Overview of LIFENET INSURANCE COMPANY · 2020-05-04 · 1. life insurance: Insurance premiums and other, bank: Ordinary income, telecommunication business and convenience store: operating

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December 2019

LIFENET INSURANCE COMPANY

Overview of LIFENET INSURANCE COMPANY


Table of Contents

Ⅰ. Company Overview

Ⅳ. Management Policy

Ⅱ. Overview of Japanese Life Insurance Industry

Ⅲ. Business Model

Ticker: 7157


Lifenet is…

◼ Lifenet’s management philosophy is helping our customers embrace life more fully by offering comprehensible, cost-competitive and convenient products and services based on the highest levels of business integrity.

◼ With the internet as our main sales channel, we utilize technology and strive to be the leading company driving the growth of the online life insurance market through our customer-centric products and services.

Comprehensible

Cost-Competitive

Convenient


LIFENET Manifesto

We wish to be a company that helps our customers embrace life more fully.In order to live out that vision, we continue to challenge ourselves.

(1) Creating the life insurance of the future without losing sight of its originalpremise: “an ounce of prevention is worth more than a pound of cure.”

(2) Listening to what our customers are saying. Recognizing their needs andacting accordingly. Allowing our actions to be borne out of their voices andneeds.

(3) Delivering the caliber of products and services that we would feel confidentrecommending to our own friends and families.

(4) Being a “straight-shooter”. Committing to transparency. Communicatingopenly about our management team, our products, and our employees.

(5) Embracing diversity and dialogue to keep us abreast of changing needsand preferences. Delivering peace of mind that we’ll be around in 100years.

(6) Acting in good faith means always taking the high road when it comes tocompliance and ethics.

(1) Helping the customers help themselves. By making our materials easy tounderstand, customers can determine which coverage is truly the best fit.

(2) Turning “clauses” in the insurance contract into succinct points that yourgrandmother could grasp.

(3) Making all touch points headache-free. Beyond the application process,ensuring the claims and billing processes are also easy to understand.

(1) Giving the customer what he/she needs. No more, no less at a fair price.(2) Staying vigilant as to how we can provide our products more cost-

efficiently.(3) Always putting ourselves in our customers’ shoes in thinking about how to

minimize their premiums.

(1) Thinking about our customers’ convenience from every angle and everytouch point along the way.

(2) Forming alliances with like-minded partners who can add value above andbeyond our products and services to our customers.

(3) Providing health and wellness tips beyond the framework of life insuranceto create value in our policyholders’ lives.

(4) Creating a precedent for future generations as to what life insurance is(and should be) all about.

Our Guiding PrinciplesI. Making Life Insurance Accessible Again - Headache-freeII.

Making Life Insurance Accessible Again - AffordableIII. Making Life Insurance Accessible Again - ConvenientIV.

Comprehensible, Cost-Competitive, Convenient

◼ The Lifenet Manifesto contains the guiding principles for our company.

◼ It was formulated by the company founders through repeated discussions on the direction of the company before business commencement.


Lifenet at a Glance

History

• October 23, 2006

• May 18, 2008

• March 15, 2012

Key Figures (FYE 2019/3)

• Annualized Premiums1

of Policies-in-force: JPY 13,085mn

• Number of Policies-in-force: 308,854

• Sum insured: JPY 2,289,567mn

• Premium and Other Income： JPY 12,159mn

• Total Assets: JPY 38,247mn

• Net Assets: JPY 11,773mn

• Embedded Value： JPY 63,378mn

• Number of Employees： 146

－Sales Representative： 0

• Solvency Margin Ratio： 2,085.2 %

• Tokyo Stock Exchange, Mothers – market of the high growth and emerging stocks

• Ticker: 7157

• Total number of authorized shares: 100,000,000

• Total number of issued shares: 51,218,238 (as of Sep. 30, 2019)

• Number of Shareholders: 5,780 (as of Sep. 30, 2019)

Stock Information

Major Shareholders (as of September 30, 2019)

• KDDI CORPORATION 24.99%

• Swiss Re Life Capital Ltd 11.09%

• Seven Financial Service Co., Ltd. 6.34%

• Asuka DBJ Investment Limited Partnership 5.74%

• MAMORU TANIYA 4.19%

• GOVERNMENT OF NORWAY 3.65%

Established

Commenced operation

Listed on Tokyo Stock Exchange, Mothers

Issuance of new shares through third-party allotment to KDDI CORPORATION

• May 22, 2015

1. Annualized premium is the amount of money equivalent to what is to be paid to have the insurance coverage for one year. All payments for Lifenet products are in monthly installments, thus the annualized premium is calculated as multiplying the monthly premium by 12 months.


Yasuhiro

MoritaManaging Executive Officer, au Financial Holdings

Corporation

Takahiro Yamasaki Yutaka Miyauchi(outside)

Corporate Advisor of Sumitomo Mitsui Trust Bank, Limited

Directors

Outside Directors

Corporate Auditors

Management Team (as of June 23, 2019)

◼ Management team is comprised of individuals of various backgrounds across a wide age range.

◼ In order to enhance corporate governance, Board of Directors is comprised of eight members including four outside directors. Two of the three Corporate Auditors are outside auditors.

Ryosuke MoriRepresentative Director, President

Goldman Sachs Japan Co., Ltd. Head of Corporate Planning Department and General Manager of Corporate Strategy Division at Lifenet

Masayuki NishidaDirector, Executive Vice President

Sanyo Securities Co., Ltd., Russell Investments Japan Co., Ltd. and Mercer Japan Ltd.

Hitoshi HattaExecutive Managing Director

Director of Planning Division, Planning and Coordination Bureau and Director, Supervisory Coordination Division, Supervisory Bureau, Financial Services Agency of Japan

Yasuhiro KobaDirector

Ministry of Health, Labour and WelfareHead of Legal Department and General Manager of Corporate Administration Division at Lifenet

Eiko Shinotsuka

Professor Emeritus, Ochanomizu University

Masanobu TakataniFormer Senior Managing Director, The Norinchukin Bank

Yutaka MizukoshiSenior Advisor, The Boston Consulting Group

Kenichi Masuda(outside)

Attorney-at-law, Partner, Anderson Mori & Tomotsune


Table of Contents




Ⅲ. Business Model

Ticker: 7157


Huge market Huge inefficiencies Huge changes

World’s 3rd largest market with approx. JPY 35 tn

annual premiums

Approx. JPY 400,000 average annual premiums per Japanese household

Consumers bear the burden of high

insurance premium prices amidst a prolonged

stagnation

Lack of comparative information

Pursuit of customer-oriented business

management

Expansion of the e-commerce market

along with the proliferation of smartphones

Key Characteristics of the Japanese Life Insurance Market

◼ The current Japanese insurance industry focus huge inefficiencies within a huge market, while also experiencing huge changes as a result of deregulation.


Huge Market

Market size by industry in Japan1

◼ Japan's life insurance market is the world’s third largest, worth approximately JPY 35 trillion.

◼ We believe there is a high need for life insurance. There were around 15.6 million new enrollments in fiscal 2018 despite approximately 90% of Japanese households have already taken out life insurance.

1. life insurance: Insurance premiums and other, bank: Ordinary income, telecommunication business and convenience store: operating revenue, non-life insurance: Net premiums written. Financial Statements Statistics of Corporation by Industry (fiscal 2017) compiled by Ministry of Finance, Annual statistics (FY2018) compiled by The Life Insurance Association of Japan, Data by insurance type (FY2018) compiled by The General Insurance Association of Japan, Convenience store FC statistics compiled (2018) by Japan Franchise Association, The Basic Survey Result for information and communications industry (FY2018) compiled by the Ministry of Internal Affairs and Communications and Ministry of Economy, Trade and Industry

2. Data for FY2018.compiled by a nationwide report on the life insurance industry (2015 and 2018) by Japan Institute of Life Insurance.

Ratio of householdswith policies2:

88.7%

Average annual premiums

per household2:

JPY 382 thousand

Number of new policies for fiscal 2018:

15.6 million

8,392,831

10,964,600

14,023,800

25,240,089

35,254,255

正味収入保険料

売上高

売上高

経常収益

保険料等収入Life

insurance

Bank

Convenience store

Telecommunications business

Non-life insurance

35.2 trillion yen

25.2 trillion yen

14.0 trillion yen

10.9 trillion yen

8.3 trillion yen


63.6%

47.8%

55.3%58.6%57.8%

50.3%

56.7%54.5%54.1%

56.8%

29 andunder

30-34 35-39 40-44 45-49 50-54 55-59 60-64 65-69 70-74

Source: Nationwide reports on the life insurance industry (2018) by the Japan Institute of Life Insurance

Knowledge on life insurance

Huge Inefficiencies

Reasons for having no intention of making insurance contract

Cannot afford to pay premiums

Don’t feel the need

Age limit and health condition

◼ While the ratio of households with policies is roughly 90%, nearly 70% of survey respondents indicated that they have “insufficient knowledge” of life insurance, showing a clear asymmetry in the information possessed by the insurance company selling insurance and the customer buying it.

◼ Moreover, the No. 1 reason for not taking out life insurance among all age levels is that they “cannot afford to pay premiums”, so the industry is not meeting the needs of customers in terms of insurance premiums.

6.0%

24.6%

38.4%

28.2%

2.9%

Sufficient knowledge

More or less sufficient knowledge

More or less insufficient knowledge

Almost no knowledge

n/a

Insufficient knowledge66.6%

Have enough insurance

(age)


6.8

7.2

8.0

8.6

9.2

2014 2015 2016 2017 2018

Huge Changes

（trillion yen）

Source: Strategic Directions and Priorities (published in 2015 through 2017) by Japan Financial Services Agency, E-Commerce Market Survey by Ministry of Economy, Trade and Industry

◼ The publication of Customer-Oriented Business Conduct Principles by the Financial Services Agency amongst other efforts have led to the promotion of the policy of “visualizing” financial institution conduct and the products sold to customers. Customer behavior and needs have changed along with changes in digital devices. These factors are changing the environment surrounding insurance companies.

Promoting Strict Observance of Fiduciary Duty

Each financial institution is required to manage their business in a customer-oriented manner to ensure market fairness and transparency.

Key Points in Financial Administration (Excerpt)

• The JFSA published the Customer-Oriented Business Conduct Principles and demands that on each financial institution, etc. that adopted the general principles publicly share information on their initiatives.

• Encourage disclosure of commissions.

• Better explain the existence of product risk, etc. (through materials).

• Encourage disclosure of customer-oriented initiatives.

Targeted Vision of Financial Administration

• Provide high quality financial products and services to customers.

• Build a framework that makes it easy for customers to compare financial products.

Changes in Purchasing Methods Due to the Proliferation of Smartphones

Purchases via smartphones are increasing as the size of the e-commerce market expands.

Trend in the Size of the B to C E-Commerce Market (Selling Goods)

Approximately 40% of purchases are made via smartphones.


Huge Market Potential

8.0 %

0.2 % 0.8 %

1.8 %

2.9 %

4.5 %

2.2 %

3.3 %

5.9 %

7.9 %

10.5 %

9.1 %

12.5 %

0.0 %

2.0 %

4.0 %

6.0 %

8.0 %

10.0 %

12.0 %

14.0 %

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

Steady growth in the share of direct automobile insurance

1. Ratio of consumers who intend to apply via online when applying for life insurance in the future2. Ratio of direct automobile insurance to direct writing premiums in whole automobile insurance market3. Ratio of online application to whole application channels of life insurance

: Ratio of life insurance application intention via online1

: Market share of online life insurance3

: Market share of direct automobile insurance2

Growth

Potential

◼ The number of people who prefer to enroll in life insurance through the Internet channel is increasing gradually.However, we think there is still substantial room for growth because there is a large gap between the percentage of actual enrollments and the percentage of those inclined to purchase online.

12.5%


63%17%

13%

7%

12%

19%

19%18%

13%

20%

13%

33%32%

17%

5%

First time

63%

Unique Customer Base

◼ New customers in their 20s to 40s make up 78% of our policyholder base, with more than 50% of new policyholders taking out life insurance for the first time.

◼ We have maintained certain level of surrender and lapse ratio since business commencement.

Number of new policies by age group

Lifenet1

Customer Situation3

The share of households taking out life insurance for the first time accounted for the majority, despite the percentage of households holding policies being 90%.

Surrender and lapse ratio

Maintaining a ratio of between around 6% to 7% since business commencement in May 2008.

Surrender and lapse ratio in fiscal 2018: 6.6%

1. Lifenet Insurance new customer data (FY2018, N = 64,435) compiled by Lifenet customer survey.2. Annual statistics on customer age and gender (FY2018) compiled by The Life Insurance Association

of Japan. Based on number of new policies.3. FY2018 valid responses of 7,982.

Reference: Industry average2

Ratio of 20s to 40s

78%

Taking out life insurance for the first time

Supplementing existing cover by different insurance

Switching fromdifferent insurers

Additional or switching policies by existing Lifenet’s customers


Table of Contents




Ⅲ. Business Model

Ticker: 7157


Business Model with Manifesto

◼Actively disclose relevant information

◼Communicate with customers proactively

◼Provide very simple and pure protection products

◼Develop easy-to-understand and customer friendly website

◼Offer competitively priced products by Internet-based low cost operation

◼Provide convenient services utilizing smartphones

◼All procedures provided online, from applying to claiming benefits

High integrity

Comprehensiveness

Cost-Competitiveness

Convenience


Management with High Level of Business Integrity

• Regular policyholder meetings

• Introduction of employees and company through

employee’s blog since commencement of business

• Diverse employee backgrounds

(half of employees from other industries)

• Disclosure of insurance premiums

• Disclosure of agent commission rates

• Disclosure of monthly operating figures

Transparent disclosure Transparent Company

Net premium2,000yen

(74%)

Expense loading704yen(26%)

Premium（Net premium＋Expense loading）

2,704yen(100%)

Term life KazokuE.g. 30 years old, male, insurance term 10 years, insurance coverage amount 30 million yen

Disclosure of breakdown of insurance premium (example)

Net

pre

miu

m

Expense

lo

adin

g

Pre

miu

m

Interactive communication with policyholders

(As of November 30, 2019)

◼ We provide life insurance online, but we are committed to transparency and communicating openly about management of the company and our products, employees, and work place via our website.


Simple Products

1. Our products have no maturity insurance, no dividends and no cash surrender value on our products.2. As of December 2019, we also offer medical care insurance Jibun Plus through online direct sales channel and au Life Insurance with Refunds for au users through KDDI.

◼ We offer simple and competitively priced pure protection products. Internet-based low cost operations enable us to be extremely price competitive.

◼ We have provided our main product - term life – with the lowest premium levels in the industry. We revised the benefits of whole-life medical based on customer needs to expand eligibility and started sales in December 2019. Lifenet was the first life insurance company to launch Long-term Disability Insurance to individuals, and our Cancer Insurance has a broad range of coverage.

For death due to illness, accident or disaster For being unable to work due to disease or injuries

For hospitalization, surgery and advanced medical care For more extensive coverage for women

For double support of treatment and income decreases

Term LifeKazoku

Long-term Disability

Hataraku-Hito 2

Whole-life MedicalJibun 3

for Women

Whole-life MedicalJibun 3

Cancer Double Yell


External Evaluations of Products

◼ Each product is highly evaluated on coverages and insurance premiums by professionals such as financial planners.

CancerLong-term DisabilityTerm Life

1. The most popular insurance products in each category from January through December 2018, receiving the highest number of applications of Kakaku.com Insurance, the sales agent company of insurance products

2. The Most Chosen Insurance Ranking 2019 of HOKEN ICHIBA is based on compiled date from the number of application from January through December 2018.3. MONOQRO the MONEY magazine of December 20184. Insurance Perfect Guide magazine of March 2019


Develop Easy-to-understand and Customer Friendly Website (e.g. Quotes)

◼ Our website is simple and easy-to-understand for customers.

Select birthday

Select sex

Select products

Total monthly premium

Calculated on December 2, 2019

All customers need to do to get quotes is select birthday, sex and insurance

products


Competitively Priced Products

Savings of insurance premium1

after switching to Lifenet

1. Lifenet Insurance policyholders data (FY2018) compiled by Lifenet Insurance customer survey (514 of valid respondents).

Load

Charge

Office costs

Personnel costs

Utility costs

Other costs

Personnel costs

Utility costs

Other costs

Net premiums(Used for

insurance payouts

and other

payments)

Net premiums

Face-to-face

salesLifenet

Savings of insurance premium1

after switching to Lifenet

Average monthly premium

17,228 yen

Average monthly

premium

10,713 yen

Average

monthly

saving

6,280 yen

Previous

insuranceLifenet

◼ We do not have sales representatives or branches for selling insurance. We use the Internet to sell our products.This enables us to control sales expenses and maintain strong cost competitiveness, while also providing productswith inexpensive insurance premiums.

Average annual saving

75,360 yen

Average monthly premium14,895

yen Average monthly premium

8,615 yen


Provide convenient services by utilizing smartphones

（Launched in Jul. 2016)

ApplicationClaim

paymentsInsurance

Consultation

Pursuing Convenience

（Launched in Dec. 2016) （Launched in Jun. 2018)

Fiscal 2018Average Claims Payment Period2

2.52 days

• Medical certification submission no longer necessary for most medical claims1

• Claim medical insurance benefits online, 24 hours a day, 7days a week

• Enable to log-in to My Page, using fingerprint and face recognition technology

1. Excluded whole-life medical New Jibun for Women2. Not including the number of days required to obtain lacking documents. Cases which required fact confirmation before insurance payments were made are not included when calculating the average

number of days required for payment.

◼ We are striving to provide the convenience that only an online insurance company can provide. We use technology to establish an environment that enables customers to request insurance consultation, apply for insurance, and claim benefits 24 hours a day, 365 days a year, as it fits into their lifestyles.

• Using LINE enables customers to seek consultation on insurance via chat.

• A paperless application process that customers can complete by submitting photos of necessary documents

Procedures while enrolled in a policy


White label business

Customer Base

Business Agreement

Life insurance

◼ We have been focusing on white label business to enhance promotion capabilities. ◼ We entered into a capital and business alliance agreement with KDDI CORPORATION (KDDI), the second largest

telecommunications company in Japan1, in 2015◼ We sell our products as white label products to KDDI customers.

au Term Insurance

au Medical Insurance

au Long-term Disability Insurance

au Cancer Insurance

1. Based on share of the number of mobile contracts as of March 31, 20192. Sum of au subscriptions and MVNO subscriptionsSource: INTEGRATED REPORT 2019 by KDDI CORPORATION

27 million2

au mobile users are eligible for monthly refunds of 200 yen for up to 60 months as refunds of insurance premiums.


247

1,041

2,659

4,870

6,875

8,077

8,793

9,377

10,088

11,147

13,085

14,200

Jun.Sep.Dec.Mar. Jun.Sep.Dec.Mar. Jun. Sep.Dec.Mar. Jun.Sep.Dec.Mar. Jun. Sep.Dec.Mar. Jun.Sep.Dec.Mar. Jun. Sep.Dec.Mar. Jun.Sep.Dec.Mar. Jun. Sep.Dec.Mar. Jun.Sep.Dec.Mar. Jun. Sep.Dec.Mar. Jun.Sep.

FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019

Expense loading rates disclosed

Started application via smartphone

Launched Long-term Disability

for individuals

Renewal of Term Life and Whole-life Medical

Cancer Insurance

◼ Due to various initiatives, in-force business has increased steadily since we first commenced business. The number of policies-in-force exceeded 300,000 in January 2019.

IPO & Listing on the TSE “Mothers”

Business Commencement

Paperless application process

Launched au Life Insurance with KDDI

Annualized premium growth & Initiatives

Annualized premium (million yen)

Capital & Business Alliance with KDDI

Relaunched Long-term Disability

Renewal of Term Life


Table of Contents




Ⅲ. Business Model

Ticker: 7157


Management Policy

Help our customers embrace life more fully by offering comprehensible, cost-competitive and convenient products and services

Be the leading company driving the growth of the online life insurance market

Mis

sio

nV

isio

nP

riori

ty

are

as

• Innovation of customer experienceEnhancing and evolving the quality of all services with digital technology

• Enhancement of promotion capabilitiesGenerating massive customer traffic by active promotion and expansion of agent sales and white label business

Aim to achieve EEV (European Embedded Value) of 100 billion yen by business growth in a mid-termM

an

ag

e-

men

t g

oal


Business Indicators

Key business indicators of

corporate value

Business indicators supporting sustainable growth of

corporate value

◼ European Embedded Value (EEV)1

◼ Adjusted incremental EV2

◼ Solvency margin ratio

Embedded Value (EV)

Growth indicators

Profitability indicators

Soundness indicators

◼ In-force business performance

◼ New business performance

◼ Adjusted profit (Ordinary profit excl. marketing expenses)

- Operating expenses ratio excluding marketing expenses

◼ Marketing efficiency of new business

1. EEV is one of the calculation metrology of EV. The EEV Principles and related guidance were published in May 2004 by the CFO Forum, an organization comprising the chief financial officers of Europe's leading life insurers, in order to improve consistency and transparency in EV reporting.

2. Adjusted incremental EV consisted of components accurately reflecting our business growth.

◼ Based on the new management policy, we have adopted European Embedded Value (EEV) as an important management indicator to evaluate corporate value, and have established measurements for growth, profitability, and financial soundness that will support sustained growth in EEV.


: Premiums : Operation expenses1 excluding marketing expenses

: Marketing expenses

Reasons for Adopting EV as Key Indicator

初年度 2年目 3年目 4年目 … X年目

Total profit/loss

Accounting profit/loss (3)

Initial fiscal year Year 2 Year 3 Year 4 Year X

Revenue

Expense

1. Costs for policy management, payment of insurance claims and benefit claims, etc.

Marketing expenses

Long-term profitability must be considered.

◼ Typically, large expenses are incurred when life insurance policies are acquired (1). However, because the profit is earned over a long period of time, there is a time lag between the recognition of costs and revenue. (2)

◼ In other words, the greater the growth in new business, the greater the negative impact on current period profits (3), thus necessary to look at embedded value (EV) to evaluate the corporate value of a life insurance company as it is an indicator of long-term profitability.

Insurance premiums are revenue that is

recognized over a long period of time (2)

The expenses incurred to acquire new business are mostly recognized in the initial fiscal year. The greater the growth in new business, the greater the increase in costs (1)


Current statutory accounting & New business

60,685

46,237

27,982

25,150

29,741

39,175

64,435

(1,664)

(1,198)

(472)

584

88

(197)

(1,719)

(JPY mn)

Ordinary profit / loss1 Number of new business

(fiscal year)

2012 13 14 15 16 17 18 2012 13 14 15 16 17 18

1. The ordinary profit (loss) before amortization of deferred assets under Article 113 of the Insurance Business Act from fiscal 2012 to fiscal 2016

◼ In fiscal 2015 – our year with the lowest number of new business – Lifenet was profitable under current statutory accounting ordinary profit and loss. In 2018 when we achieved a record high in new business, ordinary loss was 1.7 billion yen.

◼ There is a time lag between the recognition of costs and revenue, as marketing expenses are recognized at the time of acquisition. Moreover, Lifenet’s total in-force business is relatively small in proportion to its new business, and accordingly, the more new business grows, the more ordinary profit decreases.

(fiscal year)


Structure of Embedded Value

◼ Embedded value is the indicator of long-term profitability, and is the sum of adjusted net worth and value of in-force business.

◼ The value of in-force business is the future profit stream that will likely be derived from current policies, discounted to present value.

◼ Profit/loss for the current fiscal year is reflected in end-of-period net assets. In general, an increase in new business contributes to the increase in the value of in-force business in the period.

EVAdjusted net worth

(Net assets at end of period + adjustments)

Value of in-force business

Unrealized future profits/losses on policies-in-force at the end of current fiscal year

Profit/Loss for current fiscal year

Revenue Revenue

Expense

Expense

Profit/loss for the current fiscal year is reflected in end-of-period net assets

Contact:Investor Relations, Corporate Planning Department

e-mail: [email protected]

https://ir.lifenet-seimei.co.jp/en/

Subscribe to our "IR email service" to receive news releases and website updates via email.

This material is based on information as of December

2019. All information on this document that is not

historical fact constitutes forward-looking information

and is based on assumptions and forecasts available

to the company at the time of preparation. The

company cannot guarantee the accuracy of these

assumptions and forecasts. Earnings projections and

other information on this may differ materially from

actual performance due to various risks and

uncertainties.

http://ir.lifenet-seimei.co.jp/en/

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Documents

Overview of LIFENET INSURANCE COMPANY · 2020-05-04 · 1. life insurance: Insurance premiums and other, bank: Ordinary income, telecommunication business and convenience store: operating