Financial Results & Earnings Forecast: Q1

Financial Results Overview

Consolidated ordinary revenues of Dai-ichi Life Holdings for the three months ended June 30, 2023 increased to ¥3003.4 billion (up 3.9% YoY), consisting of (1) ¥1,845.5 billion (up 15.0% YoY) of premium and other income, (2) ¥1,015.5 billion (up 3.8% YoY) of investment income, and (3) ¥142.3 billion (down 53.9% YoY) of other ordinary revenues. Ordinary revenues increased mainly due to an increase in premium and other income resulting from strong sales at Dai-ichi Frontier Life.
Ordinary expenses of Dai-ichi Life Holdings for the three months ended June 30, 2023 increased to ¥2,887.9 billion (up 5.7% YoY), consisting of (1) ¥1,695.7 billion (down 14.0% YoY) of benefits and claims, (2) ¥747.6 billion (¥2 billion same period last year) of provision for policy reserves and others, (3) ¥157.9 billion (down 61.1% YoY) of investment expenses, (4) ¥210.2 billion (up 13.1% YoY) of operating expenses, and (5) ¥76.4 billion (down 54.2% YoY) of other ordinary expenses. Ordinary expenses increased mainly due to an increase in provision for policy reserves and others at Dai-ichi Frontier Life.
As a result of the above, ordinary profit for the three months ended June 30, 2023 decreased to ¥115.4 billion (down 27.4% YoY). Net income attributable to shareholders of parent company for the three months ended June 30, 2023 decreased to ¥67.3 billion (down 24.7% YoY).

Financial Position Overview

Total assets as of June 30, 2023 increased to ¥63,722.9 billion (up 3.4% from the end of the previous fiscal year), consisting of (1) ¥48,830.5 billion (up 4.5%) of securities, (2) ¥4,450.0 billion (up 2.3%) of lones, (3) ¥1,238.7 billion (down 0.1%) of tangible fixed assets, and (4) ¥2,987.3 billion (up 4.5%) of other assets.
Total liabilities as of June 30, 2023 increased to ¥60,604.3 billion (up 1.7% from the end of the previous fiscal year), consisting of (1) ¥55,187.2 billion (up 2.8%) of policy reserves and others, and (2) ¥3,053.5 billion (up 29.2%) of other liabilities.
Total net assets as of June 30, 2023 increased to ¥3,118.5 billion (up 16.9% from the end of the previous fiscal year), consisting of ¥1,202.1 billion (up 62.4%) of net unrealized gains on securities, net of tax.

Earnings Forecast

The consolidated earning forecast fot FY2023 has not been changed from the released earning forecast on May 15, 2023.