Dai ichi Life : Revision of Consolidated Earnings Forecast for the Fiscal Year Ended March 31, 2021

[Unofficial Translation]

April 30, 2021

Seiji Inagaki

President and Representative Director

Dai-ichi Life Holdings, Inc.

Code: 8750 (TSE First section)

Revision of Consolidated Earnings Forecast

for the Fiscal Year Ended March 31, 2021

Dai-ichi Life Holdings, Inc. (the "Company"; President: Seiji Inagaki) hereby announces a revision of its consolidated earnings forecast for the fiscal year ended March 31, 2021, which the Company previously announced on February 12, 2021.

Revision of Consolidated Earnings Forecast for the Fiscal Year Ended March 31, 2021

	Ordinary	Ordinary	Net Income	Net Income per
	Revenues	Profit	Attributable to	Share
			Shareholders of
			Parent Company
	million yen	million yen	million yen	Yen
Previous forecast (A)	6,487,000	415,000	262,000	236.00
Revised forecast (B)	7,827,000	552,000	363,000	324.92
Change (B-A)	1,340,000	137,000	101,000
Percentage change (%)	20.7	33.0	38.5
(Reference)
FY ended March 31, 2020	7,114,099	218,380	32,433	28.53

1. Reasons for the revision
   The Company expects its consolidated ordinary profit, net income attributable to shareholders of

parent company and group adjusted profit for the fiscal year ended March 31, 2021 to exceed previous forecasts due mainly to an increase in gains on sale of securities, which include one-time gains at The Dai-ichi Life Insurance Company, Limited (Dai-ichi Life) and The Dai-ichi Frontier Life Insurance Co., Ltd. (Dai-ichi Frontier Life).

In addition, consolidated ordinary profit and net income attributable to shareholders of parent company for the fiscal year ended March 31, 2021 are expected to exceed previous forecasts due mainly to an increase in reversal of policy reserves resulting from market value adjustments (MVA) at Dai-ichi Frontier Life affected by higher overseas interest rates.

Furthermore, consolidated ordinary revenues for the fiscal year ended March 31, 2021 is expected to exceed the previous forecast due mainly to an increase in investment income at Dai-ichi Life, Dai- ichi Frontier Life and Protective Life Corporation resulting from favorable economic and financial conditions, most of which is offset by provision for policy reserves, having no impact on profit (e.g. gains on investments in separate accounts).

Overall, the Company revises its consolidated ordinary revenues, consolidated ordinary profit and net income attributable to shareholders of parent company for the fiscal year ended March 31, 2021 as

shown above. The Company also revises its previous forecast for group adjusted profit for the fiscal year ended March 31, 2021 from 210.0 billion yen to 282.0 billion yen.

1. Shareholder dividend forecast
   The Company's dividend forecast for the fiscal year ended March 31, 2021 (62 yen per share)

remains unchanged.

The figures in this release are calculated based on the information available as of the date of this release. Actual results disclosed in the future might be different from the forecasted figures above for various reasons.

Investor Contact:

Investor Relations Group Corporate Planning Unit [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.

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