T&D : Non-consolidated Financial Statements and Sales Data (From the fiscal year ended March 2021) ("Data" was reposted on May 26, 2022)

Policy Result and others

Policy Result and others
(Millions of yen)
1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21
Policy Results(Note1):
Policy amount in force	17,559,724	17,193,222	16,665,717	16,278,405	15,782,487	15,417,611	14,893,279	14,527,568
Individual insurance	13,980,929	13,659,571	13,187,754	12,840,433	12,403,377	12,081,668	11,654,465	11,351,054
Individual annuities	3,578,795	3,533,651	3,477,962	3,437,972	3,379,109	3,335,942	3,238,814	3,176,514
New policy amount	85,548	162,802	188,351	243,585	42,521	89,534	121,069	179,669
Individual insurance	85,401	163,094	188,852	244,120	42,789	90,316	122,313	181,059
Individual annuities	147	(291)	(500)	(534)	(268)	(781)	(1,243)	(1,390)
Annualized premiums of policies in force	594,356	593,874	590,945	589,705	585,372	582,893	580,228	580,056
Individual insurance	302,020	304,377	304,940	306,085	305,743	306,629	304,790	305,664
Individual annuities	292,336	289,497	286,005	283,619	279,629	276,263	275,437	274,392
Protection -type(Note2)	152,473	153,937	154,581	155,429	155,819	156,617	156,518	157,989
Medical benefits, living benefits, and others	114,492	116,983	119,012	120,907	122,554	124,316	125,415	127,756
Annualized premiums of new policies	5,230	14,628	24,291	33,101	8,849	17,241	25,308	34,174
Individual insurance	5,223	14,633	24,304	33,116	8,867	17,278	25,364	34,234
Individual annuities	6	(4)	(12)	(15)	(17)	(36)	(55)	(59)
Protection -type(Note2)	2,952	7,733	12,648	17,272	4,744	9,223	13,805	19,265
Medical benefits, living benefits, and others	2,894	7,811	12,955	17,701	4,902	9,497	14,212	19,721
Surrender and lapse amount	232,177	447,686	706,336	941,331	259,845	469,332	709,707	915,627
Individual insurance	222,737	428,930	677,397	901,695	249,441	449,416	678,492	874,726
Individual annuities	9,439	18,756	28,939	39,635	10,403	19,916	31,214	40,900
Surrender and lapse rate (Policy amount-base)	5.15%	4.97%	5.23%	5.22%	6.39%	5.77%	5.81%	5,62%
Surrender and lapse annualized premius	3,464	6,817	10,992	14,981	4,356	8,242	13,109	17,356
Individual insurance	2,910	5,719	9,305	12,673	3,747	7,070	11,225	14,884
Individual annuities	553	1,098	1,686	2,307	609	1,171	1,884	2,472
Surrender and lapse rate (Annualized premiums-base)	2.31%	2.27%	2.44%	2.50%	2.95%	2.80%	2.96%	2.94%
Note1: The total of individual insurance and individual annuities. The new policy amount incudes net increase from conversions.
Note2: Performance indicator of Taiyo Life which is the sum of protection portion of the annualized premiums mainly excluding savings-type products.
Other Data:
Core profit (loss)	13,041	29,264	39,346	52,703	12,893	28,784	41,042	55,122
Positive Spread (Negative Spread)	5,082	14,042	20,181	29,547	7,990	19,164	28,350	42,901
Solvency margin ratio(%)	830.3%	828.4%	847.1%	852.8%	871.0%	846.3%	851.7%	734.2%

BS

Taiyo Life Unaudited Non-Consolidated Balance Sheet
(Millions of yen)
1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21
Assets:
Cash and deposits	464,630	382,226	355,795	406,604	492,446	585,176	476,433	392,593
Call loans	30,000	45,000	105,000	40,000	30,000	30,000	30,000	-
Monetary claims purchased	80,994	106,760	115,062	127,740	128,663	134,505	134,534	114,520
Securities	5,867,310	5,975,987	6,079,288	6,167,711	6,221,263	6,268,284	6,303,048	5,788,640
Government bonds	1,523,054	1,545,042	1,550,421	1,583,734	1,618,108	1,640,174	1,616,043	1,457,881
Municipal bonds	204,156	209,627	213,995	214,131	215,805	222,000	224,817	220,468
Corporate bonds	1,352,818	1,379,334	1,383,999	1,388,740	1,398,370	1,415,949	1,410,587	1,301,717
Domestic stocks	370,424	374,918	420,324	469,537	446,042	453,712	427,184	433,097
Foreign securities	2,297,995	2,347,230	2,392,559	2,388,754	2,420,137	2,411,285	2,499,686	2,246,632
Other securities	118,861	119,834	117,987	122,813	122,800	125,162	124,728	128,842
Loans	1,127,019	1,127,989	1,126,243	1,110,529	1,104,713	1,083,081	1,061,487	1,044,689
Policy loans	38,500	37,066	35,442	34,520	33,397	32,732	31,209	30,211
Commercial loans	1,088,518	1,090,923	1,090,801	1,076,009	1,071,315	1,050,348	1,030,277	1,014,477
Tangible fixed assets	233,161	232,855	233,089	233,814	233,039	231,449	231,270	232,234
Land	134,380	134,238	133,339	132,778	132,778	132,616	132,935	132,921
Buildings	95,067	94,085	93,234	96,195	95,626	94,381	93,251	94,134
Lease assets	2,150	1,976	1,981	2,192	2,009	1,835	1,874	1,926
Construction in progress	1,051	2,060	4,052	2,173	2,173	2,176	2,774	2,841
Other tangible fixed assets	511	494	481	474	452	438	432	411
Intangible fixed assets	12,066	11,703	11,327	10,989	11,356	11,248	11,053	10,889
Software	11,115	10,797	10,336	10,048	9,872	9,834	9,699	9,530
Lease assets	499	455	542	492	1,037	968	909	916
Other intangible fixed assets	450	449	448	447	446	445	444	443
Reinsurance receivable	15	97	110	48	62	12	25	188
Other assets	46,463	49,297	61,122	137,951	52,783	49,509	45,494	105,688
Accounts receivable	2,744	4,595	11,002	86,517	6,135	5,544	4,287	30,997
Prepaid expenses	6,680	5,294	4,894	3,748	7,390	5,975	5,175	3,565
Accrued income	27,264	26,639	27,930	29,395	26,035	26,686	26,929	27,820
Deposit for rent	558	562	562	564	566	568	567	570
Variation margins of futures markets	-	-	-	-	-	-	-	-
Initial margins of futures markets	-	-	-	-	-	-	-	-
Derivatives	4,470	11,411	13,252	977	5,579	3,869	2,137	287
Cash collateral paid for financial instruments	3,823	-	2,671	15,787	6,151	6,050	5,596	41,577
Suspense payments	305	178	186	334	282	168	146	188
Other assets	616	615	622	626	641	646	654	680
Prepaid pension cost	223	664	1,393	1,851	2,330	2,599	3,075	2,851
Deferred tax assets	1,713	502	-	-	-	-	-	2,694
Reserve for possible loan losses	(1,732)	(1,801)	(1,867)	(1,866)	(1,938)	(1,972)	(2,006)	(1,718)
Total assets	7,861,866	7,931,284	8,086,564	8,235,372	8,274,721	8,393,896	8,294,415	7,693,272
Liabilities:
Policy reserves	6,575,316	6,617,196	6,622,688	6,654,572	6,658,891	6,687,737	6,595,900	6,001,168
Reserve for outstanding claims	20,305	20,073	20,434	20,727	19,443	19,850	20,566	22,375
Policy reserve	6,530,192	6,572,129	6,576,281	6,609,420	6,615,235	6,643,229	6,549,975	5,954,916
Reserve for policyholder dividends	24,817	24,993	25,973	24,425	24,212	24,656	25,358	23,875
Reinsurance payable	150	45	153	47	122	36	117	640
Bonds	37,000	37,000	37,000	37,000	37,000	37,000	37,000	37,000
Other liabilities	668,776	690,299	780,687	836,574	872,430	954,936	980,473	1,157,191
Payables under securities lending transactions	553,752	571,571	659,912	656,183	750,309	831,123	863,630	970,787
Borrowings	63,000	63,000	63,000	63,000	63,000	63,000	63,000	63,000
Income taxes payable	249	432	314	252	221	395	298	31
Accounts payable	4,111	4,984	13,890	32,793	6,344	6,140	2,686	1,875
Accrued expenses	7,626	10,630	8,632	11,370	8,889	10,956	8,711	11,710
Unearned income	959	1,049	1,047	1,043	1,028	996	1,002	974
Deposit received	4,183	633	1,777	622	5,717	577	1,821	564
Guarantee deposits	8,608	8,559	8,636	8,901	8,914	8,938	8,880	8,948
Derivatives	20,207	8,294	10,477	58,608	23,456	28,182	26,228	95,595
Cash collateral received for financial instruments	1,730	17,039	8,927	99	197	482	-	-
Lease obligations	2,931	2,695	2,801	2,985	3,389	3,125	3,109	3,174
Suspense receipts	1,413	1,406	1,267	710	959	1,014	1,099	525
Other liabilities	3	3	3	3	3	3	3	3
Provision for bonuses to directors and audit & supervisory board members	30	60	90	120	30	61	92	123
Provision for employees' retirement benefits	19,444	19,505	19,523	19,431	19,470	19,587	19,614	19,838
Reserve for directors' and corporate auditors' retirement benefits	-	-	-	-	-	-	-	-
Reserves under the special laws	124,707	125,673	126,643	127,615	128,578	129,551	130,584	131,356
Reserve for price fluctuations	124,707	125,673	126,643	127,615	128,578	129,551	130,584	131,356
Deferred tax liabilities	-	-	14,132	29,013	32,605	33,088	28,508	-
Deferred tax liabilities on land revaluation	4,899	4,862	4,616	4,505	4,505	4,500	4,492	4,488
Total liabilities	7,430,325	7,494,644	7,605,535	7,708,881	7,753,635	7,866,501	7,796,785	7,351,808
Net assets:
Capital stock	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500
Capital surplus	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500
Capital reserve	62,500	62,500	62,500	62,500	62,500	62,500	62,500	62,500
Retained earnings	171,006	174,862	179,429	177,568	162,883	167,010	149,184	61,925
Other retained earnings	171,006	174,862	179,429	177,568	162,883	167,010	149,184	61,925
Provision for advanced depreciation on real estate	462	458	453	449	445	441	437	431
General reserve	60,000	60,000	60,000	60,000	60,000	60,000	60,000	60,000
Unappropriated retained earnings	110,543	114,403	118,975	117,119	102,437	106,569	88,746	1,493
Total shareholders' equity	296,006	299,862	304,429	302,568	287,883	292,010	274,184	186,925
Valuation difference on available-for-sale securities	172,351	173,650	214,067	261,622	270,863	273,019	261,064	192,129
Deferred gains (losses) on hedging instruments	(2,796)	(2,757)	(2,719)	(2,681)	(2,642)	(2,604)	(2,566)	(2,527)
Revaluation reserve for land	(34,020)	(34,114)	(34,748)	(35,018)	(35,018)	(35,030)	(35,051)	(35,062)
Total valuation and translation adjustments	135,534	136,778	176,599	223,923	233,202	235,384	223,446	154,538
Total net assets	431,540	436,640	481,028	526,491	521,085	527,394	497,630	341,464
Total liabilities and net assets	7,861,866	7,931,284	8,086,564	8,235,372	8,274,721	8,393,896	8,294,415	7,693,272
(Note1) The above figures are calculated based on the accounting standards for each fiscal year.

PL

Taiyo Life Unaudited Non-Consolidated Statement of Operation
(Millions of yen)
1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21
Ordinary revenues	225,105	392,308	592,529	797,301	216,971	406,199	651,947	1,439,893
Income from insurance premiums	148,141	307,348	466,857	619,721	175,052	322,820	464,321	598,144
Insurance premiums	148,133	307,250	466,668	619,493	175,002	322,767	464,252	597,896
Ceded reinsurance recoveries	7	97	189	228	50	52	68	248
Investment income	41,021	79,756	117,307	165,283	37,858	77,846	118,463	174,377
Interest, dividends and income from real estate for rent	34,009	71,941	106,533	144,708	35,647	74,563	110,632	151,836
Interest income from deposits	4	10	16	21	3	8	12	15
Interest income and dividends from securities	27,983	59,517	87,791	119,154	29,477	61,893	91,622	126,609
Interest income from loans	2,581	5,167	7,701	10,195	2,473	4,938	7,376	9,735
Interest from real estate for rent	2,625	5,226	7,836	10,513	2,705	5,387	8,069	10,767
Other income from interest and dividends	815	2,019	3,187	4,823	988	2,336	3,550	4,708
Gains from monetary trusts, net	-	-	-	-	-	-	-	-
Gains on sales of securities	6,828	7,569	10,505	16,053	1,936	2,370	3,210	9,317
Gains on redemption of securities	-	-	-	-	263	263	417	417
Foreign exchange gains, net	153	-	-	4,228	-	621	4,162	12,616
Reversal of reserve for possible loan losses	-	-	-	-	-	-	-	147
Other investment income	13	220	233	249	6	17	24	29
Gains on separate accounts, net	15	24	35	44	4	9	16	12
Other ordinary income	35,942	5,204	8,364	12,296	4,059	5,531	69,162	667,370
Income related to withheld insurance claims and other payments for future annuity payments	16	224	299	406	19	94	155	209
Income due to withheld insurance payments	1,308	2,063	4,300	7,367	1,844	2,990	6,912	10,128
Reversal of reserve for outstanding claims	512	745	384	91	1,283	876	160	-
Reversal of policy reserves	32,813	-	-	-	-	-	59,444	654,503
Reversal of provision for employees' retirement benefits	774	1,156	1,866	2,416	440	592	1,040	593
Other ordinary income	515	1,015	1,514	2,014	471	976	1,447	1,936
Ordinary expenses	213,846	371,066	562,582	765,695	206,482	385,816	621,608	1,526,535
Insurance claims and other payments	179,501	292,510	445,880	569,480	168,123	285,375	521,774	1,381,684
Insurance claims	81,676	119,529	167,986	209,080	65,802	106,221	168,984	216,194
Annuity payments	53,977	95,351	146,320	187,245	53,612	94,321	157,491	205,145
Insurance benefits	21,048	36,081	53,276	74,438	20,349	35,925	55,227	76,380
Surrender payments	11,606	23,350	52,294	65,312	19,396	33,095	86,347	101,631
Other payments	11,050	18,015	25,687	33,049	8,852	15,675	53,479	77,388
Reinsurance premiums	142	181	314	353	110	137	244	704,944
Provision for policy and other reserves	0	9,123	13,275	46,414	5,815	33,810	0	1,649
Provision for reserve for outstanding claims	-	-	-	-	-	-	-	1,648
Provision for policy reserves	-	9,123	13,274	46,413	5,815	33,809	-	-
Interest portion of reserve for policyholder dividends	0	0	0	1	0	0	0	1
Investment expenses	10,359	20,404	27,626	46,919	6,533	15,195	21,715	36,965
Interest expenses	249	502	757	1,008	257	517	777	1,035
Losses on sales of securities	953	5,375	6,057	19,175	2,935	7,923	8,160	15,106
Devaluation losses on securities	33	202	1,766	2,326	-	72	108	974
Losses from derivatives, net	7,594	9,832	11,495	16,820	1,275	3,108	7,401	12,448
Foreign exchange losses, net	-	925	2,325	-	333	-	-	-
Provision for reserve for possible loan losses	32	101	167	166	71	105	139	-
Write-off of loans	-	-	-	-	-	-	-	-
Depreciation of real estate for rent	895	1,791	2,689	3,615	917	1,836	2,756	3,689
Other investment expenses	600	1,671	2,365	3,805	742	1,631	2,371	3,710
Losses on separate accounts, net	-	-	-	-	-	-	-	-
Operating expenses	17,313	36,341	56,322	76,509	19,616	39,242	59,169	80,675
Other ordinary expenses	6,670	12,686	19,477	26,371	6,393	12,192	18,947	25,560
Payments related to withheld insurance claims	2,682	4,513	6,967	9,556	2,292	3,978	6,496	8,847
Taxes	1,767	3,769	5,874	7,947	2,002	3,969	5,971	8,056
Depreciation	1,733	3,458	5,205	6,949	1,628	3,266	4,900	6,541
Provision for reserve for employees' retirement benefits	-	-	-	-	-	-	-	-
Other ordinary expenses	486	945	1,430	1,917	469	977	1,578	2,115
Ordinary profit (loss)	11,258	21,242	29,946	31,606	10,489	20,382	30,338	(86,642)
Extraordinary gains	-	0	960	1,186	-	246	254	254
Gains on disposal of fixed assets	-	0	960	1,186	-	246	254	254
Reversal of reserve for price fluctuation	-	-	-	-	-	-	-	-
Reversal of reserve for possible loan losses	-	-	-	-	-	-	-	-
Recoveries of bad debts previously written-off	-	-	-	-	-	-	-	-
Compensation for transfer	-	-	-	-	-	-	-	-
Gain on sales of shares of subsidiaries and associates	-	-	-	-	-	-	-	-
Other extraordinary gains	-	-	-	-	-	-	-	-
Extraordinary losses	1,689	3,260	4,250	5,779	974	1,985	3,024	3,920
Losses on disposal of fixed assets	138	144	163	357	11	50	55	148
Impairment loss	-	183	183	546	-	-	-	31
Provision for reserve for price fluctuations	936	1,902	2,872	3,844	962	1,935	2,968	3,740
Losses on disaster	-	-	-	-	-	-	-	-
Head office transfer cost	-	-	-	-	-	-	-	-
Other extraordinary losses	614	1,030	1,030	1,030	-	-	-	-
Provision for reserve for policyholder dividends	3,027	6,080	9,232	12,574	2,993	6,333	9,289	12,572
Income (loss) before income taxes	6,541	11,901	17,423	14,440	6,521	12,309	18,280	(102,881)
Current income taxes	2,725	4,376	6,971	5,956	2,320	4,004	6,071	(23,042)
Income taxes for prior year	-	-	-	-	-	-	-	-
Deferred income taxes	(903)	(956)	(1,962)	(1,800)	(481)	(492)	(913)	(5,691)
Total income taxes	1,822	3,420	5,009	4,156	1,839	3,512	5,158	(28,734)
Net income (loss)	4,719	8,481	12,414	10,284	4,682	8,797	13,122	(74,147)
(Note1) The above figures are calculated based on the accounting standards for each fiscal year.

The figures below was corrected on May 26, 2022 .・Income from insurance premiums（4Q21） 406,199 ⇒ 598,144 ・Insurance premiums（4Q21）　322,820 ⇒ 597,896 ・Investment income（4Q21）　77,846 ⇒ 174,377 ・Interest, dividends and income from real estate for rent（4Q21）　74,563 ⇒ 151,836

Supplemental material for PL

Taiyo Life supplemental material for PL
(Millions of yen)
1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	4Q21
Breakdown of Ordinary Profit
Core profit (A)	13,041	29,264	39,346	52,703	12,893	28,784	41,042	55,122
Capital gains	6,982	8,312	12,242	20,282	2,140	2,991	7,372	21,933
Gains from monetary trusts, net	-	-	-	-	-	-	-	-
Gains on investments in trading securities, net	-	-	-	-	-	-	-	-
Gains on sales of securities	6,828	7,569	10,505	16,053	1,936	2,370	3,210	9,317
Gains from derivatives, net	-	-	-	-	-	-	-	-
Foreign exchange gains, net	153	-	-	4,228	-	621	4,162	12,616
Other capital gains	-	742	1,737	-	203	-	-	-
Capital losses	8,765	16,336	21,645	41,390	4,544	11,420	18,104	36,037
Losses from monetary trusts, net	-	-	-	-	-	-	-	-
Losses on investment in trading securities, net	-	-	-	-	-	-	-	-
Losses on sales of securities	953	5,375	6,057	19,175	2,935	7,923	8,160	15,106
Devaluation losses on securities	33	202	1,766	2,326	-	72	108	974
Losses from derivatives, net	7,594	9,832	11,495	16,820	1,275	3,108	7,401	12,448
Foreign exchange losses, net	-	925	2,325	-	333	-	-	-
Other capital losses	183	-	-	3,067	-	315	2,433	7,507
Capital gains (losses) (B)	(1,782)	(8,024)	(9,402)	(21,107)	(2,403)	(8,429)	(10,731)	(14,103)
Core profit reflecting capital gains (losses) (A+B)	11,258	21,239	29,944	31,595	10,489	20,355	30,311	41,018
Other one-time gains	0	2	2	10	-	27	27	41
Ceded reinsurance recoveries	-	-	-	-	-	-	-	-
Reversal of contingency reserve	-	-	-	-	-	-	-	-
Reversal of specific reserve for possible loan losses	0	2	2	10	-	27	27	41
Others	-	-	-	-	-	-	-	-
Other one-time losses	-	-	-	-	0	-	-	127,702
Reinsurance premiums	-	-	-	-	-	-	-	-
Provision for contingency reserve	-	-	-	-	-	-	-	-
Provision for specific reserve for possible loan losses	-	-	-	-	0	-	-	-
Provision for reserve for specific overseas loans	-	-	-	-	-	-	-	-
Write-off of loans	-	-	-	-	-	-	-	-
Others	-	-	-	-	-	-	-	127,702
Other one-time gains (losses) (C)	0	2	2	10	▲ 0	27	27	(127,661)
Ordinary profit (losses) (A+B+C)	11,258	21,242	29,946	31,606	10,489	20,382	30,338	(86,642)
Breakdown of Core Profit
Core revenues	218,306	384,739	582,023	780,086	215,034	403,523	647,007	1,553,127
Income from insurance premiums	148,141	307,348	466,857	619,721	175,052	322,820	464,321	598,144
Insurance premiums	148,133	307,250	466,668	619,493	175,002	322,767	464,252	597,896
Ceded reinsurance recoveries	7	97	189	228	50	52	68	248
Investment income	34,039	72,186	106,801	145,001	35,922	74,854	111,090	152,402
Interest, dividends and income from real estate for rent	34,009	71,941	106,533	144,708	35,647	74,563	110,632	151,836
Gains on redemption of securities	-	-	-	-	263	263	417	417
Reversal of general reserve for possible loan losses	-	-	-	-	-	-	-	106
Other investment income	13	220	233	249	6	17	24	29
Gains on separate accounts, net	15	24	35	44	4	9	16	12
Other ordinary income	35,942	5,204	8,364	12,296	4,059	5,531	69,162	667,370
Income related to withheld insurance claims and other payments for future annuity payments	16	224	299	406	19	94	155	209
Income due to withheld insurance payments	1,308	2,063	4,300	7,367	1,844	2,990	6,912	10,128
Reversal of reserve for outstanding claims	512	745	384	91	1,283	876	160	-
Reversal of policy reserves	32,813	-	-	-	-	-	59,444	654,503
Reversal of provision for employees' retirement benefits	774	1,156	1,866	2,416	440	592	1,040	593
Other ordinary income	515	1,015	1,514	2,014	471	976	1,447	1,936
Other core revenues	183	-	-	3,067	-	315	2,433	135,209
Core expenses	205,265	355,474	542,676	727,383	202,141	374,739	605,965	1,498,005
Insurance claims and other payments	179,501	292,510	445,880	569,480	168,123	285,375	521,774	1,381,684
Insurance claims	81,676	119,529	167,986	209,080	65,802	106,221	168,984	216,194
Annuity payments	53,977	95,351	146,320	187,245	53,612	94,321	157,491	205,145
Insurance benefits	21,048	36,081	53,276	74,438	20,349	35,925	55,227	76,380
Surrender payments	11,606	23,350	52,294	65,312	19,396	33,095	86,347	101,631
Other payments	11,050	18,015	25,687	33,049	8,852	15,675	53,479	77,388
Reinsurance payments	142	181	314	353	110	137	244	704,944
Provision for policy and other reserves	0	9,123	13,275	46,414	5,815	33,810	0	1,649
Provision for general reserve for outstanding claims	-	-	-	-	-	-	-	-
Provision for policy reserves	-	-	-	-	-	-	-	-
Provision for interest portion of reserve for policyholder dividends	-	-	-	-	-	-	-	-
Investment expenses	1,778	4,070	5,983	8,607	1,989	4,117	6,072	8,435
Interest expenses	249	502	757	1,008	257	517	777	1,035
Losses on redemption of securities	-	-	-	-	-	-	-	-
Provision for general reserve for possible loan losses	32	104	170	177	71	132	166	-
Depreciation of real estate for rent	895	1,791	2,689	3,615	917	1,836	2,756	3,689
Other investment expenses	600	1,671	2,365	3,805	742	1,631	2,371	3,710
Losses on separate accounts, net	-	-	-	-	-	-	-	-
Operating expenses	17,313	36,341	56,322	76,509	19,616	39,242	59,169	80,675
Other ordinary expenses	6,670	12,686	19,477	26,371	6,393	12,192	18,947	25,560
Payments related to withheld insurance claims	2,682	4,513	6,967	9,556	2,292	3,978	6,496	8,847
Taxes	1,767	3,769	5,874	7,947	2,002	3,969	5,971	8,056
Depreciation	1,733	3,458	5,205	6,949	1,628	3,266	4,900	6,541
Provision for employees' retirement benefits	-	-	-	-	-	-	-	-
Amortization of deferred assets under article 113 of Insurance Business Act	-	-	-	-	-	-	-	-
Other ordinary expenses	486	945	1,430	1,917	469	977	1,578	2,115
Other core expenses	-	742	1,737	-	203	-	-	-
Core profit	13,041	29,264	39,346	52,703	12,893	28,784	41,042	55,122