Dai ichi Life : Presentation(1,753KB)PDF

Financial Results

for the Nine Months Ended December 31, 2024

February 14, 2025

Dai-ichi Life Holdings, Inc.

Contents

⚫ Key Highlights	P.3
⚫ Group Companies Performance Overview	P.11
⚫ Group EV	P.21
⚫ Reference Data	P.23

※The rounding method for figures presented has been changed from rounding down to rounding from this period onward (with some exceptions).

Currency Exchange Rates(TTM)

As of end	¥/US$	¥/Euro	¥/AU$
December 2024	¥158.18	¥164.92	¥98.50
September 2024	¥142.73	¥159.43	¥98.73
March 2024	¥151.41	¥163.24	¥98.61
December 2023	¥141.83	¥157.12	¥96.94
September 2023	¥149.58	¥158.00	¥96.06

Group Company Name Abbreviation, Equity Share and Fiscal Year

	Domestic Insurance Business			Equity Share	Fiscal Year
	DL	Dai-ichi Life			100％
	DFL	Dai-ichi Frontier Life			100％		Apr -Mar
	NFL	Neo First Life			100％
	ipet	ipet Insurance			100％
	Overseas Insurance Business
	PLC		[USA] Protective Life Corporation			100％		Jan - Dec
	TAL		[Australia] TAL Dai-ichi Life Australia			100％	Apr -Mar
	PNZ		[New Zealand] Partners Group Holdings			100％
	DLVN		[Vietnam] Dai-ichi Life Insurance Company of Vietnam		100％
	DLKH		[Cambodia] Dai-ichi Life Insurance (Cambodia)			100％		Jan - Dec
	DLMM		[Myanmar] Dai-ichi Life Insurance Myanmar			100％
	SUD		[India] Star Union Dai-ichi Life Insurance Company			45.9%		Apr -Mar
	PDL		[Indonesia] PT Panin Dai-ichi Life			40％	Jan - Dec
	OLI		[Thailand] OCEAN LIFE INSURANCE PUBLIC COMPANY	24%
	Non-Insurance Business (Asset Management Business, New Fields of Business)
	AMO	Asset Management One		49％(Voting rights)		Apr -Mar
	30％(Economic interest)
	AMO（US) [USA] Asset Management One USA		49％(Voting rights)		Jan - Dec
				30％(Economic interest)
	VTX	Vertex Investment Solutions			100％		Apr -Mar
	CP	[USA] CP New Co ("Canyon Partners")			19.9%		Jan - Dec
	BO	Benefit One			100％		Apr -Mar

Others

DLRe	[Bermuda] Dai-ichi Life Reinsurance Bermuda	100％	Jan - Dec	2

Key Highlights

Profit

Under a favorable market environment, group adj. profit exceeds the initial forecast of ¥340.0bn.

Group Adj. Profit

• 359.6bn

Domestic ¥270.2bn

Overseas ¥80.3bn

• Up +68％ YoY（106％ of the initial full-year forecast ）

Domestic ▶ Up +77% YoY: DL exceeded its initial full-year forecast due to an improvement in the positive spread from increased interest and dividend income, and increase in gains on securities sales.

Overseas ▶ Up +31% YoY: Both PLC and TAL are making steady progress toward the initial full-year forecast.

New Business Results

Group ANP

Value of New Business

(VNB)

New business performance saw a significant YoY increase in both ANP and VNB. Full-year forecast of VNB for the 3 domestic companies has been revised upward.

¥417.7bn	▶ Up +12％ YoY (excl. FX effects)
The improvement of sales at DL and PLC, along with TAL's acquisition of a large-size group insurance
	contract, offset the decline in sales of DFL and NFL, resulting in an increase ANP YoY.
3 domestic companies(1)	▶ 104％ of the initial full-year forecast (3 domestic companies)
ca. ¥83.0bn	Driven by increased sales volume from the first-half of this fiscal year thanks to the impact of newly
launched products, DL has significantly exceeded its initial full-year forecast. The full-year outlook for the
	3 domestic companies is expected to reach ¥95.0bn, exceeding the initial full-year forecast by ¥15.0bn.

Forecast Revision

Group Adj. profit is ca. ¥415.0bn, and DPS is raised to ¥133 for the full-year forecast.

Group Adj. Profit		ca. ¥415.0bn	▶ Up +22％ vs. initial full-year forecast
	Review of profit targets for the final year of the current mid-term management plan is under consideration.
DPS		¥133	▶ Up +¥11 vs. initial full-year forecast
	Based on the upward revision of the group adj. profit, the DPS for FY2024 is expected to increase to ¥133.

Topics

The application period for the "Second Career Special Support Framework" has ended, and the number of applicants has been finalized.

• The number of applicants is 1,830, significantly exceeding the expected level of around1,000 (special losses related to the program are expected to be ca. ¥29.0bn).

(1) Approximate figures

Copyright © 2024 Dai-ichi Life Holdings, Inc.

3

Highlights: Group Adj. Profit (Progress by Domestic and Overseas)

Group Overseas

Domestic Non-Insurance

• Domestic: Exceeding the initial forecast due to market factors, one-time gains, and improved yields boosting positive spread.

DL exceeded the initial full-year forecast as sales of domestic equities proceeded ahead of its plan and gains on sales were recorded early, and the positive spread improved due to increased interest and dividend income. DFL exceeded the initial full-year forecast due to decrease in investment expenses accompanying receding concerns of sharp rise in US interest rates and increased surrender profit resulting from the weaker yen.

• Overseas: Maintaining steady progress in overseas business as a whole

Overseas progress is at 78% of the initial forecast. PLC saw a Q3 loss from the insurance assumption changes and slower progress due to a stronger yen in September, but local currency base progress remains on track. The yen weakened toward December, improving PLC's outlook. TAL also progressed well above plan.

Progress vs Full-year Forecasts	Adj. Profit(1)	vs Initial full-year	（ref.）
(¥ bn)	forecast(1)	Change
	[vs revised forecast]	YoY(3)

Revision of the Full-year Forecast

for Group Adjusted Profit

Group

Domestic

	Positive spread improved due to increased dividend income from stocks
DL	and alternative assets, as well as improved yield on yen bonds.
Additionally, gains on securities sales increased due to the sale of
	domestic and international equities.
DFL	Exceeded initial full-year forecast due to decrease in investment
expenses accompanying receding concerns of sharp rise in US interest
	rates and increased surrender profit resulting from the weaker yen.

Overseas

Losses from the assumption changes were offset by investment gains

359.6	106%	+68%
[87%]
270.2	114%	+77%
[92%]
243.8	113%	+45%
[92%]
28.1	112%
Profit	-
Contribution(2)	[80%]
38.9
80.3	78%	+31%
[73%]

【As of Q2 disclosure】 No upward revision

There was uncertainty regarding the economic outlook and the expected special loss due to the implementation of the

"Second Career Special Support Framework"

Initial forecast

ca. ¥340.0bn

【This time】

Decided upward revision As the uncertainty has been resolved to a certain extent, for some elements, the upside potential has been further expanded and/or the certainty of realization has increased.

Revised forecast

ca.¥415.0bn

PLC	and cost reduction. Despite a stronger yen at the end of Sep., local
currency base progress remains on track with the initial forecast. (As of
	the end of December, yen has weakened more than the initial forecast.
	Although the impact of increased claims remains, a favorable
TAL
persistency rate continued to support a high progress rate.

32.8	69％	+172％
	[60%]
31.4	84%	（9%)
[84%]

Major Changes in the Full-Year Forecast Since the Q2 Disclosure

• Finalization of number of applicants for "Second Career Special Support Framework"(DL)
• Increase in positive spread (DL)
• Improvement in the clarity to exceed the initial full-year forecast （DFL/PLC）

(1)	Adj. profit and progress by business and company is presented after accounting for profits and losses related to intra-group reinsurance, etc.	(2) Profit that includes the blocks that executed the reinsurance to DLRe.	4
(3)	PLC, TAL, and PNZ changed the standard of adj. profit from FY2024. YoY change is compared with the previous standard.	Copyright © 2024 Dai-ichi Life Holdings, Inc.

Highlights: Profit - Group Adj. Profit (YoY Change)

Group Overseas

Domestic Non-Insurance

• Group adj. profit increased by 68% YoY to ¥359.6bn
• Domestically, DL saw increased profits due to increased gains on sales of securities and improved positive spread. In addition, DFL benefited from lower acquisition costs for new business, resulting in a significant YoY profit increase. Overseas, PLC maintained YoY increase in adj. profit even after considering the insurance assumption revisions in Q3.

Drivers affecting the Group Adj. Profit change

Domestic +¥117.6bn

Overseas +¥18.8bn

(¥ in billions)

1. Decrease in new business acquisition costs +62.0

(-) Portfolio improvement (rebalancing of foreign bonds), etc. (30.0)

(+) Removal of the impact of the bank failure in the US in FY2023 +7.5

Group

Adj. Profit

FY2023

Q3(YTD)

(+) Capital gain/loss +87.0
(Incl. gains on sales of securities +56.0, gains from mutual investment funds cancellation +20.0)
(+) Positive spread	+48.0
(Incl. decrease in hedging costs +22.0, increase in interest and dividend income +14.0)
（-） Gain from core insurance activities (37.0)
DL	DFL	NFL/ipet	PLC(1)	Oceania(1)	Asia	Non-insurance	Non-insurance	DLRe	HD, etc.
business
						business

(Asset Management) (Benefit One)

Group

Adj. Profit

FY2024

Q3(YTD)

FY2024	243.8	28.1	(1.7)	32.8	36.8	10.7	3.8	1.0	17.9	(13.5)	359.6
Q3(YTD)
FY2023	168.3	(16.7)	0.9	12.0	36.7	12.7	2.5	-	4.9	(6.7)	214.7
Q3(YTD)

(1) PLC, TAL and PNZ changed the standard of adj. profit from FY2024. Adj. profit for FY2023 is based on the previous standard.	5
	Copyright © 2024 Dai-ichi Life Holdings, Inc.

FY2025 Group Adjusted Profit and Dividend per Share (DPS)

Previous Forecast/Revised Forecast Comparison

• Group adj. profit forecast anticipates an increase of approximately ¥415bn, exceeding the full-year forecast by ¥75bn. This positive adjustment is driven by factors such as the outperformance of DL's spread margin and capital gains and losses, as well as a reduction in the amortization of intangible assets for Benefit One. These factors more than offset the negative impact from DL's one-time loss associated with the Second Career Special Support Program and changes in the mortality assumptions for PLC.
• The forecasted dividend per share is expected to be ¥133, ¥11 higher than the full-year forecast, reflecting the upward revision of the group's profit forecast (with ¥61 already paid as an interim dividend).

Group Adjusted Profit Forecast Change Drivers

(＋) Positive spread	ca.+40.0	(＋) Yen depreciation	ca.+2.5
(Assumption at Q2 +ca.20.0)	(＋) Cost reduction and improvement in investment income (－) Reduction in intangible asset amortization	(¥ in billions)
(＋) Net Capital Gains	ca.+20.0	ca.+9.0
(－）Special loss ("Second Career Special	(－） Deterioration of mortality assumptions ca.(7.0）

Support Framework")

ca.(21.0）

ca. 415.0

Dividend per Share (DPS) Forecast Change

(¥ in billions)

FY2022 FY2023 FY2024 （Forecast）

Adjusted	184.5	319.4		415.0
Profit
		3-year average
		×
	Dividend payout ratio of 40%

ca. 340.0

Group Adjusted

Profit

Initial Forecast

FY2024

(＋) Higher-than-expected termination profit and loss in H1

(－) Reduction in management fees ca.(8.0)

(no impact on group consolidated results)	Group Adjusted
	Profit
	Revised Forecast
	FY2024

*All figures in this chart are after-tax.

Full-year Dividend per Share (DPS)

Forecast

¥122 ¥133（1）

Year-end

Year-endDividend

Dividend72 61

DL	DFL	NFL, ipet	PLC	Oceania	Asia	Asset	Benefit One	DL Re	HD, etc.
Management

Revised	265.0	35.0	(6.0)	55.0	42.0	13.0	5.0	2.0	18.0	(14.0)	ca. 415.0
forecast
Initial	215.0	25.0	(6.0)	47.5	42.0	13.0	5.0	(12.0)	18.0	(7.0)	ca. 340.0
forecast

(1) The full-year forecast for the dividend per share for FY2024 is based on the amount before reflecting the stock split announced today (effective date: April 1, 2025).

Interim	Interim
Dividend	Dividend
61	61
Initial	Revised
Forecast	Forecast	6
Copyright © 2024 Dai-ichi Life Holdings, Inc.

Highlights: Value of New Business, ANP (New Business and In-force Business)

Group Overseas

Domestic Non-Insurance

• The value of new business was ca. ¥83.0bn (approximate figures for the 3 domestic companies). DL contributed to this growth with increased sales volume driven by new product launches, resulting in progress exceeding the initial full-year forecast.
• New business ANP increased by 10% YoY to ¥417.7bn (up 12% excluding forex impact). In addition to the above factors, strong sales of fixed annuities at PLC contributed to the increased new business ANP YoY. Overall, overseas performance increased by 75% YoY excluding forex impact (up 70% including forex impact).

Value of New Business (Approximate Figures of Domestic Business) (1)

(¥ in billions)	Total of
	3 domestic
	companies

	New Business ANP		In-force Business ANP
	FY2023	FY2024	Change		End of	End of Q3	Change
(￥ in billions)	Q3(YTD)	Q3(YTD)	YoY			FY2023	FY2024
Domestic	289.2	266.5	(7.9%)		3,263.4	3,339.1	+2.3%
	+1.4%

+74.0	ca.100.0
ca.83.0
ca.2.0
ca.28.0
NFL
DFL

FY2023	FY2024		Progress
Change	vs initial full-year
Q3(2)(YTD)	Q3（YTD)
	forecast

	DL	33.8	76.9	+127.4%	1,949.5	1,951.4	+0.1%
		o/w Third sector	20.8	29.4	+41.3%	690.5	691.3	+0.1%
	DFL	240.8	175.2	(27.2%)	1,177.6	1,249.5	+6.1%
		o/w DL channel	55.2	27.2	(50.7%)	+3.6%
	NFL	9.7	9.1	(6.5%)	100.1	98.8	(1.3%)
		o/w DL channel	4.7	0.9	(79.7%)
	ipet	4.9	5.3	+7.3%	36.2	39.5	+9.0%
Overseas	89.0	151.2	+69.9%			1,547.4	1,559.6	+0.8%
+74.6%			+0.6%
	PLC	57.9	82.6	+42.6%	766.2	781.4	+2.0%
	+49.4%	+1.3%

DL

ca.53.0

ca.9.0

ca.4.0

ca.5.0

ca.0.0

FY2023 FY2024	Revised
Q3(YTD) Q3(YTD)	full-year

	ca.9.0	ca.83.0	+ 74.0	104%
DL	ca.0.0	ca.53.0	+53.0	151%
DFL	ca.5.0	ca.28.0	+23.0	67%
NFL	ca.4.0	ca.2.0	(2.0)

	TAL	10.0	48.0	+377.8%
	+370.3%
	PNZ	2.8	3.4	+22.8%
	+23.8%
	DLVN	17.3	15.7	(9.0%)
	(3.8%)
	DLKH/DLMM	0.94	1.50	+58.8%
	+66.3%
				+10.4%

601.4	597.4	(0.7%)
(0.6%)
55.9	57.7	+3.3%
+4.8%
122.1	120.4	(1.4%)
(0.7%)
1.82	2.70	+48.2%
+47.1%
		+1.8%

Est.

Est.

forecast

Dai-ichi Life Group	378.2	417.7	+11.5%	4,810.8	4,898.7	+1.2%

(1)Approximate figures with some simplified treatments in measurement targets and methods (2)FY2023Q3(YTD) is based on the old standard (measurement standard in accordance with the EEV Principles)

% change shown lower excludes forex impact	7
Copyright © 2024 Dai-ichi Life Holdings, Inc.

Highlights: New Business (DL Sales Rep Channel)

Group Overseas

Domestic Non-Insurance

• With the peaking out of sales cycle for "Step Jump" (launched in Jan. 2024), DL's value of sales revenue has stabilized. However, the number of sales reps recruited for the year was ca. 4,300 excessing the annual plan.
• Moving forward, DL will continue to enhance productivity for sales activities and improve workforce quality through the recruitment of highly capable individuals.

DL New Business Performance (Sales Rep Channel)(1)

# Sales Reps (thousand ppl)

			FY2024
1.00		1.14	1.07	0.96
0.59	0.67	0.80

	2.49	2.29
1.94		1.94

	1.17	1.39
1.00

1.00	0.73	1.11	1.14	1.07	1.06
	0.73

FY2022	FY2022	FY2023	FY2024
Q1	Q4	Q4	Q3

# sales reps

# new hires

			New hires for quarter	1.18
Value of sales revenue(2)(3)			(right axis)
						1.09
	40	# sales reps (total)						1.0
		0.90 0.95
	37					0.96
Premiums per policy	35	36
						34
	34		34	34	34	34
	30	31	31	31	30	30	30	0.5
# cases per sales rep(3)
	25	# sales reps (2nd year onwards)

20

0

FY2022

FY2022

FY2023

FY2024

Q1

Q4

Q4

Q3

(1) Figures indexed with FY2022 Q1 as 1 （2）A proprietary indicator of revenue earned by the sales force, before deducting cost components and variable factors of the economic environment.	8
Part of the calculation standards was changed in Q1 FY2024 (retroactively applied from Q1 FY2023). (3) Denominator is # sales reps excluding the first year
Copyright © 2024 Dai-ichi Life Holdings, Inc.

	Group	Overseas
Highlights: Economic Solvency Ratio (ESR)	Domestic	Non-Insurance

• Required capital slightly increased due to market fluctuations, including the rise in yen interest rates, which led to higher mass lapse risk, and the depreciation of the yen. Meanwhile, eligible capital decreased due to shareholder returns, resulting in a 13%pt decline in the Economic Solvency Ratio (ESR) to ca.213% compared to the end of FY2023.
• The new standard ESR as of March 2025, including overseas subsidiaries, is scheduled to be disclosed in May 2025.

Economic Solvency Ratio (ESR)

(approximate)

As of Dec. 2024 ca.213%	(Change)
(13％)pt
As of	As of
Mar. 2024	Dec. 2024
226%	ca.213%
Eligible Capital	ca.¥9.2tn
¥9.6tn

The impact of the rise in yen interest rates

（増益）

（ESR）

• Under the current J-ICS model, the ESR declines when interest rates rise due to the increased mass lapse risk, even though the eligible capital and EV increase.
• We will continue to consider the treatment of mass lapse risk within the internal model

（Others）

▶ The market environment of rising yen interest rates

has a positive impact on mid-to-long term

Required capital

¥4.3tn

ca.(420.0)bn

ca.¥4.3tn

ca.+60.0bn

accounting profit through higher yields on yen-

denominated bonds and decreased reinsurance

costs. (The replacement of bonds held have a

negative impact on one-year P/L)

* This fiscal year's bond rebalancing and additional purchases

are expected to improve yields by ¥19.0bn per year.

▶ The market value of bonds held declines as interest

rates rise. However, ca.80% of the yen fixed income

asset consists of policy-reserve-matching bonds,

which are valued at acquisition cost, meaning there

is no direct impact on P/L unless they are sold.

Copyright © 2024 Dai-ichi Life Holdings, Inc.

9

FY2024 Group Earnings Forecast

Group Overseas

Domestic Non-Insurance

• Group adjusted profit has been performing strongly, reaching 106% of the initial full-year forecast as of Q3 YTD. Based on the current performance, the full-year forecast for FY2024 has been revised upward.
• The dividend per share will be increased from the initial forecast of ¥122 (an increase of ¥9 from the previous year) by an additional ¥11, bringing it to ¥133.

FY2023

FY2024

Change

Actual

FY2023

FY2024 Forecast

Change

( in billions unless otherwise noted)

Q3(YTD)

Q3(YTD)

YoY

（％）

vs. Forecast

Actual

May. 2024

Revision

vs initial forecast

Ordinary revenues

7,767.4

7,839.7

+ 72.3

+ 1%

88%

11,028.2

8,922.0

10,192.0

+ 1,270.0

Dai-ichi Life	2,974.2	3,078.2	+ 104.0	+ 3%
Dai-ichi Frontier Life	3,108.1	2,747.5	(360.6)	(12%)
Protective (US$ in millions)(1)	8,807	11,047	+ 2,240	+ 25%

81%	4,087.0	3,792.0	4,261.0	+ 469.0
81%	4,393.8	3,399.0	3,433.0	+ 34.0
103%	13,532	10,680	14,980	+ 4,300

TAL (AU$ in millions)(1)	6,522	6,360	(162)	(2%)	85%	8,574	7,500	-	-
Ordinary profit	373.9	557.6	+ 183.7	+ 49%		99%		539.0	562.0	688.0	+ 126.0

Dai-ichi Life	306.9	402.7	+ 95.8	+ 31%
Dai-ichi Frontier Life	(15.4)	42.6	+ 58.0	-
Protective (US$ in millions)(1)	(9)	374	+ 383	-

100%	391.3	403.0	511.0	+ 108.0
95%	21.1	45.0	59.0	+ 14.0
98%	138	380	460	+ 80

TAL (AU$ in millions)(1)	508	491	(17)	(3%)	88%	610	560	-	-
Net income(2)	217.9	353.7	+ 135.8	+ 62%		110%		320.8	323.0	385.0	+ 62.0

Dai-ichi Life	168.3	242.8	+ 74.5	+ 44%
Dai-ichi Frontier Life	(13.0)	27.2	+ 40.2	-
Protective (US$ in millions)(1)	(9)	304	+ 313	-

111%	203.9	218.0	265.0	+ 47.0
97%	15.7	28.0	36.0	+ 8.0
98%	116	310	380	+ 70

TAL (AU$ in millions)(1)

355

340

(15)

(4%)

87%

430

390

-

-

Group Adjusted Profit(3)	214.7	359.6	+ 145.0	+ 68%	106%
Group VNB	-	-	-	-	-
				Dividends per share ()(4)

319.4	ca.340.0	ca.415.0	+ 75.0
54.5	ca.105.0	-	-
113	122	133	+ 11

	(Reference) Fundamental Profit	340.4	433.8	+ 93.4	+ 27%	82%	525.2	ca.530.0	ca.600.0	+ 70.0
	Dai-ichi Life	223.1	234.0	+ 10.9	+ 5%	84%	331.0	ca.280.0	ca.340.0	+ 60.0
(1)	Figures for Protective and TAL are disclosed after re-classifying items from Protective and TAL's financial statements under US and Australian accounting standards, respectively to conform to Dai-ichi Life Holdings' disclosure standards.
(2)	"Net Income" represent "Net income attributable to shareholders of parent company." (3) Adj. profit for FY2023 for PLC, TAL and PNZ is based on the old standards.			10
(4)	The full-year forecast for the dividend per share for FY2024 is based on the amount before reflecting the stock split announced today (effective date: April 1, 2025).		Copyright © 2024 Dai-ichi Life Holdings, Inc.