[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 Life Insurance Company, Limited)
November 12, 2021
Financial Results for the Six Months Ended September 30, 2021
The Dai-ichi Life Insurance Company, Limited (the Company, President: Seiji Inagaki) announces its financial results for the six months ended September 30, 2021
[Contents] | ||
Financial Summary for the Six Months Ended September 30, 2021 | ||
1. | Business Highlights-------- | P.1 |
2. | Unaudited Balance Sheet-------- | P.2 |
3. | Unaudited Statement of Earnings-------- | P.3 |
4. | Unaudited Statement of Changes in Net Assets-------- | P.4 |
5. | Breakdown of Ordinary Profit (Fundamental Profit)-------- | P.13 |
6. | Investment of General Account Assets-------- | P.14 |
7. | Investment Results of General Account-------- | P.18 |
8. | Disclosed Claims Based on Categories of Obligors-------- | P.21 |
9. | Solvency Margin Ratio-------- | P.22 |
10. | Status of Separate Account-------- | P.23 |
11. | Consolidated Financial Summary-------- | P.24 |
Attached: Supplementary Materials for the Six Months Ended September 30, 2021
For further information please contact:
Corporate Planning Dept.,
The Dai-ichi Life Insurance Company, Limited
TEL: +81-(0)-50-3780-6930/7204
Please note that this is an unofficial translation of the original disclosure in Japanese.
1. Business Highlights
(1) Annualized Net Premiums
Policies in Force | (billions of yen) | |||
As of March 31, | As of September 30, | |||
2021 | 2021 | % of March 31, 2021 total | ||
Individual insurance | 1,538.2 | 1,528.3 | 99.4 | |
Individual annuities | 538.7 | 538.2 | 99.9 | |
Total | 2,076.9 | 2,066.5 | 99.5 | |
Medical and survival benefits | 696.8 | 705.1 | 101.2 | |
New Policies | (billions of yen) | |||
Six months ended | Six months ended | |||
September 30, 2020 | September 30, 2021 | % of September 30, 2020 total | ||
Individual insurance | 14.6 | 33.7 | 231.2 | |
Individual annuities | 2.7 | 5.3 | 191.0 | |
Total | 17.3 | 39.0 | 224.8 | |
Medical and survival benefits | 9.0 | 26.2 | 289.5 |
Note: 1. Annualized net premium is calculated by using multipliers for various premium payment terms to the premium per payment. In single premium contracts, the amount is calculated by dividing the premium by the duration of the policy.
- Annualized net premium for medical and survival benefits include (a) premium related to medical benefits such as hospitalization and surgery benefits, (b) premium related to survival benefits such as specific illness and nursing benefits, and (c) premium related to premium waiver benefits, in which disability cause is excluded but causes such as specific illness and nursing care are included.
- New policies include net increase by conversion.
- Sum Insured of Policies in Force and New Policies
Policies in Force
As of March 31, 2021 | As of September 30, 2021 | |||||
Number of policies | Amount | Number of policies | Amount | |||
(thousands) | (billions of yen) | (thousands) | % of March 31, 2021 total | (billions of yen) | % of March 31, 2021 total | |
Individual insurance | 20,274 | 83,664.3 | 21,010 | 103.6 | 80,642.5 | 96.4 |
Individual annuities | 2,093 | 11,012.6 | 2,101 | 100.4 | 10,939.4 | 99.3 |
Individual insurance and annuities | 22,367 | 94,676.9 | 23,111 | 103.3 | 91,581.9 | 96.7 |
Group insurance | - | 50,842.5 | - | - | 50,381.3 | 99.1 |
Group annuities | - | 6,446.9 | - | - | 6,410.7 | 99.4 |
Note: 1. Policy amount in force of individual annuities is equal to (a) the funds to be held at the time annuity payments are to commence for an annuity for which payment has not yet commenced, and (b) the amount of policy reserve for an annuity for which payments have commenced.
- Policy amount in force of group annuities is equal to the amount of outstanding corresponding policy reserve.
- For products covered by multiple insurance agreements after April 2018, the number of policies for each product is shown as one.
New Policies
Number of policies | Amount | |||||
(thousands) | % of September 30, 2020 | (billions of yen) | New Business | Net increase by | % of September 30, 2020 | |
total | conversion | total | ||||
Six months ended September 30, 2020
Individual insurance | 832 | 108.8 | 476.3 | (367.4) |
Individual annuities | 19 | 71.6 | 72.4 | (0.8) |
Individual insurance and annuities | 851 | 180.4 | 548.7 | (368.2) |
Group insurance | - | 117.4 | 117.4 | - |
Group annuities | - | 0.1 | 0.1 | - |
Six months ended September 30, 2021
Individual insurance | 1,952 | 234.5 | (142.0) | 713.8 | (855.9) | - | |
Individual annuities | 43 | 229.7 | 141.5 | 143.8 | (2.3) | 197.6 | |
Individual insurance and annuities | 1,995 | 234.4 | (0.5) | 857.7 | (858.2) | - | |
Group insurance | - | - | 139.4 | 139.4 | - | 118.8 | |
Group annuities | - | - | 0.0 | 0.0 | - | 28.9 |
Note: 1. Number of new policies is the sum of new business and policies after conversion.
- Amount of new policies for individual annuities, both new business and net increase by conversion, is equal to the funds to be held at the time annuity payments are to commence.
- Amount of new policies for group annuities is equal to the initial premium payment.
- For products covered by multiple insurance agreements after April 2018, the number of policies for each product is shown as one.
-1- | The Dai-ichi Life Insurance Company, Limited |
2. Unaudited Balance Sheet
(millions of yen) | |||
As of March 31, 2021 | As of | ||
(summarized) | September 30, 2021 | ||
(ASSETS) | |||
Cash and deposits | 380,173 | 480,192 | |
Call loans | 403,700 | 309,700 | |
Monetary claims bought | 252,140 | 256,233 | |
Money held in trust | 7,716 | 11,703 | |
Securities | 33,467,036 | 34,177,196 | |
[ Government bonds ] | [ 14,774,895 ] | [ 15,063,129 ] | |
[ Local government bonds ] | [ 108,035 ] | [ 105,617 ] | |
[ Corporate bonds ] | [ 2,000,852 ] | [ 2,028,049 ] | |
[ Stocks ] | [ 3,713,900 ] | [ 3,908,269 ] | |
[ Foreign securities ] | [ 11,763,263 ] | [ 11,808,476 ] | |
Loans | 2,576,064 | 2,600,183 | |
Policy loans | 292,080 | 282,275 | |
Ordinary loans | 2,283,983 | 2,317,907 | |
Tangible fixed assets | 1,086,183 | 1,089,768 | |
Intangible fixed assets | 119,457 | 121,703 | |
Reinsurance receivable | 28,084 | 38,222 | |
Other assets | 553,949 | 754,879 | |
Customers' liabilities for acceptances and guarantees | 52,861 | 51,409 | |
Reserve for possible loan losses | (2,358) | (2,056) | |
Reserve for possible investment losses | (627) | (552) | |
Total assets | 38,924,381 | 39,888,583 | |
(LIABILITIES) | 30,844,443 | 30,530,324 | |
Policy reserves and others | |||
Reserves for outstanding claims | 148,070 | 160,509 | |
Policy reserves | 30,295,374 | 29,975,400 | |
Reserve for policyholder dividends | 400,999 | 394,415 | |
Reinsurance payable | 1,048 | 529 | |
Subordinated bonds | 476,277 | 368,715 | |
Other liabilities | 3,340,249 | 4,563,093 | |
Payable under repurchase agreements | 2,301,762 | 3,724,550 | |
Corporate income tax payable | 32,372 | 13,927 | |
Lease liabilities | 5,179 | 4,694 | |
Asset retirement obligations | 2,009 | 2,062 | |
Other liabilities | 998,925 | 817,857 | |
Reserve for employees' retirement benefits | 400,138 | 403,822 | |
Reserve for retirement benefits of directors, executive officers and corporate auditors | 998 | 933 | |
Reserve for possible reimbursement of prescribed claims | 800 | 654 | |
Reserve for price fluctuations | 233,453 | 242,453 | |
Deferred tax liabilities | 312,227 | 392,225 | |
Deferred tax liabilities for land revaluation | 71,606 | 70,819 | |
Acceptances and guarantees | 52,861 | 51,409 | |
Total liabilities | 35,734,105 | 36,624,981 | |
(NET ASSETS) | |||
Capital stock | 60,000 | 60,000 | |
Capital surplus | 370,000 | 320,000 | |
Legal capital surplus | 60,000 | 60,000 | |
Other capital surplus | 310,000 | 260,000 | |
Retained earnings | 249,195 | 185,951 | |
Other retained earnings | 249,195 | 185,951 | |
Reserve for tax basis adjustments of real estate | 8,355 | 8,358 | |
Reserve for specified business investment | 49 | 49 | |
Retained earnings brought forward | 240,789 | 177,543 | |
Total shareholders' equity | 679,195 | 565,952 | |
Net unrealized gains (losses) on securities, net of tax | 2,536,608 | 2,721,347 | |
Deferred hedge gains (losses) | (3,501) | 351 | |
Reserve for land revaluation | (22,026) | (24,049) | |
Total of valuation and translation adjustments | 2,511,080 | 2,697,649 | |
Total net assets | 3,190,276 | 3,263,602 | |
Total liabilities and net assets | 38,924,381 | 39,888,583 | |
-2- | The Dai-ichi Life Insurance Company, Limited |
3. Unaudited Statement of Earnings
(millions of yen) | ||
Six months ended | Six months ended | |
September 30, 2020 | September 30, 2021 | |
ORDINARY REVENUES | 1,782,154 | 2,143,515 |
Premium and other income | 1,086,541 | 1,098,328 |
[ Premium income ] | [ 1,082,160 ] | [ 1,088,400 ] |
Investment income | 623,160 | 651,501 |
[ Interest and dividends ] | [ 412,087 ] | [ 425,287 ] |
[ Gains on money held in trust ] | [ 3,403 ] | [ 321 ] |
[ Gains on sale of securities ] | [ 131,934 ] | [ 167,465 ] |
[ Gains on investments in separate accounts ] | 67,514 | 46,678 |
Other ordinary revenues | 72,452 | 393,685 |
[ Reversal of reserves for policy reserves ] | [ - ] | [ 319,973 ] |
ORDINARY EXPENSES | 1,662,822 | 1,963,610 |
Benefits and claims | 918,733 | 1,465,349 |
[ Claims ] | [ 295,538 ] | [ 312,788 ] |
[ Annuities ] | [ 218,283 ] | [ 240,515 ] |
[ Benefits ] | [ 191,879 ] | [ 215,935 ] |
[ Surrender values ] | [ 179,230 ] | [ 227,772 ] |
[ Other refunds ] | [ 32,861 ] | [ 90,952 ] |
Provision for policy reserves and others | 195,370 | 16,578 |
Provision for reserves for outstanding claims | 10,843 | 12,438 |
Provision for policy reserves | 180,412 | - |
Provision for interest on policyholder dividends | 4,114 | 4,139 |
Investment expenses | 241,470 | 160,452 |
[ Interest expenses ] | [ 6,135 ] | [ 5,796 ] |
[ Losses on sale of securities ] | [ 43,036 ] | [ 75,700 ] |
[ Losses on valuation of securities ] | [ 7,917 ] | [ 2,176 ] |
[ Derivative transaction losses ] | [ 126,251 ] | [ 23,847 ] |
Operating expenses | 196,476 | 203,275 |
Other ordinary expenses | 110,770 | 117,954 |
ORDINARY PROFIT | 119,331 | 179,905 |
EXTRAORDINARY GAINS | 433 | 148 |
Gains on disposal of fixed assets | 433 | 148 |
EXTRAORDINARY LOSSES | 10,630 | 13,439 |
Losses on disposal of fixed assets | 1,542 | 4,204 |
Impairment losses on fixed assets | 588 | 234 |
Provision for reserve for price fluctuations | 8,500 | 9,000 |
Provision for reserve for policyholder dividends | 36,812 | 35,708 |
Income before income taxes | 72,322 | 130,906 |
Corporate income taxes-current | 35,405 | 31,296 |
Corporate income taxes-deferred | (14,360) | 6,159 |
Total of corporate income taxes | 21,044 | 37,456 |
Net income | 51,278 | 93,450 |
-3- | The Dai-ichi Life Insurance Company, Limited |
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Dai-ichi Life Holdings Inc. published this content on 12 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 November 2021 05:46:15 UTC.