +R +R ) +R +R
2

2

1

5

2

8

9

（Ｂ）

2

2

3

7

4

6

Insurance risk

R1

11,558

11,440Ordinary insurance risk

R5

-

-

Disaster insurance risk

R6

-

-

Third sector insurance risk

R812,002

12,209Small amount short-term insurance provider insurance risk

R9

-

-

Risk of assumed yield

R2

64,04963,525

Minimum guarantee risk

R7

1,004

1,003

Investment risk

R3

129,105

156,445

Operational risk

R4

4,354

4,892

979.3%

931.8%

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

Notes:
1. The figures above are calculated based on Articles 86-2 and 88 of the Enforcement Regulation of the Insurance BusinessAct 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 calculationof 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 in Japan. However, information on these segments are omitted because they represent such a minor proportion of
total segments.

19

Asahi Mutual Life Insurance Company