Dai ichi Life : Summary of Financial Results for the Nine Months Ended December 31, 2025 PDF

February 13, 2026

Dai-ichi Life Holdings, Inc.

1. Sales Results (millions of yen except percentages)

   			Nine months ended / as of December 31, 2025			Nine months ended / as of December 31, 2024	Year ended / as of March 31, 2025
   				Increase (decrease) as % of December 31, 2024	Increase (decrease) as % of March 31, 2025
   Annualized net premium of new policies (sum of group companies)			430,837	+ 3.1%	-	417,723	546,431
   	DL		85,609	+ 11.3%	-	76,915	95,978
   		Medical and survival benefits	33,126	+ 12.8%	-	29,362	39,395
   	DFL		205,314	+ 17.2%	-	175,210	229,436
   	PLC		89,360	+ 8.1%	-	82,629	121,408
   	TAL		15,339	(68.0%)	-	47,955	50,231
   	DLVN		11,925	(24.3%)	-	15,748	22,225
   Annualized net premium of policies in force (sum of group companies)			5,281,749	+ 7.8%	+ 6.5%	4,898,716	4,959,310
   	DL		1,957,380	+ 0.3%	+ 0.6%	1,951,378	1,944,954
   		Medical and survival benefits	687,498	(0.6%)	(0.6%)	691,301	691,385
   	DFL		1,401,702	+ 12.2%	+ 13.6%	1,249,453	1,234,161
   	PLC		938,743	+ 20.1%	+ 6.5%	781,375	881,853
   	TAL		653,107	+ 9.3%	+ 14.7%	597,373	569,434
   	DLVN		115,052	(4.4%)	(10.7%)	120,405	128,858
   Premium and other income (consolidated basis)			5,091,365	(0.3%)	-	5,106,519	6,795,905
   	DL		1,683,501	+ 7.0%	-	1,573,536	2,138,358
   		Individual insurance and annuities	1,028,080	+ 3.2%	-	996,521	1,340,928
   		Group insurance and annuities	599,261	+ 16.2%	-	515,505	717,270
   	DFL		2,313,298	(2.7%)	-	2,377,264	2,999,213
   	PLC		562,312	(10.2%)	-	625,895	957,868
   	TAL		616,673	+ 6.4%	-	579,665	723,901
   	DLVN		77,838	(6.4%)	-	83,159	122,469
   Sum insured of policies in force (sum of group domestic life insurance companies)			96,134,917	+ 0.4%	+ 1.3%	95,716,629	94,933,902
   	DL		76,826,822	(2.5%)	(1.6%)	78,813,648	78,090,577
   Surrender and lapse based on annualized net premium (DL)			51,511	+ 1.8%	-	50,589	67,763

   Note: 1. "group companies" represents The Dai-ichi Life Insurance Company, Limited ("DL"), The Dai-ichi Frontier Life Insurance Co., Ltd. ("DFL"), The Neo First Life Insurance Company, Limited ("NFL"), ipet Holdings, Inc.("ipet"), Protective Life Corporation ("PLC"), TAL Dai-ichi Life Australia Pty Ltd ("TAL"), Partners Group Holdings Limited ("PNZ"), Dai-ichi Life Insurance Company of Vietnam, Limited ("DLVN"), Dai-ichi Life Insurance (Cambodia) PLC. ("DLKH") and Dai-ichi Life Insurance Myanmar Ltd. ("DLMM"). "group domestic insurance companies" represents DL, DFL and NFL.

2. For PLC, DLVN, DLKH and DLMM the fiscal year is from January to December and consoildated with 3 months lag to group's results from April to March.

3. Figures of Annualized net premium of new policies and Annualized net premium of policies in force include ipet and PLC's non-life insurance premium and TAL, PNZ and DLMM's group insurance premium.

4. "Individual insurance and annuities" and "Group insurance and annuities" as a breakdown of "Premium and other income" do not include reinsurance premium.

5. Figures of "Sum insured of policies in force" and "Surrender and lapse based on annualized net premium" represent those for sums of individual insurance and annuities.

6. The amounts of "Surrender and lapse" are not offset by the amounts of lapses which are reinstated. The table above excludes cases where the sum insured is decreased.

1. Assets (Consolidated Basis)

   	As of December 31, 2025		As of March 31, 2025
   		Increase (decrease) as % of March 31, 2025
   Total assets (billions of yen)	72,384.6	+ 4.0%	69,592.9
   Adjusted net assets (billions of yen)	4,949.0	(9.5%)	5,470.3
   Solvency margin ratio	672.1%	+ 28.7 pts	643.4%

   Note: Adjusted net assets and solvency margin ratio as of December 31, 2025 are calculated by using method which is deemed appropriate taking the regulations and announcements into account.

2. Fundamental Profit (millions of yen except percentages)

   			Nine months ended December 31, 2025		Nine months ended December 31, 2024	Year ended March 31, 2025
   				Increase (decrease) as % of December 31, 2024
   Group fundamental profit			455,593	+ 5.0%	433,827	638,844
   	Group domestic insurance companies		289,297	(4.3%)	302,211	444,704
   		DL	241,962	+ 3.4%	233,976	360,279
   		DFL	51,416	(27.7%)	71,117	88,135
   		NFL	(5,021)	+ 43.9%	(3,489)	(5,296)
   	Group overseas insurance companies		151,379	+ 32.0%	114,665	161,686
   		PLC	81,386	+ 92.2%	42,336	73,410
   		TAL	51,887	+ 2.1%	50,800	62,250
   		DLVN	10,018	(18.9%)	12,355	16,440
   	Other group companies (asset management business etc.)		14,916	(12.0%)	16,950	32,454

   Note: "Group fundamental profit" represents the figure of DL, DFL and NFL's fundamental profit plus PLC's adjusted operating income before tax plus TAL and PNZ's underlying profit before tax plus ipet, DLVN, DLKH and DLMM's net income before tax, plus equity in net income of affiliated companies before tax (after partial elimination of intra-group transactions).

3. Policy Reserves and Other Reserves

   (Sum of group domestic insurance companies) (millions of yen)

   		As of December 31, 2025		As of March 31, 2025
   			Increase (decrease) compared to March 31, 2025
   Policy reserve (excluding contingency reserve)		36,266,012	+ 448,982	35,817,029
   	General account (excluding contingency reserve)	34,480,003	+ 492,016	33,987,987
   	Separate account (excluding contingency reserve)	1,786,008	(43,033)	1,829,042
   Reserve for price fluctuations		355,967	+ 13,802	342,164
   Contingency reserve		691,426	+ 11,511	679,914
   Fund for risk allowance		0	-	0
   Fund for price fluctuation allowance		0	-	0

   Note: 1. Fund for risk allowance and fund for price fluctuation allowance represent those after the dispositions of net surplus.

   2. "group domestic life insurance companies" represents DL, DFL, and NFL

4. Unrealized Gains/Losses (DL) (millions of yen)

   		As of December 31, 2025		As of March 31, 2025
   			Increase (decrease) compared to March 31, 2025
   Securities		(160,999)	(711,963)	550,964
   	Domestic stocks	2,604,702	+ 364,501	2,240,201
   	Domestic bonds	(3,414,955)	(1,369,771)	(2,045,183)
   	Foreign securities	530,408	+ 227,327	303,080
   Real estate		634,171	(1,536)	635,707
   Total unrealized gains (losses)		204,928	(816,807)	1,021,736

   Note: 1. Unrealized gains on real estate shown above represent pre-revaluation value of real estate, including land leasing rights, located in Japan.

   1. DL's actual results are shown.

5. Level of Indices where Unrealized Gains/Losses on Assets are Break-even (DL)

   	As of December 31, 2025
   Nikkei 225	Approx. ¥13,100
   TOPIX	Approx. 890 pts
   Domestic bonds	Approx. 0.4 %
   Foreign securities	Approx. 132 yen per USD

   Note: 1. For domestic stocks, calculated based on valuation method of stocks, fully linked with Nikkei 225 and TOPIX.

   1. For domestic bonds, rounded to one decimal place, calculated based on newly-issued 10-year government bond yields.

   2. For foreign securities, calculated based on dollar-yen rate (assuming all are in dollars).

   3. DL's actual results are shown.

6. Bancassurance Sales (Sum of DL and DFL)

Note: Bancassurance sales include sales through banks, securities companies, trust banks, credit unions.

Note: Bancassurance sales include sales through banks, securities companies, trust banks, credit unions.

Note: Bancassurance sales include sales through banks, securities companies, trust banks, credit unions.