NEWS RELEASE
May 14, 2024
Ryosuke Mori, President
LIFENET INSURANCE COMPANY(Securities Code: 7157, TSE Growth)

Consolidated Financial Results for Fiscal 2023
Ended March 31, 2024 (IFRS)
Insurance service results of 8,222 million yen, up 24.2% year-on-year
TOKYO, May 14, 2024 - LIFENET INSURANCE COMPANY (TSE Growth 7157, President
Ryosuke Mori, URL: https://ir.lifenet-seimei.co.jp/en/) discloses the consolidated financial results
for fiscal 2023 ended March 31, 2024.
The Lifenet Group (the “Group”) has voluntarily adopted International Financial ReportingStandards (“IFRS”) since the first quarter of fiscal 2023 ended March 31, 2024. The figures forfiscal 2022 ended March 31, 2023 have also been restated on the IFRS basis.
1．Overview of the financial results for fiscal 2023
(1) Business results
Condition of policies-in-force
The Group launched group credit life insurance (“GCL”) business in July 2023 with the aim of
expanding new opportunity for profit growth. Annualized premium*1 of policies-in-force forindividual life insurance and GCL combined as of the end of fiscal 2023 stands at 28,750 million
yen (119.6% of March 31, 2023). Annualized premium of policies-in-force for individual life
insurance and GCL was 25,424 million yen (105.8% of March 31, 2023) and 3,326 million yen,respectively.
The business performance of individual life insurance is as follows. The number of policies-inforce exceeded 600,000 in March 2024 and resulted in a total of 600,945 (105.7% of March 31,2023). Annualized premium of new business for fiscal 2023 was 2,883 million yen (73.6% of
fiscal 2022) and the number of new business for fiscal 2023 was 72,434 (73.5% of fiscal 2022).
Surrender and lapse ratio*2 for fiscal 2023 was 6.5% (6.5% for fiscal 2022).
*1: Annualized premium is the amount of money equivalent to what is to be paid to have the insurance coverage for one
year. All payments for Lifenet products are in monthly installments, we calculate annualized premium as multiplying
the monthly premium (for GCL, expected premium income for the next month based on the in-force business) by 12months.
*2: The surrender and lapse ratio is the annual equivalent of the monthly number of policies surrendered and/or lapsed
divided by the monthly average number of policies-in-force.

Results of operations(In millions of yen)
Fiscal 2022

Fiscal 2023

Insurance revenue

20,732

24,6983,966

Insurance service results

6,618

8,222

1,604

Financial results*3

(452)

555

1,008

Other results*4

(822)

(527)

295

Net income (loss) before
income taxes

5,343

8,251

2,908

Net income (loss) attributableto owners of the Company

3,562

5,734

2,171

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NEWS RELEASE
Insurance revenue for fiscal 2023 resulted in 24,698 million yen (119.1% of fiscal 2022).
Insurance revenue for individual life insurance and GCL was 22,694 million yen and 2,004
million yen, respectively.
As for individual life insurance, the main components of insurance revenue were 10,464
million yen in expected claims and maintenance costs *5, 1,678 million yen in change in risk
adjustment for non-financial risks related to extinguished risks (“risk adjustment release”) and
7,056 million yen in CSM*6 recognized for services provided (“CSM release”). Insurance service
results increased to 8,222 million yen (124.2% of fiscal 2022) mainly due to the recording of risk
adjustment release and CSM release. Financial results were 555 million yen mainly due to therecording of valuation gains from investment trusts. Other results were 527 million yen loss
mainly because of recording expenses not directly related to insurance services.
As a result, net income before income taxes was 8,251 million yen (154.4% of fiscal 2022).
Net income attributable to owners of the Company was 5,734 million yen (161.0% of fiscal
2022).
With respect to expenses related to insurance contract incurred for fiscal 2023, insurance
acquisition cash flows, which are cost directly attributable to the acquisition of insurance
contract groups, the sum of expenses related to marketing, underwriting and systems, etc.,
were 9,377 million yen (90.3% of fiscal 2022). In addition, maintenance costs, which were notincluded in insurance acquisition cash flows, were 4,533 million yen (112.0% of fiscal 2022).
*3: Financial results are mainly total of investment results from financial assets, insurance finance income or expense
and reinsurance finance income or expense.
*4: Other results are the costs not directly related to insurance services and income/loss other than insurance businessincluding product development costs and results of subsidiaries.
*5: Maintenance costs are the costs directly related to fulfilling contracts and not included in insurance acquisition cash
flows. They are mainly included in costs related to maintenance of insurance contracts and overhead costs forproviding insurance services.
*6: CSM stands for Contractual Service Margin, which represents the unearned profit that the Company will recognize
as it provides services over the coverage period.

(2) Financial condition
Assets, liabilities and equities
Total assets as of March 31, 2024 amounted to 112,417 million yen (93,814 million yen as ofMarch 31, 2023). The major account balances were 51,564 million yen in investment securities
mainly consisting of government bonds and corporate bonds with high credit ratings and 32,378
million yen in insurance contract assets. Although insurance contracts are generally recorded asliabilities, the Group records them as insurance contract assets because the insurance contract
liabilities in individual life insurance are negative as shown in the table below. Breakdown of
insurance contract liabilities are present value of future cash flows of minus 150,693 million yen,risk adjustment of 26,141 million yen and CSM of 92,173 million yen, which are related toindividual life insurance. In addition, contracts measured under the premium allocation approachof 685 million yen, which are related to GCL, were recorded as insurance contract liabilities.

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NEWS RELEASE
Breakdown of insurance contract liabilities(In millions of yen)
Present value of future cash flows (claims minus premiums)(150,693)

Risk adjustment

26,141

CSM

92,173

Insurance contract liabilities related to individual life insurance: total(32,378)

Insurance contract liabilities related to GCL

685(Contracts measured under the premium allocation approach)Liabilities amounted to 21,535 million yen as of March 31, 2024 (18,110 million yen as ofMarch 31, 2023), owing to an increase in deferred tax liabilities. The major account balance was
18,610 million yen in deferred tax liabilities.
Equities amounted to 90,882 million yen as of March 31, 2024 (75,704 million yen as ofMarch 31, 2023), due to raising new capital through public offering and third-party allotment andrecording of net income for fiscal 2023.
The consolidated solvency margin ratio, one of the indicators used in administrative
supervision to determine the soundness of management, was 2,192.9% as of March 31, 2024,
which indicated that an adequate level of solvency capacity is maintained.
(3) Cash flows
For fiscal 2023, net cash provided by operating activities amounted to 6,016 million yen(2,681 million yen provided for fiscal 2022) mainly due to recording of net income before income
taxes though the increase in insurance contract assets had a negative impact. Net cash used byinvesting activities amounted to 3,443 million yen (763 million yen provided for fiscal 2022)
mainly due to acquisition of investment securities. Net cash provided by financing activities
amounted to 9,681 million yen (109 million yen used for fiscal 2022) due to the issuance of newshares through public offering and third-party allotment.
Based on these activities described above, cash and cash equivalents as of March 31, 2024
totaled 24,423 million yen (12,137 million yen as of March 31, 2023).
(4) Business forecasts
The consolidated business forecasts for fiscal 2024 are as follows. We disclose insurance
revenue, insurance service results and net income attributable to owners of the Company basedon IFRS in addition to annualized premium of policies-in-force for individual life insurance andGCL combined.
(In millions of yen)

Business forecasts
for fiscal 2024

Annualized
premium ofpolicies-in-force

Insurance
revenue

Insuranceservice results

Net income
attributable toowners of
the Company

34,00030,000

8,900

6,200

28,75024,698

8,222

5,734

(Reference)
Business results
for fiscal 2023

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NEWS RELEASE
We announced our new Management Policy and a five-year mid-term business plan ending infiscal 2028 on May 14, 2024. For details, see “2. Business policy (3) Medium-to long-termbusiness strategy and challenges” on page 5. We will focus on the three priority areas of “Tech& Services,” “Rebranding,” and “Embedded,” which are listed in our growth strategies, with theaim of achieving Comprehensive Equity of 200 billion yen to 240 billion yen in fiscal 2028 as ourmanagement goal. In this fiscal year, we will make investments that contribute to the promotionof initiatives with alliance partners in addition to investments in IT services and new marketingmeasures aimed at further improving customer experience.
Accordingly, Lifenet is forecasting annualized premium of policies-in-force for individual life
insurance and GCL combined of 34,000 million yen, insurance revenue of 30,000 million yen,insurance service results of 8,900 million yen and net income attributable to owners of theCompany of 6,200 million yen for fiscal 2024. The annualized premium of policies-in-force is
expected to be 27,200 million yen for individual life insurance and 6,800 million yen for GCL for
fiscal 2024.
(Reference) Breakdown of business forecasts for annualized premium of policies-in-force(In millions of yen)

Business forecasts
for fiscal 2024

Individual Life
Insurance

Group Credit
Life Insurance

27,2006,800

34,00025,424

3,326

28,750Total(Reference)
Business results
for fiscal 2023

(5) Dividend policy
Lifenet has yet to determine its specific dividend policies and dates for the start of distributing
retained earnings as dividends as we still record cumulative loss under Japanese GAAP and will
be prioritizing strengthening our growth base to increase medium-to long-term profitability. In the
future, we will continue to target business expansion and profit generation by implementing
measures to increase recognition of the Company, developing new products and services, andeffectively utilizing financing for investment in systems and other aspects of the business. In
addition to this, we will consider implementing measures to provide shareholder return that
include payment of dividends from future retained earnings. Lifenet's Articles of Incorporation
stipulates that a decision on the distribution of retained earnings as specified in each Item of
Paragraph 1, Article 459 of the Companies Act can be made by a resolution of the Board of
Directors, except as otherwise determined by law. We have voluntarily adopted IFRS in its
consolidated financial statements since fiscal 2023 ended March 31, 2024, however, distributionof retained earnings is based on non-consolidated financial statements in accordance withJapanese GAAP.

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2．Business policy(1) Basic management policy
Since its business commencement in 2008, the Lifenet Group has adopted the “LIFENET
Manifesto” and has defined mission as “Help our customers embrace life more fully by offering
comprehensible, cost-competitive and convenient products and services.” We consistently
provide customer-oriented products and services utilizing digital technology. By becoming aleading company of online life insurance creating the future of life insurance, we aim to realize“a society where next generations can be nurtured with confidence in the future.”(2) Target indicator
On May 14, 2024, the Group announced its new mid-term business plan from fiscal 2024 tofiscal 2028. As the Group has applied IFRS since fiscal 2023, the plan sets “Comprehensive
Equity*1” based on IFRS as a key management indicator representing our corporate value, andmanagement goal is to achieve Comprehensive Equity of 200 billion yen to 240 billion yen in
fiscal 2028.
As sub-business management indicators supporting the sustainable growth ofComprehensive Equity, we have set policies-in-force performance and new businessperformance as growth indicators, insurance acquisition cash flows efficiency and expense ratio
excluding insurance acquisition cash flows as profitability indicators, and solvency margin ratio
as soundness indicators.
*1: Comprehensive Equity is an indicator defined by the Group. It is the sum of “Equity (attributable to owners of theCompany)” on the IFRS consolidated statement of financial position (B/S), “CSM”, a liability representing unearned
profit that the Group expects to earn as it provides insurance services (insurance contracts and reinsurance
contracts are aggregated and tax-adjusted), and "GCL contracts value", which is the value of future IFRS earnings,
including future renewals for GCL policies-in-force. We have defined it as the indicator that represents the corporate
value of the Group as it includes the value of future profits of policies-in-force.

(3) Medium-to long-term business strategy and challenges
The Group has established a new Management Policy and a five-year mid-term businessplan ending in fiscal 2028. We also set "Outcome goal" as the society we contribute to realize
through these plans, to enhance corporate value and address social issues while sustaining
strong growth.
■Outline of the new Management Policy
MissionHelp our customers embrace life more fully by offering comprehensible,
cost-competitive and convenient products and services

VisionBe the leading online life insurer creating the future of life insurance

Value

Lifenetter Values
1. Manifesto-driven
2. Ownership
3. Teamwork
4. Growth mindset
5. Be ambitious

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5NEWS RELEASE■Outline of the five-year mid-term business plan (fiscal 2024 to fiscal 2028)
Tech & Services
 Pursue customer convenience by utilizing IT services
such as AI and Individual Number System*2
Rebranding
Priority areas
 Rebuild unique Lifenet brand aligned with current era and(Business)customer values
Embedded
Growth strategy
 Deliver insurance and services seamlessly with ourpartners
Promote organizational transition to focus on priority areas
Human
resources
strategyManagement
goal

Create a virtuous cycle of employee growth and businessgrowthMaintain and strengthen an organizational culture based on
the LIFENET Manifesto
Achieve Comprehensive Equity of 200 billion yen to
240 billion yen

Stock price: 3,000 yen or moreFinancial target Annual growth rate of Comprehensive Equity per share:approximately 10%

Fiscal 2028
goals

Overall: Continuous improvement in engagement score
Non-financial
target(Human capital)[Diversity]
Achieve 30%+ ratio of women decision-makers*3 and 15%+
ratio of decision-makers under 30s[Growth opportunities]
Continuous improvement in engagement score for growth*2: Individual Number System is a system in which all people living in Japan are given an individual identification
number for the purpose of improving convenience and others for citizens. It is also available online and you canapply to services online related to parenting by the one-stop service and can receive notifications from administrative
organizations.
*3: Decision-makers are directors and employees at the department head level and above.

■Committed to Outcome goal
OutcomeA society where next generations can be nurtured with confidence
goal
in the future
Referenceindicator*4

Market penetration rate of online life insurance,
Prospect for the future life, ease of raising children*4: The market penetration rate of online life insurance is measured based on “the percentage of respondents who wantto purchase via the Internet in the future” and “the percentage of those who have actually purchased via the Internet”
in the “Survey on Life Protection” by the Japan Institute of Life Insurance. Prospect for the future life is measured
based on “the percentage of respondents who answered “improve” about the prospect of the future lifestyle” in the“Public Opinion Survey on the Life of the People” by the Cabinet Office. Ease of raising children is measured based
on “the percentage of respondents who answered “It is easy to raise children” in the “Public Opinion Survey on
Social Awareness” by the Cabinet Office.

■Review of the previous Management Policy
In the previous Management Policy formulated in November 2018, having recognized the highgrowth potential of online life insurance market, we proactively invested in priority areas of“innovation of customer experience” and “enhancement of promotion capabilities” in order toreliably meet customer needs and drive the growth of the online life insurance market. As for the
direct business of individual insurance business, the Group made efforts to continuously

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NEWS RELEASE
sophisticate our website’s UI/UX and actively carried out marketing investment, mainly throughtelevision commercials, resulting in significant growth in policies-in-force performance. Meanwhile,
we have also accelerated alliances with partner companies in other industries. Because of ourleading position in the online life insurance industry, we have been selected by attractive partnercompanies and have been able to create a virtuous cycle model that leads to further expansion of
the online life insurance market. Furthermore, by leveraging the group business synergy with ourpartner company, KDDI CORPORATION, we achieved entry into GCL business.
As a result of these efforts, we achieved our management goal of achieving 100 billion yen in
European Embedded Value (“EEV”) at the end of September 2021, and subsequently renewed
the target to 200 billion yen. In the previous Management Policy period, the COVID-19 outbreakoccurred, and our business performance was significantly fluctuated by the spread of COVID-19.
Even so, we achieved steady growth. As of the end of March 2024, EEV reached 146,991 million
yen. Annualized premium of policies-in-force increased significantly from 13,085 million yen at theend of March 2019, the end of fiscal year in which the previous Management Policy began, to
28,750 million yen at the end of March 2024. As of March 31, 2024, there were 600,945 policiesin-force in individual insurance business, compared with 308,854 as of March 31, 2019.
■Recognition of the business environment behind the establishment of the new Management
Policy and the mid-term business plan
Based on the review of the previous Management Policy, we are aware of the following threepoints regarding the business environment surrounding the Group : (i) Continuous expansion andfurther growth potential of online life insurance market; (ii) Expansion of technology utilization
starting from younger generations; and (iii) Entry into online finance services by companies with ahuge ecosystem.
(i) Continuous expansion and further growth potential of online life insurance market
The first point is the potential for continued expansion and further growth of the online life
insurance market. We believe that the digitization of financial services, which has continued since
before the COVID-19 outbreak, has accelerated due to COVID-19 and has brought huge changes
to customer behavior patterns and corporate awareness of the business environment. In the life
insurance industry, we believe that the structural shift to online services is irreversible and that theonline life insurance market will continue to expand. Amid increasing competitors offering
insurance products and services online and intensifying competitive landscape, we need toenhance our value proposition and create new value in order to maintain a leading position in the
online life insurance market.
(ii) Expansion of technology utilization starting from younger generations
The second point is to expand the use of technology starting with young people. Since its
business commencement, the Group has expanded its business with the support of young
customers, mainly those with small children. In the previous Management Policy, combined withthe expansion of online businesses in other industries, our customers have expanded to the
middle-aged and elderly. At the same time, as convenient IT services continue to emerge, we
believe that it is important to be selected by the younger generation of the time in order to apply
ongoing technologies. This is because we aim to adapt customer behavior patterns that changewith the times and to further expand our business scale.
(iii) Entry into online finance services by companies with a huge ecosystem
The third point is the entry of companies with a huge ecosystem into online finance services.
We recognize that interest in online financial services by companies in other industries has been
increasing significantly in recent years. As mentioned above, the Group has formed alliances withpartner companies in various industries. We recognize that there is potential for further growth ofthe online life insurance market through the integration of our insurance business into the

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NEWS RELEASE
strategies and ecosystem of our partner companies. We will continue to develop and provide
products and services that are attractive to our partner companies. At the same time, we believe it
is significant to strengthen our own brand equity and continue to be the company of choice for ourpartner companies.
■Challenges to be addressed
Based on the above, we have established a new Management Policy and a new five-year midterm business plan. The Group will address the following challenges with the aim of achieving
sustainable enhancement of its corporate value.
(i) Enhance the value provided as the online life insurance company
By focusing on “Tech & Services” in priority areas, we aim to further enhance convenience forcustomers in individual insurance business and GCL business, as well as to improve operating
expenses ratio by enhancing production efficiency. We will utilize IT services such as AI and theIndividual Number System to provide customers with innovative insurance services as an Internet
service company for life insurance. We aim to further improve customer experience to provide amore sophisticated approach for prospective customers and to increase convenience forcustomers in various procedures (application, while in-contract, making claims for insurance andbenefits, etc.). In addition, we will further promote the use of various types of data in order toprovide better services to our customers and strive to improve operating expenses ratio by raisingproduction efficiency.
(ii) Strengthen initiatives for qualitative changes in Internet direct business
By working on "Rebranding" in priority areas, we further polish the value that we provide as aleading company in the online life insurance industry and aim to have a unique presence that sets
it apart from others by updating the Lifenet brand in line with the current era. In the middle of theintensifying competitive landscape, we recognize that we will establish a new growth model in themain Internet direct business and build a strong re-growth trajectory. In order to achieve them, it isimportant to continue to be chosen by younger customers. We will strive to develop a new growthmodel that enables quantitative expansion by strengthening our products and services, rebuilding
our corporate image, and establishing nurturing methods in order to gain the support of younger
customers.
(iii) Deepen and expand business with alliance partners
The Group will focus on the priority area “Embedded,” strengthen initiatives with each alliancewith the aim of pursuing growth opportunities and strive to develop new alliance in partner
businesses of individual life insurance and GCL business.
First, in our partner businesses for individual insurance business, we will invest more of ourmanagement resources with the aim of actively integrating our insurance businesses into thepriority areas and ecosystem operations of our partner companies. As for our current major
alliance partners, we are working with Sumitomo Mitsui Card Company, Limited to create newsources of growth based on our “Insurance with V-points,” which we began offering in
December 2023. Additionally, we will work to strengthen integration into the au ecosystemthrough cooperation within the KDDI CORPORATION Group. We will continue to work with
Money Forward, Inc. to strengthen collaboration with the PFM (Personal Financial
Management) services and contribute to the growth. In addition, we will actively consider
alliance with new companies that have strong brand power and a broad customer base. In the
future, we aim to make our partner business a pillar that contributes to the expansion of theonline life insurance market together with our Internet direct sales.
As for GCL business, which we started in July 2023, we aim to expand our operations so thatit can become a new source of earnings in the future. By providing products and services that
pursue convenience, we will deliver value unique to online life insurance to mortgage borrowers

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NEWS RELEASE
insured by GCL products and banks as policyholders. Our efforts in GCL business with au Jibun
Bank Corporation started last year were off to a good start. We will contribute to the acquisitionof new mortgage contracts by refining our GCL products. We will also work on expansion of newpartner banks in addition to au Jibun Bank Corporation new partner banks. Not only providing
attractive GCL products, but we aim to contribute to digital transformation (DX) of banks inJapan by its alliance amid the recent trend toward online financial services.
(iv) Strengthen human capital for priority areas
The Group aims to achieve robust growth, regardless of industry norms, and will strengthen
human capital based on our policy of “value diversity” and “create opportunities for growth,”
which are listed in our materiality of our sustainability. As part of these efforts, we will promote
the transition of our organizational structure in order to focus on the three priority areas acrossthe individual life insurance and GCL business in the human resources strategy of the new midterm business plan. We will also strive to create a virtuous cycle of employee growth andbusiness growth, and to maintain and strengthen an organizational culture based on the
LIFENET Manifesto.
As for the promotion of the organizational transition, we will strengthen activities beyond theorganizational framework and strategically allocate human resources to work together in thethree priority areas. As for the creation of a virtuous cycle of employee development throughchallenges and business growth, we believe that we have been actively recruiting people withdiverse backgrounds since our business commencement and have created a unique businessmodel of an online life insurance company. In the future, we will focus on in-house humanresource development as well, and will strengthen employee training by encouraging
employees to take on new tasks while making the most of their own unique skills. We will also
aim to improve corporate value by linking individual growth with company’s business growth.
Furthermore, with regard to maintaining and strengthening the organizational culture based on
the Manifesto, we recognize that continuing to provide consistent customer-oriented products
and services based on the Manifesto is the embodiment of our mission. It also contributes tosecuring attractive and diverse human resources. While our organization grows as our businessexpands, we will maintain and strengthen our internal corporate culture based on the Manifesto.
We will strengthen an environment where employees with diverse knowledge, experience, andideas can play active roles and our promotion system that we can focus on priority areas.
3. Basic Rationale for Selection of Accounting Standards
Lifenet has voluntarily adopted IFRS for its consolidated financial statements since the firstquarter of the fiscal year ended March 31, 2024 for the purpose of more appropriately
representing its periodic profit/loss and profitability and improving the international comparabilityof financial information.

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NEWS RELEASE
4. Consolidated Financial Statements
The following financial information was prepared in accordance with International Financial
Reporting Standards (“IFRS”) .
(1) Consolidated statement of financial position
April 1,
2022
ASSETSCash and cash equivalents ············································
Derivative assets ·························································
Investment securities ····················································
Other financial assets ···················································
Income tax receivable ···················································
Insurance contract assets ··············································
Reinsurance contract assets ··········································
Property and equipment ················································
Right-of-use
assets ······················································
equipment ··································································
Intangible assets ·························································
Other assets ·······························································
Total assets ··················································(In millions of yen)March 31,
March 31,
2023
2024

8,801
－
52,8391,660
27
21,912
854
90
363
1,432
213
88,196

12,137－49,318954
3728,526
579
70
254
1,693
243
93,814

24,423051,5641,073
17
32,378
571
62
110
1,892
322
112,417

－
1,232
－
93
34
363
14,352248
16,324

－
1,190
－
94
34
255
16,248287
18,110

171
1,485
685
78
34
110
18,610357
21,53521,65521,65524,184(0)
4,353

21,676
21,66327,747(0)4,600

26,61726,55033,481(0)
4,221

75,68790,870Non-controlling interests················································

71,84823

16

11

Total equity ···················································

71,87175,70490,882

Total liabilities and equity ·································

88,196

93,814112,417

LIABILITIES
Derivative liabilities ······················································
Other financial liabilities ················································
Insurance contract liabilities ···········································
Reinsurance contract liabilities ·······································
Provisions ··································································
Lease liabilities····························································
Deferred tax liabilities ···················································
Other liabilities ····························································
Total liabilities ················································EQUITY
Share capital ······························································
Capital surplus ····························································
Retained earnings························································
Treasury shares ··························································
Other components of equity ···········································
Total equity attributable to owners of the Company ·············

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NEWS RELEASE(2) Consolidated statement of profit or loss
(In millions of yen)
Fiscal year ended March 31
2023
2024
Insurance revenue ······························································

20,732

24,698Insurance service expense ···················································(13,874)(16,081)Net expenses from reinsurance contract held ···························

(239)

(394)

Insurance service result ·······················································

6,618

8,222

Interest income ··································································

293

450

Impairment losses on financial assets, net ·······························

(0)

(5)

Other financial income ·························································

(674)

225

Net investment income ························································

(381)

670

Insurance finance income (expense) ······································

(67)

(126)

Reinsurance finance income (expense) ···································

(3)

11

Other revenue ····································································

22

22

Other expense ···································································

(841)

(547)

Other financial expense ·······················································

(3)

(2)

Net income (loss) before income taxes····································

5,343

8,251

Income taxes expense ·························································(1,800)(2,527)

Net income (loss)································································

3,542

5,723

Owners of the Company·····················································

3,562

5,734

Non-controlling interests·····················································

(20)

(10)

Net income (loss)······························································

3,542

5,723

Net income (loss) attributable to:

Net income (loss) per share attributable to owners of the Company
Basic ··············································································

51.10

75.97

Diluted ············································································－－

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

11

NEWS RELEASE(3) Consolidated statement of comprehensive income

Net income (loss)································································(In millions of yen)
Fiscal year ended March 31
2023
2024
3,542
5,723

Other comprehensive income ················································
Items that may be reclassified subsequently to profit and loss:
Financial assets measured at fair value through othercomprehensive income ······················································
Insurance finance income (expense)·····································
Reinsurance finance income (expense) ·································
Items that may be reclassified subsequently to profit and loss
Other comprehensive income net of tax ··································
Total comprehensive income ···············································

(870)

(481)

1,276
(160)
246
246
3,788

63
38
(378)
(378)
5,344

Total comprehensive income attributable to:
Owners of the Company·····················································
Non-controlling interests·····················································
Total comprehensive income ···············································

3,808
(20)
3,788

5,355
(10)
5,344

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

12

NEWS RELEASE(4) Consolidated statement of changes in equity(In millions of yen)
Fiscal year ended March 31
2023
2024
Equity attributable to owners of the Company:
Share capital
Balance at the beginning of the year ························
Transactions with owners
Issuance of new shares ··································
Issuance of new shares-restricted stock ·············
Total transactions with owners ·························
Balance at the end of the period ······························
Capital surplus
Balance at the beginning of the year ························
Transactions with owners
Issuance of new shares ··································
Issuance of new shares-restricted stock ·············
Changes in interests in subsidiaries ··················
Total transactions with owners ·························
Balance at the end of the period ······························
Retained earnings
Balance at the beginning of the year ························
Comprehensive income
Net income (loss) ··········································
Total Comprehensive income ···························
Balance at the end of the period ······························
Treasury shares
Balance at the beginning of the year ························
Transactions with owners
Purchase of treasury shares ···························
Total transactions with owners ·························
Balance at the end of the period ······························
Other components of equity
Financial assets measured at fair value through othercomprehensive income
Balance at the beginning of the year ························
Comprehensive income
Other comprehensive income ·························
Total Comprehensive income ··························
Balance at the end of the period ······························
Insurance finance expense reserve
Balance at the beginning of the year ························
Comprehensive income
Other comprehensive income ·························
Total Comprehensive income ·························
Balance at the end of the period ······························

21,655

21,676－21
21
21,676

4,918
21
4,940
26,61721,655

21,663－21(12)
8
21,663

4,871
21
(6)
4,886
26,55024,18427,747

3,562
3,562
27,747

5,734
5,734
33,481

(0)

(0)

(0)
(0)
(0)

(0)
(0)
(0)

926

56

(870)
(870)
56

(481)
(481)
(424)

3,427

4,543

1,116
1,116
4,543

102
102
4,645

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

13

NEWS RELEASE(In millions of yen)
Fiscal year ended March 31
2023
2024
Total other components of equity
Balance at the beginning of the year ······················
Comprehensive income
Other comprehensive income ························
Total Comprehensive income ························
Balance at the end of the period ····························
Equity attributable to owners of the Company
Balance at the beginning of the year ······················
Comprehensive income
Net income (loss) ········································
Other comprehensive income ························
Total Comprehensive income·························
Transactions with owners
Issuance of new shares ································
Purchase of treasury shares ··························
Issuance of new shares-restricted stock ···········
Changes in interests in subsidiaries ················
Total transactions with owners ·······················
Balance at the end of the period ····························
Non-controlling interests:
Balance at the beginning of the year ······················
Comprehensive income
Net income (loss) ········································
Total Comprehensive income·························
Transactions with owners
Changes in interests in subsidiaries ················
Total transactions with owners ·······················
Balance at the end of the period ····························
Equity:Balance at the beginning of the year ······················
Comprehensive income
Net income (loss) ·······································
Other comprehensive income ························
Total Comprehensive income·························
Transactions with owners
Issuance of new shares ································
Purchase of treasury shares ··························
Issuance of new shares-restricted stock ···········
Total transactions with owners ·······················
Balance at the end of the period ····························

4,353

4,600

246
246
4,600

(378)
(378)
4,221

71,84875,687

3,562
246
3,808

5,734
(378)
5,355

－
(0)
43
(12)
30
75,687

9,789
(0)
43
(6)
9,827
90,870

23

16

(20)
(20)

(10)
(10)

12
12
16

6
6
11

71,87175,704

3,542
246
3,788

5,723
(378)
5,344

－
(0)
43
43
75,704

9,789
(0)
43
9,833
90,882

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

14

NEWS RELEASE(5) Consolidated statement of cash flows(In millions of yen)
Fiscal year ended March 31
Cash flows from operating activities
Net income (losses) before income taxes ································
Depreciation and amortization ···············································
Impairment losses (reversal of impairment losses) ····················
Investment income ······························································
Other financial expenses ······················································
Losses (gains) related to fixed assets ·····································
Insurance and reinsurance contract ········································
Decrease (increase) in other assets ·······································
Decrease (increase) related to other liabilities ··························
Other, net ··········································································
Subtotal ············································································
Interest received ·································································
Dividends received······························································
Interest expenses paid ·························································
Income taxes paid·······························································Net cash provided by (used in) operating activities ················Cash flows from investing activities
Purchase of property, equipment and intangible assets ··············
Used in investment transactions ············································
Proceeds from sales and redemption of investment ···················
Other ···············································································Net cash provided by (used in) investing activities ················Cash flows from financing activities
Repayments of lease obligations ···········································
Issuance of new shares ·······················································
Payments of treasury stocks ·················································Net cash provided by (used in) financing activities ················Net increase (decrease) in cash and cash equivalents ···················Cash and cash equivalents, beginning of the year ·························
Currency exchange in cash and cash equivalents ·························Cash and cash equivalents, end of the period·······························

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

2023

2024

5,343
554
－
381
3
2
(4,786)
684
(39)
56
2,199
320
175
(3)
(9)
2,681

8,251
631
53
(670)
2
5
(3,032)
(197)
372
43
5,459
398
159
(1)
0
6,016

(650)
(9,189)10,603－763(783)(20,547)
18,035(147)(3,443)

(108)
－
(0)
(109)
3,336
8,801
(0)
12,137

(108)
9,789
(0)
9,681
12,253
12,13732
24,42315

NEWS RELEASE
About LIFENET URL: https://ir.lifenet-seimei.co.jp/en/
LIFENET INSURANCE COMPANY has developed the LIFENET Manifesto that embodies our
mission of “Help our customers embrace life more fully by offering comprehensible, costcompetitive and convenient products and services.” We have consistently delivered customeroriented products and services since our business commencement. As the leading online life
insurer, we aim to realize “a society where next generation can be nurtured with confidence in the
future.”Contact:
Investor Relations, Corporate Planning DepartmentTel:+81-3-5216-7900
e-mail: ir@lifenet-seimei.co.jp
Disclaimer: This is a summarized translation of the original Japanese document, prepared and provided
solely for readers' convenience. In case of any discrepancy or dispute, the Japanese document prevails.

Copyright© LIFENET INSURANCE COMPANY All rights reserved.

16