Lifenet Insurance (7157): Whose salary, age, tenure and headcount the report prints

Item 5【従業員の状況等】, the state of employees and related matters, in the annual securities report of LIFENET INSURANCE COMPANY for its 20th fiscal year, April 1, 2025 to March 31, 2026, filed on EDINET on June 16, 2026, sits on pages 74 and 75 of 165, inside 第4【提出会社の状況】, the part on the filing company. It has two numbered sub-items, （1）【人材戦略に関する基本方針等】, basic policy on human-resource strategy, and （2）【従業員の状況】, the state of employees, and the second is divided ① to ④. The table under ② 提出会社の状況 on page 75 prints the figures a reader abroad usually asks for first: 242 employees with (75) beside them in brackets, an average age of 41.8, an average length of service of 6.3 years, an average annual salary of 8,319,851 円 — ¥8,319,851 (US$50,793) at ¥163.8 to the dollar — and, in a fifth column, 0.6. The heading over that table, the state of the filing company, is the first answer to the question of whose numbers these are; a one-sentence note on the page before is the second.

The filing company is ライフネット生命保険株式会社, listed under securities code 7157, whose 英訳名 on the cover and whose 提出者名（英字） in the EDINET code list are both LIFENET INSURANCE COMPANY. 3【事業の内容】, page 7, describes the group as 当社及び子会社1社（ライフネットみらい株式会社） — the company and one subsidiary — and the company as a life insurer whose main sales channel is the internet, インターネットを主な販売チャネルとする生命保険会社, operating 生命保険事業の単一セグメント, a single segment. The same page says the subsidiary runs 保険代理店事業及びサービス開発事業, an insurance-agency business and a service-development business. The report is signed by 代表取締役社長 横澤 淳平 and was submitted at 16:36 on June 16, 2026, according to the EDINET document list for that day.

① 連結会社の状況, the consolidated position, is the first table under （2）, at the foot of page 74, as of 2026年3月31日. It has one row: セグメントの名称 生命保険事業, 従業員数（人） 242 (75). Note 1 says what is counted — 従業員には、正社員及び契約社員を含んでいます。また、他社グループからの出向者を含み、当社グループからの出向者を含んでいません — employees include regular and contract employees, include persons seconded in from other groups and exclude persons seconded out of the group. Note 2 explains the bracket: ( )内に、派遣従業員の平均雇用人員を外数で記載しています, the average number of dispatched workers, shown outside the count. Note 3 is the sentence that settles the question this piece asks: 当社グループの従業員は、全て当社の従業員です — the group's employees are all employees of the company.

② 提出会社の状況, the filing company's position, on page 75, prints a single row under five headings: 従業員数（人） 242 (75), 平均年齢（歳） 41.8, 平均勤続年数（年） 6.3, 平均年間給与（円） 8,319,851 and 平均年間給与の対前事業年度増減率（％） 0.6. A second small table repeats the headcount by segment, 生命保険事業 242 (75). So the consolidated row and the filing company's row print the same 242 and the same (75), and note 3 to the consolidated table says why. The wording of note 1 differs by one word between the two tables: the consolidated note counts secondees from 他社グループ and excludes secondees from 当社グループ, while the filing company's note 1 reads 他社からの出向者を含み、当社からの出向者を含んでいません — from and to other companies, with the company itself as the unit.

Note 3 under the filing company's table is the sentence a reader of the salary column needs: 平均年間給与は、株式報酬制度の特別奨励金、選択制確定拠出年金の選択金、賞与及び時間外手当等を含んでいます — the average annual salary includes the special incentive under the share-based scheme, the selectable amount under the optional defined-contribution pension, bonuses and overtime allowances and the like. Three of those things are described elsewhere in the report, and a fourth has a counterpart. The 特別奨励金 is the scheme described in （1） ③ on page 74, the 賞与 is the 業績連動賞与 of （1） ②, and 時間外労働 is what page 25 says the company works continuously to reduce; the accounting policy on page 93 says long-term employee benefits take the form of a 確定拠出型年金制度, a defined-contribution pension plan, without using the word 選択制. The note states what the ¥8,319,851 (US$50,793) includes; it does not state the number of people it is averaged over. The figure is printed in the filing company's row beside the 242, and this piece reads it as the filing company's figure on the strength of that heading, without taking the 242 as the denominator of the average.

The fifth column is new to this year's table. The report for the 19th fiscal year, April 2024 to March 2025, filed on June 17, 2025, printed the same row on page 9 of 166 under four headings — 従業員数（人） 239 (78), 平均年齢（歳） 41.6, 平均勤続年数（年） 6.1, 平均年間給与（円） 8,269,031 — that is, ¥8,269,031 (US$50,482). This year's row adds 平均年間給与の対前事業年度増減率（％）, the rate of change in average annual salary on the previous fiscal year, and prints 0.6 in it. The 0.6 is the report's own figure; this piece does not recompute it from the two salaries, and places the two rows side by side without subtracting them. Note 3 on the salary's contents reads the same in both years, word for word.

The item also moved. In the 19th-term report it was 5【従業員の状況】 inside 第1【企業の概況】, the company overview, on pages 8 and 9, with (1) 連結会社の状況 printed directly under 4【関係会社の状況】 at the foot of page 8. In the 20th-term report it is 5【従業員の状況等】 — with 等, and related matters — inside 第4【提出会社の状況】 on pages 74 and 75, and （1）【人材戦略に関する基本方針等】 now precedes the tables. The consolidated table's note 3, 当社グループの従業員は、全て当社の従業員です, is printed in both years; the sub-headings under the tables changed from (1)–(4) with ①② under (4) to ①–④ with a. and b. under ④.

The five-year tables at the front of the report carry the headcount further back, and the chart below plots the filing company's series. (2) 提出会社の経営指標等, page 3, prints 従業員数（人） for 第16期 to 第20期, March 2022 to March 2026, as 174, 208, 224, 239 and 242, and beneath each a bracketed （外、平均臨時雇用者数） of (76), (88), (84), (78) and (75). Note 6 to that table repeats the definition — regular and contract employees, secondees in and not out — and says the bracket is 派遣従業員の平均雇用人員, the average number of dispatched workers; the row label calls the same bracket 平均臨時雇用者数. (1) 連結経営指標等, page 2, prints 208, 224, 239 and 242 with (88), (84), (78) and (75) for 第17期 to 第20期, and 186 with (77) in a first column labelled 移行日 2022年4月1日, the IFRS transition date, rather than a fiscal year-end; note 3 there gives the group-level wording of the definition.

（1）【人材戦略に関する基本方針等】, page 74, is where the report states its policy on pay, in three numbered parts introduced by the sentence 具体的な給与等の決定方針は以下のとおりです. ① 基本給の決定: base salary is set by グレード（等級）, a grade reflecting the duties, responsibility and scope of authority of the role, with a グレード適格性評価 that looks at 期待役割の達成度 and at conduct against the company's stated values, Lifenetter Values, and with 会社業績や市場動向等 also weighed; for 特定の職種等 the company sets base pay with reference to 外部市場水準, external market levels. ② 賞与（業績連動賞与）: a performance-linked bonus whose total is set by company-wide results and whose individual allocation follows each employee's single-year contribution, paid 年1回現金, once a year in cash. ③ 株式報酬制度: a 譲渡制限付株式報酬制度, restricted-stock plan, for 執行役員, executive officers, and for その他の従業員, other employees, a 特別奨励金スキーム through the ライフネット生命保険社員持株会, the employee shareholding association, under which the company's ordinary shares are granted to association members as a special incentive. The same page says the human-resource strategy was drawn up for the medium-term plan whose final year is 2028年度.

The restricted-stock plan has its own note in the consolidated statements, 33. 株式報酬 on page 113. It covers 対象取締役, directors other than audit-and-supervisory-committee members and outside directors, and, since 2024年6月, 執行役員 who are not also directors. In the fiscal year to March 2026 the grant date was 2025年7月17日 and the number of shares granted 22,428; the prior year's grant, dated 2024年7月17日, was 38,513 shares. The note also prints a grant-date fair value per share and the method behind it; those are share-price-based figures, which this publication does not reproduce, and they are left to the note. The 譲渡制限期間, the transfer-restriction period, runs from 2025年8月8日 until the officer leaves every position as director, executive officer, holder of an equivalent position (その他これに準ずる地位) or employee of the company or a subsidiary. Sub-item (3) says the 株式報酬費用 included in 従業員給付費用 was ¥63 million (US$0.38 million) in the prior year and ¥52 million (US$0.32 million) in this one. The note on page 44 says the increase in 発行済株式総数 during the year came from new shares issued as restricted-stock compensation.

The accounts print employee costs as totals, and the totals have populations and bases of their own. Note 28. 費用, page 110 of the IFRS consolidated statements, lists 従業員給付費用 of ¥2,470 million (US$15.1 million) for the year to March 2025 and ¥2,488 million (US$15.2 million) for the year to March 2026, within a 小計 of ¥25,678 million (US$156.8 million) and ¥27,659 million (US$168.9 million) before the lines on insurance-acquisition cash flows. Note 19. 従業員給付, page 104, says the amount recognised as expense for the 確定拠出制度 was ¥32 million (US$0.20 million) and ¥34 million (US$0.21 million) in the two years. The filing company's own 事業費明細表 on page 152, drawn up under Japanese GAAP and the insurance-business rules, prints 人件費 of ¥2,614 million (US$16.0 million) on the line below 一般管理費 ¥6,514 million (US$39.8 million), in a table whose 合計 is ¥13,838 million (US$84.5 million). None of these totals is divided by 242 here; the per-person figure in this report is the one the company printed in the row on page 75.

③ 労働組合の状況, page 75, is one sentence: 労働組合はありませんが、労使関係は良好です — there is no labour union, and labour-management relations are good. The 19th-term report printed the same sentence under (3). ④ 管理的地位にある労働者に占める女性労働者の割合及び男性労働者の育児休業取得率, the share of women among workers in managerial positions and the rate of childcare leave taken by male workers, prints under a. 提出会社 for the fiscal year: 26.9% and 100.0%. Note 1 says the first ratio is 部門長以上の役職者に占める女性の割合, the share of women among officers at department-head level and above; notes 2 and 3 name the statutes and the rule, 施行規則 第71条の6第2号, under which each is calculated; note 4 says the company prints the male childcare-leave rate voluntarily, 任意で記載, though not subject to the publication duty; note 5 says the filing company's figures are calculated including 連結子会社との兼務者, persons holding concurrent posts with the consolidated subsidiary.

The prior year's version of ④ was headed 管理職に占める女性労働者の割合及び男性労働者の育児休業取得率 — 管理職, managerial staff, where this year's heading says 管理的地位にある労働者 — and printed 28.6% and 250.0% under ① 提出会社, with note 1 defining the ratio by the same phrase, 部門長以上の役職者に占める女性の割合, after its own heading's word 管理職, and note 5 again including concurrent post-holders. This piece places 26.9% beside 28.6% and 100.0% beside 250.0% as printed, and reads the calculation basis from note 3 in each year rather than describing it.

b. 連結子会社, page 75, says the consolidated subsidiary ライフネットみらい株式会社 is not subject to the publication duty under the two statutes and so the figures are omitted, 記載を省略しています. The paragraph then records a decision taken after the year-end: at a board meeting on 2026年5月29日 the company resolved to tender all the ordinary shares it holds in ライフネットみらい株式会社 to a purchase of own shares by that company, and on completion the subsidiary 当社の連結子会社から除外される予定です, is expected to leave the consolidated group. 4【関係会社の状況】, page 10, lists the subsidiary at 東京都千代田区 with 資本金 ¥100 million (US$0.6 million), 主要な事業の内容 保険代理店事業 and サービス開発事業, a voting-rights holding of 91.1% and a relationship of 当社保険商品の販売 and 業務提携; the same resolution is printed as note 1 there, in 3【事業の内容】 on page 7, and in 5【重要な契約等】 on page 41, where the four-party capital and business alliance with 株式会社三井住友フィナンシャルグループ and 三井住友カード株式会社 is to become a three-party one.

2【主要な設備の状況】, page 43, gives the headcount a place. The filing company's table has three rows, and only the first carries people: 本社（東京都千代田区）, 本社事務所等, 従業員数（人） 242(75); the two データセンター rows, at 大阪府大阪市 and 神奈川県足柄上郡, print − in that column. Note 2 repeats the definition and the bracket and adds a sentence the page-75 tables do not have: なお、ライフネットみらい株式会社への兼務出向者も含んでいます — the figure also includes persons seconded on a concurrent basis to ライフネットみらい株式会社. (2) 国内子会社 then prints a row for ライフネットみらい株式会社, 本社（東京都千代田区）, segment 生命保険事業, with − in every book-value column and 3 under 従業員数（人）; the prior year's page 40 printed 2 there. The report thus prints, on different pages, that all group employees are the company's, that the company's 242 includes concurrent secondees to the subsidiary, and that the subsidiary's facilities row shows 3; in the pages this desk read it does not print a sentence joining the three, and this piece sets them side by side without adding or reconciling them.

A second set of people-figures sits in 2【サステナビリティに関する考え方及び取組】 (4) 人的資本, and its labels differ from those in ④. The ② 指標及び目標 tables on page 24 are introduced by a sentence whose subject is 当社グループ, and print, for 2024年度 and 2025年度: 従業員エンゲージメントスコア（総合） 72 and 72, 意思決定者に占める女性の割合 28.6% and 27.3% against a medium-term target of 30%以上, 30代以下の割合 5.7% and 9.1% against 15%以上, 産休・育休後の復帰率 100% and 100%, 従業員エンゲージメントスコア（成長） 69 and 69, ピアボーナスの活用者率 93.2% and 96.6%, 1on1面談の実施率 98.6% and 99.1%, and 従業員1人当たりの研修時間 24.6時間 and 25.1時間 against 24時間以上. Footnote *2 defines 意思決定者 as 取締役及び部門長以上の役職者, directors and officers at department-head level and above, and refers the reader to ④ for the 女性管理職比率. Footnote *5 changes the basis of ピアボーナスの活用者率 between the two years: 93.2% is the share of people who accessed the peer-bonus app at least once a month, and 96.6% the share who accessed a teamwork app that includes the peer bonus at least once a month, each a 年度平均, so the pair is not like for like; footnote *6 defines the 1on1 rate as the share held, in the year, of the twelve monthly meetings with a superior. The 28.6% printed for 2024年度 on page 24 and the 28.6% printed in last year's (4) carry different labels, one counting directors in the denominator and the other defined as 部門長以上の役職者; this piece does not treat them as one measure.

Page 25, under ③ 目指す姿と具体的な取組み, adds a few operational facts behind the 6.3 years and the 41.8. 管理職には3〜5年の役職任期を設け — managerial posts carry a term of three to five years, during which developing successors is a stated duty, and the report links this to early appointment to management. 2026年4月からは評価制度を大きく見直し — the evaluation system was substantially revised from April 2026 to weigh achievement of the expected role of each grade, with monthly 1on1 meetings. Under a. 多様性を育む on page 24, 定期育成採用 — regular hiring of people without prior experience — takes applicants up to 30歳以下 and does not ask for gender on application forms, and 約60％ of mid-career hires come from industries other than life insurance. Page 9, in (4) 販売チャネル, states the business reason the report gives for the shape of its payroll: selling through the internet holds down 営業職員の人件費や店舗の維持等に係る経費, the personnel costs of sales staff and the upkeep of branches, which it says allows relatively lower premiums than at insurers built on sales staff.

This desk retrieved both reports as PDFs through the EDINET document API — S100YC7R for the 20th term and S100VYH0 for the 19th — and read the 従業員の状況 tables on pages 74 and 75 and on pages 8 and 9 with pdfplumber's table extraction, keeping the whitespace so that cells stayed apart; the five-year headcounts were checked against the indicator tables on pages 2 and 3, the facilities rows against pages 43 and 40, the pay policy against page 74, the stock-compensation note against page 113, the expense totals against pages 104, 110 and 152, and the human-capital indicators against pages 24 and 25. Apart from the yen-to-dollar conversions at ¥163.8, nothing in this piece is computed: no difference between 242 and 239, no change in salary beyond the printed 0.6, no per-person figure from any expense total, and no average of any kind beyond those the company printed. Translations are the desk's; the Japanese headings are given so that a reader can find the rows in the original.