August 9, 2024

Financial Results for the Three Months Ended June 30, 2024
Asahi Mutual Life Insurance Company (the “Company”; President: Kenichiro Ishijima) announces
financial results for the three months ended June 30, 2024.

［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, 2024
Number of policies(Thousands)

As of June 30, 2024
Number of policies

Amount(100 millions of Yen)

Amount (100 millions of Yen)

(Thousands)

Changes(%, Pre-FYE)

Changes(%, Pre-FYE)

Individual insurance

7,258

106,774

7,217

99.4

104,602

98.0

Individual annuities

428

17,525422

98.7

17,23798.4

Group insurance–

14,684––

14,24297.0Group annuities

–

96

–

–

93

97.0

Notes:
1. Policy amounts for individual annuities are equal to (a) the funds to be held at the time annuity payments are to commence for an annuity forwhich annuity payments have not yet commenced and (b) the amount of policy reserves for an annuity for which payments have commenced.
2. Policy amount in force for group annuities is equal to the amount of outstanding policy reserves.
3. Number of policies includes number of each unit with regard to "Hoken-ou" , "Hoken-ou Plus", etc.

(ii) New Policies
Three months ended June 30, 2023
Number of policies

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

Net increase by
conversion

Individual insurance

160

292

617

(325)

Individual annuities

–

(9)

–

(9)

Group insurance

–

888

888

–

Group annuities

–

–

–

–

Three months ended June 30, 2024
Number of policies

Amount (100 millions of Yen)

(Thousands)

Changes(%, YoY)

Changes(%, YoY)

New
policies

Individual insurance

154

96.7

263

90.2

566

(302)

Individual annuities

–

–

(9)

–

–

(9)

Group insurance

–

–

125

14.1

125

–

Group annuities

–

–

–

–

–

–

Net increase by
conversion

Notes:
1. Number of new policies is the sum of new policies and policies after conversion.
2. Amount of new policies for individual annuities, both new policies and net increase by conversion, is equal to the funds to be held at the timeannuity payments are to commence.
3. Number of policies includes number of each unit with regard to "Hoken-ou" , "Hoken-ou Plus", etc.

1Asahi Mutual Life Insurance Company

(2) Annualized Premiums(i) Policies in Force(100 millions of Yen）

As of March 31, 2024

As of June 30, 2024

Changes(%, Pre-FYE)

Individual insurance

3,636

3,606

99.2

Individual annuities

1,124

1,115

99.2

Total

4,761

4,722

99.2

2,213

2,205

99.6

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

Three months ended
June 30, 2023

Three months ended
June 30, 2024

Changes(%, YoY)

Individual insurance

45

48

106.0

Individual annuities

(0)

(0)

–

Total

45

48

106.1

37

40

107.6

Third-sector products

Notes:
1. Annualized premiums are calculated by multiplying factors according to the premium payment method (for single premium contracts, theamount is calculated by dividing the premium by the coverage period).
2. Figures for third-sector products represent portion of annualized premiums corresponding to the medical benefits (hospitalization benefits,surgery benefits, etc.), living benefits (specific illness benefits, nursing care benefits, etc.) and waiver benefits (excluding disability benefits,
but including specific illness benefits and nursing care benefits).

2

Asahi Mutual Life Insurance Company

2. Investment Results of General Account Assets(1) Asset Composition(Millions of Yen)

As of March 31, 2024
AmountCash, deposits, call loans
Monetary claims bought

As of June 30, 2024

Percentage

112,046

Amount2.1

Percentage

92,0091.7

18,811

0.3

18,4700.3

4,495,408

82.4

4,598,350

83.6

Domestic bonds

2,778,957

50.9

2,791,305

50.7

Domestic stocks

599,280

11.0

622,277

11.3

Foreign securities

1,027,985

18.8

1,096,309

19.9

Foreign bonds

593,752

10.9

636,669

11.6

Foreign stocks and other foreign securities

434,233

8.0

459,640

8.4

89,184

1.6

88,458

1.6

Securities

Other securities
Loans

321,3465.9

319,848

5.8

Policy loans

28,3990.5

27,986

0.5

Industrial and consumer loans

292,946

5.4

291,861

5.3

347,173

6.4

346,362

6.3

Real estate

–

–

–

–

160,285

2.9

128,511

2.3

(738)

(0.0)

(774)

(0.0)

5,454,333

100.0

5,502,780

100.0

1,026,047

18.8

1,098,429

20.0

Deferred tax assets
OthersAllowance 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, 2024
Book value Fair value

As of June 30, 2024

Gains/losses
Gains

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

Book value Fair value

Gains/losses

Losses

Gains

Losses292,796309,158

16,361

18,278(1,916)288,292

299,778

11,486

14,622(3,136)2,240,383

2,116,280(124,103)

88,556(212,659)

2,242,535

2,008,886(233,648)

59,000(292,649)

–

–

–

–

–

–

–

–

–

–

1,495,663

1,840,823

345,160

411,641(66,481)

1,545,757

1,942,765

397,007455,737(58,729)

Domestic bonds

443,916

438,333(5,583)

4,065(9,648)455,565452,750(2,815)

7,481(10,296)

Domestic stocks

162,648518,771356,123

357,392(1,269)164,449

541,839

377,389

378,569(1,179)Foreign securities

811,895

795,836(16,059)

38,139(54,198)

849,033

861,260

12,22757,674(45,446)

Foreign bonds

458,711419,152(39,559)

1,860(41,420)

490,501

462,069(28,432)

7,325(35,758)

Foreign stocks andother foreign securities

353,183

376,684

23,50036,279(12,778)

358,531

399,191

40,65950,348(9,688)76,44787,026

10,578

11,942(1,364)75,961

86,116

10,155

11,939(1,784)

Monetary claims bought

754

855

100

100

–

747

797

50

72

(22)

Negotiable certificates ofdeposit

–

–

–

–

–

–

–

–

–

–

Others

–

–

–

–

–

–

–

–

–

–

4,028,844

4,266,262

237,418

518,476(281,057)

4,076,584

4,251,430

174,845529,360(354,514)

Domestic bonds

2,784,541

2,656,187(128,354)

94,104(222,458)

2,794,120

2,558,011(236,109)

67,307(303,416)

Domestic stocks

162,648518,771356,123

357,392(1,269)164,449

541,839

377,389

378,569(1,179)Foreign securities

986,495

984,524(1,971)

53,838(55,809)

1,023,633

1,046,258

22,62570,529(47,904)

Foreign bonds

633,311607,839(25,472)

17,559(43,031)

665,101

647,066(18,034)

20,180(38,215)

Foreign stocks andother foreign securities

353,183

376,684

23,50036,279(12,778)

358,531

399,191

40,65950,348(9,688)Other securities

76,44787,026

10,578

11,942(1,364)75,961

86,116

10,155

11,939(1,784)

Monetary claims bought

18,71019,753

1,042

1,198

(156)

18,42019,204

784

1,014

(229)

Negotiable certificates ofdeposit

–

–

–

–

–

–

–

–

–

–

Others

–

–

–

–

–

–

–

–

–

–

Stocks of subsidiaries
Available-for-sale securities

Other securities

Total

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

* Book value of stocks, investments in partnerships and others without a market price is as follows:(Millions of Yen)
As of March 31, 2024 As of June 30, 2024

Stocks of subsidiaries

67,671

67,671

Available-for-sale securities

59,241

58,716

12,887

12,817

9

9

Others

46,34445,889

Total

126,913

126,388

Domestic stocks
Foreign stocks

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, 2024

As of June 30, 2024

Gains/losses

Book value Fair value

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

Gains/losses

Book value Fair value

Losses

Gains

Losses292,796309,158

16,361

18,278(1,916)288,292

299,778

11,486

14,622(3,136)2,240,383

2,116,280(124,103)

88,556(212,659)

2,242,535

2,008,886(233,648)

59,000(292,649)

67,671

67,671–––

67,671

67,671–––

1,554,905

1,913,368

358,462

424,944(66,481)

1,604,474

2,018,322

413,848472,578(58,729)

Domestic bonds

443,916

438,333(5,583)

4,065(9,648)455,565452,750(2,815)

7,481(10,296)

Domestic stocks

175,536531,659

356,123

357,392(1,269)177,267

554,656

377,389

378,569(1,179)Foreign securities

856,091

853,335(2,756)51,442(54,198)

892,590921,658

29,06874,515(45,446)

Foreign bonds

458,711419,152(39,559)

1,860(41,420)

490,501

462,069(28,432)

7,325(35,758)

Foreign stocks andother foreign securities

397,379

434,182

36,80349,581(12,778)

402,089459,589

57,50067,189(9,688)78,60689,184

10,578

11,942(1,364)78,30388,458

10,155

11,939(1,784)

Monetary claims bought

754

855

100

100

–

747

797

50

72

(22)

Negotiable certificates ofdeposit

–

–

–

–

–

–

–

–

–

–

Others

–

–

–

–

–

–

–

–

–

–

4,155,757

4,406,478

250,720531,778(281,057)

4,202,973

4,394,659

191,685546,200(354,514)

Domestic bonds

2,784,541

2,656,187(128,354)

94,104(222,458)

2,794,120

2,558,011(236,109)

67,307(303,416)

Domestic stocks

243,157

599,280

356,123

357,392(1,269)244,888622,277

377,389

378,569(1,179)Foreign securities

1,030,741

1,042,072

11,331

67,140(55,809)

1,067,241

1,106,707

39,46687,370(47,904)

Foreign bonds

633,311607,839(25,472)

17,559(43,031)

665,101

647,066(18,034)

20,180(38,215)

Foreign stocks andother foreign securities

397,430

434,233

36,80349,581(12,778)

402,139459,640

57,50067,189(9,688)Other securities

78,60689,184

10,578

11,942(1,364)78,30388,458

10,155

11,939(1,784)

Monetary claims bought

18,71019,753

1,042

1,198

(156)

18,42019,204

784

1,014

(229)

Negotiable certificates ofdeposit

–

–

–

–

–

–

–

–

–

–

Others

–

–

–

–

–

–

–

–

–

–

Stocks of subsidiaries
Available-for-sale securities

Other securities

Total

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

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

5

Asahi Mutual Life Insurance Company

3. Unaudited Non-consolidated Balance Sheets
Assets:Cash and deposits
Call loans
Monetary claims bought
Securities:
National government bonds
Local government bonds
Corporate bonds
Domestic stocks
Foreign securities
Loans:
Policy loans
Industrial and consumer loans
Tangible fixed assets
Intangible fixed assets
Agency accounts receivable
Reinsurance receivables
Other assets
Prepaid pension cost
Customers’ liabilities under acceptances and guarantees
Allowance for possible loan losses
Total assets

Liabilities:
Policy reserves and other reserves:
Reserve for outstanding claims
Policy reserves
Reserve for dividends to policyholders
Reinsurance payables
Bonds payable
Other liabilities:
Income taxes payable
Lease obligations
Asset retirement obligations
OthersReserve for employees’ retirement benefits
Reserve for price fluctuation
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Acceptances and guarantees
Total liabilities
Net assets:
Foundation funds
Reserve for redemption of foundation funds
Reserve for revaluation
Surplus:Reserve for future losses
Other surplus:
Reserve for fund redemption
Equalized reserve for dividends to policyholders
Unappropriated surplus (loss)
Total foundation funds and others
Net unrealized gains (losses) on available-for-sale securities, net of tax
Land revaluation differences
Total valuation and translation adjustments
Total net assets
Total liabilities and net assets

6

As of March 31, 2024

(Millions of Yen)
As of June 30, 2024

39,39373,00018,811
4,525,808
1,812,423
48,037
918,496599,280
1,027,985
321,346
28,399292,946
353,725
35,456
1394
90,980480
26,425(738)
5,485,084

38,38254,00018,4704,629,181
1,813,671
48,019929,614622,277
1,096,309
319,848
27,986
291,861
352,60235,101
1
128
47,976472
38,595(774)
5,533,987

As of March 31, 2024

(Millions of Yen)
As of June 30, 2024

4,268,961
36,7484,206,149
26,064670
102,609
382,052
3,797
4,138
1,087
373,029
28,19540,37041,386
14,301
26,425
4,904,972

4,243,370
35,627
4,179,599
28,143
295
102,609378,992
1,259
3,873
1,074
372,784
28,01040,92057,041
14,25038,595
4,904,084

51,000206,000
281
102,604381
102,223
31,700
6,893
63,629359,886
270,597(50,371)
220,226
580,112
5,485,084

51,000206,000
281
112,796397
112,399
40,8005,945
65,653370,078
310,329(50,504)
259,824
629,9035,533,987

Asahi Mutual Life Insurance Company

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

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
Extraordinary losses:
Losses on disposal of fixed assets
Impairment losses
Provision for reserve for price fluctuation
Surplus before income taxes
Income taxes including deferred taxes
Total income taxes
Net surplus

7(Millions of Yen)
Three months ended
June 30, 2024
160,894
88,367
88,20843,33433,6883,625
1,081
29,192141,081
94,43926,993
24,69318,991
22,782
560
0
0
9,858
1,177
653
5
3,859
28,015
8,767
19,812
190
190
715
87
78
550
19,287
3,976
3,976
15,310Asahi Mutual Life Insurance Company

Notes to Unaudited Non-consolidated Financial Information
Notes to Unaudited Non-consolidated Balance Sheet
1. Reserve for Outstanding Claims Incurred but not Reported Events
With respect to reserve for outstanding claims incurred but not reported events (referring to claims for which theoccurrence of the insured events has not been reported but the Company finds that insured events have alreadyoccurred; hereinafter the same), the special treatment of the payment of hospitalization benefits with regard topeople with diagnoses of COVID-19 given and under the care of a doctor and the like at an accommodation
facility or at home (“deemed hospitalizations”) was terminated on May 8, 2023. As a result of this change, anappropriate amount of reserves cannot be obtained with the calculation method set forth in the main rules in
Article 1, Paragraph 1 of the Japanese Ministry of Finance Public Notice No.234, 1998 (“IBNR Notice”). The
Company therefore records the amount that was calculated using the following method, pursuant to provisions in
the proviso of Article 1, Paragraph 1 of IBNR Notice (the “Proviso”).
(Overview of the calculation method)
The Company calculates the amount of reserve for outstanding claims incurred but not reported events using thesame manner as that set forth in the main rules in Article 1, Paragraph 1 of IBNR Notice, excluding the amountrelated to deemed hospitalizations from a required amount of reserves for incurred but not reported events andthe amount of claim payments for all the fiscal years, as set forth in the main rules in Article 1, Paragraph 1 of
IBNR Notice.
2. Accounting Procedures Specific to Quarterly Financial Information
As the proposed appropriation of surplus for the fiscal year ended March 31, 2024 was approved at the annual
meeting of representative policyholders held on July 2, 2024, it is included in the non-consolidated balance sheet
as of June 30, 2024.
3. Securities Lent under Lending Agreements
The amount of securities lent under lending agreements was ¥353,118 million as of June 30, 2024.
4. Reserve for Dividends to Policyholders
The change in reserve for dividends to policyholders for the reporting period ended June 30, 2024 was as follows:

Millions of Yen
Three months ended
June 30, 2024
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

8

¥

¥

26,0642,896
818
0
28,143Asahi Mutual Life Insurance Company

5. Breakdown of Ordinary Profit (Fundamental Profit)

Ａ

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

Ｂ
Ａ＋Ｂ

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

Ｃ
Ａ＋Ｂ＋Ｃ

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

(Millions of Yen)
Three months ended
June 30, 2024
16,096
8,438
–
–
3,625
–
3,181
1,631
4,724
–
–
653
5
3,859
–
206
3,714
19,810
5
–
5
–
–
4
–
–
4
–
0
–
1
19,812Three months ended
June 30, 2023
(4,742)(4,701)(175)(Millions of Yen)
Three months ended
June 30, 2024
(1,425)(596)(1,034)（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

9

133
4,876
4,701
175
–
133
–
–
133

206
1,631
596
1,034
–
206
–
–
206

Asahi Mutual Life Insurance Company

6. Solvency Margin Ratio(Millions of Yen)
As of March 31, 2024

As of June 30, 2024

1,140,199

1,173,160

Foundation funds and surplus

354,635

368,751

Reserve for price fluctuation

40,37040,920Contingency reserve

43,181

43,175507

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

322,616

372,463

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

35,82435,699

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

195,542

193,475

Qualifying subordinated debt

180,609

146,609––

Deduction(55,000)(55,000)

Others21,912

26,527229,298

238,837（Ａ）

Total solvency margin

General allowance for possible loan losses

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

Total amount of risk

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

Insurance risk

R1

11,22911,058

Third sector insurance risk

R810,821

10,790

Risk of assumed yield

R2

52,37052,043

Minimum guarantee risk

R7

977

975

Investment risk

R3

169,956

179,703

Operational risk

R4

4,907

5,091

994.5%

982.3%

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 ofpolicy reserves based on full-time Zillmer method and qualifying subordinated debt excluded from the calculation of 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, 2024

As of June 30, 2024

AmountAmountIndividual variable insurance

30,68931,125

Individual variable annuities––

Group annuity products––

30,68931,125

Total（2）Sum Insured of Policies in Force(i) Individual Variable Insurance
As of March 31, 2024

Individual variable insurance(fixed term)
Individual variable insurance(whole life)
Total

Number of policies(Thousands)

As of June 30, 2024

AmountAmount(Millions of Yen)

Number of policies(Thousands)(Millions of Yen)

–

–

–

–

11

80,81911

80,152

11

80,81911

80,152(ii) Individual Variable Annuities
As of March 31, 2024
Number of policies(Thousands)

Individual variable annuities
Total

As of June 30, 2024

AmountAmount(Millions of Yen)

Number of policies(Thousands)(Millions of Yen)

–

–

–

–

–

–

–

–

11

Asahi Mutual Life Insurance Company

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

Three months ended
June 30, 2023

Three months ended
June 30, 2024

Ordinary income

170,604

180,472

Ordinary profit

5,697

16,161

Net surplus attributable to the Parent Company

3,471

12,549Comprehensive income

68,09452,512(Millions of Yen)

As of March 31, 2024

As of June 30, 2024

Total assets

5,473,252

5,519,705

Solvency margin ratio

1,036.2%

1,021.1%(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
As of March 31, 2024

(Millions of Yen)
As of June 30, 2024

Cash and deposits

53,70556,782

Call loans

73,00054,000

Monetary claims bought

18,811

18,470Assets:Securities

4,466,669

4,571,038

Loans

321,346

319,848

Tangible fixed assets

354,240

353,193

Intangible fixed assets

40,33140,014

Agency accounts receivable

2

101

Reinsurance receivables

42,41544,828Other assets

101,567

60,321799

787

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

74

97

1,025

995

(738)

(773)

5,473,252

5,519,705

As of March 31, 2024

(Millions of Yen)
As of June 30, 2024

Policy reserves and other reserves:

4,278,959

4,254,634

Reserve for outstanding claims

41,06040,0384,211,835

4,186,452

26,06428,143

Total assets

Liabilities:

Policy reserves
Reserve for dividends to policyholders
Reinsurance payables

915

551

Bonds payable

102,609

102,609

Other liabilities

407,649

415,916

Net defined benefit liabilities

29,29728,886

Reserve for price fluctuation

40,37040,921

Deferred tax liabilities

39,226

54,839Deferred tax liabilities for land revaluation

14,301

14,250Acceptances and guarantees

1,025

995

4,914,355

4,913,604

Total liabilities
Net assets:
Foundation funds

51,00051,000Reserve for redemption of foundation funds

206,000

206,000

Reserve for revaluation

281

281

Consolidated surplus

81,93489,365

Total foundation funds and others

339,216

346,647

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

270,597

310,329

Land revaluation differences(50,371)(50,504)

(646)

(429)

219,580

259,395

100

58

Accumulated remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

13

558,896606,100

5,473,252

5,519,705

Asahi Mutual Life Insurance Company

（4）Unaudited Consolidated Statements of Income and Statements of Comprehensive Income【Unaudited Consolidated Statements of Income】
Three months ended
June 30, 2023
170,604

Ordinary income:(Millions of Yen)
Three months ended
June 30, 2024
180,472

Premium and other income

105,074

108,112Investment income:

41,81543,026

Interest, dividends and other income

28,58533,398

Gains on sales of securities

5,652

3,625

Investment gains on separate accounts

2,523

1,081

Other ordinary income
Ordinary expenses:
Claims and other payments:

23,71429,334

164,906

164,311

99,733

105,237

Claims25,932

26,997

Annuities

24,72924,693

Benefits

20,368

21,109

Surrender benefits

22,73022,782Other payments

762

581

0

0

0

0

Investment expenses:

18,387

9,896Interest expenses

1,307

1,216

Provision for policy reserves and other reserves:
Provision for interest on policyholders’ dividend reserves

Losses on trading securities

145–

Losses on sales of securities

4,414

653

Losses on valuation of securities

1

5

8,372

3,859

Operating expenses

37,186

38,952Other ordinary expenses

9,597

10,223

5,697

16,1611

190

Losses on derivative financial instruments

Ordinary profit
Extraordinary gains:
Gains on disposal of fixed assets

1

190

875

715

Losses on disposal of fixed assets

54

87

Impairment losses

240

78

Provision for reserve for price fluctuation

580

550

Surplus before income taxes

4,823

15,636

Income taxes including deferred taxes

1,338

3,071

Total income taxes

1,338

3,071

Net surplus

3,485

12,564Extraordinary losses:

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

14

13

14

3,471

12,549Asahi Mutual Life Insurance Company

【Unaudited Consolidated Statements of Comprehensive Income】(Millions of Yen)

Three months ended
June 30, 2023

Three months ended
June 30, 2024

Net surplus

3,485

12,564

Other comprehensive income:

64,60839,94764,37339,731

235

216

68,09452,512

68,08052,49713

14

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 Information
I. Notes to Unaudited Consolidated Balance Sheet
1. Reserve for Outstanding Claims Incurred but not Reported Events
With respect to reserve for outstanding claims incurred but not reported events (referring to claims for which theoccurrence of the insured events has not been reported but the Company finds that insured events have alreadyoccurred; hereinafter the same), the special treatment of the payment of hospitalization benefits with regard topeople with diagnoses of COVID-19 given and under the care of a doctor and the like at an accommodation
facility or at home (“deemed hospitalizations”) was terminated on May 8, 2023. As a result of this change, anappropriate amount of reserves cannot be obtained with the calculation method set forth in the main rules in
Article 1, Paragraph 1 of the Japanese Ministry of Finance Public Notice No.234, 1998 (“IBNR Notice”). The
Company therefore records the amount that was calculated using the following method, pursuant to provisions in
the proviso of Article 1, Paragraph 1 of IBNR Notice (the “Proviso”).
(Overview of the calculation method)
The Company calculates the amount of reserve for outstanding claims incurred but not reported events using thesame manner as that set forth in the main rules in Article 1, Paragraph 1 of IBNR Notice, excluding the amountrelated to deemed hospitalizations from a required amount of reserves for incurred but not reported events andthe amount of claim payments for all the fiscal years, as set forth in the main rules in Article 1, Paragraph 1 of
IBNR Notice.
2. Accounting Procedures Specific to Quarterly Financial Information
As the proposed appropriation of surplus for the fiscal year ended March 31, 2024 was approved at the annual
meeting of representative policyholders held on July 2, 2024, it is included in the consolidated balance sheet asof June 30, 2024.
3. Securities Lent under Lending Agreements
The amount of securities lent under lending agreements was ¥353,118 million as of June 30, 2024.
4. Reserve for Dividends to Policyholders
The change in reserve for dividends to policyholders for the reporting period ended June 30, 2024 was as follows:

Millions of Yen
Three months ended
June 30, 2024
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

16

¥

¥

26,0642,896
818
0
28,143Asahi Mutual Life Insurance Company

II. Note to Unaudited Consolidated Statement of Income
Depreciation
For the reporting period ended June 30, 2024, the total amount of depreciation and depreciation ofrental real estate and other assets was ¥5,315 million.

17

Asahi Mutual Life Insurance Company

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

As of March 31, 2024 As of June 30, 2024
（Ａ）

Total solvency margin

1,170,919

1,201,810

Foundation funds and surplus

328,628

339,961

Reserve for price fluctuation

40,37040,921

Contingency reserve

45,51945,755––

Catastrophe loss reserve
General allowance for possible loan losses

508

539

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

322,616

372,463

Net unrealized gains on land × 85%

35,82435,699

(896)

(680)

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

195,874

194,063

Qualifying subordinated debt

180,609

146,609

–

–

(50)

(50)

21,912

26,527226,000

235,393(in case of losses： × 100%)

Sum of unrealized actuarial differences and unrealized past service cost

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

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

2

1

5

2

8

9

（Ｂ）

2

2

3

7

4

6

Insurance risk

R1

11,23011,060Ordinary insurance risk

R5

–

–

Disaster insurance risk

R6

–

–

Third sector insurance risk

R813,003

13,204

Small amount short-term insurance provider insurance risk

R9

–

–

Risk of assumed yield

R2

52,37052,043

Minimum guarantee risk

R7

977

975

Investment risk

R3

166,439

176,026

Operational risk

R4

4,880

5,066

1,036.2%

1,021.1%

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 Business Act
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 ofpolicy reserves based on full-time Zillmer method and qualifying subordinated debt excluded from the calculation of 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 businessin Japan. However, information on these segments are omitted because they represent such a minor proportion of total
segments.

18

Asahi Mutual Life Insurance Company