Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Lifenet Insurance Company / Index Rebalance

<ul>
<li>On Thursday 7 August, the TSE/Nikkei <a href="https://indexes.nikkei.co.jp/nkave/archives/news/20250807E_1.pdf" target="_blank" rel="noopener">announced</a> the changes for the JPX Nikkei 400 28 August rebalance. A few surprises, but given there is a nebulous qualitative overlay, that's expected.</li>
<li>39 were added. 34 deleted. We got 63 of 73 actual changes correct, achieving hit rates of 96%, 83%, and 44% for our High/Medium/Low Conviction <a href="https://www.smartkarma.com/insights/quiddity-jpx-nikkei-400-rebal-2025-end-june-2025-ranks-final-expectations" target="_blank" rel="noopener">Leaderboard predictions</a>, respectively. </li>
<li>We see US$7.3bn of flows, two way. There should be another $3bn+ of flows on the 26th and 28th.</li>
</ul>


On Thursday 7 August, the TSE/Nikkei announced the changes for the JPX Nikkei 400 28 August rebalance. A few surprises, but given there is a nebulous qualitative overlay, that's expected.
39 were added. 34 deleted. We got 63 of 73 actual changes correct, achieving hit rates of 96%, 83%, and 44% for our High/Medium/Low Conviction Leaderboard predictions, respectively. 
We see US$7.3bn of flows, two way. There should be another $3bn+ of flows on the 26th and 28th.


[Quiddity Index] JPX Nikkei 400 Rebal Aug 2025 - Final Results

<ul>
<li>On Friday after the close, <a href="https://www.smartkarma.com/entities/lifenet-insurance-company" target="_blank" data-smartkarma-citation="entities:1564:1" rel="noopener">Lifenet Insurance Company (7157 JP)</a> announced that it would move to TSE Prime on 25 July 2025. </li>
<li>That means it will go into TOPIX on 29 August 2025 at the close. There is a lot to buy. Under the old Quiddity TOPIX Inclusion matrix, it's super green.</li>
<li>It also has a very interesting shareholder structure which is worth looking at in detail.</li>
</ul>


On Friday after the close, Lifenet Insurance Company (7157 JP) announced that it would move to TSE Prime on 25 July 2025. 
That means it will go into TOPIX on 29 August 2025 at the close. There is a lot to buy. Under the old Quiddity TOPIX Inclusion matrix, it's super green.
It also has a very interesting shareholder structure which is worth looking at in detail.


[Japan Index] Lifenet Insurance (7157) Super Green TOPIX Inclusion

Japan Experts, Extraordinary Performance, Astris Advisory Japan

Astris Advisory Japan

Japan Experts, Extraordinary Performance

Our Corporate Advisory service is designed to give clients access to a wider range of investors. These include Japan specialists as well as global investors. The goal is to help achieve a fair equity valuation.

Equity Bottom-Up

Lifenet Insurance Company / Equity Bottom-Up

<ul><li><strong>Solid execution despite macro volatility impact</strong> – FY3/25 results were positive, driven by strong performance at the GCL business, a direct result of Lifenet’s partnership strategy.</li><li>Despite solid execution in FY3/25, the Comprehensive Equity Per Share growth of +4.5% YoY was well below the Company’s FY3/29 target of +10.0% annual growth due to macroeconomic volatility, highlighting the need for investors to focus on the longer term.</li><li>Looking beyond the FY3/26 guidance, we think Lifenet is well-positioned to deliver longer-term growth with a new technology-oriented CEO, a renewed commitment to accelerating growth at the individual life business, and upside from its partnership-focused growth strategy.</li></ul>

Solid execution despite macro volatility impact – FY3/25 results were positive, driven by strong performance at the GCL business, a direct result of Lifenet’s partnership strategy.Despite solid execution in FY3/25, the Comprehensive Equity Per Share growth of +4.5% YoY was well below the Company’s FY3/29 target of +10.0% annual growth due to macroeconomic volatility, highlighting the need for investors to focus on the longer term.Looking beyond the FY3/26 guidance, we think Lifenet is well-positioned to deliver longer-term growth with a new technology-oriented CEO, a renewed commitment to accelerating growth at the individual life business, and upside from its partnership-focused growth strategy.

LIFENET INSURANCE COMPANY (7157 JP) - Charting the Course for Long-Term Growth

<ul><li>LIFENET is a pure-play online life insurance company with a solid track record, revamping its strategy to revitalize growth.</li><li>The company has initiated a three-pronged strategy, encompassing tech &amp; services, rebranding, and an ‘embedded’ strategy to integrate life insurance products seamlessly into partner digital ecosystems with engaged customers.</li><li>Key partnerships with KDDI Group (9433) and SMBC Group provide a competitive advantage, and the group credit life insurance offered to mortgage customers of au Jibun Bank, KDDI Group’s online banking subsidiary, has the hallmarks of a new earnings pillar. </li></ul>

LIFENET is a pure-play online life insurance company with a solid track record, revamping its strategy to revitalize growth.The company has initiated a three-pronged strategy, encompassing tech &amp; services, rebranding, and an ‘embedded’ strategy to integrate life insurance products seamlessly into partner digital ecosystems with engaged customers.Key partnerships with KDDI Group (9433) and SMBC Group provide a competitive advantage, and the group credit life insurance offered to mortgage customers of au Jibun Bank, KDDI Group’s online banking subsidiary, has the hallmarks of a new earnings pillar. 

Lifenet Insurance Company (7157 JP) - Revitalizing Future Growth

Fintech & EM-focused Analyst, KT Capital Group

Alec Tseung

Fintech & EM-focused Analyst

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>Oasis Management has become a major shareholder in Lifenet in November. Together with another activist investor, Effissimo Capital (the largest shareholder), they now control &gt;30% of the company.</li>
<li>Company announced some new partnerships/initiatives to drive growth but they don't seem to be materially different from what it has been doing to turn around its declining VoNB.</li>
<li>Unless we can see a sustained trend of improving VoNB, it's difficult to justify the premium valuation vs. the other more established peer.</li>
</ul>


Oasis Management has become a major shareholder in Lifenet in November. Together with another activist investor, Effissimo Capital (the largest shareholder), they now control &gt;30% of the company.
Company announced some new partnerships/initiatives to drive growth but they don't seem to be materially different from what it has been doing to turn around its declining VoNB.
Unless we can see a sustained trend of improving VoNB, it's difficult to justify the premium valuation vs. the other more established peer.


Lifenet: Oasis Management Is Now Another Major Shareholder Besides Effissimo

Japan

LIFENET INSURANCE COMPANY provides a wide range of life insurance products and services. The company mainly provides the products and services through the internet. The company also provides asset management services.

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Lifenet Insurance Company (7157 JP)

[Quiddity Index] JPX Nikkei 400 Rebal Aug 2025 - Final Results

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Travis Lundy

[Japan Index] Lifenet Insurance (7157) Super Green TOPIX Inclusion

Lifenet Insurance Company is moving from TSE Growth to TSE Prime. That means it moves to TOPIX. The stock has 30% crossholders and 34% held by two...

Travis Lundy