February 14, 2023

Financial Results for the Nine Months Ended December 31, 2022
Asahi Mutual Life Insurance Company (the “Company”; President: Hiroki Kimura) announces
financial results for the nine months ended December 31, 2022.

［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, 2022
Number of policies(Thousands)

As of December 31, 2022
Number of policies

Amount(100 millions of Yen)

Amount (100 millions of Yen)

(Thousands)

Changes(%, Pre-FYE)

Changes(%, Pre-FYE)

Individual insurance

7,372

123,289

7,349

99.7

116,833

94.8

Individual annuities

479

19,388458

95.8

18,49495.4

Group insurance-

14,034--

14,063100.2

Group annuities

-

131

-

-

125

95.7

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, 2021
Amount (100 millions of Yen)

Number of policies(Thousands)

New
policies

Net increase by
conversion

Individual insurance

573

1,358

2,389

(1,031)

Individual annuities

-

(42)

-

(42)

Group insurance

-

128

128

-

Group annuities

-

-

-

-

Nine months ended December 31, 2022
Number of policies(Thousands)

Amount (100 millions of Yen)

Changes(%, YoY)

Changes(%, YoY)

New
policies

Net increase by
conversion

Individual insurance

515

90.0

1,538

113.3

2,396

(858)

Individual annuities

-

-

(32)

-

-

(32)

Group insurance

-

-

223

174.1

223

-

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 thetime 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 March 31, 2022

As of December 31, 2022

Individual insurance

3,830

3,762

98.2

Individual annuities

1,242

1,187

95.6

Total

5,072

4,950

97.6

2,240

2,235

99.8

Third-sector products(ii) New Policies

Changes(%, Pre-FYE)(100 millions of Yen）

Nine months ended
December 31, 2021

Nine months ended
December 31, 2022

Changes(%, YoY)

Individual insurance

190

159

83.4

Individual annuities

(0)

(0)

-

189

158

83.5

158

128

80.8

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, 2022

As of December 31, 2022

AmountAmountPercentage

145,376

2.7

92,974

Percentage
1.8

22,5340.4

20,8490.4

4,539,235

82.9

4,346,792

83.1

Domestic bonds

2,621,140

47.9

2,671,861

51.1

Domestic stocks

464,670

8.5

485,488

9.3

Foreign securities

1,383,693

25.3

1,121,602

21.4

Foreign bonds

1,027,053

18.8

748,16414.3

356,640

6.5

373,438

7.1

69,731

1.3

67,840

1.3

Securities

Foreign stocks and other foreign securities
Other securities
Loans

311,416

5.7

289,338

5.5

Policy loans

32,1990.6

30,546

0.6

Industrial and consumer loans

279,217

5.1

258,792

4.9

363,5136.6

360,400

6.9

Real estate
Deferred tax assets
Others--23,591

0.5

94,397

1.7

98,047

1.9

(550)

(0.0)

(713)

(0.0)

5,475,924

100.0

5,231,280

100.0

1,489,515

27.2

1,234,337

23.6

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, 2022
Book value Fair value

As of December 31, 2022

Gains/losses
Gains

Held-to-maturity debt
securities
Policy-reserve-matchingbonds
Stocks of subsidiaries

Book value Fair value

Gains/losses

Losses301,647

333,640

31,99232,001

2,028,714

2,159,139

130,424

169,489

-

-

-

-

Available-for-sale securities 1,912,317

2,135,750

223,432

300,935

(8)

Gains

Losses290,943

310,418

19,475

19,628(153)(39,065) 2,084,862

2,019,584(65,278)

108,710(173,988)

-

-

-

-

-

(77,503) 1,743,055-

1,865,642

122,586

281,680(159,093)(20,262)

Domestic bonds

468,248467,355

(893)

6,409

(7,302)487,514471,031(16,482)

3,779

Domestic stocks

166,694

413,036

246,341

259,795(13,453)

169,390409,707240,316

251,247(10,931)

Foreign securities

1,208,339

1,184,814(23,525)

31,335(54,860) 1,014,717

917,337(97,379)

25,437(122,816)

Foreign bonds
Foreign stocks andother foreign securities
Other securities

904,300

872,053(32,247)

11,095(43,342)

684,504

593,164(91,340)

2,615(93,955)

304,039

312,761

8,721

20,239(11,518)

330,212324,173(6,038)22,821(28,860)

68,202

69,587

1,384

3,271

(1,886)70,626

66,692(3,933)

1,147(5,081)

Monetary claims bought
Negotiable certificates ofdeposit
Others

833

957

123

123

-

806

873

66

69

(2)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,242,680

4,628,529

385,849

502,426(116,576) 4,118,860

4,195,644

76,783410,019(333,235)

Domestic bonds

2,622,033

2,756,333

134,299

180,668(46,368) 2,688,343

2,609,407(78,936)

115,386(194,323)

Domestic stocks

166,694

413,036

246,341

259,795(13,453)

169,390409,707240,316

251,247(10,931)

Foreign securities

1,363,339

1,365,318

1,978

56,839(54,860) 1,169,717

1,087,416(82,301)

40,515(122,816)

Foreign bonds
Foreign stocks andother foreign securities
Other securities

1,059,300

1,052,556(6,743)36,599(43,342)

839,504

763,242(76,262)

17,693(93,955)

304,039

312,761

8,721

20,239(11,518)

330,212324,173(6,038)22,821(28,860)

68,202

69,587

1,384

3,271

(1,886)70,626

66,692(3,933)

1,147(5,081)

Monetary claims bought
Negotiable certificates ofdeposit
Others

22,41024,255

1,844

1,852

(8)

20,782

22,421

1,638

1,722

(83)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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, 2022 As of December 31, 2022

Stocks of subsidiaries

37,37762,647Available-for-sale securities

54,87457,566

Domestic stocks

14,257

13,134Foreign stocks

11

11

Others40,60544,421

Total

92,251

120,213

4

Asahi Mutual Life Insurance Company

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

As of March 31, 2022

As of December 31, 2022

Gains/losses

Book value Fair value

Gains
Held-to-maturity debt
securities
Policy-reserve-matchingbonds
Stocks of subsidiaries

Gains/losses

Book value Fair value

Losses301,647

333,640

31,99232,001

2,028,714

2,159,139

130,424

169,489

37,37737,377--Available-for-sale securities 1,967,191

2,194,030

226,838

304,350

(8)

Gains

Losses290,943

310,418

19,475

19,628(153)(39,065) 2,084,862

2,019,584(65,278)

108,710(173,988)

62,64762,647---(77,512) 1,800,621-

1,929,189

128,567

287,671(159,103)

Domestic bonds

468,248467,355

(893)

6,409

(7,302)487,514471,031(16,482)

3,779(20,262)

Domestic stocks

180,951427,293

246,341

259,795(13,453)

182,524

422,841

240,316

251,247(10,931)

Foreign securities

1,248,812

1,228,693(20,118)

34,750(54,869) 1,058,001

966,602(91,398)

31,428(122,826)

Foreign bonds
Foreign stocks andother foreign securities
Other securities

904,300

872,053(32,247)

11,095(43,342)

684,504

593,164(91,340)

2,615(93,955)

344,512356,640

12,12823,655(11,527)

373,496

373,438(58)

28,812(28,870)

68,34669,731

1,384

3,271

(1,886)

71,774

67,840(3,933)

1,147(5,081)

Monetary claims bought
Negotiable certificates ofdeposit
Others

833

957

123

123

-

806

873

66

69

(2)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,334,931

4,724,187

389,255

505,841(116,585) 4,239,074

4,321,838

82,764

416,010(333,245)

Domestic bonds

2,622,033

2,756,333

134,299

180,668(46,368) 2,688,343

2,609,407(78,936)

115,386(194,323)

Domestic stocks

218,328

464,670

246,341

259,795(13,453)

245,172

485,488

240,316

251,247(10,931)

Foreign securities

1,403,812

1,409,197

5,384

60,254(54,869) 1,213,001

1,136,680(76,320)

46,506(122,826)

Foreign bonds
Foreign stocks andother foreign securities
Other securities

1,059,300

1,052,556(6,743)36,599(43,342)

839,504

763,242(76,262)

17,693(93,955)

344,512356,640

12,12823,655(11,527)

373,496

373,438(58)

28,812(28,870)

68,34669,731

1,384

3,271

(1,886)

71,774

67,840(3,933)

1,147(5,081)

Monetary claims bought
Negotiable certificates ofdeposit
Others

22,41024,255

1,844

1,852

(8)

20,782

22,421

1,638

1,722

(83)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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 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, 2022
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
Allowance for possible loan losses
Total assets

35,852
111,000
22,5344,565,837
1,669,691
50,540907,641
472,584
1,395,647
311,416
32,199279,217368,550
28,74311393
60,054318(550)
5,504,161

As of December 31, 2022
30,40263,00020,8494,372,039
1,684,190
53,764
933,906
485,488
1,121,602
289,338
30,546
258,792
364,661
31,9498492
61,081
263
23,591(713)
5,256,965(Millions of Yen)

As of March 31, 2022
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
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-salesecurities, net of tax
Land revaluation differences
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

6

As of December 31, 2022

4,425,731
32,0184,365,068
28,644752
102,424
375,938
4,474
2,194
914
368,354
29,847
48,2103,622
15,711
5,002,238

4,337,746
34,006
4,275,239
28,500515
102,424
313,390
113
1,461
920
310,894
29,47150,03015,537
4,849,116

91,000166,000
281
117,444347
117,097
53,5006,983
56,614
374,726

51,000206,000
281
94,875366
94,50922,6007,093
64,816352,157

173,936

102,878(46,739)
127,197
501,923
5,504,161(47,187)
55,691
407,848
5,256,965

Asahi Mutual Life Insurance Company

4. Unaudited Non-consolidated Statements of Income
Nine months ended
December 31, 2021
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:

457,368
289,069
287,975
107,005
88,7549,587
2,194
61,293
418,576
287,479
81,001
88,79553,77660,2011,902
2
2
22,370
3,881
2,682
36
3,111
83,861
24,86138,791
343
341
1
2,790
340
482
1,880
86
36,344
8,167
8,167
28,177

Provision for reserve for outstanding claims
Provision for interest on policyholders’ dividend reserves
Investment expenses:
Interest expenses
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
Other extraordinary gains
Extraordinary losses:
Losses on disposal of fixed assets
Impairment losses
Provision for reserve for price fluctuation
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, 2022
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

Asahi Mutual Life Insurance Company

Notes to Unaudited Non-consolidated Financial Information
Notes to Unaudited Non-consolidated Balance Sheet
1. Accounting Changes
The Company has applied “Implementation Guidance on Accounting Standard for Fair Value
Measurement” (ASBJ Guidance No. 31, revised on June 17, 2021) from the beginning of the reporting
period ended June 30, 2022.
In accordance with the transitional treatment set forth in Paragraph 27-2 of Implementation Guidanceon Accounting Standard for Fair Value Measurement, the Company has applied new accounting
policies prospectively.
This application did not have any effects on the non-consolidated financial information as of and forthe reporting period ended December 31, 2022.

2. Reserve for outstanding claims
Following the change in eligible people for the hospitalization benefits, etc. due to Covid-19 during thereporting period ended December 31, 2022, the Company calculates reserve for outstanding claims forclaims, etc. for which the occurrence of insured events has not been reported but the Company findsthat insured events have already occurred based on the number of Covid-19 infected people andpayment status, etc. of the Company.

3. Securities Lent under Lending Agreements
The amount of securities lent under lending agreements was ¥239,655 million as of December 31, 2022.

4. Reserve for Dividends to Policyholders
The change in reserve for dividends to policyholders for the reporting period ended December 31, 2022
was as follows:

Millions of Yen
Nine months ended
December 31, 2022
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¥

28,644
2,121
2,267
2
28,500

5. Redemption of Foundation Funds
The Company redeemed ¥40,000 million of foundation funds, which is part of ¥80,000 million offoundation funds offered in August 2015, prior to the redemption date. Accompanying the redemption,
the Company transferred the same amount from reserve for fund redemption to reserve for redemptionof foundation funds in accordance with Article 56 of the Insurance Business Act.

8

Asahi Mutual Life Insurance Company

6. Issuance of U.S. Dollar-Denominated Perpetual Subordinated Bonds
The Company issued U.S. dollar-denominated step-up callable perpetual subordinated bonds (the“Bonds”) on January 26, 2023.
Summary terms of the Bonds are as follows:(1) Type: U.S. dollar-denominated step-up callable perpetual subordinated bonds with interest deferral
options(2) Issue price: 100% of principal amount(3) Principal amount: USD 375 million(4) Interest rate: Fixed rate of interest of 6.9% per annum until January, 2028 and a fixed rate resetwith step-up thereafter (reset every 5 years).
(5) Maturity: None (perpetual). The Bonds are callable on each interest payment date on or afterJanuary, 2028 at the discretion of the Company, subject to prior approval by the regulatory authority,etc.
(6) Collateral and guarantee: The Bonds have no collateral and guarantee and there are no assets
especially retained for the reimbursement of the Bonds.
(7) Use of proceeds: The Company intends to use the net proceeds from the Bonds for general corporate
purposes, and/or towards the repayment of the U.S. dollar-denominated perpetual subordinatedbonds issued in 2018 subject to regulatory and other approvals.
The Company applies designated hedge accounting (“Furiate-shori”) for currency swap for the Bonds.

7. Group Tax Sharing System
The Company has applied the group tax sharing system from the reporting period ended June 30, 2022.
As a result, the Company has applied the “Practical Solution on the Accounting and Disclosure Under
the Group Tax Sharing System” (ASBJ PITF No.42, issued on August 12, 2021) to the accounting anddisclosure treatment of corporate tax, local corporate tax and tax effect accounting.

9

Asahi Mutual Life Insurance Company

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

Fundamental profit
Ａ
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)
Ｂ
Fundamental profit plus net capital gains (losses)
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)
Ｃ
Ordinary profit
Ａ＋Ｂ＋Ｃ

Nine months ended
December 31, 2021
28,793
16,288
9,587
1,065
5,635
5,943
2,682
36
3,111
112
10,344
39,138
44
44
391
390
0
(347)
38,791

Nine months ended
December 31, 2022
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
31,496※ The above fundamental profit is calculated based on the new calculation method.
(Millions of Yen)

（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

Nine months ended
December 31, 2021
(5,522)(1,952)(3,683)Nine months ended
December 31, 2022
(8,047)(6,565)(1,850)

112

368

5,635
1,952
3,683

8,415
6,565
1,850

-

-

112
-

368
-

112

368

Asahi Mutual Life Insurance Company

6. Solvency Margin Ratio(Millions of Yen)
As of March 31, 2022 As of December 31, 2022

Total solvency margin（Ａ）

1,009,231

861,783

Foundation funds and surplus

368,564

348,823

Reserve for price fluctuation

48,21050,030Contingency reserve

77,88948,866286

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

204,154

115,710

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

29,30630,262

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

145,556

147,299

Qualifying subordinated debt

141,424

146,424--

Deduction(25,000)(50,000)

Others

18,83924,019211,372

203,010

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

12,078

11,679

Third sector insurance risk

R8

10,727

10,830

Risk of assumed yield

R2

66,74964,734

Minimum guarantee risk

R7

1,027

1,011

Investment risk

R3

137,767

131,588

Operational risk

R4

4,567

4,396

954.9%

849.0%

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
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.

11

Asahi Mutual Life Insurance Company

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

As of March 31, 2022

As of December 31, 2022

AmountAmountIndividual variable insurance

28,17525,623

Individual variable annuities--

Group annuity products--

28,17525,623

Total（2）Sum Insured of Policies in Force(i) Individual Variable Insurance
As of March 31, 2022

As of December 31, 2022

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

86,87912

84,432

Total

12

86,87912

84,432(ii) Individual Variable Annuities
As of March 31, 2022

As of December 31, 2022

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, 2021

Nine months ended
December 31, 2022

Ordinary income

464,387

519,325

Ordinary profit

36,331

25,711

Net surplus attributable to the Parent Company

25,66819,126Comprehensive income

19,445(51,517)(Millions of Yen)

As of March 31, 2022
Total assets
Solvency margin ratio

As of December 31, 2022

5,502,292

5,255,931

982.2%

896.2%(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

Assets:Cash and deposits
Call loans
Monetary claims bought
Securities
Loans
Tangible fixed assets
Intangible fixed assets
Agency accounts receivable
Reinsurance receivables
Other assets
Net defined benefit assets
Deferred tax assets
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
Net defined benefit liabilities
Reserve for price fluctuation
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Total liabilities
Net assets:
Foundation funds
Reserve for redemption of foundation funds
Reserve for revaluation
Consolidated surplus
Total foundation funds and others
Net unrealized gains (losses) on available-for-salesecurities, net of tax
Land revaluation differences
Accumulated remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

14

As of March 31, 2022

(Millions of Yen)
As of December 31, 2022

47,030111,000
22,5344,536,365
311,416
369,142
33,255
11
6,788
64,605
524
168
(550)
5,502,292

45,03463,00020,8494,317,862
289,338
365,21136,607
922,12570,025464
26,116(713)
5,255,931

As of March 31, 2022

(Millions of Yen)
As of December 31, 2022

4,426,229
32,0254,365,560
28,644776
102,424
378,694
32,852
48,2102,913
15,711
5,007,812

4,341,218
35,757
4,276,960
28,500613
102,424
317,273
32,08450,03015,537
4,859,182

91,000166,000
281
111,982369,264

51,000206,000
281
85,395
342,677

173,938

102,878(46,739)(2,077)125,12194
494,480
5,502,292(47,187)(1,701)
53,98982
396,749
5,255,931

Asahi Mutual Life Insurance Company

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

Ordinary income:Premium and other income
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:
Provision for reserve for outstanding claims
Provision for interest on policyholders’ dividend reserves
Investment expenses:
Interest expenses
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
Other extraordinary gains
Extraordinary losses:
Losses on disposal of fixed assets
Impairment losses
Provision for reserve for price fluctuation
Other extraordinary losses
Surplus before income taxes
Income taxes including deferred taxes
Total income taxes
Net surplus
Net surplus attributable to non-controlling interests
Net surplus attributable to the Parent Company

15

Nine months ended
December 31, 2021
464,387
293,012
106,673
88,4529,588
2,194
64,702428,056
287,742
81,001
88,79553,78360,2011,903
2
2
22,370
3,881
2,682
36
3,111
92,241
25,69936,331
343
341
1
2,790
340
482
1,880
86
33,884
8,177
8,177
25,70638
25,668(Millions of Yen)
Nine months ended
December 31, 2022
519,325
310,856
108,324
88,014
13,213
100,144493,613
312,821
81,58785,02474,75561,514
1,891
3,734
3,732
2
47,017
2,780
20,251
114
9,755
913
101,527
28,512
25,711
244
244
2,915
226
824
1,820
44
23,0403,874
3,874
19,16539
19,126

Asahi Mutual Life Insurance Company

(Millions of Yen)

【Unaudited Consolidated Statements of Comprehensive Income】
Nine months ended
December 31, 2021

Nine months ended
December 31, 2022

Net surplus

25,706

19,165

Other comprehensive income:(6,261)(70,683)(6,508)(71,059)

246

375

19,445(51,517)

19,407(51,557)

38

39

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

Asahi Mutual Life Insurance Company

Notes to Unaudited Consolidated Financial Information
I. Notes to Unaudited Consolidated Balance Sheet
1. Accounting Changes
The Company and part of its subsidiaries have applied “Implementation Guidance on AccountingStandard for Fair Value Measurement” (ASBJ Guidance No. 31, revised on June 17, 2021) from the
beginning of the reporting period ended June 30, 2022.
In accordance with the transitional treatment set forth in Paragraph 27-2 of Implementation Guidanceon Accounting Standard for Fair Value Measurement, the Company has applied new accounting
policies prospectively.
This application did not have any effects on the consolidated financial information as of and for thereporting period ended December 31, 2022.

2. Reserve for outstanding claims
Following the change in eligible people for the hospitalization benefits, etc. due to Covid-19 during thereporting period ended December 31, 2022, the Company and part of its subsidiaries calculate reservefor outstanding claims for claims, etc. for which the occurrence of insured events has not been reported
but the Company and part of its subsidiaries find that insured events have already occurred based on
the number of Covid-19 infected people and payment status, etc. of the Company and part of its
subsidiaries.

3. Securities Lent under Lending Agreements
The amount of securities lent under lending agreements was ¥239,655 million as of December 31, 2022.

4. Reserve for Dividends to Policyholders
The change in reserve for dividends to policyholders for the reporting period ended December 31, 2022
was as follows:

Millions of Yen
Nine months ended
December 31, 2022
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¥

17

28,644
2,121
2,267
2
28,500Asahi Mutual Life Insurance Company

5. Redemption of Foundation Funds
The Company redeemed ¥40,000 million of foundation funds, which is part of ¥80,000 million offoundation funds offered in August 2015, prior to the redemption date. Accompanying the redemption,
the Company transferred the same amount from reserve for fund redemption to reserve for redemptionof foundation funds in accordance with Article 56 of the Insurance Business Act.

6. Issuance of U.S. Dollar-Denominated Perpetual Subordinated Bonds
The Company issued U.S. dollar-denominated step-up callable perpetual subordinated bonds (the“Bonds”) on January 26, 2023.
Summary terms of the Bonds are as follows:(1) Type: U.S. dollar-denominated step-up callable perpetual subordinated bonds with interest deferral
options(2) Issue price: 100% of principal amount(3) Principal amount: USD 375 million(4) Interest rate: Fixed rate of interest of 6.9% per annum until January, 2028 and a fixed rate resetwith step-up thereafter (reset every 5 years).
(5) Maturity: None (perpetual). The Bonds are callable on each interest payment date on or afterJanuary, 2028 at the discretion of the Company, subject to prior approval by the regulatory authority,etc.
(6) Collateral and guarantee: The Bonds have no collateral and guarantee and there are no assets
especially retained for the reimbursement of the Bonds.
(7) Use of proceeds: The Company intends to use the net proceeds from the Bonds for general corporate
purposes, and/or towards the repayment of the U.S. dollar-denominated perpetual subordinatedbonds issued in 2018 subject to regulatory and other approvals.
The Company applies designated hedge accounting (“Furiate-shori”) for currency swap for the Bonds.

7. Group Tax Sharing System
The Company and part of its subsidiaries have applied the group tax sharing system from the reporting
period ended June 30, 2022. As a result, the Company has applied the “Practical Solution on the
Accounting and Disclosure Under the Group Tax Sharing System” (ASBJ PITF No.42, issued on August
12, 2021) to the accounting and disclosure treatment of corporate tax, local corporate tax and tax effectaccounting.

II. Note to Unaudited Consolidated Statement of Income
Depreciation
For the reporting period ended December 31, 2022, the total amount of depreciation and depreciationof rental real estate and other assets was ¥14,591 million.

18

Asahi Mutual Life Insurance Company

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

As of March 31, 2022 As of December 31, 2022

Total solvency margin（Ａ）

1,021,040

895,562

Foundation funds and surplus

358,018

334,196

Reserve for price fluctuation

48,21050,030Contingency reserve

78,12549,775--

Catastrophe loss reserve
General allowance for possible loan losses

288

348

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

204,157

115,710

Net unrealized gains on land × 85%

29,30630,262(2,885)(2,509)

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

145,556

147,303

Qualifying subordinated debt

141,424

146,424

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

Deduction--

18,83924,019207,900

199,855(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

12,078

11,679Ordinary insurance risk

R5

-

-

Disaster insurance risk

R6

-

-

Third sector insurance risk

R8

10,963

11,738Small amount short-term insurance provider insurance risk

R9

-

-

Risk of assumed yield

R2

66,74964,734

Minimum guarantee risk

R7

1,027

1,011

Investment riskR3

134,312

128,351

Operational risk

R4

4,502

4,350

982.2%

896.2%

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