Investor Presentaiton

Overview 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

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