FWD Life Insurance Announces Reduction in Certain Fees for 'FWD Yen-Denominated Single Premium Variable Annuity'

FWD Life Insurance Co., Ltd. (Headquarters: Chuo-ku, Tokyo; President and CEO: Tsuyoshi Ijichi; hereinafter 'FWD Life') announces a reduction in the 'fees related to the calculation, publication, and other operations of the reference index for index-linked bonds' for its variable annuity insurance with a guaranteed annuity principal, the 'FWD Yen-Denominated Single Premium Variable Annuity'.

【Overview and Timing of Revision】

To improve investment efficiency, FWD Life will reduce the 'fees related to the calculation, publication, and other operations of the reference index for index-linked bonds' (*) for the FWD Yen-Denominated Single Premium Variable Annuity, effective April 1, 2026 (Wednesday).

The details of the revision are as follows:

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* The 'fees related to the calculation, publication, and other operations of the reference index for index-linked bonds' are costs incurred against the reference index of the index-linked bonds that the special account of the FWD Yen-Denominated Single Premium Variable Annuity primarily invests in. These are reflected in the unit price, meaning customers bear these costs indirectly.

This reduction will also apply to existing policyholders.

Please refer to the [Attachment] for details regarding the various fees and risks borne by customers.

About FWD Life Insurance Co., Ltd.

The FWD Group is listed on the Main Board of the Stock Exchange of Hong Kong and operates life insurance businesses in 10 markets across Asia. FWD Life aims to change the way people feel about insurance. Since its establishment in August 1996, it has consistently prioritized the customer perspective, providing simple, easy-to-understand, and unique products and services, currently managing over 2 million policies. As part of the FWD Group, it aims to become a leading insurance company in Asia.

In the 'NEW Good Insurance/Bad Insurance 2026 Edition' (Tokuma Shoten) released on November 28, 2025, 'FWD Income Protection' was ranked No. 1 for the 7th consecutive year since its launch in 2018. For more information, please visit www.fwdlife.co.jp.

【Attachment】

Regarding Fees Borne by Customers

The total cost of this insurance is the sum of the following fees. Note that some of these fees may be subject to change in the future.

■ During the Investment Period

1. Fees for the Fixed-Rate Portion

These are costs necessary for the conclusion and maintenance of the contract, as well as costs required to guarantee the death benefit (insurance-related expenses), which are deducted in advance when determining the accumulation interest rate. As insurance-related expense rates vary depending on the contract date and investment period, they cannot be stated uniformly.

2. Fees for the Investment Performance-Linked Portion