Dai-ichi Life Holdings (8750) Q3 2026 earnings summary

Executive summary

• Achieved record-high Q3 group adjusted profit of ¥422.2bn, 17% higher year-over-year, reaching 90% of the revised full-year forecast ahead of schedule.

• Ordinary revenues rose 6.1% year-over-year to ¥8,320.7bn for the nine months ended December 31, 2025, driven by higher investment income despite a slight decline in premium income.

• Ordinary profit increased 7.2% year-over-year to ¥597.7bn, and net income attributable to shareholders grew 4.7% to ¥370.3bn.

• Comprehensive income surged 185.5% year-over-year to ¥770.5bn, reflecting significant gains in securities.

• Solid performance across domestic and overseas businesses, with domestic positive spread gains and overseas cost reductions and investment income improvements.

Financial highlights

• Investment income jumped 18.9% year-over-year to ¥2,747.3bn, while premium and other income edged down 0.3% to ¥5,091.4bn.

• Ordinary expenses rose 6.1% to ¥7,723.0bn, mainly due to a 52.1% increase in provision for policy reserves and others.

• Net assets increased 17.6% from March 31, 2025, to ¥4,079.5bn, with net unrealized gains on securities up 54.4% to ¥1,627.9bn.

• Group EV increased by 18% to ¥9.6tn, and ESR rose to 213%, up 3 percentage points from March 2025.

• Net income per share for the period was ¥101.37 (post-share split basis).

Outlook and guidance

• Full-year group adjusted profit forecast raised to ¥500.0bn, with dividend per share forecast increased to ¥52.

• Full-year ordinary revenues are forecast to rise 12.1% to ¥11,067.0bn, with net income expected to decline 5.0% to ¥408.0bn.

• Net income per share for the full year is projected at ¥112.42.

• Dividend per share forecast for the year ending March 31, 2026, is ¥52.00 (post-share split basis).

• Sustained improvement in earning power anticipated from FY2026 onward due to agile rebalancing of yen-denominated bonds.