8750 Status update Presentation

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Special IR Meeting with Outside Directors October 15, 2025 Dai-ichi Life Holdings, Inc.

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Copyright © 2025 Dai-ichi Life Holdings, Inc. Agenda 2 Time Theme 13:00 ～ 13:05 Medium- to Long-term Strategy Executive Officer Akifumi Kai 13:05 ～ 13:30 Panel Discussion Outside Director Ichiro Ishii Outside Director (Audit and Supervisory Committee Member) Satoshi Nagase Executive Officer, Group CFO Taisuke Nishimura Executive Officer Akifumi Kai 13:30 ～ 13:55 Q & A Session 13:55 ～ 14:00 CFO Update Executive Officer, Group CFO Taisuke Nishimura 14:00 ～ 14:20 Q & A Session

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Copyright © 2025 Dai-ichi Life Holdings, Inc. Vision for FY2026 4 (Re-shown) Medium- to Long-Term Vision Vision for FY2030 Global top-tier insurance group Leader shaping the future of the Japanese insurance industry Achieving capital efficiency that consistently exceeds the cost of capital Building a foundation for transformation into an insurance and related services provider Group adjusted profit of ¥450.0bn (updated) Doubling market capitalization (¥3tn) as of the beginning of FY2023

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Copyright © 2025 Dai-ichi Life Holdings, Inc. (Re-shown) Expansion of Group Adjusted Profit and Improvement of Capital Efficiency Adj. ROE ～FY2030 ～FY2026 FY2024 ca.10％ ⇒ over 12% 10.7% Cost of Capital ca.9％ 8% Maintain a stable rate of 8% or less ca.10％ ⇒ over 14% 5 ▶ The increase in Group adj. profit pushed the adjusted ROE above the 10 % target. Meanwhile, the rise in domestic interest rat es offset the benefits of our risk-reduction efforts, causing the cost of capital to level off. We will therefore continue to reduce risk, mainly by selling e quities. ▶ Recognizing the gap between our current position and global top -tier competitors, we intend to secure capital-efficiency targets at an earlier stage. Accordingly, we decided to raise the 2026 targets for both Group adj. profit and adj. ROE, and we will consider to lift the p rofit target for FY2030. Adj. profit ¥319.4bn Overseas Non-insurance Adj. profit ¥450.0bn (original MTP) ¥400.0bn Adj. profit Upward revision (original MTP) ¥600.0bn Non-insurance Non-insurance Overseas DomesticDomestic ¥439.5bn Overseas Domestic Relationship b/w capital efficiency and PBR Capital efficiency （ROE） PBR (1) Measured based on the Bloomberg consensus as of the end of March 2025 (1) DLHD (Mar 2025) B A E D C G M H K J L F I 0.0 0.5 1.0 1.5 2.0 2.5 0% 3% 6% 9% 12% 15% 18% 21%

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Copyright © 2025 Dai-ichi Life Holdings, Inc.*1 Includes the Company’s amortization and related costs *2 We hold an option to acquire a 51% majority stake (unexercised as of September 30, 2025) 6 (Re-shown) Build an Investment Pipeline to Drive Further Profit Growth and Improve Capital Efficiency ▶ Achieving both speed of revenue contribution and business growth through carefully selected growth investments in insurance with expertise and surrounding areas ▶ Aiming for a well-diversified and highly efficient business portfolio across risks and regions, and pursuing disciplined capitalallocation Domestic Business Overseas Business Non- Insurance (Asset Management) Non- Insurance (New Business) ~ 2024 2025 2026 2027 ~ ○ Additional investment in Capula ○ Collaboration with Marubeni in the real estate business ○ Acquisition of Shelter Point (by Protective) ○ Investment in to become a subsidiary*2 ○Benefit One became subsidiary ○ Investment in ○ Investment in Challenger (TAL) ○ Investment in M&G ■Projects leveraging Benefit One (as core platform to strengthen customer touchpoints and expand functions) ○■ Efficiency enhancement initiatives at Dai-ichi Life (including reinsurance of capital-intensive blocks) ■AM with capital-light and high cash generation ■Projects in the insurance domain (considered in light of profit contribution timing, region, and strategic significance) FY 2026 targetFY 2024 results Total: ¥439.5bn ¥160.0bn~ (ca. 40%) ¥25.0bn of which Asset Management business: ¥20.0bn (5%) ¥10.0bn of which Asset Management business: ¥6.0bn (2%) ¥265.0bn*1 (just under 60%) ¥115.0bn (ca. 25%) ¥315.0bn*1 (more than 70%) ■U.S. acquisition business utilizing Protective 〇 Approved projects ■ Investment pipelines Total: ¥450.0bn

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Copyright © 2025 Dai-ichi Life Holdings, Inc. Self Introduction 8 • Representative Director, troisH Co., Ltd. • Outside Director, NS Solutions Corporation Other major occupations Outside Director Chairperson of the Remuneration Advisory CommitteeIchiro Ishii Apr. 1978 Joined Tokio Marine & Fire Insurance Co., Ltd. Jun. 2010 Executive Officer and Deputy General Manager of International Business Development Dept., Tokio Marine Holdings, Inc. Jun. 2011 Executive Officer and General Manager of International Business Development Dept. Jun. 2013 Managing Executive Officer Apr. 2015 Senior Managing Executive Officer Jun. 2015 Senior Managing Director Apr. 2017 Vice President Director Oct. 2018 Executive Adviser Jul. 2021 Representative Director, troisH Co., Ltd. (to present) Jun. 2024 Outside Director, Dai-ichi Life Holdings, Inc. (to present)

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Copyright © 2025 Dai-ichi Life Holdings, Inc. 9 Audit & Supervisory Committee Member Satoshi Nagase Outside Director Self Introduction Apr. 1979 Joined Suntory Limited Aug. 1985 Joined Morgan Bank Feb. 1995 Managing Director, Head of Fixed Income Division, JPMorgan Securities Japan Co., Ltd. Apr. 1999 General Manager of Tokyo Branch and Head of Equity Derivatives Division May. 2000 Japan Representative (General Manager of Tokyo Branch) and Head of Equity Division Jun. 2016 Director, Managing Executive Officer and CFO, Dexerials Corporation Jun. 2021 Outside Director The Dai-ichi Frontier Life Insurance Co., Ltd. Jun. 2024 Outside Director (Audit and Supervisory Committee Member), Dai-ichi Life Holdings, Inc. (to present)

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Copyright © 2025 Dai-ichi Life Holdings, Inc. Name Title (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) Corporate Management Global Insurance Business Finance/ Asset Management Capital Policy /Financial Accounting Legal Affairs /Compliance Risk Management IT/ Digital/ DX M&A/New Fields of Business Sustainability Human Capital Management Seiji Inagaki Director, Chair of the Board Tetsuya Kikuta Representative Director, President, Group CEO Hitoshi Yamaguchi Representative Director, Senior Managing Executive Officer Group Head, International Life Insurance Business Takako Kitahori Director, Managing Executive Officer Group CCXO (Japan) Toshiaki Sumino Director Hidehiko Sogano Director Yuriko Inoue Outside Director Yasushi Shingai Outside Director Bruce Miller Outside Director Ichiro Ishii Outside Director Takahiro Shibagaki Director (Audit & Supervisory Committee Member (Full-Time)) Kenji Yamakoshi Director (Audit & Supervisory Committee Member (Full-Time)) Rieko Sato Outside Director (Audit & Supervisory Committee Member) Satoshi Nagase Outside Director (Audit & Supervisory Committee Member) Ayako Makino Outside Director (Audit & Supervisory Committee Member) 10 Note: The relevant item is checked if a director has expertise and experience or has a background as a business manager in th e respective field. (Reference) Knowledge and Experience of the Company’s Directors (Director Skill Matrix) ▶ In order to fulfill the supervisory function as a holding company and appropriately implement the Mid-Term Management Plan, we have defined the following knowledge and experience required for Directors. (1) ~ (7): Knowledge and experience required for Directors of an insurance holding company based on the characteristics of the life insurance business (8) ~ (11): Knowledge and experience regarding important future business strategies and management issues based on the Medium-Term Management Plan

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Copyright © 2025 Dai-ichi Life Holdings, Inc. Nominations Advisory Committee Remuneration Advisory Committee Outside Director Yasushi Shingai (Chairperson) Outside Director Yuriko Inoue Outside Director Ichiro Ishii Outside Director (Office of the Audit & Supervisory Committee Member) Rieko Sato Director, Chair of the Board Seiji Inagaki Representative Director, President Tetsuya Kikuta Outside Director Ichiro Ishii (Chairperson) Outside Director Bruce Miller Outside Director (Office of the Audit & Supervisory Committee Member) Satoshi Nagase Outside Director (Office of the Audit & Supervisory Committee Member) Ayako Makino Director, Chair of the Board Seiji Inagaki Representative Director, President Tetsuya Kikuta Corporate Governance Structure Strengthening Governance Chairpersons of Audit & Supervisory Committee, Nominations Advisory Committee, and Remuneration Advisory Committee are outside directors Board of Directors Nominations Advisory Committee 11 Voluntary advisory committeesAudit & Supervisory Committee Remuneration Advisory Committee

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Copyright © 2025 Dai-ichi Life Holdings, Inc. 14 Initiatives to Improve Capital Efficiency Several M&A transactions (Challenger, Capula, and M&G) were executed and announced in 2025. What discussions took place at the Board of Directors? Furthermore, in the decision-making process for M&A transactions, what governance aspects are prioritized, and are there any areas that need improvement? What are your thoughts on the recent series of minority investment deals? Q.

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Copyright © 2025 Dai-ichi Life Holdings, Inc. 15 Initiatives to Improve Capital Efficiency How is the Board of Directors monitoring existing businesses? Also, please explain if there are any risks in the current environment that we should be aware of. Q.

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Copyright © 2025 Dai-ichi Life Holdings, Inc. 0.0% 0.5% 1.0% 1.5% 2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 2019/03 2020/03 2021/03 2022/03 2023/03 2024/03 2025/03 (Trillion yen) Policy Reserve Balance Single-Premium Savings-Type Insurance 3.11 Applicable products include single-premium whole life insurance. Although these products are relatively more prone to surrenders compared with other types, the outstanding balance is limited and the impact remains minor. Level-Premium Savings-Type Insurance 1.32 Applicable products include endowment and whole life insurance. These products have a protection component, and surrenders tend to occur less frequently in response to rising interest rates. Level-Premium Individual Annuities 2.88 Does not include protection features; a new surrender charge period will apply upon re-entry. A protection review (3) may occur. Individual insurance and annuity segment(4) 21.5 Surrender risk of savings-type insurance products Trends in Market Interest Rates and Surrender Rates for Savings-Type Products (1) Status of Bonds Held in the Single-Premium Savings-Type Product Segment (4) Status of Policy Reserves by Type of Savings-Type Products in the Low Assumed Interest Rate Block (2) (Billion Yen) Book Value Unrealized Gains (Losses) Market Value Decline Rate Securities Portfolio 25,301.0 288.5 - Domestic Bonds 18,198.2 (2,462.2) (14)％ Including Bonds Backing Policy Reserves 15,960.6 (2,442.3) (15)％ Including Single-Premium Whole Life Segment (5) 1,184.9 (94.4) (8）％ • The price decline in the single-premium whole life segment, which has a shorter duration, has been limited. • In addition, hedging using interest rate swaptions has already been implemented within this segment. ▶ Despite the recent rise in domestic and overseas interest rates, DL has not observed any significant change in its actual surrender rates, showing virtually no increase. In addition, for products sold through the sales representative channel, the increase in surrender rates has remained limitedeven in a rising interest rate environment, supported by factors such as consulting services tailored to customers’ lifestyles and purposes of enrollment, as well as the product features that combine both protection and savings functions. ▶ At DL, savings-type products account for approximately 20% of total in-force policies, a relatively small proportion. In addition, within the single-premium whole life insurance segment, the decline in the value of held bonds has been limited compared with other segments. As a result, the surrender risk in the savings-type product category is being appropriately controlled and remains at a manageable level. 10Y Interest Rate （JPY: Left Axis） 10Y Interest Rate （USD: Left Axis） Single - Premium Savings - Type Insurance – Surrender Rate (Right Axis) Other Products Surrender Rate (Right Axis) Shift from DL single-premium savings-type products to DFL foreign currency–denominated products. Peak surrender amount: approximately ¥70.0bn (FY2023Q3) Surrender Peaks During Periods of Rising Overseas Interest Rates (1) Based on ANP. Quarterly results plotted at the midpoint of each quarter.(2) Policies issued following the major reduction of the assumed interest rate in the 2000s (assumed rate below 2.75%). (3) Transfer of policy reserves to a new contract (conversion), etc. (4) Including blocks other than the low interest rate block (5) As of the end of June 2025. (6) Balances since the start of segment accounting 2011. Assets acquired prior to the start of segment accounting are managed in other funds (with a similar duration). 18

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Copyright © 2025 Dai-ichi Life Holdings, Inc. 21 ▶ Remuneration for executive officers (excluding outside directors) consists of basic remuneration, single-year performance-linked remuneration (company performance-linked and individual performance-linked remuneration), and stock remuneration (restricted stock remuneration and performance-linked stock remuneration) to provide an incentive to work toward sustainable growth. Remuneration structure Directors (excluding directors serving as Audit & Supervisory Committee members) Directors (Audit & Supervisory Committee members) Remarks Internal Outside Base amount 〇〇〇 Remuneration according to duties and responsibilities Single-year performance-linked amount 〇 ─ ─ Linked to the single-year level of achievement of performance indicators Restricted stock amount 〇 ─ ─ Set for the purpose of achieving management objectives in the medium to long term and sharing interests with shareholders Performance-linked stock-based amount 〇 ─ ─ Linked to the level of achievement of the indicators selected in light of the management objectives as an incentive for enhancing corporate value Performance Evaluation Indicators Diagram of the remuneration for executive officers, etc. Main KPIs for single-year performance-linked remuneration Category KPI Accounting profit Group adjusted Profit Future profit (economic value) Group value of new business Accounting profit Group adjusted ROE Economic value Equity and interest rate risk/EV Soundness (economic value) Economic solvency ratio (ESR) Category KPI Market valuation Relative TSR Capital efficiency Group adjusted ROE Capital efficiency (economic value) Group ROEV Sustainability indicators Sustainability indicator comprising multiple indicators including CO2 emissions Main KPIs for Performance-linked stock remuneration *Except for Directors who are not in charge of the administrative and operational functions of a business such as Chair of the Board * 21 President Directors and executive officers other than the president (Reference) Directors and executive officers of subsidiaries (insurance sales dept.) 30 30 30 30 75 20 20 20 20 44 0 50 100 150 Minimum Baseline Maximum Base amount Single-year performance-linked amount Restricted stock amoun Performance-linked stock-based amount 50 50 50 25 51 10 10 10 15 33 0 50 100 150 Minimum Baseline Maximum +69％ (50％) +44％ (40％) 50 50 50 35 103 5 5 5 10 22 0 50 100 150 Minimum Baseline Maximum +80％ (45％) Note: The value will be at 100 when the performance evaluation indicators are at the standard level. * Remuneration Structure

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Copyright © 2025 Dai-ichi Life Holdings, Inc. FY2024: 17 meetings ■ Core deliberation topics ・Implementation status of a medium-term management plan ・Status of development and operation of internal control systems (internal audits, risk management, compliance, etc.) ・Details of deliberation at the Nominations / Remuneration Advisory Committees ・System to manage seconded employees and information in the Group ・Structure regarding customer-oriented business operations ・Verification of validity concerning acquisitions and investment projects Board of Directors Audit & Supervisory Committee Nominations Advisory Committee Remuneration Advisory Committee FY2024: 28 meetings ■ Core deliberation topics ・Group governance initiatives as well as the adequacy and effectiveness of business management and internal control systems ・Implementation status of medium-term management plan as well as the adequacy and effectiveness of countermeasures against key management issues ・Formation of opinions with regard to the appointment and remuneration of directors, etc. ・Internal audit matters in cooperation with internal audit and internal control functions ・Accounting audit matters in cooperation with the independent auditor FY2024: 7 meetings ■ Core deliberation topics ・Candidates for directors (Proposal) ・Succession planning for directors and others FY2024: 12 meetings ■ Core deliberation topics ・Matters relating to the evaluation of individual officers and the amount of their remuneration ・Allotment of restricted stocks ・Matters concerning the operation of the remuneration system for directors and executive officers ▶ A well-balanced Board of Directors consisting of internal directors with expertise in the insurance business and outside directors with a variety of experience and knowledge ▶ Audit & Supervisory Committee system is adopted to further strengthen supervisory function, and supervise subsidiaries which are becoming diverse and complex ▶ Voluntary advisory committees are established (nominations and remuneration) with a majority of outside directors to ensure management transparency and objectivity [Governance] Organizational Structure of Board of Directors Chairperson: Director and Chair of the Board (Non-executive director) Chairperson: Independent Outside Director Chairperson: Independent Outside Director Chairperson: Independent Outside Director 独立社外取締役 7名／15名 46.6％独立社外取締役 3名／5名 60.0％ Female Directors:3 Director of Foreign Nationality:1 Independent outside directors 7/15 46.6% Independent outside directors 3/5 60.0% 社外委員 4名／6名 66.6％社外委員 4名／6名 66.6％ Outside Committee Members 4/6 66.6% Outside Committee Members 4/6 66.6% 22

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Copyright © 2025 Dai-ichi Life Holdings, Inc. 23 Issues Improvement measures (1) Enhance the group governance structure Further clarify responsibilities, authority and division of roles among Group Heads, Group CxOs, and top management of operating companies Regularly monitor the status of Group-wide command and control by Group CxOs (2) Enhance the Group’s strategy discussions Review the number and prioritization of agenda items for the Medium- to Long-Term Strategy Discussion Meetings, with a focus on time efficiency, particularly as these meetings tend to face time constraints ▶ To further strengthen corporate governance, we have been conducting an annual self-assessment regarding the effectiveness of theBoard of Directors since FY2014 to ensure the validity of decision-making by the Board of Directors ▶ In FY2024, a third-party organization conducted a questionnaire and individual interviews with all Directors. The validity of our Board of Directors was assessed to be relatively more effective than those of other companies Examples of specific improvement initiatives for FY2024 FY2025 Issues Improvement measures (1) Enhance the group governance structure Strengthen reporting from Group Heads and CxOs Strengthen reporting on business strategies from overseas and non-insurance operating companies (2) Enhance the Group’s strategy discussions Discuss the Group’s resource allocation and the medium- to long-term business portfolio using offsite meetings (3) Further enhance the functions of the Board of Directors secretariat Improve the feedback from the Office of the Board of Directors to each department for setting appropriate agendas and stabilizing the quality of explanatory materials Improve the model of summary materials used for explanations to clarify the issues of a proposal Provide materials to directors earlier to allow time for them to understand the content of the agenda in advance to enhance discussions FY2024 (3) Further enhance the functions of the Board of Directors secretariat ■ The Board of Directors secretariat acted as a hub to gather necessary information and provide input to the Chair of the Board, thereby ensuring appropriate agenda-setting. After each Board meeting, feedback from the Chairperson of the Board of Directors and the Group CEO was received to continue the PDCA cycle. ■ The Board of Directors secretariat improved the templates for explanatory materials provided to each department by clarifying the required items and key points to consider in preparing materials, and required each department to prepare materials in line with the templates. ■ Explanatory materials were, in principle, distributed four business days prior to Board meetings to allow Directors sufficient time to review agenda items in advance and ensure more substantive discussions. (1) Enhance the group governance structure ■ The Board of Directors discussed further strengthening the operation of reporting lines between business owners, CxOs, and operating companies (and regional headquarters regarding overseas operating companies). ■ From the perspective of monitoring the penetration of the three-axis framework (business owners, CxOs, and operating companies), opportunities were provided for all business owners and CxOs to present at Board meetings and Medium- to Long-Term Strategy Discussion Meetings*, and discussions were held on their visions for each field, the strategies to realize them, and future challenges. With respect to operating companies, discussions were also held with the president of Benefit One, which newly joined our Group, on medium- to long-term business strategy, and with the CEOs of major overseas operating companies on business strategies and investment projects. * The Medium- to Long-Term Strategy Discussion Meeting serves as a forum for Directors to engage in strategic discussions on the Group’s medium- to long-term issues, exchange opinions on strategic directions, and provide foundational information for discussing i mportant matters. (2) Enhance the Group’s strategy discussions ■ Utilizing the Medium- to Long-Term Strategy Discussion Meetings, discussions were held multiple times to review the income and expenditure structures and unit costs of major domestic operating companies. ■ A board retreat was held to deepen discussions on optimizing the future business portfolio. Intensive discussions were conducted on the desired direction of the Group’s business portfolio and financial strategy, etc., taking into account macroeconomic conditions and the situations of other companies positioned as global top tier. (4) Other initiatives to enhance the effectiveness of the Board of Directors ■ At the Medium- to Long-Term Strategy Discussion Meetings and other forums, external experts were invited to provide objective and specialized analysis and evaluation on themes such as “Market evaluation of our Group” and “Strategic directions for enhancing corporate value,” followed by exchanges of views. ■ Outside Directors visited an overseas business site (Dai-ichi Life Vietnam), where they engaged in dialogue with the local President and key business partners Initiatives for Improving the Effectiveness of the Board of Directors

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Copyright © 2025 Dai-ichi Life Holdings, Inc. 25 Disclaimer The information in this presentation is subject to change without prior notice. Neither this presentation nor any of its contents may be disclosed or used by any other party for any other purpose without the prior written consent of Dai-ichi Life Holdings, Inc. (the “Company”). Statements contained herein that relate to the future operating performance of the Company are forward-looking statements. Forward-looking statements may include – but are not limited to – words such as “believe,” “anticipate,” “plan,” “strategy,” “expect,” “forecast,” “predict,” “possibility” and similar words that describe future operating activities, business performance, events or conditions. Forward-looking statements are based on judgments made by the Company’s management based on information that is currently available to it and are subject to significant assumptions. As such, these forward-looking statements are subject to various risks and uncertainties and actual business results may vary substantially from the forecasts expressed or implied in forward-looking statements. Consequently, you are cautioned not to place undue reliance on forward-looking statements. The Company disclaims any obligation to revise forward-looking statements in light of new information, future events or other findings. Investor Contact Dai-ichi Life Holdings, Inc. Investor Relations Group Corporate Planning Unit Group Company Name Abbreviation HD Dai-ichi Life Holdings DL Dai-ichi Life PLC [USA] Protective Life Corporation TAL [Australia] TAL Dai-ichi Life Australia

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Special IR Meeting with Outside Directors October 15, 2025 Dai-ichi Life Holdings, Inc.

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Copyright © 2025 Dai-ichi Life Holdings, Inc. Agenda 1 Time Theme 13:00 ～ 13:05 Medium- to Long-term Strategy Executive Officer Akifumi Kai 13:05 ～ 13:30 Panel Discussion Outside Director Ichiro Ishii Outside Director (Audit and Supervisory Committee Member) Satoshi Nagase Executive Officer, Group CFO Taisuke Nishimura Executive Officer Akifumi Kai 13:30 ～ 13:55 Q & A Session 13:55 ～ 14:00 CFO Update Executive Officer, Group CFO Taisuke Nishimura 14:00 ～ 14:20 Q & A Session

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Copyright © 2025 Dai-ichi Life Holdings, Inc. Vision for FY2026 3 (Re-shown) Medium- to Long-Term Vision Vision for FY2030 Global top-tier insurance group Leader shaping the future of the Japanese insurance industry Achieving capital efficiency that consistently exceeds the cost of capital Building a foundation for transformation into an insurance and related services provider Group adjusted profit of ¥450.0bn (updated) Doubling market capitalization (¥3tn) as of the beginning of FY2023

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Copyright © 2025 Dai-ichi Life Holdings, Inc. (Re-shown) Expansion of Group Adjusted Profit and Improvement of Capital Efficiency Adj. ROE ～FY2030 ～FY2026 FY2024 ca.10％ ⇒ over 12% 10.7% Cost of Capital ca.9％ 8% Maintain a stable rate of 8% or less ca.10％ ⇒ over 14% 4 ▶ The increase in Group adj. profit pushed the adjusted ROE above the 10 % target. Meanwhile, the rise in domestic interest rat es offset the benefits of our risk-reduction efforts, causing the cost of capital to level off. We will therefore continue to reduce risk, mainly by selling e quities. ▶ Recognizing the gap between our current position and global top -tier competitors, we intend to secure capital-efficiency targets at an earlier stage. Accordingly, we decided to raise the 2026 targets for both Group adj. profit and adj. ROE, and we will consider to lift the p rofit target for FY2030. Adj. profit ¥319.4bn Overseas Non-insurance Adj. profit ¥450.0bn (original MTP) ¥400.0bn Adj. profit Upward revision (original MTP) ¥600.0bn Non-insurance Non-insurance Overseas DomesticDomestic ¥439.5bn Overseas Domestic Relationship b/w capital efficiency and PBR Capital efficiency （ROE） PBR (1) Measured based on the Bloomberg consensus as of the end of March 2025 (1) DLHD (Mar 2025) B A E D C G M H K J L F I 0.0 0.5 1.0 1.5 2.0 2.5 0% 3% 6% 9% 12% 15% 18% 21%

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Copyright © 2025 Dai-ichi Life Holdings, Inc.*1 Includes the Company’s amortization and related costs *2 We hold an option to acquire a 51% majority stake (unexercised as of September 30, 2025) 5 (Re-shown) Build an Investment Pipeline to Drive Further Profit Growth and Improve Capital Efficiency ▶ Achieving both speed of revenue contribution and business growth through carefully selected growth investments in insurance with expertise and surrounding areas ▶ Aiming for a well-diversified and highly efficient business portfolio across risks and regions, and pursuing disciplined capitalallocation Domestic Business Overseas Business Non- Insurance (Asset Management) Non- Insurance (New Business) ~ 2024 2025 2026 2027 ~ ○ Additional investment in Capula ○ Collaboration with Marubeni in the real estate business ○ Acquisition of Shelter Point (by Protective) ○ Investment in to become a subsidiary*2 ○Benefit One became subsidiary ○ Investment in ○ Investment in Challenger (TAL) ○ Investment in M&G ■Projects leveraging Benefit One (as core platform to strengthen customer touchpoints and expand functions) ○■ Efficiency enhancement initiatives at Dai-ichi Life (including reinsurance of capital-intensive blocks) ■AM with capital-light and high cash generation ■Projects in the insurance domain (considered in light of profit contribution timing, region, and strategic significance) FY 2026 targetFY 2024 results Total: ¥439.5bn ¥160.0bn~ (ca. 40%) ¥25.0bn of which Asset Management business: ¥20.0bn (5%) ¥10.0bn of which Asset Management business: ¥6.0bn (2%) ¥265.0bn*1 (just under 60%) ¥115.0bn (ca. 25%) ¥315.0bn*1 (more than 70%) ■U.S. acquisition business utilizing Protective 〇 Approved projects ■ Investment pipelines Total: ¥450.0bn

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Copyright © 2025 Dai-ichi Life Holdings, Inc. Self Introduction 7 • Representative Director, troisH Co., Ltd. • Outside Director, NS Solutions Corporation Other major occupations Outside Director Chairperson of the Remuneration Advisory CommitteeIchiro Ishii Apr. 1978 Joined Tokio Marine & Fire Insurance Co., Ltd. Jun. 2010 Executive Officer and Deputy General Manager of International Business Development Dept., Tokio Marine Holdings, Inc. Jun. 2011 Executive Officer and General Manager of International Business Development Dept. Jun. 2013 Managing Executive Officer Apr. 2015 Senior Managing Executive Officer Jun. 2015 Senior Managing Director Apr. 2017 Vice President Director Oct. 2018 Executive Adviser Jul. 2021 Representative Director, troisH Co., Ltd. (to present) Jun. 2024 Outside Director, Dai-ichi Life Holdings, Inc. (to present)

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Copyright © 2025 Dai-ichi Life Holdings, Inc. 8 Audit & Supervisory Committee Member Satoshi Nagase Outside Director Self Introduction Apr. 1979 Joined Suntory Limited Aug. 1985 Joined Morgan Bank Feb. 1995 Managing Director, Head of Fixed Income Division, JPMorgan Securities Japan Co., Ltd. Apr. 1999 General Manager of Tokyo Branch and Head of Equity Derivatives Division May. 2000 Japan Representative (General Manager of Tokyo Branch) and Head of Equity Division Jun. 2016 Director, Managing Executive Officer and CFO, Dexerials Corporation Jun. 2021 Outside Director The Dai-ichi Frontier Life Insurance Co., Ltd. Jun. 2024 Outside Director (Audit and Supervisory Committee Member), Dai-ichi Life Holdings, Inc. (to present)

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Copyright © 2025 Dai-ichi Life Holdings, Inc. Name Title (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) Corporate Management Global Insurance Business Finance/ Asset Management Capital Policy /Financial Accounting Legal Affairs /Compliance Risk Management IT/ Digital/ DX M&A/New Fields of Business Sustainability Human Capital Management Seiji Inagaki Director, Chair of the Board Tetsuya Kikuta Representative Director, President, Group CEO Hitoshi Yamaguchi Representative Director, Senior Managing Executive Officer Group Head, International Life Insurance Business Takako Kitahori Director, Managing Executive Officer Group CCXO (Japan) Toshiaki Sumino Director Hidehiko Sogano Director Yuriko Inoue Outside Director Yasushi Shingai Outside Director Bruce Miller Outside Director Ichiro Ishii Outside Director Takahiro Shibagaki Director (Audit & Supervisory Committee Member (Full-Time)) Kenji Yamakoshi Director (Audit & Supervisory Committee Member (Full-Time)) Rieko Sato Outside Director (Audit & Supervisory Committee Member) Satoshi Nagase Outside Director (Audit & Supervisory Committee Member) Ayako Makino Outside Director (Audit & Supervisory Committee Member) 9 Note: The relevant item is checked if a director has expertise and experience or has a background as a business manager in th e respective field. (Reference) Knowledge and Experience of the Company’s Directors (Director Skill Matrix) ▶ In order to fulfill the supervisory function as a holding company and appropriately implement the Mid-Term Management Plan, we have defined the following knowledge and experience required for Directors. (1) ~ (7): Knowledge and experience required for Directors of an insurance holding company based on the characteristics of the life insurance business (8) ~ (11): Knowledge and experience regarding important future business strategies and management issues based on the Medium-Term Management Plan

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Copyright © 2025 Dai-ichi Life Holdings, Inc. Nominations Advisory Committee Remuneration Advisory Committee Outside Director Yasushi Shingai (Chairperson) Outside Director Yuriko Inoue Outside Director Ichiro Ishii Outside Director (Office of the Audit & Supervisory Committee Member) Rieko Sato Director, Chair of the Board Seiji Inagaki Representative Director, President Tetsuya Kikuta Outside Director Ichiro Ishii (Chairperson) Outside Director Bruce Miller Outside Director (Office of the Audit & Supervisory Committee Member) Satoshi Nagase Outside Director (Office of the Audit & Supervisory Committee Member) Ayako Makino Director, Chair of the Board Seiji Inagaki Representative Director, President Tetsuya Kikuta Corporate Governance Structure Strengthening Governance Chairpersons of Audit & Supervisory Committee, Nominations Advisory Committee, and Remuneration Advisory Committee are outside directors Board of Directors Nominations Advisory Committee 10 Voluntary advisory committeesAudit & Supervisory Committee Remuneration Advisory Committee

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Copyright © 2025 Dai-ichi Life Holdings, Inc. 13 Initiatives to Improve Capital Efficiency Several M&A transactions (Challenger, Capula, and M&G) were executed and announced in 2025. What discussions took place at the Board of Directors? Furthermore, in the decision-making process for M&A transactions, what governance aspects are prioritized, and are there any areas that need improvement? What are your thoughts on the recent series of minority investment deals? Q.

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Copyright © 2025 Dai-ichi Life Holdings, Inc. 14 Initiatives to Improve Capital Efficiency How is the Board of Directors monitoring existing businesses? Also, please explain if there are any risks in the current environment that we should be aware of. Q.

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Copyright © 2025 Dai-ichi Life Holdings, Inc. 0.0% 0.5% 1.0% 1.5% 2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 2019/03 2020/03 2021/03 2022/03 2023/03 2024/03 2025/03 (Trillion yen) Policy Reserve Balance Single-Premium Savings-Type Insurance 3.11 Applicable products include single-premium whole life insurance. Although these products are relatively more prone to surrenders compared with other types, the outstanding balance is limited and the impact remains minor. Level-Premium Savings-Type Insurance 1.32 Applicable products include endowment and whole life insurance. These products have a protection component, and surrenders tend to occur less frequently in response to rising interest rates. Level-Premium Individual Annuities 2.88 Does not include protection features; a new surrender charge period will apply upon re-entry. A protection review (3) may occur. Individual insurance and annuity segment(4) 21.5 Surrender risk of savings-type insurance products Trends in Market Interest Rates and Surrender Rates for Savings-Type Products (1) Status of Bonds Held in the Single-Premium Savings-Type Product Segment (4) Status of Policy Reserves by Type of Savings-Type Products in the Low Assumed Interest Rate Block (2) (Billion Yen) Book Value Unrealized Gains (Losses) Market Value Decline Rate Securities Portfolio 25,301.0 288.5 - Domestic Bonds 18,198.2 (2,462.2) (14)％ Including Bonds Backing Policy Reserves 15,960.6 (2,442.3) (15)％ Including Single-Premium Whole Life Segment (5) 1,184.9 (94.4) (8）％ • The price decline in the single-premium whole life segment, which has a shorter duration, has been limited. • In addition, hedging using interest rate swaptions has already been implemented within this segment. ▶ Despite the recent rise in domestic and overseas interest rates, DL has not observed any significant change in its actual surrender rates, showing virtually no increase. In addition, for products sold through the sales representative channel, the increase in surrender rates has remained limitedeven in a rising interest rate environment, supported by factors such as consulting services tailored to customers’ lifestyles and purposes of enrollment, as well as the product features that combine both protection and savings functions. ▶ At DL, savings-type products account for approximately 20% of total in-force policies, a relatively small proportion. In addition, within the single-premium whole life insurance segment, the decline in the value of held bonds has been limited compared with other segments. As a result, the surrender risk in the savings-type product category is being appropriately controlled and remains at a manageable level. 10Y Interest Rate （JPY: Left Axis） 10Y Interest Rate （USD: Left Axis） Single - Premium Savings - Type Insurance – Surrender Rate (Right Axis) Other Products Surrender Rate (Right Axis) Shift from DL single-premium savings-type products to DFL foreign currency–denominated products. Peak surrender amount: approximately ¥70.0bn (FY2023Q3) Surrender Peaks During Periods of Rising Overseas Interest Rates (1) Based on ANP. Quarterly results plotted at the midpoint of each quarter.(2) Policies issued following the major reduction of the assumed interest rate in the 2000s (assumed rate below 2.75%). (3) Transfer of policy reserves to a new contract (conversion), etc. (4) Including blocks other than the low interest rate block (5) As of the end of June 2025. (6) Balances since the start of segment accounting 2011. Assets acquired prior to the start of segment accounting are managed in other funds (with a similar duration). 17

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Copyright © 2025 Dai-ichi Life Holdings, Inc. 20 ▶ Remuneration for executive officers (excluding outside directors) consists of basic remuneration, single-year performance-linked remuneration (company performance-linked and individual performance-linked remuneration), and stock remuneration (restricted stock remuneration and performance-linked stock remuneration) to provide an incentive to work toward sustainable growth. Remuneration structure Directors (excluding directors serving as Audit & Supervisory Committee members) Directors (Audit & Supervisory Committee members) Remarks Internal Outside Base amount 〇〇〇 Remuneration according to duties and responsibilities Single-year performance-linked amount 〇 ─ ─ Linked to the single-year level of achievement of performance indicators Restricted stock amount 〇 ─ ─ Set for the purpose of achieving management objectives in the medium to long term and sharing interests with shareholders Performance-linked stock-based amount 〇 ─ ─ Linked to the level of achievement of the indicators selected in light of the management objectives as an incentive for enhancing corporate value Performance Evaluation Indicators Diagram of the remuneration for executive officers, etc. Main KPIs for single-year performance-linked remuneration Category KPI Accounting profit Group adjusted Profit Future profit (economic value) Group value of new business Accounting profit Group adjusted ROE Economic value Equity and interest rate risk/EV Soundness (economic value) Economic solvency ratio (ESR) Category KPI Market valuation Relative TSR Capital efficiency Group adjusted ROE Capital efficiency (economic value) Group ROEV Sustainability indicators Sustainability indicator comprising multiple indicators including CO2 emissions Main KPIs for Performance-linked stock remuneration *Except for Directors who are not in charge of the administrative and operational functions of a business such as Chair of the Board * 20 President Directors and executive officers other than the president (Reference) Directors and executive officers of subsidiaries (insurance sales dept.) 30 30 30 30 75 20 20 20 20 44 0 50 100 150 Minimum Baseline Maximum Base amount Single-year performance-linked amount Restricted stock amoun Performance-linked stock-based amount 50 50 50 25 51 10 10 10 15 33 0 50 100 150 Minimum Baseline Maximum +69％ (50％) +44％ (40％) 50 50 50 35 103 5 5 5 10 22 0 50 100 150 Minimum Baseline Maximum +80％ (45％) Note: The value will be at 100 when the performance evaluation indicators are at the standard level. * Remuneration Structure

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Copyright © 2025 Dai-ichi Life Holdings, Inc. FY2024: 17 meetings ■ Core deliberation topics ・Implementation status of a medium-term management plan ・Status of development and operation of internal control systems (internal audits, risk management, compliance, etc.) ・Details of deliberation at the Nominations / Remuneration Advisory Committees ・System to manage seconded employees and information in the Group ・Structure regarding customer-oriented business operations ・Verification of validity concerning acquisitions and investment projects Board of Directors Audit & Supervisory Committee Nominations Advisory Committee Remuneration Advisory Committee FY2024: 28 meetings ■ Core deliberation topics ・Group governance initiatives as well as the adequacy and effectiveness of business management and internal control systems ・Implementation status of medium-term management plan as well as the adequacy and effectiveness of countermeasures against key management issues ・Formation of opinions with regard to the appointment and remuneration of directors, etc. ・Internal audit matters in cooperation with internal audit and internal control functions ・Accounting audit matters in cooperation with the independent auditor FY2024: 7 meetings ■ Core deliberation topics ・Candidates for directors (Proposal) ・Succession planning for directors and others FY2024: 12 meetings ■ Core deliberation topics ・Matters relating to the evaluation of individual officers and the amount of their remuneration ・Allotment of restricted stocks ・Matters concerning the operation of the remuneration system for directors and executive officers ▶ A well-balanced Board of Directors consisting of internal directors with expertise in the insurance business and outside directors with a variety of experience and knowledge ▶ Audit & Supervisory Committee system is adopted to further strengthen supervisory function, and supervise subsidiaries which are becoming diverse and complex ▶ Voluntary advisory committees are established (nominations and remuneration) with a majority of outside directors to ensure management transparency and objectivity [Governance] Organizational Structure of Board of Directors Chairperson: Director and Chair of the Board (Non-executive director) Chairperson: Independent Outside Director Chairperson: Independent Outside Director Chairperson: Independent Outside Director 独立社外取締役 7名／15名 46.6％独立社外取締役 3名／5名 60.0％ Female Directors:3 Director of Foreign Nationality:1 Independent outside directors 7/15 46.6% Independent outside directors 3/5 60.0% 社外委員 4名／6名 66.6％社外委員 4名／6名 66.6％ Outside Committee Members 4/6 66.6% Outside Committee Members 4/6 66.6% 21

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Copyright © 2025 Dai-ichi Life Holdings, Inc. 22 Issues Improvement measures (1) Enhance the group governance structure Further clarify responsibilities, authority and division of roles among Group Heads, Group CxOs, and top management of operating companies Regularly monitor the status of Group-wide command and control by Group CxOs (2) Enhance the Group’s strategy discussions Review the number and prioritization of agenda items for the Medium- to Long-Term Strategy Discussion Meetings, with a focus on time efficiency, particularly as these meetings tend to face time constraints ▶ To further strengthen corporate governance, we have been conducting an annual self-assessment regarding the effectiveness of theBoard of Directors since FY2014 to ensure the validity of decision-making by the Board of Directors ▶ In FY2024, a third-party organization conducted a questionnaire and individual interviews with all Directors. The validity of our Board of Directors was assessed to be relatively more effective than those of other companies Examples of specific improvement initiatives for FY2024 FY2025 Issues Improvement measures (1) Enhance the group governance structure Strengthen reporting from Group Heads and CxOs Strengthen reporting on business strategies from overseas and non-insurance operating companies (2) Enhance the Group’s strategy discussions Discuss the Group’s resource allocation and the medium- to long-term business portfolio using offsite meetings (3) Further enhance the functions of the Board of Directors secretariat Improve the feedback from the Office of the Board of Directors to each department for setting appropriate agendas and stabilizing the quality of explanatory materials Improve the model of summary materials used for explanations to clarify the issues of a proposal Provide materials to directors earlier to allow time for them to understand the content of the agenda in advance to enhance discussions FY2024 (3) Further enhance the functions of the Board of Directors secretariat ■ The Board of Directors secretariat acted as a hub to gather necessary information and provide input to the Chair of the Board, thereby ensuring appropriate agenda-setting. After each Board meeting, feedback from the Chairperson of the Board of Directors and the Group CEO was received to continue the PDCA cycle. ■ The Board of Directors secretariat improved the templates for explanatory materials provided to each department by clarifying the required items and key points to consider in preparing materials, and required each department to prepare materials in line with the templates. ■ Explanatory materials were, in principle, distributed four business days prior to Board meetings to allow Directors sufficient time to review agenda items in advance and ensure more substantive discussions. (1) Enhance the group governance structure ■ The Board of Directors discussed further strengthening the operation of reporting lines between business owners, CxOs, and operating companies (and regional headquarters regarding overseas operating companies). ■ From the perspective of monitoring the penetration of the three-axis framework (business owners, CxOs, and operating companies), opportunities were provided for all business owners and CxOs to present at Board meetings and Medium- to Long-Term Strategy Discussion Meetings*, and discussions were held on their visions for each field, the strategies to realize them, and future challenges. With respect to operating companies, discussions were also held with the president of Benefit One, which newly joined our Group, on medium- to long-term business strategy, and with the CEOs of major overseas operating companies on business strategies and investment projects. * The Medium- to Long-Term Strategy Discussion Meeting serves as a forum for Directors to engage in strategic discussions on the Group’s medium- to long-term issues, exchange opinions on strategic directions, and provide foundational information for discussing i mportant matters. (2) Enhance the Group’s strategy discussions ■ Utilizing the Medium- to Long-Term Strategy Discussion Meetings, discussions were held multiple times to review the income and expenditure structures and unit costs of major domestic operating companies. ■ A board retreat was held to deepen discussions on optimizing the future business portfolio. Intensive discussions were conducted on the desired direction of the Group’s business portfolio and financial strategy, etc., taking into account macroeconomic conditions and the situations of other companies positioned as global top tier. (4) Other initiatives to enhance the effectiveness of the Board of Directors ■ At the Medium- to Long-Term Strategy Discussion Meetings and other forums, external experts were invited to provide objective and specialized analysis and evaluation on themes such as “Market evaluation of our Group” and “Strategic directions for enhancing corporate value,” followed by exchanges of views. ■ Outside Directors visited an overseas business site (Dai-ichi Life Vietnam), where they engaged in dialogue with the local President and key business partners Initiatives for Improving the Effectiveness of the Board of Directors

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Copyright © 2025 Dai-ichi Life Holdings, Inc. 24 Disclaimer The information in this presentation is subject to change without prior notice. Neither this presentation nor any of its contents may be disclosed or used by any other party for any other purpose without the prior written consent of Dai-ichi Life Holdings, Inc. (the “Company”). Statements contained herein that relate to the future operating performance of the Company are forward-looking statements. Forward-looking statements may include – but are not limited to – words such as “believe,” “anticipate,” “plan,” “strategy,” “expect,” “forecast,” “predict,” “possibility” and similar words that describe future operating activities, business performance, events or conditions. Forward-looking statements are based on judgments made by the Company’s management based on information that is currently available to it and are subject to significant assumptions. As such, these forward-looking statements are subject to various risks and uncertainties and actual business results may vary substantially from the forecasts expressed or implied in forward-looking statements. Consequently, you are cautioned not to place undue reliance on forward-looking statements. The Company disclaims any obligation to revise forward-looking statements in light of new information, future events or other findings. Investor Contact Dai-ichi Life Holdings, Inc. Investor Relations Group Corporate Planning Unit Group Company Name Abbreviation HD Dai-ichi Life Holdings DL Dai-ichi Life PLC [USA] Protective Life Corporation TAL [Australia] TAL Dai-ichi Life Australia

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