#1Investor Presentation 1H FY2023 Nippon Life Insurance Company January 2024 NISSAY Nippon Life Insurance Company 2023-3133G, Corporate Planning Dept.#2Disclaimer NISSAY Nippon Life Insurance Company This presentation was prepared solely for the purpose of presenting general background information regarding Nippon Life Insurance Company (the “Company”) and its consolidated subsidiaries and affiliates accounted for by the equity method. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in the United States, Japan or any other jurisdiction. Unless otherwise indicated, the financial measures for the Company included in this presentation are prepared in accordance with accounting principles generally accepted in Japan, or Japanese GAAP ("Japanese GAAP"). These materials contain certain non-Japanese GAAP financial measures, which should not be considered in isolation or as a substitute for the most directly comparable financial measures presented in accordance with Japanese GAAP. This presentation contains statements that constitute forward-looking statements. Such forward-looking statements do not represent any guarantee by the Company of future performance. Any forward-looking statements in this presentation are based on the current assumptions and beliefs of the Company in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause the Company's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by such forward-looking statements. This presentation is based on information available as of the date hereof or the dates indicated herein. It should be understood that subsequent developments may affect the information contained in this presentation, and that the Company is under no obligation to update, revise or affirm such information based on events or circumstances after the date hereof.#3Table of Contents NISSAY Nippon Life Insurance Company Overview of Nippon Life Group Highlights of Our Strengths I. Stable Performance in the Domestic Insurance Market II. Diversified Business Profile with Global Business and AM Business III. High Investment Capabilities with Prudent and Flexible ALM Strategy IV. Robust Capital Base under Disciplined ERM Appendix A Financial Information Appendix B Supplemental Information 3#4Overview of Nippon Life Group NISSAY Nippon Life Insurance Company#5Nippon Life Overview of Nippon Life Group NISSAY Insurance Company We seek to further expand our solid footprint in Japan, while building on our asset management business and global insurance business in an effort to diversify revenue sources and to capture growth outside of Japan As a result of recent strategic initiatives, we have successfully diversified our business portfolio Nippon Life Group Domestic Insurance Business Further cultivate Global Insurance Business Participate in high growth markets outside of Japan MLC the domestic life insurance market Nippon Life Insurance Company Nippon Life NISSAY TAIJU LIFE INSURANCE Taiju Life (85.0%) © RELIANCE NIPPON LIFE INSURANCE Nippon Nippon Wealth Life Wealth Life (100.0%) Hanasaku Life Insurance Co., Ltd. Hanasaku Life (100.0%) Nissay Plus SSI Company Inc. Nissay Plus SSI Retail Agencies LHL (100.0%) (100.0%) กรุงเทพประกันชีวิต MLC Limited (80.0%) Reliance Nippon Life Insurance (49.0%) Bangkok Life Assurance (24.2%) Sequís PT Asuransi Jiwa Sequis Life (68.3% by Nippon Life's affiliate¹) Your Better Tomorrow Nippon Life Benefits Nippon Life Insurance Company of America (97.0%) Grand Guardian > GGI NIPPON LIFE Nippon Life Insurance LIFE INSURANCE (35.0%) Nissay-Greatwall KA Life Insurance Co., Ltd. GREAT WALL CHANGSHENG LIFE SERANCE CO., LTD Asset Management Business Capture retirement assets and Global markets NISSAY ASSET MANAGEMENT Nissay Asset Management (100.0%) Nippon Life India Nippon Life india Asset Management Asset Management Ltd (73.1%) TCW The TCW Group (26.9% by subsidiary²) (28.5%) B110!! hicker AResolution Life (100.0%) Resolution Life (21.5%) Life Salon Life Plaza Partners HOKEN110 (100.0%) (100.0%) Post Advisory Group Note: As of December 31, 2023 1. 68.34% held by Nippon Life's equity-method affiliate PT Sequis, in which Nippon Life holds 29.26% of the total voting rights. 0.01% is held directly by Nippon Life 2. 100% held by a subsidiary of Clipper Holding, L.P., of which 26.85% of voting rights are held by Nippon Life's fully owned subsidiary NLI US Investments 3. An equity-method affiliate held by Nippon Life's fully owned subsidiary NLI US Investments Post Advisory Group (18.8% by subsidiary³) LO 5#6Highlights of Our Strengths NISSAY Nippon Life Insurance Company#7Highlights of Our Strengths NISSAY Nippon Life Insurance Company Stable Performance in the Domestic Insurance Market Diversified Business Profile NISSAY Nippon Life Insurance Company || with Global Business and AM Business III High Investment Capabilities with Prudent and Flexible ALM Strategy IV Robust Capital Base under Disciplined ERM 7#8Stable Performance in the Domestic Insurance Market NISSAY Nippon Life Insurance Company#9Our Group's Dominant Position with Strong and Diversified Business Base NISSAY Our core business is the sale of profitable individual insurance products through our sales representative channel, while successfully diversifying our product portfolio and distribution channel Nippon Life Insurance Company Key Figures Premium income (Consolidated)6 ¥6,373.5bn (FY2022) Total assets (Consolidated) ¥92,367.9bn (Sep-2023) Solvency margin ratio (Consolidated) 1,034.9% (Sep-2023) Number of customers? 14.84mm (Sep-2023) Number of sales representatives³ 57,631 (Mar-2023) Number of Customers Business Mix (Japan Total) (Premium Income by Product, FY2022)⁹ (mm) ■Nippon Life Nippon Wealth Life Taiju Life ■ Hanasaku Life Others 0.9% 14.48 14.47 14.67 14.80 I 14.84 Group Annuities 18.1% Group Insurance 4.8% Individual Insurance 59.3% Channel Mix - Individual (AP of New Policies by Channel, FY2022)10 Bancassurance 37.5% 12.22 12.19 12.26 12.27 12.23 Mar 2020 Mar 2021 Mar Mar Sep 2022 2023 2023 Source: Company disclosures and the Life Insurance Association of Japan Note: FY2022 represents the fiscal year ended March 31, 2023 1. Excluding Japan Post Insurance Individual Annuities 16.9% 2. Nippon Life Group represents the sum of Nippon Life, Taiju Life, Nippon Wealth Life and Hanasaku Life 3. Dai-ichi Life Group represents the sum of Dai-ichi Life, Dai-ichi Frontier Life and Neo First Life 4. Prudential Financial Group represents the sum of Prudential Life, Gibraltar Life and Prudential Gibraltar Financial Life 5. Sumitomo Life represents the sum of Sumitomo Life and Medicare Life Agency 18.1% 6. Revenues from insurance and reinsurance premiums 7. Sum of Nippon Life, Taiju Life, Nippon Wealth Life and Hanasaku Life 8. Sum of Nippon Life and Taiju Life 9. Sum of Nippon Life, Taiju Life, Nippon Wealth Life and Hanasaku Life Sales Representative11 44.3% 10. Sum of Nippon Life, Taiju Life, Nippon Wealth Life and Hanasaku Life. AP stands for Annualized Premium. Channel mix of individual insurance. Hanasaku Life's sales representative channel includes mainly sales through online channels 11. Including Life Plazas which provide customers and potential customers with information and advice on insurance products, as well as on tax, asset management, medical & nursing care and variable annuity products 9#10Premium Income and Interest and Dividends Income NISSAY Nippon Life Insurance Company Our premium income in 1H FY2023 increased due to increase sales of single-premium products in sales representative channel and bancassurance channel Interest and dividends income increased due to the gain on cancellation of investment trusts Premium Income¹ Interest and Dividends Income (\bn) (consolidated) (\bn) (consolidated) ■ Nippon Life ■ Hanasaku Life ■ Taiju Life ■ MLC Nippon Wealth Life Others² ■ Interest and dividends from securities Interest from loans Rental fee from real estate 7,000 6,069.2 5,719.3 6,373.5 6,000 5,190.1 5,386.0 5,000 4,108.9 4,000 2,968.6 3,000 2,000 4,775.1 4,526.1 4,264.6 4,307.9 4,647.9 1,943.7 2,000 1,000 2,217.1 2,604.3 1,731.1 1,596.0 1,597.8 1,558.9 0 1,500 FY2018 FY2019 FY2020 FY2021 FY2022 FY2022 FY2023 Apr-Sep Apr-Sep 904.2 911.9 1,000 • Increase in sales of whole life insurance, etc. + 310.9 + 35.5 + 416.2 + 377.5 2,968.6 FY2022 • Increase in revenues from reinsurance premiums and sales of single-payment products, etc. Sales Agency Bancassurance Others Apr-Sep representative channel channel 4,108.9 FY2023 Apr-Sep channel 1. Revenues from insurance and reinsurance premiums 2. Others include companies not mentioned and inter-sales adjustment 500 0 FY2018 FY2019 FY2020 FY2021 FY2022 FY2022 FY2023 Apr-Sep Apr-Sep 10 10#11Annualized Premiums from Insurance Policies NISSAY Nippon Life Insurance Company Our annualized premiums from new policies have steadily recovered close to pre-COVID-19 levels in FY2022 ■Our annualized premiums from policies in force have been stable and the latest result (as of the end of September 2023) was the highest compared to the last 5 fiscal years Annualized Premiums from New Policies¹ Annualized Premiums from Policies in Force¹ (\bn) ■ Nippon Life 600 513.9 Taiju Life Nippon Wealth Life Decrease due to COVID-19 and decrease of global (combined basis) ■ Hanasaku Life (\bn) ■ Nippon Life ■ Taiju Life Nippon Wealth Life (combined basis) Hanasaku Life 5,000 500 interest rates 407.2 394.3 404.4 4,534.6 4,524.5 4,508.9 4,594.4 4,569.5 4,694.2 400 4,500 307.0 300 253.1 4,000 177.1 200 311.2 250.4 273.9 3,500 100 209.9 235.4 105.9 122.6 0 3,000 FY2018 FY2019 FY2020 FY2021 FY2022 FY2022 FY2023 Apr-Sep Apr-Sep 2,500 2,000 • Increase in sales of 3,747.9 3,761.8 3,738.2 3,770.0 3,741.7 3,746.0 whole life insurance, etc. 1,500 + 59.7 +11.7 + 4.3 1,000 253.1 177.1 ⚫Increase in sales of single-payment products, etc. 500 FY2022 Sales Agency Apr-Sep representative channel Bancassurance channel FY2023 0 Apr-Sep Mar Mar Mar channel 2019 2020 2021 Mar 2022 Mar 2023 Sep 2023 1. Individual insurance and individual annuities. Combined basis is the sum of Nippon Life, Taiju Life, Nippon Wealth Life, and Hanasaku Life 11#12Benefit Payout and Impact of COVID-19 NISSAY Nippon Life Insurance Company Benefit payout soared in FY2022 mainly due to payment related to COVID-19; but as COVID-19 was downgraded to “common infections disease" from May 8, 2023, we no longer cover "deemed hospitalization" 1 arrangements going forward COVID-19 related payments in 1H FY2023 have fallen sharply compared to 1H FY2022 Benefit Payout Payment due to COVID-192 (consolidated) (\bn) ■Insurance claims, annuities, and benefits I (thousands) I 300 - Daily new COVID-19 cases in Japan (left axis) Benefit payout (right axis) (\bn) Surrender and other refunds 250 Reinsurance premium 5,470.8 ¥212.8bn 4,597.4 4,561.0 4,696.7 305.5 I 250 Still subject 44.1 1,407.2 100.9 1,330.5 89.9 1,534.4 4,629.8 111.6 1,381.0 Death Benefits ³ 31.6 200 to payments4 1,717.5 I 200 Hospital Benefits (hospitalization 8.3 Not subject 172.8 to payments 150 at a medical institution) 150 from May 8, 2023 100 Hospital Benefits (deemed hospitalization) ¥95.7bn 100 3,447.7 3,146.0 3,129.5 3,072.4 3,137.1 ¥39.0bn 50 ¥10.6bn 0 FY2018 FY2019 FY2020 FY2021 FY2022 FY2020 FY2021 FY2022 Surrender due to the depreciation of JPY (yen) 150 140 130 120 110 100 Apr- 2018 Apr- 2019 The depreciation of JPY led to the surrender of profit taking in foreign currency-denominated products USD/JPY Covered Covered Covered Medical treatment at With high risk of severity5 Covered Covered home or lodging (deemed hospitalization) х Excluded Other than the above Covered Excluded 50 ¥10.5bn 0 FY2022 FY2023 Apr-Sep Apr-Sep Scope of Hospitalization Benefit Payouts Until Sep 25, 2022 Date of positive diagnosis From Sep 26, 2022 From May 8, 2023 Hospitalization at a medical institution Apr- Apr- Apr- 2020 2021 2022 Apr- 2023 1 (Reference) For corporate insurance, we announced that the policies written/renewed on or after Apr 1, 2024 will not cover CO VID-19-related death or disability 1. 2. Source: FactSet, Ministry of Health, Labour and Welfare We deemed COVID-19 patients recovering at homes equivalent to those who have been hospitalized Nippon Life, Taiju Life, Nippon Wealth Life & Hanasaku Life only 3. Total payments for death insurance claims related to COVID-19, accidental death rider, etc. 4. Some of the death insurance claims are not eligible for payment because they are handled differently by the group companies 5. Those who are 65 years of age or older, or who require hospitalization, or have a risk of severity and need treatment of COVID-19 medicine or administration of oxygen, or pregnant women 12#13(\bn) Mortality & morbidity gains Interest gains 775.2 Nippon Life 4 36.3 581.5 Core Operating Profit Mortality & morbidity gains has been a major part of Nippon Life's core operating profit Core operating profit in 1H FY2023 increased mainly due to increase in mortality & morbidity gains because COVID-19 related payments have fallen sharply compared to 1H FY2022 Core Operating Profit 1,2,3 Expense margins Inc./Dec. Factors (FY2022 vs. FY2021) Total amount of currency hedging costs FY21: (5.6) FY22: (169.8) NISSAY Nippon Life Insurance Company 511.2 28.2 39.2 347.2 498.8 339.6 121.5 45.2 84.8 267.4 19.2 234.4 25.6 132.8 (173.7) 398.2 420.7 391.6 180.2 219.1 187.5 161.61 +6.2 FY2019 FY2020 FY2021 FY2022 FY2022 FY2023 (164.2) Apr-Sep (bn) Nippon Life ■ MLC Taiju Life Nippon Wealth Life Apr-Sep Hanasaku Life (36.4) (4.0) 851.5 ■ Others6 [771.3] [695.9] [690.6] [872.1] 479.4 Prior to change Group 5 of core operating 851.5 Average: 623.18 profit definition 548.8 612.8 (FY19-22) 479.4 357.7 259.2 775.2 [678.2] 511.2 581.5 498.8 267.4 339.6 FY21 FY2018 FY2019 FY2020 FY2021 FY2022 FY2022 FY2023 Apr-Sep Apr-Sep COVID-19 Currency Others Related Hedging Payments⁹ Costs Global Asset Insurance Management Business Business FY22 Domestic Insurance 1. 2. 3. 4. 5. 19 6. 7. 66 8. New calculation method has been applied since FY2022 and this change has been reflected to other fiscal years unless noted otherwise Core operating profit = Mortality & morbidity gains + Interest gains + Expense margins The effect of interest rate and exchange rate fluctuation in the foreign currency-denominated items has been excluded since FY2018 1Q Nippon Life only Figures are Nippon Life, Taiju Life, Nippon Wealth Life, Hanasaku Life's core profits, global life insurance subsidiaries and related companies along with domestic/global asset management businesses' incomes before tax, adjusting impact from holding ratio, FX and inter-sales adjustments, etc. Others include companies not mentioned and inter-sales adjustment The main changes in the definition of core operating profit are (1) the inclusion of hedging costs related to exchange rates, (2) the exclusion of gains/losses on the surrender of investment trusts, and (3) the exclusion of exchange rate fluctuations from securities redemption gains/losses Average is calculated based on group core operating profits from FY2019 to FY2022 9. Payment including hospital benefits of deemed hospitalization, hospital benefits of hospitalization at a medical institution, and death benefits related to COVID-19, accidental death rider, etc. 13#14Nippon Life Group's Multi-channel and Products Strategy We have been cultivating the domestic market as a unified group, with multi-channel and products strategy. Each entity has strengths in specific channels and products. Nippon Life NISSAY Insurance Company We provide a full lineup of products and services that address the diverse needs of a wide range of customers on a group-wide basis Channels Products/Strategies Size denotes the approximate market volume Provide a full lineup of products and services Sales Representative Entities Largest sales Strong asset management capabilities Rigorous risk management Relationship with various agencies and companies, etc. NISSAY Nippon Life Insurance Company Nippon Life Insurance platform Attractive products Yen-denominated Robust capital products Corporate Clients Bancassurance ■Foreign-currency denominated products ■Group insurance/annuities For the mass market For affluent seniors • • Unique customer base Uniqueness of the product Channel-specific management Flexibility of product supply Agency For executives For individuals Digital / direct (mail & web) For individuals Simple and affordable protection products Flexibility of product supply Offer small amount and short-term insurance Collaboration with other businesses • Mutual supply of products • Integration of asset management platform Supporting sales Sharing of sales channels, etc. TAIJU LIFE INSURANCE Nippon Wealth Life Hanasaku Life Insurance Co., Ltd. Nissay Plus SSI Company Inc. 14#15Nippon Life Initiatives for Digitalization NISSAY Insurance Company We are working on digitalization as a group to improve business productivity and to meet customers' digital needs Enhance sales consulting - Accumulate and analyze data from business activities - Improve presentations skills and optimize proposals by Al - Allocate smartphones and tablets - Increase contact points with customers through social media / email and online event etc. Smart Devices Sales Representatives ■Improve conveniency - Expand online procedures - Apply Al to customer services Nippon Life app download # (cumulative basis) (thousands) 1,138 628 314 20 99 Customer Experience NISSAY Data Analysis Nippon Life Insurance Company Nippon Life X Open Innovation FY18 FY19 FY20 FY21 FY22 Customers Operational Efficiency A Upgrade and optimize existing business - - - Utilize Robotic Process Automation, OCR, Al etc. Start demonstration experiment of utilizing ChatGPT Hanasaku Life Insurance Co., Ltd. Nissay Plus SSI Company Inc. Promote new businesses Established Hanasaku Life (2018-) and Nissay Plus SSI (2022-) - Start digital and direct channel Digital Channel Innovation Investment Facility by Nippon Life X (\bn) 55 30 10 FY2018 FY2019 FY2022 Established "Nippon Life X" (2018-) - Invest in startups and VCs which own advanced technology - Support in utilization of advanced technology to each business 15#16Sustainability Management of Nippon Life Group NISSAY Nippon Life Insurance Company We aim to increase our corporate value by contributing to building a safe, secure, and sustainable world in all corporate activities throughout the entire value chain Field Sustainability priority issues 1 Providing reassurance and security for life People 2 Supporting future generations to be filled with hope ③ Respecting DE&I and human rights Community Supporting to create vibrant local communities Initiatives Providing insurance products and services Healthcare (Wellness) business Provide health data analytics service and expand illness prevention service Childcare and senior support business Expand daycare introduction services etc. Environment ⑤Passing on the indispensable Earth to the future Management¦ foundation supporting the above 1 + Compliance, Risk management, Corporate governance, Human capital Initiatives in business activities ESG investment and financing (Reference) PRI¹ in Person 2023 We are the first lead-sponsor as an insurance company in "PRI in Person 2023", a conference for investment industry stakeholders focused on responsible investing, which was held in Tokyo on 3-5 October for the first time 1. Principles for Responsible Investment 16#17Diversified Business Profile with Global Business and AM Business NISSAY Nippon Life Insurance Company#18NISSAY Nippon Life Insurance Company Global and Asset Management Businesses The global business and asset management business are key drivers of our revenue source diversification, although their contribution to entire core operating profit is still small We continue to pursue additional revenue contribution from growing global market and asset management space Group Core Operating Profit¹ Domestic Insurance Business 91% Global Insurance Business (Group Core Operating Profit²) (\bn) 11.8 MLC Others 14.8 10.7 Overseas Insurance Business 3% 8.6 8.0 1.8 5.3 4.7 Asset Management 6.2 6.4 5.8 6.8 4.0 2.3 4.4 6.0 Business 6% (8.7) (2.5) (2.8) (24.3) MLC has recovered from deficit due to i increased payments FY2022 FY2018 (\bn) (20.3) ! in income protection insurance FY2019 FY2020 FY2021 FY2022 FY2022 FY2023 Apr-Sep Apr-Sep Asset Management Business (Group Core Operating Profit²) ■Nissay Asset Management NAM India 3 Others 32.5 31.4 27.3 6.1 4.0 21.6 22.8 1.5 4.5 5.1 9.4 11.1 16.0 11.6 13.3 0.8 4.8 4.6 0.1 5.3 7.8 16.9 16.2 12.4 13.0 14.2 7.8 7.3 FY2018 FY2019 FY2020 FY2021 FY2022 FY2022 FY2023 Apr-Sep Apr-Sep Figures are Nippon Life, Taiju Life, Nippon Wealth Life, Hanasaku Life's core operating profits, global life insurance subsidiaries and affiliates along with domestic / global asset management businesses' total pre-tax net income multiplied by our share ownership adjusting factors such as exclusion of interest rate fluctuation, including global life insurance subsidiaries and affiliates Group core operating profit represents total pre-tax net income multiplied by our share ownership adjusting factors such as exclusion of interest rate fluctuation, including global life insurance subsidiaries and affiliates 1. 2. 3. Nippon Life India Asset Management 18#19Strategies of Global Insurance Business NISSAY Nippon Life Insurance Company We plan to further strengthen the existing businesses and enhance earnings by supporting each company's management strategy, expanding profitability of the existing businesses while considering new investments in advanced economies such as Resolution Life Major Global Subsidiaries and Affiliates Percentages indicate voting rights held: majority investment shown in blue Resolution Life1 (22%) Great Wall Changsheng Life Insurance Co., Ltd. (29%) Grand Guardian Nippon Life Insurance Co., Ltd. (35%) Strengthen sales by establishing a main channel to grasp market growth and product development Bangkok Life Assurance Limited (24%) Further strengthen bancassurance channels and expand agency channels Nippon Life Insurance Company of America (97%) Enhance business strategies by product and initiatives for further customer satisfaction Reliance Nippon Life Insurance Company Limited (49%) PT Asuransi Jiwa Sequis Life (20%²) MLC Limited (80%) Expand Profitability of the Existing Business MLC Realize stable and expanding earnings by steadily pursing the three-year management plan Sequis Life Expand production through growth in agency channel Reliance Nippon Life Expand production and improve earnings by strengthening the in-house channel Great Wall Changsheng Life Improve productions and earnings while realizing financial soundness by shifting into protection-type products New Investment Mainly in Advanced Economies Resolution Life Capture active and growing market with global liability management platforms Additional investment has been completed; Resolution Life joined our group as its consequence in October 2023. ■New projects expected with additional capital Improved investment capabilities through collaboration with Blackstone 1. 2. Resolution Life is a global insurance group focusing on the acquisition and management of life insurance policies, which is expected to become affiliate after additional investment The percentage of voting rights shown is that held by our equity-method affiliate, PT Sequis 19#20Strategies of Asset Management Business NISSAY Nippon Life Insurance Company We have advanced our asset management business with the aim to strengthen life insurance investment capabilities and capture asset-accumulation needs, which cannot be covered by life insurance products NISSAY Life insurance business Nippon Wealth Life Domestic and foreign group companies Nippon Life Insurance Company TAIJU LIFE INSURANCE ■ Transferred in Mar 2021 Transferred in Mar 2022 Transferred outsourced portion in May 2023 Transfer and enhance credit and alternative investment capabilities Contribute to strengthening life insurance investment capabilities Domestic asset management business NISSAY ASSET MANAGEMENT Assets on deposit (approx.): ¥13.2trn Foreign asset management businesses ¥34.0 trn Promote collaboration TCW Nippon Life india Asset Management Ltd Providing investment products / personnel exchange, etc. (As of Mar 2020) (As of Mar 2023) Capture asset-accumulation needs Domestic and global asset management market Post Advisory Group 20 20#21High Investment Capabilities with Prudent and Flexible ALM Strategy NISSAY Nippon Life Insurance Company#22Overview of Strengthening Investment Capabilities NISSAY Nippon Life Insurance Company We are flexible on asset allocation and are focusing on strengthening investment capabilities in order to maximize risk-return efficiency Strengthening ESG investment and finance is also what we are working on. We have started more detailed disclosures on engagement outcomes this year. Strengthen Investment Capabilities Strategic Asset Allocation (Mid- to Long-term) Reduce the amount of investment risk, improve risk-return efficiency of investment portfolio Extend the duration of yen-based interest rates assets (reduce yen-based interest risk) Accumulate credit and alternative assets ✓ Tactical Asset Allocation (Short-term) Enhance profits and control losses by capturing market fluctuations Keep underweight of the currency hedged foreign bonds due to the high hedge cost Decreasing unhedged foreign bonds due to the risk of JPY appreciation Nippon Life Investment and finance Important issues Dialogues Opinions - Integrate ESG factors into investment decisions for all assets (engagement) More focus on E&S - Expanded target for themed investment and finance / decarbonization Dialogues Provide funds Communication International initiatives Participation in various initiatives - Lead sponsor for annual PRI conference held in Oct 2023 (first insurance company globally) Principles for Responsible Investment TCFD Partnership for Carbon Accounting Financials TASK FORCE CUMATE-RELATED FINANCIAL Taskforce on Nature-related Financial Disclosures PRI Information PCAF Asset Allocation ESG Investment Investee companies Improve corporate value Expand policyholders' profits with improved investment earnings 1. Environment and society Solve E&S¹-related issues Solve E&S related issues X through engagement outcome² creation 2. Quantitative impact of our investment and finance on the environment and society We published "Enhancement of ESG investment and finance" on Aug 7, 2023 and constantly working on various initiatives 22 22#23Solid Asset Management NISSAY Nippon Life Insurance Company In order to fulfill our long-term responsibility as an insurer and to return dividends to our policyholders, our general account portfolio mainly consists of yen-denominated interest-bearing assets, while adding diversification for stable returns We have been strengthening our risk control capabilities by maintaining a high-quality bond portfolio and utilizing derivative financial instruments for risk hedging General Account Portfolio Breakdown (Market Value) General Account Portfolio Trend (Market Value)1 (non-consolidated) (\trn) (non-consolidated) Domestic real estate Yen-denominated Interest-bearing Assets Loans Approx. 70% 80 Domestic stocks Foreign Currency-denominated 70 Assets Approx. 25% Foreign stocks Jun-2023 Non-hedged foreign bonds Yen-denominated A Hedged foreign bonds bonds FX Hedged (Including currency FX Hedged Ratio 822322 2% 2% 2% 14% 15% 14% 60 6% 6% 5% 7% 8% 50 9% 5% (4pt) 8% Domestic real estate Domestic stocks Foreign stocks -- Non-hedged foreign bonds -- Hedged foreign bonds 40 30 20 53% 51% 57% (+4pt) (Including currency Yen-denominated bonds swapped foreign bonds, :) 10 swapped foreign bonds, to Foreign Currency 10% 10% -denominated Assets Approx. 20% 0 Mar-2021 Mar-2022 10% Mar-2023 Loans Interest notional amount Stock notional amount Breakdown of Derivatives for Hedging Purposes (non-consolidated) % of total assets (right axis) FX forward (left axis) Currency (FX forward) FX swaps I $: Approx. 70% FX options (\trn) €: Approx.20% 20 15 10 LO 5 Breakdown of Bonds by Credit Rating 2,3 Others 1.8% AAA 4.4% BBB 25% 28.3% 20% AA 37.3% 15% 10% 5% 0% A 28.2% Mar-2023 (non-consolidated) 0 1. 2. 3. Mar-2019 Mar-2020 Mar-2021 Mar-2022 Breakdown calculated on a managerial accounting basis As of March 31, 2023 Excluding investment in JGBs. These credit ratings are based on our internal credit rating policy: we decide the credit ratings in accordance with the following priority rule (but rule (b) only applies to the residents); (a) Long term ratings; (b) Lower ratings between R&I and JCR; (c) Lower ratings between S&P and Moody's; (d) Fitch rating if there's no ratings of R&I, JCR, S&P nor Moody's 23#24Enhancing Investment Returns NISSAY Nippon Life Insurance Company Implement flexible portfolio management considering market trends in anticipation that hedging costs will remain high; investment in and replacement of ultra long-term JGBs corresponding to interest rate levels, investment in foreign corporate bonds which is swapped to yen taking into account the hedge cost and yen-dominated corporate bonds Yen-denominated Interest Bearing Assets FY2022 Results Senior Loans Increase Flat Domestic Investment Strategy by Asset Class (Policy in FY2023) Increase Increase Bonds etc. Hedged Foreign Bonds Decrease Flat Non-hedged Foreign Bonds Decrease - Flat Decrease Plan to conduct preferred lending considering spread levels, etc. Leverage "Nissay Green Loan", which supports decarbonization Plan to invest in ultra long-term JGBs while observing interest rate levels Plan to secure investment yield through investment in currency swapped foreign corporate bonds and yen-denominated corporate bonds While selectively sell low yield bonds, plan to selectively invest in foreign corporate bonds etc. which provides reasonable yield from a medium to long-term perspective Flexibly control overall exposure to FX risks while monitoring the levels of interest rates and FX rates Other Asset Classes Domestic and Foreign Stocks etc. Domestic Real Estate Increase Increase Flat Flat Plan to increase investment in foreign stocks and alternative assets Maintain exposure flat for domestic stocks Invest in renewals of existing properties and acquire new superior properties 24#25Securing Positive Yields. NISSAY We have historically achieved positive investments spread though the latest figure decreased due mainly to increased hedging costs In addition to our investment strategy, we have controlled the guaranteed interest rate of some products to maintain a positive spread against the average assumed yield 3.50% 3.00% 2.50% Investment Spread¹ - Investment return on core operating profit Average assumed yield 2.59% Nippon Life Insurance Company Guaranteed Interest Rate of New Business 23 (non-consolidated) (non-consolidated) 3% 2.90% Level premium protection type product -Level premium saving type product Single premium whole life product 2.15% 2% 1.65% 2.29% 2.28% 2.26% 2.00% 2.13% 2.05% 1.95% 1% 1.83% 1.50% 0.00% FY2019 FY2020 Guaranteed interest rate for group annuities was lowered from 1.25% to 0.50% in policies in force from April 2023 FY2021 • Lowered from April 2022 in level premium saving type product ⚫. Raised from Jan 2023 in single premium whole life product 0% FY2022 FY1998 FY2003 FY2008 FY2013 FY2018 FY2023 - 23 1. 2. Investment spread (negative spread) = (investment return on core operating profit - average assumed yield) x general account policy reserves; non-consolidated basis Until the end of FY2016, the guaranteed interest rate of level premium products were the same 3. For the period from FY2014 to FY2017, the average assumed interest rates with different coverage periods are shown. 0.85% 0.60% 0.60% 25#26NISSAY Nippon Life Insurance Company Robust Capital Base under Disciplined ERM#27Maintain Financial Soundness and High Credit Ratings NISSAY Nippon Life Insurance Company We have been accumulating our group capital consistently and we receive top-tier credit ratings from major rating agencies We will maintain financial soundness and robust capital base under disciplined risk management Our domestic solvency margin ratio stands out among the domestic peers Accumulation of Group Capital¹ Credit Ratings (As of Nov 30, 2023) Subordinated debts (consolidated) (\trn) Foundation funds / Reserve for redemption of foundation funds Reserves and other items Global Rating Agency Domestic Rating Agency 10 S&P Moody's R&I JCR 8.3 8.4 9.0 7.9 8 7.2 6.9 A+ A1 AA AA+ 6 (Stable) (Stable) (Positive) (Stable) + 2 0 Mar-2019 Mar-2020 Mar-2021 Mar-2022 Mar-2023 Mar-2024 (Reference) JGB A+ A1 (Stable) (Stable) AA+ (Stable) AAA (Stable) Group Solvency Margin Ratio ESR2 (consolidated) 1,120.3% 1,047.5% 1,075.0% 1,073.2% 997.3% 1,034.9% (based on internal models) 244% 240% Regulatory requirement 200% Mar-2019 Mar-2020 Mar-2021 Mar-2022 Mar-2023 Sep-2023 Mar-2023 Sep-2023 Source: Company disclosure 1. 2. Capital is the sum of foundation funds ("kikin"), reserves and other items (foundation funds and the reserve for redemption of foundation funds, which are included in the balance sheets in the net assets section, with the contingency reserve and reserve for price fluctuations included in the liabilities section) and subordinated debt Group basis. Economic value-based solvency ratios measure the solvency of an insurance company based on the economic value of its assets and liabilities and can be valuable in assessing an insurance company's specific risk profile. We refer to our internal economic value-based solvency ratio as ESR. ESR is a solvency indicator valuing assets and liabilities based on a fair value (mark- to market) basis. Indicates economic capital relative to the risk amount under a certain stress scenario. We have developed an internal model used to calculate ESR on a voluntary basis to monitor our financial soundness and to supplement our solvency margin ratio, which is prepared in accordance with Japanese regulations. Solvency margin ratio is not calculated based on economic value of the business of life insurance companies, which are characterized by the fact that most of the policies written are long-term contracts. Our current ESR framework may differ materially from any economic value-based solvency framework that may be formally implemented in Japan in the future, and we may revise our ESR framework in response to future regulatory changes 27