The previous medium-term management plan was positioned as a “business platform strengthening period.” Under the plan, we took initiatives to increase corporate value, aiming to drive growth centered on the domestic life insurance business and strike a balance between capital adequacy and capital efficiency by promoting ERM.
Looking at our key performance indicators, specifically corporate value (EV), profit (adjusted net income), and sales performance (policy amount in force), although the Group did not reach its target for EV due to further declines in interest rates since February 2016, adjusted net income exceeded the target and policy amount in force mostly achieved the target.
In addition, assessments by rating agencies improved with improvement in the financial base.
Key Performance Indicators
| Medium-Term Management Plan targets | Actual | Assessment | |
|---|---|---|---|
| Corporate Value (EV) | ¥2,200.0 billion and above | ¥1,893.7 billion (as of March 31, 2016) |
Did not reach EV target due to declines in interest rates since February 2016 |
| Profit (adjusted net income)*1 | ¥77.0 billion and above | ¥83.3 billion (fiscal 2015) |
Achieved target |
| Sales Performance (policy amount in force)*2 | ¥63 trillion and above | ¥62,998.1 billion (as of March 31, 2016) |
Mostly achieved target |
- *1 Adjusted net income is calculated by adding net income and additional internal reserves in excess of the legal standard requirements related to reserves for contingency and price fluctuations (after taxes).
- *2 The policy amount in force is shown on a comprehensive basis including the policy amounts in force for individual insurance, individual annuities, and Daido Life's “J-type product,” “T-type product” and “Kaigo Relief.”
Assessment of Rating Agencies
| Standard & Poor's (S&P) |
|
|---|---|
| Japan Credit Rating Agency, Ltd. (JCR) |
|
| Rating and Investment Information, Inc. (R&I) |
|
