We formulated a med-term plan for the 2024 to 2028 fiscal years and set three priority areas. Our company will update ourselves  to keep up with changes in the times and customer values by working on "Rebranding", and achieve further growth by becoming a brand that continues to be chosen by the younger generation.
 In addition, we will also focus on efforts from the perspective of "Tech & Services", such as utilizing IT services like AI and the Individual Number System to provide customers with innovative insurance services as an Internet service company for life insurance.

By taking advantage of our unique position as an independent company and the leading company in the online life insurance market and deeply embedd the insurance business into the ecosystem of our partner companies, we will also focus on the priority  area "Embedded". With a view to mid to long term growth in the future, in fiscal 2024, we will aim to expand our business on two business: the individual insurance business and cooperation with au Jibun Bank in the group credit life insurance business , and development of new partner banks.

See details of Challenges

We have disclosed our financial results and reporting in accordance with the current statutory accounting standards until fiscal 2022. However, due to the characteristics of the statutory accounting, it is difficult to accurately represent the actual mid- to long-term profitability of our business.

See details of Profit Structure under Current Statutory Accounting.

To address this issue, our adoption of IFRS 17 is intended to better present our periodic results and provide financial information that is more comparable internationally.  The application of IFRS will allow us to defer a portion of the cost for acquiring new business over the life insurance term, which will more appropriately represent the actual long-term profitability of life insurance compared to the  statutory accounting（J-GAAP）.

See details of Material for IFRS Study Meeting.

In order to ensure the future payment of insurance claims to our policyholders, most of our assets are invested in yen-denominated fixed income assets, such as public bonds and corporate bonds with high credit ratings.

In addition to domestic bonds, we also partially hold stocks and overseas public and corporate bonds, while keeping attention to the overall balance of assets. Going forward, we will aim to increase investment income under appropriate risk management and with consideration of the market environment.  
 

Lifenet calculates its surrender and lapse ratio annualizing the average monthly number of policies-in-force for a specific duration divided by the average monthly number of surrendered and lapsed policies during the same duration. Our surrender and lapse ratio has been around 6% to 7% since business commencement. 

Surrender and lapse of policies generally tend to occur from newer policies. Lifenet has a higher ratio of new policies in comparison to other life insurance companies as we have been in business for fewer years. Thus, it may be expected that we have a higher surrender and lapse ratio than other companies. 
We will continue to endeavor to improve this ratio by enriching customer services.