Dai-ichi Life Holdings (8750) Q2 2025 earnings summary

Executive summary

• Group adjusted profit rose 42% year-over-year to ¥245.2 billion, reaching 72% of the full-year forecast, driven by strong domestic and overseas performance and higher dividend income.

• Domestic profit surged 51% year-over-year, led by Dai-ichi Life's improved positive spread and equity sales, while international units delivered stable income.

• Net income attributable to shareholders increased 48.1% year-over-year to ¥233.2 billion; net income per share was ¥250.09.

• Value of new business (VNB) jumped to ¥89.9 billion, achieving 86% of the full-year forecast, supported by new product launches and large group contracts.

• Interim dividends introduced at ¥61 per share, with a full-year forecast of ¥122 per share.

Financial highlights

• Ordinary revenues for the six months ended September 30, 2024, were ¥5,191.2 billion, down 6.2% year-over-year; ordinary profit rose 41% to ¥372.1 billion.

• Group adjusted profit for the first half was ¥245.2 billion, 72% of the full-year target.

• Annualized new premium (ANP) rose 27% year-over-year to ¥304.3 billion.

• Group EV stands at ¥8.8 trillion, flat compared to March, as equity price declines and payouts offset gains from new business and FX.

• Net income per share for the six months: ¥250.09 (up from ¥160.13 year-over-year).

Outlook and guidance

• Full-year group adjusted profit forecast remains at ¥340 billion, with progress at 72% despite extraordinary losses.

• Ordinary profit projected at ¥562.0 billion, up 4.3%; net income attributable to shareholders expected at ¥323.0 billion.

• Full-year DPS expected at ¥122, based on a payout ratio of 40% or more of the three-year average group adjusted profit.

• No change to full-year forecasts despite market uncertainties and extraordinary items.