Supplementary Materials for the Six Months Ended September 30, 2021 (The Dai-ichi Life Insurance Company, Limited)

[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: [phone]/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.

1. 1. 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.
   2. New policies include net increase by conversion.
2. 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.

1. Policy amount in force of group annuities is equal to the amount of outstanding corresponding policy reserve.
2. 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.

1. 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.
2. Amount of new policies for group annuities is equal to the initial premium payment.
3. 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