Dai ichi Life : November 18, 2021 Presentation Material PDF

Financial Analyst Conference Call

for the Six Months Ended September 2021

November 18, 2021

Dai-ichi Life Holdings, Inc.

Agenda

Time

Topics

Presenter

Title

Overseas Business (Developed Countries) Update:
Strategy for Responding to Environment Changes for Sustainable Growth	(Refer to separate presentation)
9:35	～ 9:50	[Protective Life]		Steven G. Walker	Executive Vice President,
	Chief Financial Officer,
Growth opportunities and response to Covid-19 and financial market changes
			Protective Life Corporation
9:50	～ 10:05	[TAL]		David Lees	Chief Financial Officer,
TAL's presence in Australian market amid environment changes		TAL
10:05 ～ 10:45	Q&A [1]

Group Performance and MMP Key KPIs / Domestic Business Strategy Update

10:50 ～ 11:05	・ FY2021 1H Financial Results	Seiji Inagaki	President and
・ Medium-Term Management Plan Key KPIs	Representative Director,
	・ Domestic Business Strategic Initiatives		Dai-ichi Life Holdings, Inc.
11:05 ～ 11:45	Q&A [2]

2

Group Performance and

Medium-Term Management Plan Key KPIs

Domestic Business Strategy Update

Seiji Inagaki

President and Representative Director,

Dai-ichi Life Holdings, Inc.

Key Results for the First Half of the Fiscal Year Ending March 2022

Key KPIs of the Medium-Term Management Plan

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Sales Performance (New Business ANP, Value of New Business(VNB))

• Group new business ANP exceeded pre-Covid levels, while domestic business moves toward recovery but still down by 8%.
• Revised the group VNB forecast downwarddue to low progress at DL and DFL. Accumulating future profit remains a challenge.

New Business ANP

Group VNB

FY2021 2Q(YTD)	¥152.4bn	(excl. exchange rate impact)
Result	YoY +75%
	vs FY2019 2Q(YTD) +1％

While NFL is strong, overall domestic new business decreased by 8%. Overseas business increased steadily mainly driven by PLC and DLVN.

Domestic

Overseas

(¥ in billions)

DL

DFL

NFL

PLC

TAL

DLVN&Other

112.8	△8%	104.0		+27%	48.3
	(excl. exchange rate impact)
			36.6	33.0

52.9

F Y 2 0 1 9	F Y 2 0 2 0	F Y 2 0 2 1	F Y 2 0 1 9	F Y 2 0 2 0	F Y 2 0 2 1
2 Q ( Y T D )	2 Q ( Y T D )	2 Q ( Y T D )	2 Q ( Y T D )	2 Q ( Y T D )	2 Q ( Y T D )

FY2021 2Q(YTD)(1)	¥70.9bn	(YoY)
Result	After EEV standard change
	+110％

Revised forecast due to increase in low-value-added policy conversion at DL and unexpected decline of reference credit spread added on the VNB calculation at DFL.

FY Forecast

(¥ in billions)

Domestic

Overseas

[After Revision]

159 → Approx. ¥119bn

[Ref.] FY2021 2Q(YTD) VNB margin

Downward

Group: 3.26%

DL: 4.30%

Domestic (¥40bn)

(before standard change)

70.9

65.0

(after change)

Estimate

33.7

F Y 2 0 1 9

F Y 2 0 2 0

F Y 2 0 2 1

F Y 2 0 2 1

2 Q ( Y T D )

2 Q ( Y T D )

2 Q ( Y T D )

F O R E C A S T

(1) For FY2020 2Q(YTD), In light of the extraordinary circumstances of the COVID-19, the guaranteed life plan designers' salary compensation and a portion of sales operation related fixed expenses (total approx. ¥50bn) was excluded from VNB calculation and deducted directly from EEV adjusted net worth.

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