While individual insurance policies generate stable premium income over the whole term of each policy because future premiums are determined at the time of contract issue, the profitability per amount of coverage tends to be lower for GCL than for individual life, because premiums of GCL are reviewed annually according to the composition of the insured and recent claim experience.

In addition, while individual insurance policies incur expenses such as advertising and agency commissions when acquiring new policies, GCL does not incur such expenses because it is automatically added to the policy when the mortgage loan is concluded, such expenses are not loaded in the premium base.

By combining both businesses, which have different characteristics, we will continue to aim for higher growth and profitability.
 

We have cherished LIFENET Manifesto since business commencement in 2008. In the area of sustainability, we place importance on the concept of mutual support, which is the original purpose of life insurance.We aim toaiming to realize a sustainable society and improve corporate value, we have identified materialities (important issues) related to sustainability.

As an example of our most recent efforts, we have disclosed our performance in fiscal 2022 for “customer-oriented business conduct principles” and greenhouse gas emissions for the first time, and developed policies of human resources development and internal environmental improvement to maximize the potential of our employees.
In addition, we are working to further strengthen corporate governance, which is the foundation of management, by adopting new non-financial indicators for directors’ performance-linked compensation from this fiscal year.

sustainability

As our first group credit life insurance business since business commencement, we began offering group credit life insurance to au Jibun Bank mortgage loan borrowers from July, 2023.

The main feature of this insurance product is that it provides various types of diseases coverage in addition to death coverage, providing solid support for mortgage payments over the long term.
To this end, we will first strive to steadily grow our cooperation with au Jibun Bank, and in the medium term, we will also aim to expand the number of partner banks.
We disclose preliminary report of annualized premium of policies-in-force for group credit life in monthly disclosure.

In May 2024, Lifenet has formulated a new Management Policy, a five-year mid-term business plan from fiscal 2024 to fiscal 2028. Please see here for details.