ORIX GROUP Retail Business Strategy ~ Expansion of ORIX Life Insurance ~ Kazunori Kataoka President ORIX Life Insurance Corporation September 9, 2015

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1 ORIX GROUP Retail Business Strategy ~ Expansion of ORIX Life Insurance ~ Kazunori Kataoka President ORIX Life Insurance Corporation September 9, 2015

2 Table of Contents Current Status of ORIX Life 1.Current Status of ORIX Life 2.Present in ORIX Group 3.History of ORIX Life 4.Characteristics of ORIX Life Future of ORIX Life 5.Challenges 6.Measures 7.Existing channels 8.Expansion of channels 9.Future State 10.Conclusion 2

3 Current Status of ORIX Life 3

4 1.Current Status of ORIX Life Current Overview Total Assets JGAAP-based: 772,934 million (As of the end of March 2015) USGAAP-based: 879,417 million (As of the end of March 2015) In-force Policies 2,546,000 (As of the end of March 2015) Insurance Premium Income, etc. 173,089 million (As of the end of March 2015) Solvency Margin Ratio 746.4% (As of the end of March 2015) EV (Embedded Value) 359 billion (As of the end of March 2015) Number of Employees 942 (As of the end of March 2015) Number of Agencies 9,378 (As of the end of March 2015) Corporate Agencies: 6,466 Individual Agencies: 2,912 4

5 2.Presence in ORIX Group The significance of ORIX Life in ORIX Group has increased Overseas Business Leasing, Lending, Investment in bonds, Investment banking, Asset management, Ship/Aircraft-related operations 25% 12% Segment Assets Approx. 8.9Tn yen (As of ) 7% 9% 7% Corporate Financial Services Lending, Leasing, fee businesses Maintenance Leasing Automobile leasing and rentals, Car sharing, Precision measuring equipment and IT-related equipment rentals and leasing Retail Life insurance, Banking, Card loan business 40% Investment and Operation Environment and energy-related business, Principal investment and Loan servicing (asset recovery) Real Estate Real estate development/rental/ financing, facility operation, REIT asset management, and real estate investment and advisory services 5

6 3.History of ORIX Life ORIX Life has grown by shifting its businesses from corporate-oriented to individualoriented 1991 Established ORIX Omaha Life 1993 ORIX Life 1997 Direct marketing started 2006 Launched CURE 2009 Launched advanced medical treatment rider 2010 Launched CURE Support 2010 Launched cancer insurance Believe 2013 Launched New CURE 2013 Launched cancer insurance Force 2015 Merged with Hartford Life Corporate market Trend of in-force policies (individual insurance) (10,000 policies) Individual market Over 2.5 MM! 410,000 6

7 3.History of ORIX Life Premium income grew by 1.6 times and EV grew by 2.6 in 5 years 2,000 Premium Income (100 million yen) 1,731 4,000 EV(embedded Value) (100 million yen) 3,590 1,500 1,079 1,181 1,314 1,478 3,000 2,305 2,784 1,000 2,000 1,862 1, ,

8 3.History of ORIX Life (Relate to industry average) ORIX Life has grown at a pace much faster than the industry as a whole Growth rates in the past 10 years with 2005 set at 100 (Individual insurance) New business growth rate (policy count) In-force growth rate (policy count) 800% 600% ORIX オリックス Life 生 命 Industry 業 界 全 体 as a whole Average annual increase 24% 800% 600% ORIX オリックス Life 生 命 Industry 業 界 全 体 as a whole Average annual increase 22% 400% 400% 200% Average annual increase 4% 200% Average annual increase 4% 0% Life insurance industry grew by 1.6 times whereas ORIX Life grew by 7 times % Life insurance industry grew by 1.4 times whereas ORIX Life grew by 6 times

9 4.Characteristics of ORIX Life (Product Portfolio) The same product Portfolio is seen in both new business and in-force Ordinary products (death coverage) 30% A & H products (medical insurance, cancer insurance) 70% New business policy count by product type (2014: 560,000) In-force policy count by product type (2014: 2,550,000) Ordinary products 29% A&H products 71% Ordinary products 27% A&H products 73% 9

10 4.Characteristics of ORIX Life (Competitive edge of products ) ORIX Life products are receiving a high evaluation from the media Takarajima Magazine 2278 Ranking of 2015 Medical insurance ranking 1st place Cancer insurance ranking 1st place Whole life insurance ranking 3rd place Multiple income benefit insurance ranking 2nd place New CURE Believe RISE KEEP * Takarajima Magazine 2278 Good insurance/bad insurance issued by Takarajimasha, Inc. Latest Insurance Ranking 2014 Second Half Chosen by 100 professionals! Medical insurance ranking 1st place Chosen by 100 professionals! Term insurance ranking 1st place New CURE Fine Save * Latest Insurance Ranking 2014 Second Half dated July 2, 2014 published by Eastpress Corporation. 10

11 4.Characteristics of ORIX Life (Composition of channels) Products offered mainly through the independent agency channel New business policy count by channel (2014: 560,000) Direct 9% Bank assurance 3% Independent agency channel 88% 11

12 4.Characteristics of ORIX Life (Direct marketing) Direct marketing alone shows top-level performance (policy count) 25,000 20,000 New business policy count by quarter オリックス ORIX 生 Life 命 ダイレクト Direct B 生 Life B 命 生 命 insurer B A 生 Life A 命 生 insurer 命 A 15,000 10,000 5, Q 1Q 2Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 4Q 1Q 1Q 2Q 2Q 3Q 4Q 4Q 1Q 2013 年 3 月 期 2014 年 3 月 期 2015 年 3 月 期 FY 2016 ending FY ending FY ending FY ending 年 March 2016 March 2013 March 2014 March 月 期 12

13 Future of ORIX Life 13

14 5.Challenges (Industry) Major insurers, by setting up specialized subsidiaries in addition to the existing sales agent channel, are penetrating the areas where mid- to small-sized insurers have grown. Sumitomo Life Medicare Life A&H products through agencies Daiichi Life Daiichi Frontier Life Saving-type products through bank assurance Neofirst Life A&H products through agencies Nippon Life Mitsui Life Bank assurance and independent agencies? 14

15 5.Challenges Although growing steadily, ORIX Life tends to incline too much toward the agency channel and medical insurance and is unable to sufficiently respond to diversified customer needs or distribution channels Business opportunities may have been missed out 15

16 6.Measures While supporting continuous growth of the existing agency channel, launch and develop new distribution channels as the second and the third pillars. By injecting the right products in the right channel, promote the expansion of channels. 16

17 6.Measures Current status Independent agency channel Bank assurance Direct channel 17

18 6.Image of measures Consider multi-channel distribution combined with products Independent agency channel Bank assurance Variable Annuity Fixed Annuity Variable Whole Life Foreign-currency -denominated Insurance Captive agent channel Direct channel Variable Whole Life Foreign-currency -denominated Insurance 18

19 7.Existing Channel (Agency) New site strategy Also for the existing business, proactively launch new offices in untouched areas. There are offices in 35 prefectures nationwide 2014 Newly opened 2 offices (Nagano, Sanin) 2015 Newly opened 1 branch office (Machida) Converted 4 offices into branch offices (Kashiwa, Nagasaki, Miyazaki, Okinawa) Newly opened 3 offices (Aomori, Yamagata, Mie) Existing site Office opened in 2014 Office turned-into branch office in 2015 Office opened in 2015 (Prefectures with offices/branch offices already present are omitted) 19

20 8.Expansion of Channels (Captive agent Channel) Under discussion Customer satisfaction of Captive agent channel and Direct Channel Distribution channel Strength Weaknesses Captive agent channel Customers avoid the same agent the next time they purchase a policy Direct channel Approx. 46% Approx. 2% A policy can be purchased after consulting with an agent who is knowledgeable about insurance Mass employment/dismissal is repeated and agents do not stay long with the company Customer satisfaction A policy can be easily applied for and purchased at any time Only information on product is collected, no expert to consult with, difficult to select an insurance that meets the required protection Not self-contained due to lack of understanding / knowledge Low Stop considering or give up applying for and purchasing a policy Result Only 15% of the customers of domestic insurers expressed their intention of repurchasing a policy Source: J.D.Power Asia Pacific 2015 Customer Satisfaction Survey on Life Insurance policy (Solicitation) As a reason for giving up purchasing a policy on the internet, 54% said due to absence of necessary information and consultation. Source: PwC Japan Digital Insurance Consumer Survey (May 2014) Approx. 46% of the customers purchase a policy through the Captive agent channel but due to poor service quality, only 15% have an intention to repurchase a policy. With respect to the Direct Channel, many customers give up purchasing a policy due to their inability to select the best suited product by themselves (There is a room for market expansion). 20

21 8.Expansion of Channels (Captive agent Channel) Under discussion Establishment of hybrid captive agent channel Challenges Solution Captive agent channel Market depletion, commission system Mass employment/mass dropout, hiring slump, quality maintenance Provision of markets, stable employment, hiring and education of agents, quality assurance Direct channel Customer s lack of understanding, no one to consult with, unable to determine by oneself whether the insurance suits required protection Stop considering or give up on applying for and purchasing a policy Advice on product selection, after-sales follow-up What customers are looking for High-quality consulting, Timely and adequate after-sales follow-up Provision of information and consulting necessary and sufficient to select a product Hybrid channel A new channel that satisfies customers by solving the challenges of Captive agent channel and Direct channel Target state in 10 years Number of agents Approx. 1,900 New business annualized premium Approx. 19 billion 21

22 8.Expansion of Channels (Bank Assurance) Expansion under discussion Strengthen Bank Assurance through the merger with Hartford Life Market size in Bank Assurance New business premium income remains at around 4 trillion yen annually. On an cumulative basis, market size is expected to gradually expand to more than 40 trillion yen. Consider selling saving-type products such as variable annuity and utilizing the knowhow of former Hartford Life to strengthen bank assurance. Target state in 10 years New business annualized premium Approx. 23 billion 22

23 9.Future State (NBAP) With the implementation of various measures, we aim at the growth below. (100 million yen) 1,200 NBAP (New Business Annualized Premium) 1,000 1, (Actual) ~

24 9.Future State (Projected income by channel) Increase the ratios of bank assurance and captive agent channel in the channel composition. NBAP by channel ( 34.2 billion in 2014) Direct 9% Independent agency channel 89% Bank assurance 2% NBAP by channel ( billion in 2024) Bank assurance 20% Captive agent channel 17% Direct 9% Independent agency channel 54% NBAP: New Business Annualized Premium 24

25 9.Future State (in the industry) Grow to the following position (assuming the immediate growth rate to continue for 10 years) In-force Policy Count Top 19 Companies (excl. Kampo Life) ,000 policies 0.4% A B C D E F G H I J K L M N O P ORIX Life Q R % % 2% 2% 2% 2% 2% 12 3% 3% 2014 (Actual) 2024 (Projection) 1,000,000 policies 23 5% 4% 5% 5% 6% 21 7% 6% 9% Market share of top 19 companies 17% 16% (%) A B ORIX Life F C H K I D E G M P N L J O Q R % 1% % 12 3% % 3% 4% 4% 3% 1,000,000 policies 28 5% 5% 5% 24 6% 6% 7% 8.3% 7.8% 12% 16% (%) Market share of top 19 companies 25

26 10.Conclusion Ensure continuous growth of existing business Accelerate development of products and expansion of distribution channels Develop multi-channels to establish a position in the life insurance industry 26

27 Disclaimer These materials have been prepared by ORIX Corporation ( ORIX or the Company ) solely for your information and are subject to change without notice. The information contained in these materials has not been independently verified and its accuracy is not guaranteed. No representations, warranties or undertakings, express or implied, are made as to, and no reliance should be placed on, the accuracy, fairness, or completeness, or correctness of the information or the opinions presented or contained in these materials. These materials contain forward-looking statements that reflect the Company s intent, belief and current expectations about future events and financial results. These statements can be recognized by the use of words such as expects, plans, will, estimates, projects, intends, or words of similar meaning. These forward-looking statements are not guarantees of future performance. They are based on a number of assumptions about the Company s operations and are subject to risks, uncertainties and other factors beyond the Company s control. Accordingly, actual results may differ materially from these forward-looking statements. Factors that could cause such differences include, but are not limited to, those described under Risk Factors in the Company s most recent annual report on Form 20-F filed with the U.S. Securities and Exchange Commission and under Business Risk of the securities report (yukashouken houkokusho) filed with the Director of the Kanto Local Finance Bureau. Some of the financial information in these materials is unaudited. The Company believes that it will be considered a passive foreign investment company for United States Federal income tax purpose in the year to which these consolidated financial results relate and for the foreseeable future by reason of the composition of its assets and the nature of its income. A U.S. holder of the shares or ADSs of the Company is therefore subject to special rules generally intended to eliminate any benefits from the deferral of U.S. Federal income tax that a holder could derive from investing in a foreign corporation that does not distribute all of its earnings on a current basis. Investors should consult their tax advisors with respect to such rules, which are summarized in the Company s annual report. ORIX Life Insurance has completed merger proceeding on its subsidiary Hartford Life Insurance K.K. on July 1, 2015 and is committed to continue serving its policy holders. ORIX Life insurance has no affiliation with The Hartford Financial Services Group, Inc. or its affiliates. Nothing in this document shall be considered as an offer to sell or solicitation of an offer to buy any security, commodity or other instrument, including securities issued by the Company or any affiliate thereof. 27

28 Additional Information ORIX Website: IR Website: URL: URL: If you would like to be included on our list for major news announcements, please send your request to the address below. ORIX Corporation Corporate Planning Department World Trade Center Building., 2-4-1, Hamamatsu-cho, Minato-ku, Tokyo , Japan Tel: Fax:

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