• Improving visibility on Individual Life, but GCL headwinds emerge – Q3 FY3/26 results reinforced the Individual Life recovery narrative while surfacing a new challenge in GCL. The individual life business is executing well with Individual Life AP growth accelerating to +6.5% YoY, new business momentum has carried into January 2026, and profitability was revised upward on favourable claims experience and sustained improvement in cost efficiency. The GCL segment, however, faces headwinds from intensifying competition in the Japanese mortgage market, prompting a downward revision to the AP forecast. We think continued strong execution at Individual Life is key for the Company to deliver on its MTP Comprehensive Equity growth forecasts, while GCL growth could reaccelerate with the addition of new partners.
