I Underwriting Results

I Underwriting Results 1. ... (3.55 million, 22.8% of the total), followed by whole life insurance ... (1.38 million, 8.9%),...

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I

Underwriting Results

1.

Insurance Products for Individual1 (1) 

Individual Insurance New Policies

The number of new policies for individual insurance (including converted contracts) was 19.3 million (97.1% y/y), and the new policies amount2 (reflecting the net increase arising from the conversion) was 68,478billion yen (98.8% y/y). [Figure 1] Both the number and the amount of new policies decreased from the previous year in fiscal 2016 notwithstanding the increase trend over the several years supported by increased sales of medical insurance and whole life insurance. This turn-around reflects the negative developments such as suspended sales of single premium payment products due to the reduction in the standard assumed interest rate for such products following the further downward shift of the yield in the domestic investment market. By type of new policies for individual insurance (excluding converted contracts), medical insurance ranked top in number (3.55 million, 22.8% of the total), followed by whole life insurance (3.51 million, 22.5%), term insurance (2.16 million, 13.9%), cancer insurance (208 million, 13.4%), and endowment insurance (1.38 million, 8.9%), with the ranks switched between term insurance and cancer insurance from the previous year. [Figure 2] Of the total amount of new policies for individual insurance (excluding converted contracts), term insurance ranked top (35,977 billion yen, 48.9% of the total), followed by whole life insurance (14,377 billion yen, 19.5%), endowment insurance (5,194 billion yen, 7.1%), Juvenile insurance(1,781billion, 2.4%), variable insurance (1,558 billion, 2.1%), with Juvenile insurance moving up in the ranking. [Figure 3] 

Policies in Force

The number of policies in force for individual insurance was 167.72 million (104.8% y/y), and the amount of policies in force was 862,905 billion yen (100.5% y/y). [Figure 1] The number of policies in force increased for the ninth successive year. Despite the fact that the insured amount of policies in force had been decreasing due to the current trend of increasing medical protection while reducing death protection, it increased for the second successive year. As for the number of policies in force for individual insurance, whole life insurance ranked top (36.59 million, 21.8% of the total), followed by medical insurance (35.29 million, 21.0%), cancer insurance (23.90 million, 14.3%), term insurance (21.19 million, 12.6%), endowment insurance (13.89 million, 8.3%) and whole life insurance with term rider (9.85 million, 5.9%). [Figure 4] Of the total amount of policies in force for individual insurance, term insurance ranked top (268,940 billion yen, 31.2% of the total), followed by whole life insurance(176,659 billion yen, 20.5%), whole life insurance with term rider (120,368 billion yen, 13.9%), whole life insurance with variable accumulation rate (69,593 billion yen, 8.1%) and endowment insurance (45,407 billion yen, 5.3%). [Figure 5] 

Lapses and Surrenders

The amount3 and the ratio4 of lapses and surrenders for individual insurance were 48,415 billion yen (96.3% y/y) and 5.6% (down by 0.3 points from the previous year). [Figure 6] The amount and the ratio of lapses and surrenders decreased for the fifteenth successive year and eighth successive year, respectively.

1 The business result of individual insurance and individual annuity insurance includes those policies under which

policyholder is a corporate body and the insured is a member of the management (so-called "key person insurance"). 2 The amount of major protections such as a death protection. 3 Amount of lapses and surrenders = ( lapses + surrenders + total of decrease in amount of a policy) (reinstatements + total of increase in amount of a policy) 4 Ratio of lapses and surrenders = ( amount of lapses and surrenders / amount of policies in force at the beginning of fiscal year )* 100%

Figure 1: New Policies and Policies in Force for Individual Insurance (Number: million, Amount: billion yen Y/Y: %) Policies in Force Number Amount

New Policies Number

Amount Y/Y

Y/Y

Y/Y

Y/Y

2012

19.67

121.3

71,345

108.8

136.01

106.9

861,651

2013

18.99

96.5

66,836

93.7

143.88

105.8

857,540

99.6 99.5

2014

19.39

102.1

67,431

100.9

151.73

105.5

857,432

100.0

2015 2016

19.88 19.30

102.5 97.1

69,333 68,478

102.8 98.8

160.11 167.72

105.5 104.8

858,604 862,905

100.1 100.5

Below are figures excluding Japan Post Insurance

2012

17.47

124.0

64,829

109.2

126.14

105.8

833,170

98.9

2013

16.76

95.9

60,276

93.0

132.21

104.8

823,805

98.9

2014

17.01

101.5

60,428

100.3

138.19

104.5

818,273

99.3

2015

17.48

102.7

62,165

102.9

144.76

104.8

814,197

99.5

2016

16.86

96.4

60,631

97.5

150.57

104.0

812,807

99.8

Note: The number includes converted contracts, and amount reflects the net increase arising from the conversion.

Figure 2: Changes in Individual Insurance by Type (Number of New Policies) (million) 18.00 16.00 14.00 12.00 10.00 8.00 6.00

Others

14.89

14.40 0.62 0.56 1.39

0.71 0.64 1.42 3.64

4.00 2.00

3.87

Jevenile Insurance

15.85

15.59

1.13 0.84

1.54

Cancer Insurance

0.72

Medical Life Insurance

2.24

1.77

3.83

2.08

3.81

3.62

1.66 0.09

1.34 0.17

1.46 0.39

1.38 0.23

2.22 0.39 0.23

2.24 0.31 0.15

2.12 0.31 0.14

2.16 0.25 0.11

3.37

3.47

3.57

3.51

2013

2014

2015

2016

Endowment Insurance Variable Insurance

3.55

Term Insurance

1.74 0.06 2.14 0.34 0.28

15.05 0.73 1.01

Whole Life with Variable Accumulation Rate Whole Life with Term Rider Whole Life Insurance Note: Excluding converted contracts

0.00 2012

Figure 3: Changes in Individual Insurance by Type (Amount of New Policies) (trillion yen)

Others

80 73.2 70 60

9.9 1.3 5.6 0.4

50 40

67.7 0.01 0.2

10.4 1.2 5.3 0.6

73.2

69.9 0.01 0.2

10.6 2.2 4.6 1.0

0.02 0.2

12.5

12.3

2.0 4.9 2.4

0.02 1.7 0.1 5.1 1.5

31.4

10

Medical Insurance

0.1

Endowment Insurance

Term Insurance

29.0

31.0

31.8

35.9

3.6 2.4

2.9 1.6

2.4 1.2

1.3 0.8

17.4

14.5

15.2

15.5

14.3

2012

2013

2014

2015

2016

2.6 3.9

Cancer Insurance 0.02

Variable Insurance

30 20

Jevenile Insurance

73.6

0

Whole Life with Variable Accumulation Rate Whole Life with Term Rider Whole Life Insurance

Figure 4: Changes in Individual Insurance by Type (Number of Policies in Force) (million) 180.00

Others 160.11

160.00

151.73

143.88 136.01

140.00

8.07 6.03

8.09 5.88

120.00 100.00

Cancer Insurance

23.90

Medical Insurance

35.29

33.70

Variable Insurance

13.41 1.98

13.89 2.16

Term Insurance

18.44

19.89

21.19

7.07 10.99

6.75 10.41

6.45 9.85

12.29

7.51 11.66

Whole Life with Variable Accumulation Rate Whole Life with Term Rider While Life Insurance

26.42

29.01

31.51

34.10

36.59

2012

2013

2014

2015

2016

60.00

11.60 1.47 14.32

40.00

7.58

20.00

Jevenile Insurance

10.82 7.54

Endowment Insurance

31.94

29.98

27.78

80.00

23.14

21.97

21.16

20.54

9.54 7.15

8.63 6.65

167.72

12.84 1.63

12.38 1.51 16.52

0.00

Figure 5: Changes in Individual Insurance by Type (Amount of Policies in Force) (trillion yen) 1,000 861 800

145

13 2

38 10

600

4

204 400

139 40 10

13

141

2

42 11

4

220

112

200

857

857

237

862

858 14 2 4

143 43 12

15 2 4

Others

145

16 1

45 14

3

Jevenile Insurance Cancer Insurance Medical Insurance

252

268

Endowment Insurance Variable Insurance

104

91

80

69

194

174

154

136

120

135

146

157

167

176

2012

2013

2014

2015

2016

Term Insurance Whole Life with Variable Accumulation Rate Whole Life with Term Rider

0

Figure 6: Changes in Amount and Ratio of Lapses and Surrenders of Individual Insurance (billion yen) 100,000

6.6

6.2

6.1

5.9

(%) 7.0 5.6

80,000

6.0 5.0

60,000

4.0

40,000

3.0 56,927

20,000

53,676

52,471

50,296

48,415

2.0 1.0

0

0.0 2012

2013

2014

2015

2016