Dai ichi Life : Financial Results for the Three Months Ended June 30, 2023

August 10, 2023

Financial Results for the Three Months Ended June 30, 2023

The Dai-ichi Life Insurance Company, Limited (the "Company"; President: Toshiaki Sumino) announces its financial results for the Three months ended June 30, 2023.

[Contents]
Financial Summary for the Three Months Ended June 30, 2023
1.	Business Highlights--------	P.1
2.	Investment Results of General Account--------	P.3
3.	Unaudited Quarterly Balance Sheet--------	P.6
4.	Unaudited Quarterly Statement of Earnings--------	P.7
5.	Breakdown of Ordinary Profit (Fundamental Profit)--------	P.8
6.	Solvency Margin Ratio--------	P.11
7.	Status of Separate Account--------	P.12
8.	Consolidated Financial Summary--------	P.13

Please note that this is an unofficial translation of the original disclosure in Japanese.

1. Business Highlights

(1) Annualized Net Premiums
Policies in Force			(billions of yen)
		As of March 31, 2023	As of June 30, 2023
		% of M arch 31, 2023 total
Individual insurance	1,464.5	1,451.4	99.1
Individual annuities	533.2	532.4	99.8
Total	1,997.7	1,983.8	99.3
	Medical and survival benefits	701.9	699.4	99.6
New Policies			(billions of yen)
		Three months ended	Three months ended
		June 30, 2022	June 30, 2023	% of June 30, 2022 total
Individual insurance	12.0	9.4	78.7
Individual annuities	1.7	1.6	90.9
Total	13.8	11.0	80.3
	Medical and survival benefits	8.5	7.0	82.0

Note: 1. Annualized net premiums are calculated by using multipliers for various premium payment terms to the premium per payment . In single premium contracts, the amount is calculated by dividing the premium by the duration of the policy.

1. Annualized net premiums for medical and survival benefits include (a) premiums related to medical benefits such as hospitalization and surgery benefits, (b) premiums related to survival benefits such as specific illness and nursing benefits, and (c) premiums related to premium waiver benefits, in which disability cause is excluded but causes such as specific illness and nursing care are included.
2. "New policies" include net increase by conversion.

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The Dai-ichi Life Insurance Company, Limited

1. Sum Insured of Policies in Force and New Policies Policies in Force

	As of March 31, 2023		As of June 30, 2023
	Number of	Amount	Number of policies	Amount
	policies
		% of March 31, 2023		% of March 31, 2023
	(billions of yen)	(thousands)	(billions of yen)
	(thousands)
	total	total
Individual insurance	22,270	73,206.7	22,354	100.4	72,366.1	98.9
Individual annuities	2,068	10,521.0	2,059	99.6	10,443.9	99.3
Individual insurance and annuities	24,339	83,727.8	24,414	100.3	82,810.1	98.9
Group insurance	-	49,341.8	-	-	49,316.8	99.9
Group annuities	-	6,066.9	-	-	6,154.8	101.4

Note: 1. Policy amount in force of individual annuities is equal to (a) the funds to be held at the time annuity payments are to commence for an annuity for which payment has not yet commenced, and (b) the amount of policy reserve for an annuity for which payments have commenced.

1. Policy amount in force of group annuities is equal to the amount of outstanding corresponding policy reserve.
2. For products covered by multiple insurance agreements after April 2018, the number of policies for each product is shown as one.

New Policies

Number of policies

(thousands)	% of June 30, 2022
total

Amount

(billions of yen)

New Business

Net increase by conversion

• of June 30, 2022 total

Three months ended June 30, 2022
Individual insurance	809	(47.6)	322.3	(370.0)
Individual annuities	13	45.4	46.3	(0.8)
Individual insurance and annuities	822	(2.2)	368.6	(370.8)
Group insurance	-	25.8	25.8	-
Group annuities	-	0.0	0.0	-

Three months ended June 30, 2023

	Individual insurance	555	68.7	465.4	405.1	60.3	-
	Individual annuities	12	93.2	43.3	44.0	(0.7)	95.3
	Individual insurance and annuities	567	69.1	508.8	449.2	59.5	-
	Group insurance	-	-	89.6	89.6	-	347.2
	Group annuities	-	-	0.0	0.0	-	2.3

Note: 1. Number of new policies is the sum of new business and policies after conversion.

1. Amount of new policies for individual annuities, both new business and net increase by conversion, is equal to the funds to be held at the time annuity payments are to commence.
2. Amount of new policies for group annuities is equal to the initial premium payment.
3. For products covered by multiple insurance agreements after April 2018, the number of policies for each product is shown as one.

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The Dai-ichi Life Insurance Company, Limited

2. Investment Results of General Account

1. Asset Composition

					(millions of yen)
			As of March 31, 2023	As of June 30, 2023
			Carrying amount	%	Carrying amount		%
Cash, deposits, and call loans	1,105,912	3.3	897,439		2.6
Securities repurchased under resale agreements	-	-	-		-
Deposit paid for securities borrowing transactions	-	-	-		-
Monetary claims bought	224,555	0.7	231,592		0.7
Trading account securities	-	-	-		-
Money held in trust	6,727	0.0	7,469		0.0
Securities	27,012,086	81.6	28,111,467		82.9
	Domestic bonds	17,075,009	51.6	17,621,295		52.0
	Domestic stocks	3,207,944	9.7	3,573,669		10.5
	Foreign securities	5,930,212	17.9	5,975,763		17.6
		Foreign bonds	4,454,788	13.5	4,397,523		13.0
		Foreign stocks and other securities	1,475,424	4.5	1,578,240		4.7
	Other securities	798,919	2.4	940,738		2.8
Loans	2,715,410	8.2	2,771,833		8.2
	Policy loans	250,662	0.8	247,258		0.7
	Ordinary loans	2,464,747	7.4	2,524,575		7.4
Real estate	1,196,750	3.6	1,196,312		3.5
	Real estate for rent	912,282	2.8	914,146		2.7
Deferred tax assets	91,081	0.3	-		-
Others	754,689	2.3	689,953		2.0
Reserve for possible loan losses	(3,328)	(0.0)	(3,395)		(0.0)
Total	33,103,885	100.0	33,902,671		100.0
	Foreign currency-denominated assets	4,937,777	14.9	4,935,927		14.6

Note: 'Real estate' represents total amount of land, buildings and construction in progress.

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The Dai-ichi Life Insurance Company, Limited

1. Fair Value Information on Securities (except for trading securities)

(millions of yen)

As of March 31, 2023 Held-to-maturity bonds Domestic bonds Foreign bonds Policy-reserve-matching bonds Domestic bonds Foreign bonds Stocks of subsidiaries and affiliated companies Available-for-sale securities Domestic bonds Domestic stocks Foreign securities Foreign bonds Foreign stocks and other securities Other securities Monetary claims bought Certificates of deposit Total Domestic bonds Domestic stocks Foreign securities Foreign bonds Foreign stocks and other securities Other securities Monetary claims bought Certificates of deposit As of June 30, 2023 Held-to-maturity bonds Domestic bonds Foreign bonds Policy-reserve-matching bonds Domestic bonds Foreign bonds Stocks of subsidiaries and affiliated companies Available-for-sale securities Domestic bonds Domestic stocks Foreign securities Foreign bonds Foreign stocks and other securities Other securities Monetary claims bought Certificates of deposit Total Domestic bonds Domestic stocks Foreign securities Foreign bonds Foreign stocks and other securities Other securities Monetary claims bought Certificates of deposit Note:

Book value

47,824 47,824 - 14,909,516 14,845,915 63,601 - 9,467,188 2,062,893 1,213,339 5,377,866 4,501,156 876,710 516,849 225,239 71,000 24,424,530 16,956,632 1,213,339 5,441,468 4,564,757 876,710 516,849 225,239 71,000

- - - 15,170,128 15,106,527 63,601 - 9,787,243 2,378,294 1,193,822 5,268,758 4,382,641 886,116 644,417 230,950 71,000 24,957,372 17,484,821 1,193,822 5,332,359 4,446,243 886,116 644,417 230,950 71,000

Fair value

48,000 48,000 - 15,453,495 15,390,053 63,441 - 11,520,994 2,181,269 3,160,770 5,357,241 4,391,186 966,055 526,160 224,555 70,997 27,022,490 17,619,323 3,160,770 5,420,683 4,454,628 966,055 526,160 224,555 70,997

- - - 15,758,535 15,695,149 63,385 - 12,336,900 2,514,768 3,527,026 5,338,169 4,333,921 1,004,247 654,343 231,592 70,999 28,095,435 18,209,918 3,527,026 5,401,554 4,397,306 1,004,247 654,343 231,592 70,999

Gains (losses)

176 176 - 543,978 544,138 (159) - 2,053,805 118,376 1,947,431 (20,625) (109,969) 89,344 9,310 (684) (2) 2,597,960 662,690 1,947,431 (20,785) (110,129) 89,344 9,310 (684) (2)

- - - 588,406 588,622 (216) - 2,549,656 136,473 2,333,204 69,410 (48,720) 118,130 9,926 641 (0) 3,138,062 725,096 2,333,204 69,194 (48,936) 118,130 9,926 641 (0)

Gains

176 176 - 1,307,177 1,306,936 240 - 2,407,165 134,303 1,964,883 282,343 146,837 135,506 23,353 2,281 - 3,714,519 1,441,416 1,964,883 282,584 147,078 135,506 23,353 2,281 -

- - - 1,320,726 1,320,500 225 - 2,891,875 147,761 2,342,934 356,917 189,391 167,525 41,445 2,815 0 4,212,601 1,468,262 2,342,934 357,143 189,617 167,525 41,445 2,815 0

Losses

- - - 763,199 762,798 400 - 353,359 15,927 17,451 302,969 256,807 46,161 14,042 2,965 2 1,116,558 778,726 17,451 303,369 257,208 46,161 14,042 2,965 2

- - - 732,320 731,877 442 - 342,218 11,287 9,730 287,506 238,111 49,394 31,518 2,174 0 1,074,538 743,165 9,730 287,948 238,553 49,394 31,518 2,174 0

1. The table above includes assets which are considered appropriate to handle as securities as defined in the Financial Instruments and Exchange Act.
2. Stocks and partnerships that do not have market value are excluded from this table.

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The Dai-ichi Life Insurance Company, Limited