Investor Presentaiton
(\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.
13View entire presentation