Supplementary Materials for the Six Months Ended September 30, 2021 (Dai-ichi Life Holdings, Inc.)

[Unofficial Translation]

November 12, 2021

Seiji Inagaki

President and Representative Director

Dai-ichi Life Holdings, Inc.

Code: 8750 (TSE First section)

Supplementary Materials for the Six Months Ended September 30, 2021

(Dai-ichi Life Holdings, Inc.)

Financial Results

for the Six Months Ended September 30, 2021

November 12, 2021

Dai-ichi Life Holdings, Inc.

Contents

 Key Highlights	P.2
 Group Companies Performance Overview	P.9
 Group EEV	P.18
 Reference Data	P.24

Currency Exchange Rates(TTM)

As of end	¥/US$	¥/Euro	¥/AU$
September 2021	¥111.92	¥129.86	¥80.46
June 2021	¥110.58	¥131.58	¥83.12
March 2021	¥110.71	¥129.80	¥84.36
December 2020	¥103.50	¥126.95	¥78.84
September 2020	¥105.80	¥124.17	¥75.49
June 2020	¥107.74	¥121.08	¥73.88

Group Company Name Abbreviation, Equity Share and Fiscal Year

Domestic Life		Equity Share	Fiscal Year
DL	Dai-ichi Life		100％
DFL	Dai-ichi Frontier Life		100％	Apr -Mar
NFL	Neo First Life		100％
Overseas Life
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

1. [Results]

• Domestic Life New Business ANP
• Overseas Life New Business ANP

Group sales remained almost flat (Domestic: slightly below vs pre-Covid, Overseas: grew significantly)

• DL and DFL achieved significant recovery from sales activities restraints implemented in the previous year. NFL continued steady growth.
• Domestic as a whole reached about 90% level of pre-Covid period, DL and DFL decreased by 8% and 12% respectively, NFL increased by 64%.
• Overseas sales were steady, mainly driven by PLC and DLVN (Vietnam), and increased by 41% YoY and by 27% compared to pre-Covid period. (excluding exchange rate impact)

2. [Profit/dividend] Upward revision of forecast for consolidated profit and dividend thanks to favorable profit progress

• Group Adjusted Profit ・ Steady progress with ¥156.3 billion, even after reinsurance transaction at DL, thanks to investment income at DL and reversal of allowances at PLC. Full-year forecast has been revised upward to approx. ¥270 billion, taking into account additional reinsurance ceding based on the improvement of investment income at DL and one-time expense at DFL in 2HY (described later).
• Dividend Forecast ・ Dividend per share forecast for the FY2021 has been revised upward to ¥80 (previous forecast: ¥77, FY2020 actual: ¥62).

▶ Consolidated	・ An upward revision to ¥349 billion, reflecting the expected increase in deferred tax assets at the end of current fiscal year due to the introduction of
Net Income	Group Tax Sharing System which is under consideration for application from the next fiscal year. In addition, on the premise of the introduction,
	from the viewpoint of capital efficiency DFL will cancel a part of coinsurance type reinsurance contracts (surplus relief) incurring one-time expense.

3. [Economic Value]	Group EEV increased by 7% YoY to ¥7,460.6 billion, and Group VNB was ¥70.9 billion.
▶ Group EEV	・ Increased by 7% to ¥7,460.6 billion YoY mainly due to an increase at DL amid stable financial markets.
▶ Group VNB	・ VNB for domestic life and overseas life was ¥51.3 billion and ¥19.5 billion respectively. Although overseas life VNB were steady progress, domestic
(Value of New Business)	life mainly for DL and DFL was lower than our initial expectations.
	Based on the 1HY results, full-year forecast was revised downward to approx. ¥119 billion (decreased by ¥40 billion from the initial forecast).

COVID-19 related Insurance Claims

1. Identified as of Sept. 30, 2021. Exchange rates as of end of Sept. 2021 applied to foreign currencies, after accounting for reinsurance.
2. Cumulative total since the start of measurement (March 2020).

		Death Benefit (Payment)	Hospitalization	Benefit
		Cases	Amount	Cases	Amount
Domestic	July-Sept. 2021	486	¥2.7 billion	17,777	¥1.9 billion
Cumulative(2)	1,756	¥10.1 billion	39,795	¥4.1 billion
Overseas(1)	July-Sept. 2021	2,829	¥10.1 billion	11,375	¥0.6 billion
	Cumulative(2)	11,957	¥47.9 billion	14,955	¥1.1 billion	2

2Q Highlights: Sales Performance

• Domestic new business recovered significantly compared to previous year when sales activities constraints were implemented, thanks to the contribution of new medical insurance products at DL, foreign currency-denominated saving products at DFL and product revisions for medical insurance at NFL. Compared to pre-Covid (1HY of FY2019), decreased by 7.8% as a whole, DL and DFL decreased by 8.5% and 12.1%, NFL increased by 63.8%.
• In overseas, new business ANP at PLC increased by 39% thanks to an increase in variable annuity sales, TAL and DLVN also increased YoY, resulting in an increase of 41.3% YoY and increase of 26.8% compared to 1H of FY2019.
  Group overall new business ANP increased by 0.7% compared to 1H of FY2019 (excluding exchange rate impact).

New Business and In-force Business ANP

New Business ANP

In-force Business ANP

	New Business ANP		In-force Business ANP
(¥ in billions)
		+1.9%	+0.3%
(+0.7％ excluding exchange rate impact)		((0.０％ excluding exchange rate impact)
149.5	152.4	4,054.6	4,068.2

+77.3％

(+75.4％)

85.9

Domestic life

protection type products share

29% 31% 34%

FY2019	FY2020	FY2021		As of		As of
2Q(YTD)	2Q(YTD)	2Q(YTD)		Mar-21		Jun-21
		Domestic			Overseas		Domestic		Overseas

		FY2020	FY2021
( in billions)		2Q(YTD)	2Q(YTD)
Domestic Life		52.9	104.0
DL		17.3	39.0
o/w Third sector		9.0	26.2
DFL		30.0	57.7
o/w DL channel		4.8	9.6
NFL		5.5	7.1
o/w DL channel	(1)	2.9	3.5
Overseas Life		33.0	48.3
PLC		19.3	27.5
(2)		4.4	5.3
TAL
DLVN		9.2	15.4
DLKH/DLMM		0.03	0.06
Dai-ichi Life Group	85.9	152.4

Change	Change	As of	As of
vs FY2019	Change
YoY	Mar-21	Jun-21
2Q(YTD)
+96.7%	(7.8%)	3,078.5	3,060.6	(0.6%)
(0.3%)
+124.8%	(8.5%)	2,076.9	2,066.5	(0.5%)
+189.5%	(1.2%)	696.8	705.1	+1.2%
+92.6%	(12.1%)	861.0	853.9	(0.8%)
+97.6%	(37.7%)	+0.1%
+30.0%	+63.8%	140.5	140.1	(0.3%)
+19.5%	+202.2%
+46.4%	+31.8%	976.0	1,007.6	+3.2%
+41.3%	+26.8%	+1.0%
+42.6%	+49.8%	518.7	544.9	+5.1%
+39.0%	+46.0%	(1.7%)
+21.0%	(38.8%)	384.0	375.1	(2.3%)
+13.6%	(44.5%)	+2.4%
+66.0%	+61.1%	73.1	87.3	+19.3%
+59.1%	+54.4%	+11.9%
+98.8%	+981.3%	0.14	0.20	+42.0%
+105.8%	+963.9%	+47.3%
+77.3%	+1.9%	4,054.6	4,068.2	+0.3%
+75.4%	+0.7%	(0.0%)

% change shown lower excludes impact from currency fluctuation

(1) From 3Q of FY2020 measurement of NFL sales at DL channel reflects refinement. (2) From 1Q of FY2020 new business ANP calculation standard was revised and data for prior periods was adjusted retroactively.	3