Nippon Life’s mission is to fulfill its long-term commitment to policyholders under life insurance agreements, and maximize returns to policyholders in a stable manner over the long term. Investment is carried out to achieve this mission. Specifically, to ensure that we provide policyholders with promised returns in a stable manner, we strive to increase equity while implementing stringent risk management. When investing, we give sufficient consideration to diversifying investments across assets, countries, currencies, and other investment targets, while maintaining a well-balanced investment portfolio that is not overly con-centrated on any specific asset or country.

To enhance medium- to long-term profitability, we intend to replace investments in the portfolio mainly by buying at undervalued prices and sell-ing at higher valuations based on stringent risk management. Through this approach, we seek to increase and stabilize profitability.

Nippon Life’s Basic Approach to General Account Investment1. Fulfilling our financial coverage obligations to policyholders is our

first priority for investment2. Achieving long-term stable growth of investment returns through a

coherent investment strategy3. Conducting investment in a way that is acceptable to policyholders,

maintaining an awareness of the mission and public nature of the life insurance business

[Breakdown of General Account Portfolio](¥55,563.3 billion as of March 31, 2014)

The life insurance business has a highly social and public nature. By utilizing the long-term nature of its funds as a life insurer, Nippon Life has long con-ducted investment from the standpoint of coexisting with communities and society, and achieving stable growth hand in hand with Japanese companies and the economy at large. For example, in equities investment, Nippon Life is counted among the top ten shareholders of around 20% of all publicly listed Japanese compa-nies. In addition, together with Group Company Nissay Capital Co., Ltd., Nippon Life is a large investor in many unlisted companies around the country that are aiming for future initial public offerings. Additionally, in loan transactions, we strive to support the development of industry by extending loans to customers across Japan, not just large

corporations. In the field of personal loans, we provide the financing needed for sound and enriched life planning through housing loans and other means. We are also active in real estate investment. Through a broad range of investments in office buildings nationwide, we are contributing to regional development.

Domestic stocksl Number of publicly listed Japanese companies in

which Nippon Life is a top ten shareholder: 601 (20% of all publicly listed Japanese companies)

Loans l Balance: ¥8,528.9 billion

Real estatel Balance of real estate for leasing: ¥1,070.5 billionl Number of buildings held for leasing: 339

✳Domestic stocks are as of September 30, 2013✳�Loans (sum of industrial and consumer loans and policy loans) and real estate are as of March

31, 2014

[Regional Breakdown of Domestic Corporate Loans and Buildings for Leasing]

Loans extended to domestic corporations (¥ billion)5,498.7 (100.0％)

Buildings for leasing (No. of buildings)339 (100.0％)

69.6(1.3％)

128.6(2.3％)

3,528.3(64.2％)

513.6(9.3％)

837.0(15.2％)

151.5(2.8％)

106.4(1.9％)

163.3(3.0％)

15(4.4％)

18(5.3％)

126(37.2％)

44(13.0％)

82(24.2％)

20(5.9％)

9(2.7％)

25(7.4％)

Hokkaido

Tohoku

KantoChubuKinki

Shikoku

ChugokuKyushu

Long-term, Stable InvestmentStrengthening Financial Soundness and Profitability

Features of Investment

Market Presence

To be certain that we can pay future insurance claims and benefits, Nippon Life invests premiums entrusted to it from policyhold-ers with sufficient consideration for safety, profitability, and the public nature of its business, among other factors. By spreading risk and allocating assets properly, Nippon Life aims to secure long-term stable investment returns.

Monetary receivablespurchased1.0%

Cash, deposits and call loans1.3%

Domestic stocks 12.9%

Foreign securities25.0%

Loans15.4%

Public and corporate domestic bonds39.0%

Real estate 3.1%

Other 2.4%

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As financial products become increasingly diverse and complex, investment risk management is becoming increasingly important. At Nippon Life, investment departments strive to limit exposure to risk by strictly selecting and diversifying investments, while risk management and assessment management units provide checks by measuring the amount of risk in the portfolio and performing individual credit assessments and other

tasks. Through these measures, Nippon Life strives to secure stable invest-ment returns. In addition, Nippon Life has put a system in place that enables swift responses to changes in the market environment by closely monitoring individual investees and market conditions.

[Checking System for Investment Departments]

Cover FeatureBusiness Perform

anceM

anagement of N

ippon Life Nippon Life’s Products and Services

Company Inform

ationFinancial Data

Operational Data

Individual transaction management

Investment Departments

Investment Market (stocks, loans, bonds, real estate, etc.)

Finance & Investment Planning Department(Formulation, execution and administration of investment and

financing plans across all assets, etc.)

Portfolio managementInvestment Risk Management Department

(Measurement of risk amounts, establishment of investment limits, etc.)

Credit Department(Individual credit assessment of investment and financing,

administration of internal ratings, etc.)

Investment Departments(Execution of investment and

financing for specific assets, etc.)

Risk Management and Assessment Management Units

MonitoringChecks

Execution of investment and financing

America

NLI International Inc.(New York)

AsiaNippon Life Global

Investors Singapore Limited(Singapore)

EuropeNissay Schroders

Asset ManagementEurope Limited

NLI International PLC(London)

Nippon LifeNissay Asset Management

Stringent Investment Risk Management

Global Investment NetworkNippon Life has a global investment network comprising investment bases in New York, London, and Singapore, in addition to Nissay Asset Management Corporation, a Nippon Life Group asset management company. As global investment and finance have come to the fore in recent years, Nippon Life has striven to invest in countries and regions with growth potential in order to diversify and multiply its earnings sources. We are also working to enhance our global investment capabilities through alliances and investments, as well as personnel exchanges and other joint initiatives with leading overseas financial institutions.

[Global Investment Network]

Credit Investment Department EstablishedIn fiscal 2013, Nippon Life established the Credit Investment Depart-ment as an organization devoted to credit investment worldwide, in an effort to step up investment in the overseas credit field.Now we will turn our efforts to bolstering and expanding credit investment on a global scale, starting with Asia.

Nissay Schroders Asset Management Europe Limited

Nippon Life Global Investors Singapore Limited

NLI International Inc.

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