Dai-ichi Life Holdings (8750) Q4 2026 earnings summary

Executive summary

• Group adjusted profit reached a record ¥551.5bn in FY2025, up 25% YoY, exceeding the February forecast by 10%.

• Ordinary revenues rose 14.5% YoY to ¥11,308.2bn, driven by higher premium and investment income.

• Net income for FY2025 was ¥436.6bn, impacted by new U.S. insurance accounting standards at Protective Life.

• Total assets increased 6.9% to ¥74,159.0bn, and net assets rose 16.9% to ¥4,254.2bn.

• The company changed its trade name to Daiichi Life Group, Inc. on April 1, 2026.

Financial highlights

• Premium and other income grew 2.1% to ¥6,944.0bn; investment income surged 47.7% to ¥3,735.3bn.

• Group adjusted profit rose 25% YoY to ¥551.5bn; adjusted ROE reached 12.7%, up 2pt YoY.

• Net income per share was ¥119.83; net assets per share reached ¥1,181.36 (post-share split basis).

• Group EV increased by 18% to ¥9.7tn, mainly due to gains in domestic equities.

• Comprehensive income rebounded to ¥817.6bn from a loss of ¥75.6bn in the prior year.

Outlook and guidance

• FY2026 group adjusted profit forecast at ¥560.0bn, driven by overseas profit growth and stable domestic business.

• For FY2027, ordinary revenues are forecast to decrease 5.7% to ¥10,666.0bn, but ordinary profit and net income are expected to rise to ¥869.0bn (+15.3%) and ¥513.0bn (+17.5%), respectively.

• Net income per share is projected at ¥142.46 for FY2027.

• Dividend payout ratio set at 50% from FY2026; share buybacks to be considered flexibly.

• Dividend per share for FY2026 was ¥76.00; forecast for FY2027 is ¥137.00.