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Financial Results FY2026 Q1 August 7 , 2026 Daiichi Life Group , Inc. Daiichi Life Group
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Agenda / Exchange Rates 検証中 ※ページ数は和 文に準拠(要最終 チェック) 2 ←要CPを追加 23 70 255 0 0 100 0 145 255 78 218 255 Currency Exchange Rates (TTM) As of end ¥/US$ ¥/Euro ¥/AU$ Jun. 2026 ¥162.39 ¥185.35 ¥111.56 Mar. 2026 ¥159.88 ¥183.41 ¥109.68 Dec. 2025 ¥156.56 ¥184.33 ¥104.82 Sep. 2025 ¥148.88 ¥174.47 ¥97.89 Jun. 2025 ¥144.81 ¥169.66 ¥94.50 Mar. 2025 ¥149.52 ¥162.08 ¥93.97 Dec. 2024 ¥158.18 ¥164.92 ¥98.50 Sep. 2024 ¥142.73 ¥159.43 ¥98.73 Jun. 2024 ¥161.07 ¥172.33 ¥107.00 • Today’s Highlights 3 • Group Companies Performance Overview 14 DL 15 DFL 20 DNL 22 PLC 23 TAL 25 DLVN 26 • Group EV 28 • Reference Data 30 DL Investment 32 (1) In this document, the ESR calculated using an internal model is referred to as “ESR.” (2) ESR is the ratio of eligible capital to required capital on an economic value basis. ESR is calculated for the management dec ision-making purposes, with reference to new economic value-based solvency frameworks (such as J-ICS). Certain simplified methodologies are applied in the calculation, and neither the methodology nor the results have been validated or reviewed by any third -party organization.
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Up 7% YoY (Up 4% excluding FX impact) New business ANP increased steadily YoY in both the domestic and overseas businesses. Lapse rates at DL and DFL remained low and stable. Group Adjusted Profit achieved 28% progress rate, with strong YoY growth Group Adjusted Profit FY2026 Q1 Up 113% YoY DL drove the Group’s performance, reflecting higher positive spread and gains on the sale of securities exceeding expectations. Ca. 28% progress toward the full-year target of ¥560 billion. 未修正 23 70 255 0 0 100 0 145 255 78 218 255 ¥158.1bn New Business Results FY2026 Q1 Group ESR As of June 2026 （estimated） New business ANP ¥135.0bn ca.206％ Down 13%pt from March 2026 Eligible capital increased due to higher domestic equity valuations. However, ESR decreased, mainly reflecting higher mass lapse risk and an increase in goodwill arising from M&A transactions. 3 Key Highlights for FY2026 Q1 Result Full Year Forecast ReferencePerformanceFinancial Result Progress rate 20% DL achieved solid new business sales; however, lower new business margins driven by cost factors resulted in outcomes below the initial outlook. VNB (Domestic, estimated) ca.¥20.0bn
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Led by domestic business, the Group made steady progress toward its full-year forecast. (1) For the comparison by business segment and against the full-year forecast, figures are adjusted to exclude the impact of intra-group reinsurance at DFL and DNL. 4 DLは進捗は低いものの想定通りの進捗。DFLは 円高の影響を受け利息配当金収入の減少があり Progress Rate (vs. Full-Year Forecast) 23 70 255 0 0 100 0 145 255 78 218 255 - (DL) Exceeded the budget, driven by a higher-than-expected positive spread due to increased interest and dividend income, as well as higher-than-expected gains on securities sales. - (DFL) Exceeded the budget, as the positive spread increased due to steady AUM growth and favorable foreign exchange effects. Domestic Business (1) Overseas Business - (PLC) Broadly in line with the budget, despite investment losses from yield-enhancing asset rebalancing. - (TAL) Slightly below plan due to a slower-than-expected recovery in insurance claim payments. - (DLVN) Exceeded the budget, as lower sales volumes resulted in reduced new business expenses. - （BO） Employee benefits business: Strong new customer acquisition drove membership fee income above plan, while expense discipline contributed to results exceeding budget. New Fields of Business HD・その他 32％ ➢ （DLRB）前年の一時益の剥落（△114億円）に加え、スプレッド拡大の影響（１）を受け減益 ➢ （HD）インフレ影響やコーポレート機能拡張に伴う費用増等 21％ 27％ － - DLRBは市況の良化に伴い、２Q区間は予算並みも、１Qの未達が響き2Q累計は未達 ▶ The progress toward the full-year forecast for Group Adjusted Profit reached 56%, driven by the accelerated sales of domestic equities at DL in the domestic business and higher-than-planned profit contributions from PLC in the overseas business. Domestic Business Oversea Business Non-Insurance Business HD/Others0.82.5 4.333.3 33.8 42.7 129.2 0.4-4.7 (For Reference) FY2025Q1 -10.0 FY2026Q1 74.2 158.1 （¥ in billions） Progress toward the full-year forecast Group Adjusted Profit 4 Full Year Forecast ReferencePerformanceFinancial Result Domestic Overseas Asset Management New Fields Others - AMOne, VTX and Canyon performed well, supported by mandate growth, broadly in line with budget. 19％ Asset Management Business
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 - (DL) Profit increased significantly, driven by a substantial improvement in capital gains/losses, primarily due to the steady sale of domestic equities. A higher positive spread, supported by the rebalancing of yen-denominated bonds, also contributed. - (DFL) Profit increased YoY, supported by higher positive spread, following steady AUM growth, as well as favorable foreign exchange effects. (¥ in billions) Group adjusted profit increased significantly, up 113% YoY. 未修正 FY2026 Q1 129.2 33.8 5.1 -10.0 158.1 FY2025 Q1 42.7 33.3 2.9 -4.7 74.2 23 70 255 0 0 100 0 145 255 78 218 255 Domestic Business Oversea Business - (PLC) Profit decreased, reflecting a one-off gain from the sale of an agency subsidiary recorded in the prior period. - (TAL) Profit increased as the profit contributions from Challenger more than offset the impact of higher claims payments. - (DLVN) Profit increased, mainly due to lower new business expenses. - (AM Business) Profit increased, driven by contributions from AMOne, CP, Capula and DMRE. - (BO) Profit increased, mainly driven by higher membership fee income and disciplined expense management in the employee benefit business. Asset Management / New Fields DL +80.9 DFL +5.7 PLC -3.9 TAL +4.1 DLVN +1.2 AMOne +0.4 CP +0.4 Capula +0.4 DMRE +0.6 BO +0.4 DLRB -0.8 HD etc. -4.5 HD/Others - (DLRB) Profit decreased due to wider corporate bond spreads, although the factors weighing on profit had largely dissipated by the end of June 2026. 決算のポイント － グループ修正利益（前期比増減） Group Adjusted Profit: YoY Change 74.2 158.1+86.4 +0.6 +2.3 FY2025 Q1 Domestic Overseas Asset Manegement/ New Fields -5.3 HD, Others FY2026 Q1 +113% YoY Comparison 5 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 +11.1 +3.8 FY2026Q1 Group Adj. profit MVA-related Gains /Losses -13.1 Amortization of Goodwill +0.1 Adjustment for Valuation Gains /Losses Others FY2026Q1 Net Income 158.1 160.1 DFL MVA関連損益 +80 のれん償却額 △91等 DL No Significant Difference Between Group Adjusted Profit and Net Income ▶ Despite differences arising from MVA-related gains/losses and goodwill amortization, there was no significant divergence betweenaccounting profit and Group adjusted profit. ▶ In the previous fiscal year, there were a number of factors that created temporary differences, including reinsurance-related valuation losses at PLC. In the current fiscal year, those one-off factors have rolled off, leading to a narrower difference from adjusted profit. 完成 225 130 94 240 195 171 231 191 131 244 223 193 203 214 145 229 235 202 172 210 230 215 233 243 191 171 194 222 213 226 228 185 205 242 221 231 199 0 13 146 132 110 194 183 168 226 221 212 162 190 179 209 223 216 140 163 192 198 208 223 235 215 141 246 236 200 192 80 77 217 150 148 113 153 201 63 108 163 242 219 218 131 116 88 218 180 42 40 15 14 20 34 52 56 46 10 31 45 39 57 51 39 217 150 148 98 140 122 127 165 149 224 192 76 102 51 0 111 0 8 DFL/NFL 自己株式 取得 株主資本 ・含み益等 変動 分子(修正利益)要因 +1.9％pt 分母(純資産)要因 +0.6％pt 億円) 24/3期 25/3期 グループ ROE ROE用純資産 DL ROE ROE用純資産 【Note】 PLC 8.9兆円 0.6兆円 0.9兆円 グループ PLC DLRB における評価性損益の取扱い 0.7兆円 0.6兆円 △0.3兆円 25/3末 (新基準・概算値) 8.2兆円 (旧基準対比) △4％ 8.2兆円 0.9兆円 [旧基準] 2023年度 [新基準] 2023年度 2024年度 [旧基準] 2023年度 [新基準] 2023年度 2024年度 [旧基準] 2023年度 [新基準] 2023年度 2024年度 0.6兆円 △0.1兆円 （新基準と旧基準の差異） (－)認識する将来CFの短縮 （団体保険） △0.3兆円 DLRB (△)資産負債のスプレッドミスマッチに伴う評価性損益 DLRB その他 DLRe におけるグループ修正利益の取扱いについて ✓ 負債の評価益がPLでは認識されない（対応する資産の評価損のみPL計上） ✓ 当該損益は、期間の経過とともに損益が解消される評価性損益のため、修 正利益の調整項目としている（MVA損益と同様の取扱い） P/L認識 P/L認識 P/L認識 資産・負債で 概ね相殺 B/S認識 （OCI） ミスマッチ *Details of the reconciliation are provided on p43 23 70 255 0 0 100 0 145 255 78 218 255 Key Factors behind Differences between Adjusted Profit and Net Income Adjusted Profit to Net Income （¥ in billions） 6 Full Year Forecast ReferencePerformanceFinancial Result LTDI impact (31.3) FY2026 Q1 Key Factors MVA-related Gains/Losses +11.1 - Amortization of Goodwill -13.1 [－] Amortization by executing M&A transactions Adjustment for Valuation Gains/Losses +0.1 Others +3.8 -
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 ▶ Continued improvement in yields on the yen-denominated bond portfolio through the rebalancing of liability-matching bonds, taking advantage of the higher interest rate environment. ▶ Lapse rates at both DL and DFL remained low and stable. While the matching ratio continued to be controlled below 100%, GroupESR declined by 13%pt from the end of FY2025 to ca. 206%, mainly due to higher mass lapse risk associated with rising interest rates and an effect from M&A transactions. ▶ DL will continue to manage interest rate risk appropriately while flexibly rebalancing bonds to further increase its positivespread. Impacts of Rising Domestic Interest Rates 検証中 23 70 255 0 0 100 0 145 255 78 218 255 Interest Rate Environment(1) Impact of Rising Interest Rates Investment (DL) Risk Monitoring Economic Value Positive Spread Matching Ratio Lapse Rate (DL/DFL) EV (2) ESR (2) • The yield on the yen-denominated fixed-income portfolio continued to improve through bond rebalancing implemented amid rising interest rates. • The net short position of bond at the end of FY2025 was eliminated. Although the matching ratio increased slightly, it remained below 100% and continued to be managed at a stable level. TBU Impact of FY2026Q1 Operations ca. +¥ 17.0bn 91% Low and stable lapse rates at both DL and DFL See p9 for details p18 p19 ca.¥9.8tn （ca.+¥0.2tn vs. end-March 2026） • Group EV increased by ca. ¥0.2tn from the end of FY2025, mainly due to higher domestic equity prices. • Mass lapse risk increased as interest rates rose. ESR declined from the end of FY2025, partly due to an increase in goodwill associated with new M&As. ca.206％ (+4%pt vs. end-Mar.2026) • Although the lapse rate for DL’s single-premium products increased slightly, DL’s overall lapse rate remained low and stable. • DFL’s lapse rate is disclosed from this quarter and likewise remained low and stable. （ca. -13% vs. end-March 2026） As of end-Jun.2026 As of end-Jun.2026 As of end-Jun.2026 p29 p12 (1) Source: Ministry of Finance Japan (2) Approximate value 7 10Y 30Y Mar. 2025 ca.1.5% ca. 2.5% Sep. 2025 ca. 1.7% ca. 3.1% Mar. 2026 ca. 2.4% ca. 3.6% Jun.2026 ca. 2.7% ca. 3.9% （+20bps） （+70bps） （+60bps） （+60bps） Full Year Forecast ReferencePerformanceFinancial Result ▶ Group ROE was 12.7%, up by 2%pt YoY, as the increase in Group adjusted profit more than offset the impact of higher shareholders’ equity, mainly reflecting an increase in net assets due to factors such as a rise in domestic equity prices. ▶ Group ESR increased to ca. 220%, up by ca.10%pt from FY2024. While required capital increased due to factors such as a rise in mass lapse risk associated with higher interest rates and an increase in equity risk linked to rising stock prices, the increase in eligible capital exceeded this, mainly driven by rising domestic equities. （+30bps） （+20bps） p21
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 24/3末 25/3末 26/3末 26/6末 27/3末 31/3末 Sales of domestic equities progressed as planned, while the balance increased due to higher equity prices 23 70 255 0 0 100 0 145 255 78 218 255 (¥ in trillions) FY2024 Actual Equity Sales ca.¥480.0bn ▶ Taking advantage of favorable market conditions amid rising equity prices, DL sold ca. ¥300bn of domestic equities in Q1, making solid progress toward its FY2026 sales forecast of ca. ¥800bn. ▶ Meanwhile, unrealized gains from higher equity prices exceeded the amount of equities sold, resulting in an increase in the balance of domestic equities to ca. ¥3.7tn as of the end of June 2026. The selling policy remains unchanged at this time, and planned sales will continue from Q2 onward. 3.99 3.28 3.38 ≤¥2.8tn ≤¥1.5tn FY2025 Actual Equity Sales ca.¥800.0bn History and Outlook for DL’s Domestic Equity Holdings Mar-24 Mar-25 Mar-26 Mar-31Mar-27 8 Full Year Forecast ReferencePerformanceFinancial Result Jun-26 ca. ¥800bnFY2026 Forecast for Sales of Domestic Listed Equities FY2026Q1 Sales ca. ¥300bn 3.66 Market Value Increase +ca.¥0.6tn
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 2.20% 2.40% 2.60% 2.80% [DL] Domestic Bond Portfolio Rebalancing ▶ Rebalancing of the yen-denominated fixed-income portfolio is progressing steadily, supported by higher -than-expected gains on equity sales and rising domestic interest rates. Approximately ¥500bn of bond rebalancing were executed in Q1, and the positive spread for FY2026 is expected to exceed the initial forecast. ▶ Given the upside in gains on equity sales following the recent rise in equity prices, yen -denominated fixed-income asset rebalancing in FY2026 are expected to exceed the initial plan. DL will continue to rebalance the portfolio while closely monitoring changes in financia l market conditions. Capitalizing on rising interest rates to execute large-scale bond rebalancing Steady expansion of the positive spread strengthens underlying earnings capacity (1) On an annualized basis （2） Estimated based on the economic environment at end-March 2026 (3) Estimated based on the economic environment as of the end of June 2026.(4) Planned rebalancing amount for policy reserve-matching bonds. 23 70 255 0 0 100 0 145 255 78 218 255 （増益） Rebalancing Amount and P/L Impact Q1 FY2026 Results Yen-denominated fixed-income asset rebalancing ca. ¥500bn Losses on sales associated with rebalancing ca. ¥200bn Positive Spread Improvement ca. ¥17bn per year ⁽¹⁾ [DL]Positive Spread and Yield Trends and Outlook(2) (Future yield outlook is for illustrative purposes only.) Base Yield Fixed-Income Assets Yield Average Assumed rate Risk Asset Yield Spread expanding on higher fixed - income yields and lower assumed rates FY25 Positive Spread ¥169.3bn Approximately 5.6％ 2.43％ 1.77％ FY30 1.74％ FY2026 Full-Year Forecast⁽³⁾ 9 Expected to exceed the initial plan Estimated amount of domestic bond rebalancing (4) Positive Spread Improvement ca.¥34.0bn（1） per year (¥26.0bn to be realized in FY2026) Estimated sale losses ca.¥540.0bn Yield on fixed-income assets (as assumed for FY2025) Significantly improved Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 FY2026 Q1 FY2025 Q1 YoY Change Key Factors of Variance FY2026 Forecast Progress Rate DL 119.1 38.3 + 80.9 [+] Positive spread improvement: yen-denominated bonds, alternative asset dividends, lower assumed interest payments / Improved gains/losses on securities sales 371.0 32% DFL 11.1 5.4 + 5.7 [+] Positive spread increase from AUM growth 38.5 29％ DNL・DIPT (1.1) (0.9) (0.1) - (4.5) - PLC 16.8 20.7 (3.9) [－] Absence of prior-period one-off gain: sale of agency subsidiary 84.5 20％ Oceania 13.3 9.1 + 4.2 [+] TAL: Profit contribution from Challenger (Commencement of equity method accounting in FY2025 Q2) 64.0 21％ Asia / Other overseas 3.8 3.5 + 0.3 [+] DLVN: lower new business expenses 15.5 25％ Asset Management 4.3 2.5 + 1.8 [+] AMO / VTX: Growth in net inflows CP: Higher management fees, etc. 22.5 19％ BO 0.8 0.4 + 0.4 [+] Employee benefits business: higher membership fee income and expense control 3.0 27％ DLRB (2.4) (1.6) (0.8) [－] Valuation loss: asset spread widening beyond the A-rated liability valuation spread 16.5 - HD/Others (7.6) (3.1) (4.5) [－] Higher operating expenses and interest expenses (45.0) - Total 158.1 74.2 + 84.0 ca. 560.0 28％ Adjusted Profit Progress by Major Subsidiary | FY2026 10 23 70 255 0 0 100 0 145 255 78 218 255 （¥ in billions） 10 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 ▶ Domestic new business value decreased 26% YoY to ca. ¥20.0bn for the three domestic companies combined, mainly due to higher costs associated with rising inflation at DL. ▶ New business annualized premium increased 6.7% YoY to ¥135.0bn on a Group-wide basis, or 3.9% excluding the impact of foreign exchange movements, supported by solid sales at DL, strong fixed annuity sales in PLC’s retirement business, and the earlier renewal of a group insurance contract at TAL. 【Note】 未修正 VNB / New Business and In-force Business ANP % change shown below excludes FX impact 23 70 255 0 0 100 0 145 255 78 218 255 11 Full Year Forecast ReferencePerformanceFinancial Result (￥ in billions) FY2025 Q1 FY2026 Q1 Change YoY As of Mar-25 As of Jun-26 Change +0.9% +0.6% DL 23.7 25.6 +8.0% 1,962.0 1,963.3 +0.1% +2.1% +1.2% DNL 3.6 3.5 (2.5%) DIPT 1.8 1.8 (1.3%) 44.5 45.7 +2.7% +22.4% +3.0% +12.8% +1.1% +18.5% +2.4% +10.8% +0.3% +85.0% +4.3% +56.7% +2.5% (12.4%) +2.0% (16.1%) +1.8% (16.7%) +1.2% (19.8%) (0.9%) +48.3% +12.8% +38.7% +10.3% +6.7% +1.7% +3.9% +0.7% +0.7% DFL 5,433.6 5,523.8 New Business ANP 89.5 +0.1% 1.3 89.4 3,557.8 3,591.1 121.4 135.0 PNZ 27.2 32.2 37.2 45.6 DLVN 3.6 TAL 4.4 Dai-ichi Life Group 126.6 DLKH/DLMM PLC (2.8%) 0.7 7.5 120.0 8.2 1.0 1.2 6.6 Domestic Overseas 3.0 998.5 1,875.8 In-force Business ANP 1,446.3 1,476.560.3 58.6 64.2 686.5 65.4 716.1 1,022.3 1,932.7 104.9 105.6 DIPT ca.2.0 ca.6.0 ca.19.0 FY2025 Q1 ca.1.0 ca.6.0 ca.13.0 FY2026 Q1 DNL DFL DL ca.27.0 ca.20.0 (26%) Value of New Business (Approximate Figures of Domestic Business) (¥ in billions) FY2025 Q1 FY2026 Q1 Change Progress vs full-year forecast ca 27.0 ca 20.0 (7.0) 20% DL ca 19.0 ca 13.0 (6.0) 20% DFL ca 6.0 ca 6.0 (0.0) DNL ca 2.0 ca 1.0 (1.0) 20% Before model change
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Copyright © 2026 Daiichi Life Group, Inc. 10.9 5.3 Eligible Capital Required Capital 10.7 4.9 Eligible Capital Required Capital 6.5 6.5 End of Mar 26 End of Jun 26 9.8 End of Mar 26 End of Jun 26 9.7 Economic Value Indicators (Group EV and Group ESR, Approximate Figures) End of June 2026 Ca. 206% (vs. FY2025 year-end) Ca. -13％pt Group ESR (Economic Solvency Ratio) (approximate) End of March 2026 220% End of June 2026 Ca.206% Increase of ca. ¥180.0bn Increase of ca. ¥400.0bn Group EV (approximate) ▶ Group EV increased slightly from the end of FY2025 to ca. ¥9.8tn, as the positive impact of higher domestic equity valuations at DL more than offset negative factors, including an increase in goodwill arising from M&A transactions. ▶ ESR decreased by ca. 13%pt from the end of the previous fiscal year to around 206%, as eligible capital remained broadly unch anged for reasons similar to those affecting Group EV, while required capital increased, reflecting factors including higher mass lapse risk as sociated with rising domestic interest rates. 23 70 255 0 0 100 0 145 255 78 218 255 Group DL 12 Ca. ¥9.8tnEnd of June 2026 (vs. FY2025 year-end) +2% Full Year Forecast ReferencePerformanceFinancial Result (¥ in trillions) (¥ in trillions)
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 FY2026 Group Earnings Forecast 検証中 (1) Figures for Protective and TAL are disclosed after re-classifying items from Protective and TAL’s financial statements under US and Australian accounting standards, respectively to conform to Daiichi Life Group’ disclosure standards. (2) “Net Income” represent “Net income attributable to shareholders of parent company.“ (3) Upon LDTI （Long-Duration Targeted Improvements） adoption, FY2025 figures are also restated on LDTI basis. 23 70 255 0 0 100 0 145 255 78 218 255 13 Full Year Forecast ReferencePerformanceFinancial Result FY2025 FY2026 Actual FY2025 FY2026 Q1 Q1 YoY （％） vs. Forecast Actual Forecast YoY （％） Ordinary revenues 2,308.3 2,893.0 + 584.7 + 25% 27% 11,308.3 10,666.0 (642.3) (6%) Daiichi Life 1,016.5 1,494.9 + 478.4 + 47% 32% 4,699.2 4,670.0 (29.2) (1%) Daiichi Frontier Life 697.2 834.5 + 137.2 + 20% 24% 3,773.5 3,504.0 (269.5) (7%) Protective (US$ in millions) (1)(3) 2,569 3,258 + 690 + 27% 33% 13,479 9,900 (3,579) (27%) TAL (AU$ in millions) (1) 2,186 2,378 + 192 + 9% 31% 8,540 7,620 (920) (11%) Ordinary profit 84.9 251.1 + 166.1 + 196% 29% 753.7 869.0 + 115.3 + 15% Daiichi Life 78.6 197.0 + 118.4 + 151% 30% 652.8 662.0 + 9.2 + 1% Daiichi Frontier Life 20.4 31.6 + 11.3 + 55% 54% 29.2 59.0 + 29.8 + 102% Protective (US$ in millions) (1)(3) 28 210 + 182 + 648% 33% 149 640 + 491 + 330% TAL (AU$ in millions) (1) 155 158 + 3 + 2% 22% 501 720 + 219 + 44% Net income(2) 34.2 160.1 + 125.8 + 368% 31% 436.6 513.0 + 76.4 + 17% Daiichi Life 38.3 119.1 + 80.9 + 211% 32% 377.9 371.0 (6.9) (2%) Daiichi Frontier Life 13.3 21.7 + 8.4 + 63% 56% 18.7 39.0 + 20.3 + 109% Protective (US$ in millions) (1)(3) 29 171 + 142 + 498% 33% 127 510 + 383 + 301% TAL (AU$ in millions) (1) 100 114 + 14 + 14% 21% 363 540 + 177 + 49% Group Adjusted Profit 74.2 158.1 + 84.0 + 113% 28% 551.5 ca.560.0 + 8.5 + 2% Group VNB - - - - - 173.8 ca.188.0 + 14.2 + 8% 54.5 72 + 17.5 + 32% 89.4 155.1 + 65.8 + 74% 24% 629.5 ca.650.0 + 20.5 + 3% Daiichi Life 63.0 91.5 + 28.5 + 45% 25% 372.7 ca.360.0 (12.7) (3%) Change Change (￥ in billions unless otherw ise noted) Dividends per share (JPY) (Reference) Fundamental Profit
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Group Companies Performance Overview 23 70 255 0 0 100 0 145 255 78 218 255 14
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 億円) 25/3期 1Q 26/3期 1Q 前期同期比 [％] 達成率 （対通期予想） 修正利益 △444 [△54％] XX [Group Companies Performance Overview] Domestic Life Insurance Business: Daiichi Life (1) Estimated impact of strategic reinsurance transactions (ceding) for whole life insurance, which has been implemented since FY2018, reduces assumed interest rate burden and impacts gains from core insurance activities. 基礎利益 25/3期 1Q キャピタル 損益 法人税等 当期利益 当期純利益(損失)の変動要因および修正利益との差異 当期利益 修正利益 (億円) 臨時損益 MVA 関連損益等 26/3期 1Q 26/3期 1Q 特別損益 契約者配当 準備金繰入額 未修正 ▶ Positive spread increased 224% YoY to ¥44.4bn, driven by higher interest income from yen bonds following portfolio rebalancing in a rising interest rate environment and increased dividend income from alternative assets. ▶ Fundamental profit increased 45% YoY to ¥91.5bn, as increased positive spread more than offset a slight decline in gains from core insurance activities due to higher operating expenses and lower margins on in-force policies. ▶ Net income increased 221% YoY to ¥119.1bn, driven by higher fundamental profit as well as improved net gains on sales of securities, mainly due to increased gains on sales of domestic equities. 【Note】 グループ内 再保険に伴う グループ修正利益 調整額 グループ 修正利益 寄与額 26/3期 1Q △54% 23 70 255 0 0 100 0 145 255 78 218 255 225 130 94 240 195 171 231 191 131 244 223 193 203 214 145 229 235 202 172 210 230 215 233 243 191 171 194 222 213 226 228 185 205 242 221 231 199 0 13 146 132 110 194 183 168 226 221 212 162 190 179 209 223 216 140 163 192 198 208 223 235 215 141 246 236 200 192 80 77 217 150 148 113 153 201 63 108 163 242 219 218 131 116 88 218 180 42 40 15 14 20 34 52 56 46 10 31 45 39 57 51 39 217 150 148 98 140 122 127 165 149 224 192 76 102 51 0 111 0 8 単体業績 38.3 119.1 FY2025 Q1 FY2026 Q1 Adj. Profit (JPY billions) +211% 15 Full Year Forecast ReferencePerformanceFinancial Result (\ in billions) Premium and other income 556.9 624.9 +68.0 + 12% Fundamental profit 63.0 91.5 +28.5 + 45% Positive spread 13.7 44.4 +30.7 + 224% Foreign exchange hedging cost (6.4) (4.8) +1.6 Gains from core insurance activities 49.3 47.1 (2.2) (5%) Net capital gains (losses) 23.2 113.7 +90.5 + 390% Net gains (losses) on sales of securities 32.5 128.6 +96.1 Gains (losses) from mutual investment funds cancellation 8.7 3.0 (5.7) Derivative transaction gains (losses) (15.6) (26.0) (10.4) Foreign exchange gains (losses) exclude hedging cost (2.0) 8.1 +10.0 Loss on valuation of securities (0.3) (0.7) (0.4) Non-recurrent gains (losses) (7.7) (8.2) (0.6) - Provision for additional policy reserve (9.5) (7.2) +2.3 Provision for contingency reserve 2.0 - (2.0) Reinsurance income (loss) - - - Ordinary profit 78.6 197.0 +118.4 + 151% Extraordinary gains (losses) (3.5) (3.3) +0.2 Provision for price fluctuation reserve (3.0) (3.0) - Provision for reserve for PH dividends (23.0) (26.2) (3.2) Total of corporate income taxes (13.8) (48.4) (34.6) Net income (loss) 38.3 119.1 +80.9 + 211% (Reference) Reinsurance ceding impact (1) ca.+6.5 ca.+6.5 ca.+0.0 (Reference) Core profit (after tax) - 46.3 - FY2025 Q1 FY2026 Q1 Change （％）
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 [Group Companies Performance Overview] Daiichi Life – Factors affecting changes in fundamental profit and capital gains/losses ✓ General account investment income increased YoY, driven by the benefits of rebalancing yen-denominated bonds in a rising interest rate environment and higher interest and dividend income from alternative assets. ✓ Insurance-related profit decreased slightly YoY. Although loading income decreased and expenses increased, these impacts were offset by improved mortality margins and lower retirement benefit expenses. ✓ Gains/losses on sales of domestic equities increased significantly, driven by higher stock prices and steady progress in equity sales. Despite losses from the rebalancing of yen-denominated bonds increased, overall gains/losses on sales of securities exceeded both the prior-year level and budget. Factors affecting changes in fundamental profit Factors affecting changes in capital gains/losses, etc. 23 70 255 0 0 100 0 145 255 78 218 255 FY2025 Q1 FY2026 Q1 YoY Change Budget Variance and Key Drivers (YoY) Gains/Losses on Sales of Securities 32.5 128.6 + 96.1 ca. +16.5 Domestic Equities 63.0 316.4 + 253.4 (+) Higher gains driven by rising stock prices Yen Bonds (43.3) (204.1) (160.9) (-) Rebalancing of policy-reserve-matching bonds Foreign Bonds (2.9) +4.7 + 7.5 (+) Absence of losses from sales Others 15.7 11.7 (4.0) (–) Decreased profit from replacement of foreign equity (1) Incl. HD Management Charge (¥ in billions) (¥ in billions) (¥ in billions) 16 Full Year Forecast ReferencePerformanceFinancial Result FX Gain/Loss +10.0 Deriv. Gain/Loss -10.0 FY2025 Q1 FY2026 Ｑ1 Gains/losses on sales of domestic equities Derivative& Foreign exchange gains/losses Other capital gains/losses Non-recurrent gains/losses & extraordinary gains/losses, etc. Income taxes Gains/losses on sales of securities (excl. domestic equities) +253.4 -157.3 -0.3 -5.4 -3.5 -34.6 -24.8 27.6 Yen Bond Interest +9.5 Alternatives Dividend +13.0 Loading -3.0 Mortality Margin +2.5 Retirement benefit provision release: +4.0 etc. Investment income in the general account (excl. hedging cost) Assumed interest for policy reserve Gains from core insurance activities (excl. operating expenses) Operating expenses（1） Hedging cost FY2025 Q1 FY2026 Q1 +24.6 +1.6 +4.6 +3.4 -5.6 63.0 91.5
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 New Business and Number of Sales Rep at DL 未修正 【Note】 25年4月入社は1,000名を上回り 推移。採用面の基調は引き続き 順調 25/1Q （速報） # cases per sales rep(1)(3) Premiums per policy（1） Value of Sales revenue(2) 23 70 255 0 0 100 0 145 255 78 218 255 甲斐メモ：生D推移はThinkCell組合せグラフ でサイズ調整可能に DL New Business Performance (Sales Rep Channel) # Sales Reps (thousand ppl) 34 33 32 31 30 31 31 31 30 30 30 30 30 30 30 30 30 4 4 5 5 3 3 4 4 4 4 4 4 4 5 5 5 0.62 0.66 0.95 1.18 1.09 1.19 1.24 1.21 1.34 3 22/1Q 22/4Q 23/4Q 24/4Q 37 37 36 36 35 35 34 34 34 34 34 35 34 35 35 35 26/1Q 35 New hires for quarter # sales reps (1st year) # sales reps (2nd year onwards) 22/1Q 22/4Q 23/4Q 24/4Q 25/4Q (1) Figures indexed with FY2022 Q1 as 1 （2）A proprietary indicator of revenue earned by the sales force, before deducting cost components and variable factors of the economic environment. (3) Denominator is the number of sales reps excluding those in their first year after joining the company. 17 Full Year Forecast ReferencePerformanceFinancial Result 1.00 0.73 1.11 1.14 0.98 1.11 1.17 1.14 1.05 0.99 1.00 1.17 1.94 2.49 1.89 2.03 2.34 2.73 2.68 2.46 1.00 1.09 1.08 1.02 1.01 Recalculated from FY2025 Q1 following a change in the interest rate used in the calculation
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 15.6 14.5 12.2 11.8 15.8 14.9 13.8 13.8 97% 99% 87% 91% 0% 20% 40% 60% 80% 100% 120% 0 5 10 15 20 25 Mar-25 Sep-25 Mar-26 Jun-26 Duration of Assets Duration of Liabilities Dollar Duration Ratio 12.03 11.31 9.39 9.44 12.59 13.10 12.57 12.81 7 8 9 10 11 12 13 14 15 Mar-23 Mar-24 Mar-25 Mar-26 Jun-26 Market Value of PRMBs Book Value 3,276.2 3,377.7 3,663.6 1,036.1 886.3 895.3 0 1,000 2,000 3,000 4,000 Mar-23 Mar-24 Mar-25 Mar-26 Jun-26 Market Value Book Value Balance of Policy-Reserve-Matching Bonds and Derivatives Interest Rate Swaps (Hedged insurance liabilities, hedge accounting applied portion) ¥700.0bn ¥200.0bn - Interest Rate Swaption (Receipts fixed, payments floating) - - - Duration / Policy-Reserve-Matching Bonds(1) Domestic Equity (Market Value/Book Value)(3) (¥ in billions) (Years) (¥ in trillions) Domestic Equity Hedging Positions (Futures sold and put options bought, etc.) ¥556.4bn ¥729.1bn ¥483.9bn [Reference] Foreign Equity Hedging Positions - ¥30.0bn ¥30.0bn +¥237.5 bn [Group Companies Performance Overview] Daiichi Life – Initiatives for Market Risk Reduction (1) Economic value-based duration of insurance liabilities associated with individual insurance and annuities in the general account, duration of yen-based fixed income assets (including interest rate swaps), and the balance of policy-reserve-matching bonds(PRMB) and derivatives. “Dollar Duration Ratio” is calculated as “(Duration of Assets x Market Value of Assets) / (Duration of Liabilities x Present Value of Liability)” with respect to the above assets and liabilities. PRMB is a unique category for bonds, accepted under Japanese GAAP. PRMB is reported at amortized cost if the bonds meet certain requirements. （2）90% when derivative positions with optionality are included (as of Jun. 2026) (3) Within domestic equity (excluding stocks of subsidiaries, affiliates and not-listed domestic stocks) the book value of equity held for purposes other than pure investment as of end of Jun-26 was ¥45.2bn. 未修正 【Note】 (right axis) Net sales amount (Market-value basis) Gains/losses on sales ¥307.5bn +¥316.6bn Status of buying and selling of domestic equities （FY2026Q1） 23 70 255 0 0 100 0 145 255 78 218 255 18 Full Year Forecast ReferencePerformanceFinancial Result (2)
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 +1.7 -1.1 -1.0 -1.6 +0.6 -0.4 -0.5 0.0 -1.7 1-5 years 6-10 years 11-15 years 16-20 years 21-25 years 26-30 years 31-35 years 36-40 years -1.1 41-45 years 46-50 years 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 [Excerpts] Surrender risk of savings-type insurance products Shift from DL single-premium savings-type products to DFL foreign currency–denominated products. Peak surrender amount: approximately ¥70.0 bn (FY2023Q3) Surrender Peaks During Periods of Rising Overseas Interest Rates (1)Based on ANP. Quarterly results plotted at the midpoint of each quarter. (2)As of the end of June 2026 Single - Premium Savings - Type Insurance – Surrender Rate Other Products Surrender Rate Excerpt from IR Materials (Disclosed in May) Trends in Market Interest Rates and Surrender Rates for Savings-Type Products (1)(2) Fixed Income Assets / Insurance Liabilities Cash Flow (5-year cumulative/estimate) (¥ in trillions) Area for main legacy blocks with high assumed interest rate (burden of high assumed interest) Shortage of assets in ultra-long-term zone (Factors behind existing interest rate risk) *5-year cumulative/estimate 19 Full Year Forecast ReferencePerformanceFinancial Result Currency hedged foreign bond Yen-denominated bonds and loans Insurance Liabilities Assets and Liabilities Net position
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 [Group Companies Performance Overview] Domestic Life Insurance Business: Daiichi Frontier Life ▶ Net income increased by 63% YoY to ¥21.7bn, driven by higher fundamental profit, reflecting growth in the positive spread and insurance-related gains due mainly to an expansion of in-force policies, as well as an increase in capital gains. ▶ Adjusted profit excluding MVA-related gains/losses increased by 118% YoY to ¥10.5bn. Group adjusted profit contribution, including profit from internal reinsurance transactions, rose by 170% YoY to ¥9.0bn, despite losses at DLRB due to widening U.S. corporate bond spreads. 検証中 23 70 255 0 0 100 0 145 255 78 218 255 Profit that includes the block that executed the reinsurance to DLRB Adj. Profit (JPY billions) 4.8 10.5 9.0 FY2025 Q1 FY2026 Q1 FY2026 Q1 +118% (\ in billions) Premium and other income 618.3 665.8 + 47.6 +8% Fundamental profit 16.8 24.8 + 8.1 +48% Positive spread 11.0 14.2 + 3.2 Gains from core insurance activities 5.7 10.7 + 4.9 Net capital gains (losses) 5.6 11.3 + 5.7 Gains (losses) related to MVA 11.7 15.7 + 3.9 Other capital gains(losses)(sale of securities, etc.) (6.1) (4.3) + 1.8 Non-recurrent gains (losses) (2.0) (4.5) (2.5) Provision/reversal for contingency reserve (2.0) (4.5) (2.5) Other non-recurrent gains (losses) (reinsurance income(loss), etc.) (0.0) - + 0.0 Ordinary profit (loss) 20.4 31.6 + 11.3 +55% Extraordinary gains (losses) (1.5) (0.9) + 0.6 Provision for price fluctuation reserve (1.5) (0.9) + 0.6 Total of corporate income taxes (5.6) (9.1) (3.5) Net income (loss) 13.3 21.7 + 8.4 +63% Gains (losses) related to MVA (before tax) (11.7) (15.7) (3.9) Adj. Profit 4.8 10.5 + 5.7 +118% Consolidation adjustments for intragroup reinsurance 0.5 0.5 - Group adj. profit contribution 5.4 11.1 + 5.7 +106% Profit that includes the block that executed the reinsurance to DLRB 3.3 9.0 + 5.7 +170% FY2025 Q1 FY2026 Q1 Change （％） 20 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 9.1 9.5 11.6 12.2 14.3 34.9 32.4 53.4 69.5 57.8 19.1 -18.6 27.8 55.0 60.0 2021 2022 2023 2024 2025 AUM: ¥ trillion EV: ¥ trillion Core profit (DFL + DLRB) Adjusted profit (DFL + DLRB) （3）(4) （2） 0.6 0.6 0.8 0.9 1.0 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 2021/04 2022/04 2023/04 2024/04 2025/04 2026/04 Incl. target - triggered surrenders Excl. target-triggered surrenders DFL’s Profitability and Lapse Rates 未修正 【Note】 25/1Q （速報） 23 70 255 0 0 100 0 145 255 78 218 255 21 ➢ DFL’s stock business model generates profit growth through the accumulation of AUM. Supported by a comprehensive product lineup and multi-channel distribution, AUM has grown significantly, and EV has increased to over ¥1tn. Profit from the in-force business, including DLRB’s adjusted profit, has also grown steadily.⁽¹⁾ ➢ DFL’s lapse rate, excluding policies surrendered upon reaching customer-designated target amounts, has remained stable. AUM and Profit Lapse Rate （5） (1)As DLRB reinsures a significant portion of DFL’s business, DFL and DLRB are treated as a single entity when evaluating the profitability of the proprietary distribution channel. (2) Based on the new J -ICS regime effective from FY2023 onwards. (3)Core pr ofit is an internal profitability indicator designed to show the sustainable profit-generating capacity of the business, excluding temporary factors and market fluctuation factors. (4)DLRB profit is based on core profit for FY2024 onward and on adjusted profit for FY2023 and prior years. (5)Based on ANP. Quarterly lapse experience is plotted at the midpoint of each quarter. (¥ in billions) Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 [Group Companies Performance Overview] Domestic Life Insurance Business: Daiichi Neo Life ▶ Premium and other income (excluding reinsurance income) increased by 3% YoY to ¥24.6bn, as policies in force grew, supported by continued strong sales of cancer insurance following product revisions. ▶ Net income was negative ¥1.1bn (negative ¥1.1bn in FY2025), mainly due to an increase in operating expenses, including higher agent commissions associated with the recovery in sales. 検証中 23 70 255 0 0 100 0 145 255 78 218 255 (1.1) (1.1) FY2025 Q1 FY2026 Q1 Adj. Profit (JPY billions) (￥ in billions) 23.9 24.6 + 0.8 + 3% Benefits and claims (excluding Reinsurance income) (15.3) (16.3) (1.1) Claims, annuities, benefits (4.9) (4.6) + 0.3 Surrender value, other refunds (10.4) (11.8) (1.4) (3.6) (2.3) + 1.3 Provision/reversal for contingency reserve (0.0) + 0.0 + 0.1 Operating expenses (9.5) (10.9) (1.4) Reinsurance income 1.1 1.8 + 0.7 2.0 1.6 (0.4) Investment gains (losses) 0.3 0.4 + 0.1 Other ordinary gains (losses) 1.6 1.2 (0.4) Ordinary profit (loss) (1.5) (1.5) (0.0) - Extraordinary gains (losses) (0.0) (0.0) (0.0) Total of corporate income taxes 0.4 0.4 (0.0) Net income (loss) (1.1) (1.1) (0.0) - Fundamental profit (1.4) (1.6) (0.1) - 0.5 0.5 (0.1)(Ref.) Consolidated adjustment for intra-group reinsurance Provision for policy reserves, etc. Investment and other ordinary gains (losses) FY2025 Q1 FY2026 Q1 Change （％） Premium and other income (excluding Reinsurance income) 22 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 (USD in millions) Premiums and policy fees 1,422 1,431 + 9 + 1% Pre-tax adj. operating income (1) 131 203 + 72 + 55% Protection (2) 70 + 72 - Retirement 93 53 (39) (42%) Acquisitions 65 94 + 29 + 44% Stable Value Products (SV) 15 23 + 8 + 57% Asset Protection (AP) 8 7 (1) (15%) Employee Benefits(2) (5) (1) + 4 - Corporate & Other (42) (43) (1) - (103) 7 + 110 Net investment realized gains (losses) (18) (18) (0) Credit losses etc. (24) (25) (1) Commercial mortgage loans (3) (0) + 2 Modco - net realized gains (losses) 11 88 + 78 Net MRB and derivative impacts (75) (41) + 34 Other 6 3 (3) Income tax expense 1 (39) (40) Net income (loss) 29 171 + 142 + 498% Adjustment 110.0 (66) (176) Adjusted profit(3) 138 105 (34) (24%) Adjusted profit (JPY in billions) 20.7 16.8 (3.9) (19%) Exchange rate (JPY/USD) 149.52 159.88 + 10.36 + 7% Non-operating income (loss) FY2025 Q1 FY2026 Q1 Change （％） 検証中 23 70 255 0 0 100 0 145 255 78 218 255 [Group Companies Performance Overview] Overseas Insurance Business – Protective, USA (Note: PLC’s financial results for Q2 (April – June) of FY2026 are scheduled for release on August 13, local time.) ▶ Operating income increased by 55% YoY to USD 203mn. Although the gain on the sale of a subsidiary in the Retirement recognized in FY2025 did not recur, this was more than offset by assumption updates and related adjustments in the Protection, as well as favorable mortality experience in both the Protection and Acquisitions. ▶ Net income on a standalone basis increased by 498% YoY to USD 171mn. In addition to the increase in operating income, this was driven by higher valuation gains on embedded derivatives associated with the reinsurance of an in-force block executed in prior years, as well as lower valuation losses on market risk benefits (MRB). ▶ Adjusted profit decreased by 24% YoY to USD 105mn. FY2025 figure was calculated under the pre-LDTI accounting standard and has not been restated on an LDTI basis, whereas the current-period figure was calculated under LDTI. 20.7 16.8 FY2025 Q1 FY2026 Q1 (19%) Adj. Profit (JPY billions) (1) Derived from net income by excluding realized gains and losses on investments and derivatives, etc. (2) Upon LDTI adoption, prior comparative period figures are also restated on LDTI basis (3) The impact of LDTI is excluded from adjusted profit for FY2025, while it is included for FY2026. 23 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. [Reference] Introduction of New Accounting Standard “LDTI” in PLC ▶ Long-Duration Targeted Improvements (LDTI) has been introduced under US GAAP, and PLC’s net income for FY2025 will be presented on an LDTI basis, with FY2024 recast accordingly. ▶ Net income for FY2025 was significantly impacted by unlocking, mainly due to the revision of previously locked-in assumptions. Although earnings volatility may continue from FY2026 onward, there is no change to PLC’s medium- to long-term growth trajectory. Key changes and financial impact from the adoption Changes Overview FY2025 Impact （USD in millions） Impact on Adjusted Profit (from FY2026 onward) A Measurement of insurance liabilities • Assumptions such as mortality rates used in measuring insurance liabilities are reviewed periodically, and changes (excluding those arising from discount rate revisions) are reflected in profit and loss. • Discount rates are based on market interest rates, determined using observed yield curves with appropriate adjustments to reflect the characteristics of insurance liabilities. • Changes in discount rates are recognized in Other Comprehensive Income (OCI). ca. (20) Impact Expansion of unlocking scope • Unlocking is extended to certain long-duration insurance contracts for which assumptions have been fixed at inception under the current standard. ca. (160) No impact B Introduction of market risk benefits (MRBs)（1） • Certain minimum death benefit guarantees, previously measured as insurance liabilities, are reclassified and measured at fair value. ca. (30) No impact C Changes in DAC amortization pattern • Deferred Acquisition Costs (DAC) amortization is changed from a pattern based on premiums or profits to a straight-line basis over the contract period. ca. (35) Impact LDTIの概要 適用の影響範囲 • 米国会計基準における長期保険契約の会計処理を見直し、保険負債の測定の適時性向上 や情報開示の充実を目的として導入された改正基準 • 保険負債に用いる死亡率等の前提は定期的に見直し、割引率の見直しによる変動を除き、 影響は損益に反映 • 保険契約費用（DAC（1）等）に関する取扱いが簡素化 LDTI 影響 参考：税引前営業利益（ 23/12 24/12 ▲ ▲ PLCの6事業のうち3事業に影響 24 Short-term downward pressure on earnings due to LDTI adoption is expected to be limited to several tens of millions USD per year (1) A contract or contractual feature that protects policyholders from market risks (such as equity, interest rate, or foreign exchange risks) associated with minimum guarantees on death protection or withdrawal/benefit amounts in variable annuity products. These components are measured at fair value Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 [Group Companies Performance Overview] Overseas Insurance Business – TAL, Australia ▶ Underlying profit increased by 34% YoY to AUD 123mn, driven by strong performance in the group insurance business. ▶ Net income increased by 14% YoY to AUD 114mn, despite the absence of market impact that benefited the previous year. 検証中 23 70 255 0 0 100 0 145 255 78 218 255 8.6 12.7 FY2025 Q1 FY2026 Q1 +48% Adj. Profit (JPY billions) 25 Full Year Forecast ReferencePerformanceFinancial Result (AUD in millions) Premium and other income 1,956 2,105 + 149 + 8% 92 123 + 31 + 34% Protection business 99 105 + 6 + 6% Others (7) 18 + 26 - Non-underlying items (after tax) 8 (9) (17) Interest rate impact on A&L, etc. 9 (0) (9) Sub notes costs ー (2) (2) Others (1) (7) (6) Net income (loss) 100 114 + 14 + 14% Adjustment (9) 0 + 9 Adjusted profit 91 114 + 23 + 25% Adjusted profit JPY in billions 8.6 12.7 4.1 + 48% Exchange rate (JPY/AUD) 94.50 111.56 + 17.06 + 18% Underlying profit (after tax, excluding intragroup reinsurance) FY2025 Q1 FY2026 Q1 Change （％）
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 (VND in billions) 4,277 3,916 (361) (8%) First year premium 634 514 (121) (19%) Renew al premium(1) 3,643 3,402 (240) (7%) Other incomes 675 839 + 164 Investment related income, etc. 788 945 + 158 Reinsurance related income (113) (107) + 7 Operating expenses (1,408) (1,125) + 283 First y ear commission, distribution expense, etc. (864) (603) + 260 Renew al commission, administration expense (545) (522) + 23 Claims, payments and refunds, etc. (1,183) (1,298) (115) Provision for policy reserves, etc. (1,715) (1,472) + 243 (1,689) (1,447) + 242 (26) (25) + 1 Income tax expense, etc. (128) (197) (69) Net income (loss) 516 663 + 146 + 28% Net income (loss) JPY in billions 3.0 4.0 + 1.0 + 33% Exchange rate (JPY/VND) 0.0058 0.0061 + 0.0002 + 4% Net income excl. revaluation impacts (after tax) 534 689 + 154 + 29% （％） Provision for policy reserves (before revaluation) Revaluation of policy reserves interest rate, etc. FY2025 Q1 FY2026 Q1 Change Premium and other income (excluding Reinsurance income) (1) Insurance premium received from second year forward. [Group Companies Performance Overview] Overseas Insurance Business – Dai-ichi Life Vietnam 23 70 255 0 0 100 0 145 255 78 218 255 ▶ Premium and other income decreased by 8% YoY to VND 3,916bn, mainly due to lower new business sales. ▶ Net income for the period increased by 28% YoY to VND 663bn, mainly due to lower operating expenses resulting from cost control and reductions, including lower new business acquisition costs. Adj. Profit (JPY billions) 3.0 4.0 FY2025 Q1 FY2026 Q1 +33% 検証中 26 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 (\ in billions) FY2025 Q1 FY2026 Q1 Change(%) BO 1.1 1.5 + 36% 1.1 1.5 + 36% [Reference] Number of members (million ppl) As of Mar-26 As of Jun-26 Change(%) BO 11.18 11.46 + 3% Asset Management Adj. Profit (1) VTX: Vertex, AMO: Asset Management One , DMRE: Daiichi Life Marubeni Real Estate, CP: Canyon Partners, BO: Benefit One (2) Includes Asset Management One USA, &Do Holdings, Japan Excellent Asset Management, Wealth Management [Group Companies Performance Overview] Non-Insurance Business (Asset Management Business and New Fields of Business) ▶ Adjusted profit for the asset management business increased by 74% YoY to ¥4.8bn, supported by steady AUM growth at each company. ▶ Benefit One’s adjusted profit increased by 36% YoY to ¥1.5bn,supported by customer growth in its employee benefits. Membership also expanded to 11.46mn as of the end of Jun. 2026. 検証中 [Reference] Amortization of intangible assets of BO Amortization of goodwill (ca. ¥20.0bn/year, amortized over 10 years) Amortization of intangible assets (ca. ¥3.0bn/year, amortized over 24 years) 23 70 255 0 0 100 0 145 255 78 218 255 New Fields of Business Adj. Profit 27 Full Year Forecast ReferencePerformanceFinancial Result (\ in billions) FY2025 Q1 FY2026 Q1 Change(%) VTX 0.1 0.2 + 137% AMO 1.3 1.7 + 30% DMRE - 0.8 - CP 0.3 0.7 + 114% Capula 0.8 1.2 + 54% Others 0.3 0.3 (7%) 2.8 4.8 + 74% [Reference] AUM (\ in trillions) As of Mar-26 As of Jun-26 Change(%) VTX 3.0 3.2 + 7% AMO 79.1 88.0 + 11% DMRE 2.1 2.1 + 2% (USD in billions) As of Dec-25 As of Mar-26 Change(%) CP 29.0 29.7 + 3% Capula 34.2 34.3 + 0% （1） （2）
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Group EV 23 70 255 0 0 100 0 145 255 78 218 255 28
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Group EV（1） ▶ Group EV increased by ca.¥190.0bn to around ¥9.85tn, mainly due to higher domestic equity valuations at DL. 検証中 (1) The figures as of the end of Jun. 2026 (and as of the end of Mar. 2026 for PLC) are approximate. (2) ANW: Abbreviation of “Adjusted net worth” (3) VIF: Abbreviation of “Value of in-force business” 23 70 255 0 0 100 0 145 255 78 218 255 Daiichi Life Group (\ in billions) As of Mar-26 As of Jun-26 Est. Change Daiichi Life Group 9,658.4 ca. 9,850.0 ca. + 190.0 ANW equivalent 1,521.2 ca. 1,330.0 ca. (190.0) VIF equivalent 8,137.1 ca. 8,510.0 ca. + 380.0 (\ in billions) As of Mar-26 As of Jun-26 Est. Change (\ in billions) As of Dec-25 As of Mar-26 Est. Change As of Dec-25 As of Mar-26 Est. Change DL 6,456.7 ca. 6,480.0 ca. + 30.0 PLC 1,332.3 ca. 1,150.0 ca. (190.0) 8,510 ca. 7,200 ca. (1,300) ANW equivalent 1,327.8 ca. 1,040.0 ca. (290.0) ANW equivalent 209.4 ca. 10.0 ca. (200.0) 1,338 ca. 100 ca. (1,300) VIF equivalent 5,128.9 ca. 5,440.0 ca. + 310.0 VIF equivalent 1,122.8 ca. 1,130.0 ca. + 10.0 7,172 ca. 7,100 ca. (100) (\ in billions) As of Mar-26 As of Jun-26 Est. Change (\ in billions) As of Mar-26 As of Jun-26 Est. Change As of Mar-26 As of Jun-26 Est. Change DFL 1,035.2 ca. 960.0 ca. (70.0) TAL 786.7 ca. 800.0 ca. + 20.0 7,173 ca. 7,200 ca. + 0 ANW equivalent 229.2 ca. 160.0 ca. (70.0) ANW equivalent 159.4 ca. 150.0 ca. (10.0) 1,454 ca. 1,300 ca. (100) VIF equivalent 806.0 ca. 800.0 ca. (0.0) VIF equivalent 627.3 ca. 660.0 ca. + 30.0 5,719 ca. 5,900 ca. + 200 <Outstanding in local currency> PLC: US$ in millions, TAL: AU$ in millions 29 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Reference Data 23 70 255 0 0 100 0 145 255 78 218 255 30
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 27.8% 28.8% 30.9% 32.6% 0% 10% 20% 30% 40% 20,000 25,000 30,000 35,000 Sep-24 Mar-25 Sep-25 Mar-26 [Reference] Total Life Plan Designers (including Life Professionals) 1.00 0.82 1.02 1.17 Share of highly efficient sales reps(2) Premiums per policy(1) (Indexed Sep-24 as 1.0) (1) Calculated by excluding agency channel (2) The share of sales representatives with high customer consulting ability who meet prescribed qualification level. Daiichi Life’s Results – Quality of In-force Business, Sales Force & Productivity 【Note】 ・ 検証中 23 70 255 0 0 100 0 145 255 78 218 255 ANP based Surrender & Lapse (Individual Insurance & Annuities) Number of Sales Reps and Productivity Surrender & Lapse Rate (ANP based Surrender & Lapse / in-force business ANP at fiscal year start) 31 Full Year Forecast ReferencePerformanceFinancial Result 0.82% 0.90% 0.91% 0.90% 0.88% 0.73% 0.91% 0.85% 0.88% 0.81% 0.96% 0.83% 0.87% 0.90% 0.93% 0.88% 0.91% 3.26% 3.70% 3.48% 3.56% 0% 1% 2% 3% 4% FY2022 FY2023 FY2024 FY2025 FY2026 Q1 Q2 Q3 Q4
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 (\ in billions) FY2025 Q1 FY2026 Q1 Change （％） Interest and dividends 177.9 197.6 +19.7 + 11% Domestic bonds 74.5 82.1 +7.5 + 10% Domestic equities 7.1 7.3 +0.2 + 3% Foreign bonds 20.2 25.6 +5.4 + 27% Foreign equities 26.8 25.8 (1.0) (4%) Other securities 10.5 18.4 +7.9 + 75% Loans 18.7 18.4 (0.3) (2%) Real estate(3) 17.2 17.2 (0.0) (0%) [Reference] Rates of return during FY2025 (\ in billions) Interest and dividends Average daily balance Yield(2) General account total 811.7 31,430.2 2.58% Domestic bonds 309.2 18,129.7 1.71% Domestic equities 79.4 1,011.0 7.86% Foreign bonds 92.3 2,961.4 3.12% Foreign equities 110.3 1,382.8 7.97% Other securities 67.8 1,373.0 4.94% Loans 74.1 3,317.6 2.23% Real estate(3) 68.8 942.2 7.30% Interest and Dividends(1) Gains/Losses on Sale and Valuation of Securities Daiichi Life’s Results – General Account Assets [1] Breakdown of Investment Income and Expenses (1) Including gains (losses) from mutual investment funds cancellation (2) Ratio of interest and dividends to the average daily balance (3) Real estate held with investment purpose 【Note】 ・ 検証中 (\ in billions) FY2025 Q1 FY2026 Q1 Change （％） Gains on sale of securities 105.6 346.5 +240.9 + 228% Domestic bonds 6.4 0.1 (6.3) (99%) Domestic equities 70.3 321.3 +251.0 + 357% Foreign bonds 8.3 4.9 (3.4) (41%) Foreign equities 20.7 17.3 (3.4) (17%) Others 0.0 3.0 +3.0 + 34,588% Losses on sale of securities 73.1 217.8 +144.7 + 198% Domestic bonds 49.2 203.7 +154.5 + 314% Domestic equities 7.3 4.8 (2.4) (34%) Foreign bonds 11.6 0.7 (10.9) (94%) Foreign equities 4.3 1.9 (2.4) (55%) Others 0.7 6.6 +5.9 + 837% Net gains or losses 32.5 128.6 +96.1 + 296% Losses on valuation of securities 0.3 0.7 +0.4 + 157% Domestic bonds - - - - Domestic equities 0.2 0.2 (0.1) (31%) Foreign bonds - - - - Foreign equities 0.0 0.6 +0.5 + 1,038% Others - - - - 23 70 255 0 0 100 0 145 255 78 218 255 32 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 2.04% 2.29% 2.43% 1.85% 1.81% 1.77% 1.49% 1.62% 1.74% 3.89% 4.74% 5.59% 0.45% 0.45% 0.44% 0.50% 0.50% 0.61% 0.39% 0.43% 0.47% 1.00% 0.81% 1.28% 0.1% 0.3% 0.5% 0.7% 0.9% 1.1% 1.3% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% FY2023 FY2024 FY2025 FY2024 Q1 FY2025 Q1 FY2026 Q1 Investment yield Ave. Assumed rate of return Yield on fixed-income assets Yield on risk assets 54.9% 54.4% 56.3% 54.4% 54.3% 8.2% 9.0% 10.1% 9.7% 9.3% 3.3% 2.5% 2.2% 2.2% 2.4% 1.3% 2.8% 3.1% 3.5% 3.4% 5.4% 2.5% 1.9% 1.9% 1.8% 3.4% 2.8% 2.3% 2.1% 2.1% 9.7% 11.6% 9.8% 10.1% 10.7% 4.5% 4.8% 4.6% 5.2% 5.6% 3.6% 3.4% 3.6% 3.5% 3.4% 5.7% 6.2% 6.1% 7.5% 6.9% Mar-23 Mar-24 Mar-25 Mar-26 Jun-26 Investment Portfolio （General Account）(1)(2) Investment Yield & Ave. Assumed Rate of Return(3) General Account Asset Portfolio (¥ in trillions) 33.1 34.7 33.9 33.9 34.6 Daiichi Life’s Results – General Account Assets [2] Investment Portfolio, Return and Average Assumed Rate of Return (1) Carrying amount - basis (2) Floating-rate foreign bonds hedged with currency forwards are classified under “Foreign bonds currency-hedged with currency swaps, etc.” (3) The yield for each asset is calculated by dividing the amount of interest and dividend income (excluding equity-like dividends), net of hedging costs and other expenses, by the average balance of each asset 【Note】 ・ 検証中 23 70 255 0 0 100 0 145 255 78 218 255 Others Real estate Foreign equities Domestic equities Foreign bonds (currency-unhedged) Foreign bonds （currency-hedged with currency forward） Foreign bonds （currency-hedged with currency swaps, etc.） Short-term rate investments Loans Yen-denominated bonds Yen Fixed Income 69.4% 33 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Yen-denominated Bonds (1) Domestic Government Bonds (3) by Maturity (Jun-26) *Figures in brackets are as of March 31, 2026. Daiichi Life’s Results – General Account Assets [3] Yen-denominated Bonds (1) Book value - basis (2) Of the currency-hedged foreign bonds (with currency forward), floating rate bonds are classified as currency-hedged foreign bonds (currency swaps, etc.) (3) Carrying amount - basis 検証中 23 70 255 0 0 100 0 145 255 78 218 255 JPY and Currency-hedged Foreign Bonds(1)(2) 0.2 0.2 0.9 0.5 1.1 4.3 8.6 0 2 4 6 8 Up to 1 year 1-3 years 3-5 years 5-7 years 7-10 years 10-20 years Over 20 years (¥ in trillions) [8.3] [4.4] [1.2] [0.5] [0.8] [0.2][0.1] 16.1 15.5 15.7 2.9 3.1 3.3 1.0 1.0 1.0 20.1 19.7 20 0 5 10 15 20 Mar-25 Mar-26 Jun-26 Currency-hedged foreign bonds Yen-denominated bonds other than PRMB Policy-reserve-matching yen bonds (PRMB) 15.8 16.1 2.8 2.9 18.6 19.0 0 5 10 15 20 Mar-26 Jun-26 Government/Municipal bonds Total (¥ in trillions) (¥ in trillions) 34 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 6.31 5.35 1.76 0.55 0.55 0.28 0.29 0.40 1.01 1.00 0.13 0.50 0.20 0.11 0.11 0.51 0.14 (0.13) 0.13 0.14 7.23 6.28 2.23 1.80 1.81 19.1% 16.8% 6.7% 5.3% 5.2% Foreign Currency Bond Portfolio (1)(2) (Jun-26) Foreign Currency Bonds by Currency (1) Daiichi Life’s Results – General Account Assets [4] Foreign Currency Bonds 【Note】 検証中 23 70 255 0 0 100 0 145 255 78 218 255 21/3末 22/3末 ２３/3末 24/3末 25/3末 Breakdown of Currency Hedged Bonds (Carrying amount) (1)(3) Carrying amount share in general account （¥ in trillions） Unrealized gains （losses) Currency hedging accounting impact Book value before currency hedging accounting impact (Currency swap, etc.) Jun-26Mar-21 Mar-22 Mar-26Mar-23 Book value before currency hedging accounting impact (Currency forward) *Figures in brackets are as of March 31, 2026. Government, municipal bonds 14.9% Corporate bonds 66.6% Mortgage, etc. 18.4% [66.5%] [14.8%][18.7%] As of Jun-26 Foreign bonds ¥2.5tn AAA 5.9% AA 16.0% A 46.0% BBB 23.7% BB & Others 0.4% No Rating 8.0% [6.0%] [16.5%] [45.8%] [22.8%] [8.4%] [0.4%] 45.8% 55.4% 64.4% 65.1% 65.3% 19.2% 15.3% 17.9% 22.0% 22.1%22.9% 20.6% 7.0% 3.7% 3.3%3.0% 3.0% 3.3% 2.7% 2.8%8.9% 5.6% 7.3% 6.5% 6.4% 0% 20% 40% 60% 80% 100% Mar-23 Mar-24 Mar-25 Mar-26 Jun-26 Others GBP AUD EUR USD (1) Book value – basis (2) Rating breakdown based on ratings from S&P & Moody’s, excluding mortgage etc. (3) Of the currency-hedged foreign bonds (with currency forward), floating rate bonds are classified as currency-hedged foreign bonds (currency swaps, etc.) 35 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 38.5% 9.6% 6.1% 4.8% 7.7% 1.3% 14.8% 10.5% 6.8% 0.66 0.67 0.67 0.66 0.68 0.33 0.43 0.48 0.54 0.53 0.47 0.61 0.72 0.84 0.86 0.00 0.03 0.08 0.13 0.141.11 1.35 1.03 1.58 1.64 2.56 3.09 2.97 3.75 3.85 23/3末 24/3末 25/3末 26/3末 26/6末 投信等 プライベート・デット インフラ・不動産ファン ド等 PE ヘッジファンド Daiichi Life’s Results – General Account Assets [5] Risk Assets 【Note】 未修正 23 70 255 0 0 100 0 145 255 78 218 255 (1) On a balance sheet value basis (2) Infrastructure investments, including real estate funds Expansion of Alternative Investments(1)Breakdown of Risk Assets (1) End of Jun.2026 ¥11.1tn [¥10.8tn] [36.1％] [6.2％] [5.0％] [7.8％] [1.2％] [14.7％] [9.8％] [10.9％] [8.3％] *Figures in brackets are as of March 31, 2026. Others Real Estate Investment trust Private Debt Infrastructure fund(2) Private Equity Hedge Fund Foreign Bond Equity （¥ in trillions） Hedge fund Private Equity Infrastructure fund Private Debt Investment trust 36 Full Year Forecast ReferencePerformanceFinancial Result Mar-26Mar-23 Mar-25Mar-24 Jun-26
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Private Credit Exposure（1） ▶ Our private credit portfolio is focused primarily on direct lending and private ABS/ABF, and continues to represent a limited share of 0.8% of the Group’s total investment assets. ▶ In our private credit investments, each group company follows a disciplined investment approach based on its respective inves tment strategy. We conduct portfolio management through the appropriate classification, assessment, and ongoing monitoring of investment exposur es, taking into account characteristics such as liquidity, origination structure, and underlying assets. No material concerns have been identified at this point. 23 70 255 0 0 100 0 145 255 78 218 255 (1) This slide focuses on direct lending—primarily direct loans to private companies—which represents the core of private credit discussed in the market, as well as private ABS/ABF. (2) ABS (Asset-Backed Securities), ABF (Asset-Backed Financing), RSN (Rated Structured Note), and SMA (Separately Managed Account) Private Credit Exposure (as of Mar. 2026) 37 Full Year Forecast ReferencePerformanceFinancial Result Total Investment Assets (¥ in trillions） Direct lending （¥ in billions） Private ABS/ABF（2） （¥ in billions） % of Private Credit In Total Investment Group 60.6 300.0 190.0 0.8% DL 33.9 120.0 - 0.4% DFL 10.0 65.0 25.0 0.9% PLC 13.5 95.0 165.0 1.9% DLRB 3.2 20.0 - 0.6% • Direct lending is the primary investment approach • Investments are made through carefully selected high-quality managers, with a diversified portfolio structure and no use of leverage • Sophisticated credit risk management will be conducted utilizing look-through data. Investment Approaches by Group Company • SMA（2） and RSNs（2） are the primary investment vehicles • Investment grade (IG) assets account for the majority with a portfolio largely comprising investments where ratings are assigned through structuring (e.g., securitization and tranche structures)
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 (\ in billions) As of Mar-26 As of Jun-26 Change （％） Securities (678.5) (505.2) + 173.4 - Domestic bonds (3,802.3) (4,040.6) (238.3) - o/w Policy Reserve-Matching Bonds (3,710.6) (3,933.8) (223.1) - o/w Other Investment Bonds (91.7) (106.8) (15.2) - Foreign bonds 148.2 157.9 + 9.7 + 7% o/w Hedged foreign currency bonds 127.1 143.0 + 15.9 + 12% Domestic equities 2,491.4 2,768.3 + 276.9 + 11% Foreign equities 361.8 451.3 + 89.5 + 25% Real estate 655.3 662.2 + 6.8 + 1% General Account total (222.0) (20.9) + 201.0 - Sensitivities(1) Break-even Points(2) Domestic bonds [10-year JGB Yield] 10bp change: June 2026: ± ￥180bn* [10-year JGB Yield] June 2026: 0.5%* （March 2026: ± ￥190bn) (March 2026: 0.4%) * Available-for-sale securities: * Available-for-sale securities: June 2026: ± ￥10bn June 2026: 1.7% (March 2026: ± ￥10bn) (March 2026: 1.6%) Domestic stocks [Nikkei 225] ￥1,000 change: June 2026: ± ￥50bn [Nikkei 225] June 2026: ￥17,100 (March 2026: ± ￥60bn) (March 2026: ￥13,300) [USD / JPY] ￥1 change: [USD / JPY] June 2026: ± ￥14bn June 2026: $1 = ￥137 (March 2026: ± ￥13bn) (March 2026: ￥134 ) Foreign Securities Daiichi Life’s Results – General Account Assets [6] Unrealized Gains/Losses Unrealized Gains/Losses (General Account) 【Note】 未修正 23 70 255 0 0 100 0 145 255 78 218 255 (1) Sensitivities indicate the impact of fluctuations in the market value of related assets. (2) Breakeven points indicate assumptions when unrealized gains or losses of the related assets would be zero. Figures for foreign securities are calculated for foreign exchange factors only, based on the USD/JPY exchange rate (assuming all are in USD). As of the end of Jun. 2026 38 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 *Figures in brackets are as of March 31, 2026. (1) Carrying amount - basis (2) Includes structured bonds backed by government bonds and corporate bonds. [Daiichi Frontier Life] Investment Portfolio Investment Portfolio (General Account)(1) 未修正 23 70 255 0 0 100 0 145 255 78 218 255 General Account Asset Portfolio (¥ in trillions) 8.6 9.8 10.0 Book Value / Market Value Information on Securities (Jun-26) Investment Amounts by Product Fund & Foreign Currency Bond 24.8% 25.2% 26.6% 52.4% 46.5% 45.6% 10.4% 14.1% 16.1% 2.3% 3.0% 3.0% 6.2% 5.9% 3.4% 3.8% 5.4% 5.4% Mar-25 Mar-26 Jun-26 Others Cash, deposits, and call loans Other securities Money held in Trust Foreign bonds Domestic bonds (\ in billions) Book Value Market Value Unrealized Gains/Losses Policy-reserve matching bonds 5,112.0 4,696.9 (415.1) Securities available for sale 3,390.8 3,321.4 (69.4) Domestic bonds 487.9 460.8 (27.1) Foreign securities 1,830.0 1,790.5 (39.5) Other securities 302.0 299.4 (2.6) AUD, etc. 15.3% USD 40.0% JPY 40.2% Others 4.4% [40.3%] [15.2%] [39.1%] [5.4%] Government 13.3% State/Munincipal 1.6% Supranational 7.9% Corporate 75.5% Others(2) 1.7% As of Jun-26 Foreign bonds ¥4.1tn [7.9%] [13.1%] [75.5%] [1.7%] [1.7%] 39 Full Year Forecast ReferencePerformanceFinancial Result AAA 6.8% AA 23.4% A 42.4% BBB 22.8% BB & Others(2) 0.3% No Rating 4.2% [42.2%] [6.9%] [22.7%] [23.8%] [4.2%] [0.3%]
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Reversal of Policy Reserves Accrued on MVAPolicy Reserves Accrual on MVA ② Surrender value based on interest rate movements At contract start Start of pension payment Assuming flat interest rate after booking MVA related policy reserves Actually, the amount of reserves is recalculated according to the market interest rate Single Premium Annuity Fund Interest rate increase Interest rate decrease ≒ Accrue MVA related reserves ① Policy reserves determined by assumed interest rate Investment period J-GAAP liabilities at the end of each period are based on the higher of ① or ②. When interest rate decline and ②＞①, additional policy reserves are accrued. Accounting loss at time of booking reserves At booking MVA related reserves At maturity Reserves balance Reversal impact Over the investment period, accrued MVA policy reserves are reversed. (in case of surrender prior to maturity the gain on sales of corresponding bonds is recorded) ▶ For products with MVA option, the J-GAAP liabilities are recognized as the greater of surrender value or the value of policy reserves determined by assumed interest rate. When interest rate decreases, the surrender value will be higher than the value of policy reserves, resulting in an accrual of MVA related policy reserves. ▶ Gains/losses on MVA are offset on an accounting basis over time, therefore excluded from group adjusted profit calculation. [Reference] Gains and Losses on Market Value Adjustment (MVA) 23 70 255 0 0 100 0 145 255 78 218 255 40 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 TAL Sales Performance (1) Fiscal year ends on December 31, for PLC, DLVN, DLKH, DLMM, PDL (2) Figures include the performance of Thailand-based Ocean Life (capital relationship terminated in FY2025), in addition to the results of the four other subsidiaries and affiliates (DLKH, DLMM, SUD, and PDL). (3) Bank Owned Life Insurance (BOLI)/Company Owned Life Insurance (COLI) are policies that are purchased by banks or companies to insure the lives of executives and employees as a corporate benefit. (4) Change in in-force due to renewal of insurance contract, premium adjustment, and TLIS integration etc. [Overseas] Adjusted Profit, PLC and TAL Sales Performance etc. Overseas Insurance Business Adj. Profit +4％ 62.2 64.5 23 70 255 0 0 100 0 145 255 78 218 255 Other overseas 0.5 3.00.5 8.6 20.7 FY2025 Q1 -0.5 4.0 0.6 12.7 16.8 FY2026 Q1 33.4 33.8 +1% PLC TAL PNZ DLVN Other overseas 102 102 162 41 Full Year Forecast ReferencePerformanceFinancial Result PLC Sales Performance etc. PLC(1) 20.7 16.8 (19%) TAL 8.6 12.7 +48% PNZ 0.5 0.6 +18% DLVN(1) 3.0 4.0 +33% Other Overseas(2) 0.5 (0.3) － 33.4 33.8 +1% (￥ in billions) FY2025 Q1 FY2026 Q1 Change (%) (USD in millions) YoY （％） Retail Life & Annuity 1,293 1,856 ＋563 ＋44% Traditional life 57 44 (12) (22%) Universal life 24 17 (7) (28%) BOLI/COLI(3) 273 146 (128) (47%) Fixed annuity 622 1,298 ＋676 ＋109% Variable annuity 317 350 ＋34 ＋11% Asset Protection 213 240 ＋27 ＋13% Employee Benefits 26 31 ＋5 ＋19% 13,150 13,787 ＋638 ＋5% Deposits 1,670 602 (1,068) Maturities/Paydowns (1,633) (1,456) 178 Other, net 168 111 (57) Ending Account Values (Q1) 13,354 13,045 (309) (2%) Stable Value (FY Beginning Account Values) FY2025 Q1 FY2026 Q1 Change (AUD in millions) YoY （％） New Business ANP 47 73 + 26 + 57% (TAL) Individual 23 26 + 2 + 9% Group 23 48 + 24 + 105% Change in in-force(4) 120 200 + 80 + 67% (TAL) Individual 95 101 + 7 + 7% Group 25 99 + 74 + 296% FY2025 Q1 FY2026 Q1 Change
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Copyright © 2026 Daiichi Life Group, Inc. 30.1% 28.5% 37.5% 3.9% A AAA & AA BBB BB or below [39.5%] [4.2%] [28.6%] [27.7%] (USD in millions) Dec. 2025 Mar. 2026 Change Mortgage Loans (Gross) 12,840 12,920 ＋80 o/w Non-performing 31 60 ＋29 84 84 (0) (% of Mortgage loans) 0.7% 0.7% (0.0%pt) Allowance for credit losses [PLC] Investment Portfolio 23 70 255 0 0 100 0 145 255 78 218 255 検証中 Total Investments (USD in billions) 77.3 74.8 71.7 Investment Portfolio (General Account)(1)(2) (1) Carrying amount – basis (2) Figures as of Dec. 2025 and Mar. 2026 exclude assets associated with Modco and Co FWH (Funds Withheld). Commercial Mortgage Loans(2) Fixed Income Allocation and Credit Quality (As of Mar. 2026)(2) *Figures in brackets are as of Dec. 2025 42 Full Year Forecast ReferencePerformanceFinancial Result 74.8% 71.4% 73.4% 16.2% 16.2% 16.8% 0.7% 0.7% 0.8%2.1% 5.4% 4.2% 6.1% 6.4% 4.8% Dec. 2024 Dec. 2025 Mar. 2026 Fixed Income Commercial Mortgage Loans Equity Securities Others Short-Term Investments 62.5% 32.9% 4.3% 0.3% Corporate RMBS/CMBS, etc. US Gov., etc. Others (As of Mar. 2026) Fixed income assets $52.6bn [0.3%] [64.5%] [30.5%] [4.6%]
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 (\ in billions) Net income (losses) 34.2 160.1 + 125.8 + 368% - - - - - - (8.5) (11.1) (2.7) Amortization of goodwill 9.1 13.1 + 4.0 16.4 (10.5) (27.0) Interest rate impact on A&L, etc. (TAL) (0.8) 0.0 + 0.8 Interest rate impact on A&L (PNZ) 0.1 0.1 + 0.0 Adjustments to asset and liability valuations (DLRB) 25.0 10.3 (14.8) Others (1.5) (3.8) (2.3) Group Adjusted Profit 74.2 158.1 + 84.0 + 113% Provision for contingency reserve (in excess of statutory amount, net of tax) Provision for price fluctuation reserve (in excess of statutory amount, net of tax) Gains or losses on accounting for market value adjustment, net of tax Valuation-based gains/losses that deviate from economic reality, etc. (PLC) FY2025 Q1 FY2026 Q1 Change （％） Reconciliation of Group Adjusted Profit 23 70 255 0 0 100 0 145 255 78 218 255 検証中 43 Full Year Forecast ReferencePerformanceFinancial Result (1) Results for FY2025 have been recast on an LDTI basis. (2) Including the difference between the already-disclosed adjusted profit, which excludes the impact of LDTI, and net income after the application of LDTI. （１） （2）
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 [Reference] Partial Amendment of Adj. Profit Calculation ▶ PLC, TAL, and PNZ will exclude the valuation gains/losses under the accounting purposes, which will align the original purpose of adjusted profit and will improve a stability of profit and predictability of shareholder payouts. ▶ For the adjusted profit of 3 years which are the basis of dividend calculation, it is not restated for the FY2023 and before. Case for Protective Case for TAL and Partners Life Image for the gains/losses related to the investment and hedging activity CECL Fluctuation of assets and liabilities due to the interest rate movement, etc. Investment Maturity Face amounts Portion applicable to the impairment or losses on sales Include in adj. profitMaturity Items in which the portion of market value fluctuation is to be excluded from adj. profit Provision /Reversal of Individual Allowance (Allowance for individual securities and loans） Unrealized gains/losses of preferred stock, Modco-related gains/losses, ICOLI gains/losses, gains/losses related to the minimum guarantee (both hedged item and hedging instruments), and the fluctuation of DAC amortization related to them. Provision /Reversal of General Allowance (Allowance based on the economic outlook) Investment Assets, Reinsurance Assets Insurance Liability Exclude from adj. profit ◼ The shape of the future CF of investment assets and insurance liability ◼ Difference of the accounting treatment between the original contract and reinsurance contract (PAA(1) and GMM (2)) Net income fluctuate due to the fluctuation of assets and liabilities caused by; Market Value Face amounts Market Value Investment Portion which the fluctuation of market value is recognized in net income Exclude from adj. profit Include in adj. profit Exclude from adj. profit (1) Premium Allocation Approach (2) General Measurement Model 23 70 255 0 0 100 0 145 255 78 218 255 44 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 [Reference] FY2026 Forecast for the Full-Year Adjusted Profit (by Major Subsidiary) 45 23 70 255 0 0 100 0 145 255 78 218 255 FY2025 Actual FY2026 Forecast Change Key Factors DL 377.9 371.0 (7.0) [＋] Positive spread +32.0（o/w Income & dividend +18.0, Assumed interest +16.0）, Hedging cost+7.0 [－] Gains from core insurance activities (37.0) （o/w Investment for business model transformation (8.0）), Capital gains +10.0 （o/w Gains from sales of securities＋110.0, Losses from derivatives (30.0), FX Losses (50.0)） DFL 43.0 38.5 (4.5) [－] Absence of one-off gains from target triggered-surrenders in FY2025 (8.0) DNL・DIPT (4.5) (4.5) - - PLC 79.3 84.5 + 5.0 [+] Increased investment yield and decreased operating expenses +15.0 [－] Effect from LDTI Adoption (6.5) Oceania 38.7 64.0 + 25.0 [+] （TAL）Absence of the impact from higher claim payments in FY2025 and changes in assumptions +25.0 Asia / Other overseas 1.2 15.5 + 14.0 [+] （DLVN）Absence of upfront fee impairment recorded in FY2025 +8.0 Asset Management 19.0 22.5 + 3.5 [+] (Real Estate Asset Management) +1.0 BO 3.1 3.0 (0) [－] Absence of one-off gain in FY2025 and a temporary rise in expenses aimed at improving operational efficiency (0.5) DLRB 19.2 16.5 (3.0) [－] A partial reversal of profits due to changes in the economic environment (U.S. corporate bond spreads). HD/Others (25.4) (45.0) (20.0) [－] Increase in operating expenses and personnel costs (−15.0), and higher interest expenses (−5.0) Total 551.5 ca. 560.0 ca.+10.0 （¥ in billions） 45 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Group Adjusted Profit Adjusted profit of subsidiaries Adjusted profit of affiliates Holding company profit and loss, etc. Adjusted ROE ＝ [Numerator] Adjusted profit ÷ [Denominator] Adjusted net assets (Average of year beginnning and ending value) Adjusted net assets ＝ Net assets - Goodwill - Unrealized gains/losses on fixed-income assets* + MVA balance at Daiichi Frontier Life(net of tax) * DL,DFL,DNL,PLC,PNZ: Amount recognized in accumulated other comprehensive income within unrealized gains/losses on fixed-income assets, net of tax(1) [Adjustment 1] In addition, if there are similar provisions at overseas subsidiaries and affiliates, adjustments will be made case-by-case basis. Provision for contingency and price fluctuation reserves, etc. (in excess of statutory requirement, net of tax) [Adjustment 2] Adjusted for technical accounting valuation gains and losses MVA related gains (losses), net of tax, etc. [Adjustment 3] Adjusted for gains/losses on organizational restructuring and amortization of goodwill, etc. in the consolidation procedures of each company. Amortization of goodwill, gains/losses on acquisition phase, gains/losses on change in shareholding, etc. Definition of Group Adjusted Profit Adjusted ROE historical data (1) It mainly defines unrealized gains/losses on yen-denominated bonds, purchased monetary claims, hedged foreign currency-denominated bonds, and investment trusts whose main investment targets are fixed-income assets. (2) As TAL and PNZ have adopted IFRS 17, the figures for TAL and PNZ in FY2022 are restated on IFRS 17 basis and it resulted in restating Group Adjusted ROE and related figures. Adjusted ROE Definition and Past Results 完成 23 70 255 0 0 100 0 145 255 78 218 255 46 Full Year Forecast ReferencePerformanceFinancial Result FY2021 FY2022(2) FY2023 FY2024 FY2025 (JPY in billions / %) Group Adjusted ROE 8.0% 4.9% 8.2% 10.7% 12.7% Numerator (Adjusted Profit) 296.1 170.6 319.4 439.5 551.5 Denominator (Average Adjusted net assets) 3,714.6 3,451.8 3,887.1 4,116.9 4,356.8 Denominator (FY end Adjusted net assets) 3,744.5 3,357.2 4,417.0 3,884.4 4,753.7 [Calculation of denominator] Net assets 4,407.8 2,661.3 3,881.9 3,469.4 4,254.0 (－) Goodwill 56.2 117.2 115.2 328.4 441.7 (－) Unrealized gains / losses on fixed-income assets 628.7 (812.3) (648.9) (742.6) (940.9) (＋) [DFL] MVA balance 21.6 0.9 1.4 0.8 0.6 Net assets for Adjusted ROE 3,744.5 3,357.2 4,417.0 3,884.4 4,753.7 o/w Shareholders’ equity 1,996.3 1,753.8 1,872.1 2,014.6 2,270.2 Daiichi Life Adjusted ROE 8.2% 7.3% 8.2% 11.3% 14.4% Numerator (Adjusted Profit) 199.8 165.6 203.9 287.1 377.9 Denominator (Average Adjusted net assets) 2,450.6 2,264.2 2,497.2 2,547.8 2,624.4 Denominator (FY end Adjusted net assets) 2,396.8 2,131.5 2,862.8 2,300.3 2,822.5 [Calculation of denominator] Net assets 2,757.0 2,100.0 2,898.0 2,346.8 2,658.4 (－) Unrealized gains / losses on fixed-income assets 360.2 (31.5) 35.2 46.5 (164.1) Net assets for Adjusted ROE 2,396.8 2,131.5 2,862.8 2,300.3 2,822.5 o/w Shareholders' equity 631.6 583.7 552.6 581.2 652.7
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 16 16 16 20 28 35 43 50 58 62 62 83 86 113 133 192 Considerations for additional payout ESR Level Status of market risk and sensitivity reduction Cash position of the holding company Group Financial Leverage Existence of strategic investment opportunities Our stock price, etc. Stable dividend based on profit [Dividend payout ratio] 50%+ each FY Effective from the FY2026 interim dividend • Average group adjusted profit for past 3 years • Basically no reduction of dividend per share. (円/株) 過去3 Shareholder Payout Policy (3) 完成 更新不要 【Note】 （208） (137)(113) (86)(83) (62)(62)(58)(50)(43)(35)(28)(20)(16)(16)(16) 約 23 70 255 0 0 100 0 145 255 78 218 255 47 Shareholder Payout Policy Share buybacks Total Dividend DPS(￥) Flexible additional shareholder returns • Flexible and timely decision-making based on HD cash, investment pipelines, ESR and share price. Shareholder Payouts Dynamics Adjusted profit 551.5439.5319.3184.5296.1282.8274.6236.3243.3210.1204.6214.8116.0100.1-- 560.0 (¥ in billions) (1) Although TAL and PNZ have adopted IFRS17 from FY2023 Q1, retroactive application of prior years‘ figures are not applied in the calculation of the three-year average of the Group adj. profit, which is the basis for dividend calculations. Group adj. profit figures are rounded down through FY2023 and rounded to the nearest unit from FY2024 onward. (2) Figures represent dividends after the stock split (1:4). For FY2024 and earlier, figures have been adjusted to reflect the stock split. Figures in parentheses represent dividends before the stock split (actual figures for FY2024 and earlier, and the converted amount for FY2025). Full Year Forecast ReferencePerformanceFinancial Result [Policy on cancellation of treasury stock] The treasury stock is expected to be cancelled at an appropriate timing unless it is held for any specific reason. Adjusted profit (Average 3years) 436.8 517.0 In line with the increase in the dividend payout ratio target (to at least 50% each fiscal year), the total payout ratio target (guideline: 50% or higher on average over the medium term) has been discontinued. Elimination of the total payout ratio target 16.0 16.0 16.0 20.0 33.5 41.7 50.7 58.5 66.7 70.3 69.1 85.4 84.8 39.0 28.0 30.0 4.00 4.00 4.00 5.00 7.00 8.75 10.75 12.50 20.75 28.25 FY2014 16.0 FY2015 23.0 FY2016 FY2017 14.5 FY2018 15.5 FY2019 15.5 FY2020 FY2021 21.5 FY2022 FY2023 34.25 FY2024 54.5 FY2025 72 FY2026 200.0 120.0 120.0 FY2011 107.2 100.0 126.7 198.1 100.0 FY2012 FY2013 15.0 FY2010 260.6
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Group – Summary of Consolidated Financial Statements 検証中 Gains(losses) on investments in separate accounts, foreign exchange gains(losses) and derivative transaction gains(losses) include items that are offset by provision for (reversal of) policy reserves and unrealized gains (losses) on investments. Upon PLC’s adoption of LDTI (Long-Duration Targeted Improvements), prior comparative period figure of PLC (FY2025 Q1) is restated on LDTI basis. Effective FY2026, DL’s prior-period figures have been reclassified following a change in DL’s presentation of income and expenses related to limited partnerships, with no impact on net income. Statement of Earnings Balance Sheet 23 70 255 0 0 100 0 145 255 78 218 255 48 Full Year Forecast ReferencePerformanceFinancial Result (\ in billions) FY2025 Q1 FY2026 Q1 Change Ordinary revenues 2,308.3 2,893.0 +584.7 Premium and other income 1,587.5 1,760.8 +173.3 Investment income 595.1 1,001.4 +406.3 Interest and dividends 373.5 421.6 +48.1 Gains on sale of securities 105.8 359.7 +253.9 Derivative transaction gains 18.7 14.5 (4.3) Foreign exchange gains - 69.6 +69.6 Gains on investments in separate accounts 24.9 99.5 +74.6 Other ordinary revenues 125.7 130.9 +5.1 Ordinary expenses 2,223.4 2,641.9 +418.6 Benefits and claims 1,397.9 1,815.5 +417.6 Provision for policy reserves and others 241.1 110.6 (130.5) Investment expenses 252.2 341.4 +89.2 Losses on sale of securities 74.3 241.8 +167.5 Losses on valuation of securities 1.7 2.4 +0.8 Foreign exchange losses 127.3 - (127.3) Operating expenses 241.5 274.7 +33.3 Ordinary profit（loss） 84.9 251.1 +166.1 Extraordinary gains 1.0 2.0 +1.0 Extraordinary losses 5.9 6.2 +0.3 23.0 26.2 +3.2 Income before income taxes, etc.（losses) 57.0 220.7 +163.7 Total of corporate income taxes 22.8 60.6 +37.8 - - - 34.2 160.1 +125.8 Provision for reserve for policyholder dividends Net income attributable to non-controlling interests Net income attributable to shareholders of parent company （loss) (\ in billions) As of Mar-26 As of Jun-26 Change Total assets 74,159.1 76,322.7 +2,163.6 Cash, deposits and call loans 2,565.7 2,204.5 (361.1) Monetary claims bought 186.0 181.4 (4.6) Securities 55,576.3 57,333.0 +1,756.7 Loans 4,997.1 4,999.6 +2.4 Tangible fixed assets 1,239.3 1,230.9 (8.4) Deferred tax assets 125.2 144.2 +19.0 Total liabilities 69,904.9 71,749.7 +1,844.8 Policy reserves and others 61,255.1 61,972.0 +716.9 Policy reserves 59,192.7 59,882.4 +689.6 Short-term bonds payable 7.8 31.9 +24.1 Bonds payable 1,337.3 1,346.7 +9.4 Other liabilities 5,109.0 6,071.6 +962.6 Net defined benefit liabilities 19.4 21.4 +2.0 Reserve for price fluctuations 357.5 361.4 +3.9 Deferred tax liabilities 233.4 341.4 +107.9 Total net assets 4,254.2 4,573.1 +318.8 2,270.2 2,322.2 +52.0 1,983.8 2,250.7 +266.9 Net unrealized gains(losses) on securities, net of tax 1,372.7 1,576.0 +203.3 Reserve for land revaluation 54.1 53.4 (0.8) Total shareholders' equity Total accumulated other comprehensive income
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Daiichi Life – Summary Financial Statements 検証中 Gains(losses) on investments in separate accounts, foreign exchange gains(losses) and derivative transaction gains(losses) include items that are offset by provision for (reversal of) policy reserves and unrealized gains (losses) on investments. Effective FY2026, prior-period figures have been reclassified following a change in the presentation of income and expenses related to limited partnerships, with no impact on net income. 23 70 255 0 0 100 0 145 255 78 218 255 Statement of Earnings Balance Sheet 49 Full Year Forecast ReferencePerformanceFinancial Result (￥ in billions) FY2025 Q1 FY2026 Q1 Change Ordinary revenues 1,016.5 1,494.9 +478.4 Premium and other income 556.9 624.9 +68.0 Investment income 312.1 651.5 +339.4 Interest and dividends 176.3 197.6 +21.3 Gains on sale of securities 105.6 346.5 +240.9 Foreign exchange gains - 3.2 +3.2 Gains on investments in separate accounts 25.6 94.5 +68.9 Other ordinary revenues 147.6 218.5 +70.9 Ordinary expenses 938.0 1,297.9 +359.9 Benefits and claims 642.8 836.3 +193.6 Provision for policy reserves and others 2.2 2.2 +0.0 Investment expenses 132.0 286.5 +154.5 Losses on sale of securities 73.1 217.8 +144.7 Losses on valuation of securities 0.3 0.7 +0.4 Derivative transaction losses 15.6 26.0 +10.4 Foreign exchange losses 8.4 - (8.4) Operating expenses 101.1 106.7 +5.6 Other ordinary expenses 59.9 66.1 +6.2 Depreciation expenses 10.5 10.7 +0.1 Ordinary profit (loss) 78.6 197.0 +118.4 Extraordinary gains 0.8 2.0 +1.2 Extraordinary losses 4.3 5.3 +1.0 23.0 26.2 +3.2 Income before income taxes, etc. (losses) 52.1 167.5 +115.4 Total of corporate income taxes 13.8 48.4 +34.6 Net income (loss) 38.3 119.1 +80.9 Provision for reserve for policyholder dividends (￥ in billions) As of Mar-26 As of Jun-26 Change Total assets 35,185.3 35,952.4 +767.1 Cash, deposits and call loans 768.4 835.2 +66.8 Monetary claims bought 174.1 170.0 (4.1) Securities 28,912.5 29,867.1 +954.6 Loans 3,273.6 3,214.9 (58.7) Tangible fixed assets 1,186.8 1,178.2 (8.7) Total liabilities 32,527.9 33,226.4 +698.5 Policy reserves and others 28,454.9 28,265.2 (189.7) Policy reserves 27,844.7 27,692.0 (152.7) Contingency reserve 552.9 552.9 - Bonds payable 576.8 576.8 - Other liabilities 2,673.2 3,459.9 +786.7 284.6 272.5 (12.1) Reserve for price fluctuations 300.5 303.5 +3.0 Deferred tax liabilities 166.2 277.3 +111.1 Total net assets 2,657.4 2,726.0 +68.6 Total shareholders' equity 651.7 443.7 (208.0) Total of valuation and translation adjustments 2,005.8 2,282.3 +276.6 2,157.1 2,438.9 +281.7 Reserve for land revaluation 54.0 53.3 (0.8) Net unrealized gains(losses) on securities net of tax Reserve for employees' retirement benefits
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Daiichi Frontier Life – Summary Financial Statements 作成中 Gains(losses) on investments in separate accounts, foreign exchange gains(losses) and derivative transaction gains(losses) include items that are offset by provision for (reversal of) policy reserves and unrealized gains (losses) on investments. 23 70 255 0 0 100 0 145 255 78 218 255 Statement of Earnings Balance Sheet 50 Full Year Forecast ReferencePerformanceFinancial Result (￥ in billions） FY2025 Q1 FY2026 Q1 Change Ordinary revenues 697.2 834.5 +137.2 Premium and other income 618.3 665.8 +47.6 Investment income 72.6 166.0 +93.4 Foreign exchange gains - 67.2 +67.2 Other ordinary revenues 6.4 2.6 (3.8) Ordinary expenses 676.8 802.8 +126.0 Benefits and claims 530.2 646.3 +116.1 1.9 125.0 +123.0 Contingency reserve 2.0 4.5 +2.5 Investment expenses 122.0 5.3 (116.7) Foreign exchange losses 118.6 - (118.6) Operating expenses 18.3 21.4 +3.1 Other ordinary expences 4.4 4.9 +0.4 Ordinary profit (loss) 20.4 31.6 +11.3 Extraordinary gains - - - Extraordinary losses 1.5 0.9 (0.6) Total of corporate income taxes 5.6 9.1 +3.5 Net income (loss) 13.3 21.7 +8.4 Provision for policy reserves and others (negative indicates a reversal) (￥ in billions） As of Mar-26 As of Jun-26 Change Total assets 9,951.5 10,167.9 +216.4 Cash, deposits and call loans 578.4 342.0 (236.4) Securities 7,553.5 7,787.8 +234.3 Total liabilities 9,700.7 9,981.4 +280.8 Policy reserves and others 8,868.1 8,990.5 +122.4 Policy reserves 8,822.3 8,947.3 +125.0 (MVA balance) 0.8 0.0 (0.8) Contingency reserve 127.6 132.1 +4.5 Total net assets 250.8 186.5 (64.3) Total shareholders' equity 308.8 237.5 (71.3) Capital stock 50.0 50.0 - Capital surplus 135.0 50.0 (85.0) Retained earnings 123.8 137.5 +13.7 Net unrealized gains on securities, net of tax (58.0) (51.0) +7.0
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 (1) Disclosed after re-classifying items from PLC’s financial statements under U.S. accounting standards to conform to Daiichi Life Group’s disclosure standards. (2) Upon LDTI（ Long-Duration Targeted Improvements ） adoption, prior comparative period figures are also restated on LDTI basis. Protective – Summary Financial Statements(1) 検証中 23 70 255 0 0 100 0 145 255 78 218 255 Statement of Earnings Balance Sheet 51 Full Year Forecast ReferencePerformanceFinancial Result （2） (USD in millions) FY2025 Q1 FY2026 Q1 Change Ordinary revenues 2,569 3,258 +690 Premium and other income 1,422 1,431 +9 Investment income 1,010 1,280 +270 Other ordinary revenues 137 547 +410 Ordinary expenses 2,540 3,048 +508 Benefits and claims 1,406 1,994 +588 Provision for policy reserves and others 431 - (431) Investment expenses 243 561 +318 Operating expenses 346 381 +35 Other ordinary expenses 115 113 (3) Ordinary profit (loss) 28 210 +182 Extraordinary gains - - - Extraordinary losses 0 0 (0) Total of corporate income taxes (1) 39 +40 Net income (loss) 29 171 +142 (USD in millions) As of Dec-25 As of Mar-26 Change Total assets 141,503 142,160 +657 Cash and deposits 1,507 1,536 +29 Securities 87,709 84,611 (3,098) Loans 14,251 14,331 +80 Tangible fixed assets 193 193 (1) Intangible fixed assets 3,503 4,871 +1,368 Goodwill 1,213 2,051 +838 Other intangible fixed assets 2,229 2,763 +533 Reinsurance receivable 12,873 12,503 (371) Total liabilities 136,091 137,318 +1,228 Policy reserves and others 118,273 119,648 +1,375 Reinsurance payables 8,535 8,610 +75 Short-term bonds payable 50 200 +150 Bonds payable 2,822 2,821 (1) Other liabilities 6,361 5,990 (371) Total net assets 5,412 4,842 (570) Total shareholders' equity 8,635 8,553 (83) (3,223) (3,711) (488)Total accumulated other comprehensive income
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 (1) Figures for TAL (excluding underlying profit) are disclosed after re-classifying items from TAL’s financial statements under Australian accounting standards to conform to Daiichi Life Group’s disclosure standards. TAL – Summary Financial Statements(1) 検証中 23 70 255 0 0 100 0 145 255 78 218 255 Statement of Earnings Balance Sheet 52 Full Year Forecast ReferencePerformanceFinancial Result (AUD in millions) FY2025 Q1 FY2026 Q1 Change Ordinary revenues 2,186 2,378 +192 Premium and other income 1,956 2,105 +149 Premium income 1,565 1,741 +176 Reinsurance income 392 364 (27) Investment income 224 242 +18 Other ordinary revenues 5 30 +25 Ordinary expenses 2,031 2,220 +189 Benefits and claims 1,532 1,693 +161 Claims 1,189 1,348 +159 Ceding reinsurance commissions 343 344 +2 Provision for policy reserves and others 142 160 +18 Investment expenses 13 13 (0) Operating expenses 340 353 +13 Other ordinary expenses 4 2 (2) Ordinary profit (loss) 155 158 +3 Extraordinary gains (losses) - - - Total of corporate income taxes 55 44 (11) Net income (loss) 100 114 +14 Underlying profit 92 123 +31 (AUD in millions) As of Mar-26 As of Jun-26 Change Total assets 18,934 19,285 +351 Cash and deposits 628 832 +204 Securities 11,451 11,583 +132 Tangible fixed assets 147 143 (4) Intangible fixed assets 786 786 - Goodwill 786 786 - Other assets 4,905 4,968 +62 Deferred tax assets 1,017 974 (44) Total liabilities 16,388 16,881 +493 Policy reserves and others 14,186 14,477 +291 Other liabilities 2,201 2,404 +203 Total net assets 2,547 2,405 (142) Total shareholders' equity 2,547 2,405 (142) Capital stock 3,056 3,056 - Retained earnings (509) (651) (142)
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 (VND in billions) FY2025 Q1 FY2026 Q1 Change Ordinary revenues 5,199 4,965 (234) Premium and other income 4,376 4,009 (367) Investment income 822 944 +122 Other ordinary revenues 0 12 +12 Ordinary expenses 4,552 4,106 (446) Benefits and claims 1,351 1,505 +154 Provision for policy reserves and others 1,758 1,444 (314) Investment expenses 34 - (34) Operating expenses 1,381 1,134 (247) Other ordinary expenses 27 23 (4) Ordinary profit (loss) 647 859 +212 Extraordinary gains 1 1 (0) Extraordinary losses 3 0 (3) Total of corporate income taxes 128 197 +69 Net income (loss) 516 663 +146 (1) Disclosed after re-classifying items from DLVN’s financial statements under local accounting standards to conform to Daiichi Life Group’s disclosure standards. (2) Following a change in tax treatment in DLVN Q2 results, the consolidated financial statements were revised, creating some differences between the consolidated and DLVN’s standalone financial statements Dai-ichi Life Vietnam – Summary Financial Statements(1) 検証中 23 70 255 0 0 100 0 145 255 78 218 255 Statement of Earnings Balance Sheet 53 Full Year Forecast ReferencePerformanceFinancial Result (VND in billions) As of Dec-25 As of Mar-26 Change Total assets 80,549 82,453 +1,904 Cash and deposits 15,532 17,692 +2,161 Securities 53,873 53,692 (182) Loans 2,386 2,484 +98 Tangible fixed assets 109 102 (7) Intangible fixed assets 33 28 (5) Reinsurance receivable - - - Total liabilities 61,729 62,971 +1,241 Policy reserves and other 59,712 61,145 +1,434 Reinsurance payables 80 85 +5 Other liabilities 1,924 1,728 (197) Total net assets 18,820 19,483 +663 Total shareholders' equity 18,820 19,483 +663 注釈確認中 (２)
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 (\ in billions) FY2025 Q1 FY2026 Q1 Change FY2025 Q1 FY2026 Q1 Change FY2025 Q1 FY2026 Q1 Change FY2025 Q1 FY2026 Q1 Change FY2025 Q1 FY2026 Q1 Change FY2025 Q1 FY2026 Q1 Change FY2025 Q1 FY2026 Q1 Change Ordinary revenues 1,016.5 1,494.9 +478.4 697.2 834.5 +137.2 38.4 40.7 +2.3 384.0 521.0 +136.9 206.6 265.3 +58.7 30.4 30.1 (0.2) 2,308.3 2,893.0 +584.7 Premium and other income 556.9 624.9 +68.0 618.3 665.8 +47.6 35.4 38.0 +2.6 212.6 228.8 +16.2 184.9 234.9 +50.0 25.6 24.3 (1.2) 1,587.5 1,760.8 +173.3 Investment income 312.1 651.5 +339.4 72.6 166.0 +93.4 0.3 0.4 +0.1 151.0 204.7 +53.7 21.2 27.1 +5.9 4.8 5.7 +0.9 595.1 1,001.4 +406.3 Interest and dividends 176.3 197.6 +21.3 48.4 56.5 +8.1 0.3 0.4 +0.1 143.2 160.7 +17.5 0.8 0.6 (0.1) 4.8 5.6 +0.9 373.5 421.6 +48.1 Gains on sale of securities 105.6 346.5 +240.9 0.1 0.3 +0.3 - - - 0.2 12.4 +12.3 - - - - - - 105.8 359.7 +253.9 Derivative transaction gains - - - 23.9 11.1 (12.8) - - - 7.5 31.2 +23.6 - - - - - - 18.7 14.5 (4.3) Foreign exchange gains - 3.2 +3.2 - 67.2 +67.2 - - - 0.0 - (0.0) - - - 0.0 0.0 (0.0) - 69.6 +69.6 Gains on investments in separate accounts 25.6 94.5 +68.9 - 5.0 +5.0 - - - - - - - - - - - - 24.9 99.5 +74.6 Other ordinary revenues 147.6 218.5 +70.9 6.4 2.6 (3.8) 2.7 2.3 (0.4) 20.4 87.4 +67.0 0.5 3.4 +2.9 0.0 0.1 +0.1 125.7 130.9 +5.1 Ordinary expenses 938.0 1,297.9 +359.9 676.8 802.8 +126.0 39.9 42.3 +2.4 379.8 487.4 +107.5 191.9 247.7 +55.7 26.6 24.9 (1.7) 2,223.4 2,641.9 +418.6 Benefits and claims 642.8 836.3 +193.6 530.2 646.3 +116.1 25.7 27.9 +2.2 210.2 318.8 +108.6 144.8 188.9 +44.1 7.9 9.1 +1.2 1,397.9 1,815.5 +417.6 Provision for policy reserves and others 2.2 2.2 +0.0 1.9 125.0 +123.0 3.6 2.3 (1.3) 64.4 - (64.4) 13.4 17.8 +4.4 10.3 8.8 (1.5) 241.1 110.6 (130.5) Investment expenses 132.0 286.5 +154.5 122.0 5.3 (116.7) 0.0 0.0 +0.0 36.3 89.6 +53.3 1.2 1.4 +0.2 0.2 - (0.2) 252.2 341.4 +89.2 Losses on sale of securities 73.1 217.8 +144.7 1.1 3.6 +2.5 - - - 0.0 20.3 +20.3 - - - - - - 74.3 241.8 +167.5 Losses on valuation of securities 0.3 0.7 +0.4 - - - - - - 1.4 1.7 +0.4 - - - - - - 1.7 2.4 +0.8 Derivative transaction losses 15.6 26.0 +10.4 - - - - - - - - - - - - - - - - - - Foreign exchange losses 8.4 - (8.4) 118.6 - (118.6) - - - - 0.0 +0.0 0.0 0.0 (0.0) - - - 127.3 - (127.3) Losses on investments in separate accounts - - - 0.7 - (0.7) - - - - - - - - - - - - - - - Operating expenses 101.1 106.7 +5.6 18.3 21.4 +3.1 9.5 10.9 +1.4 51.8 60.9 +9.2 32.1 39.4 +7.2 8.1 6.9 (1.2) 241.5 274.7 +33.3 Ordinary profit (loss) 78.6 197.0 +118.4 20.4 31.6 +11.3 (1.5) (1.5) (0.0) 4.2 33.6 +29.4 14.6 17.6 +3.0 3.8 5.2 +1.4 84.9 251.1 +166.1 Extraordinary gains 0.8 2.0 +1.2 - - - - - - - - - - - - 0.0 0.0 (0.0) 1.0 2.0 +1.0 Extraordinary losses 4.3 5.3 +1.0 1.5 0.9 (0.6) 0.0 0.0 +0.0 0.0 0.0 (0.0) - - - 0.0 0.0 (0.0) 5.9 6.2 +0.3 Provision for reserve for policyholder dividends 23.0 26.2 +3.2 - - - - - - - - - - - - - - - 23.0 26.2 +3.2 Income before income taxes, etc. 52.1 167.5 +115.4 18.9 30.7 +11.9 (1.5) (1.5) (0.0) 4.2 33.6 +29.4 14.6 17.6 +3.0 3.8 5.2 +1.5 57.0 220.7 +163.7 Total of corporate income taxes 13.8 48.4 +34.6 5.6 9.1 +3.5 (0.4) (0.4) +0.0 (0.1) 6.3 +6.4 5.2 4.9 (0.3) 0.8 1.2 +0.4 22.8 60.6 +37.8 Net income attributable to non-controlling interests - - - - - - - - - - - - - - - - - - - - - Net income (loss) 38.3 119.1 +80.9 13.3 21.7 +8.4 (1.1) (1.1) (0.0) 4.3 27.3 +23.0 9.5 12.7 +3.3 3.0 4.0 +1.0 34.2 160.1 +125.8 ConsolidatedDaiichi Life Daiichi Frontier Life Daiichi Neo Life Protective TAL DLVN Group Summary Statement of Earnings Matrix 検証中 23 70 255 0 0 100 0 145 255 78 218 255 54 Full Year Forecast ReferencePerformanceFinancial Result (2) (1) (1) Upon PLC’s LDTI（ Long-Duration Targeted Improvements） adoption, prior comparative period figures of PLC are also restated on LDTI basis. (2) Effective FY2026, DL’s prior-period figures have been reclassified following a change in DL’s presentation of income and expenses related to limited partnerships, with no impact on net income. (1) (2)
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 (\ in billions) As of Mar-26 As of Jun-26 Change As of Mar-26 As of Jun-26 Change As of Mar-26 As of Jun-26 Change As of Dec-25 As of Mar-26 Change As of Mar-26 As of Jun-26 Change As of Dec-25 As of Mar-26 Change As of Mar-26 As of Jun-26 Change Total assets 35,185.3 35,952.4 +767.1 9,951.5 10,167.9 +216.4 360.3 357.2 (3.1) 22,153.7 22,728.6 +574.9 2,076.7 2,151.5 +74.8 478.9 500.4 +21.5 74,159.1 76,322.7 +2,163.6 Cash, deposits and call loans 768.4 835.2 +66.8 578.4 342.0 (236.4) 77.9 76.2 (1.7) 235.9 245.6 +9.7 68.8 92.8 +23.9 92.3 107.4 +15.0 2,565.7 2,204.5 (361.1) Monetary claims bought 174.1 170.0 (4.1) 11.9 11.4 (0.5) - - - - - - - - - - - - 186.0 181.4 (4.6) Securities 28,912.5 29,867.1 +954.6 7,553.5 7,787.8 +234.3 196.3 192.5 (3.7) 13,731.7 13,527.7 (204.0) 1,255.9 1,292.2 +36.3 320.3 325.9 +5.6 55,576.3 57,333.0 +1,756.7 Loans 3,273.6 3,214.9 (58.7) - - - 1.7 1.8 +0.1 2,231.2 2,291.3 +60.1 - - - 14.2 15.1 +0.9 4,997.1 4,999.6 +2.4 Tangible fixed assets 1,186.8 1,178.2 (8.7) 0.8 0.8 (0.0) 0.3 0.3 (0.0) 30.3 30.8 +0.5 16.1 16.0 (0.1) 0.6 0.6 (0.0) 1,239.3 1,230.9 (8.4) Intangible fixed assets 118.1 118.5 +0.4 16.9 16.7 (0.1) 11.7 11.8 +0.1 548.4 778.8 +230.4 86.2 87.7 +1.5 0.2 0.2 (0.0) 963.4 1,179.6 +216.1 Deferred tax assets - - - 72.0 71.2 (0.8) 2.9 2.8 (0.2) 11.6 33.9 +22.3 111.6 108.6 (3.0) 0.5 0.5 (0.0) 125.2 144.2 +19.0 Total liabilities 32,527.9 33,226.4 +698.5 9,700.7 9,981.4 +280.8 337.6 335.6 (2.0) 21,306.4 21,954.5 +648.1 1,797.4 1,883.2 +85.8 367.0 382.2 +15.2 69,904.9 71,749.7 +1,844.8 Policy reserves and others 28,454.9 28,265.2 (189.7) 8,868.1 8,990.5 +122.4 327.3 327.5 +0.2 18,516.9 19,129.4 +612.5 1,556.0 1,615.0 +59.1 355.0 371.1 +16.1 61,255.1 61,972.0 +716.9 Policy reserves 27,844.7 27,692.0 (152.7) 8,822.3 8,947.3 +125.0 307.6 309.9 +2.3 18,372.1 18,970.8 +598.6 354.2 355.5 +1.3 346.7 362.7 +16.0 59,192.7 59,882.4 +689.6 Short-term bonds payable - - - - - - - - - 7.8 31.9 +24.1 - - - - - - 7.8 31.9 +24.1 Bonds payable 576.8 576.8 - - - - - - - 441.8 451.0 +9.3 - - - - - - 1,337.3 1,346.7 +9.4 Other liabilities 2,673.2 3,459.9 +786.7 569.8 718.4 +148.6 6.7 4.7 (2.0) 995.9 957.7 (38.2) 241.4 268.2 +26.7 11.4 10.5 (1.0) 5,109.0 6,071.6 +962.6 Net defined benefit liabilities 284.6 272.5 (12.1) - - - - - - 7.8 7.9 +0.1 - - - 0.1 0.1 (0.0) 19.4 21.4 +2.0 Reserve for price fluctuations 300.5 303.5 +3.0 57.0 57.9 +0.9 0.0 0.0 +0.0 - - - - - - - - - 357.5 361.4 +3.9 Deferred tax liabilities 166.2 277.3 +111.1 0.1 0.1 - - - - - - - - - - - - - 233.4 341.4 +107.9 Total net assets 2,657.4 2,726.0 +68.6 250.8 186.5 (64.3) 22.7 21.6 (1.1) 847.3 774.1 (73.2) 279.3 268.3 (11.1) 111.9 118.2 +6.4 4,254.2 4,573.1 +318.8 Total shareholders' equity 651.7 443.7 (208.0) 308.8 237.5 (71.3) 22.9 21.8 (1.1) 1,040.3 1,027.4 (12.9) 206.1 190.0 (16.1) 97.8 101.8 +4.0 2,270.2 2,322.2 +52.0 Total accumulated other comprehensive income 2,005.8 2,282.3 +276.6 (58.0) (51.0) +7.0 (0.2) (0.1) +0.0 (192.9) (253.2) (60.3) 73.2 78.3 +5.1 14.1 16.4 +2.3 1,983.8 2,250.7 +266.9 Net unrealized gains on securities, net of tax 2,157.1 2,438.9 +281.7 (58.0) (51.0) +7.0 (0.2) (0.1) +0.0 (716.8) (830.4) (113.6) - - - - - - 1,372.7 1,576.0 +203.3 Reserve for land revaluation 54.0 53.3 (0.8) - - - - - - - - - - - - - - - 54.1 53.4 (0.8) Daiichi Frontier Life Daiichi Neo Life Protective TAL DLVN ConsolidatedDaiichi Life Group Summary Balance Sheet Matrix 検証中 23 70 255 0 0 100 0 145 255 78 218 255 55 Full Year Forecast ReferencePerformanceFinancial Result (1) Following a change in tax treatment in DLVN Q2 results, the consolidated financial statements were revised, creating some differences between the consolidated and DLVN’s standalone financial statements (1)
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 ▶ In light of the transition of the solvency margin regulations to an economic value–based framework, which allows for a certain release of capital based on the capital levels required under the new regulatory regime, we plan to reduce its capital and reserves, subject to approv al by the relevant regulatory authorities. ▶ In line with the Group’s capital circulation management approach, which aims to enhance the efficient utilization of capital within the Group, the surplus funds generated through this transaction will be allocated to dividends to HD and redeployed to growth businesses, thereby se eking to improve the Group’s capital efficiency and corporate value. The dividend amount to HD, including proceeds from the capital reduction, will be determined after assessing DFL’s capital position as of end-March under the new economic value-based regulatory regime. Ref. Capital Reduction of Daiichi Frontier Life 検証中 23 70 255 0 0 100 0 145 255 78 218 255 （¥ in billions） Before Reduction Change After Reduction Allocation Capital Stock 117.5 (67.5) 50.0 Other Capital Surplus Capital Surplus 67.5 (17.5) 50.0 Other Capital Surplus Retained Earnings Reserves 8.0 (8.0) 0.0 Retained Earnings Brought Forward Details Schedules Date of Filing for Approval Feb. 2026 Date of Effect Mar. 23, 2026 Capital Circulation Management ✓ The Group promotes “capital circulation management,” under which capital released through earned capital and risk reduction is redeployed to high-capital-efficiency and high-growth businesses while maintaining financial soundness, thereby aiming to enhance corporate value through a virtuous cycle of capital and cash generation. ✓ The capital generated through this initiative is expected to be used as a source of dividends to HD, in order to incorporate it into the Group’s overall financial strategy. Dividends Strategic utilization of capital as a source of funds for growth investments and shareholder returns （DFL） 56 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Upcoming IR Events (Planned) 23 70 255 0 0 100 0 145 255 78 218 255 Event Main Speakers Aug 31, 2026 CFO Dialogue Group CFO PLC CFO Oct 13 Special IR Meeting with Outside Directors Special IR Meeting (Sustainability) Outside Directors Group CSuO Nov 13 Q2 FY2026 Financial Results Conference Call Group CFO Nov 27 H1 FY2027 Financial Analyst Meeting Group CEO Group CFO Securities Firm Main Speakers Sep 3, 2026 BofA Securities Group CFO Sep 18 Mizuho Securities Group CEO Oct 20, 21 Citigroup Global Markets (Sydney) Group CFO (1) We plan to hold the second Business Strategy Presentation in the second half of FY2026, and all business heads are scheduled to present within the fiscal year. Company- Hosted Event (- Nov. 2026) IR Conference (- Oct 2026) ate Event Main Speaker FY2026 Earnings & Management Briefing 57 Full Year Forecast ReferencePerformanceFinancial Result
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 List of Group Companies, Ownership Ratios, and Fiscal Year-Ends 検証中 ※ページ数は和 文に準拠(要最終 チェック) ←要CPを追加 23 70 255 0 0 100 0 145 255 78 218 255 Domestic Insurance Business Equity Share Fiscal Year DL Daiichi Life 100％ Apr –Mar DFL Daiichi Frontier Life 100％ DNL Daiichi Neo Life 100％ DIPT ipet Insurance 100％ Overseas Insurance Business PLC [USA] Protective Life Corporation 100％ Jan – Dec TAL [Australia] TAL Daiichi Life Australia 100％ Apr -Mar PNZ [New Zealand] Partners Group Holdings 100％ DLVN [Vietnam] Dai-ichi Life Insurance Company of Vietnam 100％ Jan – DecDLKH [Cambodia] Daiichi Life Insurance (Cambodia) 100％ DLMM [Myanmar] Daiichi Life Insurance Myanmar 100％ SUD [India] Star Union Dai-ichi Life Insurance Company 47.4% Apr -Mar PDL [Indonesia] PT Panin Dai-ichi Life 40％ Jan – Dec Non-Insurance Business (Asset Management Business, New Fields of Business) AMO Asset Management One 49％(Voting rights) 30％(Economic interest) Apr -Mar AMO（US) [USA] Asset Management One USA 49％(Voting rights) 30％(Economic interest) Jan – Dec VTX Vertex Investment Solutions 100％ Apr -Mar CP [USA] CP New Co (“Canyon Partners”) 19.9％ Jan – Dec BO Benefit One 100％ Apr –Mar [UK] Capula Investment Management 15% Jan – Dec &Do Holdings 15.7% Jul – Jun DMRE Daiichi Life Marubeni Real Estate 50％ Apr -Mar Others DLRB [Bermuda] Daiichi Life Reinsurance Bermuda 100％ Jan – Dec 58
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Copyright © 2026 Daiichi Life Group, Inc. 図形AI生成コ ン テ ン ツ は誤りを含む可能性が あ り ま す。 Daiichi Life Group, Inc. Investor Relations Group Corporate Planning Unit Investor Contact 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 Daiichi Life Group, 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. 23 70 255 0 0 100 0 145 255 78 218 255 59