• Clearer Visibility on Growth Acceleration – H1 FY3/26 results demonstrated solid execution, highlighted by visible efficiency gains. We believe visibility toward growth acceleration has improved post-Q2; the recovery in Individual Life is gaining momentum, evidenced by accelerating AP growth and improved profitability from tech-driven efficiency initiatives. Furthermore, the new partnership with The Kyoto Shinkin Bank clarifies the GCL segment’s growth upside by opening a strategic pathway to the vast domestic bank mortgage market. While immediate earnings contribution is limited, we believe the pathway for the next phase of growth has been mapped.
