Dai-ichi Life Holdings (8750) Q3 2025 earnings summary

Executive summary

• Group adjusted profit for the nine months ended Dec 31, 2024, rose 68% year-over-year to ¥359.6bn, surpassing the initial full-year forecast and driven by strong domestic and overseas performance.

• Ordinary revenues rose 0.9% year-over-year to ¥7,839.7bn, driven by higher investment income.

• Ordinary profit increased 49.1% year-over-year to ¥557.6bn, and net income attributable to shareholders surged 62.3% to ¥353.7bn.

• Upward revision of full-year group adjusted profit to ¥415.0bn and dividend per share forecast to ¥133, reflecting robust results and improved outlook.

• Special one-time loss of ¥29.0bn related to the "Second Career Special Support Framework" was recorded, with applicants far exceeding expectations.

Financial highlights

• Group adjusted profit reached ¥359.6bn (+68% YoY), with domestic adjusted profit at ¥270.2bn (+77% YoY) and overseas at ¥80.3bn (+31% YoY).

• Premium and other income declined 10.5% YoY, while investment income jumped 28.1%.

• Net income per share was ¥381.01, up from ¥222.18 in the prior year period.

• Dai-ichi Life's adjusted profit increased 44% YoY to ¥242.8bn, while Dai-ichi Frontier Life turned around to ¥26.5bn from a loss.

• Overseas, Protective's net income improved to $304m from a loss, and TAL's underlying profit rose 1% YoY to AU$347m.

Outlook and guidance

• Full-year group adjusted profit forecast raised to ¥415.0bn, up ¥75bn from the initial forecast, with DPS forecast at ¥133 (+¥11 from initial).

• Full-year ordinary revenues are forecast at ¥10,192.0bn, up 7.6% YoY.

• Net income attributable to shareholders is projected to reach ¥385.0bn, a 20.0% increase, with EPS of ¥418.36.

• Upward revision driven by positive spread, capital gains, cost reductions, and yen depreciation, offsetting special losses and assumption changes.

• Review of profit targets for the final year of the current mid-term management plan is under consideration.