Meiji Yasuda Life Insurance Company, under the leadership of president and group CEO Hideki Nagashima, has disclosed its financial results for the nine-month period ending Dec. 31.
The company provided an extensive overview of its unaudited consolidated balance sheets, highlighting notable shifts in assets and accounting policies affecting its financial standing.
As of Dec. 31, Meiji Yasuda's total assets experienced an increase to 50,855,195 million yen, up from 48,781,836 million yen as recorded on March 31, 2023. This growth is reflected across various asset categories, including cash and deposits, securities, loans, and tangible and intangible fixed assets. Conversely, certain areas such as call loans and due from agents saw reductions in their balances.
The financial statements detail significant accounting changes and policies. A notable adjustment involves PT Avrist Assurance and its subsidiaries being removed from the equity method's scope due to share sales, altering the number of equity method affiliates to seven.
Additionally, a US subsidiary adjusted Meiji Yasuda's goodwill amortisation method to a straight-line basis over 10 years, in line with FASB Accounting Standards Codification Topic 350, impacting ordinary profit and surplus before income taxes and non-controlling interests by 8,023 million yen for the period.
Meiji Yasuda has also adopted FASB Accounting Standards Codification 326 for certain overseas subsidiaries, changing how financial instrument impairments are recognised through the current expected credit loss model. This policy change, applied retroactively, affected the beginning balance of net assets as of June 30, 2023.
The report also mentioned specific accounting treatments for quarterly financial statements, including income tax calculations using an estimated effective tax rate and details on policy reserves as per the Insurance Business Act's enforcement ordinance.
Last month, Meiji Yasuda revealed a shift in its investment strategy, including allocating approximately JPY600 billion into domestic and international private assets over a forthcoming three-year period.
