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    8750   JP3476480003

DAI-ICHI LIFE HOLDINGS, INC.

(8750)
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Dai ichi Life : Supplementary Materials for the Three Months Ended June 30, 2021 (Dai-ichi Life Holdings, Inc.)

08/11/2021 | 07:46am EDT

[Unofficial Translation]

August 11, 2021

Seiji Inagaki

President and Representative Director

Dai-ichi Life Holdings, Inc.

Code: 8750 (TSE First section)

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

Financial Results

for the Three Months Ended June 30, 2021

August 11, 2021

Dai-ichi Life Holdings, Inc.

Contents

Key Highlights

P.2

Group Companies Performance Overview

P.8

Group EEV

P.17

Reference Data

P.20

Currency Exchange Rates(TTM)

As of end

¥/US$

¥/Euro

¥/AU$

June 2021

¥110.58

¥131.58

¥83.12

March 2021

¥110.71

¥129.80

¥84.36

December 2020

¥103.50

¥126.95

¥78.84

June 2020

¥107.74

¥121.08

¥73.88

March 2020

¥108.83

¥119.55

¥66.09

Group Company Name Abbreviation, Equity Share and Fiscal Year

Domestic Life

Equity Share

Fiscal Year

DL

Dai-ichi Life

100

DFL

Dai-ichi Frontier Life

100

Apr -Mar

NFL

Neo First Life

100

Overseas Life

PLC

[USA] Protective Life Corporation

100

Jan - Dec

TAL

[Australia] TAL Dai-ichi Life Australia

100

Apr -Mar

DLVN

[Vietnam] Dai-ichi Life Insurance Company of Vietnam

100

DLKH

[Cambodia] Dai-ichi Life Insurance (Cambodia)

100

Jan - Dec

DLMM

[Myanmar] Dai-ichi Life Insurance Myanmar

100

SUD

[India] Star Union Dai-ichi Life Insurance Company

45.9%

Apr -Mar

PDL

[Indonesia] PT Panin Dai-ichi Life

40

OLI

[Thailand] OCEAN LIFE INSURANCE PUBLIC COMPANY

24%

Jan - Dec

DLRe

[Bermuda] Dai-ichi Life Reinsurance Bermuda

100

Other Business (Asset Management)

AMOne

Asset Management One

49(Voting rights)

Apr -Mar

30(Economic interest)

1

Key Highlights

1. [Results]

Domestic life new sales was close to pre-Covid-19 level, and profit progress exceeded our expectation

  • New Business ANP Domestic life new business recovered significantly compared to previous year when DL and DFL had sales constraints due to Covid-19. NFL continued expanding new business sales.

    • Compared to pre-Covid-19 1Q FY2019, domestic sales reached similar level with DFL and NFL increasing while DL decreasing by 5%.
    • Overseas life new business increased steadily by 40% YoY(excl. exchange rates impact) thanks to contribution from PLC and DLVN.
  • Group Adjusted Profit Group adjusted profit increased to ¥113.3 billion (¥16.2 billion in 1Q FY2020), recovered from sharp deterioration impacted by increase in the financial markets volatility last year.
    • Although the progress is relatively high at 47% against our forecast mainly due to contribution from higher investment related gains at DL in the favorable financial market environment, there is no change in the full-year forecast considering budgeted reinsurance ceding at DL, recent rebound of Covid-19 infection and increase of financial markets volatility.

2. [Economic Value]

(Estimate)

  • Group EEV
  • Domestic Life VNB
  • ESR

Group EEV is up 4% to approx. ¥7,260 billion and ESR is up 12% points to approx. 215% YTD

  • Group EEV increased mainly due to contribution from DL in the favorable interest rates and equity market condition during 1Q.
  • Domestic life value of new business was approx. ¥25 billion, approx. 20% progress rate vs full-year forecast.
  • Integrated risk amount slightly decreased due to progress in market risk reduction and capital increased due to changes in financial markets.

3. [Topic]

TAL acquires Westpac Life a subsidiary of Westpac Group in Australia

  • Investment Amount TAL acquires Westpac Life for AU$900 million(¥72.8 billion) with total investment amount of AU$1.25 billion(¥101.0 billion), o/w AU$925

Capital Funding

million(¥74.8 billion) capital from holdings in addition to available funds at TAL. The deal to be completed by August 2022 - January 2023.

  • Strategic Significance Contributing to improve group risk profile through taking insurance risk and further strengthening our business foundation in the Australian

Financial Contribution protection-type product market.

  • Expected profit contribution of approx. AU$75 million(¥6.1 billion) and cash contribution of AU$135 million(¥10.9 billion) in the next medium-

term management plan (From FY2024)

Death Benefit (Payment)

Hospitalization Benefit

COVID-19 related Insurance Claims

Cases

Amount

Cases

Amount

Apr.-Jun. 2021

494

¥2.8 billion

9,875

¥1.0 billion

Japan

(1)

Identified as of June 30, 2021. Exchange rates as of end of Jun.2021

Cumulative(2)

1,270

¥7.4 billion

22,018

¥2.1 billion

applied to foreign currencies, after accounting for reinsurance.

Overseas(1) Apr.-Jun. 2021

2,011

¥5.6 billion

2,237

¥0.2 billion

(2)

Cumulative total since the start of measurement (March 2020).

2

Cumulative(2)

9,128

¥37.8 billion

3,580

¥0.4 billion

Highlights: Sales Performance

  • Domestic life new business recovered compared to previous year when DL and DFL had sales constraints. NFL, which had been steady sales even during Covid-19, continued expanding new business sales and was up 47% YoY.
    Compared to pre-Covid-19 1Q FY2019, domestic life new business increased by 2.5%, with DFL and NFL increasing while DL decreasing by 5%.
  • Overseas life new business increased by 40% YoY and 22% vs 1Q FY2019 (excl. exchange rates impact). PLC and DLVN had solid growth of 40% and 64% respectively YoY. Domestic life and overseas life as a whole increased 7.5% vs 1Q FY2019.

New Business and In-force Business ANP

New Business ANP

In-force Business ANP

(¥ in billions)

+7.7%

+0.8%

(+7.5 excluding exchange rate impact)

(+0.1 excluding exchange rate impact)

New Business ANP

FY2020

FY2021

Change

Change

vs FY2019

1Q

1Q

YoY

( in billions)

1Q

Domestic Life

20.9

59.2

+182.9%

+2.5%

DL

7.2

19.8

+174.3%

(4.7%)

In-force Business ANP

As of

As of

Change

Mar-21

Jun-21

3,078.5

3,072.4

(0.2%)

(0.1%)

2,076.9

2,072.3

(0.2%)

83.9

77.9

+120.9

(+118.7)

38.0

Domestic life

protection type products share

29% 35% 31%

FY2019 FY2020 FY2021

1Q Q 1Q

4,054.6 4,089.0

As of

As of

Mar-21

Jun-21

o/w Third sector

4.1

13.3

+221.1%

(3.5%)

DFL

11.1

35.7

+218.8%

+2.0%

o/w DL channel

2.1

5.1

+136.0%

(43.6%)

NFL

2.4

3.6

+46.7%

+85.7%

o/w DL channel (1)

1.2

1.7

+40.8%

+274.4%

Overseas Life

17.0

24.7

+44.9%

+22.8%

+40.1%

+21.9%

PLC

10.4

14.8

+42.4%

+69.6%

+40.0%

+70.0%

TAL(2)

2.2

2.4

+5.0%

(65.1%)

(6.6%)

(68.3%)

DLVN

4.3

7.5

+71.3%

+65.8%

+64.2%

+65.8%

DLKH/DLMM

0.01

0.03

+173.1%

+3,335.4%

+170.8%

+3,339.8%

Dai-ichi Life Group

38.0

83.9

+120.9%

+7.7%

+118.7%

+7.5%

696.8

701.1

+0.6%

861.0

859.5

(0.2%)

+0.3%

140.5

140.5

+0.0%

976.0

1,016.6

+4.2%

+0.5%

518.7

552.4

+6.5%

(0.4%)

384.0

381.6

(0.6%)

+0.9%

73.1

82.3

+12.6%

+5.5%

0.14

0.20

+38.0%

+33.9%

4,054.6

4,089.0

+0.8%

+0.1%

Domestic Overseas

Domestic

Overseas

% change shown lower excludes impact from currency fluctuation

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

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Dai-ichi Life Holdings Inc. published this content on 11 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 August 2021 05:35:06 UTC.


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Dai-ichi Life Holdings, Inc. Technical Analysis Chart | 8750 | JP3476480003 | MarketScreener
Technical analysis trends DAI-ICHI LIFE HOLDINGS, INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 2 443,00 JPY
Average target price 2 520,00 JPY
Spread / Average Target 3,15%
EPS Revisions
Managers and Directors
Seiji Inagaki President & Representative Director
Koichiro Watanabe Chairman
George C Olcott Independent Outside Director
Rieko Sato Independent Outside Director
Ungyong Shu Independent Outside Director
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