Dai ichi Life : Supplementary Materials for the Nine Months Ended December 31, 2021 (The Dai-ichi Frontier Life Insurance Co., Ltd.)

[Unofficial Translation]

February 14, 2022

Seiji Inagaki

President and Representative Director

Dai-ichi Life Holdings, Inc.

Code: 8750 (TSE First section)

Supplementary Materials for the Nine Months Ended December 31, 2021 (The Dai-ichi Frontier Life Insurance Co., Ltd.)

February 14, 2022

Financial Results for the Nine Months Ended December 31, 2021

The Dai-ichi Frontier Life Insurance Co., Ltd. (the "Company"; President: Masao Taketomi) announces its financial results for the nine months ended December 31, 2021.

[Contents]

1.	Business Highlights	………	P. 1
2.	Investment Results of General Account	………	P. 3
3.	Unaudited Quarterly Balance Sheet	………	P. 6
4.	Unaudited Quarterly Statement of Earnings	………	P. 7
5.	Breakdown of Ordinary Profit (Fundamental Profit)	………	P. 9
6.	Solvency Margin Ratio	………	P. 11
7.	Separate Account Status	………	P. 12
8.	Consolidated Financial Summary	………	P. 12

Please note that this is an unofficial translation of the original disclosure in Japanese.

1. Business Highlights

(1) Annualized Net Premiums

Policies in Force

(millions of yen except percentages)

			As of December 31, 2021
		As of March 31, 2021
			% of March 31,
				2021 total
Individual insurance	418,614	455,601	108.8
Individual annuities	442,393	400,993	90.6
Total	861,007	856,595	99.5
	Medical and survival benefits	1,581	2,662	168.4
New Policies
			(millions of yen except percentages)
		Nine months ended	Nine months ended
		% of December 31,
		December 31, 2020	December 31, 2021
		2020 total
Individual insurance	37,060	47,364	127.8
Individual annuities	13,989	39,910	285.3
Total	51,049	87,274	171.0
	Medical and survival benefits	1,086	1,068	98.4

Note: 1. Annualized net premiums are calculated by multiplying the per-premium payments by a multiplier that depends on the premium payment terms. For single-premium contracts, the amount is calculated by dividing the premium by the duration of the policy.

2. "Medical and survival benefits" include annualized net premiums related to medical benefits

(e.g. hospitalization and surgery benefits), survival benefits (e.g. specified illness and nursing care benefits), and premiums related to premium waiver benefits (e.g. excluding disability-related causes but including causes related to specified illness and nursing care).

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The Dai-ichi Frontier Life Insurance Co., Ltd.

(2) Policies in Force and New Policies

Policies in Force
	As of March 31, 2021		As of December 31, 2021
	Number of	Amount	Number of Policies	Amount
	Policies	(millions of	(thousands)	% of March	(millions of	% of March
	(thousands)	yen)	31, 2021 total	yen)	31, 2021 total
Individual insurance	734	5,154,172	774	105.5	5,513,656	107.0
Individual annuities	829	4,166,339	775	93.5	3,812,262	91.5
Group insurance	-	-	-	-	-	-
Group annuities	-	-	-	-	-	-

Note: Policy amount in force for individual annuities is equal to the sum of (a) the amount required to fund annuity payments when they commence for annuities that have not yet commenced paying out and (b) policy reserves for annuities that have commenced paying out.

New Policies

			Number of Policies		Amount
				% of	(millions of	% of	New	Net increase
		(thousands)	December 31,	December 31,	from
		yen)	Business
				2020 total	2020 total	conversions
Nine months ended December 31, 2021
	Individual insurance		61	124.3	468,959	128.6	468,959	-
	Individual annuities		74	219.5	315,319	248.6	315,319	-
	Group insurance		-	-	-	-	-	-
	Group annuities		-	-	-	-	-	-
Nine months ended December 31, 2020
	Individual insurance		49	-	364,750	-	364,750	-
	Individual annuities		33	-	126,853	-	126,853	-
	Group insurance		-	-	-	-	-	-
	Group annuities		-	-	-	-	-	-

Note: Amount of new policies (new business) for individual annuities is equal to the amount required to fund annuity payments when they commence.

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The Dai-ichi Frontier Life Insurance Co., Ltd.

2. Investment Results of General Account

(1) Asset Composition

					(millions of yen except percentages)
			As of March 31, 2021	As of December 31, 2021
			Carrying value	%	Carrying value	%
Cash, deposits, and call loans	785,833	9.1	812,614	9.5
Securities repurchased under resale agreements	-	-	-	-
Deposit paid for securities borrowing transactions	-	-	-	-
Monetary claims bought	-	-	7,864	0.1
Trading account securities	-	-	-	-
Money held in trust	1,123,204	13.0	1,078,349	12.6
Securities	6,481,546	74.8	6,482,867	75.7
	Domestic bonds	1,645,775	19.0	1,662,489	19.4
	Domestic stocks	-	-	-	-
	Foreign securities	4,650,664	53.7	4,641,004	54.2
		Foreign bonds	4,650,664	53.7	4,641,004	54.2
		Foreign stocks and other securities	-	-	-	-
	Other securities	185,106	2.1	179,373	2.1
Loans	-	-	-	-
Real estate	95	0.0	811	0.0
Deferred tax assets	-	-	-	-
Others	270,224	3.1	183,534	2.1
Reserve for possible loan losses	(14)	(0.0)	(7)	(0.0)
Total	8,660,888	100.0	8,566,036	100.0
	Foreign currency-denominated assets	5,213,036	60.2	5,057,638	59.0

Note:"Real estate" represents the value of buildings.

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The Dai-ichi Frontier Life Insurance Co., Ltd.