February 14, 2024

Financial Results for the Nine Months Ended December 31, 2023
Asahi Mutual Life Insurance Company (the “Company”; President: Hiroki Kimura) announces
financial results for the nine months ended December 31, 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

As of December 31, 2023

Number of policies

AmountNumber of policies(Thousands)(100 millions of Yen)

Amount (100 millions of Yen)

(Thousands)

Changes(%, Pre-FYE)

Changes(%, Pre-FYE)

Individual insurance

7,347

115,128

7,270

99.0

108,560

94.3

Individual annuities452

18,199434

96.0

17,34495.3

Group insurance-

14,103--

14,733104.5

Group annuities

-

124

-

-

98

78.8

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
Nine months ended December 31, 2022
Number of policies

Amount (100 millions of Yen)
New
policies(Thousands)

Net increase by
conversion

Individual insurance

515

1,538

2,396

(858)

Individual annuities

-

(32)

-

(32)

Group insurance

-

223

223

-

Group annuities

-

-

-

-

Nine months ended December 31, 2023
Number of policies(Thousands)

Amount (100 millions of Yen)

Changes(%, YoY)

Changes(%, YoY)

New
policies

Net increase by
conversion

Individual insurance

490

95.1

1,190

77.4

2,085

(894)

Individual annuities

-

-

(28)

-

-

(28)

Group insurance

-

-

969

434.2

969

-

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 December 31, 2023
Changes(%, Pre-FYE)

Individual insurance

3,743

3,658

97.7

Individual annuities

1,173

1,136

96.8

Total

4,917

4,795

97.5

2,235

2,216

99.2

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

Nine months ended
December 31, 2022

Nine months ended
December 31, 2023

Changes(%, YoY)

Individual insurance

159

150

94.6

Individual annuities

(0)

(0)

-

158

149

94.6

128

122

95.6

Total
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)

Cash, deposits, call loans
Monetary claims bought

As of March 31, 2023

As of December 31, 2023

AmountAmountPercentage

207,394

3.9

Percentage

133,375

2.5

20,292

0.4

19,0590.4

4,277,590

81.3

4,387,050

82.5

Domestic bonds

2,609,731

49.6

2,716,903

51.1

Domestic stocks

507,674

9.7

582,329

11.0

Foreign securities

1,088,201

20.7

1,006,885

18.9

Foreign bonds

705,216

13.4

581,236

10.9

Foreign stocks and other foreign securities

382,9857.3

425,648

8.0

71,982

1.4

80,931

1.5

Securities

Other securities
Loans

303,9615.8

317,898

6.0

Policy loans

30,2540.6

28,993

0.5

Industrial and consumer loans

273,707

5.2

288,904

5.4

355,384

6.8

352,852

6.6

Deferred tax assets

5,690

0.1

-

-

Others89,543

1.7

105,267

2.0

(648)

(0.0)

(644)

(0.0)

5,259,210

100.0

5,314,861

100.0

1,140,112

21.7

957,582

18.0

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 December 31, 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

Gains/losses

Book value Fair value

Losses(56)

Gains

Losses296,933

314,980

18,047

19,731(1,684)(114,139) 2,210,072

2,117,002(93,069)

98,247(191,317)

-

-

-

-

-

(133,587) 1,481,808

1,760,700

278,892

363,473(84,581)-

Domestic bonds

417,814401,531(16,283)

2,292(18,575)

411,315

402,713(8,601)

2,269(10,870)

Domestic stocks

173,309431,919

258,609268,691(10,081)

175,632

501,614

325,982329,747(3,764)Foreign securities

963,085

881,997(81,087)

19,885(100,973)

818,684

776,672(42,012)25,749(67,761)

Foreign bonds

623,607550,216(73,390)

1,744(75,134)

455,713406,636(49,076)468(49,545)

Foreign stocks andother foreign securities

339,477

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

362,971370,036

7,064

25,280(18,215)

71,79370,235(1,557)

2,399(3,956)75,40978,855

3,446

5,631

(2,184)

Monetary claims bought

792

897

105

105

-

767

844

77

77

-

Negotiable certificates ofdeposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

4,009,390

4,208,228

198,837446,620(247,782) 3,988,814

4,192,684

203,870

481,453(277,582)

Domestic bonds

2,626,015

2,628,326

2,311

135,049(132,738) 2,725,505

2,625,639(99,865)

102,420(202,286)

Domestic stocks

173,309431,919

258,609268,691(10,081)

175,632

501,614

325,982329,747(3,764)Foreign securities

1,118,085

1,055,559(62,525)

38,448(100,973)

993,284

966,002(27,281)

42,001(69,283)

Foreign bonds

778,607

723,778(54,828)

20,306(75,134)

630,313595,966(34,346)

16,720(51,067)

Foreign stocks andother foreign securities

339,477

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

362,971370,036

7,064

25,280(18,215)

Other securities

71,79370,235(1,557)

2,399(3,956)75,40978,855

3,446

5,631

(2,184)

Monetary claims bought

20,18722,187

1,999

2,032

(33)

18,982

20,572

1,589

1,651

(62)

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 Exchange Act.
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 December 31, 2023

Stocks of subsidiaries

62,621

67,671

Available-for-sale securities

59,77060,752

Domestic stocks

13,134

13,093Foreign stocks

11

10

Others46,62547,648

Total

122,391

128,424

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
Book value Fair value
Gains/losses
Gains
Held-to-maturity debt
securities
Policy-reserve-matching
bonds

Losses288,832

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

As of December 31, 2023
Book value Fair value
Gains/losses
(56)

Gains

Losses296,933

314,980

18,047

19,731(1,684)(114,139) 2,210,072

2,117,002(93,069)

98,247(191,317)

67,671

67,671---(133,592) 1,542,561

1,831,433

288,871373,453(84,581)-

Domestic bonds

417,814401,531(16,283)

2,292(18,575)

411,315

402,713(8,601)

2,269(10,870)

Domestic stocks

186,443445,053

258,609268,691(10,081)

188,725

514,708

325,982329,747(3,764)Foreign securities

1,007,974

933,201(74,773)

26,205(100,978)864,267

832,234(32,032)

35,728(67,761)

Foreign bonds

623,607550,216(73,390)

1,744(75,134)

455,713406,636(49,076)468(49,545)

Foreign stocks andother foreign securities

384,367

382,985(1,382)

24,461(25,844)408,554425,598

17,04435,260(18,215)

73,53971,982(1,557)

2,399(3,956)

77,48580,931

3,446

5,631

(2,184)

Monetary claims bought

792

897

105

105

-

767

844

77

77

-

Negotiable certificates ofdeposit

-

-

-

-

-

-

-

-

-

-

Others

-

-

-

-

-

-

-

-

-

-

4,131,782

4,336,935

205,152

452,940(247,788) 4,117,238

4,331,088

213,849

491,432(277,582)

Domestic bonds

2,626,015

2,628,326

2,311

135,049(132,738) 2,725,505

2,625,639(99,865)

102,420(202,286)

Domestic stocks

249,065

507,674

258,609268,691(10,081)

256,346582,329

325,982329,747(3,764)Foreign securities

1,162,974

1,106,764(56,210)44,768(100,978) 1,038,917

1,021,615(17,302)

51,981(69,283)

Foreign bonds

778,607

723,778(54,828)

20,306(75,134)

630,313595,966(34,346)

16,720(51,067)

Foreign stocks andother foreign securities

384,367

382,985(1,382)

24,461(25,844)408,604

425,648

17,04435,260(18,215)

Other securities

73,53971,982(1,557)

2,399(3,956)

77,48580,931

3,446

5,631

(2,184)

Monetary claims bought

20,18722,187

1,999

2,032

(33)

18,982

20,572

1,589

1,651

(62)

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 Exchange Act.

（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
Deferred gains (losses) on derivatives under hedge accounting
Land revaluation differences
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

6(Millions of Yen)
As of March 31, 2023

As of December 31, 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

34,85299,00019,0594,415,025
1,782,539
48,048886,315582,329
1,006,885
317,898
28,993288,904
356,369
35,8482
159
47,987353
17,405(644)
5,343,317(Millions of Yen)

As of March 31, 2023

As of December 31, 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

4,244,118
34,9384,181,888
27,291
293
102,609339,192
747
1,060
960
336,424
28,64239,82026,96014,861
17,405
4,813,903

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
103,609381
103,228
31,7006,893
64,635360,891
219,855(2,409)(48,923)
168,521529,413
5,343,317

Asahi Mutual Life Insurance Company

4. Unaudited Non-consolidated Statements of Income
Nine months ended
December 31, 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:

489,801
283,290
282,182
108,836
88,477
13,213
97,673458,304
304,523
81,58785,024
72,796
61,514
1,857
1,989
1,987
2
47,017
2,780
20,251
114
9,755
913
79,09825,674
31,496
244
244
2,915
226
824
1,820
44
28,826
5,682
5,682
23,144

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
Losses on reduction entry of real estate
Other extraordinary losses
Surplus before income taxes
Income taxes including deferred taxes
Total income taxes
Net surplus

7(Millions of Yen)
Nine months ended
December 31, 2023
479,629
274,999
274,129
110,694
88,495
10,875
3,595
93,934453,804
289,094
79,21882,97055,451
65,691
4,033
427
425
2
59,076
3,446
206
33,094100
10,10881,33523,87025,825
206
206
2,931
489
754
1,610
76
23,1005,395
5,395
17,705

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 theoccurrence of the insured events has not been reported but the Company finds that insured events have alreadyoccurred; hereinafter the same), the special treatment of the payment of hospitalization benefits with regard topeople with diagnoses of COVID-19 given and under the care of a doctor and the like at an accommodation
facility or at home (“deemed hospitalizations”) was terminated on May 8, 2023. As a result of this change, anappropriate amount of 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 amount of reserve for outstanding claims incurred but not reported events using thesame manner as that set forth in the main rules in Article 1, Paragraph 1 of IBNR Notice, excluding the amountrelated to deemed hospitalizations from a required amount of reserves for incurred but not reported events andthe amount of claim payments for all the fiscal years, as set forth in the main rules in Article 1, Paragraph 1 of
IBNR Notice.
In the fiscal year ended March 31, 2023, the Company calculates the reserve for outstanding claims incurred but
not reported events for deemed hospitalizations and the others separately; however, the special treatment of thepayment of hospitalization benefits with regard to deemed hospitalization was terminated for the reporting period
ended December 31, 2023. Therefore, the Company revised its methodology to calculate the amount of reservefor outstanding claims incurred but not reported events for deemed hospitalizations as zero.
2. Securities Lent under Lending Agreements
The amount of securities lent under lending agreements was ¥260,410 million as of December 31, 2023.

8

Asahi Mutual Life Insurance Company

3. Reserve for Dividends to Policyholders
The change in reserve for dividends to policyholders for the reporting period ended December 31, 2023 was as follows:

Millions of Yen
Nine months ended
December 31, 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

9

¥

¥

27,103
2,497
2,311
2
27,291

Asahi Mutual Life Insurance Company

5. Breakdown of Ordinary Profit (Fundamental Profit)(Millions of Yen)
Nine months ended
December 31, 2022

Fundamental profit
Capital gains
Gains on money held in trust
Gains on trading securities
Gains on sales of securities
Gains on derivative financial instruments
Foreign exchange gains
Other capital gains
Capital losses
Losses on money held in trust
Losses on trading securities
Losses on sales of securities
Losses on valuation of securities
Losses on derivative financial instruments
Foreign exchange losses
Other capital losses
Net capital gains (losses)
Fundamental profit plus net capital gains (losses)

Ａ

Ｂ
Ａ＋Ｂ

Other one-time gains
Reinsurance revenue
Reversal of contingency reserve
Reversal of specific allowance for possible loan losses
OthersOther one-time losses
Reinsurance premiums
Provision for contingency reserve
Provision for specific allowance for possible loan losses
Provision for allowance for specified overseas loans
Write-offs of loans
OthersNet other one-time gains (losses)
Ordinary profit

Ｃ
Ａ＋Ｂ＋Ｃ

9,752
23,317
13,213
1,688
8,415
30,48920,251
114
9,755
368
(7,172)
2,580
29,022
29,022105
105
0
28,916
31,496Nine months ended
December 31, 2023

28,462
21,615
10,8752,292
8,447
43,784206
33,094100
10,108275(22,169)
6,292
19,532
19,46467
0
0
19,53225,825(Millions of Yen)

（Reference） Breakdown of "other" items
Nine months ended
December 31, 2022

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

Nine months ended
December 31, 2023

(8,047)(6,565)(1,850)(8,172)(6,990)(1,457)

368
8,415
6,565
1,850
368
368

275
8,447
6,990
1,457
275
275

Asahi Mutual Life Insurance Company

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

Total solvency margin（Ａ）

947,464

996,754

Foundation funds and surplus

342,668

357,253

Reserve for price fluctuation

38,21039,820Contingency reserve

63,10943,644345

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

149,490

256,976

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

35,03734,647

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

148,266

148,562

Qualifying subordinated debt

199,555

146,609--

Deduction(50,000)(55,000)

Others

20,78023,833203,084

219,457

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

11,138

Third sector insurance risk

R8

10,84810,809Risk of assumed yield

R2

64,04962,114

Minimum guarantee risk

R7

1,004

987

Investment riskR3

132,366

150,519

Operational risk

R4

4,396

4,711

933.0%

908.3%

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 Japanese Ministry of Finance Public Notice No. 50, 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 December 31, 2023

AmountAmountIndividual variable insurance

26,43828,389Individual variable annuities--

Group annuity products--

26,43828,389Total（2）Sum Insured of Policies in Force(i) Individual Variable Insurance
As of March 31, 2023

As of December 31, 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

81,439Total

1283,683

11

81,439(ii) Individual Variable Annuities
As of March 31, 2023

As of December 31, 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)

Nine months ended
December 31, 2022

Nine months ended
December 31, 2023

Ordinary income

519,325

527,677

Ordinary profit

25,711

16,605Net surplus attributable to the Parent Company

19,126

10,890Comprehensive income(51,517)

98,416(Millions of Yen)

As of March 31, 2023
Total assets
Solvency margin ratio

As of December 31, 2023

5,283,507

5,333,256

979.3%

951.1%(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(Millions of Yen)
As of March 31, 2023

As of December 31, 2023

Assets:Cash and deposits

50,601

43,992

Call loans

166,000

99,000

Monetary claims bought

20,292

19,059Securities

4,249,612

4,355,836

Loans

303,961

317,898

Tangible fixed assets

360,023

356,877

Intangible fixed assets

38,05340,576

6

3

Reinsurance receivables

26,871

39,204

Other assets

58,96560,197421

367

Agency accounts receivable

Net defined benefit assets
Deferred tax assets
Customers’ liabilities under acceptances and guarantees
Allowance for possible loan losses
Total assets

8,745

80

600

805

(648)

(644)

5,283,507

5,333,256(Millions of Yen)

As of March 31, 2023

As of December 31, 2023

Liabilities:
Policy reserves and other reserves:

4,335,719

Reserve for outstanding claims

36,411

38,511

4,272,203

4,186,470

27,10327,291

826

511

Bonds payable

150,555

102,609

Other liabilities

294,447

357,673

Net defined benefit liabilities

31,54830,762

Reserve for price fluctuation

38,21039,820023,856

15,062

14,861

Policy reserves
Reserve for dividends to policyholders
Reinsurance payables

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

4,252,274

600

805

4,866,969

4,823,176

Foundation funds

51,00051,000Reserve for redemption of foundation funds

206,000

206,000

Total liabilities
Net assets:

Reserve for revaluation

281

281

Consolidated surplus

79,001

85,588

Total foundation funds and others

336,283

342,870

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

130,668

219,855-(2,409)Land revaluation differences(48,406)(48,923)

Accumulated remeasurements of defined benefit plans(2,104)(1,397)

Total accumulated other comprehensive income

80,157167,124Deferred gains (losses) on derivatives under hedge accounting

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

14

96

85

416,537

510,080

5,283,507

5,333,256

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, 2023

Nine months ended
December 31, 2022
Ordinary income:

519,325

527,677

Premium and other income

310,856

321,857

Investment income:

108,324

110,297

Interest, dividends and other income

88,014

88,145

Gains on sales of securities

13,213

10,876-

3,595

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

100,144

95,522493,613511,072

312,821

310,148

Claims81,587

79,218Annuities

85,024

82,970Benefits

74,755

59,110Surrender benefits

61,51465,691Other payments

1,891

4,068

Provision for policy reserves and other reserves:

3,734

2,102

Provision for reserve for outstanding claims

3,732

2,100

2

2

Investment expenses:

Provision for interest on policyholders’ dividend reserves

47,017

59,112

Interest expenses

2,780

3,480

Losses on trading securities-

206

Losses on sales of securities

20,25133,095114

100

Losses on derivative financial instruments

9,755

10,108Investment losses on separate accounts

913-

Operating expenses

101,527

112,021

Other ordinary expenses

28,512

27,68725,711

16,605244

206

Losses on valuation of securities

Ordinary profit
Extraordinary gains
Gains on disposal of fixed assets

244

206

2,915

2,932

Losses on disposal of fixed assets

226

490

Impairment losses

824

754

Provision for reserve for price fluctuation

1,820

1,610

Losses on reduction entry of real estate-76

Extraordinary losses

Other extraordinary losses

44-

Surplus before income taxes

23,04013,879

Income taxes including deferred taxes

3,874

2,947

Total income taxes

3,874

2,947

Net surplus

19,165

10,93239

42

19,126

10,890Net 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)Nine months ended
December 31, 2022

Nine months ended
December 31, 2023

Net surplus

19,165

10,932Other comprehensive income:(70,683)

87,484(71,059)

89,187-(2,409)375

707(51,517)

98,416(51,557)

98,37439

42

Net unrealized gains (losses) on available-for-sale securities, net of tax
Deferred gains (losses) on derivatives under hedge accounting
Remeasurements of defined benefit plans
Comprehensive income:Comprehensive income attributable to the Parent Company
Comprehensive income attributable to non-controlling interests

16

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 theoccurrence of the insured events has not been reported but the Company finds that insured events have alreadyoccurred; hereinafter the same), the special treatment of the payment of hospitalization benefits with regard topeople with diagnoses of COVID-19 given and under the care of a doctor and the like at an accommodation
facility or at home (“deemed hospitalizations”) was terminated on May 8, 2023. As a result of this change, anappropriate amount of 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 amount of reserve for outstanding claims incurred but not reported events using thesame manner as that set forth in the main rules in Article 1, Paragraph 1 of IBNR Notice, excluding the amountrelated to deemed hospitalizations from a required amount of reserves for incurred but not reported events andthe amount of claim payments for all the fiscal years, as set forth in the main rules in Article 1, Paragraph 1 of
IBNR Notice.
In the fiscal year ended March 31, 2023, the Company calculates the reserve for outstanding claims incurred but
not reported events for deemed hospitalizations and the others separately; however, the special treatment of thepayment of hospitalization benefits with regard to deemed hospitalization was terminated for the reporting period
ended December 31, 2023. Therefore, the Company revised its methodology to calculate the amount of reservefor outstanding claims incurred but not reported events for deemed hospitalizations as zero.
2. Securities Lent under Lending Agreements
The amount of securities lent under lending agreements was ¥260,410 million as of December 31, 2023.

17

Asahi Mutual Life Insurance Company

3. Reserve for Dividends to Policyholders
The change in reserve for dividends to policyholders for the reporting period ended December 31, 2023 was as follows:

Millions of Yen
Nine months ended
December 31, 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¥¥

27,103
2,497
2,311
2
27,291

II. Note to Unaudited Consolidated Statement of Income
Depreciation
For the reporting period ended December 31, 2023, the total amount of depreciation and depreciation of rental realestate and other assets was ¥13,557 million.

18

Asahi Mutual Life Insurance Company

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

As of March 31, 2023 As of December 31, 2023

Total solvency margin（Ａ）

979,054

1,028,354

Foundation funds and surplus

326,009333,981Reserve for price fluctuation

38,21039,820Contingency reserve

64,26345,568--Catastrophe loss reserve
General allowance for possible loan losses

347

409

(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

256,976

Net unrealized gains on land × 85%

35,03734,647(2,924)(2,217)

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

148,282

148,726

Qualifying subordinated debt

199,555

146,609

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

Deduction--

20,78023,833

199,938

216,225(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

11,139Ordinary insurance risk

R5

-

-

Disaster insurance risk

R6

-

-

Third sector insurance risk

R812,002

12,730

Small amount short-term insurance provider insurance risk

R9

-

-

Risk of assumed yield

R2

64,04962,114

Minimum guarantee risk

R7

1,004

987

Investment risk

R3

129,105

147,091

Operational risk

R4

4,354

4,681

979.3%

951.1%

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 is omitted because they represent such a minor proportion of
total segments.

19

Asahi Mutual Life Insurance Company