Dai ichi Life : Consolidated Summary Report under Japanese GAAP for the Nine Months Ended December 31, 2025 PDF

(Unofficial Translation)

Consolidated Summary Report under Japanese GAAP for the Nine Months Ended December 31, 2025

February 13, 2026

Company Name: Dai-ichi Life Holdings, Inc. Stock exchange listings: Tokyo

Code Number: 8750 URL: https://www.dai-ichi-life-hd.com/ Representative: Tetsuya Kikuta, President, Representative Director

For inquiry: Shunsuke Murakami, General Manager, Investor Relations Group, Corporate Planning Unit TEL: (03)3216-1222

Dividend payment date: -

Supplementary information for quarterly financial statements: Available Explanatory meeting to be held: Yes (for institutional investors and analysts)

(Amounts of less than one million yen are truncated.)

1. Consolidated Financial Data for the Nine Months Ended December 31, 2025

   1. Consolidated results of operations

      (% represents the change from the same period in the previous fiscal year)

      	Ordinary Revenues		Ordinary Profit		Net Income attributable to shareholders of parent company
      Nine Months Ended	million yen	%	million yen	%	million yen	%
      December 31, 2025	8,320,758	6.1	597,712	7.2	370,344	4.7
      December 31, 2024	7,839,714	0.9	557,648	49.1	353,711	62.3

      Note. Comprehensive income (loss) for the nine months ended December 31, 2025 and 2024 were 770,487 million yen (185.5%) and 269,873 million yen (41.1% decrease year-on-year), respectively.

      	Net Income per Share	Diluted Net Income per Share
      Nine Months Ended	yen	yen
      December 31, 2025	101.37	101.36
      December 31, 2024	95.25	95.24

      Note. The Company conducted a 1:4 share split on April 1, 2025. Net income per share and diluted net income per share are calculated, assuming that the share split was conducted at the beginning of the previous fiscal year.

   2. Consolidated financial condition

   	Total Assets	Total Net Assets	Ratio of Net Assets Attributable to the Company's Shareholders to Total Assets
   As of December 31, 2025 March 31, 2025	million yen 72,384,672 69,592,967	million yen 4,079,522 3,469,707	% 5.6 5.0

   (Reference) Net assets attributable to the Company's shareholders as of December 31, 2025 and March 31, 2025 were 4,079,312 million yen and 3,469,449 million yen, respectively.

2. Dividends on Common Stock

   	Dividends per share
   	1st quarter-end	2nd quarter-end	3rd quarter-end	Fiscal year-end	Annual
   Fiscal Year Ended March 31, 2025 March 31, 2026	yen - -	yen 61.00 24.00	yen - -	yen 76.00	yen 137.00
   March 31, 2026 (Forecast)				28.00	52.00

   Note 1. Revision of dividend forecasts on the presentation date of this consolidated summary report: Yes

   1. For details of the revision of dividend forecast, please refer to Revision of Consolidated Earnings and Dividend Forecast for the Fiscal Year Ending March 31, 2026 disclosed on February 13, 2026.

   2. The Company conducted a 1:4 share split on April 1, 2025. The dividend per share for the fiscal year ended March 31, 2025 does not reflect the share split. Contents for the fiscal year ending March 31, 2026 (forecast) are stated in figures after the share split.

3. Consolidated Earnings Forecasts for the Fiscal Year ending March 31, 2026

   (% represents the change from the previous fiscal year)

   	Ordinary Revenues		Ordinary Profit		Net Income attributable to shareholders of parent company		Net Income per Share
   Fiscal Year Ending March 31, 2026	million yen 11,067,000	% 12.1	million yen 718,000	% (0.1)	million yen 408,000	% (5.0)	yen 112.42

   Note 1. Revision of earnings forecasts on the presentation date of this consolidated summary report: Yes

   1. For details of the revision of consolidated earnings forecast, please refer to Revision of Consolidated Earnings and Dividend Forecast for the Fiscal Year Ending March 31, 2026 disclosed on February 13, 2026.

   2. "Net income per share" is presented in the Consolidated Earnings Forecasts for the Fiscal Year ending March 31, 2026, factoring in the status of total shares outstanding and the Company's own shares as of December 31, 2025.

1. Significant changes in the scope of consolidation during the period: No

2. Adoption of unique accounting methods applied only to quarterly consolidated financial statements: Yes For details, please refer to (3) Notes to the Quarterly Consolidated Financial Statements in the Appendix.

3. Changes in accounting policies, accounting estimates and correction of past errors:

   1. Changes in accounting policies due to revision of accounting standards: No

   2. Changes in accounting policies due to reasons other than item (A) above: No

   3. Changes in accounting estimates: No

   4. Correction of past errors: No

Nine months ended

December 31, 2025

Nine months ended

December 31, 2024

1. Average outstanding shares: 3,653,296,775 3,713,409,434

   Note.

   1. The Company conducted a 1:4 share split on April 1, 2025. The number of shares is calculated assuming that the share split was conducted at the beginning of the previous fiscal year.

   2. The number of treasury stocks includes the shares of the Company (13,015,918 shares as of December 31, 2025 and 16,903,200 shares as of March 31, 2025) held by the Stock Granting Trust (J-ESOP trust).

*Review of the Japanese-language originals of the attached consolidated quarterly financial statements by CPAs or Audit firms: Yes (voluntary)

*Notes for using earnings forecast in this report and others:

This report contains forward-looking statements, such as earnings forecasts, regarding the intent, beliefs and current expectations of the Company and its management with respect to the expected financial condition and results of operations of the Company. These statements necessarily depend upon information currently available to the Company and its management and on assumptions that the Company and its management believe are appropriate. Forward-looking statements are not guarantees of future performance and actual results may differ materially from any future results expressed or implied by forward-looking statements. Forward-looking statements are subject to various risks and uncertainties, such as fluctuations in market conditions, including changes in the value of equity securities and changes in interest rates and forward exchange rates, the occurrence of illegal acts, operational and system risks, risks associated with general economic conditions in Japan and other factors. Important factors which may affect the Company's financial condition, results of operations and business performance are not limited to the factors described above. In light of the risks and uncertainties relating to forward-looking statements, investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report.

1. Consolidated Results of Operations 2

2. Quarterly Consolidated Financial Statements and Notes 3

1. Quarterly Consolidated Balance Sheet 3

2. Quarterly Consolidated Statement of Earnings and Comprehensive Income 5

   Quarterly Consolidated Statement of Earnings 5

   Quarterly Consolidated Statement of Comprehensive Income 7

3. Notes to the Quarterly Consolidated Financial Statements 8

(Notes on Going-Concern Assumptions) 8

(Notes for Material Changes in Shareholders' Equity) 8

(Adoption of Unique Accounting Methods Applied Only to Quarterly Consolidated Financial Statements) 8

(Notes on Segment Information) 9

(Notes on Quarterly Consolidated Statement of Cash Flows) 10

The Company plans to hold a conference call for institutional investors and analysts regarding its financial results for the nine months ended December 31, 2025 on February 13, 2026. The material for the conference call will be posted on TDnet and the Company's website.

1. Consolidated Results of Operations

   During the nine months ended December 31, 2025, the global economy slowed amid factors such as United States tariff policies. In financial markets, stock prices rose in many countries around the world, driven by expectations surrounding generative AI. The dollar strengthened against the yen toward the end of the period stemming from the fiscal and monetary policy stance of the Takaichi administration, which was inaugurated in October.

   The economy of Japan continued to recover slowly supported by the resilience of inbound consumption due to an increase in foreign visitors to Japan, as well as growth in capital investment related to decarbonization and digitalization. In addition, efforts by Japanese companies to absorb higher tariff costs limited the impact of U.S. tariffs on export volumes, which also provided a favorable backdrop. Meanwhile, rising prices reduced real wages, thereby restraining personal consumption.

   1. Results of Operations for the Nine Months Ended December 31, 2025

      Ordinary revenues of Dai-ichi Life Holdings, Inc. (hereinafter the "Company" or the "Parent Company") and its consolidated subsidiaries (collectively, the "Group") for the nine months ended December 31, 2025 increased by

      481.0 billion yen, or 6.1%, to 8,320.7 billion yen, consisting of (1) 5,091.3 billion yen (0.3% decrease) of premium and other income, (2) 2,747.2 billion yen (18.9% increase) of investment income, and (3) 482.1 billion yen (13.9% increase) of other ordinary revenues, compared to the nine months ended December 31, 2024. Ordinary revenues increased due mainly to the increase in investment income at The Dai-ichi Life Insurance Company, Limited and The Dai-ichi Frontier Life Insurance Co., Ltd.

      Meanwhile, the Group's ordinary expenses for the nine months ended December 31, 2025 increased by 440.9 billion yen, or 6.1%, to 7,723.0 billion yen, consisting of (1) 4,665.4 billion yen (2.7% decrease) of benefits and claims, (2) 1,488.6 billion yen (52.1% increase) of provision for policy reserves and others, (3) 550.5 billion yen (3.7% increase) of investment expenses, (4) 755.2 billion yen (4.1% increase) of operating expenses, and (5) 263.1 billion yen (4.6% increase) of other ordinary expenses, compared to the nine months ended December 31, 2024. Ordinary expenses increased due mainly to the increase in provision for policy reserves and others at The Dai-ichi Frontier Life Insurance Co., Ltd.

      Consequently, the Group's ordinary profit for the nine months ended December 31, 2025, compared to the nine months ended December 31, 2024, increased by 40.0 billion yen or 7.2%, to 597.7 billion yen. Its net income attributable to shareholders of parent company for the nine months, which is ordinary profit after extraordinary gains and losses, provision for reserve for policyholder dividends, and total of corporate income taxes, increased by 4.7%, to 370.3 billion yen.

   2. Financial Condition as of December 31, 2025

   The Group's total assets as of December 31, 2025, compared to March 31, 2025, increased by 4.0%, to 72,384.6 billion yen, mainly consisting of 54,705.5 billion yen (3.2% increase) of securities, 4,879.4 billion yen (4.9% decrease) of loans, 1,251.4 billion yen (1.7% decrease) of tangible fixed assets, and 1,985.2 billion yen (3.1% decrease) of reinsurance receivable.

   The Group's total liabilities as of December 31, 2025 increased by 3.3% to 68,305.1 billion yen, mainly consisting of 60,013.3 billion yen (0.8% increase) of policy reserves and others, compared to March 31, 2025.

   The Group's total net assets as of December 31, 2025 increased by 17.6% to 4,079.5 billion yen. Net unrealized gains on securities, net of tax, as of December 31, 2025, which are included in the Group's total net assets, increased by 54.4% to 1,627.9 billion yen.

2. Quarterly Consolidated Financial Statements and Notes

(1) Quarterly Consolidated Balance Sheet

ASSETS

As of March 31, 2025

(Unit: million yen) As of

December 31, 2025

(Unit: million yen)

Other ordinary expenses 251,714 263,190

Ordinary profit 557,648 597,712

(Unit: million yen)

Net unrealized gains (losses) on total policy reserves and other reserves of foreign subsidiaries, net of tax

Share of other comprehensive income of subsidiaries and affiliates accounted for under the equity method

(2,489) (3,553)

6,000 (14,785)

Total other comprehensive income (83,837) 400,143

Comprehensive income 269,873 770,487 (Details)

Attributable to shareholders of parent company 269,873 770,487

(3) Notes to the Quarterly Consolidated Financial Statements

The Company's quarterly consolidated financial statements are prepared in accordance with Article 4, Paragraph 1 of the Accounting Standards for Preparation of Quarterly Financial Statements of Tokyo Stock Exchange, Inc. and accounting standards for quarterly financial statements generally accepted in Japan, however, the omission of certain notes specified in Article 4, Paragraph 2 of the Accounting Standards for Preparation of Quarterly Financial Statements is applied.

(Notes on Going-Concern Assumptions)

None

(Notes for Material Changes in Shareholders'Equity)

The Company has been engaged in the purchase of its shares in accordance with the resolution made at the meeting of its board of directors held on May 15, 2025, under the provision of Article 156 of the Companies Act of Japan, as applied pursuant to Article 165, Paragraph 3 of the same.

As a result, treasury stock increased by ¥65,505 million for the nine months ended December 31, 2025 and the amount of treasury stock was ¥73,591 million as of December 31, 2025.

(Adoption of Unique Accounting Methods Applied Only to Quarterly Consolidated Financial Statements)

(i) Calculation of Tax

Income taxes of certain consolidated subsidiaries of the Company are calculated by applying a reasonably estimated effective tax rate for the full fiscal year to income before income taxes for the nine months ended December 31, 2025. The effective tax rate is determined by estimating the effective tax rate for the full fiscal year, which includes the nine months ended December 31, 2025, after taking into account the effect of deferred tax accounting.

(Notes on Segment Information)

Information on ordinary revenues, and income or loss by reportable segment For the nine months ended December 31, 2024

(Unit: million yen)

Note: 1. Ordinary revenues, instead of sales, are presented here.

1. Adjusted amounts were as follows.

   1. Adjustment for ordinary revenues of ¥(485,998) million was mainly related to ordinary revenues including other ordinary revenues of ¥476,175 million and ordinary expenses including foreign exchange losses of

      ¥22,269 million reconciled to provision for policy reserves and foreign exchange gains in the Quarterly Consolidated Statement of Earnings.

   2. Adjustment for segment income (loss) of ¥(242,242) million was mainly related to elimination of dividend income from subsidiaries and affiliated companies.

2. Segment income (loss) is reconciled with ordinary profit booked in the Quarterly Consolidated Statement of Earnings.

Information on ordinary revenues, and income or loss by reportable segment For the nine months ended December 31, 2025

(Unit: million yen)

Note: 1. Ordinary revenues, instead of sales, are presented here.

1. Adjusted amounts were as follows.

   1. Adjustment for ordinary revenues of ¥(205,011) million was mainly related to ordinary revenues including other ordinary revenues of ¥205,569 million and ordinary expenses including other ordinary expenses of

      ¥9,456 million reconciled to provision for policy reserves and other ordinary revenues in the Quarterly Consolidated Statement of Earnings.

   2. Adjustment for segment income (loss) of ¥(335,229) million was mainly related to elimination of dividend income from subsidiaries and affiliated companies.

2. Segment income (loss) is reconciled with ordinary profit booked in the Quarterly Consolidated Statement of Earnings.

(Notes on Quarterly Consolidated Statement of Cash Flows)

Quarterly Consolidated Statement of Cash Flows for the nine months ended December 2025 is omitted. Depreciation of real estate for rent and others, depreciation (including depreciation of intangible fixed assets other than goodwill), and amortization of goodwill are as follows.

(Unit: million yen)