Dai ichi Life : (Updated) Notice on Partial Correction of Supplementary Materials for the Fiscal Year Ended March 31, 2021 (The Neo First Life Insurance)

[Unofficial Translation]

June 22, 2021

Seiji Inagaki

Representative Director, President

Dai-ichi Life Holdings, Inc.

Code: 8750 (TSE First section)

Notice on Partial Correction of

Supplementary Materials for the Fiscal Year Ended March 31, 2021

(The Neo First Life Insurance Company, Limited)

Dai-ichi Life Holdings, Inc. hereby announces that Supplementary Materials for the Fiscal Year Ended March 31, 2021 (The Neo First Life Insurance Company, Limited), which was disclosed at 15:00 on May 14, 2021 through TDnet, was partially corrected.

1. Reason of Correction

Due to errors in some of the figures, partial corrections was made in the abovementioned material.

2. Details

P.3 (2. Policies in Force as of March 31, 2021 by Benefit)

The amount of Individual insurance and Total in Death benefits - General.

[Before correction]						(thousands, millions of yen)
			Individual insurance	Individual	Group insurance	Total
			annuities
			Number		Number		Number		Number
			of	Amount	of	Amount	of	Amount	of	Amount
			policies		policies		policies		policies
		General	423	1,451,065	―	―	―	―	423	1,451,065
	Death benefits	Accidental	29	3,319,184	―	―	―	―	29	3,319,184
		Others	―	―	―	―	―	―	―	―

[After correction]						(thousands, millions of yen)
			Individual insurance	Individual	Group insurance	Total
			annuities
			Number		Number		Number		Number
			of	Amount	of	Amount	of	Amount	of	Amount
			policies		policies		policies		policies
		General	423	1,449,616	―	―	―	―	423	1,449,616
	Death benefits	Accidental	29	3,319,184	―	―	―	―	29	3,319,184
		Others	―	―	―	―	―	―	―	―

1

Investor Contact: Investor Relations Group Corporate Planning Unit Dai-ichi Life Holdings, Inc. [phone]

This press release may contain statements that are "forward-looking statements" regarding our intent, belief or current expectations of management with respect to our future results of operations and financial condition. Any such forward-looking statements are not historical facts but instead represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside our control. Important factors that could cause actual results to differ from those in specific forward-looking statements include, without limitation, economic and market conditions, consumer sentiment, political events, level and volatility of interest rates, currency exchange rates, security valuations and competitive conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ.

2

May 14, 2021

Financial Results for the Fiscal Year Ended March 31, 2021

The Neo First Life Insurance Company, Limited (the "Company"; President: Yuji Tokuoka) announces its financial results for the fiscal year ended March 31, 2021.

[Contents]
Financial Results for the Fiscal Year Ended March 31, 2021
1.	Business Highlights ........................................................................................................	P.1
2.	Policies in Force as of March 31, 2021 by Benefit .........................................................	P.3
3.	Policyholder Dividends based on Financial Results
	for the Year ended March 31, 2021 ................................................................................	P.3
4.	Investment of General Account Assets for the Fiscal Year Ended March 31, 2021.......	P.4
5.	Unaudited Non-Consolidated Balance Sheet ..................................................................	P.9
6.	Unaudited Non-Consolidated Statement of Earnings .................................................	P.12
7.	Breakdown of Ordinary Profit (Fundamental Profit)....................................................	P.15
8.	Unaudited Non-Consolidated Statement of Changes in Net Assets .............................	P.16
9.	Disclosed Claims Based on Categories of Obligors .....................................................	P.18
10.	Risk-Monitored Loans ................................................................................................	P.18
11.	Solvency Margin Ratio ...............................................................................................	P.19
12.	Status of Separate Account for the Fiscal Year Ended March 31, 2021 .....................	P.19
13.	Consolidated Financial Summary ...............................................................................	P.19

* 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 March 31, 2020	As of March 31, 2021
				% of March		% of March
				31, 2019 total		31, 2020 total
	Individual insurance	139,508	103.3	140,557	100.8
	Individual annuities	10	242.3	14	139.7
	Total	139,518	103.3	140,571	100.8
		Medical and survival	18,667	184.0	26,869	143.9
		benefits

New Policies			(millions of yen except percentages)
			Year ended March 31, 2020	Year ended March 31, 2021
				% of March		% of March
				31, 2019 total		31, 2020 total
	Individual insurance	10,973	9.4	12,094	110.2
	Individual annuities	―	―	―	―
	Total	10,973	9.4	12,094	110.2
		Medical and survival	9,483	170.7	9,589	101.1
		benefits

(Notes) 1. Annualized net premiums are calculated by using multipliers for various premium payment terms to the premium per payment.

2. Annualized net premium for medical and survival benefits includes (a) premiums related to medical benefits such as hospitalization and surgery benefits, (b) premiums related to survival benefits such as specific illness and nursing benefits, and (c) premiums related to premium waiver benefits, in which the disability cause is excluded but causes such as specific illness and nursing care are included.

1	The Neo First Life Insurance Company, Limited

(2) Sum Insured of Policies in Force and New Policies

Policies in Force

		As of March 31, 2020			As of March 31, 2021
	Number of policies	Amount	Number of policies	Amount
	(thousands)	(billions of yen)	(thousands)	(billions of yen)
		% of March		% of March		% of March		% of March
		31, 2019 total		31, 2019 total		31, 2020 total		31, 2020 total
Individual insurance	354	158.7	1,208.8	133.9	482	135.9	1,449.6	119.9
Individual annuities	0	200.0	0.1	210.2	0	150.0	0.2	125.8
Group insurance	―	―	―	―	―	―	―	―
Group annuities	―	―	―	―	―	―	―	―

Note: The amount of individual annuities shows policy reserves for policies after the commencement of annuities.

New Policies

Year ended March 31, 2020

Year ended March 31, 2021

Number of policies

Amount (billions of yen)

Number of policies

Amount (billions of yen)

(thousands)

(thousands)

% of

% of

New

Net increase

% of

% of

New

Net increase

March 31,

March 31,

by

March 31,

March 31,

by

Business

Business

2019 total

2019 total

conversions

2020 total

2020 total

conversions

Individual insurance

147

122.9

283.8

121.9

283.8

―

150

101.6

250.9

88.4

250.9

―

Individual annuities

―

―

―

―

―

―

―

―

―

―

―

―

Group insurance

―

―

―

―

―

―

―

―

―

―

―

―

Group annuities

―

―

―

―

―

―

―

―

―

―

―

―

(3) Profit and Loss Items			(millions of yen except percentages)
		Year ended March 31, 2020	Year ended March 31, 2021
			% of March 31,		% of March 31,
			2019 total		2020 total
	Premium and other income	144,382	79.7	159,538	110.5
	Investment income	152	280.0	265	173.8
	Benefits and claims	28,119	260.4	53,336	189.7
	Investment expenses	4	2,479.9	13	263.1
	Ordinary profit (loss)	(16,310)	191.7	(14,136)	86.7

(4) Total Assets		(millions of yen except percentages)
		As of March 31, 2020	As of March 31, 2021
			% of March 31,		% of March 31,
			2019 total		2020 total
	Total assets	244,399	155.2	352,842	144.4

2	The Neo First Life Insurance Company, Limited