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1、Dai-ichi Life Holdings,Inc.May 15,2024Financial Results for the Fiscal Year Ended March 31,2024Group Company Name Abbreviation,Equity Share and Fiscal YearDomestic Insurance BusinessEquity Share Fiscal YearDLDai-ichi Life100Apr MarDFLDai-ichi Frontier Life100NFLNeo First Life100ipetipet Holdings100O

2、verseas Insurance BusinessPLCUSA Protective Life Corporation100Jan DecTALAustralia TAL Dai-ichi Life Australia100Apr-MarPNZNew Zealand Partners Group Holdings100DLVNVietnam Dai-ichi Life Insurance Company of Vietnam100Jan DecDLKHCambodia Dai-ichi Life Insurance(Cambodia)100DLMMMyanmar Dai-ichi Life

3、Insurance Myanmar100SUDIndia Star Union Dai-ichi Life Insurance Company45.9%Apr-MarPDLIndonesia PT Panin Dai-ichi Life40Jan DecOLIThailand OCEAN LIFE INSURANCE PUBLIC COMPANY24%DLReBermuda Dai-ichi Life Reinsurance Bermuda100Currency Exchange Rates(TTM)Key HighlightsP.2Group Companies Performance Ov

4、erviewP.12Group EVP.21Reference DataP.2Other Business(Asset Management)AMOneAsset Management One49(Voting rights)30(Economic interest)Apr-MarVTXVertex Investment Solutions100ContentsAs of end/US$/Euro/AU$March 2024151.41163.2498.61December 2023141.83157.1296.94March 2023133.53145.7289.69December 202

5、2132.70141.4789.571New Business(NB)NB ANP502.9bnVNB(1)54.5bnGroup Adj.Profit319.3bnFY2023 ResultsGroup adj.profit was significantly higher than FY22 and exceeded forecast of FY23FY2024 ForecastGroup adj.profit is expected to increase and Group VNB is expected to improve Strong profit progress at TAL

6、 and increase in PLC due to the rebound from the impact of the US bank collapses YoY+87（+18 of the full-year forecast）89.7bn215.5bn2DPSFY2023 113FY2024 forecast12Shareholder PayoutsSubstantial increase in dividends due to increased profit and dividend payout ratio(2)Group Adj.Profitapprox.340.0bnGro

7、up VNBapprox.105.0bnDLs adj.profit is expected to be ca.215bn,due to the increase of investment income.Adj.profit at DFL and overseas business are expected to grow by ca.30bn.In addition to the increase in Group adjusted profit,the new dividend payout ratio of 40%is applied earlier.DPS based on FY20

8、23 result is 113,up 27 from the previous year.Capital EfficiencyGroup Adj.ROE8.2Group ROEV(1)26.8Both domestic and overseas sales exceeded those of the previous fiscal year.In particular,DFL maintained strong sales throughout the year,leading the group.Exceeded 8%due to higher adjusted profit,despit

9、e the increase of net assets driven by rising market value of domestic stocks.Up+26 YoY(excl.FX effects)Down(30%)YoYDecreased from the previous year due to decline at PLC and DLVN.VNB at DL were(5.4)bn.(1)Estimated figure（2）The dividend payout ratio of 40%outlined in the mid-term business plan start

10、ing from FY2024 will be applied early,based on the dividend payments from the FY2023 results.This will be officially decided with a resolution at the General Meeting of Shareholders held in June 2024.Increased from the previous fiscal year mainly at DL,due to rising domestic interest rates and stock

11、 prices.DomesticOverseasDomesticOverseas Significant increase in both DL and DFL,due to improvement of factors that reduced profits in the previous fiscal year(COVID-19 related payments in DL,and higher expenses related to new business)Group VNB is expected to increase by ca.50bn YoY,due to recovery

12、 of DL sales and increase of new policies at TAL.DPS based on FY2024 profits is expected to be 122(up 9 YoY)based on the profit growth expectation.Key Highlights 125.8 215.5 47.589.7(2.8)14.0 FY2022FY2023OthersOverseasDomesticGroup Adj.Profit(Domestic/Overseas)(in billion)Domestic:Exceeded forecastP

13、rogress vs.Full-year Forecasts(1)FRC:First Republic Bank(2)For adjusted profit by each business or subsidiary,the figures reflecting the PLCs subsequent events and the profit/loss on intra-group reinsurance at DL、DFL and NFL are shown.(3)Profit that includes the block that executed the reinsurance t

14、o DLRe.Group319.3118%+87%Domestic 215.5113%+71%DLIn addition to higher dividend and interest income primarily from stocks and mutual investment funds,strong asset management performance driven by the weaker yen led to full-year results exceeding forecasts.202.8110%+22%DFLNew business related expense

15、s(agency commissions,etc.)due to strong sales exceeded the full-year forecast due to an improvement in the second half of the fiscal year,mainly due to the utilization of reinsurance.11.5128%-Overseas89.7106%+8%PLCIn addition to the decline in operating income,one-time factors such as the bankruptcy

16、 of FRC at the beginning of the fiscal year have led to the annual budget not being achieved.29.875+49TALSolid underlying profit,including profit contributions from TLIS(Westpac Life),supported the companys performance,and the company exceeded its full-year forecast by a wide margin.44.0176%+%Progre

17、ss（reference）Change YoYGroup Adj.Profit(bn)DFL exceeded the full-year forecast due to an improvement in the cost of acquiring new policies in the H2,which had been a downward pressure on profits.DL investment income and expenses remained above the progress through Q3 due to the weaker yen and higher

18、 interest and dividend income from increased dividends on stocks and alternative assets.Overseas:Achieved forecastPLC,which posted a loss from the bankruptcy of FRC(1)in Q1,missed its full-year forecast;TAL substantially exceeded its full-year forecast due to solid profit progress,including a larger

19、-than-expected contribution to profits from TLIS(Westpac Life).Highlights:Group Adj.Profit(Progress by Domestic and Overseas)GroupOverseasDomesticOthers170.5319.3+87%3Core profit(3)22.3(+)Gains/Losses on sale of securities,foreign exchange gain or loss,etc.()Derivative transactions gains DLFundament

20、al Profit(1)DFLNFL/ipetPLCTALAssetManagementDomestic+89.6bnDLRe,HD,etc.Net IncomeFY2023Group Adj.ProfitFY2022Overseas+40.6bnOthersDrivers affecting Group Adj.ProfitAdj.Profit to Net IncomeDLCapital,etc.(1)(in billions)(Drivers affecting Adj.Profit to net income)Group Adj.ProfitFY2023Other OverseasHi

21、ghlights:Profit-Group Adjusted Profit and Net IncomeDLVNDFLMVA relatedgains(losses),etc.Amortization of goodwill(+)Gains from coreinsurance activities()Positive spread()Gains/Losses from sale of securities()Increase of provision for contingency reserves,etc.(+)Decrease of valuation losses due to the

22、 rising interest raterecorded in the last year()Decrease in non-underlying profits due to the decline of interest ratesGroup adj.profit increased by 87%YoY,to 319.3 bn.DL reported a YoY increase as a decrease in interest and dividends income and a deterioration in gains/losses on derivative transact

23、ions were offset by recovery on gains from core insurance activities.DFLs increase YoY due to an improvement in cost burden associated with new policy sales.PLC reported a YoY increase in contribution to Group adj.profit due to a reduction in valuation losses(due to the rising interest rates)recorde

24、d in the last fiscal year.TAL increased mainly due to an improvement in underlying profitability,including the profit contribution from TLIS.Group net income increased by 85%YoY to 320.7 bn,due to the increase of Group adj.profit and DLRes asset and liability valuation adjustments(other comprehensiv

25、e income),etc.,partially offset by goodwill amortization.*Note:This chart shows the figures where the PLCs subsequent events and the profit/loss on intra-group reinsurance at DL、DFL and NFL are reflected onto each companys stand-alone adjusted profit.GroupOverseasDomesticOthers5.028.40.03.7(7.7)170.

26、544.01.93.510.4319.314.015.129.8FY2023FY2022257.1(91.4)(30.4)331.0(128.1)11.5(9.1)1.14(1)Fundamental profit before tax.Changes in corporate tax expenses are included in“DL Capital etc.”,net of capital and non-recurrent gains(losses).(2)As TAL and PNZ have adopted IFRS17 from FY2023,the prior compara

27、tive period(FY2022)figures are restated on IFRS17 basis in this table.()DLRe Assets and liabilities valuation adjustments+18.1 etc.320.7173.7+1.7+23.2(9.0)(11.4)+11.1(10.9)DLca.+1,110.0bno/w Domestic stocks ca.+710.0bno/w Domestic bonds ca.+360.0bnDFLca.+95.0bnetc.(in billions)Mar-23DL5OthersGroup a

28、djusted ROE increased by 3.3%pt YoY to 8.2%due to an increase in Group adjusted profit despite an increase in net assetsdue to higher stock prices.Group ROEV increased mainly in DL due to higher domestic interest rates and higher valuation of domestic equities due to higher stock prices,etc.ROEV inc

29、reased 22.9%pt YoY(1)to 26.8%.Mar-24Group Adjusted ROEGroup ROEV(estimated)FY2022FY2023DFL/NFLOverseasShare buybacksChanges in shareholders equity,unrealized gains,etc.VNBNumerator(Adj.Profit)factors+4.3Denominator(Net assets)factors(1.0）(in billions)FY2022FY2023GroupAdjusted ROE 4.9%8.2%Adj.Profit1

30、70.5 319.3Adj.Net Assets for ROE3,451.83,887.1 DLAdjusted ROE 7.3%8.2%Adj.Profit165.6 202.8 Adj.Net Assets for ROE2,264.22,497.2 Adjustment(incl.FX change,etc.)Mar-23AfterAdjustmentsHighlights:Capital Efficiency-Group Adjusted ROE and Group ROEVExpectedexisting business contribution(Economicassumpti

31、ons)changes(Non-Economicassumptions)changesDifference betweenassumptionsand resultTotal ca.+460bnROEV26.8Approx.8,890.07,074.2DLDFLPLCOthersOthers7,012.3+1,260.0(1)ROEV for Mar was based on the old standards.6Drivers affecting Group VNB(1)DL()Increase due to the AUM growth and rising interest rate f

32、or group annuities,etc.（）Increase in MOCEDFL（）Increase due to higher sales volumeNFL()Decline in new business margins due to the shift to smaller lots of products soldPLC(）Expansion of difference between actual investment yields and calculated discount ratesTAL（）Increase due to higher sales volumeDL

33、VN(）Decline in sales volume due to lower sales momentum in the banking channelFY2023NewStandard77.7(30%)Domestic:+47Overseas:(81%)FY2022Existing StandardFY2022NewStandard71.254.5Increase/decrease factors for each companyGroup VNB declined 30%YoY to 54.5 billion due to sluggish performance of DL,excl

34、uding the increase of the group annuity business,and PLC,despite the solid performance of DFL that shifted to the new standard.VNB for the three domestic companies are measured on the new standard basis.Although DLs VNB increased YoY due to the increase in group annuities,VNB excluding this impact d

35、ecreased YoY,and the volume of sales of its primary products is still challenging.DFLs VNB increased YoY due to high sales volume throughout the year.VNB for the overseas companies are calculatedbased on the existing standard basis.PLCs VNB significantly declined YoY,as the impact of a significant d

36、ecline in the first half due to technical factors in the calculation of some products was not reversed.Besides that,due in part to sluggish sales in the bank channel as DLVNs sales momentum declined,overall overseas VNB fell sharply by 81%YoY.Highlights:New Business(Group VNB)(in billions)OverseasNF

37、LDFLDL(19.8)43.77.1 46.7(5.4)47.24.0 8.7(2.5)16.910.046.7Overseas()Contribution from group annuitiesca.+25.0bn(1)Estimated figures7 In FY,sales reps activity volume increased due to the launch of new products from January onward Steady increase in#sales reps hired,with bottoming out of#sales reps(#n

38、ew hires in April 2024 reached 1K for quarter)(1)Figures indexed with FY2022 Q1 as 1（2）A proprietary indicator of revenue earned by the sales force.Equivalent to the value of new business excluding variable factors in the economic environment.（3）Denominator is#sales reps excluding the first yearDL N

39、ew Business Performance(Sales Rep Channel)(1)1.00 0.72 1.04 0.93 Value of sales revenueper sales reps(2)(3)(incl.other subsidiaries products)1.00 1.17 1.39 1.94 1.00 0.74 0.84 0.75 1.00 0.77 0.97 1.15 1.00 0.59 0.61 0.68 1.00 0.73 0.73 1.11#cases per sales reps(3)Premiums per policyValue of sales re

40、venue(2)(3)Value of sales revenue(2)(3)(incl.other subsidiaries products)#cases per sales reps(3)(incl.other subsidiaries products)FY2022Q1FY2022Q4FY2023Q4GroupOverseasDomesticOthersHighlights:New Business(DL Sales Rep Channel)37 36 34 34 35 202530354034 31 31 31 31 1.18#Sales Reps(thousand ppl)FY20

41、22Q1FY2022Q4FY2023Q41.00.50#sales reps(total)New hires for quarter(right axis)Apr.2024(preliminary results)#sales reps#new hires#sales reps(2ndyear onwards)As ofMar-23As ofMar-24DomesticOverseasFY2022FY2023DomesticOverseas(in billions)%change shown lower excludes forex impactNew Business and In-forc

42、e Business ANPNew Business ANP502.9In-force Business ANP+27.8%(+25.8 excl.forex impact)17%76%Domestic lifeprotection type products sharefigures in brackets for DL12%57%4,810.8393.6+6.3%(+2.0 excl.forex impact)4,525.0Highlights:ANP(New Business and In-force Business)New business ANP for the Group as

43、a whole increased 28%YoY to 502.9 bn(+26%excluding forex impact).In domestics,DFL continued to maintain high sales volume,especially for US dollar-denominated products and others,which continue to enjoy high interest rates,and led the entire group.NFL also increased YoY,resulting in a 35%YoY increas

44、e in overall domestic sales.DL also achieved a positive sales increase in the sales rep channel compared to FY2022 by introducing new products.Overseas sales increased 10%YoY excluding forex(+3%including forex impact).PLC experienced a YOY increase due to strong sales of annuities,while sales volume

45、 at DLVN decreased.GroupOverseasDomesticOthers8(in billions)FY2022FY2023ChangeYoYAs ofMar-23As ofMar-24Change+4.6%+2.0%DL46.2 57.5+24.5%1,997.7 1,949.4(2.4%)o/w Third sector29.5 26.8(9.1%)701.9 690.4(1.6%)DFL220.7 301.2+36.5%+22.1%o/w DL channel59.4 68.4+15.1%+13.7%NFL12.0 13.1+9.4%o/w DL channel7.7

46、 5.1(33.5%)ipet1.5 6.7+335.0%32.5 36.2+11.2%+9.9%+10.1%+2.9%+2.1%+29.5%+12.6%+21.1%+5.3%+36.8%+9.4%+24.4%(0.5%)+423.2%+11.7%+383.9%+3.4%(40.8%)(1.7%)(43.2%)(5.7%)+63.3%+101.8%+52.9%+89.0%+27.8%+6.3%+25.8%+2.0%PLCOverseas DLVNDomestic64.6 83.6 113.0 124.2 3.7 50.0 55.9 3,119.6 3,263.4 122.0 549.6 601

47、.3 0.90 1.81 New Business ANP124.2 21.9 13.6 1.264,525.0 4,810.8 36.9 TAL9.9 Dai-ichi Life Group393.6 DLKH/DLMM502.9 378.7+35.0%0.77 PNZ0.7 680.5 766.2 1,405.3 1,547.4 In-force Business ANP964.4 1,177.5 124.8 100.1(19.8%)280.5 FY2024 Group Earnings ForecastGroupOverseasDomesticOthers(1)Figures for P

48、rotective and TAL are disclosed after re-classifying items from Protective and TALs financial statements under US and Australian accounting standards,respectively to conform to Dai-ichi Life Holdings disclosure standards.(2)“Net Income”represent“Net income attributable to shareholders of parent comp

49、any.“(3)As TAL and PNZ have adopted IFRS17,the figures for TAL and PNZ for FY2022 are restated on IFRS17 basis.(Group Adjusted Profit is restated as well.)9Group adjusted profit is expected to be around 340.0bn,driven by an increase in DLs gains from the sale of securities,a reduction in new contrac

50、t costs at DFL,and a rebound from a one-time negative profit impact due to US bank failure at PLC.FY2024FY2023Actual(in billions unless otherwise noted)Forecast（）（）Forecastvs.ForecastOrdinary revenues8,922.0(2,106.1)(19%)9,508.7 11,028.1+1,519.4+16%10,201.0108%Dai-ichi Life3,792.0(295.0)(7%)4,139.84

51、,087.0(52.8)(1%)3,565.0115%Dai-ichi Frontier Life3,399.0(994.8)(23%)3,999.24,393.8+394.6+10%4,233.0104%Protective(US$in millions)(1)10,680(2,851)(21%)12,93113,531+600+5%10,280132%TAL(AU$in millions)(1)7,500(1,073)(13%)8,3208,573+253+3%8,290103%Ordinary profit562.0+23.0+4%387.5539.0+151.5+39%465.0116

52、%Dai-ichi Life403.0+11.7+3%353.5391.3+37.7+11%349.0112%Dai-ichi Frontier Life45.0+24.0+114%13.921.0+7.0+51%19.0111%Protective(US$in millions)(1)380+243+177%190137(52)(27%)26053%TAL(AU$in millions)(1)560(50)(8%)423610+186+44%390156%Net income(2)323.0+2.3+1%173.7320.7+147.0+85%273.0117%Dai-ichi Life21

53、8.0+14.2+7%165.6203.8+38.2+23%183.0111%Dai-ichi Frontier Life28.0+12.4+79%6.415.6+9.1+141%15.0104%Protective(US$in millions)(1)310+194+167%138116(22)(16%)20058%TAL(AU$in millions)(1)390(40)(9%)304430+126+41%270159%Group Adjusted Profitapprox.340.0+20.7+6%170.5319.3+148.8+87%approx.270.0118%Group VNB

54、approx.105.0+50.5+93%77.754.5(23.2)(30%)approx.25.0218%Dividends per share()122+9+8%86113+2786(Reference)Fundamental Profitapprox.530.0+4.91%363.4525.1+161.7+44%approx.430.0122%Dai-ichi Lifeapprox.280.0(51.0)(15%)257.1331.0+73.8+29%approx.280.0118%YoY ChangeFY2022(3)FY2023YoY ChangeDLFundamental Pro

55、fit(1)DLCapital,etc.(1)Other OverseasAsset Management10VNB Forecast Change DriversDFLPLCTALFY2023FY2024ForecastGroup Adjusted Profit Forecast Change DriversDL is expected to see a decrease in fundamental profit due to lower gains from core insurance activities,but an increase in gains on sales of se

56、curities resulting from the sale of equities and an improvement in derivative transactions gains/osses will offset the decrease,resulting in an increase in profit.DFL and PLC are expected to increase their profits due to the improvement of factors that had depressed profits in the previous fiscal ye

57、ar.Profit contribution from Benefit One will start,but amortization of customer intangibles arising from acquisitions will alsobe incurred.Adjusted profits of PLC and TAL are to be recognized based on the revised definition going forward.Group value of new business is expected to increase from the p

58、revious year due to an expected increase in sales volume of primary products and the further establishment of the recruitment process in DL,which saw increased activity due to the launch of new products.On the other hand,DFL is expected to decrease as sales volume is expected to decline from the pre

59、vious year.Overseas,TAL is expected to increase due to expected acquisition of large group insurance policies.DFL/NFLDLApprox.340.0Approx.105.0DLVNNFL/Ipet()Positive spread()Gains from core insurance activities()Improvement of new business related costs(provision for reserves and agency commission p

60、ayments)()Recovery in sales volume54.5Others319.3(+)Gains/Losses on sale of securities(+)Derivative transactions gains/Losses()Acquisition of large group insurance policies（TAL)(+)Losses due to bankruptcy of US banks()Stripping of interest rate impact from definition changes(+)Benefit One begins to

61、contribute（）Impact of amortization of intangible assets related to the acquisition()Slowdown in sales increase（DFL）FY2024 Group Adjusted Profit and Value of New Business Forecast(1)Fundamental profit before tax.“DL Capital etc.”includes changes in corporate tax,net capital and non-recurrent gains(lo

62、sses).Group AdjustedProfitFY2023Group AdjustedProfit（Forecast）FY2024(in billions)(in billions)Overseas35.045.025.0Approx.105.0(5.4)51.28.754.55.0(1.0)Approx.340.0FY2023331.0(128.1)11.51.129.844.014.01.93.510.4319.3FY2024Forecast280.0(65.0)25.0(6.0)47.537.512.55.0Shareholder PayoutsFY2024Group Adj.Pr

63、ofitca.340.0bnFY2023 Shareholder PayoutsFY2024 Shareholder Payouts ForecastDetermined share buybacks up to 100.0bn(announced on 29,March)based on the following situation.-ESR:224(estimated figure)-Existence of strategic investment opportunities,our stock priceetc.Although group adjusted profits decl

64、ined,dividend per share is 113(+27 YoY)DividendsDetermined DPS of 113(+27 YoY)|share buybacks up to 100.0bnDPS(plan)113For FY2023 shareholder payouts,we have decided(1)to pay a dividend of 113 per share(+27 from the initial forecast)by early application of the dividend payout ratio of 40%or more of

65、the 3-year average of the Groups adjusted profits set forth in the new medium-term management plan.We have already decided share buybacks of up to 100.0bn as an additional payout(Total payout ratio to FY2023 single-year profit is 65%.)DPS for FY2024 is expected to be 122(+9 YoY),based on dividend pa

66、yout ratio of 40%or more.Shareholder PayoutsTotal Dividend(plan)107.2bnBased on ESR level,etc.flexible additional payouts may be considered.(Rough guide for total payout ratio:Medium-term avg.50)Additional PayoutGroup adjusted profit average for past 3 years which includes FY2024 is forecasted to in

67、crease,DPS is forecasted to be 122(+9 vs FY2023)based on a payout ratio of 40%*incl.interim dividend of 61DividendsGroup adjusted profit average for past 3 years is forecasted to increase,DPS is forecasted to be 122Total Dividend(forecast)113.2bnDPS(forecast)122FY2023Group Adj.Profit319.3bnShare Buy

68、backs100.0bnPolicy on cancellation of treasury stockThe treasury stock is expected to be cancelled at an appropriate timing unless it is held for any specific reason.GroupOverseasDomesticOthers11Additional Payout(1)This will be officially decided with a resolution at the General Meeting of Sharehold

69、ers held in June 2024.Group Companies Performance Overview12Deterioration in derivative transaction gains/lossesRecovery in gains from core insurance activities by disappearance of burden with COVID-19 payments(in billions)(in billions)2,296.82,289.8(7.0)(0%)Fundamental profit257.1331.0+73.8+29%82.0

70、50.1(31.8)(39%)Foreign exchange hedging cost(83.7)(69.2)+14.4175.0280.8+105.7+60%Net capital gains(losses)160.1103.2(56.8)(36%)118.2146.5+28.246.314.2(32.0)(16.9)(99.1)(82.1)1.643.6+42.0(3.7)(3.2)+0.5(63.7)(42.9)+20.8-(69.0)(60.5)+8.4-27.0+27.0Reinsurance income(loss)4.9(8.7)(13.6)Ordinary profit353

71、.5391.3+37.7+11%(29.9)(18.4)+11.5(13.0)(13.0)-(95.0)(87.5)+7.5(62.9)(81.5)(18.5)Net income(losses)165.6203.8+38.2+23%approx.+24.0approx.+23.0approx.(1.0)FY2023FY2022(Reference)Reinsurance ceding impact(1)Total of corporate income taxesProvision for reserve for PH dividendsProvision for price fluctua

72、tion reserveExtraordinary gains(losses)Gains(losses)from mutual investment fundscancellation（）Provision for contingency reserveProvision for additional policy reserveNon-recurrent gains(losses)Loss on valuation of securitiesPremium and other incomeChangeForeign exchange gains(losses)exclude hedging

73、costDerivative transaction gains(losses)Net gains(losses)on sales of securitiesPositive spreadGains from core insurance activities(in billions)FY2022FY2023Change(%)Adj.Profit165.6203.8+38.2+23Performance ResultsGroup Companies Performance OverviewDomestic Life Insurance Business:Dai-ichi LifeFundame

74、ntal ProfitNet capital gains(losses)Non-recurrent gains(losses)Extraordinary gains,provision for policyholder dividendsTaxesNet Income(loss)YoY change and Adj.ProfitNet IncomeFY2022Net IncomeFY2023Adj.ProfitFY2023MVA relatedgains(losses),etc.+23%Fundamental profit increased by 29%to 331.0bn YoY main

75、ly due to an increase in credit assets and the recovery in gains from core insurance activities partially offset by a decrease in interest and dividend income due to the sale of currency hedged foreign bonds.Adj.profit increased by 23%to 203.8bn YoY,although the above-mentioned increase in profit wa

76、s partially offset by deterioration in derivative transaction gains(losses).(1)Estimated impact of strategic reinsurance transactions(ceding)for whole life insurance,which has been implemented since FY2018,on reducing assumed interest rate burden and gains from core insurance activities.GroupOversea

77、sDomesticOthers13Release of contingency reserve due to the reduction of reinsurance ceded from TAL(switched to DLRe)Group adj.profitadjustmentfor reinsuranceGroup Adj.Profit ContributionFY202312.58 12.39 12.03 11.38 11.98 12.58 789101112131415Mar-20Mar-21Mar-22Mar-23Mar-24Market Value of PRMBsBook V

78、alueBalance of Policy-Reserve-Matching Bonds and DerivativesInterest Rate Swaps(Hedged insurance liabilities,hedgeaccounting applied part)700.0bn700.0bn700.0bnInterest Rate Swaption(Receipts fixed,payments floating)-Duration and Purchase of Policy-Reserve-Matching Bonds(1)Domestic Equity(Market Valu

79、e/Book Value)(2)(in billions)(Years)(in trillions)Domestic Equity Hedging Positions(Futures sold and put options bought,etc.)647.1bn672.6bn719.8bnReferenceForeign Equity Hedging Positions￥59.9bn￥39.9bn￥20.3bn+60.0bnGroup Companies Performance OverviewDai-ichi Life Initiatives for Market Risk Reducti

80、on(1)Economic value-based duration of insurance liabilities associated with individual insurance and annuities in the general account,duration of yen-based fixed income assets(including interest rate swaps),and the balance of policy-reserve-matching bonds(PRMB)and derivatives.“Dollar Duration Ratio”

81、is calculated as“(Duration of Assets x Market Value of Assets)/(Duration of Assets x Present Value of Liability)with respect to the above assets and liabilities.PRMB is a unique category for bonds,accepted under Japanese GAAP.PRMB is reported at amortized cost if the bonds meet certain requirements.

82、(2)Within domestic equity(excluding stocks of subsidiaries,affiliates and not-listed domestic stocks)the book value of equity held for purposes other than pure investment as of end of Mar-24 was 74.6 billion.14GroupOverseasDomesticOthers20.2 18.9 17.4 17.6 17.6 16.8 70%78%89%40%60%80%100%0510152025M

83、ar-20Mar-21Mar-22Mar-23Mar-24Duration of LiabilitiesDuration of AssetsDollar Duration Ratio(right axis)3,249.9 3,160.7 3,987.7 1,288.0 1,213.3 1,143.7 05001,0001,5002,0002,5003,0003,5004,0004,500Mar-20Mar-21Mar-22Mar-23Mar-24Market ValueBook Value(69.6bn)Group Companies Performance OverviewDomestic

84、Life Insurance Business:Dai-ichi Frontier LifeFundamentalprofitTaxes,etc.Net IncomeFY2023Net IncomeFY2022(in billions)Net Income(loss)YoY change and Adj.ProfitChange in contingency&fluctuation reservesPerformance Results(1)Increase in provision for contingency reserves due to yen depreciationFundame

85、ntal profit was 8.3bn(FY2022:minus 23.2bn)mainly due to an improvement in gains/losses from core insurance activities resulting from a decrease in provision for the standard policy reserve associated with the new business.Net income increased 141%YoY to 15.6 due to the above-mentioned increase in pr

86、ofit and improvement in net capital gains(losses),despite an increase in provision for contingency reserves due to yen depreciation and the absence of a one-time gain from reinsurance ceded in FY2022.Adj.profit excluding gains(losses)related to MVA was 13.8bn(FY2022:minus 16.7 bn).(in billions)FY202

87、2FY2023Change(%)Adj.Profit(16.7)13.8+30.6-MVA relatedgains(losses)Other capital gains andother non-recurrent lossesAdj.ProfitFY2023GroupOverseasDomesticOthersGroup Adj.profit ContributionFY2023Group adj.profitadjustmentfor reinsurance15MVA relatedgains(losses),etc.(in billions)Premium and other inco

88、me2,612.63,501.0+888.3+34%Fundamental profit(23.2)8.3+31.5-Positive spread37.642.3+4.6Gains from core insurance activities(60.8)(34.0)+26.8Net capital gains(losses)(28.7)23.1+51.9Gains(losses)related to MVA11.9(4.7)(16.7)Other capital gains(losses)(sale of securities,etc.)(40.6)27.9+68.6Non-recurren

89、t gains(losses)65.9(10.4)(76.3)Provision/reversal for contingency reserve14.6(16.9)(31.5)Other non-recurrent gains(losses)(reinsuranceincome(loss),etc.)51.36.4(44.8)Ordinary profit(loss)13.921.0+7.0+51%Extraordinary gains(losses)(5.2)(5.8)(0.5)Provision for price fluctuation reserve(5.2)(5.8)(0.6)To

90、tal of corporate income taxes(2.2)0.4+2.6Net income(loss)6.415.6+9.1+141%Fundamental profit(23.2)8.3+31.5Other capital andother non-recurrent gain(losses)10.334.4+24.0Gains(losses)related to MVA12.2(4.7)(17.0)Provision for contingency reserves andprice fluctuation reserves,and tax7.1(22.3)(29.4)(Ref

91、erence)Group adj.profit adjustmentdue to reinsertion into the group(13.7)(2.3)+11.4FY2022FY2023Change（）Decrease in provision for the standard policy reserve(in billions)Premium&other incomeBenefits&claimsOperating expensesReinsurance incomeInvestment&other ordinary gains/lossesExtraordinary gains/lo

92、sses,taxesNet LossFY2023Net IncomeFY2022Provision for policy reserves(in billions)FY2022FY2023Change(%)Adj.Profit24.7(1.1)(25.8)-Group Companies Performance OverviewDomestic Life Insurance Business:Neo First LifePerformance ResultsNet Income(loss)YoY changeIncrease of surrender of business owners in

93、surance Reversal of policy reserve due to increase of surrender of business owners insurancePremium and other income decreased by 22%YoY due to decrease in policies in force from surrender of business owners insurance(BOI)while sales performance of cancer and three major diseases insurance was stron

94、g.Net income was minus 1.1bn(previous year:24.7bn).Although completed amortization of reinsurance receivable from BOI started to contribute to profit,one-time gains from the reversal of policy reserves caused by ceding parts of in-force block to DL Re was gone.GroupOverseasDomesticOthersGroup adj.pr

95、ofitadjustmentfor reinsuranceGroup Adj.profit ContributionFY202316(in billions)Premium and other income131.2102.0(29.2)(22%)Benefits and claims(103.6)(136.9)(33.3)Claims,annuities,benefits(20.2)(14.2)+5.9Surrender value,other refunds(83.4)(122.7)(39.3)(1.7)(23.3)(21.5)Provision/reversal for continge

96、ncy reserve0.5(0.2)(0.8)Operating expenses(33.3)(34.3)(1.0)Reinsurance income2.90.2(2.6)29.291.1+61.9Investment gains(losses)0.50.7+0.1Other ordinary gains(losses)28.790.4+61.7Ordinary profit(loss)24.7(1.2)(25.9)-Extraordinary gains(losses)(0.0)(0.0)(0.0)Total of corporate income taxes(0.0)0.1+0.1Ne

97、t income(loss)24.7(1.1)(25.8)-Fundamental profit(9.6)(0.9)+8.7-(33.9)2.8+36.7(Reference)Consolidated adjustment forinter-group reinsuranceProvision for policy reserves,etc.Investment and other ordinaryFY2022FY2023Change（）Net Income(loss)YoY change(1)Derived from net income by excluding realized gain

98、s and losses on investments and derivatives,etc.(2)Adjusted the amounts of losses recorded in group consolidated basis as a subsequent event in the last fiscal year(In PLC standalone basis,it is recorded in FY2023 Q1).These losses were related to the bond holdings of Silicon Valley Bank and Signatur

99、e Bank which collapsed and AT1 bonds of Credit Suisse which were written down to zero in March 2023Group Companies Performance OverviewOverseas Insurance Business Protective,USA(in billions)FY2022FY2023Change(%)Adj.Profit18.416.4(1.9)(11%)Operating income decreased by 23%YoY to$497m due to losses re

100、lated to updating assumptions of lapses,mortality,etc.and higher interest expenses in Corporate&Other.Net income decreased by 16%YoY to$116m,due to losses related to updating assumptions of lapses,mortality,etc.and realized losses of fixed maturities(mainly resulting from the sales of bonds of banks

101、 which collapsed in the first half of FY2023)despite a decrease of valuation losses caused by interest rate hike in FY2022.In group consolidated basis,losses of($100m)related to the bonds of banks which collapsed in March 2023 etc.were not recorded for FY2023,since they had been recorded for FY2022

102、as a subsequent event.(USD in millions)Net IncomeFY2022Retail Life&AnnuityAcquisitionsCorporate&OthersTaxesFixed maturitiesrealized gainsSV/APPre-tax adj.operating income(144)Non-operating income(loss)Losses related to updates of lapse rates,etc.Decrease of valuation losses caused by interest rate h

103、ike in FY2022Net IncomeFY2023Treatment ofGroup adj.profit and consolidated net incomeNet Income116Adjustment on Subsequent Event of FY2022(2)+100PLC portion within Group adj.profit&consolidated net income216：(Note:PLCs financial results for Q1(January-March)of FY2024 are scheduled for release around

104、 May 15,local time.)GroupOthers17Performance ResultsOverseasDomestic(USD in millions)Premiums and policy fees6,1006,159+59+1%Pre-tax adj.operating income(1)641497(144)(23%)Retail Life&Annuity205144(60)(30%)Acquisitions313357+43+14%Stable Value Products191137(53)(28%)Asset Protection5050+0+1%Corporat

105、e&Other(119)(193)(74)-(451)(358)+92Fixed maturities-realized gains(losses)1(91)(92)Credit losses,realized gains(losses)on equity,others(256)(197)+58Commercial mortgage loans(7)(48)(41)Modco-net realized gains(losses)(234)18+253Derivatives related to VA and indexed products217(152)(369)VA/VUL market

106、impacts(82)31+114Related DAC/VOBA amortization(89)81+171Income tax expense(51)(22)+28Net income(loss)138116(22)(16%)Net income(loss)(in billions)18.416.4(1.9)(11%)Exchange rate(/USD)132.70141.83+9.13+7%Non-operating income(loss)FY2022FY2023Change（）Preferred shares dividendNet IncomeFY2022Interest ra

107、teimpact,etc.TLISintegrationcostOthersNet Income FY2023Adj.ProfitFY2023Other UnderlyingitemsImpact ofIFRS17（115）(in billions)FY2022(1)FY2023Change(%)Adj.Profit28.444.0+15.5+55%Net Income(loss)YoY change and Adj.ProfitPerformance ResultsProtectionBusiness(3)(1)Upon IFRS17 adoption from FY2023 Q1,prio

108、r comparative period(FY2022)figures are also restated on IFRS17 basis.(2)Previously,the profit and loss associated with reinsurance from TAL to Group company(DL)had been included in Underlying profit,and subtracted from Non-underlying items.From the FY2022 Q4,this profit and loss is not included in

109、Underlying profit to show TALs standalone profitability.(3)Underlying profit which had been presented as Individual and Group are integrated to Protection business from FY2023 Q1.Prior comparative period figures are reclassified on the same basis.Group Companies Performance OverviewOverseas Insuranc

110、e Business TAL,Australia(AUD in millions)Underlying profit(after tax,excluding intragroup reinsurance)(2)+169Pre-IFRS17409Underlying profit increased by 60%YoY(1)to AU$452m,due to strong performance in protection business,including profit contribution from TLIS(Westpac Life).Net income increased by

111、46%YoY(1)to AU$430m,due to strong performance in protection business and higher underlying profit from TLIS,despite the decrease of a favorable impact of interest rate movements on A&L,etc.TAL adopted IFRS17 from FY2023,which increased underlying profit primarily due to absence of amortization cost

112、of DAC.TLISUnderlying profit(after tax,excluding intragroup reinsurance)(2)Net income(loss)Adj.profitFY2022267m AUD(Ref：Profit of prior comparative period under pre-IFRS17)409m AUD37.8bn JPYGroupOverseasDomesticOthers18294(AUD in millions)Premium and other income7,6487,878+229+3%283452+169+60%Protec

113、tion business(3)290331+40+14%TLIS(Westpac Life)33173+140+422%Others(40)(51)(11)-10(22)(33)Interest rate impact on A&L,etc.16965(103)TLIS integration costs(39)(36)+2RPS,sub notes costs(14)(20)(6)Others(105)(31)+73Net income(Loss)294430+136+46%Net income(loss)in billions26.342.4+16.0+61%Exchange rate(

114、/AUD)89.6998.61+8.92+10%Underlying profit(after tax,excluding intragroup reinsurance)(2)Non-underlying items(after tax)FY2022(1)FY2023Change（）TLIS,acquired in FY2022,performed well throughout FY2023Reduced favorable impact on A&L1styear premiumTaxNet income(before tax)+484(excluding revaluation of p

115、olicy reserves due to interest rate fluctuations,etc.)(VND in billions)Renewal premiumOtherincomesClaims,payments,refunds,etc.Provision of policy reservesOperating expensesPolicy reserves revaluation(in billions)FY2022FY2023Change(%)Adj.Profit15.114.0(1.1)(7%)Net Income(loss)YoY changeNet IncomeFY20

116、23Net IncomeFY2022Performance Results(1)Insurance premium received from the contracts of second year and afterGroup Companies Performance OverviewOverseas Insurance Business Dai-ichi Life VietnamPremium and other income decreased by 11%YoY to VND 19,556bn due to the decrease of first year premium re

117、sulting from the decline in momentum in bancassurance channel,as a whole industry.Net income decreased by 11%to VND 2,403bn due to increase in the claims and payments despite a decrease in operating expenses from the decline in new business sales.GroupOverseasDomesticOthers19(VND in billions)Premium

118、 and other income21,85519,556(2,298)(11%)First year premium6,7783,864(2,914)(43%)Renewal premium(1)15,07615,692+615+4%Other incomes1,4502,455+1,005Investment related income,etc.1,9192,994+1,074Reinsurance related income(469)(539)(69)Operating expenses(9,634)(7,585)+2,048First year commission,distrib

119、ution expense,etc.(7,666)(5,391)+2,275Renewal commission,administration expense(1,967)(2,193)(226)Claims,payments and refunds,etc.(3,434)(4,539)(1,104)Provision for policy reserves,etc.(6,862)(6,885)(22)(7,207)(6,372)+834344(512)(857)Income tax expense,etc.(672)(598)+73Net income(loss)2,7012,403(298

120、)(11%)Net income(loss)in billions15.114.0(1.1)(7%)Exchange rate(/VND)0.00560.0058+0.0002+4%Net income excl.revaluation impacts(after tax)2,4252,813+387+16%（）Provision for policy reserves(before revaluation)Revaluation of policy reserves interest rate,etc.FY2022FY2023ChangeFY2022FY2023PLCTALPNZDLVN他子

121、関連Other overseasOverseas Insurance Business Adj.ProfitOther Business(Asset Management)Adj.Profit*AMOne is our equity method affiliate.*Other overseas includes companies:DLKH,DLMM,SUD,PDL,OLI(1)As TAL and PNZ have adopted IFRS17 from FY2023 Q1,the prior comparative period(FY2022)figures are restated

122、on IFRS17 basis in this table.(2)Fiscal year ends on December 31,for PLC,DLVN,DLKH,DLMM,PDL,OLI.Group Companies Performance OverviewOverseas Insurance Business and Other Business(Asset Management)Adj.profit for the overseas business increased by 23%YoY to 76.6bn.This increase was due to TALs steady

123、performance in protection business,including profit contribution from TLIS(Westpac Life).However,it was offset by losses related to updating assumptions of lapses,mortality,etc.and losses related to banks which collapsed in FY2023 at PLC.Additionally,there was a decrease in profit at DLVN and Other

124、Overseas.Adj.profit for the asset management business decreased by 5%YoY to 3.5bn,due to an impairment loss on a stock holding at AMOne.20GroupOverseasDomesticOthers(1)(1)+2362.476.6(5)3.73.5PLC(2)18.416.4(11%)TAL28.444.0+55%PNZ(1.6)0.1-DLVN(2)15.114.0(7%)Other(2)Overseas2.12.0(4%)62.476.6+23%(in bi

125、llions)FY2022FY2023ChangeVTX(0.4)(0.3)-AMOne4.23.9(6%)3.73.5(5%)Reference AUM(in trillions)VTX01+305%AMOne6268+10%(in billions)FY2022FY2023ChangeFY2022FY2023VTXAMOneGroup EV2122EV 1Group EV increased by ca.25%(ca.+1820.0bn)from the end of FY2022 to ca.8,890.0bn,supported by an increase in the VIF at

126、 DL due to higher domestic interest rates,an increase in the ANW at DL due to higher stock prices,and an increase in VIF at DFL due to higher interest rates and yen depreciation.Value of new business of the Group decreased by ca.30%to 5.5bn(estimated figures)from FY2022,and the new business margin d

127、eclined by 0.60%pt to 0.88%.This was due to a significant decline in PLC resulting from the impact of the changing interest rate environment,and a decline of sales volume in DL and DLVN.GroupOverseasDomesticOthersAs ofMar-23As ofMar-24ChangeEV of the Group7,074.2ca.8,890.0ca.1,820.0ANW(2)equivalent4

128、,641.3ca.4,610.0ca.(30.0)VIF(3)equivalent2,596.0ca.4,380.0ca.1,790.0(in billions)FY2022FY2023ChangeValue of new business of the Group77.754.5(23.2)New business margin 1.48%0.88%(0.60%pt)Dai-ichi Life Group(1)(in billions)(1)The figures as of Mar-24 and for FY2023 are estimates.(2)ANW:Abbreviation of

129、“Adjusted net worth”(3)VIF:Abbreviation of“Value of in-force business”23EV 2GroupOverseasDomesticOthers(1)The figures as of Mar-24 and for FY2023 are estimates.(in billions)Dai-ichi LifeAs ofMar-23As ofMar-24ChangeFY2022FY2023ChangeEV4,865.0ca.6,110.0ca.+1,250.0Value of new business(19.8)(5.4)+14.3A

130、NW equivalent3,452.3ca.3,570.0ca.+110.0New business margin-1.51%-0.47%+1.05%ptVIF equivalent1,412.6ca.2,550.0ca.+1,140.0(2.6)(2.7)(0.1)Group insurance&Group anuity(1.7)22.6+24.3Risk margin(14.6)(26.3)(11.6)Dai-ichi Frontier LifeAs ofMar-23As ofMar-24ChangeFY2022FY2023ChangeEV631.4ca.800.0ca.+170.0Va

131、lue of new business43.747.2+3.4ANW equivalent148.1ca.180.0ca.+30.0New business margin1.97%1.66%(0.31%pt)VIF equivalent483.2ca.630.0ca.+140.0Neo First LifeAs ofMar-23As ofMar-24ChangeFY2022FY2023ChangeEV150.9ca.150.0ca.+0.0Value of new business7.14.0(3.1)ANW equivalent35.6ca.30.0ca.(10.0)New business

132、 margin5.33%2.86%(2.47%pt)VIF equivalent115.2ca.120.0ca.+10.0(Reference)Individual insuranceDomestic Group Companies（New standard）(1)24Overseas Group Companies(1)EV 3GroupOverseasDomesticOthersProtectiveAs ofDec-22As ofDec-23ChangeFY2022FY2023ChangeEV761.1ca.950.0ca.+190.0Value of new business28.1(4

133、.0)(32.1)ANW485.4ca.520.0ca.+40.0New business margin2.20%(0.23%)(2.43%pt)VIF275.6ca.420.0ca.+150.0Exchange rate(/US$)132.70141.83Exchange rate(/US$)132.70141.83TALAs ofMar-23As ofMar-24ChangeFY2022FY2023ChangeEV574.1ca.690.0ca.+110.0Value of new business4.77.42.6ANW403.0ca.140.0ca.(260.0)New busines

134、s margin2.59%3.58%+0.99%ptVIF171.1ca.540.0ca.+370.0Exchange rate(/AU$)89.6998.61Exchange rate(/AU$)89.6998.61Dai-ichi Life VietnamAs ofDec-22As ofDec-23ChangeFY2022FY2023ChangeEV197.9ca.200.0ca.+0.0Value of new business13.84.6(9.1)ANW103.3ca.120.0ca.+20.0New business margin10.22%5.21%(5.01%pt)VIF94.

135、5ca.80.0ca.(10.0)Exchange rate(/VND)0.00560.0058Exchange rate(/VND)0.00560.0058(1)The figures for PLC and DLVN as of Dec-23 and for FY2023,as well as for TAL as of Mar-24 and for FY2023,are estimates.Reference Data250.89%0.69%0.82%0.82%0.90%0.87%0.68%0.77%0.73%0.91%0.84%0.76%0.78%0.81%0.96%0.87%0.83

136、%0.82%0.90%0.93%3.47%2.95%3.18%3.26%3.70%0%1%2%3%4%FY2019FY2020FY2021FY2022FY2023Q1Q2Q3Q4ANP based Surrender&Lapse(Individual Insurance&Annuities)Number of Sales Reps and ProductivitySurrender&Lapse Rate(ANP based Surrender&Lapse/in-force business ANP at fiscal year start)(3)Dai-ichi Lifes Results Q

137、uality of In-force Business,Sales Force&Productivity(1)Calculated by excluding agency channel(2)The share of sales representatives with high customer consulting ability who meet prescribed qualification level.GroupOverseasDomesticOthers2622.5%23.1%23.9%25.5%0%10%20%30%40%20,00025,00030,00035,00040,0

138、00Sep-22Mar-23Sep-23Mar-24Reference Total Life Plan Designers(including Life Professionals)1.00 1.11 1.30 1.85 Share of highly efficientsales reps()Premiums per policy（）(Indexed Sep-22 as 1.0)(in billions)FY2022FY2023Change（）Interest and dividends804.8720.0(84.7)(11%)Domestic bonds266.9265.9(0.9)(0%

139、)Domestic stocks75.276.2+0.9+1%Foreign securities317.9215.8(102.0)(32%)Other securities25.325.8+0.4+2%Loans41.755.6+13.9+33%Real estate68.968.6(0.2)(0%)Reference Rates of return during FY2023(in billions)Interest anddividendsAveragedaily balanceReturn(1)General account total720.031,712.62.27%Domesti

140、c bonds265.917,556.11.51%Domestic stocks76.21,242.56.13%Foreign securities215.85,333.04.05%Other securities25.81,094.32.36%Loans55.62,823.81.97%Real estate(2)68.6922.27.45%Interest and DividendsGains/Losses on Sale and Valuation of SecuritiesDai-ichi Lifes Results General Account Assets1 Breakdown o

141、f Investment Income and Expenses(1)Ratio of interest and dividends to the average daily balance.(2)The daily balance of real estate held with investment purpose is used.GroupOverseasDomesticOthers27(in billions)FY2022FY2023Change（）551.6418.5(133.1)(24%)Domestic bonds170.639.3(131.2)(77%)Domestic sto

142、cks143.0218.5+75.5+53%Foreign securities232.6158.3(74.3)(32%)Others5.32.2(3.0)(57%)433.3271.9(161.4)(37%)Domestic bonds21.650.2+28.5+132%Domestic stocks5.15.7+0.6+12%Foreign securities393.3170.0(223.2)(57%)Others13.345.9+32.6+245%Net gains or losses118.2146.5+28.2+24%3.73.2(0.5)(14%)Domestic bonds-D

143、omestic stocks2.62.4(0.2)(10%)Foreign securities1.00.7(0.3)(29%)Others0.00.0+0.0+347%Gains onsale of securitiesLosses onsale of securitiesLosses onvaluation of securities46.8%46.3%48.3%54.9%54.4%7.1%6.8%6.9%8.2%9.0%2.9%2.0%2.4%3.3%2.5%17.3%19.1%16.8%6.7%5.3%6.0%4.7%4.4%3.4%2.8%7.8%9.4%8.8%9.7%11.6%2

144、.8%4.2%4.1%4.5%4.8%3.0%2.8%3.0%3.6%3.4%6.3%4.5%5.4%5.7%6.2%Mar-20Mar-21Mar-22Mar-23Mar-24Investment Portfolio（General Account）(1)Investment Yield&Ave.Assumed Rate of ReturnYen-denominatedbondsLoansShort-term rate investmentsForeign equitiesReal estateDomestic equitiesForeign-currency bonds(hedged)Ot

145、hersGeneral Account Asset Portfolio(in trillions)35.637.837.433.134.6Foreign-currencybonds(unhedged)JPY and Currency-hedged Foreign Bonds(2)Dai-ichi Lifes Results General Account Assets2 Investment Portfolio,Return and Average Assumed Rate of Return(1)Carrying amount-basis（2）Book value-basisGroupOve

146、rseasDomesticOthers28Yen Fixed Income7.2%2.40%2.48%2.19%2.04%2.11%2.00%1.89%1.85%1.5%2.0%2.5%3.0%FY2020FY2021FY2022FY2023Investment yieldAve.Assumed rate of return12.2 13.3 14.2 14.9 15.6 3.9 3.7 3.4 3.1 3.1 5.46.76.12.31.821.523.823.820.420.60510152025Mar-20Mar-21Mar-22Mar-23Mar-24Currency-hedged f

147、oreign bondsYen-denominated bonds other than PRMBPolicy-reserve-matching yen bonds(PRMB)（in trillions）AAA格24.1%AA格11.2%A格37.0%BBB格16.2%BB格以下0.1%格付11.4%25.2%17.5%32.2%13.2%11.9%0.0%49.1%45.2%46.6%45.8%55.4%27.1%23.2%23.5%19.2%15.3%7.5%13.0%13.2%22.9%20.6%3.2%3.2%3.4%3.0%3.0%13.1%15.4%13.4%8.9%5.6%0%2

148、0%40%60%80%100%Mar-20Mar-21Mar-22Mar-23Mar-24OthersGBPAUDEURUSD0.10.30.20.81.05.37.902468Up to1 year1-3years3-5years5-7years7-10years10-20yearsOver20 years(in trillions)7.25.21.10.60.40.30.1Government,municipal bonds22.1%Corporate bonds66.3%Mortgage,etc.11.6%56.4%29.9%13.8%As of Mar-24Foreignbonds2.

149、8tn15.216.0 2.72.718.0 18.8 05101520Mar-23Mar-24Corporate bondsGovernment/Municipal bonds(in trillions)Yen-denominated Bonds(1)Domestic Government Bonds(2)by Maturity(Mar-24)*Figures in brackets are as of March 31,2023.Foreign Currency Bond Portfolio(2)(3)(Mar-24)Foreign Currency Bonds by Currency(2

150、)*Figures in brackets are as of March 31,2023.Dai-ichi Lifes Results General Account Assets3 Yen-denominated Bonds and Foreign Currency Bonds(1)Book value-basis(2)Carrying amount-basis(3)Rating breakdown based on ratings from S&P&Moodys,excluding mortgage etc.GroupOverseasDomesticOthers29FY2022(in b

151、illions)Currencyhedged bondsCurrencyhedged bonds(Ref.)Foreign bonds(unhedged)(1)131.660.049.6Currency hedging cost(76.0)(64.9)-Gains(losses)onsale of securities(327.5)(68.5)25.1Carrying amount2,226.91,843.9963.3Book value2,355.51,840.1877.5Unrealized gains（losses)(128.6)3.785.7(Ref.)Book value befor

152、e currency hedging accounting impact2,153.71,662.6FY2023Interest,dividendsand other income6.395.441.840.910.900.190.190.310.680.750.120.490.200.130.170.500.130.120.030.007.226.272.221.701.8419.1%16.8%6.7%5.0%5.3%含損益会計為替影響会計為替影響反映前簿価(通貨)会計為替影響反映前簿価(為替予約)Book value(accounting)Carrying amount sharein g

153、eneral account（in trillions）Unrealized gains（losses)Currency hedging accounting impactBook value before currency hedging accounting impact(Currency swap)Mar-21Mar-22Mar-23Mar-24Dec-23Book value before currency hedging accounting impact(Currency forward)GroupOverseasDomesticOthers30(1)Including forei

154、gn bond investment trustsBreakdown of Currency Hedged Bonds(Carrying amount)Gains(losses)on Currency Hedged BondsDai-ichi Lifes Results General Account Assets Currency Hedged Bond Investment(Unrealized gains)Sensitivities(1)Breakeven Points(2)10-year JGB Yield 10bp change:March 2024:270bn*10-year JG

155、B YieldMarch 2024:0.6%*（March 2023:280bn)(March 2023:0.6%)*Available-for-sale securities:*Available-for-sale securities:March 2024:10bnMarch 2024:1.3%(March 2023:10bn)(March 2023:1.1%)Nikkei 225 1,000 yen change:March 2024:90bnNikkei 225March 2024:11,500(March 2023:110bn)(March 2023:10,700)USD/JPY 1

156、 yen change:USD/JPYMarch 2024:15bnMarch 2024:$1=128(March 2023:16bn)(March 2023:119)DomesticstocksDomesticbondsForeignSecurities9.39.68.36.66.6984.4%937.2%907.3%865.4%865.0%884.1%958.5%902.6%704.1%692.6%0510150200%400%600%800%1,000%Mar-20Mar-21Mar-22Mar-23Mar-24Dai-ichi Life Adjusted Net AssetsDai-i

157、chi Life Solvency Margin Ratio(Ref.)Dai-ichi Life Holdings Solvency Margin Ratio(in trillions)(in billions)As ofMar-23As ofMar-24Change（）Securities2,659.42,788.9+129.4+5%Domestic bonds662.6(477.7)(1,140.4)-Foreign bonds(110.1)52.7+162.8-o/w Hedged foreign currency bonds(128.6)3.7+132.3-Domestic equi

158、ties1,947.42,844.0+896.6+46%Foreign equities148.9329.8+180.9+122%Real estate523.4556.1+32.6+6%General Account total3,141.73,213.1+71.3+2%Dai-ichi Lifes Results Measures of Financial SoundnessUnrealized Gains/Losses Solvency Margin Ratio(1)Sensitivities indicate the impact of fluctuations in the mark

159、et value of related assets.(2)Breakeven points indicate assumptions when unrealized gains or losses of the related assets would be zero.Figures for foreign securities are calculated for foreign exchange factors only,based on the USD/JPY exchange rate(assuming all are in USD).Unrealized Gains/Losses(

160、General Account)Solvency Margin Ratio&Adjusted Net AssetsGroupOverseasDomesticOthers31As of the end of March 2024AUD16.5%USD48.2%JPY30.4%Others4.9%45.7%21.3%28.7%4.3%General Account Asset Portfolio(in trillions)9.07.98.8Book Value/Market Value Information on Securities(Mar-24)Investment Amounts by P

161、roduct Fund&Foreign Currency Bonds*Figures in brackets are as of March 31,2023.(1)Carrying amount-basis(2)Includes structured bonds backed by government bonds and corporate bonds.Dai-ichi Frontier Life Investment PortfolioInvestment Portfolio(General Account)(1)18.5%23.0%Domestic bonds22.9%50.6%51.6

162、%Foreign bonds52.0%11.9%11.3%Money held in Trust9.9%1.9%1.4%Other securities 1.7%11.7%9.4%Cash,deposits,and call loans8.6%5.4%3.2%Others 4.9%Mar-22Mar-23Mar-24Government11.0%State/Munincipal2.2%Supranational 10.4%Corporate74.1%Others(2)2.4%As of Mar-24Foreign bonds4.3tn13.4%8.7%72.5%2.3%3.0%GroupOve

163、rseasDomesticOthers(in billion)BookValueMarketValueUnrealizedGains/LossesPolicy-reserve matching bonds4,840.44,550.4(290.0)Securities available for sale2,077.72,029.5(48.2)Domestic bonds480.8474.0(6.7)Foreign securities1,376.31,335.8(40.5)Other securities149.9149.3(0.6)32Reversal of Policy Reserves

164、Accrued on MVAPolicy Reserves Accrual on MVA Surrender value based on interest rate movementsAt contract startStart of pension paymentAssuming flat interest rate after booking MVA related policy reserves,the amount of reserves is recalculated according to the market interest rate.Single PremiumAnnui

165、ty FundInterest rate increaseInterest rate decrease Accrue MVA related reserves Policy reserves determined byassumed interest rateInvestment periodJ-GAAP liabilities at the end of each period are based on the higher of or.When interest rate decline and,additional policy reserves are accrued.Accounti

166、ng lossat time of booking reservesAt booking MVA related reservesAtmaturityReserves balanceReversal impactOver the investment period,accrued MVA policy reserves are reversed.(in case of surrender prior to maturitythe gain on sales of corresponding bonds is recorded)For products with MVA option,the J

167、-GAAP liabilities are recognized as the greater of surrender value or the value of policy reserves determined by assumed interest rate.When interest rate decreases,the surrender value will be higher than the value of policy reserves,resulting in an accrual of MVA related policy reserves.Gains/losses

168、 on MVA are offset on an accounting basis over time,therefore excluded from group adjusted profit calculation.Gains and Losses on Market Value Adjustment(MVA)GroupOverseasDomesticOthers33PLC Sales PerformanceTAL Sales Performance*Change in in-force is due to renewal of insurance contract and premium

169、 adjustment etc.(1)Bank Owned Life Insurance(BOLI)/Company Owned Life Insurance(COLI)is a form of life insurance(usually UL or VUL)purchased by banks/companies as funding mechanisms for employee retirement and benefit program liabilities,etc.PLC&TAL Sales Segment Sales PerformanceGroupOverseasDomest

170、icOthers34(AUD in millions)YoY（）New Business ANP111138+27+24%(TAL)Individual5972+13+23%Group4963+13+28%TLIS(Westpac Life)22(0)(11%)Change in in-force628370(258)(41%)(TAL)Individual284358+74+26%Group251(107)(359)-TLIS(Westpac Life)92119+26+29%FY2022FY2023Change(USD in millions)YoY（）Retail Life&Annuit

171、y3,5094,8941,38539%Traditional life1982384020%Universal life10511277%BOLI/COLI(1)1,5771,666896%Fixed annuity9492,1171,168123%Variable annuity6807618112%Stable Value Products4,4307,0292,59959%Asset Protection951985344%ChangeFY2023FY2022Commercial Mortgage LoansTotal Investments(USD in billions)91.075

172、.58.7Investment Portfolio(General Account)(1)Fixed Income Allocation and Credit Quality*Figures in brackets are as of Dec 31,2022.(1)Carrying amount basisPLC Investment PortfolioGroupOverseasDomesticOthers35(USD in millions)Dec-2022Dec-2023ChangeMortgage Loans(Gross)11,79611,998202o/w Non-performing

173、-72+7210012222(%of Mortgage loans)0.8%1.0%+0.17%ptAllowance for credit losses73.5%18.8%7.3%0.4%CorporateRMBS/CMBS,etc.US Gov.,etc.Others(As of Dec.2023)Fixed income assets$58.6bn0.4%76.5%15.8%7.3%24.3%29.8%42.6%3.3%AAAA&AABBBBelow BB43.5%2.8%22.4%31.3%（in billions)ItemsFY2014FY2015FY2016FY2017FY2018

174、FY2019FY2020FY2021FY2022(1)FY2023Domestic Insurance BusinessDai-ichi LifeNet income1152.1129.1117.1169.9172.9128.6196.0199.7165.6203.8Adjustment(1)Provision for contingency reserve(in excess of statutory amount,net of tax)219.212.912.9-21.6(21.6)-Adjustment(2)Provision for price fluctuation reserve(

175、in excess of statutory amount,net of tax)3-Adjustment(3)Gains or losses on accounting for market value adjustment,net of tax4(0.2)(0.4)(0.2)(0.0)(0.0)(0.0)(0.0)(0.0)(0.0)(0.0)Adjustment(4)Gains on change in equity5-(1.4)-Sub-total618.912.512.7(0.0)(1.4)21.6(21.6)(0.0)(0.0)(0.0)Adjusted profit7171.11

176、41.6129.9169.8171.4150.2174.4199.7165.6203.8Dai-ichi Frontier LifeNet income8(21.9)24.350.237.019.9(100.0)86.3138.66.415.6Adjustment(1)Provision for contingency reserve(in excess of statutory amount,net of tax)9-(30.0)48.01.5(14.5)-Adjustment(2)Provision for price fluctuation reserve(in excess of st

177、atutory amount,net of tax)10-Adjustment(3)Gains or losses on accounting for market value adjustment,net of tax1146.97.5(27.0)(7.9)0.7193.5(77.2)(81.5)(8.7)(1.7)Adjustment(4)Group Tax Sharing System Introduction12-(39.5)-Sub-total1346.97.5(27.0)(7.9)0.7163.5(29.2)(119.6)(23.2)(1.7)Adjusted profit1424

178、.931.823.229.120.763.457.119.0(16.7)13.8Neo First LifeNet income150.4(7.1)(5.9)(8.3)(8.5)(16.3)(14.1)(6.8)24.7(1.1)Adjustment Group Tax Sharing System Introduction16-(1.3)-Adjusted profit170.4(7.1)(5.9)(8.3)(8.5)(16.3)(14.1)(8.1)24.7(1.1)ipet HoldingsNet income18-0.31.1Adjusted profit19-0.31.1Adjust

179、ed profit of domesctic insurance business20196.6166.4147.1190.6183.6197.4217.4210.6173.9217.8Overseas Insurance BusinessProtective Life CorporationAdjusted profit21-32.345.734.933.550.737.454.918.416.4TAL Dai-ichi Life AustraliaAdjusted profit2212.110.312.710.59.811.015.212.328.444.0Partners Group H

180、oldingsAdjusted profit23-(1.6)0.1Dai-ichi Life Insurance Company of VietnamAdjusted profit241.30.50.5(2.0)0.26.05.914.115.114.0Adjusted profit of overseas insurance business2515.745.761.546.846.970.360.283.062.476.6Dai-ichi Life Reinsurance BermudaNet income26-0.0(3.8)32.0Adjustment Adjustments to a

181、sset and liability valuations27-2.0(18.1)Adjusted profit28-0.0(1.8)13.9Other Business(Asset Management)Adjusted profit296.15.95.85.310.412.09.95.23.73.5Adjusted profit30-0.00.3(3.5)(4.4)(4.0)(2.0)(3.5)(3.0)Consolidation adjustmentAdjustment(1)Dividends from subsidiaries and affiliates313.613.54.4-Ad

182、justment(2)Redeemable preference shares dividend from TAL32-1.00.80.70.71.11.5Adjustment(3)Amortisation in holding and intermediate holding companies of VIFs on acquisitions33-0.81.9Adjustment(4)Consolidation adjustments for intra-group reinsurance34-47.60.5Adjustment(5)Subsequent events(e.g.Silicon

183、 Valley Bank collapse)35-14.5(14.5)Adjustment(6)Amortization of goodwill368.66.35.67.08.256.45.76.99.011.4Adjustment(7)Gains on change in equity(Dai-ichi Life)37-1.4-Adjustment(8)Gains on change in equity(Holding company)38-(12.4)(33.5)-(34.9)-Adjustment(9)Impact of U.S.Tax change39-(90.1)-Adjustmen

184、t(10)Others40(2.2)(0.3)0.03.92.30.5(0.8)0.78.97.0Group Adjusted Profit(Items 4120252829303132333435）41214.7204.6210.1243.2236.3274.5282.8296.1170.5319.3Consolidated net income(Items 424161316273637383940)42142.4178.5231.2363.9225.032.4363.7409.3173.7320.7Holding company&Intermediate holdingcompanyGr

185、oup Adjusted ProfitGroupOverseasDomesticOthers(1)As TAL and PNZ have adopted IFRS 17,the figures for TAL and PNZ in FY2022 are restated on IFRS 17 basis and it resulted in restating Group Adjusted Profit and related figures.36GroupAdjusted ProfitAdjusted profit of subsidiariesAdjusted profit of affi

186、liatesHolding company profit and loss,etc.Adjusted ROE Numerator Adjusted profit Denominator Adjusted net assets(Average of year beginnning and ending value)Adjusted net assets Net assets-Goodwill-Unrealized gains/losses on fixed-income assets*+MVA balance at Dai-ichi Frontier Life(net of tax)*Dai-i

187、chi Life,Neo First Life:Amount classified as net unrealized gains on securities within fixed-income assets,net of tax(1)Dai-ichi Frontier Life,Protective Life:Net unrealized gains on securities,net of taxAdjustment 1In addition,if there are similar provisions at overseas subsidiaries and affiliates,

188、adjustments will be made case-by-case basis.Provision for contingency and price fluctuation reserves,etc.(in excess of statutory requirement,net of tax)Adjustment 2Adjusted for technical accounting valuation gains and lossesMVA related gains(losses),net of tax,etc.Adjustment 3Adjusted for gains/loss

189、es on organizational restructuring andamortization of goodwill,etc.in the consolidation procedures of each company.Amortization of goodwill,gains/losses on acquisition phase,gains/losses on change in shareholding,etc.Definition of Group Adjusted ProfitAdjusted ROE historical data(1)It mainly defines

190、 unrealized gains/losses on yen-denominated bonds,purchased monetary claims,hedged foreign currency-denominated bonds,and investment trusts whose main investment targets are fixed-income assets.(2)As TAL and PNZ have adopted IFRS 17,the figures for TAL and PNZ in FY2022 are restated on IFRS 17 basis

191、 and it resulted in restating Group Adjusted ROE and related figures.Adjusted ROE Definition and Past ResultsGroupOverseasDomesticOthers37FY2019FY2020FY2021FY2022(2)FY2023(in billions/%)Group Adjusted ROE9.5%8.9%8.0%4.9%8.2%Numerator(Adjusted Profit)274.5282.8296.1170.5319.3Denominator(Average Adjus

192、ted net assets)2,875.33,172.33,714.63,451.73,887.0Denominator(FY end Adjusted net assets)2,659.93,684.73,744.43,357.24,416.9Calculation of denominatorNet assets3,775.84,806.24,407.82,661.23,881.8()Goodwill39.442.656.2117.2115.2()Unrealized gains/losses on fixed-income assets1,258.81,200.5628.7 812.2

193、 648.9()DFL MVA balance182.4121.821.60.81.3Net assets for Adjusted ROE2,659.93,684.73,744.43,357.24,416.9o/w Shareholders equity1,641.51,893.61,996.31,753.71,872.0Dai-ichi Life Adjusted ROE7.9%8.4%8.2%7.3%8.2%Numerator(Adjusted Profit)150.2174.4199.7165.6203.8Denominator(Average Adjusted net assets)

194、1,913.82,077.12,450.52,264.12,497.1Denominator(FY end Adjusted net assets)1,650.02,504.32,396.72,131.52,862.8Calculation of denominatorNet assets2,549.93,190.22,756.92,100.02,897.9()Unrealized gains/losses on fixed-income assets899.8685.8360.2 31.535.1Net assets for Adjusted ROE1,650.02,504.32,396.7

195、2,131.52,862.8o/w Shareholders equity630.1679.1631.5583.7552.6(Ref.)Partial Amendment of Adj.Profit Calculation Group adj.profit included valuation gains/losses which do not fit for the original purpose of it and were causing large volatility in profit of overseas businesses Partial amendment of adj

196、.profit calculation will be implemented from FY2024 onward,which will help to improve a stability of profit and predictability of shareholder payoutsRationale behind This Group adj.profit is a real profit indicator tied to shareholder payouts and should be an actual figure excluding“valuation gains/

197、losses”for accounting purposes,but the valuation portion,which is included in some of the items,has fluctuated significantly in overseas businesses in recent years,and adj.profit has become volatile.PLC,TAL&PNZ,will exclude such valuation gains/losses caused by changes in the economic environment,fr

198、om adj.profit to improve a stability of profit and predictability of shareholder payoutsItems to be Adjusted Items below will be excluded from adj.profitPLC-Credit losses,realized gains(losses)on equity,others-Commercial mortgage loans-Modco-net realized gains(losses)-Derivatives related to VA and i

199、ndexed products -VA/VUL market impacts-Related DAC/VOBA amortizationTAL&PNZ-Interestrate impact on assets and liabilities,etc.Portion of valuation items in non-operating income/losses which are caused by macro-economic fluctuation,etc.(including related taxes)3816.0 16.0 16.020.033.541.650.758.466.6

200、70.269.085.384.8 107.2 approx.113.215.016.023.039.028.030.0200.0120.0 120.0Mar-11Mar-12Mar-13Mar-14Mar-15Mar-16Mar-17Mar-18Mar-19Mar-20Mar-21Share BuybackTotal Dividends16161620283543505862628386113122Dividends per ShareShareholder Payouts Dynamics(/Share)(in billions)100.0bn(1)2024(Forecast)2023(Ac

201、tual)2019201720152013FY2011Group Adj.Profit236.3274.5282.8296.1 184.4319.3340.0Average for past 3 years2(3)Shareholder Payout PolicyThe scale and timing of additional payout is decided strategicallyImage on transition of dividend payout ratioPolicy on cancellation of treasury stockThe treasury stock

202、 is expected to be cancelled at an appropriate timing unless it is held for any specific reason.Considerations for additional payoutESR LevelStatus of market risk and sensitivity reductionCash position of the holding company Group Financial LeverageExistence of strategic investment opportunitiesOur

203、stock price,etc.Consider flexible additional payouts(from FY2020)Rough guide for Total Payout Ratioconsidered:Mid-term avg.50Stable dividend based on profit(from FY2023)Dividend payout ratio40%+each FYAverage group adjusted profit for past 3 yearBasically no reduction of dividend per share.Image on

204、transition of total payout ratio(1)Max.amount of share buybacks resolved in the BOD on Mar 29,2024.(2)Although TAL and PNZ have adopted IFRS17 from FY2023 Q1,retroactive application of prior years figures are not applied in the calculation of the three-year average of the Group adj.profit,which is t

205、he basis for dividend calculations.(3)Figures before March 31,2013 are converted taken into account the share split.Shareholder Payout Policy2021GroupOverseasDomesticOthers39(2)(in billions)FY2022FY2023ChangeOrdinary revenues9,508.7 11,028.1+1,519.4 Premium and other income6,654.4 7,526.3+871.9 Inve

206、stment income2,280.8 3,033.9+753.1 Interest and dividends1,431.3 1,430.9(0.3)Gains on sale of securities571.7 435.0(136.7)Derivative transaction gains27.1-(27.1)Foreign exchange gains227.0 539.0+312.0 Gains on investments in separate accounts-207.4+207.4 Other ordinary revenues573.4 467.8(105.6)Ordi

207、nary expenses9,121.2 10,489.1+1,367.8 Benefits and claims6,548.1 6,756.8+208.6 Provision for policy reserves and others15.3 1,877.4+1,862.0 Investment expenses1,145.9 603.8(542.0)Losses on sale of securities516.5 356.6(159.9)Losses on valuation of securities21.7 7.8(13.8)Derivative transaction losse

208、s-99.2+99.2 Foreign exchange losses-Losses on investments in separate accounts85.3-(85.3)Operating expenses841.6 926.3+84.6 Ordinary profit387.5 539.0+151.5 Extraordinary gains4.5 6.6+2.0 Extraordinary losses39.8 31.1(8.6)95.0 87.5(7.5)Income before income taxes,etc.257.2 426.9+169.7 Total of corpor

209、ate income taxes83.5 106.2+22.6 0.0 0.0+0.0 173.7 320.7+147.0 Provision for reserve for policyholder dividendsNet income attributable to non-controlling interestsNet income attributable to shareholders of parent company(in billions)As ofMar-23As ofMar-24ChangeTotal assets61,653.6 67,540.3+5,886.6 Ca

210、sh,deposits and call loans2,585.9 2,783.7+197.7 Monetary claims bought246.1 226.4(19.6)Securities46,711.7 51,781.7+5,069.9 Loans4,348.4 4,719.2+370.7 Tangible fixed assets1,239.9 1,224.4(15.4)Deferred tax assets334.5 178.9(155.6)Total liabilities58,991.9 63,658.1+4,666.2 Policy reserves and others54

211、,276.1 57,152.3+2,876.1 Policy reserves52,498.7 55,268.8+2,770.1 Bonds payable949.6 975.2+25.6 Other liabilities2,362.5 4,171.5+1,809.0 Net defined benefit liabilities367.8 212.1(155.6)Reserve for price fluctuations305.5 324.3+18.8 Deferred tax liabilities25.1 258.8+233.6 Total net assets2,661.7 3,8

212、82.1+1,220.3 1,753.7 1,872.0+118.2 907.4 2,009.7+1,102.2 Net unrealized gains on securities,net of tax740.2 1,733.8+993.6 Reserve for land revaluation30.3 28.2(2.1)Total shareholders equityTotal accumulated other comprehensive incomeStatement of EarningsBalance SheetGains(losses)on investments in se

213、parate accounts,foreign exchange gains(losses)and derivative transaction gains(losses)include items that are offset by provision for(reversal of)policy reserves and unrealized gains(losses)on investments.Group Summary of Consolidated Financial StatementsGroupOverseasDomesticOthers(1)As TAL and PNZ h

214、ave adopted IFRS17,the figures for prior comparative period(FY2022 and As of Mar-23)include figures of TAL and PNZ which are restated on IFRS 17 basis.(1)(1)40(in billions)FY2022FY2023ChangeOrdinary revenues4,139.8 4,087.0(52.8)Premium and other income2,296.8 2,289.8(7.0)Investment income1,379.2 1,3

215、03.8(75.4)Interest and dividends804.8 720.0(84.7)Gains on sale of securities551.6 418.5(133.1)Derivative transaction gains-Gains on investments in separate accounts-152.7+152.7 Other ordinary revenues463.6 493.3+29.6 Ordinary expenses3,786.3 3,695.6(90.6)Benefits and claims2,451.3 2,560.4+109.0 Prov

216、ision for policy reserves and others22.9 8.4(14.4)Investment expenses669.3 491.7(177.5)Losses on sale of securities433.3 271.9(161.4)Losses on valuation of securities3.7 3.2(0.5)Derivative transaction losses16.9 99.1+82.1 Foreign exchange losses82.1 25.6(56.4)Losses on investments in separate accoun

217、ts46.8-(46.8)Operating expenses395.4 385.1(10.3)Other ordinary expenses247.2 249.9+2.6 Depreciation expenses41.4 42.6+1.2 Ordinary profit(loss)353.5 391.3+37.7 Extraordinary gains4.5 6.3+1.8 Extraordinary losses34.4 24.7(9.6)95.0 87.5(7.5)Income before income taxes(losses)228.5 285.4+56.8 Total of c

218、orporate income taxes62.9 81.5+18.5 Net income(loss)165.6 203.8+38.2 Provision for reserve for policyholder dividendsGains(losses)on investments in separate accounts,foreign exchange gains(losses)and derivative transaction gains(losses)include items that are offset by provision for(reversal of)polic

219、y reserves and unrealized gains(losses)on investments.Dai-ichi Life Summary Financial StatementsStatement of EarningsBalance SheetGroupOverseasDomesticOthers41(in billions)As ofMar-23As ofMar-24ChangeTotal assets34,264.3 35,982.2+1,717.9 Cash,deposits and call loans1,121.6 884.0(237.5)Monetary claim

220、s bought224.5 206.2(18.3)Securities27,975.8 29,735.0+1,759.2 Loans2,715.4 3,109.0+393.6 Tangible fixed assets1,203.8 1,189.1(14.7)Deferred tax assets91.0 -(91.0)Total liabilities32,164.3 33,084.2+919.9 Policy reserves and others29,877.0 29,588.9(288.0)Policy reserves29,254.3 28,974.8(279.4)Contingen

221、cy reserve599.8 572.8(27.0)Bonds payable368.7 368.7-Other liabilities1,141.2 2,145.9+1,004.7 392.7 369.9(22.7)Reserve for price fluctuations263.4 276.4+13.0 Deferred tax liabilities-246.6+246.6 Total net assets2,100.0 2,897.9+797.9 Total shareholders equity583.7 552.6(31.0)Total of valuation and tra

222、nslation adjustments1,516.3 2,345.3+829.0 1,523.5 2,420.1+896.5 Reserve for land revaluation30.3 28.2(2.1)Net unrealized gains(losses)on securities net of taxReserve for employees retirement benefits(in billions）As ofMar-23As ofMar-24ChangeTotal assets8,638.3 9,312.0+673.6 Cash,deposits and call loa

223、ns758.5 776.1+17.5 Securities6,714.3 7,218.2+503.8 Total liabilities8,441.8 9,090.6+648.7 Policy reserves and others7,650.3 8,268.6+618.2 Policy reserves7,620.8 8,230.3+609.5(MVA balance)1.2 1.9+0.6 Contingency reserve99.4 116.4+16.9 Total net assets196.5 221.3+24.8 Total shareholders equity241.5 25

224、7.2+15.6 Capital stock117.5 117.5-Capital surplus67.5 67.5-Retained earnings56.5 72.2+15.6 Net unrealized gains on securities,net of tax(45.0)(35.8)+9.1(in billions）FY2022FY2023ChangeOrdinary revenues3,999.2 4,393.8+394.6 Premium and other income2,612.6 3,501.0+888.3 Investment income507.5 892.6+385

225、.1 Foreign exchange gains308.9 565.1+256.2 Ordinary expenses3,985.2 4,372.7+387.5 Benefits and claims3,679.5 3,560.2(119.3)4.8 618.2+613.4 Contingency reserve(14.6)16.9+31.5 Investment expenses193.7 66.2(127.5)Foreign exchange losses-Operating expenses88.9 105.0+16.1 Ordinary profit(loss)13.9 21.0+7

226、.0 Extraordinary gains-Extraordinary losses5.2 5.8+0.5 Total of corporate income taxes2.2(0.4)(2.6)Net income(loss)6.4 15.6+9.1 Provision for policy reserves and others(negative indicates a reversal)Gains(losses)on investments in separate accounts,foreign exchange gains(losses)and derivative transac

227、tion gains(losses)include items that are offset by provision for(reversal of)policy reserves and unrealized gains(losses)on investments.Dai-ichi Frontier Life Summary Financial StatementsStatement of EarningsBalance SheetGroupOverseasDomesticOthers42(US$in millions)FY2022FY2023ChangeOrdinary revenue

228、s12,931 13,531+600 Premium and other income6,100 6,159+59 Investment income3,813 5,316+1,503 Other ordinary revenues3,017 2,055(961)Ordinary expenses12,740 13,393+652 Benefits and claims6,180 6,065(114)Provision for policy reserves and others-4,889+4,889 Investment expenses3,114 913(2,201)Operating

229、expenses1,177 1,227+50 Other ordinary expenses2,268 297(1,970)Ordinary profit(loss)190 137(52)Extraordinary profits-0+0 Extraordinary losses0 0+0 Total of corporate income taxes51 22(28)Net income(loss)138 116(22)(1)Disclosed after re-classifying items from PLCs financial statements under U.S.accoun

230、ting standards to conform to Dai-ichi Life Holdings disclosure standards.Protective Summary Financial Statements(1)Statement of EarningsBalance SheetGroupOverseasDomesticOthers43(US$in millions)As ofDec-22As ofDec-23ChangeTotal assets113,151 118,386+5,234 Cash and deposits568 546(21)Securities72,834

231、 77,105+4,271 Loans13,286 13,472+185 Tangible fixed assets222 206(16)Intangible fixed assets4,066 3,714(352)Goodwill983 982(0)Other intangible fixed assets3,055 2,694(360)Reinsurance receivable11,719 12,310+590 Total liabilities110,930 115,071+4,140 Policy reserves and other103,105 107,163+4,058 Rei

232、nsurance payables632 645+13 Bonds payable1,988 2,035+47 Other liabilities5,138 5,176+37 Total net assets2,220 3,314+1,094 Total shareholders equity7,775 7,891+116(5,554)(4,576)+978 Total accumulated other comprehensive income(AU$in millions)FY2022FY2023ChangeOrdinary revenues8,320 8,573+253 Premium

233、and other income7,648 7,878+229 Investment income196 450+254 Other ordinary revenues475 245(230)Ordinary expenses7,897 7,963+66 Benefits and claims6,589 6,140(448)Provision for policy reserves and others-Investment expenses48 70+22 Operating expenses1,247 1,737+490 Other ordinary expenses12 14+1 Ord

234、inary profit(loss)423 610+186 Extraordinary gains(losses)-(0)(0)Total of corporate income taxes119 179+59 Net income(loss)304 430+126 Underlying profit(3)283 452+169(AU$in millions)As ofMar-23As ofMar-24ChangeTotal assets17,932 22,014+4,082 Cash and deposits738 1,100+362 Securities9,720 13,009+3,289

235、 Tangible fixed assets17 9(8)Intangible fixed assets786 786-Goodwill786 786-Other intangible fixed assets-Reinsurance receivable-Other assets5,161 5,170+9 Deferred tax assets1,507 1,348(158)Total liabilities15,733 19,650+3,916 Policy reserves and others14,256 14,162(93)Reinsurance payables-Bonds pay

236、able-Other liabilities1,477 5,487+4,010 Deferred tax liabilities-Total net assets2,198 2,363+165 Total shareholders equity2,198 2,363+165 Capital stock3,055 3,055-Retained earnings(857)(691)+165(1)Figures for TAL(excluding underlying profit)are disclosed after re-classifying items from TALs financia

237、l statements under Australian accounting standards to conform to Dai-ichi Life Holdings disclosure standards.(2)Upon IFRS 17 adoption,prior comparative period(FY2022 and As of Mar-23)figures are also restated on IFRS 17 basis.The net income figure is presented as consolidated under Dai-ichi Life Hol

238、dings group accounting.(3)Previously,the profit and loss associated with reinsurance from TAL to Group company(DL)had been included in Underlying profit and subtracted from Non-underlying items.From FY2022 Q4,this profit and loss is not included in Underlying profit to show TALs standalone profitabi

239、lity.TAL Summary Financial Statements(1)Statement of EarningsBalance SheetGroupOverseasDomesticOthers(2)(2)44(VND in billions)As ofDec-22As ofDec-23ChangeTotal assets58,219 66,831+8,611 Cash and deposits12,864 13,673+809 Securities35,492 41,032+5,540 Loans1,259 1,631+371 Tangible fixed assets105 201

240、+96 Intangible fixed assets67 47(20)Reinsurance receivable-2+2 Total liabilities39,870 46,665+6,794 Policy reserves and other37,083 44,040+6,956 Reinsurance payables87 37(50)Other liabilities2,695 2,583(111)Total net assets18,349 20,166+1,816 Total shareholders equity18,349 20,166+1,816(VND in billi

241、ons)FY2022FY2023ChangeOrdinary revenues24,706 23,198(1,507)Premium and other income22,431 20,201(2,230)Investment income2,271 2,994+722 Other ordinary revenues2 2+0 Ordinary expenses21,337 20,199(1,138)Benefits and claims4,231 5,629+1,398 Provision for policy reserves and others6,913 6,956+42 Invest

242、ment expenses373-(373)Operating expenses9,564 7,512(2,051)Other ordinary expenses254 100(153)Ordinary profit(loss)3,368 2,999(368)Extraordinary profits6 5(0)Extraordinary losses0 1+1 Total of corporate income taxes672 602(70)Net income(loss)2,701 2,400(300)(1)Disclosed after re-classifying items fro

243、m DLVNs financial statements under local accounting standards to conform to Dai-ichi Life Holdings disclosure standards.Dai-ichi Life Vietnam Summary Financial Statements(1)Statement of EarningsBalance SheetGroupOverseasDomesticOthers45Group Summary Statement of Earnings MatrixGroupOverseasDomesticO

244、thers(1)As TAL and PNZ have adopted IFRS 17,the figures for TAL and PNZ for FY2022 are restated on IFRS 17 basis.(Consolidated figures are restated as well.)46(in billions)FY2022FY2023ChangeFY2022FY2023ChangeFY2022FY2023ChangeFY2022FY2023ChangeFY2022FY2023ChangeFY2022FY2023ChangeFY2022FY2023ChangeOr

245、dinary revenues4,139.8 4,087.0(52.8)3,999.2 4,393.8+394.6 264.4 302.7+38.2 1,715.9 1,919.2+203.2 746.2 845.4+99.2 138.3 135.4(2.9)9,508.7 11,028.1+1,519.4 Premium and other income2,296.8 2,289.8(7.0)2,612.6 3,501.0+888.3 232.3 208.1(24.1)809.5 873.6+64.0 686.0 776.8+90.8 125.6 117.9(7.7)6,654.4 7,52

246、6.3+871.9 Investment income1,379.2 1,303.8(75.4)507.5 892.6+385.1 0.5 0.7+0.1 506.0 754.1+248.0 17.5 44.4+26.8 12.7 17.4+4.7 2,280.8 3,033.9+753.1 Interest and dividends804.8 720.0(84.7)175.7 205.0+29.2 0.5 0.7+0.1 436.7 490.1+53.3 1.2 2.8+1.6 12.7 15.5+2.8 1,431.3 1,430.9(0.3)Gains on sale of secur

247、ities551.6 418.5(133.1)22.4 5.6(16.8)-1.3 14.2+12.8 -571.7 435.0(136.7)Derivative transaction gains-43.7+43.7 -67.2 -(67.2)-27.1 -(27.1)Foreign exchange gains-308.9 565.1+256.2 -0.0+0.0 -0.0+0.0 227.0 539.0+312.0 Gains on investments in separate accounts-152.7+152.7 -54.7+54.7 -207.4+207.4 Other ord

248、inary revenues463.6 493.3+29.6 879.0 0.0(878.9)31.5 93.8+62.2 400.3 291.4(108.8)42.6 24.1(18.4)0.0 0.0+0.0 573.4 467.8(105.6)Ordinary expenses3,786.3 3,695.6(90.6)3,985.2 4,372.7+387.5 239.7 304.0+64.2 1,690.7 1,899.6+208.9 708.2 785.3+77.0 119.4 117.9(1.5)9,121.2 10,489.1+1,367.8 Benefits and claim

249、s2,451.3 2,560.4+109.0 3,679.5 3,560.2(119.3)201.7 242.8+41.1 820.0 860.3+40.2 590.9 605.5+14.5 23.6 32.8+9.1 6,548.1 6,756.8+208.6 Provision for policy reserves and others22.9 8.4(14.4)4.8 618.2+613.4 1.7 23.3+21.5 -693.4+693.4 -38.7 40.6+1.8 15.3 1,877.4+1,862.0 Investment expenses669.3 491.7(177.

250、5)193.7 66.2(127.5)0.0 0.0(0.0)413.3 129.5(283.7)4.3 6.9+2.6 2.0 -(2.0)1,145.9 603.8(542.0)Losses on sale of securities433.3 271.9(161.4)127.6 64.4(63.1)-1.1 27.2+26.0 -516.5 356.6(159.9)Losses on valuation of securities3.7 3.2(0.5)-1.0 21.6+20.5 -21.7 7.8(13.8)Derivative transaction losses16.9 99.1

251、+82.1 23.1 -(23.1)-43.8+43.8 -99.2+99.2 Foreign exchange losses82.1 25.6(56.4)-0.0 0.0(0.0)0.0 -(0.0)0.0 -(0.0)-Losses on investments in separate accounts46.8 -(46.8)38.5 -(38.5)-85.3 -(85.3)Operating expenses395.4 385.1(10.3)88.9 105.0+16.1 33.3 34.3+1.0 156.2 174.1+17.8 111.8 171.3+59.4 53.5 43.8(

252、9.7)841.6 926.3+84.6 Ordinary profit(loss)353.5 391.3+37.7 13.9 21.0+7.0 24.7(1.2)(25.9)25.2 19.5(5.6)37.9 60.1+22.1 18.8 17.5(1.3)387.5 539.0+151.5 Extraordinary gains4.5 6.3+1.8 -0.1+0.1 -0.0 0.0(0.0)4.5 6.6+2.0 Extraordinary losses34.4 24.7(9.6)5.2 5.8+0.5 0.0 0.0+0.0 0.0 0.0+0.0 -0.0+0.0 0.0 0.0

253、+0.0 39.8 31.1(8.6)Provision for reserve for policyholder dividends95.0 87.5(7.5)-95.0 87.5(7.5)Income before income taxes,etc.228.5 285.4+56.8 8.7 15.2+6.4 24.7(1.2)(26.0)25.1 19.6(5.5)37.9 60.0+22.1 18.8 17.5(1.3)257.2 426.9+169.7 Total of corporate income taxes62.9 81.5+18.5 2.2(0.4)(2.6)0.0(0.1)

254、(0.1)6.7 3.1(3.6)10.7 17.6+6.9 3.7 3.5(0.2)83.5 106.2+22.6 Net income attributable to non-controlling interests-0.0 0.0+0.0 165.6 203.8+38.2 6.4 15.6+9.1 24.7(1.1)(25.8)18.4 16.4(1.9)27.2 42.4+15.1 15.1 14.0(1.1)173.7 320.7+147.0 Net income(loss)Consolidated(1)Dai-ichi LifeDai-ichi Frontier LifeNeo

255、First LifeProtectiveTAL(1)DLVN(in billions)As of Mar-23As ofMar-24ChangeAs of Mar-23As ofMar-24ChangeAs of Mar-23As ofMar-24ChangeAs ofDec-22As ofDec-23ChangeAs ofMar-23As ofMar-24ChangeAs ofDec-22As ofDec-23ChangeAs ofMar-23As ofMar-24ChangeTotal assets34,264.3 35,982.2+1,717.9 8,638.3 9,312.0+673.

256、6 410.3 342.6(67.7)15,015.2 16,790.6+1,775.4 1,608.3 2,170.8+562.5 326.0 390.0+64.0 61,653.6 67,540.3+5,886.6 Cash,deposits and call loans1,121.6 884.0(237.5)758.5 776.1+17.5 262.6 172.7(89.9)75.4 77.5+2.0 66.2 108.5+42.2 72.0 79.8+7.7 2,585.9 2,783.7+197.7 Monetary claims bought224.5 206.2(18.3)21.

257、5 20.2(1.3)-246.1 226.4(19.6)Securities27,975.8 29,735.0+1,759.2 6,714.3 7,218.2+503.8 100.5 111.0+10.4 9,665.0 10,935.8+1,270.7 871.8 1,282.9+411.0 198.7 239.5+40.7 46,711.7 51,781.7+5,069.9 Loans2,715.4 3,109.0+393.6 -1.9 1.6(0.2)1,763.1 1,910.7+147.6 -7.0 9.5+2.4 4,348.4 4,719.2+370.7 Tangible fi

258、xed assets1,203.8 1,189.1(14.7)1.1 1.0(0.1)0.2 0.3+0.0 29.5 29.3(0.2)1.6 0.8(0.7)0.5 1.1+0.5 1,239.9 1,224.4(15.4)Intangible fixed assets124.6 120.5(4.0)16.3 16.3(0.0)9.6 10.8+1.2 539.6 526.7(12.8)70.5 77.5+7.0 0.3 0.2(0.1)736.7 708.3(28.3)Deferred tax assets91.0 -(91.0)52.6 56.4+3.7 1.3 1.4+0.1 62.

259、4 45.8(16.5)135.1 132.9(2.2)0.3 0.4+0.1 334.5 178.9(155.6)Total liabilities32,164.3 33,084.2+919.9 8,441.8 9,090.6+648.7 373.4 306.8(66.6)14,720.5 16,320.5+1,600.0 1,391.4 1,916.0+524.5 223.2 272.3+49.1 58,991.9 63,658.1+4,666.2 Policy reserves and others29,877.0 29,588.9(288.0)7,650.3 8,268.6+618.2

260、 366.3 296.7(69.6)13,682.0 15,199.0+1,517.0 1,278.7 1,396.6+117.9 207.6 257.0+49.3 54,276.1 57,152.3+2,876.1 Policy reserves29,254.3 28,974.8(279.4)7,620.8 8,230.3+609.5 361.3 268.3(92.9)13,547.4 15,069.1+1,521.6 328.7 356.0+27.3 201.3 250.0+48.7 52,498.7 55,268.8+2,770.1 Bonds payable368.7 368.7 -2

261、20.8 235.6+14.8 -906.6 922.1+15.5 Other liabilities1,141.2 2,145.9+1,004.7 250.5 385.0+134.4 6.6 6.1(0.4)681.9 734.2+52.2 112.7 519.4+406.6 15.0 15.0(0.0)2,362.5 4,171.5+1,809.0 Net defined benefit liabilities392.7 369.9(22.7)-8.7 7.0(1.7)-0.0 0.0+0.0 367.8 212.1(155.6)Reserve for price fluctuations

262、263.4 276.4+13.0 42.0 47.8+5.8 0.0 0.0+0.0 -305.5 324.3+18.8 Deferred tax liabilities-246.6+246.6 -0.3+0.3 -25.1 258.8+233.6 Total net assets2,100.0 2,897.9+797.9 196.5 221.3+24.8 36.8 35.7(1.0)294.6 470.1+175.4 216.8 254.8+37.9 102.7 117.7+14.9 2,661.7 3,882.1+1,220.3 Total shareholders equity583.7

263、 552.6(31.0)241.5 257.2+15.6 36.9 35.8(1.1)907.2 923.6+16.4 191.1 209.4+18.3 94.8 105.2+10.4 1,753.7 1,872.0+118.2 Total accumulated other comprehensive income1,516.3 2,345.3+829.0(45.0)(35.8)+9.1(0.1)(0.1)+0.0(612.5)(453.5)+158.9 25.7 45.3+19.5 7.9 12.4+4.4 907.4 2,009.7+1,102.2 Net unrealized gain

264、s on securities,net of tax1,523.5 2,420.1+896.5(45.0)(35.8)+9.1(0.1)(0.1)+0.0(735.6)(648.2)+87.4 -740.2 1,733.8+993.6 Reserve for land revaluation30.3 28.2(2.1)-30.3 28.2(2.1)Consolidated(1)Dai-ichi LifeDai-ichi Frontier LifeNeo First LifeProtectiveTAL(1)DLVNGroup Summary Balance Sheet MatrixGroupOv

265、erseasDomesticOthers(1)As TAL and PNZ have adopted IFRS 17,the figures for TAL and PNZ as of Mar-23 are restated on IFRS 17 basis.(Consolidated figures are restated as well.)47(1)Expected disbursements from capital outside the Company and accumulated other comprehensive income,etc.are excluded.(2)Mu

266、ltiplied by 100%if losses.(3)Calculated by standard method.Group Consolidated Solvency Margin RatioGroupOverseasDomesticOthers48(in billions)As ofMar-23As ofMar-24ChangeTotal solvency margin(A)5,975.17,046.4+1,071.2Common stock,etc.(1)1,279.81,209.3(70.4)Reserve for price fluctuations305.5324.3+18.8

267、Contingency reserve700.7690.9(9.8)Catastrophic loss reserve5.46.5+1.1General reserve for possible loan losses1.53.2+1.7(Net unrealized gains(losses)on securities(before tax)and deferredhedge gains(losses)(before tax)90%(2)994.72,161.5+1,166.7Net unrealized gains(losses)on real estate 85%(2)378.4388.

268、7+10.232.3163.3+131.0Policy reserves in excess of surrender values2,305.92,345.2+39.3Qualifying subordinated debt923.7923.7-Excluded portion of policy reserves in excess of surrender values andqualifying subordinated debt(732.0)(740.3)(8.3)Total margin related to small amount and short-term insuranc

269、e0.00.0+0.0Excluded items(285.5)(483.2)(197.6)Others64.452.8(11.5)Total risk(B)（1252）892（237）2461,697.12,034.4+337.3Insurance riskR1166.1160.5(5.5)General insurance riskR514.823.0+8.1Catastrophe riskR61.71.7(0.0)3rd sector insurance riskR8188.2181.6(6.5)Small amount and short-term insurance riskR90.

270、00.0+0.0Assumed investment yield riskR2207.4217.8+10.3Guaranteed minimum benefit riskR7(3)74.677.4+2.8Investment riskR31,335.01,660.9+325.9Business riskR439.746.4+6.7Solvency margin ratio （A）（1/2）（B）704.1%692.6%(11.5%pt)Sum of(before tax)unrecognized actuarial differences and unrecognized past servi

271、ce costDai-ichi Life Holdings,Inc.Investor Relations GroupCorporate Planning UnitInvestor ContactDisclaimerThe information in this presentation is subject to change without prior notice.Neither this presentation nor any of its contents may bedisclosed or used by any other party for any other purpose

272、 without the prior written consent of Dai-ichi Life Holdings,Inc.(the“Company”).Statements contained herein that relate to the future operating performance of the Company are forward-looking statements.Forward-looking statements may include but are not limited to words such as“believe,”“anticipate,”

273、“plan,”“strategy,”“expect,”“forecast,”“predict,”“possibility”and similar words that describe future operating activities,business performance,events or conditions.Forward-looking statements are based on judgments made by the Companys management based on information that is currently available to it

274、andare subject to significant assumptions.As such,these forward-looking statements are subject to various risks and uncertainties and actualbusiness results may vary substantially from the forecasts expressed or implied in forward-looking statements.Consequently,you arecautioned not to place undue reliance on forward-looking statements.The Company disclaims any obligation to revise forward-lookingstatements in light of new information,future events or other findings.49