Daiichi Life Group. Inc. TSE:8750
Dai ichi Life : Financial Results for the Nine Months Ended December 31, 2025 PDF
Source: MarketScreener
February 13, 2026
Financial Results for the Nine Months Ended December 31, 2025
The Dai-ichi Life Insurance Company, Limited (the "Company"; President: Toshiaki Sumino) announces its financial results for the nine months ended December 31, 2025.
[Contents]
Financial Summary for the Nine Months Ended December 31, 2025
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.12 |
7. Status of Separate Account | -------- | P.13 |
8. Consolidated Financial Summary | -------- | P.14 |
Please note that this is an unofficial translation of the original disclosure in Japanese.
-
Business Highlights
Annualized Net Premiums
As of March 31, 2025
% of March 31, 2025 total
Individual insurance
1,371.1
1,349.2
98.4
Individual annuities
573.8
608.0
106.0
Total
1,944.9
1,957.3
100.6
Medical and survival benefits
691.3
687.4
99.4
Policies in Force (billions of yen)
As of December 31, 2025
New Policies (billions of yen)
Nine months ended December 31, 2024
Nine months ended
December 31, 2025
% of December 31, 2024 total
Individual insurance
37.6
42.4
112.8
Individual annuities
39.2
43.1
109.8
Total
76.9
85.6
111.3
Medical and survival benefits
29.3
33.1
112.8
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.
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.
"New policies" include net increase by conversion.
As of March 31, 2025
As of December 31, 2025
Number of policies (thousands)
Amount
(billions of yen)
Number of policies
Amount
(thousands)
% of March 31, 2025 total
(billions of yen)
% of March 31, 2025 total
Individual insurance
22,634
66,728.8
22,869
101.0
64,786.7
97.1
Individual annuities
2,268
11,361.7
2,394
105.6
12,040.1
106.0
Individual insurance and annuities
24,902
78,090.5
25,264
101.5
76,826.8
98.4
Group insurance
-
47,358.0
-
-
47,003.2
99.3
Group annuities
-
5,899.1
-
-
5,867.3
99.5
Sum Insured of Policies in Force and New Policies Policies in Force
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.
Policy amount in force of group annuities is equal to the amount of outstanding corresponding policy reserve.
In terms of the number of policies, each life insurance product in a policy is counted as one for policies packaged by multiple life insurance products issued since April 2018.
New Policies
Number of policies
Amount
(thousands)
% of December 31, 2024 total
(billions of yen)
New Business
Net increase by conversion
% of December 31, 2024 total
Nine months ended December 31, 2024
Individual insurance
1,678
1,463.7
1,278.1
185.5
Individual annuities
213
1,210.0
1,279.4
(69.3)
Individual insurance and annuities
1,892
2,673.7
2,557.6
116.1
Group insurance
-
72.8
72.8
-
Group annuities
-
0.0
0.0
-
Nine months ended December 31, 2025
Individual insurance
1,965
117.1
1,438.3
1,291.3
147.0
98.3
Individual annuities
208
97.5
1,085.0
1,125.7
(40.6)
89.7
Individual insurance and annuities
2,174
114.9
2,523.3
2,417.0
106.3
94.4
Group insurance
-
-
156.6
156.6
-
215.1
Group annuities
-
-
0.3
0.3
-
1,363.1
Note: 1.
2.
Number of new policies is the sum of new business and policies after conversion.
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.
Amount of new policies for group annuities is equal to the initial premium payment.
In terms of the number of policies, each life insurance product in a policy is counted as one for policies packaged by multiple life insurance products issued since April 2018.
-
Investment Results of General Account
Asset Composition
(millions of yen)
As of March 31, 2025
As of December 31, 2025
Carrying amount
%
Carrying amount
%
Cash, deposits, and call loans
750,740
2.2
693,393
2.0
Securities repurchased under resale agreements
-
-
-
-
Deposit paid for securities borrowing transactions
-
-
-
-
Monetary claims bought
191,855
0.6
181,500
0.5
Trading account securities
-
-
-
-
Money held in trust
8,530
0.0
3,081
0.0
Securities
27,635,037
81.6
27,990,837
82.2
Domestic bonds
18,348,894
54.2
17,840,429
52.4
Domestic stocks
3,323,680
9.8
3,570,729
10.5
Foreign securities
4,751,704
14.0
5,104,829
15.0
Foreign bonds
3,184,892
9.4
3,313,470
9.7
Foreign stocks and other securities
1,566,811
4.6
1,791,358
5.3
Other securities
1,210,758
3.6
1,474,849
4.3
Loans
3,423,016
10.1
3,284,796
9.7
Policy loans
218,084
0.6
203,918
0.6
Ordinary loans
3,204,932
9.5
3,080,878
9.1
Real estate
1,205,850
3.6
1,189,023
3.5
Real estate for rent
930,027
2.7
920,264
2.7
Deferred tax assets
-
-
-
-
Others
640,420
1.9
694,170
2.0
Reserve for possible loan losses
(2,844)
(0.0)
(1,835)
(0.0)
Total
33,852,607
100.0
34,034,967
100.0
Foreign currency-denominated assets
4,342,373
12.8
4,608,563
13.5
Note: 'Real estate' represents total amount of land, buildings and construction in progress.
Fair Value Information on Securities (except for trading securities)
(millions of yen)
Book value
Fair value
Gains (losses)
Gains
Losses
As of March 31, 2025
Held-to-maturity bonds
-
-
-
-
-
Domestic bonds
-
-
-
-
-
Foreign bonds
-
-
-
-
-
Policy-reserve-matching bonds
16,145,478
14,104,424
(2,041,053)
237,357
2,278,411
Domestic bonds
16,102,378
14,061,434
(2,040,944)
237,357
2,278,301
Foreign bonds
43,100
42,990
(109)
-
109
Stocks of subsidiaries and affiliated companies
-
-
-
-
-
Available-for-sale securities
8,049,461
10,534,867
2,485,406
2,678,950
193,543
Domestic bonds
2,250,755
2,246,516
(4,239)
59,020
63,259
Domestic stocks
1,036,061
3,276,249
2,240,187
2,255,711
15,523
Foreign securities
3,730,852
3,929,031
198,179
301,647
103,468
Foreign bonds
3,074,349
3,141,792
67,443
150,524
83,081
Foreign stocks and other securities
656,502
787,238
130,735
151,122
20,387
Other securities
743,336
800,225
56,889
61,723
4,834
Monetary claims bought
197,454
191,855
(5,599)
848
6,448
Certificates of deposit
91,000
90,990
(9)
-
9
Total
24,194,939
24,639,292
444,352
2,916,308
2,471,955
Domestic bonds
18,353,134
16,307,950
(2,045,183)
296,377
2,341,561
Domestic stocks
1,036,061
3,276,249
2,240,187
2,255,711
15,523
Foreign securities
3,773,952
3,972,021
198,069
301,647
103,578
Foreign bonds
3,117,449
3,184,782
67,333
150,524
83,191
Foreign stocks and other securities
656,502
787,238
130,735
151,122
20,387
Other securities
743,336
800,225
56,889
61,723
4,834
Monetary claims bought
197,454
191,855
(5,599)
848
6,448
Certificates of deposit
91,000
90,990
(9)
-
9
As of December 31, 2025
Held-to-maturity bonds
-
-
-
-
-
Domestic bonds
-
-
-
-
-
Foreign bonds
-
-
-
-
-
Policy-reserve-matching bonds
15,716,231
12,352,122
(3,364,108)
70,184
3,434,293
Domestic bonds
15,695,631
12,331,543
(3,364,087)
70,184
3,434,271
Foreign bonds
20,600
20,578
(21)
-
21
Stocks of subsidiaries and affiliated companies
-
-
-
-
-
Available-for-sale securities
8,155,487
11,206,526
3,051,038
3,267,051
216,013
Domestic bonds
2,195,665
2,144,797
(50,867)
68,698
119,566
Domestic stocks
920,396
3,525,071
2,604,675
2,606,043
1,368
Foreign securities
3,787,460
4,168,397
380,936
460,779
79,842
Foreign bonds
3,133,925
3,292,870
158,945
228,534
69,589
Foreign stocks and other securities
653,534
875,526
221,991
232,245
10,253
Other securities
919,902
1,045,792
125,889
130,410
4,520
Monetary claims bought
191,062
181,500
(9,562)
1,119
10,682
Certificates of deposit
141,000
140,966
(33)
-
33
Total
23,871,719
23,558,648
(313,070)
3,337,235
3,650,306
Domestic bonds
17,891,296
14,476,341
(3,414,955)
138,882
3,553,838
Domestic stocks
920,396
3,525,071
2,604,675
2,606,043
1,368
Foreign securities
3,808,060
4,188,975
380,915
460,779
79,863
Foreign bonds
3,154,525
3,313,449
158,923
228,534
69,610
Foreign stocks and other securities
653,534
875,526
221,991
232,245
10,253
Other securities
919,902
1,045,792
125,889
130,410
4,520
Monetary claims bought
191,062
181,500
(9,562)
1,119
10,682
Certificates of deposit
141,000
140,966
(33)
-
33
Note:
The table above includes assets which are considered appropriate to handle as securities as defined in the Financial Instruments and Exchange Act.
Stocks and partnerships that do not have market value are excluded from this table.
* Carrying amounts of securities without quoted market prices are as follows:
(millions of yen)
As of March 31, 2025
As of December 31, 2025
Stocks of subsidiaries and affiliated companies
333,279
324,905
Available-for-sale securities
799,733
913,569
Domestic stocks
36,471
35,281
Foreign stocks
10,441
6,389
Others
752,820
871,899
Total
1,133,013
1,238,474
Note: 1. The table above includes assets which are considered appropriate to handle as securities as defined in the Financial Instruments and Exchange Act.
2. The amounts of foreign exchange valuation gains (losses) on foreign securities without quoted market prices and which are listed in the table above are as follows: gain of 100,585 million yen as of March 31, 2025 and gain of 145,197 million yen as of December 31, 2025.
Fair Value Information on Money Held in Trust
Carrying
amount on the balance sheet
Fair value
Gains
Losses
As of March 31, 2025
8,530
8,530
8
1,796
1,788
As of December 31, 2025
3,081
3,081
1,216
1,218
2
(millions of yen)
Gains (losses)
Note: 1. Fair value in the table above is based on the valuation conducted by the fiduciary on a reasonable basis.
2. "Gains (losses)" include gains (losses) from derivative transactions within the trusts.
* Information on money held in trust for investment purpose is as follows:
(millions of yen)
As of March 31, 2025
As of December 31, 2025
Carrying amount on the balance sheet
Valuation gains (losses) included in the statement of earnings
Carrying amount on the balance sheet
Valuation gains (losses) included in the statement of earnings
Money held in trust for investment purpose
8,530
(1,079)
3,081
303
* Information on money held in trust classified as held-to-maturity, policy-reserve-matching and available-for-sale is as follows: The Company had no balance as of March 31, 2025 or December 31, 2025.
Unaudited Quarterly Balance Sheet
(millions of yen)
As of March 31, 2025
(summarized)
As of
December 31, 2025
(ASSETS)
Cash and deposits
243,072
336,651
Call loans
530,300
370,000
Monetary claims bought
191,855
181,500
Money held in trust
8,530
3,081
Securities
28,729,468
29,187,616
[ Government bonds ]
[ 16,526,517 ]
[ 16,018,479 ]
[ Local government bonds ]
[ 121,949 ]
[ 121,200 ]
[ Corporate bonds ]
[ 1,851,961 ]
[ 1,842,949 ]
[ Stocks ]
[ 3,497,888 ]
[ 3,794,860 ]
[ Foreign securities ]
[ 5,288,264 ]
[ 5,673,562 ]
Loans
3,423,016
3,284,796
Policy loans
218,084
203,918
Ordinary loans
3,204,932
3,080,878
Tangible fixed assets
1,219,553
1,200,706
Intangible fixed assets
119,718
117,847
Reinsurance receivable
47,288
40,852
Other assets
616,055
643,782
Customers' liabilities for acceptances and guarantees
11,192
5
Reserve for possible loan losses
(2,844)
(1,835)
Reserve for possible investment losses
(427)
(945)
Total assets
35,136,780
35,364,060
(LIABILITIES)
Policy reserves and others
28,891,029
28,663,851
Reserves for outstanding claims
181,307
167,197
Policy reserves
28,277,671
28,072,101
Reserve for policyholder dividends
432,050
424,552
Reinsurance payable
478
844
Bonds payable
576,780
576,780
Other liabilities
2,568,012
2,538,744
Payables under repurchase agreements
1,618,921
1,567,097
Corporate income tax payable
23,963
68,430
Lease liabilities
763
494
Asset retirement obligations
1,982
1,999
Other liabilities
922,383
900,723
Reserve for employees' retirement benefits
325,173
301,577
Reserve for retirement benefits of directors, executive officers and corporate auditors
601
524
Reserve for possible reimbursement of prescribed claims
1,300
934
Reserve for price fluctuations
288,453
297,453
Deferred tax liabilities
57,112
207,893
Deferred tax liabilities for land revaluation
69,806
69,009
Acceptances and guarantees
11,192
5
Total liabilities
32,789,940
32,657,618
(NET ASSETS)
Capital stock
60,000
60,000
Capital surplus
198,560
183,203
Legal capital surplus
60,000
60,000
Other capital surplus
138,560
123,203
Retained earnings
322,655
328,473
Other retained earnings
322,655
328,473
Reserve for tax basis adjustments of real estate
12,153
11,861
Reserve for specified business investment
174
174
Retained earnings brought forward
310,327
316,436
Total shareholders' equity
581,215
571,676
Net unrealized gains (losses) on securities, net of tax
1,842,611
2,278,803
Deferred hedge gains (losses)
(125,972)
(198,748)
Reserve for land revaluation
48,984
54,711
Total of valuation and translation adjustments
1,765,623
2,134,765
Total net assets
2,346,839
2,706,441
Total liabilities and net assets
35,136,780
35,364,060
Unaudited Quarterly Statement of Earnings
(millions of yen)
Nine months ended December 31, 2024
Nine months ended December 31, 2025
ORDINARY REVENUES
3,078,210
3,303,234
Premium and other income
1,573,536
1,683,501
[ Premium income ]
[ 1,541,148 ]
[ 1,648,187 ]
Investment income
1,080,965
1,251,213
[ Interest and dividends ]
[ 554,942 ]
[ 568,812 ]
[ Gains on money held in trust ]
[ 121 ]
[ - ]
[ Gains on sale of securities ]
[ 469,637 ]
[ 526,697 ]
[ Gains on investments in separate accounts ]
[ 37,812 ]
[ 119,987 ]
Other ordinary revenues
423,709
368,520
[ Reversal of reserves for outstanding claims ]
[ 13,585 ]
[ 14,110 ]
[ Transfer from policy reserves ]
[ 282,767 ]
[ 205,569 ]
ORDINARY EXPENSES
2,675,465
2,814,415
Benefits and claims
1,774,295
1,912,304
[ Claims ]
[ 480,838 ]
[ 469,393 ]
[ Annuities ]
[ 450,031 ]
[ 498,168 ]
[ Benefits ]
[ 364,787 ]
[ 380,561 ]
[ Surrender values ]
[ 416,495 ]
[ 437,036 ]
[ Other refunds ]
[ 60,823 ]
[ 98,550 ]
Provision for policy reserves and others
6,351
6,529
Provision for interest on policyholder dividends
6,351
6,529
Investment expenses
421,167
408,729
[ Interest expenses ]
[ 8,283 ]
[ 18,969 ]
[ Losses on money held in trust ]
[ - ]
[ 186 ]
[ Losses on sale of securities ]
[ 286,305 ]
[ 271,137 ]
[ Losses on valuation of securities ]
[ 4,330 ]
[ 1,840 ]
[ Derivative transaction losses ]
[ 33,815 ]
[ 39,585 ]
Operating expenses
296,981
304,745
Other ordinary expenses
176,669
182,107
ORDINARY PROFIT
402,744
488,819
EXTRAORDINARY GAINS
17,938
12,702
Gains on disposal of fixed assets
17,938
12,702
EXTRAORDINARY LOSSES
30,593
17,272
Losses on disposal of fixed assets
20,221
6,667
Impairment losses on fixed assets
1,371
1,604
Provision for reserve for price fluctuations
9,000
9,000
Provision for reserve for policyholder dividends
61,968
71,389
Income before income taxes
328,121
412,860
Corporate income taxes-current
81,619
111,671
Corporate income taxes-deferred
3,717
2,618
Total of corporate income taxes
85,337
114,289
Net income
242,784
298,570
Breakdown of Ordinary Profit (Fundamental Profit)
(millions of yen)
Nine months ended
December 31, 2024
Nine months ended
December 31, 2025
Fundamental revenues
2,632,960
2,782,848
Premium and other income
Investment income
[Interest and dividends] Other ordinary revenues
Other fundamental revenues (a)
1,573,536
1,683,501
611,239
701,727
554,942
568,812
448,107
394,712
77
2,907
Fundamental expenses
2,398,983
2,540,886
Benefits and claims
1,774,295
1,912,304
Provision for policy reserves and others
6,351
6,529
Investment expenses
74,516
95,450
Operating expenses
296,981
304,745
Other ordinary expenses
176,669
182,107
Other fundamental expenses (b)
70,169
39,749
Fundamental profit
A
233,976
241,962
Capital gains
539,928
589,223
Gains on money held in trust
121
-
Gains on investments in trading securities
-
-
Gains on sale of securities
469,637
526,697
Derivative transaction gains
-
-
Foreign exchange gains
-
22,776
Others (c)
70,169
39,749
Capital losses
346,063
315,657
Losses on money held in trust
-
186
Losses on investments in trading securities
-
-
Losses on sale of securities
286,305
271,137
Losses on valuation of securities
4,330
1,840
Derivative transaction losses
33,815
39,585
Foreign exchange losses
21,534
-
Others (d)
77
2,907
Net capital gains (losses)
B
193,865
515,527
Fundamental profit plus net capital gains (losses)
A + B
427,841
273,565
Other one-time gains
12,966
5,012
Reinsurance income
-
-
Reversal of contingency reserve
13,000
5,000
Reversal of specific reserve for possible loan losses
( 33 )
12
Others
-
-
Other one-time losses
38,063
31,720
Ceding reinsurance commissions
-
-
Provision for contingency reserve
-
-
Provision for specific reserve for possible loan losses
-
-
Provision for specific reserve for loans to refinancing countries
-
-
Write-down of loans
8
9
Others (Note)
38,055
31,710
Other one-time profits (losses)
C
(25,096)
(26,708)
Ordinary profit
A + B + C
402,744
488,819
Note: "Others" in "Other one-time losses" represents the sum of the amount of provision for reserve for possible investment losses (For the nine months ended December 31, 2024: 656 million yen, for the nine months ended December 31, 2025: 518 million yen) and the amount of the additional policy reserves provided (For the nine months ended December 31, 2024: 37,398 million yen, for the nine months ended December 31, 2025 : 31,192 million yen) in accordance with Article 69, Paragraph 5 of the Enforcement Regulations of the Insurance Business Act.
NOTES TO UNAUDITED QUARTERLY FINANCIAL STATEMENTS AS OF AND FOR THE NINE MONTHS ENDED DECEMBER 31, 2025
NOTES TO UNAUDITED QUARTERLY BALANCE SHEET AND SHAREHOLDERS' EQUITY, ETC. AS OF DECEMBER 31, 2025
Securities Lending
Securities lent under lending agreements are included in the balance sheet. The total balance of securities lent as of December 31, 2025 was ¥2,484,577 million.
Contingent Liabilities
Guarantee for debt obligations of a separate company were as follows:
(Unit: million yen)
Dai-ichi Life Holdings, Inc. ………………………………………………….. 250,228
Changes in Reserve for Policyholder Dividends
Changes in reserve for policyholder dividends were as follows:
(Unit: million yen)
Balance at the beginning of the fiscal year ……………….………………….
432,050
Dividend paid………………………………………………………………....
85,416
Interest accrual………………………………………………………………..
6,529
Provision for reserve for policyholder dividends …………………………….
71,389
Balance as of December 31, 2025 ……………………………………………
424,552
Dividends on Common Stock
Cash Dividends
Date of resolution June 18, 2025 (at the Annual General Meeting of Shareholders) Type of shares Common stock
Total dividends ¥237,052 million Dividends per share ¥39,508,800
Record date March 31, 2025
Effective date June 19, 2025 Dividend resource Retained earnings
Date of resolution November 13, 2025 (at the Board Meeting) Type of shares Common stock
Total dividends ¥49,999 million Dividends per share ¥8,333,300
Record date September 30, 2025
Effective date December 1, 2025 Dividend resource Retained earnings
Dividends in Kind
Date of resolution June 18, 2025 (at the Annual General Meeting of Shareholders) Type of shares Common stock
Type of the dividend property
Book value of the dividend property
Securities
¥15,357 million
Dividends per share ¥2,559,553
Record date March 31, 2025
Effective date June 26, 2025
Dividend resource Capital surplus
NOTES TO THE UNAUDITED STATEMENT OF EARNINGS FOR THE NINE MONTHS ENDED DECEMBER 31, 2025
Net Income per Share
Net income per share for the nine months ended December 31, 2025 was ¥49,761,810.26 Diluted net income per share for the same period is not presented because there were no existing diluted shares.
Depreciation
Depreciation of real estate for rent and others was ¥11,016 million and Depreciation was ¥31,967 million for the nine months ended December 31, 2025.
(Reference) Breakdown of other fundamental revenues, etc. (millions of yen)
Nine months ended
December 31, 2024
Nine months ended
December 31, 2025
Other fundamental revenues (a)
77
2,907
The effect of provision for (reversal of) policy reserve associated with
market value adjustments of fixed life insurance
-
-
The effect of change in the exchange rates related to foreign currency
denominated insurance contracts
77
2,907
Hedging costs related to foreign exchange
-
-
Gain (loss) on mutual funds cancelation
-
-
Foreign currency fluctuation part of gain (loss) on securities redemption
-
-
Other fundamental expenses (b)
70,169
39,749
The effect of provision for (reversal of) policy reserve associated with
market value adjustments of fixed life insurance
-
-
The effect of change in the exchange rates related to foreign currency
denominated insurance contracts
-
-
Hedging costs related to foreign exchange
32,527
18,975
Gain (loss) on mutual funds cancelation
28,933
18,845
Foreign currency fluctuation part of gain (loss) on securities redemption
8,709
1,928
Adjustment of reinsurance premiums for ceded reinsurance of whole life
insurance after payment expiration (ceded in prior years)
-
-
The impact on fundamental profit (a) - (b)
(70,092)
(36,841)
Other capital gains (c)
70,169
39,749
The effect of provision for (reversal of) policy reserve associated with
market value adjustments of fixed life insurance
-
-
The effect of change in the exchange rates related to foreign currency
denominated insurance contracts
-
-
Hedging costs related to foreign exchange
32,527
18,975
Gain (loss) on mutual funds cancelation
28,933
18,845
Foreign currency fluctuation part of gain (loss) on securities redemption
8,709
1,928
Other capital losses (d)
77
2,907
The effect of provision for (reversal of) policy reserve associated with
market value adjustments of fixed life insurance
-
-
The effect of change in the exchange rates related to foreign currency
denominated insurance contracts
77
2,907
Hedging costs related to foreign exchange
-
-
Gain (loss) on mutual funds cancelation
-
-
Foreign currency fluctuation part of gain (loss) on securities redemption
-
-
The impact on net capital gains (losses) (c) - (d)
70,092
36,841
Solvency Margin Ratio
(millions of yen)
As of March 31, 2025
As of December 31, 2025
Total solvency margin (A)
5,778,369
6,661,586
Common stock, etc. *1
324,848
564,599
Reserve for price fluctuations
288,453
297,453
Contingency reserve
557,893
552,893
General reserve for possible loan losses
2,191
1,194
(Net unrealized gains (losses) on securities (before tax)
and deferred hedge gains (losses) (before tax)) × 90% *2
2,242,882
2,729,088
Net unrealized gains (losses) on real estate × 85% *2
454,533
452,579
Policy reserves in excess of surrender values
2,173,184
2,190,099
Qualifying subordinated debt
967,380
786,380
Excluded portion of policy reserves in excess of surrender values
and qualifying subordinated debt
(975,521)
(748,237)
Excluded items
(317,118)
(317,278)
Others
59,641
152,812
Total risk （R + R ）2＋（R ＋R ＋R ）2＋R (B)
1 8 2 3 7 4
1,354,848
1,601,539
Insurance risk R1
47,566
45,698
3rd sector insurance risk R8
127,445
121,659
Assumed investment yield risk R2
137,162
131,585
*3
Guaranteed minimum benefit risk R7
2,798
2,770
Investment risk R3
1,173,510
1,423,712
Business risk R4
29,769
34,508
Solvency margin ratio
(A) × 100
(1/2) × (B)
852.9%
831.8%
*1: Expected disbursements from capital outside the Company and valuation and translation adjustments are excluded.
*2: Multiplied by 100% if losses.
*3: Calculated by standard method.
Note: The figures as of March 31, 2025 are calculated based on Articles 86, 87 of the Enforcement Regulations of Insurance Business Act, and Announcement No. 50, Ministry of Finance, 1996.
The figures as of December 31, 2025 are calculated by using the method which is deemed appropriate taking the regulations and announcement above into account.
-
Status of Separate Account
Separate Account Assets by Product
(millions of yen)
As of
March 31, 2025
As of
December 31, 2025
Individual variable insurance
65,501
73,753
Individual variable annuities
34,110
38,814
Group annuities
1,544,026
1,561,117
Separate account total
1,643,638
1,673,684
Sum Insured of Policies in Force of Individual Variable Insurance and Annuities (Separate Account)
Individual variable insurance
(millions of yen except number of policies)
As of March 31, 2025
As of December 31, 2025
Number of policies
Amount
Number of policies
Amount
Individual variable insurance (term life)
-
-
-
-
Individual variable insurance (whole life)
35,655
219,579
34,905
215,431
Total
35,655
219,579
34,905
215,431
Note: Sum insured of policies in force includes term life riders attached on individual variable insurance.
Individual variable annuities
(millions of yen except number of policies)
As of March 31, 2025
As of December 31, 2025
Number of policies
Amount
Number of policies
Amount
Individual variable annuities
2,466
12,408
1,780
13,135
Note: Sum insured of policies in force includes that of annuities for which payments have commenced.
- Consolidated Financial Summary
The Company has not prepared consolidated financial statements for the current fiscal year, as its subsidiaries and affiliates are small in scale and deemed immaterial to the Group's overall financial position, operating results, and cash flows.