Supplementary Materials for the Six Months Ended September 30, 2021 (The Dai-ichi Frontier Life Insurance Co., Ltd.)

[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 (The Dai-ichi Frontier Life Insurance Co., Ltd.)

November 12, 2021

Financial Results for the Six Months Ended September 30, 2021

The Dai-ichi Frontier Life Insurance Co., Ltd. (the "Company"; President: Masao Taketomi) announces its financial results for the six months ended September 30, 2021.

[Contents]

1.	Business Highlights	………	P. 1
2.	Investment of General Account Assets	………	P. 3
3.	Investment Results of General Account	………	P. 4
4.	Unaudited Balance Sheet	………	P. 9
5.	Unaudited Statement of Earnings	………	P. 10
6.	Unaudited Statement of Changes in Net Assets	………	P. 11
7.	Breakdown of Ordinary Profit (Fundamental Profit)	………	P. 18
8.	Disclosed Claims Based on Categories of Obligors	………	P. 20
9.	Risk-Monitored Loans	………	P. 20
10.	Solvency Margin Ratio	………	P. 21
11.	Separate Account Status	………	P. 22
12.	Consolidated Financial Summary	………	P. 22

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 September 30, 2021
		As of March 31, 2021
			% of March 31,
				2021 total
Individual insurance	418,614	430,328	102.8
Individual annuities	442,393	423,669	95.8
Total	861,007	853,997	99.2
	Medical and survival benefits	1,581	2,234	141.3
New Policies
			(millions of yen except percentages)
		Six months ended	Six months ended
		% of September 30,
		September 30, 2020	September 30, 2021
		2020 total
Individual insurance	19,582	27,435	140.1
Individual annuities	10,419	30,355	291.3
Total	30,002	57,791	192.6
	Medical and survival benefits	485	658	135.6

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 September 30, 2021
	Number of	Amount	Number of Policies	Amount
	Policiees	(millions of	(thousands)	% of March 31,	(millions of	% of March 31,
	(thousands)	yen)		2021 total	yen)	2021 total
Individual insurance	734	5,154,172	750	102.2	5,243,528	101.7
Individual annuities	829	4,166,339	811	97.9	3,961,737	95.1
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 September	(millions of	% of		Net increase
			(thousands)	September	New Business	from
			30, 2020 total	yen)
				30,2020 total		conversions
Six months ended September 30, 202１
	Individual insurance		36	133.5	270,127	135.9	270,127	-
	Individual annuities		48	210.2	223,521	239.5	223,521	-
	Group insurance		-	-	-	-	-	-
	Group annuities		-	-	-	-	-	-
Six months ended September 30, 2020
	Individual insurance		27	-	198,836	-	198,836	-
	Individual annuities		23	-	93,342	-	93,342	-
	Group insurance		-	-	-	-	-	-
	Group annuities		-	-	-	-	-	-

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

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

2. Investment of General Account Assets

(1) Investment Environment

During the six months ended September 30, 2021, the global economy continued to recover. Developed countries in Europe and the United States, which had advanced vaccination, showed a rapid recovery. On the other hand, in emerging countries where vaccination was relatively delayed, recovery was delayed due to the spread of delta mutant infections.As for the Japanese economy, the recovery of the overseas economy led to a recovery in exports, while the declaration of a state of emergency in Tokyo and other areas limited the recovery of the economy. During most of the first half of the fiscal year, regulations on sales to the interpersonal service industry continued, resulting in a gap in the pace of economic recovery compared with the advanced economies of Europe and the United States.

Given the economic environment described above, the investment environment was as follows:

[Domestic interest rates]

As fot the yield on 10-year JGBs, the BOJ's Yield Curve Control continued. As the short-term interest rate was minus 0.1% and the 10-year interest rate target of 0% continued, the 10-year interest rate remained near 0%.

Yield on ten-year government bonds:	April 1, 2021	0.090%
	September 30, 2021	0.065%

[U.S. Interest Rates and Foreign Currency]

The yield on the 10-year US Treasury note, while having increased to above 1.7% at the end of March due to expectations surrounding the reopening of the economy due to the additional economic stimulus packages and increasing COVID-19 vaccination rates, edged lower following the spread of delta mutant infections and unexpected disappointing job data. The US dollar against the Japanese yen hovered in a narrow band centered on USD/JPY110 from the end of March. However, the dollar appreciated against the yen to nearly USD/JPY112, as the September FOMC meeting favored QE tapering before the end of the year, and prospects for an early interest rate hike increased.

Yield on ten-year U.S. government bonds:	April 1, 2021	1.740%
	September 30, 2021	1.487%
yen/U.S. dollar:	April 1, 2021	¥110.71
	September 30, 2021	¥111.92

[Australian Interest Rates and Foreign Currency]

The ten-year Australian government bond yield fell amid worries over the economic slowdown following extended lockdowns in major cities after the spread of delta mutant infections. The Australian dollar fell against the Japanese yen, due to the impact of the lockdowns and the Reserve Bank of Australia's indication that it will retain its accommodative guidance, with no rate rises foreseen until 2024.

Yield on ten-year Australian government bonds:	April 1, 2021	1.781%
	September 30, 2021	1.490%
yen/Australian dollar:	April 1, 2021	84.36
	September 30, 2021	80.46

(2) Investment Policies

In view of the liability characteristics of life insurance policies, assets in the general account are invested in accordance with asset- liability management (ALM) principles with the primary objective of steadily paying annuities, insurance proceeds, and benefits over the long term. As to the yen- and foreign currency-denominated fixed products, those assets are primarily invested in yen-denominated bonds and foreign currency-denominated bonds.

Also, trades are to be carried out for the purposes such as mitigating the guaranteed minimum benefit risk on individual variable annuities.

1. Investment Results

• Assets 〉

The Company invested primarily in yen-denominated bonds. Foreign-currency denominated insuarance were invested in foreign- currency denominated bonds. Also, derivative trades are to be carried out for the purposes such as mitigating the guaranteed minimum benefit risk on individual variable annuities.

• Investment Income and Expenses 〉

Investment income was 105,360 million yen mainly due to interest and dividends received (83,501 million yen), gains on sale of securities (20,861 million yen), and gains on money held in trust (531 million yen). Investment expenses were 48,528 million due mainly to foreign exchange losses (29,668 million yen), derivative transaction losses (17,875 million yen), and losses on sale of securities (654 million yen).

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