#1Investor Presentation Corporate Strategy ~ Dai-ichi Life Katsutoshi Saito, Senior Advisor, The Dai-ichi Life Insurance Company, Limited Dai-ichi Life Holdings#2The Dai-ichi Group at a Glance Dai-ichi Life Holdings 1st mutual life insurance company established in Japan (1902) and 1st major Japanese life insurance company to go public (2010) 2nd largest life insurance company in Japan in terms of premium and other income: US$49bn¹ for the fiscal year ended March 2016 Sustainable and strong growth of net income: US$2,061mm1 for the fiscal year ended March 2017 Three growth engines: Domestic Life Insurance, Overseas Life Insurance and Asset Management Solid strategy and operating performance in growth areas of Domestic Life Insurance First mover in global expansion: Large geographical footprint in 7 countries First-class asset management and ERM capability Strong credit fundamentals and ratings: S&P: A+/Moody's: A1/Fitch: A+ Transition to a holding company structure to promote our multi-brand strategy and maximize our group's capabilities Source: Bloomberg as of March 31, 2016; ratings as of May 13, 2016 1 JPY/USD=112.19 1#3Dai-ichi Group Overview Life Insurance Premium and Other Income (1) Nippon + Mitsui Dai-ichi (Group) (Non-consolidated) Japan Post Insurance Meiji Yasuda Sumitomo Key Statistics (2) Dai-ichi Life Holdings (Trillions of yen) Premium and Other Income 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 4,468.7 (Consolidated, JPY in Billions) 6.6 Total Assets (Consolidated, JPY in Billions) 51,985.8 5.5 Group European Embedded Value (JPY in Billions) 5,495.4 2.8 Sales Representatives (Non-consolidated)(3) 44,611 5.4 Solvency Margin Ratio (Non-consolidated) 850.5% 3.3 Insurer Financial Strength Rating (4) (S&P / Moody's / Fitch) A+ / A1/A+ MS&AD 1.7 T&D Holdings Sony Life 1.0 Tokio Marine 0.8 1.5 3.0 Annualized Net Premium (ANP) from Policies in Force (5) Channel Product Line Individual Annuities Dai-ichi Frontier Life (bancassurance) JPY 1,054 billion JPY 712 billion 36.8% Individual 63.2% Insurance JPY 1,810 billion 24.9% 74.9% Fukoku 0.7 N Source: Public disclosures of each company Total: JPY 2,860 billion Dai-ichi (sales representatives) JPY 2,147 billion (1) For the fiscal year ended March 31, 2016. Japan-based companies only. Consolidated basis. Sumitomo includes Sumitomo Life and Medicare Life. MS&AD includes Mitsui Sumitomo Aioi Life and Mitsui Sumitomo Primary Life. Tokio Marine includes Tokio Marine & Nichido Life. Fukoku includes Fukoku Life and Fukokushinrai Life. Ranking of results announced before May 27, 2016. (2) As of or for the fiscal year ended March 31, 2017 unless otherwise noted. (3) The number of sales representatives does not include those who are not full-time employees of Dai-ichi and are engaged mainly in ancillary work. (4) Bloomberg as of June 14, 2016. (5) As of March 31, 2017. Individual business only. Dai-ichi (Non-consolidated basis)+Dai-ichi Frontier Life and Neo First Life. 2#4Peer Comparison: Japanese Life Companies Dai-ichi Life Holdings Japan Post Highly visible through extensive network of Post Office Main products are saving type insurances such as endowments Mutual Cos Foreign Cos Tens of thousands of tied sales representatives visit workplace or homes, giving customized consultation Covers wide-ragne of insurance products from death protection to annuities Many companies specialize in medical or savings type products Sell through independent agents or online Overseas Cos owned by P&Cs Others о Dai-ichi 9 companies in top 5 group Market share 55% 15 cos in 13 group 23% Specialize in medical products Sales through P&C agents and independent agents ...... 4 cos in 3 group 8% Listed companies 3#5Life Insurance Market in Japan Dai-ichi Life Holdings#6200 Global Life Insurance Market Dai-ichi Life Holdings Dai-ichi will have a strong presence in the world's three largest life insurance markets which account for almost 60% of the global life insurance market Expected Growth in Life Insurance Market 700 1.0% 606 600 553 Global Life Insurance Market (1) Total $2,533bn Population (In Millions) 1,000 0.8% -0.3% 500 0 Australia 8.3% 4.5% India Dai-ichi's operating markets 400 344 GDP 20,000 -0.5% Taiwan (USD in 10,000 300 Billions) Korea 214 0 100 0 ueder ՏՈ China Asia Pacific UK Source: Swiss Re, Munich Re Economic Research, IMF (1) Based on total premium volume. (2) Based on primary insurance premiums. France 150 125 Italy Germany 97 97 49 49 Canada Life 1000 Insurance 4.3% 2.9% 66 Market (2) 12.8% (EUR in 500 Billions) LatAm 0 Japan 2012 (Population/GDP) 2013 (Life Insurance Market) 2019E (Population/GDP) 2020E (Life Insurance Market) US Developing Asia CAGR LO#7Population Trends in Japan (Million) 140 120 100 80 60 40 20 0 Total population peaked in 2010 Working-age population peaked in 1995 50 55 60 65 70 75 80 85 90 95 00 05 10 (Source) National Institute of Population and Social Security Research (Year) Dai-ichi Life Holdings Х Х Х ✗ Х 05 10 15 20e 25e 30e 40e CO 6#8Life Insurance Industry in Japan Continues to Grow Change in Population and Protection Needs Population in 1985 (millions) 3.0 2.5 2.0 Protection 1.5 for family 1.0 0.5 0.0 20 20 40 60 Dai-ichi Life Holdings In-force ANP of Japanese Life Companies 25 Protection for medical & pension needs 20 15 60 80 100 (Age) (trillions of yen) Individual Annuity Individual Life Medical etc. 5-year average 2.5% (0.2)% Outstanding growth in single premium whole life products through bancassurance channel as a substitute for term deposit (millions) Population in 2025 10 3.0 2.5 Protection for family 2.0 Protection 5 1.5 for medical & pension 1.0 needs 0.5 0 0.0 0 20 40 60 80 100 (Age) (Source) National Institute of Population and Social Security Research Mar-16 Mar-15 Mar-14 Mar-13 Mar-12 Mar-11 Mar-10 Mar-09 Mar-08 Mar-07 3.5% 2.7% (Source) Company disclosure, Life Insurance Laboratory, Life Insurance Association of Japan 7#9Aging Society Stimulate Insurance Coverage Dai-ichi Life Holdings People prepare for increased medical costs due to increase in life expectancy ■ Japan adopted universal health insurance system in 1961 ✓ Actual medical cost is covered with co-payment ✓ Free access to any medical institutions ✓ Aging population leading to higher medical expenditure, deteriorating the budget of health insurance system Private health insurance services basically provide fixed benefit ✓ Supplement universal health insurance system (co-payment, private bedding, transportation and etc.) Copayment is on the rise under the national healthcare system Self Dependent Elderly Year Change in copayment factor 70-74 75 years old (employed) Inpatient Outpatient years old and over 1961 Universal health insurance system none 20% 30% none none 1984 10% 20% 30% none none 1997 20% 20% 30% none none 2003 30% 30% 30% none none 2008 Insurance system for elderly (1) Applied to patients as they become 70 years old after April 2014 30% 30% 30% 20% (1) 10% 8#10June 2004 Poll Aging Society Stimulate Insurance Coverage Dai-ichi Life Holdings People prepare for increased medical costs due to increase in life expectancy Life Expectancy and health span Appetite for incremental protection (Age) Male 90 90 85 80 60 75 Female 40 40 Average life expectancy Healthspan 12.28 Yr 12.68 Yr 13.36 Yr 20 20 0 0 Yr 18 - 19 20s 30s 40s 50s 60s Medical Life saving --Nursing 65 40 June 2013 Poll 2001 2004 2007 2010 2020F 2001 2004 2007 2010 2020F (Source) Ministry of Health, Labour and Welfare, National Institution of Population and Social Security Research 20 20 8.67Yr 10 70 9.13Yr 10.10Yr --Death 9#11Shift in Household Financial Assets Trend in Household Financial Assets (Trillions of yen) 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 85 86 87 88 89 90 91 92 93 94 95 96 Others Insurance & annuities 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 □ Securities Cash & deposits Dai-ichi Life Holdings 52% of 1,700 trillion yen household financial assets is in cash and deposits ■ Some will shift to insurance & annuities or securities in anticipation for inflation Revised inheritance tax law in 2015 reduced basic allowance by a wide margin Business of Japanese Banks ■ Japanese banks face 200 trillion yen gap between loans and deposits ■Banks are expanding their commission business 10#12Life Insurance Industry in Japan Outlook for Medical and Savings-type Insurance Markets Annualized net premium of medical and other products Dai-ichi Life Holdings Outstanding balance of single premium individual annuities (Trillions of yen) (Trillions of yen) 6.6 6.4 6.2 6.0 5.8 5.6 5.4 5.2 5.0 2012 2013 2014 2015 2016 2017 2018 (Source) Company forecast 2019 2020 2021 Forecast 2022 2023 2024 2025 2026 2027 2028 2029 By your side, for life DAI-ICHI LIFE 「あったらいいな」 をいちばんに。 + ネオファースト生命 第一生命グループ 2030 30 40 50 60 09 70 Forecast 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 By your side, for life DAI-ICHI LIFE + The Dai-ichi Frontier Life Insurance Co., Ltd. 11#13Dai-ichi Life Management Strategies Expected growth High ΜΟΤ Dai-ichi Life Holdings New Initiatives Overseas Growth Contributor Personal Savings; Markets Asset Management Business Third Sector Products (Medical/ Survival) Individual Protection Individual Life (Death Protection) Domestic insurance business Traditional Death Benefit Market Aim to increase market share Take initiatives for improvement of cost efficiency Growth Market Third sector products (medical and survival benefits) Savings-type products for individuals Overseas life insurance business Construct geographically diverse business portfolio, taking growth potential & profitability into account Pursue organic growth in our existing overseas businesses Asset management business Operate through Asset Management One, a leading asset management company in Japan Seek domestic and international growth Unattractive Profit Center Low Market Share High ■Pursuing external growth including through M&A to supplement organic growth 12#14The start of the final year of "D-Ambitious" Dai-ichi Life Holdings During the fiscal year 2015, the first year of the plan, the Group results reflected a number of growth initiatives that have contributed to improved top and bottom lines. ■Despite continued shifts in the economic environment, the Group continues to advance its Growth Initiatives. Overseas Domestic insurance business 3 domestic insurance companies for a larger share By your side, for life DAI-ICHI LIFE 第一フロンティア生命 第一生命グループ insurance business Global Trilateral Structure supports Japan profit growth North America 「あったらいいな」 をいちばんに。 ネオファースト生命 第一生命グループ Governance structure that supports sustainable growth Growth investment Synergies of 3 companies for an enhanced profit contribution By your side, for life DAI-ICHI LIFE Asset Management One We continue to build a firm foundation for sustainable growth: embarking on initiatives based on "Three Growth Engines" New strategic alliances with Japan Post Insurance and establishment of Asset Management One add fuel to the Group APAC JANUS 13#15Three Brands Cater to Changing Needs of Customers Dai-ichi Life By your side, for life DAI-ICHI LIFE Dai-ichi Frontier Life The Dai-ichi Frontier Life Insurance Co., Ltd. BANK Neo First Life 「あったらいいな」 をいちばんに。 ネオファースト生命 第一生命グループ By your side, for life < Providing security and peace of mind > Wide range of insurance products to meet the need of the customers < Complete health support > Dai-ichi Life Holdings Provide health promoting services and strengthen services to senior customers < Improved consultation capabilities > 40,000 Total Life Plan Designers provide consultation on insurance products that meets the need of the customers at home or at work place Trusted supplier in bancassurance channel < Wide range of products to answer various saving needs > Continue to introduce new products or enhancements, reacting to changes in customer needs and the market environment <In-depth support for channel partners > Provides in-depth on-site training to partners so that tellers can give appropriate consultation to customers A provider of pioneering, cutting edge products < New solution for customers who proactively compare products > The company provides new products that are easy to understand, and easy to process and yet maintains lean organization Strong support from diversified business partners 損保ジャパン日本興亜 「生きる」 を創る。 MIZUHO Affac みずほフィナンシャルグループ RESONA 14#16Domestic Life Insurance Business: Core Strategies Dai-ichi Life Holdings Fully leveraging database of 10 million customers for new business leads, through data mining of voluminous information ■ Planning medium-to-long term strategies for marketing, products, InsTech and alliances. Ensuring Cus Marketing Customers' Peace of Mind Financial Planners approx 500 Total Life Designets Sales Relationship Representatives Managers approx 340 Contact Center approx. 2.5mn calls Company Website approx 19mn page Leveraging 10 million customer base & data mining Innovative marketing approach through big data analysis INSTECH Collaboration with other industries / marketing for specific communities ■ Promoting protection-type products while controlling sales of savings-type products ■Developing new products that are competitive in an interest rate rising phase as well as stabilizing phase Lifelong Partner Across Generations approx [per year) 43,000 views (per year) Post Retire ment Retire Child mant Information to Customers COME Get a Born In school Get MAITIGO Child Racing of age • Dally correspondence approx.23mn postings Products & Services Job Service Advisors approx 1,300 82 Walk-in Shops approx. 2,600 Agents • Annual letter to policyholders: approx 8.5mn fattere Offering Excellent Health Support Services ■Striving to take new initiatives leveraging 3 companies Developing products through big data analysis Providing service that leads to improvement in quality of life and healthspan INSTECH Channel enhancement Joint research in view of product development with Japan Post Insurance Continuing with extended training period of 5 years for sales representatives Multi-lining of sales representatives and increasing sales force ■Improving consulting sales skill for sales representative Distribution of products through allied partners 15#17Strategically Planned Product Launch Capturing Customer Needs Dai-ichi Life Holdings Distribution of Number of New Contracts by Age of Insured Persons (FY Mar-17) Population pyramid in Japan Neo First Life Dai-ichi Frontier Life Grand Road (single premium whole life) Shiawase Monogatari (individual annuity) Medical Yell (medical insurance) Crest Way (nursing care insurance) Bright Way (whole life w/medical riders) Others 0~4 5 9 10~14 15~19 20~24 25 29 30 34 35 39 40~44 45 49 50~54 55-59 60-64 65 69 70~74 75 79 80 84 85~ Junior Young Core demography Senior (years old) 16#18Surrender & Lapse, Sales Representatives & Productivity Surrender & Lapse (Individual Insurance & Annuities) (trillions of yen) Dai-ichi Life Holdings Number of Sales Reps and Productivity(1)(2) 5.4% 5.0% (persons) 29.6 (policies) 6% 27.7 27.6 30 30 50,000 5% 20 22 25 4.1% 10 3.9% 3.7% 40,000 4% improved 30,000 by 10.3% YoY 20,000 41,695 42,471 44,611 4Q 5 1.3 3Q 1.2 1.3 1.2 2Q 1.4 1.2 222 1.1 1.1 10,000 1.1 1Q 1.4 1.3 1.1 0 Mar-15 Mar-16 Mar-17 Surrender & lapse rate (right) (1) (2) Dai-ichi Industry Average 0 Mar-15 Mar-16 Mar-17 Number of sales reps Number of new policies at the end of period per sales rep (right) 17 The number of sales representatives does not include those who are not full-time employees of Dai-ichi Life and are engaged mainly in ancillary work. Calculated by dividing the number of new policies (incl. conversions) by the average number of sales representatives in each period.#19Overseas Insurance Business Snapshot of Overseas Insurance Business Premium revenue of Overseas Group Companies (1) Star Union Dai-ichi Life Insurance Star Union Dai-ichi Life (India) DAI-ICHI LIFE Lifetime Partner 3,539.1 billion VND Dai-ichi Life Vietnam (19.1 billion yen) (Vietnam) Dai-ichi Life Holdings Protective. Protective (USA) 11,178 million INR (20.3 billion yen) 13,627 million THB (45.5 billion yen) ไทยสมุทร OCEAN LIFE INSURANCE Ocean Life Thiland) PaninDai-ichiLife By your side, for life Panin Dai-ichi Life 3,775.3 billion IDR (33.2 billion yen) (Indonesia) 3,020 million USD (260.5 billion yen) 4,689 million USD (565.6 billion yen) TAL (1) TAL (Australia) Premium revenue indicator for Protective, TAL, Dai-ichi Life Vietnam, Panin Dai-ichi Life and Ocean Life Insurance is premium income. Star Union Dai-ichi Life uses effective premium income. Figures of Protective Life and TAL are disclosed after re-classifying items from Protective Life and TAL's financial statements under United States' and Australian accounting standards, respectively, to conform to Dai-ichi Life Holding's disclosure standards. The corresponding period of Protective is from February 2015 to December 2015 and that of TAL is from April 2015 to March 2016, whereas the other companies' corresponding period is from January 2015 to December 2015. Exchange rates used are as follows: 1USD=120.61JPY, 1AUD=86.25JPY, 1VND=0.0054JPY, 1IDR=0.0088JPY, 1INR=1.82JPY, 1THB=3.34JPY. 18#20Overseas Life Insurance Business Growth Strategy Dai-ichi Life Holdings Capital Strategy Capital creation / return Capital investment Aim for stable profit contribution Protective TAL Stable Aim for future profit Market Growth DAI-ICHI LIFE Lifetime Partner while balancing stability and growth SUD Life Emphasis on mid- to PaninDai-ichiLife By your side, for life New Acquisitions Consider capital investment after careful selection Enhance Capital creation/return initiatives Invest capital necessary to aim for realization of sound and sustained growth in the mid- to long-term + Consider returns based on each company's capital levels Market long-term profit growth ไทยสมุทร OCEAN LIFE INSURANC 19#21Protective Life: At a Glance Business Mix (2016 results) Dai-ichi Life Holdings About Protective Established in 1907 Became wholly owned subsidiary in 2015 No. of Employees: 2,606(Sep-16) $856B life insurance in force 8.3M policies and contracts in force (including non-life contracts) Market share: 0.5 % (Dec-2015, Net Premium income basis) Market rank: No. 44 (Dec-2015, Net Premium income basis) 55 acquisition transactions (including Asset protection business) Annuities 36% Life Marketing 7% Stable Value Pre-tax Adjusted Operating Income* $591 mil. Main Product and Channels 10% Asset Protection 3% Acquisitions 44% Life Insurance Stable Value Annuities Universal Products Life and Traditional Fixed and Variable Annuities Products Wholesale Asset Protection *Excludes the Corporate & Other segment Acquisitions Vehicle Acquired Funding Agreements Service Contracts Business Distribution Agents Banks Stockbrokers Institutional Investors X Auto Dealers Affinity Partners Direct to Consumers X X X X Primarily life and annuity 20 20#22Overseas Life Business: Profit Contribution ■ Aiming to increase profit contribution while balancing developed and emerging markets ■ Leveraging each operation's strength supported by Regional Headquarters Dai-ichi Life Holdings First Stage (Before TAL) Second Stage (After TAL) Third Stage (After PLC) Earnings in equity interest (billions of yen) 60 50 40 30 20 Annual average growth: 24%('11-'14) 10 Achieved profitability 0 Δ 10 L08/3 09/3 10/3 11/3 12/3 13/3 14/3 15/3 16/3 17/3 18/3 [Protective] Profit growth driven by its acquisition capabilities as the Group's growth platform [TAL] Profit growth by leveraging its well-balanced business mix of retail and group [Dai-ichi Life Vietnam] Mid-to-long term profit contribution from new (target) Vietnam Thailand India Indonesia Wholly owned Australia Australia US distribution channel: (i) Vietnam Post (fully leveraging the alliance with Japan Post (fiscal years) Insurance); and (ii) banks, in addition to its agency channel 21#23MizuhoTrust & Banking (investment function) Asset management business : Launch of Asset Management One Shinko Asset Management DIAM Asset Management Mizuho Asset Management AUM(1) 26.7 trillion yen 4.7 trillion yen 4.3 trillion yen 16.9 trillion yen Strength Passive Investment Foreign Currency- Denominated Product Active investment & Solution business Dai-ichi Life Holdings The Largest AUM in Japan Integration of expertise and resourses Daiichi life and Mizuho Financial Group integrated their asset management functions "Asset Management One" was launched in October 2016 Asset Management One AUM 52 trillion yen(2) (1) As of March 31, 2016 ■ Growth ✓ Boost investment, product, sales capabilities by integrating each company's expertise and resources ■Dai-ichi Life group utilize Asset Management One's know-how. ✓ Strengthen development of savings type products (Dai-ichi Frontier Life, Dai-ichi Life's separate account etc.) Sophistication of Dai-ichi Life's investment process Sum of AUM of Mizuho Trust & Banking (investment function), Mizuho Asset Management, Shinko Asset Management and DIAM Asset Management as of March 31, 2016. 22#24Strategic Business Alliance with Japan Post Insurance Dai-ichi Life Holdings 人生はだらけ。一生涯のパートナー 420. DAHCHE LIFE LP かんぽ生命 第一生 - trhula. AI-ICHILIFE 一生涯のパートナー 生命第一生命 ASU.E side, for life AS LP かんぽ UP 一生涯のパートナー JP かんぽ生命 INSURANCE Japan Post Insurance 第一生命 Dai-ichi Life A business alliance committee jointly formed and commenced research activities in each field ■ Domestic Life Insurance Business ✓ Mutual sale of product ✓ Ins Tech (Held a business. contest for the purpose of promote innovation) ■ Overseas Life Insurance Business ✓ Support from Japan Post Insurance for distribution of Dai-ichi Life Vietnam's insurance product through Vietnam Post ■ Asset Management Business ✓ Joint Investment in growing sectors ✓ Sharing asset management capabilities 23#25InsTech Dai-ichi Life Holdings ■ Promoting business innovation by integrating insurance and technology to create new added-value. Insurance Technology INSTECH XOXOX 100 129 Healthcare Underwriting Marketing Launched "Karada Kakumei", a product utilizing "Health AgeⓇ" at Neo First Life ✓ Participate in joint research on analysis and application of health data together with Kyoto University and other business partners * Registerd trademark of Japan Medical Data Center Co., Ltd ✓ Gradual application of analysis on combined internal and external data to underwriting criteria ✓ Clerical mechanization by utilizing robotics ✓ Provide Total Life Designers sales leads based on analysis of internal big data. Started a trial digital marketing for new customer development 24#26Market Share in In-Force Annualized Net Premium Share in In-force ANP Dai-ichi Life Holdings Share in Third Sector (Medical, etc.) In-force ANP 100% 100% 90% 23.8% 23.5% 23.0% 22.4% 22.0% 20.0% 90% 21.9% 22.5% 22.9% 23.2% 23.6% 22.0% 80% 80% 3.3% 3.3% 3.2% 3.2% 3.2% 3.2% 4.0% 3.9% 3.7% 3.7% 3.5% 3.6% 3.6% 70% 4.2% 4.1% 4.3% 4.2% 4.1% 2.2% 2.8% 3.0% 5.3% 70% 3.4% 4.0% 3.7% 5.5% 5.5% 5.5% 5.5% 5.4% 5.2% 5.5% 5.4% 5.1% 4.7% 5.6% 2.4% 4.9% 2.9% 60% 6.4% 6.2% 6.1% 5.8% 5.7% 3.5% 60% 5.9% 4.1% 4.9% 4.5% 6.5% 5.9% 6.0% 6.1% 6.1% 6.1% 6.4% 6.5% 6.7% 6.1% 6.1% 6.7% 6.4% 6.3% 50% 8.4% 50% 6.2% 6.2% 6.2% 8.4% 8.7% 8.7% 8.7% 8.5% 9.9% 9.6% 9.5% 8.5% 9.3% 9.2% 9.0% 40% 10.0% 9.6% 9.3% 9.0% 8.7% 40% 10.0% 9.8% 9.7% 10.1% 9.8% 9.7% 9.8% 30% 9.9% 9.7% 9.5% 9.6% 9.9% 30% 11.7% 11.2% 11.0% 10.8% 10.5% 12.5% 20% 13.4% 7.9% 9.4% 10.6% 11.7% 12.7% 20% 10% 10% 20.1% 19.5% 19.0% 18.5% 18.0% 17.5% 14.4% 13.9% 13.5% 13.4% 13.2% 15.0% 0% 0% 11/3 12/3 ■ Co. A 13/3 B 14/3 15/3 16/3 11/3 12/3 13/3 14/3 15/3 16/3 ■ Dai-ichi C Co. G A ■ Dai-ichi C D F ■ G ■ D H ■ Others K B Others DE (*) Market share of Japan Post is based on individual life and annuity insurance policies which were acquired after postal service privatization. (Source) Company disclosures and Life Insurance Association of Japan 25#27In-force Annualized Net Premium Trends (Trillions of yen) 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 06/3 07/3 08/3 09/3 10/3 Demutualization & Listing Overseas Life Insurance Business → 11/3 12/3 13/3 14/3 15/3 16/3 17/3 (Fiscal year) Domestic Life Insurance Business Dai-ichi Life Holdings Group total: 9.0% CAGR Domestic Life: 4.8% CAGR 26#28Consolidated adjusted net income Dai-ichi Life Holdings ■ As a result of our growth strategy and diversification, the Group achieved record net income in a worsening financial environment (Billions of Yen) 250 Consolidated Net Income Adjusted Net Income from overseas businesses 200 150 100 Nikkei 225 10yr. JGB JPY/USD 77.9 178.5 142.4 231.2 50 32.4 19.1 20.3 0 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 9,852 9,962 12,244 14,694 19,197 16,897 19,340 1.25 0.98 0.56 0.64 0.40 -0.05 0.06 83.15 82.19 94.05 102.92 120.17 112.68 112.19 (Note) Nikkei 225 is the daily average in March every year. 27#29Dividend History The Group continues to improve total payout to shareholders in light of income growth Dividend per share (Yen) 50 40 30 Stock repurchase 15 bil. Yen + Stock repurchase 16 bil. Yen + Stock repurchase 23 bil. Yen Dai-ichi Life Holdings 43 45 20 10 16 16 16 35 35 28 20 20 0 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17F Mar-18F (Fiscal Year) 28#30Governance of an insurance company Dai-ichi Life Holdings#31Corporate Governance in Japan: Companies Act Revision of Companies Act in Japan Dai-ichi Life Holdings ● Companies Act of 2005 was revised in 2014 in order to facilitate the Audit and Supervisory Committee. With it, the companies in Japan can select one out of three governance structures. Corporate Auditor Three Committees Audit and Supervisory Committee Auditors, independent of board of directors shall be appointed by the shareholder meeting in charge of financial and business audit with the board of directors Nomination Committee, Remuneration Committee and Audit Committee shall be set up within the board of directors (with majority being outside directors) supervising executive members of the board Committee members shall be appointed by the shareholder meeting within the board of directors. Committee audit and supervise members of the board of directors. Remuneration Committee and Nomination Committee are not required. 30 30#32Corporate Governance in Japan: ABEnomics ABEnomics and the corporate governance Dai-ichi Life Holdings In June 2013, the Cabinet announced "Japan Revitalization Strategy," the official paper that created “the ABEnomics," and it concluded in order to ensure that shareholders and other stakeholders proactively support the forward-looking initiatives by company managers, corporate governance will be reviewed so that Japanese companies will excel in international competition. It was translated into Japan's Stewardship Code in February 2014. In June 2014 the Cabinet announced revised “Japan Revitalization Strategy," and it touched on a need to enhance corporate governance in Japan in order to improve Japanese companies' long term profitability and productivity. A council of advisors later concluded the Tokyo Stock Exchange should publish Corporate Governance Code. In June 2015 the Tokyo Stock Exchange adopted Corporate Governance Code in Japan. 31#33Group Mission, Vision and Values of Dai-ichi Life Group Dai-ichi Life Holdings We contribute to local communities by passing on piece of mind through provision of life insurance and related services by sharing the Group's principle (Mission, Visions and Values). We will strive to maximize the value of the Group and aim for sustainable growth by sharing the Group's strategies with each company, moving forward together in the same direction Mission Vision Values By your side, for life Since our foundation in 1902, the Dai-ichi Life Group has always put the customer first. This philosophy continues to guide us as we move forward. Thinking People First We will aim to become a company that thinks of people first in order to become an insurance group that is the leader in trust and support of its customers. Dai-ichi's Social Responsibility Charter Customer satisfaction Communication Compliance Diversity & Inclusion Environmental protection Social contribution Human rights Promoting health Based on the eight principles above, we are working to create sustainable corporate value by effectively using our management resources, improving the productivity of our business, and maintaining and strengthening our financial base 32#34Why demutualize? What is prerequisite for the future of Dai-ichi Life Group? • Remain to be the customer's first choice • Maintain best in class quality of products and services • Achieve sustainable growth In order to achieve sustainable growth, Operational efficiency . Profit growth ● Capital productivity . In order to make sure the Group achieve sustainable growth; Become a public company A commitment to the stakeholders Dai-ichi Life Holdings 33#35Benefits of our shift to a holding company structure Shareholders Capital Dai-ichi Life Holdings Group Management (Optimal allocation of capital, etc.) Domestic Life Business Shareholder return Acceleration of sustainable growth Dividend repatriation International Life Business AM Business Dai-ichi Protec- Frontier tive Life Panin Dai-ichi Life Regional Head- quarters Asset Manage ment One Dai-ichi Life Neo First TAL Life Star Union Dai-ichi Life DLI North America Janus DLI Dai-ichi Dai-ichi Life Ocean Asia Life Information etc. Life Pacific Vietnam System Dai-ichi Life Holdings Realize flexible resource allocation within the Group Establish governance structure that contributes to swift decision-making for each group company Implement fundamental reforms of the Group management 34#36Benefits of an Audit and Supervisory Committee Dai-ichi Life Holdings ■The Group has evolved into a diversified life insurance group which requires a high degree of professionalism in management. The Board will strike a balance between inside directors who are well versed in the business and outside directors with extensive experience and insight. The Audit & Supervisory Committee will act from a highly independent standpoint, engaging in realistic, appropriate decision-making ■ Ensures transparency of the decision-making through the Nomination Advisory Committee and the Remuneration Advisory Committee stipulated in the Articles of Incorporation Shareholders' Meeting Dai-ichi Life Holdings Appoint- ment Appoint- ment BOD ASC* more than half by outside directors Audit Strengthened internal check system ✓ Audit and Supervisory Committee ✓ Outside directors occupy the majority Realistic and appropriate decision-making ✓ Striking a balance between inside directors and outside directors ✓ Outside directors to account for one-third of the board Directors (except ASC members) Delegation of Authority Directors (ASC members) More than 1/3 seats by outside directors (plan) Deliberate matters relating to the election and dismissal of and compensation system for directors and executives Nomination Advisory *Audit & Supervisory Committee Committee more than half by outside directors Remuneration Advisory Committee Business administration Group Companies more than half by outside directors Transparent and objective management Nomination Advisory Committee and Remuneration Advisory Committee stipulated in Article of Incorporation (both to have a majority of outside directors) * Stock options account for 20 percent of the total management remuneration (FY March 2016) Swift decision-making ✓ The board will delegate certain powers such as execution of important operations 35#37Outside Directors with wide range of experience Dai-ichi Life Holdings Name & Title Rieko Sato, Director (Audit and Supervisory Committee Member) Ungyong Shu, Director(Audit and Supervisory Committee Member) Koichi Massuda, Director (Audit and Supervisory Previous Carrier (Summary) Partner, Ishii Law Office Vice Chairman, Merrill Lynch Japan Securities Ltd. Advisor of the Japanese Institute of Certified Public Accountants Specialty Ample experience as an outside director and ample experience and advanced and specialized knowledge as a lawyer Ample experience and deep insight as management of a company in financial institutions He is an experienced and trusted certified public accountant, and he has had a wide range of experiences serving as outside corporate auditor and outside director Committee Member) Haruo Funabashi, Director George Olcott, Director Koichi Maeda, Director Secretary-General of Executive Bureau, Securities and Exchange Surveillance Commission Vice-Minister, Ministry of Land, Infrastructure, Transport and Tourism President, UBS Asset Management (Japan) Guest Professor, Keio University, Faculty of Business and Commerce Member of the Board and Chief Executive Counselor, NTT Finance Corporation Ample experience in the administrative organization, specialized knowledge of corporate ethics and economic ethics Human resource development in global management, corporate governance experts, rich experience and deep insight as management of a company in financial institutions He has deep experience and insight gained through acting as business executive of highly public enterprises, supervising and advising on various matters of corporate management based on his global and objective viewpoint 36#38Equity Holdings for Specific Purpose Equity Holdings Other Than for the Purpose of Investment Dai-ichi Life Holdings ■The Company holds shares as "Equity Holdings for Specific Purpose" in the companies with which the Company develops strong relationships through business alliances, other than for the purpose of investment ■The Board of Directors shall review and confirm the rationality of the holdings each year. Strategic-holding shares. shall be sold in case the rationale of holding such shares, neither in terms of strategic-holding nor investment purpose, is confirmed. Equity holdings other than for the purpose of investment (as of March 2016) Number of companies ■ Equity Holdings for Specific Purpose Carrying Amount Company Resona Holdings, Inc. Mizuho Financial Group, Inc. 8 215.4 billion yen Shares (thousand) Carrying amount (billions of yen) 125,241 51.4 255,691 5,734 45.2 18.6 MIZUHO SOMPO R RESONA Sompo Japan Nipponkoa Holdings, Inc. We entered into a business alliance with Resona Holdings in 2007. We plan to strengthen our competitiveness by offering better products and services to meet the increasingly sophisticated and diversified needs of our customers. We sell insurance products of Dai-ichi Frontier Life and Neo First Life at companies affiliated with Resona Holdings. We also exchange human resources. In our full-scale business alliance with Mizuho Financial Group in 1998, we have been steadily achieving results through various joint ventures, such as Asset Management One Co., Ltd. In the bancassurance business, we sell insurance products of Dai-ichi Frontier Life and Neo First Life at companies affiliated with Mizuho Financial Group. We also exchange human resources. ホールディングス In our full-scale business alliance in 2000 with Sompo Japan Insurance ("Sompo Japan"), we seek to form the "strongest and most comprehensive life and nonlife insurance group." In non-life insurance we take advantage of Sompo Japan's strong brand and products and its dependable accident response system. In the life insurance area, Sompo Japan agents sell Dai-ichi Life products. 37#39Reference Dai-ichi Life Holdings#40ERM to Strengthen Financial Foundation Discipline Capital efficiency Capit Profit Risk Return Risk al Financial soundness Dai-ichi Life Holdings Shifting product portfolio from saving to protection according to the changes in financial environment Maintain profitability through sophistication of investment such as middle risk middle return products Controlling risk assets Issued $ 2.5B Dollar Perp note Perpetual borrowing Perpetual notes Price fluctuation reserve Contingency reserve Net assets Mar-16 Pro forma... 39#41Dai-ichi Life's Results - From Fundamental profit to Net income Dai-ichi Life Holdings Higher pension expense due to low rates, strategic investment in sales force reduce gains on core insurance activities Fluctuation in financial environments reduced income & capital gains Lower provision of additional policy reserve offset by affects from lower corporate tax Positive spread Decrease in investment income (39.5) (including decrease in dividend from subsidiaries after the shift to a holding company structure (11.0)) XXX : Current year [XXX] Previous year (billions of yen) 391.7 [465.0] Decrease in sum of assumed investment return +13.8 400 Provision for Additional Policy Reserve Provision for 72.1 [97.8] 84.7 Policyholder Dividends [142.7] +0.3 [+0.1] Other One-time Gains etc. 300 18.0 22.9 Other Extraordinary [18.0] [35.9] (7.5) Gains/Losses, net [+39.8] Provision for 85.0 Contingency [97.5] 200 Reserve Capital 319.5 Losses 16.0 [367.1] [16.0] 281.8 Provision for Price Fluctuation Reserve 40.6 100 activities Gains from core insurance Increase in expenses related to pension benefit obligations and the domestic sales channel enhancement, etc. [344.2] [65.6] Income Tax etc. 117.1 [129.1] (1) 0 1 Fundamental (1) Profit (adj.) Add'l Policy Reserve & Cont. Reserve Capital Gains (losses) etc. J-GAAP Ordinary Profit Extraordinary Gains/Losses, Policyholder... J-GAAP Net Income Adjusted fundamental profit = (fundamental profit) ± (provision for (reversal of) policy reserve associated with minimum guaranteed benefit risk of variable insurance) + (provision for (reversal of) policy reserve associated with market value adjustments of fixed life insurance products). 40#42Investment Spread and Additional Policy Reserve Dai-ichi Life Holdings Provision for Additional Policy Reserve (billions of yen) 186.1 150.7 142.1 112.6 104.2 96.1 105.9 126.7 122.9 84.2 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Rate of Return (%) / Spread (billions of yen) 3.24% 3.18%3.14% Component of Interest and Dividend Income (Mar-17) 2.96% 2.89% 2.81% 2.76% 3.01% 3.13% 2.73% 2.74% 2.66% 2.67% Interest on loans, rent on properties, etc. Interest 2.59% on bonds 2.72% 2.70% 2.56% 2.57% 2.46% 2.38% 2.42% 2.48% 2.41% 2.34% Interest & dividends on foreign securities 97.8 28.0 69.2 72.1 Dividends on domestic stocks 1.1 |(42.6)| |(64.8) (61.1) (82.8) (90.3) (91.4) 122.0 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Average Assumed Rate of Return Average Actual Rate of Return Spreads 41#43Additional Policy Reserve Policy Reserve Outstanding by Year Signed (1) The Company is providing additional policy reserve against: Whole life insurance signed before March 1996 and paid in full Year signed (billions of yen) Average assumed rate of return Accumulation of Additional Policy Reserve (1) Reserve balance 2.75% p.a. Policy Reserve Outstanding ~ Mar-81 728.4 2 Mar-82 Mar-87 Mar-92 Mar-97 ~ Mar-86 1,253.7 ~ Mar-91 4,785.4 2 ~ Mar-96 4,187.3 2 2.75% 5.50% 2.75% 5.50% 2.75% 5.50% 2.75% 5.50% Additional policy reserve ~ Mar-01 1,527.8 ~ 2.00% 2.75% Mar-02 ~ Mar-06 1,740.1 1.50% Mar-07 ~ Mar-11 3,645.9 1.50% Current policy Mar-12 986.7 1.50% reserve Mar-13 1,022.8 1.50% Mar-14 887.1 1.00% Mar-15 1,135.6 1.00% Mar-16 954.6 1.00% 5.0% p.a. etc. Dai-ichi Life Holdings Original assumed rate of return (accumulated) Revised assumed rate of return (accumulated) Amount of additional reserve Fiscal Year (1) Dai-ichi Life non-consolidated basis. Policy reserve amount include those for individual insurance and annuity products but excludes reserve for separate account and contingency reserve. Certain policies are divided based on actuarially appropriate method into several fiscal years. Assumed rate of returns indicate representative rates against each year's policy reserves. 42#44Dai-ichi Life General Account Assets Asset Portfolio (General Account) (1) Book Value of Domestic Stocks (2) Dai-ichi Life Holdings Equity holding for specified purpose (3) Equity holding for the purpose of investment (except for specified purpose) 3.8% 3.3% 3.8% 3.7% 4.6% 4.2% Others 4.2% 3.9% 3.7% 3.4% 3.4% 3.2% Real estate (billions 4.6% 4.6% 4.7% 4.8% 4.1% 3.6% Foreign stocks of yen) 7.0% 7.6% 8.2% 10.3% 9.2% 10.0% Domestic stocks 4.8% 6.0% 7.0% 6.4% 5.6% 4.9% Foreign-currency bonds (un-hedged) 2,000 1,675 9.2% 8.5% 9.0% 11.9% Foreign-currency 1.5% 2.2% 11.3% 16.6% bonds (hedged) 2.5% 11.4% 1.8% 9.9% 2.6% Short-term rate 9.3% 1.5% 8.3% investments 8.7% 7.6% Loans Yen Fixed Income 1,500 Assets = 74.1 % 53.7% 53.9% 51.7% 48.8% 50.9% 48.3% Yen-denominated bonds Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 (1) Carrying amount - basis 1,607 1,644 1,648 1,678 1,606 1,000 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 (2) Book value of domestic stocks with fair value (excluding stocks of subsidiaries/ affiliated companies and unlisted companies) (3) Equity holdings excluding those held solely for the purpose of investment (excluding stocks of unlisted companies and contributed to the retirement benefit trust) 43#45Dai-ichi Life General Account Assets (2) Duration of Fixed Income Assets Maturity Profile of Domestic Bonds (3) Dai-ichi Life Holdings 20 (years) 18 16 14 1.4% 3.8% 9.0% 6.4% 4.6% 4.2% 5.6% 5.8% 3.5% 4.1% 4.0% 3.6% 4.2% 1.7% 2.2% 4.3% 3.8% 4.3% 3.7% 2.8% 2.3% 1.5% 4.3% 6.1% 8.3% 3:6% 2.5% २०/- Up to 1 year 1 - 3 years 3-5 years 5-7 years 7 - 10 years 12 Assets Liabilities 5.3% 10 12.7% Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 (trillions of yen) Yen and Currency-hedged Foreign Bonds (1) Hedged foreign bonds (available-for-sale) Yen-denominated bonds other than PRMB (2) Policy-reserve-matching yen bonds (PRMB) 21.8 Over 83.2% 82.7% 79.8% 81.6% 20 18.4 19.1 19.2 19.9 20.3 74.8% 10 years 2.6 2.5 2.8 3.4 3.6 5.5 67.2% 15 6.0 4.6 4.4 4.6 4.2 7.5 10 5 10.4 11.7 11.9 12.0 12.0 8.2 0 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 123 (2) (3) Represents yen-denominated bonds and foreign bonds with currency hedges in the company's general account. The balance is shown on an amortized cost basis. PRMB is a unique category for bonds, accepted under Japanese GAAP. PRMB is reported at amortized cost if the bonds meet certain requirements. Represents domestic bonds in the company's general account. The balance is shown on a fair value basis. 44#46Dai-ichi Life's Results - General Account Assets (iii) Profile of Bonds Yen-denominated Bonds (1) Dai-ichi Life Holdings Domestic Government Bonds (2) by Maturity (Mar-17) Government/Municipal bonds 8 7.3 (trillions of yen) (trillions of yen) ■ Corporate bonds 20 20 16.6 16.2 6 4.8 15 2.6 2.5 4 10 2 14.0 13.6 0.9 5 0.3 0.0 0.1 0.2 0 0 Up to 1-3 3-5 5-7 7-10 10-20 Over Mar-16 Mar-17 1 year years years years years years 20 years Foreign Currency Bond Portfolio (2) (3) (Mar-17) Foreign Currency Bonds by Currency (2) BB & No 100% 7.6% 9.6% Others Rating 10.2% 11.7% 12.5% 6.4% 4.8% 0.1% 3% 4.2% Mortga ge etc. 4.2% 4.8% 3.4% ■ Others Gover [0.1%] BBB [1%] 8.9% 9.0% 8.2% 8.2% 75% 24% nment/ 16% AAA 25.6% ■ GBP munici [16%] 21.6% [17%] 39% 35.6% 32.0% 27.4% pal Corpor bonds [36%] 50% ■ AUD ate 47% 25% bonds [52%] [21%] AA ■ EUR 29% 18% 56.2% 54.2% 25% [31%] [25%] 41.1% 44.7% 47.9% □ USD (1) Book value - basis 0% T T (2) Carrying amount-basis Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 (3) Ratings are medium revaluation between S&P & Moody's, excluding mortgage etc. 45#47Dai-ichi Life's Results - Sensitivities to Financial Markets 22 (1) (2) Dai-ichi Life Holdings Sensitivities (1) Nikkei 225 1,000 yen change: Domestic stocks Domestic bonds March 2017: ±170 billion yen (March 2016: ±170 billion yen) 10-year JGB Yield 10bp change: March 2017: ± 260 billion yen (March 2016: ±290 billion yen) * Available-for-sale securities: March 2017: ± 30 billion yen (March 2016: ±40 billion yen) * Breakeven Points (2) Nikkei 225 March 2017: 9,400 yen (March 2016: 9,400 yen) 10-year JGB Yield March 2017: 1.3%* (March 2016: 1.3%) Available-for-sale securities: March 2017: 1.4% (March 2016: 1.4%) Foreign securities JPY/USD 1 yen change: March 2017: ± 21 billion yen (March 2016: ±29 billion yen) Sensitivities indicate the impact of fluctuations in the market value of related assets. JPY/USD = 105 yen March 2017: $1 (March 2016: 103 yen) Breakeven points indicate assumptions when unrealized gains or losses of the related assets would be zero. Figures for foreign securities are calculated for foreign exchange factors only, based on the JPY/USD exchange rate (assuming all are in USD). 46#48EEV Sensitivity: Dai-ichi Life Group (as of Mar-2016) Dai-ichi Life Holdings (billions of yen) Sensitivities (upper: change in value, lower: percentage) Value of Assumptions Adjusted net worth Value of in-force business New Business 492.3 50bp upward parallel shift in risk-free yield curve 11% (1,384.7) (30%) 1,877.1 40% 55.7 26% (348.5) 817.8 (1,166.3) (39.2) 50bp downward parallel shift in risk-free yield curve (8%) 18% (25%) (18%) (406.9) (400.9) (6.0) (0.6) 10% decline in equity and real estate values (9%) (9%) (0%) (0%) 241.4 0.0 241.3 17.9 10% decline in maintenance expenses 5% 0% 5% 8% 181.4 0.2 181.2 25.6 10% decline in surrender and lapse rate 4% 0% 4% 12% 5% decline in mortality and morbidity rate for life insurance products 202.6 2.1 200.5 10.0 4% 0% 4% 5% (26.9) (0.2) (26.7) (0.2) 5% decline in mortality and morbidity rate for annuities (1%) (0%) (1%) (0%) 80.5 3.4 77.0 4.2 Setting required capital at the statutory minimum level 2% 0% 2% 2% 25% increase in implied volatilities of equity and real estate values (35.2) 2.1 (37.4) (1.0) (1%) 0% (1%) (0%) (21.0) 0.1 (21.2) (0.6) 25% increase in implied volatilities of swaptions (0%) 0% (0%) (0%) Dai-ichi Life Group EEV 4,646.1 Please refer to "Disclosure of European Embedded Value as of March 2016" released on May 19, 2016 for details. 216.1 47#49EEV Sensitivity: Dai-ichi Life (Parent) (as of Mar-2016) Dai-ichi Life Holdings (billions of yen) Sensitivities (upper: change in value, lower: percentage) Value of Assumptions Adjusted net worth Value of in-force business New Business 510.0 (1,246.1) 50bp upward parallel shift in risk-free yield curve 50bp downward parallel shift in risk-free yield curve 11% (28%) 1,756.1 40% 56.4 42% (360.7) 712.8 (1,073.5) (39.6) (8%) 16% (24%) (29%) (398.0) (400.9) 2.9 0.2 10% decline in equity and real estate values (9%) (9%) 0% 0% 216.1 216.1 14.8 10% decline in maintenance expenses 5% 5% 11% 156.5 156.5 20.1 10% decline in surrender and lapse rate 4% I 4% 15% 5% decline in mortality and morbidity rate for life insurance products 157.9 157.9 5.0 4% 4% 4% (23.1) (23.1) (0.2) 5% decline in mortality and morbidity rate for annuities (1%) 12.4 (1%) (0%) 12.4 0.7 Setting required capital at the statutory minimum level 0% 25% increase in implied volatilities of equity and real estate values (14.4) I I 0% 1% (14.4) (0.3) (0%) (0%) (0%) (20.6) (20.6) (0.8) 25% increase in implied volatilities of swaptions (0%) (0%) (1%) Dai-ichi Life non-consolidated EEV 4,441.4 134.6 48#50Consolidated Summary Financial Statements Statement of Earnings (summarized)(1) Balance Sheet (summarized) Dai-ichi Life Holdings (billions of yen) (billions of yen) Year Year ended ended Change Mar-16 Mar-17 As of Mar-16 As of Mar-17 Change Ordinary revenues Premium and other income Investment income 7,333.9 6,456.7 (877.1) 5,586.0 4,468.7 (1,117.2) Total assets 49,924.9 51,985.8 +2,060.9 Cash, deposits and call loans 960.3 980.4 +20.1 1,344.8 1,626.1 +281.3 Monetary claims bought 239.2 198.2 (41.0) Interest and dividends Gains on sale of securities 1,075.3 1,107.7 +32.4 Securities 41,560.0 43,650.9 +2,090.9 222.4 223.7 +1.2 Loans Gains on investments in separate accounts - 115.7 +115.7 Other ordinary revenues 403.0 361.8 (41.2) Ordinary expenses 6,915.7 6,031.4 (884.3) Total liabilities Benefits and claims 3,830.9 3,618.3 Provision for policy reserves and others 1,496.3 (212.5) 1,016.7 (479.6) Tangible fixed assets Deferred tax assets Policy reserves and others Policy reserves 3,715.5 1,178.8 1.3 3,566.6 (148.9) 1,138.4 (40.4) 46,991.9 0.1 48,848.5 43,894.0 44,694.1 +800.1 42,922.5 (1.1) +1,856.6 43,740.2 +817.7 Investment expenses 524.0 342.1 (181.9) Bonds payable 485.6 989.7 +504.0 Losses on sale of securities 64.2 94.2 Losses on valuation of securities 4.1 27.1 +29.9 +23.0 Other liabilities 1,486.6 1,852.0 +365.4 Net defined benefit liabilities 443.8 421.5 (22.2) Derivative transaction losses 53.8 29.4 (24.3) Reserve for price fluctuations 155.2 174.6 +19.4 Foreign exchange losses 180.4 73.7 (106.7) Deferred tax liabilities 270.7 324.4 +53.7 Losses on investments in separate accounts 96.1 (96.1) Total net assets 2,932.9 3,137.2 +204.3 Operating expenses 661.3 650.9 (10.3) Total shareholders' equity Ordinary profit 418.1 425.3 +7.1 Total accumulated other comprehensive income Extraordinary gains 0.3 17.4 +17.1 Extraordinary losses 55.2 47.4 (7.8) Net unrealized gains on securities, net of tax Reserve for land revaluation 1,129.2 1,300.7 +171.4 1,802.6 1,835.2 +32.5 1,840.0 1,906.0 (16.4) +66.0 (17.5) (1.1) Provision for reserve for policyholder dividends 97.5 85.0 (12.5) Income before income taxes, etc. 265.7 310.3 +44.6 Total of corporate income taxes 87.1 79.0 Net income attributable to non-controlling interests 0.0 0.0 Net income attributable to shareholders of parent company 178.5 231.2 (8.1) +0.0 +52.7 (1) The following items include items that are offset by provision for (reversal of) policy reserves and gains (losses) on investments in separate accounts. There is impact of Gains (losses) but they do not have a significant impact on business results. (Gains or losses on investments in separate accounts, foreign exchange gains or losses, derivative transaction gains or losses) 49#51Shareholder Structure Dai-ichi Life Holdings 100% 90% 22.1% 24.1% 29.8% 28.4% 28.0% 27.8% 30.3% 36.6% 38.6% 44.8% 43.4% 45.6% 41.0% 44.5% 80% 12.9% 70% 12.1% 1.1% 1.3% 60% 11.4% 1.2% 10.6% 1.1% 10.4% 10.4% 1.4% = 1.9% 10.1% 19.9% 50% 27.6% 29.5% 31.3% 32.6% 32.6% 40% 30% 44.0% 20% 34.9% 10% 0% 2010/4/16 Sep-10 Mar-11 Sep-11 ■Foreign companies Other domestic companies Securities companies Financial institutions Mar-12 Sep-12 Mar-13 Sep-13 Mar-14 1.5% 9.5% 8.8% 0.7% 1.6% 7.1% 7.5% 0.9% 2.2% 7.3% 7.0% 7.2% 2.1% 2.5% 1.1% 32.1% 30.4% 30.7% 33.0% 28.8% 30.7% 30.2% 30.7% 28.2% 28.7% 27.4% 27.3% 25.9% 22.7% 20.2% 17.9% 16.4% 15.8% 16.1% 15.3% Sep-14 Mar-15 Sep-15 Mar-16 Mar-17 Individual and others 50#52Thank you Any questions? 51#53Investor Contact The Dai-ichi Life Holdings, Inc. Investor Relations Group Corporate Planning Unit +81 50 3780 6930 Dai-ichi Life Holdings Disclaimer The information in this presentation is subject to change without prior notice. Neither this presentation nor any of its contents may be disclosed or used by any other party for any other purpose without the prior written consent of Dai- ichi Life Holdings (the Company). Statements contained herein that relate to the future operating performance of the Company are forward-looking statements. Forward-looking statements may include - but are not limited to - words such as “believe,” “anticipate," "plan," "strategy," "expect," "forecast,” “predict," "possibility" and similar words that describe future operating activities, business performance, events or conditions. Forward-looking statements are based on judgments made by the Company's management based on information that is currently available to it and are subject to significant assumptions. As such, these forward-looking statements are subject to various risks and uncertainties and actual business results may vary substantially from the forecasts expressed or implied in forward-looking statements. Consequently, you are cautioned not to place undue reliance on forward-looking statements. The Company disclaims any obligation to revise forward-looking statements in light of new information, future events or other findings. 52