Financial Results Overview
For the consolidated fiscal year, consolidated ordinary revenues decreased by ¥1,154.9 billion to ¥9,873.2 billion (down 10.5% YoY), consisting of (1) ¥6,795.9 billion (down 9.7% YoY) of premium and other income, (2) ¥2,528.4 billion (down 16.7% YoY) of investment income, and (3) ¥548.9 billion (up 17.3% YoY) of other ordinary revenues. The main factor behind the decrease in insurance premiums and other income was a decline in insurance premium income due to a slowdown in sales at The Dai-ichi Frontier Life Insurance Co., Ltd. as a result of lower overseas interest rates.
In addition, ordinary expenses increased to ¥9,154.1 billion (down 12.7% YoY), consisting of (1) ¥6,581.3 billion (down 2.6% YoY) of benefits and claims, (2) ¥414.6 billion (down 77.9% YoY) of provision for policy reserves and others, (3) ¥810.2 billion (up 34.2% YoY) of investment expenses, (4) ¥989.7 billion (up 6.8% YoY) of operating expenses, and (5) ¥358.1 billion (up 10.3% YoY) of other ordinary expenses.
As a result, ordinary profit increased by ¥180.0 billion to ¥719.0 billion (up 33.4% YoY). Net income attributable to shareholders of parent company increased by ¥429.6 billion (up 33.9% YoY). The increase in net income compared to the previous fiscal year was due to an increase in interest and dividend income at The Dai-ichi Life Insurance Company, Limited, supported by rising interest rates and favorable financial market conditions.
Financial Position Overview
Total assets as of the end of the fiscal year increased by ¥2,052.6 billion to ¥69,592.9 billion (up 3.0% from the end of the previous fiscal year). The main components of assets are (1) ¥53,033.9 billion (up 2.4%) of securities, (2) ¥5,130.8 billion (up 8.7%) of loans, (3) ¥1,273.2 billion (up 4.0%) of tangible fixed assets, and reinsurance loans amounting to ¥2,480 billion (up 10.5%). Total liabilities increased by ¥2,465.1 billion to ¥66,123.2 billion (up 3.9%). Policy reserves and others, which account for the majority of liabilities, increased by ¥4.2% to ¥59,566.2 billion. Total net assets increased by ¥412.4 billion to ¥3,469.7 billion (down 10.6%). Net unrealized gains (losses) on securities, net of tax, decreased by 39.2% to ¥1,054.5 billion.
Future Outlook
For the next consolidated fiscal year, ordinary revenues are expected to decrease to ¥9,162.0 billion due to a decrease in asset management income at Protective Life Corporation. Ordinary profit and net income attributable to parent company shareholders are expected to decrease to ¥617.0 billion and ¥347.0 billion, respectively, due to a decrease expected at The Dai-ichi Life Insurance Company, Limited, and other factors. These forecasts are based on the company’s own projections considering currently available information and past performance, and assume market interest rates, foreign exchange rates, and stock prices as of the end of the fiscal year ending March 31, 2025. Therefore, actual performance may differ significantly from these forecasts.
Consolidated Earnings Forecast for the Fiscal Year Ending March 31, 2026
(% represents the change from the previous fiscal year)
| Period | Ordinary Revenues | Ordinary Profit | Net Income Attributable to Shareholders of Parent Company | Net Income per Share | |||
|---|---|---|---|---|---|---|---|
| Fiscal Year ending March 31, 2026 |
million yen 9,162,000 |
% -7.2 |
million yen 617,000 |
% -14.2 |
million yen 347,000 |
% -19.2 |
yen 94.27 |
- (Note) The Company has conducted a stock split whereby one share of common stock will be split into four shares effective April 1, 2025. The net income per share in the consolidated financial forecasts for the fiscal year ending March 2026 takes into account the impact of this stock split.