Dai ichi Life : November 14, 2022 Presentation Material

Financial Results

for the Six Months Ended September 30, 2022

November 14, 2022

Dai-ichi Life Holdings, Inc.

Contents

	Key Highlights	P.2
 Group Companies Performance Overview	P.14
	Group EEV	P.23
	Reference Data	P.29

Currency Exchange Rates(TTM)

As of end	¥/US$	¥/Euro	¥/AU$

September 2022	¥144.81	¥142.32	¥94.17

June 2022	¥136.68	¥142.67	¥93.90

March 2022	¥122.39	¥136.70	¥92.00

December 2021	¥115.02	¥130.51	¥83.42

September 2021	¥111.92	¥129.86	¥80.46

June 2021	¥110.58	¥131.58	¥83.12

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)

Key Highlights

2Q Results			Profit affected by an increase in COVID-19 payment in Japan and rising overseas interest rates

						▸ Down 18％ YoY: The increase in hospitalization payment was offset by positive spread and
					¥127.9bn
	Group Adj. Profit	absence of reinsurance ceding cost at DL. Adj. profit was affected by non-operating losses at
Profit						PLC and increase in regular policy reserves at DFL due to rising overseas interest rates.
						▸ Down 39% YoY: In addition to the decrease in group adj. profit, net income was affected by
		Net Income	¥108.2bn
		deterioration of MVA related valuation losses due to rising interest rates.

						▸ Up 14% YoY (excl. exchange rate impact): While DL/NFL sales decreased, DFL sales grew
	Group NB ANP	¥185.5bn
New Business	steadily thanks to rising overseas interest rates. PLC/DLVN also increased in overseas.

(NB)						▸ Down 12% YoY (excl. exchange rate impact): While significant growth at DFL/PLC thanks to
	Group VNB	¥68.5bn

		strong sales, group VNB decreased YoY due to weak results at DL/NFL.

Economic		Group EEV	¥7,083.8bn	▸ Down 3% vs Mar-2022 (Adjusted): Positive effect of rising domestic interest rates was
Value		outweighed by the negative impacts of rising overseas interest rates and falling equity markets.


FY2022 Forecast		Downward revision of full-year profit and VNB forecasts based on 2Q progress

	Dividend per share forecast remains unchanged from initial guidance

					approx.	▸ The increase in hospitalization benefit and currency hedging cost, and deterioration of non-
	Group Adj. Profit
	¥240.0bn	operating result at PLC were reflected.
Forecast
				approx.
		Group VNB	▸ While DFL/PLC are expected to increase, weak DL products sales affected on forecast.
		¥135.0bn

Dividend Dividend per share	¥86 (forecast)	▸ Dividend per share forecast remains unchanged at ¥86 (+¥3 YoY).
▸ FY2022 remittances from subsidiaries are expected to secure our estimate (Approx.¥240bn)

Topics Commencement of TOB to acquire ipet Holdings as a wholly owned subsidiary

Acquire a strong presence in growth domestic market, diversify business portfolio, improve risk profile, and expand points of

contact with customers.

Highlights: Profit - Group Adjusted Profit and Net Income

Group adj. profit decreased by 18% YoY. While gains from core insurance activities deteriorated due to increase in COVID-19 hospitalization payments, DL profit increased thanks to an increase in investment income and improvement of capital gains due to Yen depreciation, and absence of reinsurance ceding cost. DFL profit was affected by an increase in regular policy reserves for foreign currency denominated products due to rising overseas interest rates. PLC was also affected by non-operating (valuation) losses.
Net income decreased by 39%, affected 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)	Domestic +¥3.1bn	Overseas (¥24.2bn)	Adj. Profit to Net Income

(+) Positive spread	(ー) Increase in foreign exchange	(+) Impact from interest rates movement
(ー) Gains from core insurance activities	policy reserves	(+) Underlying profit
(Impact of COVID-19 related claims approx.¥50.0bn)	(ー) Losses from sale of securities, etc.	(Former Westpac life (TLIS(2)) started contribution), etc.

MVA-related gains (losses)	(¥16.2)bn
- o/w MVA gains (losses)	+¥18.1bn

- o/w deterioration of valuation losses related to interest rates fluctuation (¥34.2)bn

	(+) Non-recurrent gains
	(Absence of reinsurance ceding cost)
	(+) Derivative transactions gains and foreign exchange gains
Group	(ー) Gains on sale of securities, etc.

Adj. Profit

FY2021 2Q(YTD)

(+) Operating income

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

(ー) MODCO losses, etc.

Amortization of

goodwill

DFL	Others

MVA related
gains(losses), etc.
Group
Adj. Profit	Net Income
FY2022 2Q(YTD)	FY2022 2Q(YTD)

		DL	DL	DFL	NFL	PLC	TAL	DLVN	Other	Asset	DLRe,
		Fundamental	Capital,						Overseas	Manage-	HD, etc.		(Drivers affecting adj. profit to net income)
		Profit(1)	etc.(1)							ment

	FY2022	138.2	(26.3)	5.6	(4.2)	(5.2)	15.5	7.8	1.3	2.4	(7.1)	127.9		(16.2)	(4.1)	+0.6	108.2
	2Q(YTD)

	FY2021	184.0	(90.6)	20.1	(3.4)	32.8	3.3	6.6	0.8	2.8	(0.3)	156.3		+25.4	(3.2)	(0.1)	178.4
	2Q(YTD)


	(1) Fundamental profit before tax. "DL Capital etc." includes changes in corporate tax, net capital and non-recurrent gains(losses).								3
(2) Official name is: TAL Life Insurance Services Limited

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

Domestic new business ANP increased by 22% YoY thanks to steady growth at DFL reflecting attractiveness of DFL products in the rising overseas interest rates. DL continued 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.
(Total new business ANP of DL channel including DFL/NFL products sales increased by 4% YoY.)
In overseas, new business ANP increased by 23% YoY. Excluding exchange rate impact, ANP increased by 0.6% thanks to PLC/DLVN growth. In-force business ANP increased due to the consolidation of former Westpac life closed the deal on August 1.

New Business and In-force Business ANP

New Business ANP

In-force Business ANP

New Business ANP

In-force Business ANP

(¥ in billions)

+21.7%

+6.0%

(+14.5％ excl. exchange rate impact)

(+1.6％ excl. exchange rate impact)

185.5

4,489.8

4,234.3

152.4

Domestic life

protection type products share

[figures in brackets for DL]

34%	19%
[73%]	[70%]

FY2021		FY2022	As of	As of
2Q(YTD)		2Q(YTD)	Mar-22	Sep-22
		Domestic		Overseas	Domestic	Overseas

	FY2021	FY2022
( in billions)	2Q(YTD)	2Q(YTD)

Domestic	104.0	125.8
DL	39.0	25.2
o/w Third sector	26.2	16.3
DFL	57.7	94.6
o/w DL channel	9.6	25.1
NFL	7.1	5.8
o/w DL channel	3.5	3.7
Overseas	48.3	59.7
PLC	27.5	35.4
TAL	5.3	4.9
DLVN	15.4	19.0
DLKH/DLMM	0.06	0.28
Dai-ichi Life Group	152.4	185.5

Change	Change	As of	As of
vs FY2019	Change
YoY	Mar-22	Sep-22
2Q(YTD)

+20.9%	+11.5%	3,090.1	3,099.9	+0.3%
(2.0%)

(35.3%)	(40.8%)	2,052.7	2,029.6	(1.1%)
(37.9%)	(38.7%)	708.8	707.7	(0.1%)
+63.8%	+44.0%	898.3	937.7	+4.4%

+162.0%	+63.1%	(3.5%)


(18.3%)	+33.9%	139.0	132.5	(4.7%)
+5.6%	+113.1%

+23.5%	+62.8%	1,144.1	1,389.9	+21.5%
+0.6%	+27.8%	+8.9%

+28.7%	+92.9%	597.9	708.5	+18.5%
+4.2%	+52.1%	(0.3%)

(7.3%)	(43.2%)	449.7	559.9	+24.5%
(20.8%)	(56.1%)	+21.6%

+23.4%	+98.9%	96.1	120.8	+25.7%
+0.4%	+55.0%	+6.5%

+370.2%	+4,984.3%	0.29	0.57	+92.4%
+297.5%	+4,302.1%	+63.7%

+21.7%	+24.1%	4,234.3	4,489.8	+6.0%
+14.5%	+15.5%	+1.0%

% change shown lower excludes exchange rate impact

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Dai-ichi Life Holdings Inc. published this content on 14 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2022 05:41:02 UTC.

DAI-ICHI LIFE HOLDINGS, INC.

Dai ichi Life : November 14, 2022 Presentation Material

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