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Investor Presentation Investor Presentation February 2020 Sumitomo Life at a Glance Company Overview Group Overview6 Established: May 1907 Life Insurance Insurance Outlets 1 Key Figures – 1H FY2019 (as of Sep. 2019) Medicare Life c Insurance Premium income: JPY 1.25tn (USD 11.6bn) i t Sells simple and affordable (JPY 2.60tn in FY2018) es products through banks and m outlets Core business profit2: JPY 202.7bn (USD 1.8bn) o Izumi Life Designers / D 100% subsidiary (JPY 398.1bn in FY2018) INSURANCE DESIGN / Small-amount and Short-term Agent / Mycommunication Total assets: JPY 38.8tn (USD 360.0bn) Insurance AIARU Small Amount Also sell other insurers’ & Short Term Insurance products Annualized premiums from JPY 2.78tn (USD 25.8bn) Ownership: 100% / 95% / policies in force3: Owns 97% of the shares 49.8% / 43% Solvency margin ratio: 991.6% U.S. China Embedded value4 (EEV) : JPY 3.68tn (USD 34.1bn) Symetra Financial Corp PICC Life Number of sales 32,287 Life insurance group Life insurance JV with operating businesses PICC representatives: s across the U.S. Owns 10% of the 100% subsidiary since shares Insurer financial strength A+ [S&P], A1 [Moody’s], sea r rating5: AA- [R&I], AA- [JCR], A+ [Fitch] e February 2016 v O Vietnam Indonesia Singapore Source: Company disclosure Baoviet Holdings PT BNI Life Singapore Life 1. Consolidated figures. USD amount in parenthesis in this presentation (except as otherwise stated) are The largest financial / JV with BNI, a national Emerging company, translated from JPY using USD1 = JPY107.92, as of September 30, 2019. insurance group in bank harnessing cutting- 2. Adjusted core business profit of the group (see page 5 for details) Vietnam Owns 39.9% of the edge technology 3. Figures for individual life and individual annuity for domestic business (see page 4 for details) Owns 22.09% of the shares Owns 25.1% of the 4. Combined figures of Sumitomo Life’s EEV, Medicare Life’s EEV and Symetra’s EEV (see page 6 for details) shares shares 5. As of October 31, 2019. The rating from Fitch is based on public information 6. As of December 31, 2019 on ownership 1 Key Highlights ◇ 1H FY2019 Results Annualized premiums from policies in force and annualized premiums ・・・ P.4 from new policies remained at a stable level Core business profit remained at approximately the same level as ・・・ P.5 1H FY2018 EEV remained mostly unchanged from the end of the previous fiscal year ・・・ P.6 due to negative impacts from lower domestic interest rate, despite the positive results of the insurance business Established a strong capital base consisting mainly of internal reserves ・・・ P.31 and surplus 2 Ⅰ. 1H FY2019 Business Results Operating Performance Annualized premiums (AP) from policies in force remained at a stable level. AP from new policies increased 3.5% from 1H FY2018. Annualized Premiums from Policies in Force1 Annualized Premiums from New Policies1 (Group) (Group) JPY bn JPY bn 3,000 2,789.5 316.4 300 2,739.4 2,783.2 2,782.4 (USD 25.8bn) 57.2 2,583.5 250 419.7 419.4 435.1 215.0 2,500 387.0 (USD 4.0bn) 209.9 368.4 200 173.5 113.6 75.9 77.0 (USD 1.0bn) 150 211.4 (Increased 3.5% 2,000 from 1H FY2018) 100 129.9 86.6 81.8 51.1 50 39.8 1,500 43.6 47.8 52.4 51.0 1,799.3 1,790.4 1,779.1 1,766.6 0 22.6 1,679.6 (USD 16.3bn) FY15 FY16 FY17 FY18 FY19 1H 1,000 Third sector Excl. third sector Overseas (Symetra) Persistency Rate2 (Non-consolidated) % 500 583.8 535.4 552.9 573.0 587.7 100 13th month (USD 5.4bn) 96.0 96.4 96.5 96.2 95 93.3 0 Mar 16 Mar 17 Mar 18 Mar 19 Sep 19 92.7 90 91.8 92.0 92.6 92.2 Third sector Excl. third sector Overseas (Symetra) 25th month 85 1. Figures for domestic business (Third sector + Excl. third sector) are individual life and individual annuity Timing Mar 16 Mar 17 Mar 18 Mar 19 Sep 19 Figures for Symetra are included since February 2016 2. Figures are based on annualized premiums for products sold by sales representatives 4 Profit Trend Core business profit remained at approximately the same level as 1H FY2018. Core Business Profit (Group) Three Surplus Factors (Non-consolidated) JPY bn Group core business JPY bn profit1 397.6 400 400 63.7 21.7 363.6 34.7 333.0 350 38.4 309.0 300 300 250 312.8 Expense 202.6 200 309.5 10.1 savings (USD 1.8bn) 314.4 304.5 (USD 0.0bn) (Decreased 0.3%2) (Decreased 0.9 JPY bn2) 150 200 325.2 331.2 361.7 398.1 Mortality 147.9 gain 100 (USD 1.3bn) (Decreased 12.7 JPY bn2) 202.7 50 Interest (USD 1.8bn) 56.7 76.4 46.9 gain (Decreased 0.5%2) 64.2 (USD 0.4bn) 100 22.7 2 0 (Increased 10.2 JPY bn ) FY15 FY16 FY17 FY18 FY19 Adjusted group core business profit3 1H <Average Assumed Yield and Investment Yield4> 0 % (Non-consolidated) FY15 FY16 FY17 FY18 FY19 3.00 1H 2.57 2.55 1. Group core business profit is calculated by combining core business profit of Sumitomo Life and 2.44 2.41 Investment yield4 Medicare Life, and profit before tax of Symetra, Baoviet Holdings, BNI Life and PICC Life 2.50 attributable to Sumitomo Life’s equity stake in each company, with adjustments made to some internal transactions 2.46 2.17 2.10 2. Increase(Decrease) from 1H FY2018 2.30 Average assumed yield 2.00 3. Adjusted group core business profit indicates group core business profit excluding provision / reversal of standard policy reserve relating to variable annuities FY15 FY16 FY17 FY18 4. Related to core business profit 5 EEV Trend EEV remained mostly unchanged from the end of the previous fiscal year due to negative impacts from lower domestic interest rate, despite the positive results of the insurance business. EEV (Group) EEV Growth Factors JPY bn JPY bn 4,000 3,778.9 3,699.0 3,686.7 (USD 34.1bn) 4,000 3,523.8 Income from insurance Economic businesses variances 2,936.6 3,000 +164.2 (176.5) 3,500 <Reference: 10yr JGB Yield> 2,000 Mar 19 Sep 19 (0.095%) → (0.225%) 3,699.0 3,686.7 1,000 [(12.2)] 0 Mar 16 Mar 17 Mar 18 Mar 19 Sep 19 Mar 19 Sep 19 1. The ultimate forward rate (UFR) has been applied for EEV since March 2016 2. See “EEV (summary) as of September 30, 2019” on the website for details 6 Progress of Medium-Term Business Plan (2017-2019) Results as of Targets for Items September 2019 March 2020 Corporate Value (EEV) JPY 3,919.8bn JPY 4,481.2bn (3-year RoEV +19.0%) Annualized premiums JPY 2,354.4bn JPY 2,371.0bn from policies in force (3-year growth rate +0.8%) Of which, third sector JPY 587.7bn JPY 596.4bn (3-year growth rate +7.9%) Note: Total of Sumitomo Life and Medicare Life Corporate value AP from policies in force Target AP from policies in force (EEV) Target for Third sector Target JPY bn JPY4,,481481.2.2b n JPY bn JPY2,,371.0.0b n JPY596.4bn JPY bn 596.4 (USD 41.5bn) (USD 21.9bn) 2,363.5 2,363.0 (USD 5.5bn) 2,352.3 2,354.4 583.8 587.7 4,025.7 3,939.0 3,919.8 573.0 3,766.0 552.9 Mar 17 Mar 18 Mar 19 Sep 19 Mar 20 Mar 17 Mar 18 Mar 19 Sep 19 Mar 20 Mar 17 Mar 18 Mar 19 Sep 19 Mar 20 7 Ⅱ. Sumitomo Life Group’s Initiatives “Sumitomo Life Medium-Term Business Plan 2019” (2017-2019) Becoming a “recommended company” from our customers’ perspective, a “fulfilling company” from our employees’ perspective, and an “indispensable company” from the society’s perspective Framework of Medium-Term Business Plan (Overview) y Achieve the goal of becoming an “ideal life designer” for customers, by further raising quality and d g e n value t a a r r Embark on CSV (creating shared value) projects that creates shared value among customers, t B S society, the Company and its employees through initiatives centered around health Endeavor to expand and diversify earnings base in the four business areas below: S t Promote r a s Strengthen the sales and service s l f Life Designers t - o e e accurate i s structure g t r ea l r d i t l responses to c nn u h A e Responsively supply products and promote i a e Agencies such as I M changing n F h alliances with other financial institutions, etc. Fu v c Financial Institutions y ess t customer needs es i n t r & Insurance Outlets i u t o s i m r r e u e P B Heighten sophistication of asset management n r Asset Management t Risk-take utilizing Enhance corporate values of investees and s Fou capital effectively contribute to revenue Overseas Business Nurture human resources n o i t Customer Services Maintain and enhance quality of administration and services ess a n d i s u un Management Base Promote work style reforms, heighten sophistication of governance, o B F and advance ERM, etc.
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