T&D : Press Conference Materials for the Six Months Ended September 30, 2018

November 13, 2017 Daido Life Insurance Company

1. Sales Results (Millions of yen)

   Six Months Ended September 30, 2017			Fiscal Year Ended March 31, 2017	Six Months Ended September 30, 2016
   Amount	% Change from Fiscal Year Ended Mar. 31, 2017	% Change from Six Months Ended Sep. 30, 2016	Amount	Amount
   Annualized premiums of new policies	33,900	-	(18.5%)	93,728	41,586
   Medical benefits, living benefits, and others	6,754	-	(3.0%)	15,121	6,960
   Annualized premiums of total policies	753,932	0.8%	4.5%	747,808	721,605
   Medical benefits, living benefits, and others	88,942	4.2%	10.9%	85,363	80,234
   Income from insurance premiums	388,448	-	1.9%	766,336	381,164
   Individual insurance and annuities	357,076	-	2.5%	699,013	348,526
   Group insurance and annuities	30,186	-	(3.7%)	64,990	31,352
   Policy amount in force	37,720,975	(0.3%)	1.7%	37,825,641	37,090,211
   Annualized premiums of surrender and lapse	21,152	-	3.9%	40,446	20,357
   Surrender and lapse rate (annualized premium basis)	2.83%	-	(0.05 points)	5.73%	2.88%

   New policy amount	1,508,089	-	(20.2%)	4,186,228	1,889,837
   Surrender and lapse amount	1,208,518	-	1.4%	2,372,753	1,191,841
   Surrender and lapse rate (insured amount basis)	3.19%	-	(0.05 points)	6.45%	3.24%

   Notes:

2. The above figures excluding income from insurance premiums represent total amounts of individual insurance and individual annuities.

3. The amount of income from insurance premiums is on a non-consolidated statement of operation basis.

4. Annualized premium consists of premiums of individual insurance and individual annuities. The amount of annualized premium is the annual premium amount calculated by multiplying factors according to the premium payment method to a single premium payment amount (for lump-sum payment, the amount is the total premium divided by the insured period).

5. Surrender and lapse related to revived policies were included in total surrender and lapse.

6. Surrender and lapse rates for the six months ended September 30, 2017 are not annualized.

(Reference)Amount adding the total insured amount of "J-type product" and "T-type product", the Company's core products, along with term life insurance, and "Kaigo Relief" to new policy amount and policy amount in force is as follows. (Insured amount of these products are not normally included in new policy amount and policy amount in force because these products do not cover death benefits.)

(Millions of yen)

Six Months Ended September 30, 2017			Fiscal Year Ended March 31, 2017	Six Months Ended September 30, 2016
Amount	% Change from Fiscal Year Ended Mar. 31, 2017	% Change from Six Months Ended Sep. 30, 2016	Amount	Amount
New policy amount	1,992,147	-	(13.9%)	5,121,169	2,314,513
Policy amount in force	41,251,883	0.6%	3.5%	40,992,241	39,846,309

7. Assets (Millions of yen)

   As of September 30, 2017			As of March 31, 2017	As of September 30, 2016
   Amount	% Change from Mar. 31, 2017	% Change from Sep. 30, 2016	Amount	Amount
   Total assets	6,476,445	2.8%	4.7%	6,298,188	6,186,171
   Adjusted net asset	1,425,863	5.3%	0.9%	1,354,496	1,412,906
   Adjusted net asset/General account assets	22.1%	0.5 points	(0.8 points)	21.6%	22.9%
   Solvency margin ratio	1,253.1%	0.5 points	(133.7 points)	1,252.6%	1,386.8%

8. Core Profit and Positive Spread (Millions of yen)

   Six Months Ended September 30, 2017			Fiscal Year Ended March 31, 2017	Six Months Ended September 30, 2016
   Amount	% Change from Fiscal Year Ended Mar. 31, 2017	% Change from Six Months Ended Sep. 30, 2016	Amount	Amount
   Core profit	52,568	-	6.6%	105,677	49,304

   (Millions of yen)

   As of March 31, 2018 (Forecast)	As of March 31, 2017
   Amount of positive spread (negative spread)	25,000	25,033

9. Policy and Other Reserves (Millions of yen)

   As of September 30, 2017			As of March 31, 2017	As of September 30, 2016
   Amount	Change from Mar. 31, 2017	Change from Sep. 30, 2016	Amount	Amount
   Policy reserve	5,444,557	109,796	209,278	5,334,761	5,235,278
   General account	5,426,015	109,627	209,738	5,316,387	5,216,276
   Separate account	18,542	168	(460)	18,373	19,002
   Reserve for price fluctuations	95,955	5,490	10,997	90,465	84,958
   Contingency reserve	69,637	792	2,804	68,845	66,833
   Contingency reserve I	39,943	(233)	497	40,176	39,445
   Contingency reserve II	23,582	806	1,816	22,775	21,765
   Contingency reserve III	926	2	3	924	922
   Contingency reserve IV	5,186	217	487	4,969	4,698
   Contingency reserve fund	-	-	-	-	-
   Price fluctuation reserve fund	-	-	-	-	-
   Appropriated retained earnings for general purposes	150,000	-	-	150,000	150,000

   Notes:

10. The amount of policy reserve excludes the amount of contingency reserve.

11. Appropriated retained earnings for general purposes as of March 31, 2017 are the balance after the appropriation of surplus.

12. Unrealized Gains/Losses (Millions of yen)

    As of September 30, 2017			As of March 31, 2017	As of September 30, 2016
    Amount	Change from Mar. 31, 2017	Change from Sep. 30, 2016	Amount	Amount
    Securities	555,892	53,274	(49,932)	502,618	605,825
    Domestic stocks	197,175	29,897	64,618	167,278	132,557
    Domestic bonds	300,817	(6,468)	(104,265)	307,285	405,082
    Foreign securities	24,536	19,784	(29,969)	4,752	54,506
    Other securities	27,802	10,550	21,842	17,251	5,960
    Real estate(domestic land and lease)	38,002	147	8,729	37,854	29,273

    Notes:

13. The figures of unrealized gains/losses of securities are the total of the unrealized gains/losses on policy reserve matching bonds, held-to-maturity securities, and available-for-sale securities, among securities with market value. In addition, the figures of those include securities held in money trusts.

14. The figures of unrealized gains/losses of real estate consist of domestic real estate and leaseholds which are stated in the amounts before revaluation.

15. Unrealized gains/losses on real estate are mainly calculated based on the appraisal price. As for less important property, posted price is used.

16. Investment for the Six Months Ended September 30, 2017 (Millions of yen)

    Net Increase (Net decrease)	Investment Plan for the Second Half of the Fiscal year Ending March 31, 2018
    Domestic stocks	(3,162)
    [Including investment trusts which mainly invest in stocks]	[5,973]
    Domestic bonds	31,441
    Foreign stocks, etc.	90,933
    [Excluding investment trusts which mainly	[41,089]
    invest in foreign bonds]
    Foreign bonds	21,580
    [Including investment trusts which mainly	[71,424]
    invest in foreign bonds]
    Real estate	483

    • Domestic and foreign stocks: control balance flexibly in response to market outlook.

    • Domestic bonds: lengthen duration in a medium and long term, but control the investment amount in consideration of market interest rate level for the moment.

    • Foreign bonds: increase balance. Currency hedging will be controlled in response to market outlook.

    Notes:

17. Net increase (decrease) indicates net of the total executed amount.

18. "[Including investment trusts which mainly invest in stocks]"shows domestic stocks including investment trusts which mainly invest in stocks and monetary trusts contracts.

19. "[Excluding investment trusts which mainly invest in foreign bonds]" excludes investment trusts which mainly invest in foreign bonds included in "foreign stocks, etc.".

20. "[Including investment trusts which mainly invest in foreign bonds]"includes investment trusts which mainly invest in foreign bonds included in "foreign stocks, etc.".

21. Level of Indices where Unrealized Gains/Losses on Assets are Break-even as of September 30, 2017

    Domestic stocks (NIKKEI 225)	approx.	8,100 yen
    Domestic stocks (TOPIX)	approx.	670 points
    Domestic bonds	approx.	0.9 %
    Foreign securities	approx.	112 yen

    Notes:

22. These figures are calculated based on asset holdings as of September 30, 2017 assuming that our asset portfolio is the same as those of the NIKKEI 225, TOPIX, newly issued 10-Year JGB yield and U.S .dollar/yen rate. Because our portfolio is not necessarily the same as these indices, actual results may differ from above figures.

23. Domestic bonds are calculated based on the newly issued 10-year JGB yield. (September 30, 2017: 0.07 %).

24. The indices of Foreign securities are calculated based on a U.S. dollar/yen rate basis (September 30, 2017: 102.73 yen). Currency hedged position to which applied hedge accounting rule are excluded in the calculation.

25. Performance Forecasts (Millions of yen)

    Fiscal Year Ending March 31, 2018
    Income from insurance premiums	800,000
    Core profit	95,000
    Policy amount in force	37,950,000
    Annualized premiums of total policies	780,000

    (Reference) Forecast of policy amount in force plus forecast of the total insured amount of "J-type product", "T-type product", and "Kaigo Relief" is as follows. (Millions of yen)

    Fiscal Year Ending March 31, 2018
    Policy amount in force	41,780,000

26. Number of Employees and Agents

    As of September 30, 2017			As of March 31, 2017	As of September 30, 2016
    Number	% Change from Mar. 31, 2017	% Change from Sep. 30, 2016	Number	Number
    In-house sales representatives	3,878	0.9%	(0.1%)	3,843	3,881
    Sales agents	13,769	(0.8%)	0.8%	13,878	13,659
    Administrative personnel	3,152	1.9%	0.2%	3,091	3,147

27. OTC Sales through Banks

The Company does not offer its products through OTC sales at banks.

Exhibit

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

(Billions of yen)

Six Months Ended September 30, 2017	Fiscal Year Ended March 31, 2017	Six Months Ended September 30, 2016
Provision/reversal for policy reserve with minimum guarantee for individual variable annuities and others (general account)	(0.0)	(0.2)	(0.0)

Note: Negative value in the table represents the reversal of policy reserve.