Japan Post Insurance : Summary of Consolidated Financial Results for the Three Months Ended June 30, 2021

UNOFFICIAL TRANSLATION

Although the Company pays close attention to provide English translation of the information disclosed in

Japanese, the Japanese original prevails over its English translation in the case of any discrepancy.

Summary of Consolidated Financial Results for the Three Months Ended June 30, 2021 [Under Japanese GAAP]

	August 11, 2021
Company Name: JAPAN POST INSURANCE Co., Ltd.	Stock exchange listing: Tokyo Stock Exchange
Code Number: 7181	URL: https://www.jp-life.japanpost.jp/
Representative: SENDA Tetsuya, Director and President, CEO, Representative Executive Officer
Scheduled date of filing quarterly securities report: August 11, 2021
Scheduled date of commencing dividend payments: -

Availability of supplementary briefing materials on quarterly financial results: Available

Schedule of quarterly financial results briefing session: Scheduled (for institutional investors and analysts) (Amounts of less than one million yen are rounded down.)

1. Consolidated Financial Results for the Three Months Ended June 30, 2021 (April 1, 2021 to June 30, 2021)

(1) Consolidated Results of Operations			(% indicates changes from the previous corresponding period.)
				Ordinary income		Ordinary profit		Net income attributable to
						Japan Post Insurance
Three months ended		Million yen	%			Million yen	%	Million yen	%
1,665,111	(1.8)		92,077		31.6		41,215	(11.8)
June 30, 2021
Three months ended			1,696,390	(6.7)		69,956		24.9		46,729	38.3
June 30, 2020
(Note) Comprehensive Income (Loss) Three months ended June 30, 2021	¥136,315 million	[(69.5)%]
				Three months ended June 30, 2020	¥446,822 million	[367.0%]
			Net income per share		Diluted net income
				per share
Three months ended			Yen				Yen
		84.75					-
June 30, 2021
Three months ended				83.09					-
June 30, 2020
(Note) Diluted net income per share is not presented as potential common stock did not exist.
(2) Consolidated Financial Position
				Total assets		Net assets		Equity ratio
As of June 30, 2021			Million yen		Million yen			%
		68,829,525	2,576,163			3.7
As of March 31, 2021			70,172,982		2,841,475			4.0

(Reference) Net assets attributable to the Company's shareholders as of June 30, 2021 and March 31, 2021 were ¥2,576,163 million and ¥2,841,475 million, respectively.

2. Dividends

Annual dividends

1st

2nd

3rd

Fiscal year-

Annual

quarter-end

quarter-end

quarter-end

end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2021

-

0.00

-

76.00

76.00

Fiscal year ending March 31, 2022

-

Fiscal year ending March 31, 2022

45.00

-

45.00

90.00

(Forecast)

(Note) Revisions to the most recently

announced dividend forecast: No

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022 (April 1, 2021 to March 31, 2022)

(% indicates changes from the previous corresponding period.)

	Ordinary income	Ordinary profit	Net income attributable	Net income
	to Japan Post Insurance	per share
	Million yen	%	Million yen	%	Million yen	%	Yen
Full year	6,380,000	(6.0)	290,000	(16.1)	118,000	(29.0)	280.06

(Note 1) Revisions to the most recently announced financial results forecast: No

(Note 2) The Company resolved matters related to the cancellation of its treasury stock at the Board of Directors meeting held on July 28, 2021. "Net income per share" under the Consolidated Financial Results Forecast reflects the expected effects of the cancellation of treasury stock. For details, please refer to "2. Unaudited Consolidated Financial Statements and Principal Notes, (3) Notes to the Consolidated Financial Statements, (Subsequent Events)" on page 6 of the Appendix.

* Notes:

1. Changes in significant subsidiaries during the period (changes in specified subsidiaries accompanying change in scope of consolidation): No
2. Adoption of special accounting methods in the preparation of quarterly consolidated financial statements: No
3. Changes in accounting policies, changes in accounting estimates and retrospective restatement
4. 1. Changes in accounting policies due to the revision of accounting standards: Yes
   2. Changes in accounting policies other than 1) above: No
   3. Changes in accounting estimates: No
   4. Retrospective restatement: No

(Note)	For details, please refer to the "1. Mattes Related to Summary Information (Notes)" on page 2 of
	the Appendix.

1. Total number of shares issued (common stock)
2. 1. Total number of shares issued at the end of the period: June 30, 2021: 562,600,000 shares
      March 31, 2021: 562,600,000 shares
   2. Total number of treasury stock at the end of the period: June 30, 2021: 163,068,450 shares
      March 31, 2021: 167,350 shares
   3. Average number of shares during the period:

Three months ended June 30, 2021: 486,295,561 shares

Three months ended June 30, 2020: 562,422,000 shares

(Note)	Total number of treasury stock at the end of the period includes shares of the Company held in the
	Board Benefit Trust (BBT), namely 151,000 shares as of June 30, 2021, and 156,200 shares as of
	March 31, 2021.
	The average number of treasury stock held in the BBT (152,300 shares for the three months ended
	June 30, 2021 and 166,900 shares for the three months ended June 30, 2020) was deducted from the
	calculation of the average number of shares during the three months ended June 30, 2021 and 2020.

• The summary of quarterly consolidated financial results is outside the scope of quarterly review by certified public accountants or audit corporations.
• Explanation on the appropriate use of financial results forecasts, and other notes

(Cautionary note concerning forward-looking statements)

The financial results forecasts and other forward-looking statements herein are based on certain assumptions deemed reasonable by the Company at the time of this document's disclosure. Please note that actual results may differ from the forecast figures due to various factors including changes in the operating environment.

(Supplementary briefing materials on financial results)

The Company has prepared supplementary briefing materials, etc. in relation to financial information, which can be viewed on the Company's website.

	JAPAN POST INSURANCE Co., Ltd.
Table of Contents of Appendix
1. Matters Related to Summary Information (Notes)………………………………………………………………...2
Changes in Accounting Policies, Changes in Accounting Estimates, and Retrospective Restatements .................	2
2. Unaudited Consolidated Financial Statements and Principal Notes.......................................................................	3
(1)	Consolidated Balance Sheets ...........................................................................................................................	3
(2)	Consolidated Statements of Income and Consolidated Statements of Comprehensive Income ......................	4
(3)	Notes to the Consolidated Financial Statements..............................................................................................	6
(Notes on Going-Concern Assumption) .............................................................................................................	6
(Notes on Significant Changes in Shareholders' Equity)....................................................................................	6
(Subsequent Events) ...........................................................................................................................................	6

1

JAPAN POST INSURANCE Co., Ltd.

1. Matters Related to Summary Information (Notes)

Changes in Accounting Policies, Changes in Accounting Estimates, and Retrospective Restatements (Changes in Accounting Policies due to the Revision of Accounting Standards)

The Company has applied the "Accounting Standard for Fair Value Measurement" (Accounting Standards Board of Japan ("ASBJ") Statement No. 30, July 4, 2019; hereinafter referred to as "Fair Value Measurement Accounting Standard"), etc. from the beginning of the first quarter of the fiscal year ending March 31, 2022. In accordance with the transitional treatment set forth in Paragraph 19 of the Fair Value Measurement Accounting Standard and Paragraph 44-2 of the "Accounting Standard for Financial Instruments" (ASBJ Statement No. 10, July 4, 2019), the Company decided to apply a new accounting policy prescribed in the Fair Value Measurement Accounting Standard, etc. into the future. Accordingly, while the fair value method based on the average market price over the month preceding the quarterly consolidated balance sheet date was previously adopted for stocks with market price included in available-for-sale securities, from the first quarter of the fiscal year ending March 31, 2022, the fair value method based on the market price as of the quarterly consolidated balance sheet date is adopted.

2