Dai-ichi Life Holdings (8750) Q1 2025 earnings summary

Executive summary

• Group adjusted profit for Q1 FY2024 reached ¥144.4 billion, up 75% year-over-year, driven by strong domestic equity sales, overseas recovery, and advance share sales.

• Group progress rate against full-year plan is 40–42%, indicating solid advancement.

• Overseas business, especially PLC, saw profit growth due to fewer insurance claims and absence of prior-year US bank failures.

• Ordinary profit surged 80.6% year-over-year to ¥208.4 billion, mainly from a significant drop in policy reserve provisions.

• Net income attributable to shareholders doubled year-over-year to ¥135.2 billion.

Financial highlights

• New business value for three domestic companies totaled ¥30 billion, achieving 38% of the full-year target.

• Overseas annualized new premium (ANP) grew 149–150% year-over-year in local currency, driven by a large group contract in Australia.

• Group VNB and new business ANP increased 42% YoY to ¥175.1 billion.

• Consolidated net income per share for Q1 FY2024 was ¥143.75, up from ¥68.47 a year earlier.

• Benefit One subsidiary contributed profit, with lower-than-expected amortization costs.

Outlook and guidance

• Full-year group adjusted profit forecast remains unchanged at ¥340.0 billion, with DPS of ¥122 based on a 40% payout ratio.

• No need to revise guidance as profit progress is ahead of plan.

• FY2025 ordinary revenues forecast at ¥8,922.0 billion, down 19.1% year-over-year.

• Ordinary profit projected to rise 4.3% to ¥562.0 billion; net income attributable to shareholders expected at ¥323.0 billion (+0.7%).