The Page Is Still Called ev.html

On Lifenet Insurance's investor-relations site there is a page whose address ends in ev.html. The page itself is now titled kessan hosoku shiryō — supplementary results materials — and explains that such materials are posted quarterly; the year-end supplement for the March 2026 fiscal year runs to 1,378KB. Scroll down the same page and you reach a column of embedded-value reports, year-end editions from March 2012 through March 2024 with September interims in some years, and a note that EV disclosure extends through the March 2024 results. The metric changed in fiscal 2024. The address did not.

Lifenet is an internet-channel life insurer — a single reporting segment, life insurance, per its own filings — and it filed its annual securities report for the year ended March 2026 through EDINET on June 16, 2026. This publication usually reads Japanese filings for what the form requires and what a given document does or does not contain. This time the direction runs the other way. The interesting numbers here are the company-defined ones — the measures Lifenet itself has chosen to manage by — and the question is where each one lives, and what kind of checking comes with the location.

Start with the numbers the forms do ask for, because there are two sets. The IFRS consolidated statements show insurance revenue of ¥34,388 million (US$210 million), which the company states is 114.3% of the prior year, profit before tax of ¥11,389 million (US$70 million), and net profit attributable to owners of ¥8,041 million (US$49 million). The parent-only statements, prepared under Japanese GAAP and the Insurance Business Act rules, show premium income of ¥51,217 million (US$313 million), ordinary profit of ¥2,857 million (US$17 million), and net income of ¥3,406 million (US$21 million).

The two top lines are not the same measurement wearing different clothes; they are different measurements. IFRS insurance revenue excludes investment components and, for contracts measured under the premium allocation approach, allocates expected premium receipts to each period by the passage of time; premium income is the Insurance Business Act figure; one is consolidated and the other parent-only. How much of the ¥16,829 million difference (US$103 million; 51,217 minus 34,388) comes from definition and how much from scope cannot be separated from the disclosure, and this article will not pretend otherwise.

A third document carries the same IFRS three. Lifenet's results summary — kessan tanshin — for the year ended March 2026 is dated May 13, 2026, a month before the EDINET filing, and prints insurance revenue of ¥34,388 million, profit before tax of ¥11,389 million, and net profit attributable to owners of ¥8,041 million, together with equity attributable to owners of ¥1,189.95 (US$7.26) per share. Its front matter states that the tanshin is not subject to audit by a certified public accountant or an audit firm, and gives the scheduled filing date of the annual securities report as June 16, 2026. The same pages already carry the Comprehensive Equity comparison, ¥167,090 million to ¥176,149 million, a change of ¥9,059 million.

Why two sets of books exist is something the company itself explained in a March 2023 release: it announced it would adopt IFRS from fiscal 2023 — the year ended March 2024 — for the consolidated financial statements and consolidated computation documents only, while the standalone statements would stay on Japanese GAAP. Under the Insurance Business Act accounting, it said, new-contract acquisition costs land in year one while the premiums arrive over the policy term, a structure the company described as making its period earnings and medium-term profitability hard to represent. The securities report attributes the ordinary losses of the fiscal years ended March 2022 through March 2025 to exactly that acquisition spending, deployed to expand scale.

The older set of books still runs the plumbing that matters to shareholders. The filing's dividend-policy section states that shareholder returns, including dividends, are decided on the Japanese-GAAP standalone computation documents; that accumulated losses sit on those books; and that the timing of any returns is undecided. The dividend column in the parent company's key-figures table reads a dash, and note 24 to the IFRS statements — dividends — reads, for both years presented, that there is nothing applicable.

The Japanese-GAAP shelf is printed in full in the supplementary results materials — the 1,378KB file. There, premium income of ¥51,217 million (US$313 million), ordinary profit of ¥2,857 million (US$17 million) after an ordinary loss of ¥3,027 million (US$18 million) the year before, and net income of ¥3,406 million (US$21 million) sit alongside a measure the supplement carries without an IFRS counterpart beside it: core profit — kiso rieki — of ¥3,828 million (US$23 million) for fiscal 2025, against minus ¥1,482 million (US$9 million) a year earlier, the fiscal 2025 figure stated to include ¥174 million (US$1 million) of gains on money-trust management. The dividend row in the May tanshin reads 0.00 at the interim, 0.00 at year-end, and 0.00 for the year, with a dash where the payment start date goes. The supplement's section for illustrating policyholder dividends on the fiscal 2025 result reads: not applicable.

This is the setting in which the company defines a number of its own. In May 2024, alongside a five-year plan running fiscal 2024 through 2028, Lifenet announced it was changing its management metric from European Embedded Value to Comprehensive Equity: IFRS equity attributable to owners, plus the contractual service margin net of tax (insurance and reinsurance combined), plus the value of its group credit life — danshin — contracts, including future renewals. The CSM is IFRS 17's store of unearned profit, recognized as insurance services are delivered, and Lifenet remeasures it each March 31 and September 30. The risk section of the securities report describes Comprehensive Equity as the group's most important management metric.

At March 2026 Comprehensive Equity stood at ¥176,149 million (US$1,075 million): IFRS equity of ¥95,600 million (US$584 million), tax-adjusted CSM of ¥65,232 million (US$398 million), and danshin contract value of ¥15,315 million (US$93 million). As disclosed, in millions, those parts sum to ¥176,147 million, ¥2 million short of the stated total — the arithmetic of components rounded to millions. A year earlier the figure was ¥167,090 million (US$1,020 million), so the year added ¥9,059 million (US$55 million), an increase the company puts at 5.4%.

The prior-year reading breaks into the same three parts. At March 2025 the components were IFRS equity of ¥92,109 million (US$562 million), tax-adjusted CSM of ¥61,140 million (US$373 million), and danshin contract value of ¥13,840 million (US$84 million) — a sum of ¥167,089 million against the stated ¥167,090 million, ¥1 million of rounding against the ¥2 million of the later year. Between the two dates IFRS equity added ¥3,491 million (US$21 million), the CSM ¥4,092 million (US$25 million), and the danshin value ¥1,475 million (US$9 million), increases of 3.8%, 6.7%, and 10.7% on our arithmetic of the two columns. The smallest part grew fastest. The two pieces added by company definition supplied ¥5,567 million (US$34 million) of the ¥9,058 million the components moved.

The filing bridges that ¥9,059 million: new-business CSM of ¥3,346 million (US$20 million), interest accretion of ¥683 million (US$4 million), assumption changes of ¥5,328 million (US$33 million), CSM release of minus ¥5,266 million (US$32 million), danshin value change of ¥2,547 million (US$16 million), a danshin interest-rate impact of minus ¥1,071 million (US$7 million), net income of ¥8,041 million (US$49 million), other comprehensive income of minus ¥4,596 million (US$28 million), and other equity movements of ¥46 million (US$0.3 million). Those items sum to ¥9,058 million, ¥1 million of rounding from the stated total. The company attributes the growth mainly to new-business CSM earned with improving acquisition efficiency and to assumption changes from expense-efficiency gains, with rates and inflation as a drag. Whether volume, unit price, or product mix drove the new-business CSM cannot be separated from this disclosure.

Where does this number live? The financial statements supply its first ingredient, IFRS equity; the other two pieces are added by company definition, and Comprehensive Equity itself is, as the filing notes, a measure the company defines — IFRS equity plus tax-adjusted CSM plus danshin contract value — not an account of the accounting standard's own making. It appears in the analysis of results, which sets it as the corporate-value metric; in the risk factors, where one sentence links market rates to Japanese-GAAP net assets, IFRS equity, Comprehensive Equity, and economic-value eligible capital all at once; in the sustainability indicators table, as corporate value of ¥167.0 billion (US$1,020 million) for fiscal 2024 and ¥176.1 billion (US$1,075 million) for fiscal 2025; and in the May 2024 release that defined it. Four places in the disclosure record, one company-defined number.

The metric comes with targets. The 2028 goal is Comprehensive Equity of ¥200.0 to ¥240.0 billion (US$1.22 to US$1.47 billion). Per-share Comprehensive Equity was ¥2,193 (US$13.39) at March 2026, 105.4% of the prior year, against a stated target of around 10% growth — the disclosures we reviewed do not specify a base year or a calculation method for that rate. And among the financial targets sits a number of a different species: "stock price: ¥3,000 or above" (US$18.32) for fiscal 2028, which the company frames as shareholder return through corporate-value growth. This article reports that the target exists and converts it; it offers no view on the share itself.

Comprehensive Equity had a predecessor with a long paper trail. European Embedded Value was disclosed at each fiscal year-end from March 2012 through March 2024 — thirteen year-end readings spanning twelve years. The last of them, at March 2024, was ¥146,991 million (US$897 million): adjusted net worth of ¥25,251 million (US$154 million) plus the present value of future profits on in-force business of ¥121,740 million (US$743 million) — two parts that sum exactly. The value of new business written in fiscal 2023, the series' last year, was ¥6,730 million (US$41 million). With the metric change, the IR page states, EV disclosure ends at the March 2024 results.

The two parts of that last EEV reading have names in the standard. The European Embedded Value Principles, in the April 2016 edition, define embedded value as free surplus allocated to the covered business, plus required capital less the cost of holding it, plus the present value of future shareholder cash flows arising from the in-force covered business; the appendix defines adjusted net worth as free surplus plus required capital, and asks that returns be analyzed with adjusted net worth and the present value of in-force kept apart. The Principles also fix where the future begins: embedded value reflects in-force business and excludes future new business, while the value of new business written in the period includes the expected renewals of those contracts.

The EEV reports carried their own species of checking. Chapter 8 of the report on the March 2024 figures is a third-party opinion: Willis Towers Watson reviewed the methodology, assumptions, and disclosure against the EEV Principles and concluded they complied. The same opinion states that this was not a detailed verification of every calculation model, process, and content; that the firm relied on data and information provided by Lifenet; and that the opinion is furnished to Lifenet alone under contract. The document also warns that EV rests on assumptions about the future that actual results may differ from materially. Separately, the IR page carries a correction notice covering the sensitivity section of EEV disclosures from March 2017 through March 2021.

The Principles also describe what kind of statement chapter 8 is. Where methodology, assumptions, and results have been externally reviewed, the guidance says it is typical to include a statement of the basis of the review and of who carried it out; compliance with the Principles themselves is compulsory except where immaterial, and any departure from the underlying guidance is to be disclosed with its nature and reasons. The Principles' glossary defines supplementary reporting as reporting that is either outside the scope of the audit opinion or prepared on a methodology different from that underlying the primary financial statements. Among the minimum disclosures the Principles set out are the sensitivities of the results shown to changes in key assumptions and an explanation of results compared to the prior period. The appendix of examples of possible disclosures goes further, splitting sensitivities between total embedded value results and new business values, except where a particular sensitivity is not meaningful to the assessment of new business values.

The statutory shelf is checked differently. KPMG AZSA — Lifenet's auditor continuously since 2007 — audits both sets under Article 193-2 of the Financial Instruments and Exchange Act: the consolidated statements, which the filing says are prepared under IFRS, and the standalone statements, which the company says stay on Japanese GAAP. Audit fees for the year were ¥89 million (US$0.54 million), a figure the filing notes includes the audit of an economic-value balance sheet, plus ¥13 million (US$0.08 million) of non-audit work described as assurance readiness for the coming economic-value solvency regulation. The perimeter of the audit, in other words, is itself migrating toward the numbers the form does not yet ask for.

The regulation that assurance work is readying for has a published outline. The FSA's own overview states that the economic value-based solvency regulation first applies at March 31, 2026, from the fiscal year ending March 2026, and that the ratio is eligible capital divided by required capital, computed on a balance sheet with assets and liabilities restated at current economic value, required capital being the quantum of risk measured under a stress environment. Required capital covers six risk categories: life insurance, non-life insurance, catastrophe, credit, market, and operational, each subdivided and then combined with allowance for diversification. The first pillar's basic structure, the overview says, is common with the Insurance Capital Standard adopted by the IAIS in December 2024; the standard model and standard coefficients by which those risks are computed share that basic structure too, the overview adds in a footnote on the required-capital page, with ICS specifications modified to the extent the characteristics of Japanese insurers require. The second pillar is internal management and supervisory verification; the third is disclosure, with set formats for quantitative information so that figures carry a degree of comparability. A ratio below 100% brings the prompt-corrective-action regime, in three brackets — below 100% and at or above 70%, below 70% and at or above 35%, and below 35%. The overview adds that it is not an exhaustive account and directs readers to the related notices and supervisory guidelines.

Solvency arrives in two flavors, neither inside the audited statements' totals. The regulatory-basis economic-value solvency ratio, calculated under the Insurance Business Act ordinance and a 2025 FSA notice, was 333% at March 2026: eligible capital of ¥154,110 million (US$941 million) over required capital of ¥46,186 million (US$282 million). The printed components imply 333.7% (154,110 divided by 46,186, our arithmetic); the filing prints 333%, and we note the gap rather than guess at its cause. The company also discloses an internal ESR — the same concept with risks adjusted, in its words, for the realities of its business — at 394% for fiscal 2025, after 356% a year before. Same acronym, sixty-one points apart, and each carries a note that it is a preliminary figure whose external audit is not finished.

The 333% has a table under it. In the supplement, eligible capital of ¥154,110 million (US$941 million) and required capital of ¥46,186 million (US$282 million) are printed as (A) and (B) with the ratio given as (A)/(B), on a standalone basis with the special treatment for subsidiary shares applied, and the note underneath gives the legal basis: articles 86 and 87 of the Insurance Business Act enforcement ordinance, together with FSA Notice No. 74 of 2025. The same table is marked a preliminary figure that may differ from the final one; the note says this is due to, among other things, the external audit of the economic-value balance sheet not yet being complete. Elsewhere in the same document, the consolidated solvency margin ratio is stated to apply the standalone calculation's result, because that standalone calculation itself uses the special method for subsidiary shares. On that description, the consolidated ratio is the standalone ratio carried across.

One thread ties the company-defined capital number to a single counterparty. In-force annualized premium was ¥37,290 million (US$228 million): individual insurance ¥28,718 million (US$175 million) and danshin ¥8,571 million (US$52 million), parts that sum to ¥37,289 million, ¥1 million of rounding. In the IFRS notes, group-insurance revenue was ¥8,018 million (US$49 million) this year — and the major-customer note lists au Jibun Bank at ¥8,018 million, the identical figure, as it was identical last year at ¥5,797 million (US$35 million). The group line and the named customer coincide; the growth is 38.3% (8,018 divided by 5,797). The danshin contract value inside Comprehensive Equity — ¥15,315 million (US$93 million) — is defined to include future renewals of this business.

The counterparty describes the same book from the distribution end. On au Jibun Bank's group-credit-life pages the underwriting insurer is named as Lifenet Insurance Company; borrowers are told that taking a mortgage means enrolling in group credit life, applied for after the preliminary loan screening; and the health-certificate upload runs through a login on Lifenet's own site. The cover is set out in two enrolment modes, single and pair-loan joint, and within each the choice runs to the plans with riders — cancer 50% coverage, cancer 100%, and cancer 100% premium, the three the plan-detail section then sets out — and the general plan, with a wide plan the insurer underwrites for applicants who cannot join the general one, and a note that both borrowers on a pair loan must choose the same plan. A footnote states that the plan carried with no interest-rate add-on is the singly enrolled cancer 50% coverage plan, and that a diagnosis of the specified malignancy within 90 days of the start of liability, that day included, is not covered. The page carries a display date of August 5, 2026. On the Japanese-GAAP shelf the same kind of business is measured in yet another unit: the supplement's in-force policy amount table prints a group-insurance line of ¥5,961,424 million (US$36,395 million) at March 2026, though the pages we reviewed do not label that line danshin.

As for who reads all this: the register says much of the audience is offshore. au Financial Holdings is the largest holder at 14,726,100 shares, 18.32%; Goldman Sachs International holds 14.29%; the top ten together hold 51,295,522 shares, 63.84%. Foreign institutions held 480,973 trading units and foreign individuals 57, of 803,283 units in total — 481,030 divided by 803,283 is 59.88%, our arithmetic on the filing's ownership table. The English IR archive, for its part, posts the Fiscal 2025 financial results, the presentation material, a presentation with speech text, and a Q&A summary.

So the map, drawn as positions rather than judgments: two sets of audited financial statements — consolidated on IFRS, standalone on Japanese GAAP, per the company's own descriptions — with one auditor across both. A company-defined capital measure that starts from audited IFRS equity and adds tax-adjusted CSM and a danshin contract value defined to include future renewals, threaded through the filing's analysis and risk discussions. Quarterly supplements on a page whose address predates them. Two solvency ratios, one regulatory and one internal, each published as a preliminary figure with a note that the external audit is not finished. And an embedded-value series, closed at the March 2024 results, whose checking was a third-party verification that described its own limits. Every number is findable. What differs, shelf by shelf, is the verification that sits behind it.

The securities-report form, meanwhile, does ask one question about output. In the chapter reserved for production, orders, and sales, Lifenet writes that for the life insurance business there is no applicable information, and the chapter ends there. One sentence for the box the form provides. Elsewhere, the CSM — one of Comprehensive Equity's three parts — is remeasured every March 31 and September 30, the supplements arrive quarterly, and the embedded-value column on the IR page has not grown since March 2024. The address still ends in ev.html.

Conversion note: all yen amounts are converted at ¥163.8 = US$1, the rate retrieved from the source below on 24 July 2026 as published by TradingEconomics, applied uniformly to every period shown for comparability. The conversions are this publication's arithmetic, not the company's; the disclosures cited here state amounts in millions of yen, and significant figures follow the yen originals. Rounding differences of one or two million yen, cited only to reconcile component sums with stated totals, are not separately converted. Ratios, percentages, unit counts, and share counts are not converted.