February 14, 2022

Financial Results for the Nine Months Ended December 31, 2021
Asahi Mutual Life Insurance Company (the “Company”; President: Hiroki Kimura)announces financial results for the nine months ended December 31, 2021.

［Contents］
１．Business Highlights

･････

Ｐ1

２．Investment Results of General Account Assets

･････

Ｐ3

３．Unaudited Non-consolidated Balance Sheets

･････

Ｐ6

４．Unaudited Non-consolidated Statements of Income

･････

Ｐ7

５．Breakdown of Ordinary Profit (Fundamental Profit)

･････

Ｐ9

６．Solvency Margin Ratio

･････

Ｐ10

７．Status of Separate Account

･････

Ｐ11

８．Status of the Company, Subsidiaries and Affiliates

･････

Ｐ12

Asahi Mutual Life Insurance Company

１．Business Highlights(1) Sum Insured of Policies in Force and New Policies(i) Policies in Force
As of March 31, 2021
Number of policies(Thousands)

As of December 31, 2021
Number of policies

Amount(100 millions of Yen)

Amount (100 millions of Yen)

(Thousands)

Changes(%, Pre-FYE)

Changes(%, Pre-FYE)

Individual insurance

7,349

132,551

7,380

100.4

125,275

94.5

Individual annuities

506

20,603486

96.1

19,67995.5

Group insurance－

14,475--

14,17297.9

Group annuities

－

154

-

-

132

85.9

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
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, 2020
Amount (100 millions of Yen)

Number of policies(Thousands)

New
policies

Net increase by
conversion

Individual insurance

556

1,326

2,285

(959)

Individual annuities

-

(86)

-

(86)

Group insurance

-

282

282

-

Group annuities

-

-

-

-

Nine months ended December 31, 2021
Number of policies(Thousands)

Amount (100 millions of Yen)

Changes(%, YoY)

Changes(%, YoY)

New
policies

Net increase by
conversion

Individual insurance

573

102.9

1,358

102.4

2,389

(1,031)

Individual annuities

-

-

(42)

-

-

(42)

Group insurance

-

-

128

45.4

128

-

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 December 31, 2021
As of March 31, 2021

Changes(%, Pre-FYE)

Individual insurance

3,889

3,854

99.1

Individual annuities

1,322

1,267

95.9

Total

5,212

5,122

98.3

2,214

2,243

101.3

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

Nine months ended
December 31, 2020

Nine months ended
December 31, 2021

Changes(%, YoY)

Individual insurance

190

190

99.9

Individual annuities

(1)

(0)

-

189

189

100.4

156

158

101.4

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, 2021

As of December 31, 2021

AmountAmountPercentage

146,692

2.7

Percentage

119,118

2.2

25,0940.5

23,2690.4

4,586,013

83.2

4,563,655

83.6

Domestic bonds

2,708,646

49.1

2,643,627

48.4

Domestic stocks

438,359

8.0

453,855

8.3

Foreign securities

1,357,677

24.6

1,388,201

25.4

Foreign bonds

1,040,834

18.9

1,015,276

18.6

316,8425.7

372,924

6.8

81,3301.5

77,971

1.4

Securities

Foreign stocks and other foreign securities
Other securities
Loans

303,451

5.5

307,965

5.6

Policy loans

35,182

0.6

32,733

0.6

Industrial and consumer loans

268,2684.9

275,2315.0

373,204

6.8

369,007

6.8

Real estate
Deferred tax assets
Others----77,225

1.4

77,571

1.4

(406)

(0.0)

(495)

(0.0)

5,511,274

100.0

5,460,092

100.0

1,452,046

26.3

1,478,571

27.1

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, 2021
Book value Fair value

As of December 31, 2021

Gains/losses
Gains

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

Book value Fair value

Gains/losses

Losses321,005

360,399

39,39439,4002,039,060

2,254,994

215,933

226,245

-

-

-

-

Available-for-sale securities 1,935,564

2,216,388

280,823

317,280

(6)

Gains

Losses304,648

341,176

36,52736,527-(10,311) 2,025,324

2,225,869

200,544

211,523(10,978)

-

-

-

-

-

(36,456) 1,930,349-

2,205,267

274,918

308,877(33,958)

Domestic bonds

513,117

527,705

14,587

17,240(2,653)478,845

490,970

12,124

14,461(2,337)

Domestic stocks

175,768

403,715

227,947

240,553(12,605)

174,806

402,182

227,375

241,664(14,288)

Foreign securities

1,170,153

1,202,667

32,51352,865(20,351) 1,202,159

1,233,191

31,03147,476(16,444)

Foreign bonds
Foreign stocks andother foreign securities
Other securities

853,897885,834

31,93646,194(14,257)

844,138

860,276

16,13828,754(12,615)

316,255

316,832

577

6,671

(6,094)

358,021372,914

14,892

18,722(3,829)75,642

81,330

5,687

6,533

(845)

73,687

77,971

4,283

5,171

(888)

Monetary claims bought
Negotiable certificates ofdeposit
Others

882

969

86

86

-

849

953

103

103

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total

4,295,630

4,831,782

536,151

582,926(46,774) 4,260,322

4,772,313

511,991

556,928(44,937)

Domestic bonds

2,694,058

2,931,420

237,362

250,333(12,971) 2,631,503

2,849,921

218,418

231,734(13,315)

Domestic stocks

175,768

403,715

227,947

240,553(12,605)

174,806

402,182

227,375

241,664(14,288)

Foreign securities

1,325,153

1,387,899

62,746

83,098(20,351) 1,357,159

1,416,913

59,75476,199(16,444)

Foreign bonds
Foreign stocks andother foreign securities
Other securities

1,008,897

1,071,066

62,16876,426(14,257)

999,138

1,043,999

44,861

57,477(12,615)

316,255

316,832

577

6,671

(6,094)

358,021372,914

14,892

18,722(3,829)75,642

81,330

5,687

6,533

(845)

73,687

77,971

4,283

5,171

(888)

Monetary claims bought
Negotiable certificates ofdeposit
Others

25,007

27,415

2,408

2,408

-

23,16525,325

2,159

2,159

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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, 2021 As of December 31, 2021

Stocks of subsidiaries

21,36737,377Available-for-sale securities

13,286

14,306

Domestic stocks

13,275

14,295

Foreign stocks

11

11

Others--34,654

51,684Total

4Asahi 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, 2021

As of December 31, 2021

Gains/losses

Book value Fair value

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

Losses321,005

360,399

39,39439,4002,039,060

2,254,994

215,933

226,245

21,367

21,367--Available-for-sale securities 1,948,851

2,229,674

280,822527,705

14,587

Domestic bonds

513,117

Gains/losses

Book value Fair value

(6)

Gains

Losses304,648

341,176

36,52736,527-(10,311) 2,025,324

2,225,869

200,544

211,523(10,978)

37,37737,377---317,280(36,457) 1,944,656

2,219,574

274,917308,877(33,959)

17,240(2,653)478,845

490,970

12,124

14,461(2,337)-

Domestic stocks

189,044416,991

227,947

240,553(12,605)

189,102416,478

227,375

241,664(14,288)

Foreign securities

1,170,164

1,202,677

32,512

52,865(20,352) 1,202,170

1,233,201

31,03047,476(16,445)853,897885,834

31,93646,194(14,257)

844,138

860,276

16,13828,754(12,615)

316,266

316,842

576

6,671

(6,095)358,032

372,924

14,892

18,722(3,829)75,642

81,330

5,687

6,533

(845)

73,687

77,971

4,283

5,171

(888)

882

969

86

86

-

849

953

103

103

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

4,330,284

4,866,435

536,150

582,926(46,775) 4,312,007

4,823,997

511,990556,928(44,937)

2,694,058

2,931,420

237,362

250,333(12,971) 2,631,503

2,849,921

218,418

231,734(13,315)

Foreign bonds
Foreign stocks andother foreign securities
Other securities
Monetary claims bought
Negotiable certificates ofdeposit
Others
Total
Domestic bonds
Domestic stocks

210,411438,359

227,947

240,553(12,605)

226,479

453,855

227,375

241,664(14,288)

Foreign securities

1,325,164

1,387,909

62,74583,098(20,352) 1,357,170

1,416,924

59,75376,199(16,445)

Foreign bonds
Foreign stocks andother foreign securities
Other securities

1,008,897

1,071,066

62,16876,426(14,257)

999,138

1,043,999

44,861

57,477(12,615)

316,266

316,842

576

6,671

(6,095)358,032

372,924

14,892

18,722(3,829)75,642

81,330

5,687

6,533

(845)

73,687

77,971

4,283

5,171

(888)

Monetary claims bought
Negotiable certificates ofdeposit
Others

25,007

27,415

2,408

2,408

-

23,16525,325

2,159

2,159

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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, 2021
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
Customers’ liabilities under acceptances and guarantees
Allowance for possible loan losses
Total assets

35,368113,000
25,0944,612,320
1,692,106
49,130973,538
447,371
1,368,844
303,451
35,182
268,268
377,849
26,79714987
44,692233
1(406)
5,539,404

As of December 31, 2021
31,59689,00023,2694,590,856
1,665,275
52,989931,904
462,488
1,400,228
307,965
32,733
275,231372,765
27,61812
178
45,899180(495)
5,488,847(Millions of Yen)

As of March 31, 2021
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-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, 2021

4,477,995
28,572
4,419,372
30,050680
127,773
292,817
5,042
1,459
851
285,464
30,85645,68022,826
16,2681
5,014,899

4,424,590
28,0684,366,683
29,837
333
127,773278,590
2,307
897
776
274,60930,49847,56023,428
16,1394,948,913

91,000166,000
281
99,378328
99,05044,4007,091
47,558356,660

91,000166,000
281
121,644347
121,297
53,500
6,983
60,814
378,926

213,200

206,693(45,354)
167,845524,505
5,539,404(45,685)
161,007539,933
5,488,847

Asahi Mutual Life Insurance Company

4. Unaudited Non-consolidated Statements of Income
Nine months ended
December 31, 2020
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:
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
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
Losses on reduction entry of real estate
Other extraordinary losses
Surplus before income taxes
Income taxes including deferred taxes
Total income taxes
Net surplus

454,225
291,082
289,334
106,693
84,885
12,4683,930
56,449421,055
288,623
84,01092,45450,34757,7212,519
2
2
25,328
3,253
485
2,430
19
6,500
81,42425,67633,170
216
98
117
3,428
311
118
1,780
5
1,213
29,957
7,018
7,018
22,939

7(Millions of Yen)
Nine months ended
December 31, 2021
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

Asahi Mutual Life Insurance Company

Notes to Unaudited Non-consolidated Financial Statements
Notes to Unaudited Non-consolidated Balance Sheet
1. Accounting Changes
The Company has applied “Accounting Standard for Fair Value Measurement” (ASBJ Statement No.
30, issued on July 4, 2019) and others from the beginning of the reporting period ended June 30, 2021.
In accordance with the transitional treatment set forth in Paragraph 19 of "Accounting Standard for
Fair Value Measurement" and Paragraph 44-2 of "Accounting Standard for Financial Instruments"(ASBJ Statement No.10, July 4, 2019), the Company has applied new accounting policies prospectively.
As a result, available-for-sale securities, of which domestic listed stocks, domestic stock exchangetraded funds, domestic listed real estate investment trusts, foreign stock exchange-traded funds forwhich hedge accounting is not applied, foreign bond exchange-traded funds for which hedge accounting
is not applied and foreign currency-denominated bonds for which hedge accounting is not applied, arechanged to be stated at fair value based on the market prices at the balance sheet date from fair value
based on the average of the market prices during the final month of the reporting period.
In determining to recognize impairment losses on available-for-sale securities, the Company has used
fair value based on the average of market prices during the final month of reporting period as before.

2. Securities Lent under Lending Agreements
The amount of securities lent under lending agreements was ¥270,748 million as of December 31, 2021.

3. Reserve for Dividends to Policyholders
The change in reserve for dividends to policyholders for the reporting period ended December 31, 2021
was as follows:

Millions of Yen
Nine months ended
December 31, 2021
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¥

30,050
2,153
2,368
2
29,837

4. Redemption of U.S. Dollar-Denominated Perpetual Subordinated Bonds
The Company redeemed US$ 350 million step-up callable perpetual subordinated bonds on
January 24, 2022.

8

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

9

Nine months ended
December 31, 2020

Nine months ended
December 31, 2021

31,627
12,46812,46810,449
485
2,430
19
6,500
1,012
2,019

34,316
10,653
9,587
1,065
5,830
2,682
36
3,111
4,822

33,646

39,138

49
-

44
-

49

44

525
525

391
390

-

-

0
(476)
33,1700(347)
38,791

Asahi Mutual Life Insurance Company

6. Solvency Margin Ratio(Millions of Yen)
As of March 31, 2021 As of December 31, 2021

Total solvency margin（Ａ）

1,063,948

1,071,437

Foundation funds and surplus

350,417374,280

Reserve for price fluctuation

45,68047,560Contingency reserve

62,44862,838100

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

252,740

247,426

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

28,681

28,327

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

141,363

144,420

Qualifying subordinated debt

167,173

166,773

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

Deduction-(25,000)

15,343

24,579218,912

218,585

General allowance for possible loan losses

OthersTotal amount of risk

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

Insurance risk

R1

12,613

12,200Third sector insurance risk

R810,446

10,701

Risk of assumed yield

R2

69,446

67,389Minimum guarantee risk

R7

1,040

1,032

Investment risk

R3

142,459

144,223

Operational risk

R4

4,720

4,710

972.0%

980.3%

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 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.

10

Asahi Mutual Life Insurance Company

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

As of March 31, 2021

As of December 31, 2021

AmountAmountIndividual variable insurance

28,07828,686

Individual variable annuities--

Group annuity products--

28,07828,686

Total（2）Sum Insured of Policies in Force(i) Individual Variable Insurance
As of March 31, 2021

As of December 31, 2021

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

89,766

12

87,543

Total

12

89,766

12

87,543(ii) Individual Variable Annuities
As of March 31, 2021

As of December 31, 2021

AmountAmountNumber of policies(Thousands)(Millions of Yen)

Number of policies(Thousands)(Millions of Yen)

Individual variable annuities

-

-

-

-

Total

-

-

-

-

11

Asahi Mutual Life Insurance Company

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

Nine months ended
December 31, 2020

Nine months ended
December 31, 2021

Ordinary income

456,363

464,387

Ordinary profit

31,56036,331

Net surplus attributable to the Parent Company

21,311

25,668Comprehensive income

111,260

19,445(Millions of Yen)

As of March 31, 2021
Total assets
Solvency margin ratio

As of December 31, 2021

5,540,449

5,487,168

992.4%

1,009.1%(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.

12

Asahi Mutual Life Insurance Company

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

As of March 31, 2021 As of December 31, 2021
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
Customers’ liabilities under acceptances and guarantees
Allowance for possible loan losses
Total assets

44,149113,000
25,094
4,598,851
303,451
378,046
29,941
14
987
46,670
494
152
1
(406)
5,540,449

46,52689,00023,2694,561,381
307,965
373,371
32,22312
3,626
49,670
413
201
(495)
5,487,168(Millions of Yen)

As of March 31, 2021 As of December 31, 2021
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
Acceptances and guarantees
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

13

4,477,995
28,572
4,419,372
30,050680
127,773295,766
32,91445,68022,354
16,2681
5,019,435

4,424,840
28,0694,366,932
29,837344
127,773
281,087
32,27447,56022,96916,1394,952,988

91,000166,000
281
97,154354,436

91,000166,000
281
116,911374,193

213,201

206,693(45,354)(1,349)166,49779
521,014
5,540,449(45,685)(1,102)
159,905
81
534,180
5,487,168

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 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
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
Losses on reduction entry of real estate
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

14

Nine months ended
December 31, 2020
456,363
291,082
106,51284,724
12,4693,930
58,767424,802
288,623
84,01092,45450,34757,7212,519
2
2
25,328
3,253
485
2,430
19
6,500
85,17325,67431,560
216
98
117
3,432
314
118
1,780
5
1,213
28,344
7,007
7,007
21,33725
21,311(Millions of Yen)
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
25,668Asahi Mutual Life Insurance Company

(Millions of Yen)

【Unaudited Consolidated Statements of Comprehensive Income】
Nine months ended
December 31, 2020

Nine months ended
December 31, 2021

Net surplus

21,33725,706

Other comprehensive income:

89,923(6,261)

89,840(6,508)83

246

111,260

19,445111,234

19,40725

38

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

15

Asahi Mutual Life Insurance Company

Notes to Unaudited Consolidated Financial Statements
I. Notes to Unaudited Consolidated Balance Sheet
1. Accounting Changes
The Company has applied “Accounting Standard for Fair Value Measurement” (ASBJ Statement No.
30, issued on July 4, 2019) and others from the beginning of the reporting period ended June 30, 2021.
In accordance with the transitional treatment set forth in Paragraph 19 of "Accounting Standard for
Fair Value Measurement" and Paragraph 44-2 of "Accounting Standard for Financial Instruments"(ASBJ Statement No.10, July 4, 2019), the Company has applied new accounting policies prospectively.
As a result, available-for-sale securities, of which domestic listed stocks, domestic stock exchangetraded funds, domestic listed real estate investment trusts, foreign stock exchange-traded funds forwhich hedge accounting is not applied, foreign bond exchange-traded funds for which hedge accounting
is not applied and foreign currency-denominated bonds for which hedge accounting is not applied, arechanged to be stated at fair value based on the market prices at the balance sheet date from fair value
based on the average of the market prices during the final month of the reporting period.
In determining to recognize impairment losses on available-for-sale securities, the Company has used
fair value based on the average of market prices during the final month of reporting period as before.

2. Securities Lent under Lending Agreements
The amount of securities lent under lending agreements was ¥270,748 million as of December 31,
2021.

3. Reserve for Dividends to Policyholders
The change in reserve for dividends to policyholders for the reporting period ended December 31,
2021 was as follows:

Millions of Yen
Nine months ended
December 31, 2021
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¥

30,050
2,153
2,368
2
29,837

4. Redemption of U.S. Dollar-Denominated Perpetual Subordinated Bonds
The Company redeemed US$ 350 million step-up callable perpetual subordinated bonds on
January 24, 2022.

16

Asahi Mutual Life Insurance Company

II. Note to Unaudited Consolidated Statement of Income
Depreciation
For the reporting period ended December 31, 2021, the total amount of depreciation and depreciationof rental real estate and other assets was ¥13,327 million.

17

Asahi Mutual Life Insurance Company

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

As of March 31, 2021 As of December 31, 2021
Total solvency margin（Ａ）

1,054,961

1,085,418

Foundation funds and surplus

343,302364,766

Reserve for price fluctuation

45,68047,560Contingency reserve

62,44862,961

-

-

101

233

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

252,742

247,426

Net unrealized gains on land × 85%

28,681

28,327(1,875)(1,628)

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

141,363

144,420

Qualifying subordinated debt

167,173

166,773

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

Deduction--

15,343

24,579212,597

215,124

Catastrophe loss reserve
General allowance for possible loan losses(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

12,613

12,200Ordinary insurance risk

R5

-

-

Disaster insurance risk

R6

-

-

Third sector insurance risk

R810,446

10,824

Small amount short-term insurance provider insurance risk

R9

-

-

Risk of assumed yield

R2

69,446

67,389Minimum guarantee risk

R7

1,040

1,032

Investment risk

R3

136,232

140,794

Operational risk

R4

4,595

4,644

992.4%

1,009.1%

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 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.

(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.

18

Asahi Mutual Life Insurance Company