Financial Results

for the Three Months Ended June 30,2023

August 10, 2023

Dai-ichi Life Holdings, Inc.

Contents

⚫ Key Highlights

P.2

⚫ Group Companies Performance Overview

P.9

⚫

Group EEV

P.18

⚫

Reference Data

P.21

Currency Exchange Rates(TTM)

As of end

¥/US$

¥/Euro

¥/AU$

June 2023

¥144.99

¥157.60

¥95.77

March 2023

¥133.53

¥145.72

¥89.69

December 2022

¥132.70

¥141.47

¥89.57

June 2022

¥136.68

¥142.67

¥93.90

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 Holdings

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％

OLI

[Thailand] OCEAN LIFE INSURANCE PUBLIC COMPANY

24%

Jan - Dec

DLRe

[Bermuda] Dai-ichi Life Reinsurance Bermuda

100％

Other Business (Asset Management)

AMOne

Asset Management One

49％(Voting rights)

30％(Economic interest)

Apr -Mar

VTX

Vertex Investment Solutions

100％

1

Key Highlights

Profit

Steady progress against the full-year forecast despite lower profit (YoY) due to lower interest and dividends income and losses on derivative transaction at DL, etc.

Group

Adj. Profit

¥82.5bn

Domestic ¥55.0bn

Overseas ¥24.8bn

▶

▶

Down (17％) YoY

Domestic

▶ Down, due to lower interest & dividend income and losses on derivative transaction at DL, etc.

▶ Steady progress to achieve 29% of the full-year forecast

Overseas

▶ Up, due to an increase in underlying profit at Tal, etc.

▶ Steady progress to achieve 29% of the full-year forecast

Steady progress to achieve 31% of the full-year forecast

Top Line

Growth

New Business

(NB)

DFL sales remain strong, driven by rising overseas interest rates; DL's VNB turned to recovery trend

NB ANP

▶ Up +32％ YoY (excl. FX effects)

¥117.7bn

Domestic

Up +46% - DFL maintained strong sales on the back of expansion of the bancassurance

Domestic

¥91.0bn

market and strong sales of JPY-denominated FIA products

Up +3% - Positive impact of depreciation of JPY was partially offset by a YoY NB decline

Overseas

¥26.6bn

Overseas

at DLVN due to lower momentum in Vietnamese bancassurance market as a whole

VNB

▶

Down (72%) (Progress: 12％)

（3 domestic companies）

DFL : Up +151% YoY due to strong sales

approx. ¥6.0bn

Domestic

DL : Low at around ¥0.0bn, but turned to recovery from the downward trend

that had been continuing since the previous FY

Financial Soundness

ESR

Flat, despite market fluctuations such as rising stock prices and inflation

  • ±0%pt (vs. March 2023)

approx. 226％

Due to an increase in insurance liabilities owing to higher future operating expenses resulting from

higher inflation, etc., despite increases in both capital and risk amount due to higher stock prices

2

Group

Overseas

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

Others

  • Domestic: Steady Progress

Steady progressat DL (a recovery from COVID-paymentsin the previous fiscal yearpartially offset the decrease in investment), despite slow progress at DFL due to an increase in provision of reserves resultingfrom depreciation of JPY and strong sales

  • Overseas: Steady Progress

More than 60% progress rate against the full-yearforecast at TALdue to positive impact of economic environmentfactors,etc., despite the slow progress at PLC, which recorded a lossfrom the collapse of FRC(1) for FY2023 on a consolidated group basis

Group Adj. Profit (Domestic / Overseas) Progress vs. Full-yearForecasts

Group Adj.

（reference）

Profit (¥bn) Progress Change YoY

¥ in billion

(17%)

99.7

13.3 82.5

2.6

24.8

87.9

Others

Overseas55.0

Domestic

(1.5)

FY2022 FY2023

1Q 1Q

(1)FRC: First Republic Bank

(2)The interest and dividend income was lower than the cost of liability for Q1 of FY2023,while the relationship is expected to reverse for the full year

DL

DFL

PLC

TAL

Group

Domestic

Steady progressas recovery from the impact of COVID- related payment partially offsetthe decline in investment income (mainly due to lowerinterest and dividend income(2) resulting from reduction of currency-hedged bonds and losseson derivative transactions)

Slowprogress due to an increase in provision of reserves resultingfrom depreciation of JPY and strong sales

Overseas

Low progress rate for Q1 due to an impact of subsequent event (lossfrom the collapse of FRC(1)) in the consolidated group basis for FY2023

(On track for the full-yearforecast,since the loss was factored into the full-yearforecast)

More than 60% of progress rate for the full-yearforecast due to positive impact of economic environmentfactors, such as rising interest ratesand depreciation of JPY.

82.5

３１%

(17%)

55.0

29%

(37%)

58.5

31%

(42%)

(5.1)

-

-

24.8

29%

+86%

3.4

９％

-

16.6

67%

+35%

3

Highlights: Profit - Group Adjusted Profit and Net Income

Group Overseas

Domestic Others

  • Group adj. profit decreased by 17.0% YoY, to ¥82.5 bn. DL reported a YoY decrease mainly due to lower net interest margin and deterioration in gains/losses on derivative transactions;DFL recovered YoY despite the burden of increased foreign currency standard underwriting reserve due to continued strongsales from the previous year; PLC and TAL reported a YoY increase due to a reduction in valuation losses (due to higher interest rates) and an increase in underlyingprofitability,respectively.
  • Groupnet income decreased 25% YoY to ¥67.3 bn due to lossesfrom interest rate fluctuationsincluded in MVA-related gains/losses at DFL.

Drivers affectingGroup Adj. Profit

Adj. Profit to Net Income

(¥ in billions)

Domestic (¥32.8bn)

Overseas +¥11.4bn

*Note: This chart shows the figures where the PLC's subsequent events and the profit/loss

(＋) Gains/Losses from sale

on intra-groupreinsurance with DLRe at DFL and NFL are reflectedonto each company's

(ー) Positive spread

(+) Underlying profit

stand-alone adjusted profit.

of securities

(+) Gains from core

(ー) Increase of provision for

insurance activities

contingency reserves

etc.

Amortization

of goodwill

DFL

Others

MVA related

gains(losses),

etc.

Group

Group

Adj. Profit

Adj. Profit

(－) Derivative transactions gains

(+) Decrease of valuation losses

Net Income

FY2023

FY2022

(+) Gains/Losses on sale of

FY2023

securities, foreign exchange

1Q

1Q

1Q

gain or loss etc.

DL

DL

DFL

NFL

PLC

TAL

DLVN

Other

Asset

DLRe,

Fundamental

Capital,

Overseas Management

HD,etc.

Profit(1)

etc.(1)

(Drivers affecting Adj. Profit to net income)

FY2023

61.1

(2.5)

(5.1)

1.5

3.4

16.6

3.2

1.4

0.8

1.7

82.5

(16.1)

(2.7)

+3.6

67.3

1Q

FY2022

82.4

17.9

(10.7)

(1.7)

(3.6)

12.3

4.4

0.2

1.2

(2.7)

99.7

(8.7)

(1.8)

+0.2

89.3

1Q

(1)

Fundamental profit before tax. "DL Capital etc." includes changes in corporate tax, net capital and non-recurrent gains(losses).

4

(2)

As TAL and PNZ have adopted IFRS 17 from FY2023 1Q, the figures for TAL and PNZ for FY2022 1Q are restated on IFRS 17 basis.

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Disclaimer

Dai-ichi Life Holdings Inc. published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 06:00:03 UTC.