August 10, 2022

Financial Results for the Three Months Ended June 30, 2022
Asahi Mutual Life Insurance Company (the “Company”; President: Hiroki Kimura) announces
financial results for the three months ended June 30, 2022.

［Contents］
１．Business Highlights

･････

Ｐ1

２．Investment Results of General Account Assets

･････

Ｐ3

３．Unaudited Non-consolidated Balance Sheets

･････

Ｐ6

４．Unaudited Non-consolidated Statements of Income

･････

Ｐ7

５．Breakdown of Ordinary Profit (Fundamental Profit)

･････

Ｐ10

６．Solvency Margin Ratio

･････

Ｐ11

７．Status of Separate Account

･････

Ｐ12

８．Status of the Company, Subsidiaries and Affiliates

･････

Ｐ13

Asahi Mutual Life Insurance Company

１．Business Highlights(1) Sum Insured of Policies in Force and New Policies(i) Policies in Force
As of June 30, 2022

As of March 31, 2022
Number of policies(Thousands)

Number of policies

Amount(100 millions of Yen)

Amount (100 millions of Yen)

(Thousands)

Changes(%, Pre-FYE)

Changes(%, Pre-FYE)

Individual insurance

7,372

123,289

7,340

99.6

120,952

98.1

Individual annuities

479

19,388473

98.7

19,124

98.6

Group insurance-

14,034--

14,095100.4Group annuities

-

131

-

-

128

98.0

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
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
Three months ended June 30, 2021
Amount (100 millions of Yen)

Number of policies(Thousands)

New
policies

Net increase by
conversion

Individual insurance

194

431

767

(335)

Individual annuities

-

(11)

-

(11)

Group insurance

-

46

46

-

Group annuities

-

-

-

-

Three months ended June 30, 2022
Number of policies(Thousands)

Amount (100 millions of Yen)

Changes(%, YoY)

Changes(%, YoY)

New
policies

Net increase by
conversion

Individual insurance

162

83.7

438

101.6

755

(316)

Individual annuities

-

-

(11)

95.8

-

(11)

Group insurance

-

-

57

123.6

57

-

Group annuities

-

-

-

-

-

-

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

1Asahi Mutual Life Insurance Company

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

As of March 31, 2022

As of June 30, 2022

Changes(%, Pre-FYE)

Individual insurance

3,830

3,796

99.1

Individual annuities

1,242

1,225

98.7

Total

5,072

5,022

99.0

2,240

2,231

99.6

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

Three months ended
June 30, 2021

Three months ended
June 30, 2022

Changes(%, YoY)

Individual insurance

64

47

74.3

Individual annuities

(0)

(0)

-

Total

64

47

74.3

54

38

70.5

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, 2022
AmountCash, deposits, call loans
Monetary claims bought

As of June 30, 2022

Percentage

145,376

Amount2.7

105,436

Percentage
2.0

22,5340.4

21,8940.4

4,539,235

82.9

4,448,869

83.1

Domestic bonds

2,621,140

47.9

2,644,502

49.4

Domestic stocks

464,6708.5

450,846

8.4

Foreign securities

1,383,693

25.3

1,281,347

23.9

Foreign bonds

1,027,053

18.8

922,77017.2

356,640

6.5

358,576

6.7

Securities

Foreign stocks and other foreign securities
Other securities

69,731

1.3

72,172

1.3

311,416

5.7

313,712

5.9

Policy loans

32,1990.6

31,706

0.6

Industrial and consumer loans

279,2175.1

282,006

5.3

363,513

6.6

362,299

6.8

Loans

Real estate
Deferred tax assets
Others--13,0590.2

94,3971.7

89,015

1.7

(550)

(0.0)

(597)

(0.0)

5,475,924

100.0

5,353,691

100.0

1,489,515

27.2

1,412,564

26.4

Allowance for possible loan losses
Total
Foreign currency-denominated assets

Note: Real estate is the sum of land, buildings and construction in progress.

3

Asahi Mutual Life Insurance Company

(2) Fair Value Information on Securities (other than trading securities)(Millions of Yen)

As of March 31, 2022
Book value Fair value

As of June 30, 2022

Gains/losses
Gains

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

Book value Fair value

301,647

333,640

31,99232,001

2,028,714

2,159,139

130,424

169,489(8)

Gains
326,533

28,731

28,752(21)(39,065) 2,023,051

2,075,121

52,070148,389(96,318)

-

-

-

-

2,135,750

223,432

300,935

467,355

(893)

6,409

(7,302)

497,333

468,248

Losses297,801

Available-for-sale securities 1,912,317

Domestic bonds

Gains/losses

Losses

-

-

-

-

-

(77,503) 1,875,248-

2,031,143

155,894

283,147(127,252)

499,600

2,266

12,992(10,725)

Domestic stocks

166,694

413,036

246,341

259,795(13,453)

168,870

383,212214,341

228,892(14,551)

Foreign securities

1,208,339

1,184,814(23,525)

31,335(54,860) 1,133,692

1,075,530(58,161)

39,169(97,330)

Foreign bonds
Foreign stocks andother foreign securities
Other securities

904,300

872,053(32,247)

11,095(43,342)834,366

767,770(66,595)

10,212(76,808)

304,039

312,761

8,721

20,239(11,518)

299,325

307,760

8,434

28,957(20,522)

68,202

69,587

1,384

3,271

(1,886)74,52571,855(2,669)1,975(4,645)

Monetary claims bought
Negotiable certificates ofdeposit
Others

833

957

123

123

-

827

944

117

117

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total

4,242,680

4,628,529

385,849

502,426(116,576) 4,196,101

4,432,798

236,696460,289(223,592)

Domestic bonds

2,622,033

2,756,333

134,299

180,668(46,368) 2,642,235

2,700,938

58,703

165,749(107,045)

Domestic stocks

166,694

413,036

246,341

259,795(13,453)

168,870

383,212214,341

228,892(14,551)

Foreign securities

1,363,339

1,365,318

1,978

56,839(54,860) 1,288,692

1,252,648(36,043)

61,287(97,330)

Foreign bonds
Foreign stocks andother foreign securities
Other securities

1,059,300

1,052,556(6,743)36,599(43,342)989,366

944,888(44,477)

32,330(76,808)

304,039

312,761

8,721

20,239(11,518)

299,325

307,760

8,434

28,957(20,522)

68,202

69,587

1,384

3,271

(1,886)74,52571,855(2,669)1,975(4,645)

Monetary claims bought
Negotiable certificates ofdeposit
Others

22,41024,255

1,844

1,852

(8)

21,777

24,142

2,364

2,384

(19)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

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

* Book value of stocks, Investments in Partnerships and others without a market price is as follows:(Millions of Yen)
As of March 31, 2022 As of June 30, 2022

Stocks of subsidiaries

37,37754,377Available-for-sale securities

54,87457,227

Domestic stocks

14,257

13,257

Foreign stocks

11

11

Others40,60543,959Total

92,251

111,605

4

Asahi Mutual Life Insurance Company

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

As of March 31, 2022

As of June 30, 2022

Gains/losses

Book value Fair value

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

Losses

333,640

31,99232,001

2,028,714

2,159,139

130,424

169,489

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

2,194,030

226,838

304,350

467,355

(893)

6,409

(7,302)

497,333

468,248

(8)

Gains

301,647

Domestic bonds

Gains/losses

Book value Fair value

Losses297,801

326,533

28,731

28,752(21)(39,065) 2,023,051

2,075,121

52,070148,389(96,318)

54,37754,377---(77,512) 1,932,476

2,095,534

163,057

290,318(127,260)

499,600

2,266

12,992(10,725)-

Domestic stocks

180,951427,293

246,341

259,795(13,453)

182,128

396,469

214,341

228,892(14,551)

Foreign securities

1,248,812

1,228,693(20,118)

34,750(54,869) 1,177,345

1,126,347(50,997)

46,340(97,338)

904,300

872,053(32,247)

11,095(43,342)834,366

767,770(66,595)

10,212(76,808)

344,512356,640

12,12823,655(11,527)

342,978

358,576

15,59836,128(20,529)

68,34669,731

1,384

3,271

(1,886)

74,842

72,172(2,669)1,975(4,645)

833

957

123

123

-

827

944

117

117

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-

-

-

-

-

-

-

-

4,334,931

4,724,187

389,255

505,841(116,585) 4,307,706

4,551,566

243,860

467,460(223,600)

Domestic bonds

2,622,033

2,756,333

134,299

180,668(46,368) 2,642,235

2,700,938

58,703

165,749(107,045)

Domestic stocks

218,328

464,670

246,341

259,795(13,453)

236,505450,846

214,341

228,892(14,551)

Foreign securities

1,403,812

1,409,197

5,384

60,254(54,869) 1,332,345

1,303,465(28,879)

68,458(97,338)

Foreign bonds
Foreign stocks andother foreign securities
Other securities

1,059,300

1,052,556(6,743)36,599(43,342)989,366

944,888(44,477)

32,330(76,808)

344,512356,640

12,12823,655(11,527)

342,978

358,576

15,59836,128(20,529)

68,34669,731

1,384

3,271

(1,886)

74,842

72,172(2,669)1,975(4,645)

Monetary claims bought
Negotiable certificates ofdeposit
Others

22,41024,255

1,844

1,852

(8)

21,777

24,142

2,364

2,384

(19)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Total

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

（3）Fair Value Information on Money Held in Trust
The Company doesn't hold money held in trust.

5

Asahi Mutual Life Insurance Company

3. Unaudited Non-consolidated Balance Sheets(Millions of Yen)

Assets:Cash and deposits:
Call loans
Monetary claims bought
Securities:
National government bonds
Local government bonds
Corporate bonds
Domestic stocks
Foreign securities
Loans:
Policy loans
Industrial and consumer loans
Tangible fixed assets
Intangible fixed assets
Agency accounts receivable
Reinsurance receivables
Other assets
Prepaid pension cost
Deferred tax assets
Allowance for possible loan losses
Total assets

As of March 31, 2022

As of June 30, 2022

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

41,09265,00021,8944,475,048
1,658,413
53,974
939,764
458,231
1,292,491
313,71231,706
282,006
367,002
29,54611
227
54,326300
13,059(597)
5,380,625

As of March 31, 2022

As of June 30, 2022

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

4,400,926
32,031
4,338,842
30,051
316
102,424
324,234
1,048
1,949
916
320,319
29,71948,84015,666
4,922,127

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

91,000166,000
281
121,234
366
120,868
62,6007,093
51,175378,516

173,936

126,837(46,739)
127,197
501,923
5,504,161(46,856)
79,981
458,497
5,380,625(Millions of Yen)

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

6

Asahi Mutual Life Insurance Company

4. Unaudited Non-consolidated Statements of Income
Three months ended
June 30, 2021
149,271
95,56995,13436,172
27,5376,200
678
17,529134,326
91,022
26,61926,01916,871
20,360
635
0
0
6,307
1,293
65
4
947
28,666
8,328
14,944
884
172
91
620
14,0602,940
2,940
11,120Ordinary 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 reserve for outstanding claims
Provision for interest on policyholders’ dividend reserves
Investment expenses:
Interest expenses
Losses on sales of securities
Losses on valuation of securities
Losses on derivative financial instruments
Investment losses on separate accounts
Operating expenses
Other ordinary expenses
Ordinary profit
Extraordinary gains
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, 2022
162,310
93,57093,33840,085
31,115
3,936
28,653
149,215
97,541
27,45824,99622,123
21,897668
14
13
0
16,633
908
7,169
3,710
805
26,5958,430
13,094
768
41
96
630
12,326
2,491
2,491
9,834

Asahi Mutual Life Insurance Company

Notes to Unaudited Non-consolidated Financial Information
Notes to Unaudited Non-consolidated Balance Sheet
1. Accounting Changes
The Company has applied “Implementation Guidance on Accounting Standard for Fair Value
Measurement” (ASBJ Guidance No. 31, revised on June 17, 2021) from the reporting period ended June30, 2022.
In accordance with the transitional treatment set forth in Paragraph 27-2 of Implementation Guidanceon Accounting Standard for Fair Value Measurement, the Company has applied new accounting
policies prospectively.
This application did not have any effects on the non-consolidated financial information as of and forthe reporting period ended June 30, 2022.

2. Accounting Procedures Specific to Quarterly Financial Information
As the proposed appropriation of surplus for the fiscal year ended March 31, 2022 was approved at theannual meeting of representative policyholders held on July 5, 2022, it is included in the nonconsolidated balance sheet as of June 30, 2022.

3. Securities Lent under Lending Agreements
The amount of securities lent under lending agreements was ¥224,917 million as of June 30, 2022.

4. Reserve for Dividends to Policyholders
The change in reserve for dividends to policyholders for the reporting period ended June 30, 2022 was
as follows:

Millions of Yen
Three months ended
June 30, 2022
Balance at the beginning of the reporting period¥
Transfer to reserve from surplus in the previous fiscal year
Dividends to policyholders paid out during the reporting period
Increase in interest
Balance at the end of the reporting period¥

28,6442,121715
030,051

5. Redemption of Foundation Funds
The Company redeemed ¥40,000 million of foundation funds, which is part of ¥80,000 million offoundation funds offered in August 2015, on August 1, 2022, prior to the redemption date.
Accompanying the redemption, the Company transferred the same amount from reserve for fundredemption to reserve for redemption of foundation funds in accordance with Article 56 of the
Insurance Business Act.

8

Asahi Mutual Life Insurance Company

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

9

Asahi Mutual Life Insurance Company

5. Breakdown of Ordinary Profit (Fundamental Profit)
Three months ended
June 30, 2021

(Millions of Yen)
Three months ended
June 30, 2022

Fundamental profit
Ａ
7,737
Capital gains
8,388
Gains on money held in trust
Gains on trading securities
Gains on sales of securities
6,200
Gains on derivative financial instruments
Foreign exchange gains
Other capital gains
2,187
Capital losses
1,031
Losses on money held in trust
Losses on trading securities
Losses on sales of securities
65
Losses on valuation of securities
4
Losses on derivative financial instruments
947
Foreign exchange losses
5
Other capital losses
8
Net capital gains (losses)
Ｂ
7,356
Fundamental profit plus net capital gains
Ａ＋Ｂ
15,093(losses)
Other one-time gains
8
Reinsurance revenue
Reversal of contingency reserve
Reversal of specific allowance for possible loan
8
lossesOthersOther one-time losses
157
Reinsurance premiums
Provision for contingency reserve
157
Provision for specific allowance for possible loan
lossesProvision for allowance for specified overseas loans
Write-offs of loans
0
OthersNet other one-time gains (losses)
Ｃ(148)
Ordinary profit
Ａ＋Ｂ＋Ｃ
14,944※ The above fundamental profit is calculated based on the new calculation method.
（Reference） Breakdown of "other" items

8,627
8,905
3,936
3,282
1,686
11,015
7,169
3,710
134
(2,109)
6,517
6,577
6,577
0
0
0
6,576
13,094Three months ended
June 30, 2021

(Millions of Yen)
Three months ended
June 30, 2022

(2,179)(860)(1,284)(1,551)65(1,686)

(33)

69

2,187
860
1,284

1,686
1,686

42

-

8
-

134
65
-

8

69

Fundamental profit
Hedging costs related to foreign exchange
Gains (losses) on cancellation of investment trusts
Gains (losses) on redemption of securities causedby foreign exchange fluctuation
Other capital gains
Hedging costs related to foreign exchange
Gains on cancellation of investment trusts
Gains on redemption of securities caused byforeign exchange fluctuation
Other capital losses
Hedging costs related to foreign exchange
Losses on cancellation of investment trusts
Losses on redemption of securities caused byforeign exchange fluctuation

10

Asahi Mutual Life Insurance Company

6. Solvency Margin Ratio(Millions of Yen)
As of March 31, 2022 As of June 30, 2022

Total solvency margin（Ａ）

1,009,231

940,607

Foundation funds and surplus

368,564

377,405

Reserve for price fluctuation

48,21048,840Contingency reserve

77,88971,311

286

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

204,154

146,752

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

29,30629,156

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

145,556

145,978

Qualifying subordinated debt

141,424

141,424--

Deduction(25,000)(42,000)

Others

18,83921,406211,372

207,194

General allowance for possible loan losses

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

Total amount of risk

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

Insurance risk

R1

12,078

11,953

Third sector insurance risk

R8

10,727

10,725

Risk of assumed yield

R2

66,74966,203

Minimum guarantee risk

R7

1,027

1,027

Investment risk

R3

137,767

134,208

Operational risk

R4

4,567

4,482

954.9%

907.9%

Solvency margin ratio(Ａ) / {(1/2)×(Ｂ)} × 100

Notes:
1. The figures above are calculated based on Articles 86 and 87 of the Enforcement Regulation of the Insurance Business Act
and the Public Notice No. 50 of the Ministry of Finance of 1996.
2. "Excess amount of policy reserves based on full-time Zillmer method", "Qualifying subordinated debt" and "Excess
amount of policy reserves based on full-time Zillmer method and qualifying subordinated debt excluded from the calculationof solvency margin" are calculated based on the Public Notice No.25 of the Financial Services Agency of 2011.
3. "Minimum guarantee risk" is calculated by standard method.

11

Asahi Mutual Life Insurance Company

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

As of March 31, 2022

As of June 30, 2022

AmountAmountIndividual variable insurance

28,175

26,866

Individual variable annuities--

Group annuity products--

28,175

26,866

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

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

As of June 30, 2022

AmountAmountNumber of policies(Thousands)(Millions of Yen)

Number of policies(Thousands)(Millions of Yen)

-

-

-

-

12

86,87912

86,37412

86,87912

86,374(ii) Individual Variable Annuities
As of March 31, 2022

As of June 30, 2022

AmountAmountNumber of policies(Thousands)(Millions of Yen)

Number of policies(Thousands)(Millions of Yen)

Individual variable annuities

-

-

-

-

Total

-

-

-

-

12

Asahi Mutual Life Insurance Company

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

Three months ended
June 30, 2021

Three months ended
June 30, 2022

Ordinary income

150,257

169,808

Ordinary profit

14,085

11,163

Net surplus attributable to the Parent Company

10,287

8,762

Comprehensive income

29,015(38,200)(Millions of Yen)

As of March 31, 2022
Total assets
Solvency margin ratio

As of June 30, 2022

5,502,292

5,379,482

982.2%

950.0%(2) Scope of Consolidation and Application of Equity Method
Number of consolidated subsidiaries: 4
Unconsolidated subsidiaries are immaterial in terms of their impact on consolidated net income and surplus, andalso immaterial as a whole, therefore, the equity method is not applied.

13

Asahi Mutual Life Insurance Company

（3）Unaudited Consolidated Balance Sheets

Assets:Cash and deposits
Call loans
Monetary claims bought
Securities
Loans
Tangible fixed assets
Intangible fixed assets
Agency accounts receivable
Reinsurance receivables
Other assets
Net defined benefit assets
Deferred tax assets
Allowance for possible loan losses
Total assets

Liabilities:
Policy reserves and other reserves:
Reserve for outstanding claims
Policy reserves
Reserve for dividends to policyholders
Reinsurance payables
Bonds payable
Other liabilities
Net defined benefit liabilities
Reserve for price fluctuation
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Total liabilities
Net assets:
Foundation funds
Reserve for redemption of foundation funds
Reserve for revaluation
Consolidated surplus
Total foundation funds and others
Net unrealized gains (losses) on available-for-salesecurities, net of tax
Land revaluation differences
Accumulated remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

14

As of March 31, 2022

(Millions of Yen)
As of June 30, 2022

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

62,97065,00021,894
4,428,571
313,712367,571
34,334
12
11,025
60,111503
14,369(597)
5,379,482

As of March 31, 2022

(Millions of Yen)
As of June 30, 2022

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

4,402,093
32,3704,339,672
30,051
358
102,424
327,439
32,593
48,84015,666
4,929,415

91,000166,000
281
111,982369,264

91,000166,000
281
114,700
371,982

173,938

126,837(46,739)(2,077)125,12194
494,480
5,502,292(46,856)(1,952)78,02855
450,066
5,379,482

Asahi Mutual Life Insurance Company

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

Ordinary income:Premium and other income
Investment income:Interest, dividends and other income
Gains on sales of securities
Investment gains on separate accounts
Other ordinary income
Ordinary expenses:
Claims and other payments:
ClaimsAnnuities
Benefits
Surrender benefits
Other payments
Provision for policy reserves and other reserves:
Provision for reserve for outstanding claims
Provision for interest on policyholders’ dividend reserves
Investment expenses:
Interest expenses
Losses on sales of securities
Losses on valuation of securities
Losses on derivative financial instruments
Investment losses on separate accounts
Operating expenses
Other ordinary expenses
Ordinary profit
Extraordinary gains
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
Net surplus attributable to non-controlling interests
Net surplus attributable to the Parent Company

15

Three months ended
June 30, 2021
150,257
95,56935,98727,3606,200
678
18,700136,171
91,022
26,61926,01916,871
20,360
635
0
0
6,307
1,293
65
4
947
30,435
8,406
14,085
884
172
91
620
13,2002,901
2,901
10,29912
10,287(Millions of Yen)
Three months ended
June 30, 2022
169,808
100,433
39,77930,827
3,937
29,595
158,644
99,03427,45824,99622,35021,897
674
345
344
0
16,633
908
7,169
3,710
805
33,3409,289
11,163
768
41
96
630
10,395
1,620
1,620
8,775
12
8,762

Asahi Mutual Life Insurance Company

(Millions of Yen)

【Unaudited Consolidated Statements of Comprehensive Income】
Three months ended
June 30, 2021

Three months ended
June 30, 2022

Net surplus

10,2998,775

Other comprehensive income:

18,715(46,976)

18,633(47,101)

82

125

29,015(38,200)

29,003(38,213)12

12

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

16

Asahi Mutual Life Insurance Company

Notes to Unaudited Consolidated Financial Information
I. Notes to Unaudited Consolidated Balance Sheet
1. Accounting Changes
The Company has applied “Implementation Guidance on Accounting Standard for Fair Value
Measurement” (ASBJ Guidance No. 31, revised on June 17, 2021) from the reporting period ended June30, 2022.
In accordance with the transitional treatment set forth in Paragraph 27-2 of Implementation Guidanceon Accounting Standard for Fair Value Measurement, the Company has applied new accounting
policies prospectively.
This application did not have any effects on the consolidated financial information as of and for thereporting period ended June 30, 2022.

2. Accounting Procedures Specific to Quarterly Financial Information
As the proposed appropriation of surplus for the fiscal year ended March 31, 2022 was approved at theannual meeting of representative policyholders held on July 5, 2022, it is included in the consolidatedbalance sheet as of June 30, 2022.

3. Securities Lent under Lending Agreements
The amount of securities lent under lending agreements was ¥224,917 million as of June 30, 2022.

4. Reserve for Dividends to Policyholders
The change in reserve for dividends to policyholders for the reporting period ended June 30, 2022 was
as follows:

Millions of Yen
Three months ended
June 30, 2022
Balance at the beginning of the reporting period¥
Transfer to reserve from surplus in the previous fiscal year
Dividends to policyholders paid out during the reporting period
Increase in interest
Balance at the end of the reporting period¥

28,6442,121715
030,051

5. Redemption of Foundation Funds
The Company redeemed ¥40,000 million of foundation funds, which is part of ¥80,000 million offoundation funds offered in August 2015, on August 1, 2022, prior to the redemption date.
Accompanying the redemption, the Company transferred the same amount from reserve for fundredemption to reserve for redemption of foundation funds in accordance with Article 56 of the
Insurance Business Act.

17

Asahi Mutual Life Insurance Company

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

II. Note to Unaudited Consolidated Statement of Income
Depreciation
For the reporting period ended June 30, 2022, the total amount of depreciation and depreciation ofrental real estate and other assets was ¥4,788 million.

18

Asahi Mutual Life Insurance Company

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

As of March 31, 2022 As of June 30, 2022

Total solvency margin（Ａ）

1,021,040

968,607

Foundation funds and surplus

358,018

365,740

Reserve for price fluctuation

48,21048,840Contingency reserve

78,12571,735

-

-

288

334

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

204,157

146,752

Net unrealized gains on land × 85%

29,30629,156(2,885)(2,760)

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

145,556

145,978

Qualifying subordinated debt

141,424

141,424

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

Deduction--

18,83921,406

207,900

203,909

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

12,078

11,953

Ordinary insurance risk

R5

-

-

Disaster insurance risk

R6

-

-

Third sector insurance risk

R8

10,963

11,148Small amount short-term insurance provider insurance risk

R9

-

-

Risk of assumed yield

R2

66,74966,203

Minimum guarantee risk

R7

1,027

1,027

Investment riskR3

134,312130,910

Operational risk

R4

4,502

4,424

982.2%

950.0%

Solvency margin ratio(Ａ) / {(1/2)×(Ｂ)} × 100

Notes:
1. The figures above are calculated based on Articles 86-2 and 88 of the Enforcement Regulation of the Insurance BusinessAct and the Public Notice No.23 of the Financial Services Agency of 2011.
2. "Excess amount of policy reserves based on full-time Zillmer method", "Qualifying subordinated debt" and "Excess
amount of policy reserves based on full-time Zillmer method and qualifying subordinated debt excluded from the calculationof solvency margin" are calculated based on the Public Notice No.25 of the Financial Services Agency of 2011.
3. "Minimum guarantee risk" is calculated by standard method.

(6) Segment information
The Company and its consolidated subsidiaries operate investment advisory business, etc., in addition to life insurance
business in Japan. However, information on these segments are omitted because they represent such a minor proportion of
total segments.

19

Asahi Mutual Life Insurance Company