Dai ichi Life : November 14, 2022 Presentation Material
11/14/2022 | 12:42am EST
for the Six Months Ended September 30, 2022
November 14, 2022
Dai-ichi Life Holdings, Inc.
Group Companies Performance Overview
Currency Exchange Rates(TTM)
As of end
Group Company Name Abbreviation, Equity Share and Fiscal Year
Domestic Life Insurance Business
Dai-ichi Frontier Life
Neo First Life
Overseas Insurance Business
[USA] Protective Life Corporation
Jan - Dec
[Australia] TAL Dai-ichi Life Australia
[Vietnam] Dai-ichi Life Insurance Company of Vietnam
[Cambodia] Dai-ichi Life Insurance (Cambodia)
Jan - Dec
[Myanmar] Dai-ichi Life Insurance Myanmar
[India] Star Union Dai-ichi Life Insurance Company
[Indonesia] PT Panin Dai-ichi Life
[Thailand] OCEAN LIFE INSURANCE PUBLIC COMPANY
Jan - Dec
[Bermuda] Dai-ichi Life Reinsurance Bermuda
Other Business (Asset Management)
Asset Management One
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
Group Adj. Profit
absence of reinsurance ceding cost at DL. Adj. profit was affected by non-operating losses at
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
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
steadily thanks to rising overseas interest rates. PLC/DLVN also increased in overseas.
▸ Down 12% YoY (excl. exchange rate impact): While significant growth at DFL/PLC thanks to
strong sales, group VNB decreased YoY due to weak results at DL/NFL.
▸ Down 3% vs Mar-2022 (Adjusted): Positive effect of rising domestic interest rates was
outweighed by the negative impacts of rising overseas interest rates and falling equity markets.
Downward revision of full-year profit and VNB forecasts based on 2Q progress
Dividend per share forecast remains unchanged from initial guidance
▸ The increase in hospitalization benefit and currency hedging cost, and deterioration of non-
Group Adj. Profit
operating result at PLC were reflected.
▸ While DFL/PLC are expected to increase, weak DL products sales affected on forecast.
Dividend Dividend per share
▸ 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)
Adj. Profit to Net Income
(+) Positive spread
(ー) Increase in foreign exchange
(+) Impact from interest rates movement
(ー) Gains from core insurance activities
(+) 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)
- o/w MVA gains (losses)
- 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
(ー) Gains on sale of securities, etc.
(+) Operating income
(ー) Valuation losses on bonds and equities due rising interest rates
(ー) MODCO losses, etc.
(Drivers affecting adj. profit to net income)
(1) Fundamental profit before tax. "DL Capital etc." includes changes in corporate tax, net capital and non-recurrent gains(losses).
(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.
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.