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    8750   JP3476480003

DAI-ICHI LIFE HOLDINGS, INC.

(8750)
  Report
Delayed Japan Exchange  -  02:00 2022-09-30 am EDT
2292.00 JPY   -1.63%
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Dai ichi Life : August 10, 2022 Presentation Material PDF

08/10/2022 | 01:54am EDT

Financial Results

for the Three Months Ended June 30, 2022

August 10, 2022

Dai-ichi Life Holdings, Inc.

Contents

Key Highlights

P.2

Group Companies Performance Overview

P.8

Group EEV

P.17

Reference Data

P.20

Currency Exchange Rates(TTM)

As of end

¥/US$

¥/Euro

¥/AU$

June 2022

¥136.68

¥142.67

¥93.90

March 2022

¥122.39

¥136.70

¥92.00

December 2021

¥115.02

¥130.51

¥83.42

June 2021

¥110.58

¥131.58

¥83.12

March 2021

¥110.71

¥129.80

¥84.36

Group Company Name Abbreviation, Equity Share and Fiscal Year

Domestic Life Insurance Business

Equity Share

Fiscal Year

DL

Dai-ichi Life

100

DFL

Dai-ichi Frontier Life

100

Apr -Mar

NFL

Neo First Life

100

Overseas Insurance Business

PLC

[USA] Protective Life Corporation

100

Jan - Dec

TAL

[Australia] TAL Dai-ichi Life Australia

100

Apr -Mar

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)

Apr -Mar

30(Economic interest)

1

Key Highlights

1Q Results

Adj. profit declined YoY impacted by COVID-19 in Japan and financial markets fluctuations

(progress rate vs FY forecast: 34%)

Group Adj. Profit

¥91.4bn

Down 19 YoY: While DL adj. profit increased YoY due to an increase in investment income,

DFL and PLC incurred temporary losses due to rising overseas interest rates.

Profit

Down 41% YoY: In addition to the decline of the group adj. profit, affected by deterioration of

Net Income

¥81.1bn

MVA related losses at DFL due to rising overseas interest rates.

Up 1.9% YoY (excl. exchange rate impact)

Group NB ANP

¥88.1bn

Domestic: Up 5% thanks to strong sales at DFL, while weak sales at DL and NFL.

New Business

Overseas: Down 6% due to restriction of sales activities by COVID-19 at DLVN and slower

sales of individual insurance at TAL.

(NB)

Group VNB

approx.

Down 17 YoY (progress rate vs FY forecast: approx. 18%)

(estimate)

¥21.0bn

O/W DL was ¥15bn. (down 13% YoY and progress rate of approx. 17%)

EEV & ESR

Group EEV slightly declined due to an impact from equity market deterioration

(estimate)

ESR increased thanks to progress of the market-related risk reduction

Capital

Group EEV

approx.

Down 2% vs Mar-2022 due to a decrease in unrealized gains at DL, mainly derived from

¥7,040bn

domestic equity market deterioration.

Financial

Group ESR

approx.

Up 8%pt vs Mar-2022 driven by economic capital increase, rising domestic interest rates and

Soundness

235%

progress of the market-related risk reduction, etc.

Topic

TAL completed acquisition of Westpac Life

On August 1, acquisition was competed and TAL begins post-merger integration processes.

Death Benefit (Payment)

Hospitalization Benefit

COVID-19 related

o/w DL ¥23.8bn

Cases

Amount

Cases

Amount

- Death benefit ¥2.3bn

Insurance Claims(1)

Domestic

April-June 2022

659

Approx.

203,415

Approx.

- Hospitalization benefit ¥21.4bn

¥3.5bn

¥22.2bn

2

(1) Total of 3 domestic group companies (DL, DFL, NFL) as of June 30, 2022.

Highlights: Profit - Group Adjusted Profit and Net Income

  • Group adj. profit decreased by 19% YoY. While gains from core insurance activities deteriorated due to COVID-19, DL profit increased thanks to capital gains in the rising domestic interest rates and yen depreciation. DFL incurred losses due to an increase of regular policy reserves for foreign currency denominated products driven by strong sales expansion and losses on sale of securities. PLC was impacted by non-operating (valuation) losses.
  • Net income decreased by 41% impacted by the deterioration of valuation losses related to interest rates fluctuation (on trading securities) included in the MVA related gains (losses) at DFL.

Drivers affecting Group Adj. Profit

(¥ in billions)

Adj. Profit to Net Income

Domestic (¥9.1bn)

Overseas (¥8.2bn)

(+) Positive spread

() Increase of regular policy reserves

() Gains from core

() Gains on sale of securities, etc.

insurance activities

(+) Underlying profit (mainly group insurance)

(+) Impact from interest rates movement, etc.

  1. Derivative transactions gains
  1. Foreign exchange gains

() Gains on sale of securities, etc.

(+) Operating income

() Valuation losses on bonds and equities due rising interest rates

Group

() MODCO losses, etc.

Adj. Profit

FY2021 1Q

MVA-related gains (losses) (¥8.7)bn

  • o/w MVA gains (losses) +¥17.5bn
  • o/w deterioration of valuation losses related to

interest rates fluctuation (¥26.2)bn

Amortization

Others

of goodwill

DFL

MVA related

gains(losses),

etc.

Group

Adj. Profit

Net Income

FY2022 1Q

FY2022 1Q

DL

DL

DFL

NFL

PLC

TAL

DLVN

Other

Asset

DLRe,

Fundamental

Capital,

Overseas

Manage-

HD, etc.

Profit(1)

etc.(1)

ment

(Drivers affecting adj. profit to net income)

FY2022

82.4

17.9

(10.7)

(1.7)

(3.6)

4.0

4.4

0.2

1.2

(2.7)

91.4

(8.7)

(1.8)

+0.2

81.1

1Q

FY2021

82.1

5.2

11.2

(1.5)

11.9

(2.3)

3.8

(0.1)

1.4

1.4

113.3

+26.7

(1.6)

138.4

1Q

3

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

Highlights: New Business - New Business and In-force Business ANP

  • Domestic new business ANP increased by 5% YoY thanks to steady growth at DFL reflecting attractiveness of their product in the rising overseas interest rates. DL decreased by 30% due to a reactionary decline from relatively strong sales of new medical type products in the previous fiscal year and a shift in the sales activities of sales reps towards DFL products. NFL showed relatively weak sales due to an increase in competition.
  • In overseas, new business ANP secured a positive YoY increase due to yen depreciation while excluding exchange rate impact it decreased by 6% due to restriction of sales activities by COVID-19 at DLVN and slower sales of individual insurance at TAL.

New Business and In-force Business ANP

New Business ANP

In-force Business ANP

New Business ANP

In-force Business ANP

(¥ in billions)

+5.0%

+1.6%

((+1.9) excl. exchange rate impact)

((0.8) excl. exchange rate impact)

4,300.4

88.1

4,234.3

83.9

Domestic life

protection type products share

[figures in brackets for DL]

31%21%

[73%][71%]

FY2021

FY2022

As of

As of

1Q

1Q

Mar-22

Jun-22

FY2021

FY2022

Change

Change

vs FY2019

1Q

1Q

YoY

( in billions)

1Q

Domestic

59.2

62.2

+5.2%

+7.8%

DL

19.8

13.8

(30.4%)

(33.7%)

o/w Third sector

13.3

8.5

(36.1%)

(38.3%)

DFL

35.7

45.4

+27.4%

+30.0%

o/w DL channel

5.1

12.6

+148.2%

+40.1%

NFL

3.6

2.9

(18.3%)

+51.8%

o/w DL channel

1.7

1.8

+8.1%

+304.6%

Overseas

24.7

25.9

+4.6%

+28.4%

(6.0%)

+14.6%

PLC

14.8

16.3

+10.2%

+86.9%

(0.3%)

+69.5%

TAL

2.4

2.4

+0.2%

(65.1%)

(11.3%)

(71.9%)

DLVN

7.5

7.0

(6.0%)

+55.9%

(16.4%)

+38.6%

DLKH/DLMM

0.03

0.10

+177.3%

+9,426.6%

+168.3%

+9,135.0%

Dai-ichi Life Group

83.9

88.1

+5.0%

+13.1%

+1.9%

+9.6%

As of

As of

Mar-21

Jun-22

3,090.1

3,093.6

2,052.7

2,042.0

708.8 708.2

898.3 915.3

139.0 136.2

1,144.1

1,206.7

597.9 635.7

449.7 464.7

96.1 105.8

0.29 0.39

4,234.3

4,300.4

Change

+0.1% (1.4%)

(0.5%) (0.1%)

+1.9% (3.2%)

(2.0%)

+5.5% +0.6% +6.3% (0.1%) +3.3% +1.2% +10.1% +1.9% +33.1% +24.9% +1.6% (0.8%)

Domestic

Overseas

Domestic

Overseas

% change shown lower excludes exchange rate impact

4

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Dai-ichi Life Holdings Inc. published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 05:53:05 UTC.


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Sales 2023 7 953 B 54 970 M 54 970 M
Net income 2023 272 B 1 883 M 1 883 M
Net Debt 2023 883 B 6 100 M 6 100 M
P/E ratio 2023 8,61x
Yield 2023 3,75%
Capitalization 2 348 B 16 231 M 16 231 M
EV / Sales 2023 0,41x
EV / Sales 2024 0,42x
Nbr of Employees 62 260
Free-Float 93,3%
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Number of Analysts 13
Last Close Price 2 292,00 JPY
Average target price 2 920,83 JPY
Spread / Average Target 27,4%
EPS Revisions
Managers and Directors
Seiji Inagaki President, CEO & Representative Director
Tetsuya Kikuta Chief Financial Officer & Representative Director
Koichiro Watanabe Chairman
Rieko Sato Independent Outside Director
Ungyong Shu Independent Outside Director
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