Investor Presentaiton

Dai-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

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