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    8750   JP3476480003

DAI-ICHI LIFE HOLDINGS, INC.

(8750)
  Report
Delayed Japan Exchange  -  11:58:55 2023-01-26 pm EST
3114.00 JPY   +1.73%
01/26Indian Morning Briefing: Asian Markets Broadly Higher
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01/25Dai-Ichi Life plans 5% wage hike in rare base increase for non-sales staff -source
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01/19Japan's consumer inflation hits fresh 41-year high, keep BOJ in focus
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Dai ichi Life : November 14, 2022 Presentation Material

11/14/2022 | 12:42am EST

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)

1

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.

2

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

() Increase in foreign exchange

(+) Impact from interest rates movement

() Gains from core insurance activities

policy reserves

(+) Underlying profit

(Impact of COVID-19 related claims approx.¥50.0bn)

() 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

() Gains on sale of securities, etc.

Adj. Profit

FY2021 2Q(YTD)

(+) Operating income

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

() 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

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 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.


ę Publicnow 2022
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Financials
Sales 2023 9 167 B 70 296 M 70 296 M
Net income 2023 229 B 1 755 M 1 755 M
Net Debt 2023 906 B 6 950 M 6 950 M
P/E ratio 2023 13,3x
Yield 2023 2,81%
Capitalization 3 106 B 23 821 M 23 821 M
EV / Sales 2023 0,44x
EV / Sales 2024 0,51x
Nbr of Employees 61 902
Free-Float 93,7%
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Technical analysis trends DAI-ICHI LIFE HOLDINGS, INC.
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Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 14
Last Close Price 3 061,00 JPY
Average target price 3 133,85 JPY
Spread / Average Target 2,38%
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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