Financial Highlights
for the Six Months Ended September 30, 2023
November 13, 2023
Japan Post Holdings: Financial Highlights
Results of Operations for the Six Months Ended September 30, 2023 | (Billions of yen) | |||||
Japan Post Holdings | ||||||
Japan Post Co. | Japan Post Bank | Japan Post Insurance | ||||
(Consolidated) | ||||||
(Consolidated) | (Consolidated) | (Consolidated) | ||||
Ordinary income | 5,618.1 | 1,582.6 | 1,299.5 | 3,113.9 | ||
Year-on-year | + 167.7 | (124.4) | + 370.7 | (88.4) | ||
(for the six months ended | ||||||
September 30, 2022) | + 3.1% | (7.3)% | + 39.9% | (2.8)% | ||
Change | ||||||
Net ordinary income (loss) | 335.2 | (22.9) | 253.8 | 99.3 | ||
Year-on-year | + 40.7 | (57.7) | + 33.6 | + 64.7 | ||
(for the six months ended | ||||||
September 30, 2022) | + 13.8% | - | + 15.2% | + 187.5% | ||
Change | ||||||
Net income (loss) | 120.2 | (21.0) | 182.1 | 50.4 | ||
Year-on-year | (Note) | |||||
(85.7) | (47.4) | + 23.5 | + 2.1 | |||
(for the six months ended | ||||||
September 30, 2022) | (41.6)% | - | + 14.8% | + 4.4% | ||
Change |
Note: Including the effect of a decline in the ratio of shareholders' equity (89%→61.5%) associated with the sale of shares of Japan Post Bank held by Japan Post Holdings (March 2023).
- Forecast for the Fiscal Year Ending March 31, 2024
Net ordinary income | 620.0 | 15.0 | 470.0 | 140.0 | |
[percentage achievement] | [54.1%] | [ - ] | [54.0%] | [70.9%] | |
Net income | 240.0 | 7.0 | 335.0 | 72.0 | |
[percentage achievement] | [50.1%] | [ - ] | [54.3%] | [70.1%] |
Notes: 1.Figures less than ¥0.1 billion are rounded down. The figures of Japan Post Holdings (consolidated) and the combined figures of each subsidiary do not correspond because of other consolidated accounting procedures, etc. 2.The amount of ordinary profit on the consolidated statements of income of Japan Post Insurance has been used for net ordinary income of Japan Post Insurance.
3. Net income for Japan Post Holdings (consolidated) has been calculated based on the ratio of shareholders' equity held by Japan Post Holdings in Japan Post Co. (100%), Japan Post Bank (61.5%) and Japan Post Insurance (49.8%).
4.The amounts of net income attributable to Japan Post Holdings, net loss attributable to Japan Post Co., net income attributable to Japan Post Bank and net income attributable to Japan Post Insurance have been used for net income (loss) of Japan Post Holdings (consolidated), Japan Post Co. (consolidated), Japan Post Bank (consolidated) and Japan Post Insurance (consolidated), respectively.
Copyright © 2023 JAPAN POST GROUP. All Rights Reserved. 1
Japan Post Co. (Consolidated) [Postal and Domestic Logistics Business]:
Financial Results
- The volume of items handled decreased by 4.7% in total year-on-year. Mail decreased by 3.4% and Yu-Mail decreased by 12.3%. Yu-Pack(Note1) increased by 1.7% year-on-year (including an increase of 5.1% in Yu-Packet), due to an increase in the volume of Yu- Packet handled.
- Operating income decreased by ¥34.4 billion year-on-year (a decrease of 3.5% year-on-year) due mainly to lower volumes of mail and Yu-Mail handled.
- Net operating loss of ¥50.7 billion was recorded (loss increased by ¥44.4 billion from net operating loss of ¥6.2 billion in the same period of the previous fiscal year), with an increase in operating expenses of ¥10.0 billion year-on-year (an increase of 1.0% year-on-year), due mainly to increases in personnel expenses and collection, transport and delivery outsourcing expenses, despite cost control initiatives and other measures.
Analysis of Year-on-year Change in Net Operating Income (loss)
(Billions of yen)
Net operating | 〔Trends in Net Operating Income (Loss)〕 | Net operating | ||
2021 | 2022 | 2023 | ||
loss | loss | |||
7.2 | (6.2) | (50.7) | ||
(Six months | (Six months | |||
ended | (six months ended September 30) | ended | ||
September | Decrease in | September | ||
30, 2022) | 30, 2023) | |||
operating | ||||
(6.2) | (50.7) | |||
income | ||||
(34.4) | ||||
Other expenses +3.0 | ||||
Personnel | Collection, | |||
transport and | ||||
expenses | ||||
delivery | ||||
+6.9 | outsourcing | Miscellaneous | ||
expenses | ||||
expenses | ||||
+5.7 | ||||
(2.6) | ||||
Trends in Volume of Items Handled
(Volume of items handled in millions)
( 1.6 %)
( 4.7 %)
( 2.8 %)
+1.7 % | Yu-Pack(Note1) | |
( 2.9 %) | (12.3 %) | Yu-Mail |
( 1.2 %) | ( 3.4 %) |
0
(six months ended September 30)
Results of Operations for the Six Months Ended September 30, 2023
(Billions of yen) |
Parcels | (12.3) |
(Yu-Pack(note1) and Yu-Mail) | |
Standard mail | (9.9) |
Sales revenue of | (7.4) |
Postage Stamps and Postcards | |
Optional services | (6.9) |
International mails | + 4.0 |
Domestic collection, | ||
Delivery outsourcing | + 3.1 | |
expenses | ||
International mails | + 2.5 | |
delivery expenses | ||
Salaries and allowances, | + 4.3 | |
etc. | ||
Legal welfare expenses | + 2.0 |
Operating outsourcing | (1.8) |
expenses | |
Postal service | (1.4) |
commissions | |
For the six | For the six | Year-on-year | |||
months ended | months ended | ||||
change | |||||
Sept. 30, 2023 | Sept. 30, 2022 | ||||
Operating income | 941.5 | 976.0 | (34.4) | ||
Operating expenses | 992.3 | 982.2 | + 10.0 | ||
Personnel expenses | 622.6 | 615.7 | + 6.9 |
Notes: 1. Yu-Pack includes Yu-Packet.
2. From the three months ended June 30, 2023, JP Logistics Group Co., Ltd. and JP Logistics Co., Ltd., which were previously included in the "International Logistics Business, " have been reclassified as part of the "Postal and Domestic Logistics Business," and the figures for the same period of the previous fiscal year have been adjusted accordingly.
Other expenses | 369.6 | 366.5 | + 3.0 |
Net operating loss | (50.7) | (6.2) | (44.4) |
Copyright © 2023 JAPAN POST GROUP. All Rights Reserved. 2
Japan Post Co. (Consolidated) [Post Office Business]:
Financial Results
- Operating income decreased by ¥7.8 billion year-on-year (a decrease of 1.5% year-on-year), with a continuing decrease in banking commissions and insurance commissions, despite an increase in income from the real estate business due to a rise in rental income from existing properties.
- Net operating income decreased by ¥6.7 billion year-on-year (a decrease of 18.1% year-on-year), as operating expenses decreased by ¥1.1 billion year-on-year (a decrease of 0.2% year-on-year) with a rise in other expenses due mainly to tax on real estate acquisition associated with the completion of real estate development properties, despite a decrease in personnel expenses.
Analysis of Year-on-year Change in Net Operating Income | Trends in the Earnings Structure |
〔Trends in Net Operating Income〕 | (Billions of yen) | (Billions of yen) | |||||||||||||
600.0 | 572.8 | Other operating income | |||||||||||||
2021 | 2022 | 2023 | (35.0) | 537.8 | (7.8) | 530.0 | Of which: | ||||||||
52.2 | Real estate | ||||||||||||||
Net operating | 19.5 | 37.1 | 30.4 | + 5.3 | 57.5 | + 1.7 | 59.2 | business | 15.9 | ||||||
(six months ended September 30) | 96.9 | Merchandising | |||||||||||||
income | (0.6) | 15.6 | |||||||||||||
96.2 | (1.4) | 94.8 | business | ||||||||||||
(Six months | Commissions | Net operating | 400.0 | Third-party | |||||||||||
ended | |||||||||||||||
for business | financial product | ||||||||||||||
September | income | 181.7 | |||||||||||||
consignment | (7.4) | 174.2 | 163.3 | agency services | 3.9 | ||||||||||
30, 2022) | Personnel | Other | (Six months | (10.9) | |||||||||||
Postal service | |||||||||||||||
37.1 | (19.2) | ended | |||||||||||||
expenses | expenses | ||||||||||||||
Funds to | Other operating | September | 200.0 | 96.5 | commissions | ||||||||||
(5.0) | +3.8 | (27.1) | 69.4 | 62.5 | |||||||||||
maintain post | 30, 2023) | (6.8) | Banking commissions | ||||||||||||
income | |||||||||||||||
office network | +1.7 | 30.4 | Insurance commissions | ||||||||||||
+9.6 | 145.4 | 140.4 | 150.0 | ||||||||||||
(5.0) | + 9.6 | Funds to maintain | |||||||||||||
0.0 | post office network | ||||||||||||||
2021 | 2022 | 2023 | |||||||||||||
(six months ended September 30) | |||||||||||||||
Results of Operations for the Six Months Ended September 30, 2023 | |||||||||||||||
(Billions of yen) | |||||||||||||||
For the six | For the six | Year-on-year | |||||||||||||
months ended | months ended | ||||||||||||||
change | |||||||||||||||
Real estate business | + 1.6 | Commission fee | + 1.7 | Sept. 30, 2023 | Sept. 30, 2022 | ||||||||||
Merchandising business | (0.3) | Taxes and dues | + 0.6 | Operating income | 530.0 | 537.8 | (7.8) | ||||||||||
Third-party financial product | (0.0) | Depreciation and | + 0.5 | Operating expenses | 499.5 | 500.6 | (1.1) | ||||||||||
agency services | amortization | ||||||||||||||||
Personnel expenses | 356.8 | 361.9 | (5.0) | ||||||||||||||
Banking commissions | (10.9) | Salaries and allowances, etc. | (4.6) | ||||||||||||||
Other expenses | 142.6 | 138.7 | + 3.8 | ||||||||||||||
Insurance commissions | (6.8) | Retirement benefit expenses | (1.0) | ||||||||||||||
30.4 | 37.1 | (6.7) | |||||||||||||||
Postal service commissions | (1.4) | Legal welfare expenses | + 0.6 | Net operating income | |||||||||||||
Copyright © 2023 JAPAN POST GROUP. All Rights Reserved. 3
Japan Post Co. (Consolidated) [International Logistics Business]:
Financial Results
- Operating income decreased by A$851 million year-on-year (a decrease of 27.2% year-on-year), due partly to a fall in cargo rates in the Global Forwarding business, despite securing income in the Global Logistics business on par with the same period of the previous fiscal year.
- Operating expenses decreased by A$801 million year-on-year (a decrease of 26.3% year-on-year) overall due to a decrease in expenses in the Global Forwarding business commensurate with lower income and cost reductions in the Global Logistics business, but this was not enough to offset the decline in operating income, and net operating income (EBIT) declined by A$49 million year-on-year (a decrease of 57.1% year-on-year).
Trends in Net Operating Income (EBIT)
Total EBIT( | ) | (Millions of Australian dollars) | |
250 | 187 | 86 | 37 |
200 | |||
150 | 60 | ||
100 | 93 | 37 | |
50 | 97 | ||
53 | Note 4 | 64 | |
0 | (19) | (6) | |
(48) | (20) | ||
(50) | 2021 | 2022 | 2023 |
(six months ended September 30)
■ Global Logistics ■ Global Forwarding ■ Global Express ■ Corporate/Other
Results of Operations for the Six Months Ended
September 30, 2023
(Millions of Australian dollars) [Billions of yen]
For the six | For the six | Year-on-year | ||
months ended | months ended | |||
change | ||||
Sept. 30, 2023 | Sept. 30, 2022 | |||
Operating income | 2,284 | 3,136 | (851) | |
(revenue) | [213.0] | [293.4] | [(80.4)] | |
Operating expenses | 2,247 | 3,049 | (801) | |
[209.5] | [285.2] | [(75.7)] | ||
Personnel | 662 | 698 | (36) | |
expenses | [61.7] | [65.3] | [(3.5)] | |
Other | 1,584 | 2,350 | (765) | |
expenses | [147.7] | [219.9] | [(72.1)] | |
37 | 86 | (49) | ||
Net operating | ||||
income (EBIT) | [3.4] | [8.1] | [(4.6)] |
Notes: 1. For the six months ended September 30, 2021, operating income (revenue), operating expenses and net operating income (EBIT) are the total amounts for Toll, JP Logistics Group Co., Ltd. and JP Logistics Co., Ltd. For the six months ended September 30, 2023 and 2022, operating income (revenue), operating expenses and net operating income (EBIT) are the amounts for Toll only, as JP Logistics Group Co., Ltd. and JP Logistics Co., Ltd. have been reclassified as part of the "Postal and Domestic Logistics Business" from the three months ended June 30, 2023.
- Figures for the six months ended September 30, 2021 in the above graph have been reclassified due to a partial reclassification of businesses between segments from segment from the three months ended June 30, 2022 (total amounts are unchanged).
- Figures in square brackets are presented in billions of yen (Average exchange rate for the six months ended September 30, 2023: ¥93.22 to A$1.00 and for the six months ended September 30, 2022: ¥93.55 to A$1.00).
- Depreciation and amortization that have been suspended based on IFRS are recorded in operating income ( EBIT) for the Global Express business for the six months ended September 30, 2021 (the effect of this is offset through Corporate/Other).
Copyright © 2023 JAPAN POST GROUP. All Rights Reserved. 4
Japan Post Co. (Consolidated): Financial Highlights
- Operating income decreased by ¥121.6 billion year-on-year (a decrease of 7.2% year-on-year, including a decrease of ¥1.0 billion attributable to the effect of exchange rate fluctuations).
- Net operating income decreased in all three businesses (loss increased in the postal and domestic logistics business) and an overall net operating loss of ¥20.1 billion was recorded (a decrease of ¥55.2 billion from net operating income of ¥35.0 billion in the same period of the previous fiscal year).
- Net ordinary loss of ¥22.9 billion (a decrease of ¥57.7 billion from net ordinary income of ¥34.7 billion in the same period of the previous fiscal year) and net loss of ¥21.0 billion (a decrease of ¥47.4 billion from net income of ¥26.3 billion in the same period of the previous fiscal year) were also recorded.
Analysis of Year-on-year Change in Net Income (Loss)
Results of Operations for the Six Months Ended September 30, 2023
〔Trends in Net Operating Income (Loss)〕
2021 | 2022 | 2023 |
38.5 | 35.0 | (20.1) |
(six months ended September 30) | ||
Net income | Net operating | |
income from | ||
(Six months | postal and | |
ended | domestic | |
September 30, | logistics | |
2022) | business |
(Billions of yen) | ||||
〔Trends in Net Income (Loss)〕 | ||||
2021 | 2022 | 2023 | ||
6.4 | 26.3 | (21.0) | ||
(six months ended September 30) |
(Billions of yen) | |||
For the six | For the six | Year-on-year | |
months ended | months ended | ||
change | |||
Sept. 30, 2023 | Sept. 30, 2022 | ||
Operating income | 1,579.8 | 1,701.5 | (121.6) |
Operating expenses | 1,600.0 | 1,666.4 | (66.4) |
26.3 | (44.4) |
Net loss
(Six months
ended
September 30,
2023)
(21.0)
Net operating | |||||||
income from | Net operating | ||||||
post office | income from | Income | |||||
business | international | Other income | |||||
(6.7) | logistics | taxes, etc. | |||||
(expenses) | |||||||
business | Extraordinary | (10.2) | |||||
(4.6) | gains(losses) | ||||||
(1.7) |
Personnel | 1,041.3 | 1,042.9 | (1.6) | |
expenses | ||||
Other expenses | 558.6 | 623.5 | (64.8) | |
Net operating income (loss) | (20.1) | 35.0 | (55.2) | |
Net ordinary income (loss) | (22.9) | 34.7 | (57.7) | |
Extraordinary gains | 6.4 | 5.6 | + 0.7 | |
Income (loss) before | (16.5) | 40.4 | (56.9) | |
income taxes |
Income taxes | (9.4) |
Note: JP Logistics Group Co., Ltd. and JP Logistics Co., Ltd. have been reclassified from the "International Logistics Business" to the "Postal and Domestic Logistics Business" from the three months ended June 30, 2023. Figures for the same period of the previous fiscal year have also been adjusted to reflect this new classification.
Net income (loss) | (21.0) | 26.3 | (47.4) |
Copyright © 2023 JAPAN POST GROUP. All Rights Reserved. 5
Japan Post Bank (Consolidated): Financial Highlights
Consolidated Results of Operations for the Six Months Ended
September 30, 2023
(Billions of yen) | ||||||
For the six months ended | Year-on-year | |||||
Sept. 30, 2023 | Sept. 30, 2022 | change | ||||
Consolidated gross operating | 377.7 | 576.3 | (198.5) | |||
profit | ||||||
Net interest income | 337.9 | 429.9 | (91.9) | |||
Net fees and commissions | 77.5 | 75.0 | + 2.4 | |||
Net other operating | (37.7) | 71.3 | (109.0) | |||
income | ||||||
Gains (losses) on foreign | (23.8) | 51.8 | (75.7) | |||
exchanges | ||||||
Gains (losses) on Japanese | (13.9) | 19.3 | (33.3) | |||
government bonds, etc. | ||||||
General and administrative | 467.6 | 466.0 | + 1.5 | |||
expenses (excludes non-recurring losses) | ||||||
Provision for general reserve | - | (0.0) | + 0.0 | |||
for possible loan losses | ||||||
Consolidated net operating | (89.8) | 110.2 | (200.1) | |||
profit (loss) | ||||||
Non-recurring gains (losses) | 343.6 | 109.8 | + 233.7 | |||
Net ordinary income | 253.8 | 220.1 | + 33.6 | |||
Net income | 182.1 | 158.6 | + 23.5 | |||
Overview
-
Consolidated gross operating profit
Net interest income decreased by ¥91.9 billion year-on-year, primarily due to an increase in foreign currency funding costs.
Net fees and commissions increased by ¥2.4 billion year-on-year. Net other operating income decreased by ¥109.0 billion year-on-year, due to a decrease in gains (losses) on Japanese government bonds, etc. and a decrease in gains (losses) on foreign exchanges. - General and administrative expenses
Increased by ¥1.5 billion year-on-year due to an increase in non- personnel expenses. - Non-recurringgains (losses)
Increased by ¥233.7 billion year-on-year due to an increase in gain on sales associated with risk adjustment operations for stocks, as well as a boost in income from private equity funds and real estate funds. - Net income
Achieved 54.3% of the full-year results forecast of ¥335.0 billion.
(Reference (Note)) | (%) | ||
As of | Change | ||
Sept. 30, 2023 | Sept. 30, 2022 | ||
ROE | 3.85 | 3.36 | + 0.48 |
(Shareholders' equity basis) | |||
OHR | 65.07 | 68.14 | (3.06) |
(Including net gains and losses on | |||
money held in trust, etc.) |
Note: Based on the calculation method used for financial targets under the (Japan Post Bank) Medium-Term Management Plan (fiscal years ending March 31, 2022 - 2026):
ROE = net income / [(shareholders' equity at beginning of period + shareholders' equity at end of period) / 2] x 100
OHR = general and administrative expenses / (net interest income, etc. + net fees and commissions) x 100
Net interest income, etc. refers to interest income after deducting interest expenses (including gains and loss on sales, etc.).
ROE and OHR are calculated based on the figures as of the period ended September 30, 2023, and do not represent indicators for the fiscal year ending March 31, 2024.
Copyright © 2023 JAPAN POST GROUP. All Rights Reserved. 6
Japan Post Bank (Non-consolidated): Net Interest Income, etc.
Net Interest Income
(Billions of yen)
For the six | months ended | Year-on-year | ||||
Sept. 30, 2023 | Sept. 30, 2022 | change | ||||
Net interest income | 337.5 | 429.7 | (92.1) | |||
Interest income | 677.6 | 611.0 | + 66.5 | |||
Interest income on | 92.9 | |||||
Japanese government | 130.5 | (37.5) | ||||
bonds | ||||||
Interest income on | 539.5 | 442.8 | + 96.7 | |||
foreign securities | ||||||
Strategic investment | 54.5 | 100.3 | (45.7) | |||
field (Note 1) | ||||||
Interest expenses | 340.0 | 181.2 | + 158.7 | |||
[Reference: Trend in income from the strategic investment field*]
(as of)
- Income from the strategic investment field contributes to non-recurring gains (losses) in addition to net interest income.
* The strategic investment field includes private equity funds (PE), real estate funds (equity/debt), direct lending funds, infrastructure debt funds, etc.
Notes: 1. Net interest income includes income associated with PE (profit distributions), real estate funds (debt), etc.
2. Non-recurring gains (losses) include income associated with PE (gains (losses) on redemption), real estate funds (equity/debt), etc.
Net Fees and Commissions
(Billions of yen) | ||||
For the six months ended | Year-on-year | |||
Sept. 30, 2023 | Sept. 30, 2022 | change | ||
Net fees and commissions | 76.8 | 74.2 | + 2.5 | |
relating to | ||||
Exchange and settlement | 45.5 | 46.4 | (0.8) | |
transactions | ||||
ATMs | 18.6 | 16.6 | + 2.0 | |
Investment trusts (Note 3) | 5.9 | 6.1 | (0.1) | |
Others | 6.6 | 5.1 | + 1.4 | |
Note 3: Includes Yucho Fund Wrap (discretionary investment service)
Deposit Balance
(Trillions of yen)
(as of)
Copyright © 2023 JAPAN POST GROUP. All Rights Reserved. 7
Japan Post Bank (Non-consolidated): Status of Investment Assets
(Billions of yen)
(Trillions of yen)
250
220.5 | 229.6 | 226.3 | 226.8 | Short-term | ||
13.2 | 13.1 | 13.6 | ||||
207.5 | 11.5 | investments | ||||
and others | ||||||
200 | 11.3 |
60.6 | 66.6 | 68.2 | 63.3 | etc. | |||||||
Due from banks, | |||||||||||
51.4 | |||||||||||
150 | 4.9 | 5.5 | 4.6 | 5.8 | 4.4 | 5.6 | 6.3 | 5.7 | Loans | ||
4.5 | |||||||||||
6.5 | Money held in trust | ||||||||||
100 | 65.6 | 71.1 | 74.1 | 78.3 | 81.8 | Foreign securities, | |||||
etc. | |||||||||||
15.9 | 16.5 | 16.1 | Japanese local | ||||||||
50 | |||||||||||
16.2 | 17.0 | government bonds, | |||||||||
corporate bonds, | |||||||||||
53.6 | etc. | ||||||||||
50.4 | 49.2 | 38.1 | 38.9 | Japanese | |||||||
government | |||||||||||
0 | bonds | ||||||||||
Mar.31, Mar.31, Mar.31, Mar.31, Sept.30, | |||||||||||
2020 | 2021 | 2022 | 2023 | 2023 |
As of | Composition | As of | Composition | |||
Sept. 30, | Mar. 31, | |||||
ratio (%) | ratio (%) | |||||
2023 | 2023 | |||||
Securities | 137,740.6 | 60.7 | 132,769.4 | 58.6 | ||
Japanese government | 38,904.5 | 17.1 | 38,114.7 | 16.8 | ||
bonds | ||||||
Japanese local | ||||||
government bonds, | 17,001.0 | 7.4 | 16,297.4 | 7.1 | ||
corporate bonds, | ||||||
etc.(Note 1) | ||||||
Foreign securities, etc. | 81,835.1 | 36.0 | 78,357.2 | 34.6 | ||
Foreign bonds | 27,973.2 | 12.3 | 26,139.0 | 11.5 | ||
Investment | 53,740.2 | 23.6 | 52,110.2 | 23.0 | ||
trusts(Note 2) | ||||||
6,314.9 | 2.7 | 6,564.7 | 2.8 | |||
Money held in trust | ||||||
Domestic stocks | 1,471.4 | 0.6 | 1,857.6 | 0.8 | ||
Loans | 5,750.9 | 2.5 | 5,604.3 | 2.4 | ||
Due from banks, etc.(Note 3) | 63,381.6 | 27.9 | 68,283.5 | 30.1 | ||
Short-term investments | 13,618.8 | 6.0 | 13,158.3 | 5.8 | ||
and others(Note 4) | ||||||
Total investment assets | 226,806.9 | 100.0 | 226,380.4 | 100.0 | ||
Change
- 4,971.2
- 789.8
- 703.5
- 3,477.8
- 1,834.2
-
1,630.0
(249.8)
(386.1)
-
146.5
(4,901.9) - 460.4
- 426.5
(as of)
Notes: 1. "Japanese local government bonds, corporate bonds, etc." consists of Japanese local government bonds, commercial paper, Japanese corporate bonds and Japanese stocks.
- The major investment target in "Investment trusts" is foreign bonds, including private equity funds, etc.
- "Due from banks, etc." consists of negotiable certificates of deposit, Bank of Japan deposits and monetary claims bought.
- "Short-terminvestments and others" consists of call loans and receivables under resale agreements, etc.
Copyright © 2023 JAPAN POST GROUP. All Rights Reserved. 8
Japan Post Insurance (Consolidated): Financial Highlights
Results of Operations for the Six Months Ended September 30, 2023
(Billions of yen) | |||||
For the six months ended | Year-on-year | ||||
Sept. 30, 2023 | Sept. 30, 2022 | change | |||
Ordinary income | 3,113.9 | 3,202.4 | (88.4) | ||
Ordinary expenses | 3,014.6 | 3,167.9 | (153.2) | ||
Ordinary profit | 99.3 | 34.5 | + 64.7 | ||
Extraordinary gains | 7.0 | 81.2 | (74.2) | ||
Reversal of reserve for | 7.0 | 81.4 | (74.3) | ||
price fluctuations(Note 1) | |||||
Provision for reserve for | 34.4 | 27.1 | + 7.2 | ||
policyholder dividends | |||||
Net income | 50.4 | 48.2 | + 2.1 | ||
Annualized premiums from | 45.2 | 32.7 | |||
new policies | + 12.4 | ||||
(individual insurance) |
Overview
- Core profit increased due mainly to a decrease in insurance payments associated with COVID-19. In addition, net capital gains (losses) improved substantially. As a result, ordinary profit (consolidated) increased by ¥64.7 billion year-on-year to ¥99.3 billion.
- Net capital gains (losses) (excluding gains on cancellation of investment trusts) were neutralized through the reserve for price fluctuations. As a result, net income increased by ¥2.1 billion year- on-year to ¥50.4 billion.
- Annualized premiums from new policies increased compared with the same period of the previous fiscal year for both individual insurance and medical care. (Note 3)
- Annualized premiums from policies in force decreased compared with the end of the previous fiscal year for both individual insurance and medical care.(Notes 2 and 3)
(Reference) Ordinary profit (Non-consolidated)
Annualized premiums from policies in force (individual insurance)(Note 2)
As of
Sept. 30, 2023 | Mar. 31, 2023 |
3,078.7 | 3,217.6 |
Change
(138.9)
(Billions of yen)
For the six months ended | Year-on-year | ||
Sept. 30, 2023 | Sept. 30, 2022 | change | |
Core profit | 131.7 | 104.6 | + 27.1 |
Net capital gains (losses) | 5.7 | (72.1) | + 77.9 |
Notes: 1. Positive figures indicate net reversals and negative figures (in parentheses) indicate net provisions.
- Policies in force for individual insurance include those for Postal Life Insurance Policies, which show contracts reinsured by Japan Post Insurance from the Organization for Postal Savings, Postal Life insurance and Post Office Network.
- Please refer to "Status of Insurance Policies" on page 10 for annualized premiums from new policies and policies in force for medical care.
Non-recurring gains (losses) | (37.2) | 1.5 | (38.8) |
Ordinary profit | 100.2 | 33.9 | + 66.2 |
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Japan Post Holdings Co. Ltd. published this content on 13 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 13:56:40 UTC.