Dai ichi Life : Presentation(141KB

								May 15, 2024
								Dai-ichi Life Holdings, Inc.
		(Unofficial Translation) Summary of Financial Results for the Year Ended March 31, 2024
1. Sales Results					(millions of yen except percentages)
			Year ended / as of March 31, 2023	Six months ended / as of September 30, 2023	Year ended / as of March 31, 2024
				Increase (decrease) as %		Increase (decrease) as % of		Increase (decrease) as % of
				of March 31, 2022		September 30, 2022		March 31, 2023
Annualized net premium of new policies (sum of group companies)	393,631	+ 25.7%	239,568	+ 29.1%	502,985	+ 27.8%
	DL	46,231	(38.0%)	22,346	(11.6%)	57,567	+ 24.5%
		Medical and survival benefits	29,577	(38.7%)	13,916	(14.6%)	26,873	(9.1%)
	DFL	220,747	+ 87.2%	149,980	+ 58.4%	301,280	+ 36.5%
	PLC	64,602	+ 2.1%	36,729	+ 3.5%	83,642	+ 29.5%
	TAL	9,976	(28.5%)	6,559	+ 32.3%	13,648	+ 36.8%
	DLVN	36,994	+ 28.0%	12,082	(36.5%)	21,907	(40.8%)
Annualized net premium of policies in force (sum of group companies)	4,525,021	+ 6.9%	4,773,836	+ 6.3%	4,810,831	+ 6.3%
	DL	1,997,790	(2.7%)	1,968,204	(3.0%)	1,949,487	(2.4%)
		Medical and survival benefits	701,909	(1.0%)	697,001	(1.5%)	690,455	(1.6%)
	DFL	964,485	+ 7.4%	1,106,466	+ 18.0%	1,177,569	+ 22.1%
	PLC	680,550	+ 13.8%	772,397	+ 9.0%	766,244	+ 12.6%
	TAL	549,638	+ 22.2%	593,038	+ 5.9%	601,357	+ 9.4%
	DLVN	124,206	+ 29.2%	133,551	+ 10.5%	122,080	(1.7%)
Premium and other income (consolidated basis)	6,654,426	-	3,682,294	+ 11.9%	7,526,357	+ 13.1%
	DL	2,296,892	+ 0.9%	1,146,952	(0.8%)	2,289,825	(0.3%)
		Individual insurance and annuities	1,386,036	(7.7%)	657,815	(4.3%)	1,327,956	(4.2%)
		Group insurance and annuities	768,909	+ 16.0%	419,607	+ 6.1%	834,284	+ 8.5%
	DFL	2,612,666	+ 73.8%	1,574,235	+ 28.1%	3,501,062	+ 34.0%
	PLC	809,517	+ 11.3%	461,076	+ 5.6%	873,603	+ 7.9%
	TAL	686,038	-	395,181	+ 12.8%	776,872	+ 13.2%
	DLVN	125,615	+ 28.5%	61,419	(2.7%)	117,915	(6.1%)
Sum insured of policies in force (sum of group domestic insurance companies)	96,123,361	(3.8%)	95,931,535	(2.0%)	95,277,058	(0.9%)
	DL	83,727,811	(5.4%)	81,830,476	(4.9%)	80,039,779	(4.4%)
Surrender and lapse based on annualized net premium (DL)	66,864	+ 1.2%	36,183	+ 13.5%	73,989	+ 10.7%

Note: 1. "group companies" represents The Dai-ichi Life Insurance Company, Limited ("DL"), The Dai-ichi Frontier Life Insurance Co., Ltd. ("DFL"), The Neo First Life Insurance Company, Limited ("NFL"), ipet Holdings,Inc.("ipet"), Protective Life Corporation ("PLC"), TAL Dai-ichi Life Australia Pty Ltd ("TAL"), Partners Group Holdings Limited ("PNZ"), Dai-ichi Life Insurance Company of Vietnam, Limited ("DLVN"), Dai-ichi Life Insurance (Cambodia) PLC. ("DLKH") and Dai-ichi Life Insurance Myanmar Ltd. ("DLMM").

1. For PLC, DLVN, DLKH and DLMM the fiscal year is from January to December and consoildated with 3 months lag to group's results from April to March.
2. Figures of Annualized net premium of new policies and Annualized net premium of policies in force include ipet and PLC's non-life insurance premium and TAL, PNZ and DLMM's group insurance premium. (For ipet and PNZ figures for FY2022 4Q and after are included.)
3. "Individual insurance and annuities" and "Group insurance and annuities" as a breakdown of "Premium and other income" do not include reinsurance premium.
4. The figures of Year ended / as of March 31, 2023 reflect retroactive application of IFRS 17 for TAL and PNZ.
5. Figures of "Sum insured of policies in force" and "Surrender and lapse based on annualized net premium" represent those for sums of individual insurance and annuities.
6. The amounts of "Surrender and lapse" are not offset by the amounts of lapses which are reinstated. The table above excludes cases where the sum insured is decreased.

2. Assets (Consolidated Basis)

		As of March 31, 2023	As of September 30, 2023	As of March 31, 2024
			Increase (decrease) as %		Increase (decrease) as % of		Increase (decrease) as % of
			of March 31, 2022		September 30, 2022		March 31, 2023
Total assets	(billions of yen)	61,653.6	(6.4%)	65,397.4	+ 2.3%	67,469.2	+ 9.4%
Adjusted net assets	(billions of yen)	7,265.0	(30.3%)	6,272.5	(11.4%)	7,532.6	+ 3.7%
Solvency margin ratio			704.1%		+ 653.6		692.6%

Note: The figures of total assets as of March 31, 2023 reflect retroactive application of IFRS 17 for TAL and PNZ.

3. Fundamental Profit							(millions of yen except percentages)
					Year ended March 31, 2023	Year ended March 31, 2024
									Year ending March 31, 2025 (forecast)
						Change % vs.Year ended		Change % vs.Year ended
						March 31, 2022		March 31, 2023
Group fundamental profit			363,485	-	525,198	+ 44.5%	Approx. 530.0 billion yen
	Group domestic insurance companies			224,613	(49.4%)	339,981	+ 51.4%	Approx. 340.0 billion yen
		DL			257,143	(36.9%)	331,002	+ 28.7%	Approx. 280.0 billion yen
		DFL			(23,222)	-	8,328	-	Increase
		NFL			(9,691)	-	(965)	-	Negative
	Group overseas insurance companies			148,797	-	161,424	+ 8.5%	Flat
		PLC			85,127	+ 75.3%	70,503	(17.2%)	Flat
		TAL			43,573	-	68,524	+ 57.3%	Flat
		DLVN			18,897	+ 6.2%	17,532	(7.2%)	Flat
	Other group companies (asset management business etc.)		(9,926)	-	23,792	-	Flat
Note: 1. "Group fundamental profit" represents the figure of DL, DFL and NFL's fundamental profit plus PLC's adjusted operating income before tax plus TAL&PNZ's underlying profit before tax plus ipet, DLVN, DLKH
	and DLMM's net income before tax, plus equity in net income of affiliated companies before tax (after partial elimination of intra-group transactions).
	2. The figures of Year ended March 31,2023 reflect retroactive application of IFRS 17 for TAL and PNZ.
									(billions of yen)
					Year ended March 31, 2023	Year ended March 31, 2024
									Year ending March 31, 2025 (forecast)
						Change vs.Year ended		Change vs.Year ended March
						March 31, 2022		31, 2023
Investment spread (sum of group domestic insurance companies)			119.2	(45.5)	92.4	(26.8)	Flat
	DL			82.0	(48.6)	50.1	(31.8)	Flat
	DFL			37.6	+ 3.1	42.3	+ 4.6	Flat
	NFL			(0.5)	+0	0	+ 0.4	Flat
Note: 1 "group domestic insurance companies" here represents DL, DFL, and NFL.
					Year ended	Year ended	Year ending March 31, 2025 (forecast)
					March 31, 2023	March 31, 2024
Investment yield for fundamental profit (DL)	（％）		2.19	2.04		Flat
Investment yield (general account) (DL)	（％）		2.31	2.08	Increase
Average assumed rate of return (DL)	（％）		1.89	1.85		Fall

4. Breakdown of Fundamental Profit
(Sum of group domestic insurance companies)				(millions of yen)
		Year ended March 31, 2023	Year ended March 31, 2024
			Change vs.Year ended		Change vs.Year ended
			March 31, 2022		March 31, 2023
Fundamental profit	224,229	(219,374)	338,365	+ 114,136
	Investment spread	119,223	(45,548)	92,416	(26,806)
	Provision for / reversal of policy reserve associated with	1,765	+ 5,051	17,130	+ 15,364
	guaranteed minimum maturity benefits
	Gains from core insurance activities	103,240	(178,876)	228,818	+ 125,577

Note: 1. An increase (decrease) in policy reserve associated with guaranteed minimum maturity benefits reduces (increases) fundamental profit.

2. "group domestic insurance companies" here represents DL, DFL, and NFL.

(DL)						(millions of yen)
			Year ended March 31, 2023			Year ended March 31, 2024
				Change vs.Year ended			Change vs.Year ended
				March 31, 2022			March 31, 2023
Fundamental profit	257,143		(150,491)	331,002			+ 73,858
	Investment spread	82,067		(48,699)	50,169			(31,897)
	Provision for / reversal of policy reserve (general account)	0	(	－	)	0		(	－	)
	associated with guaranteed minimum maturity benefits
	Gains from core insurance activities	175,076		(101,792)	280,832		+ 105,756
		Mortality and morbidity gains	166,715		(110,626)	251,848			+ 85,132
5. Policy Reserves and Other Reserves
(Sum of group domestic insurance companies)											(millions of yen)
			As of March 31, 2023			As of September 30, 2023				As of March 31, 2024
				Increase (decrease) from		Increase (decrease) from as of		Increase (decrease) from as of
				as of March 31, 2022			September 30, 2022			March 31, 2023
Policy reserve (excluding contingency reserve)	36,535,696	(1,174,136)	37,183,471		+ 130,494	36,782,611	+ 246,914
	General account (excluding contingency reserve)	34,242,336		(884,053)	35,040,395		+ 411,611	34,681,697	+ 439,361
	Separate account (excluding contingency reserve)	2,293,360		(290,082)	2,143,075			(281,117)	2,100,913		(192,447)
Reserve for price fluctuations	305,560		+ 18,202	314,661			+ 16,001	324,362		+ 18,802
Contingency reserve	700,768		(15,222)	717,089			(4,884)	690,964		(9,803)
Fund for risk allowance	0	(	－	)	0		(	－	)	0	(	－	)
Fund for price fluctuation allowance	0	(	－	)	0		(	－	)	0	(	－	)

Note: 1. Fund for risk allowance and fund for price fluctuation allowance represent those after the dispositions of net surplus. 2. "group domestic insurance companies" here represents DL, DFL, and NFL.

6. Unrealized Gains/Losses							(millions of yen)
		Year ended March 31, 2023		Six months ended September 30, 2023	Year ended March 31, 2024
			Change vs.Year ended			Change vs.Six months ended		Change vs.Year ended March
			March 31, 2022			September 30, 2022		31, 2023
Securities	2,659,453	(1,779,835)		2,074,974	(338,263)	2,788,934	+ 129,481
	Domestic stocks	1,947,431	(14,556)		2,287,897	+ 547,925	2,844,072	+ 896,640
	Domestic bonds	662,690	(1,141,577)		(377,766)	(1,123,403)	(477,731)	(1,140,422)
	Foreign securities	38,781	(596,792)		147,832	+ 235,631	382,598	+ 343,816
Real estate	523,494	+ 35,852		526,662	+ 35,922	556,124	+ 32,630
Total unrealized gains (losses)	3,141,776	(1,771,584)		2,490,962	(364,117)	3,213,105	+ 71,329
Note: 1. Unrealized gains on real estate shown above represent pre-revaluation value of real estate, including land leasing rights, located in Japan.
2. DL's actual results are shown.
7. Investment Results		(millions of yen)
		Year ended March 31, 2024

Domestic stocks

Domestic bonds

Foreign stocks

Foreign bonds

Real estate

Note: DL's actual results are shown based on balance sheet value basis.

• 828,284
• 857,871
• 182,116
  (711,987)
  (14,908)

8. Level of Indices where Unrealized Gains/Losses on Assets are Break-even

	As of March 31, 2024
Nikkei 225	Approx.	11,500 yen
TOPIX	Approx.	790 pts
Domestic bonds	Approx.	0.6 %
Foreign securities	Approx.	128 yen

Note: 1. For domestic stocks, calculated based on valuation method of stocks, fully linked with Nikkei 225 and TOPIX.

1. For domestic bonds, rounded to one decimal place, calculated based on newly-issued10-year government bond yields.
2. For foreign securities, calculated based on dollar-yen rate (assuming all are in dollars).
3. DL's actual results are shown.

9. Forecasts for the Year Ending March 31, 2024

Year ending March 31, 2025 (forecast)

Premium and other income (Consolidated basis)

Group fundamental profit

Annualized net premium of policies in force (sum of group companies)

Sum insured of policies in force (sum of group domestic insurance companies)

Decrease

Approx. 530.0 billion yen

Flat

Decrease

10. Number of Employees

	As of March 31, 2023	As of September 30, 2023	As of March 31, 2024
		Increase (decrease) as %		Increase (decrease) as % of		Increase (decrease) as % of
		of March 31, 2022		September 30, 2022		March 31, 2023
Sales Representatives	38,604	(6.9%)	37,563	(6.7%)	37,150	(3.8%)
Administrative personnel	10,508	(3.7%)	10,447	(4.1%)	9,886	(5.9%)

Note: 1. The number of sales representatives includes those who engage in ancillary work. 2. DL's actual results are shown.

11. Policyholder Dividends (Provision for Policyholder Dividends)			(millions of yen except percentages)
			Year ended March 31, 2023	Year ended March 31, 2024
				Change % vs.Year ended		Change % vs.Year ended
				March 31, 2022		March 31, 2023
Individual insurance		20,626	+ 18.9%	13,223	(35.9%)
Individual annuities		0	-	0	-
Group insurance		59,681	+ 1.5%	58,073	(2.7%)
Group annuities		14,299	+ 47.3%	14,501	+ 1.4%
12. Bancassurance Sales (Sum of DL and DFL)
			Year ended March 31, 2023	Year ended March 31, 2024
				Change % vs.Year ended		Change % vs.Year ended
				March 31, 2022		March 31, 2023
Variable	Number of new policies		777	(74.7%)	236	(69.6%)
annuities	Premium from new policies	(millions of yen)	3,041	(80.3%)	376	(87.6%)
Fixed	Number of new policies		124,523	+ 161.3%	154,050	+ 23.7%
annuities	Premium from new policies	(millions of yen)	736,939	+ 146.1%	932,643	+ 26.6%
Note: Bancassurance sales include sales through banks, securities companies, trust banks, credit unions.
			Year ended March 31, 2023	Year ended March 31, 2024
				Change % vs.Year ended		Change % vs.Year ended
				March 31, 2022		March 31, 2023
Single premium	Number of new policies		127	(55.6%)	41	(67.7%)
variable whole
Premium from new policies	(millions of yen)	1,300	(67.0%)	458	(64.7%)
life insurance
Single premium	Number of new policies		70,435	+ 56.4%	67,041	(4.8%)
fixed whole life
Premium from new policies	(millions of yen)	668,581	+ 52.2%	716,287	+ 7.1%
insurance
Note: Bancassurance sales include sales through banks, securities companies, trust banks, credit unions.
			Year ended March 31, 2023	Year ended March 31, 2024
				Change % vs.Year ended		Change % vs.Year ended
				March 31, 2022		March 31, 2023
Single premium	Number of new policies		0	(100.0%)	0	-
fixed endowment
Premium from new policies	(millions of yen)	0	(100.0%)	0	-
insurance

Note: Bancassurance sales include sales through banks, securities companies, trust banks, credit unions.

Appendix

Other Topics

Provision for / (Reversal of) Policy Reserve Associated with Minimum Guarantee for Individual Variable Annuities and Others (General Account)

			(billions of yen)
	Year ended	Six months ended	Year ended
	March 31, 2023	September 30, 2023	March 31, 2024
DL	0.0	0.0	0.0
DFL	(1.7)	(16.6)	(17.1)
Sum of DL and DFL	(1.7)	(16.6)	(17.1)
* Negative value in the table represents an amount of reversal.