Investor Presentaiton
Solid 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
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