Financial Results Overview
Ordinary revenues of Dai-ichi Life Holdings, Inc. (hereinafter the “Company” or the “Parent Company”) and its consolidated subsidiaries (collectively, the “Group”) for the three months ended June 30, 2024 decreased by 8.1 billion yen, or 0.3%, to 2,995.2 billion yen, consisting of (1) 1,828.5 billion yen (0.9% decrease) of premium and other income, (2) 1,016.6 billion yen (0.1% increase) of investment income, and (3) 150.0 billion yen (5.4% increase) of other ordinary revenues, compared to the three months ended June 30, 2023. Ordinary revenues decreased due mainly to the decrease in premium and other income at The Dai-ichi Life Insurance Company, Limited.
Meanwhile, the Group's ordinary expenses for the three months ended June 30, 2024 decreased by 3.5%, to 2,786.7 billion yen, consisting of (1) 1,745.7 billion yen (2.9% increase) of benefits and claims, (2) 542.6 billion yen (27.4% decrease) of provision for policy reserves and others, (3) 171.4 billion yen (8.5% increase) of investment expenses, (4) 247.5 billion yen (17.8% increase) of operating expenses, and (5) 79.4 billion yen (4.0% increase) of other ordinary expenses, compared to the three months ended June 30, 2023. Ordinary expenses decreased due mainly to the decrease in provision for policy reserves and others at The Dai-ichi Frontier Life Insurance Co., Ltd.
Consequently, the Group's ordinary profit for the three months ended June 30, 2024, compared to the three months ended June 30, 2023, increased by 93.0 billion yen or 80.6%, to 208.4 billion yen. Its net income attributable to shareholders of parent company for the three months, which is ordinary profit after extraordinary gains and losses, provision for reserve for policyholder dividends, and total of corporate income taxes, increased by 100.9%, to 135.2 billion yen.
Financial Position Overview
The Group's total assets as of June 30, 2024, compared to March 31, 2024, increased by 3.3%, to 69,786.9 billion yen, mainly consisting of 52,921.3 billion yen (2.2% increase) of securities, 4,906.4 billion yen (4.0% increase) of loans, 1,228.7 billion yen (0.4% increase) of tangible fixed assets, and 1,998.7 billion yen (7.9% increase) of reinsurance receivable.
The Group's total liabilities as of June 30, 2024 increased by 3.5% to 65,911.2 billion yen, mainly consisting of 58,886.6 billion yen (3.0% increase) of policy reserves and others, compared to March 31, 2024.
The Group's total net assets as of June 30, 2024 decreased by 0.2% to 3,875.7 billion yen. Net unrealized gains on securities, net of tax, as of June 30, 2024, which are included in the Group's total net assets, decreased by 2.9% to 1,684.4 billion yen.
Earnings Forecast
The consolidated earning forecast fot FY2024 has not been changed from the released earning forecast on May 15, 2024.