Worth reading
51Recurring
0–100. This measures how worthwhile something is to read, not how good or bad the company is.Direction
Mixed performance
Direction inferred from the company’s description.Scale
840
¥100 million (year-on-year change in group adjusted profit)Wording
Conditional
How definitive the wording is.Contents of this document
Financial results presentationFirst quarter of the fiscal year ending March 20277 items taken from the company’s own explanation
Financial Results Figures (The key points of this material are explained below)
Net Sales¥28,930 100 million +25.0%consolidated ordinary revenues
Ordinary income¥2,511 100 million +196.0%consolidated ordinary profit
Net income¥1,601 100 million +368.0%consolidated net income
Full-year earnings forecast
Consolidated ordinary revenues
¥106,660 100 million
Consolidated ordinary income
¥8,690 100 million
Consolidated net income
¥5,130 100 million
Group adjusted profit
Approximately 5,600
Group new business value
Approximately 1,880
Underlying profit
Approximately 6,500
Dividend per share
¥72
Progress against full-year forecast 通期の予想に対して、いまどこまで進んだかの割合です。
Consolidated ordinary revenues27%
Consolidated ordinary income29%
Consolidated net income31%
Group adjusted profit28%
By major subsidiaryDai-ichi Life 32%, Dai-ichi Frontier Life 29%, PLC 20%, Oceania 21%, Asia and other overseas 25%, asset management business 19%, Benefit One 27%
New business value (domestic estimate)20%
What the company explained in this material
Self-assessment against the planThe company's self-assessment against its own plan.
The domestic business is driving the group, with progress against the full-year outlook proceeding smoothly. The domestic business, DLVN and Benefit One, among others, exceeded budget; PLC and the asset management business were broadly in line with budget, while TAL was slightly below budget.Breakdown of Factors Affecting the ChangeReasons cited by the Company for the change in the figures.
Domestic Business+¥86.4 billion
Overseas Business+¥600 million
Asset management and new businesses+¥2.3 billion
HD and Other-¥5.3 billion
MVA-related gains and losses+¥11.1 billion (difference between adjusted profit and net profit)
Amortization of goodwill and other items-¥13.1 billion (difference between adjusted profit and net profit)
Adjustments for valuation gains and losses and other items+¥100 million
Other+¥3.8 billion
Assumptions Underlying the Business OutlookThe assumptions used by the company in preparing its forecast.
USD/JPY¥162.39 per US dollar (end of June 2026)
EUR/JPY¥185.35 per euro (end of June 2026)
AUD/JPY¥111.56 per Australian dollar (end of June 2026)
Japan 10-year interest rateApproximately 2.7% (end of June 2026)
Japan 30-year interest rateApproximately 3.9% (end of June 2026)
New initiatives
- Large-scale rebalancing of the domestic bond portfolio
- Continued planned sales of listed domestic equities
- Continued bond portfolio rebalancing to expand investment spreads while managing interest-rate volatility risk
Key KPIsA metric the company considers important as a management benchmark.
- Group ESRApproximately 206Year on year against the same period last year-13 percentage points from the end of the previous fiscal year
- Group embedded valueApproximately 9.8Year on year against the same period last year+2% from the end of the previous fiscal year
- Matching ratio91 %Year on year against the same period last year+4 percentage points from the end of March 2026
- Balance of listed domestic equitiesApproximately 3.7
- Sales of listed domestic equitiesApproximately 3,000
- Rebalancing of yen-denominated fixed-income assetsApproximately 5,000
- DL and DFL surrender ratesStable at low levels
Segment results
Domestic Business
¥1,292 100 million +202.0%group adjusted profit
Overseas Business
¥338 100 million +2.0%group adjusted profit
Asset management and new businesses
¥51 100 million +76.0%group adjusted profit
HD and Other
▲100group adjusted profit
Annual Dividend
Annual dividend per share¥72
| Item | Details |
|---|---|
| Document type | Financial results presentation |
| Fiscal Period Covered | First quarter of the fiscal year ending March 2027 |
| Net Sales | ¥28,930 100 million (consolidated ordinary revenues) (YoY +25.0%) |
| Ordinary income | ¥2,511 100 million (consolidated ordinary profit) (YoY +196.0%) |
| Net income | ¥1,601 100 million (consolidated net income) (YoY +368.0%) |
| Full-year earnings forecast | Consolidated ordinary revenues ¥106,660 100 million / Consolidated ordinary income ¥8,690 100 million / Consolidated net income ¥5,130 100 million / Group adjusted profit Approximately 5,600 / Group new business value Approximately 1,880 / Underlying profit Approximately 6,500 / Dividend per share ¥72 |
| Progress against full-year forecast | Consolidated ordinary revenues 27% / Consolidated ordinary income 29% / Consolidated net income 31% / Group adjusted profit 28% / By major subsidiary Dai-ichi Life 32%, Dai-ichi Frontier Life 29%, PLC 20%, Oceania 21%, Asia and other overseas 25%, asset management business 19%, Benefit One 27% / New business value (domestic estimate) 20% |
| Self-assessment against the plan | The domestic business is driving the group, with progress against the full-year outlook proceeding smoothly. The domestic business, DLVN and Benefit One, among others, exceeded budget; PLC and the asset management business were broadly in line with budget, while TAL was slightly below budget. |
| Segment results | Domestic Business ¥1,292 100 million (group adjusted profit) (YoY +202.0%) / Overseas Business ¥338 100 million (group adjusted profit) (YoY +2.0%) / Asset management and new businesses ¥51 100 million (group adjusted profit) (YoY +76.0%) / HD and Other ▲100 |
| Breakdown of Factors Affecting the Change | Domestic Business +¥86.4 billion / Overseas Business +¥600 million / Asset management and new businesses +¥2.3 billion / HD and Other -¥5.3 billion / MVA-related gains and losses +¥11.1 billion (difference between adjusted profit and net profit) / Amortization of goodwill and other items -¥13.1 billion (difference between adjusted profit and net profit) / Adjustments for valuation gains and losses and other items +¥100 million / Other +¥3.8 billion |
| Key KPIs | Indicator name Group ESR / Value Approximately 206 / Year on year against the same period last year -13 percentage points from the end of the previous fiscal year, Indicator name Group embedded value / Value Approximately 9.8 / Year on year against the same period last year +2% from the end of the previous fiscal year, Indicator name Matching ratio / Value 91 % / Year on year against the same period last year +4 percentage points from the end of March 2026, Indicator name Balance of listed domestic equities / Value Approximately 3.7 / Year on year against the same period last year Not disclosed, Indicator name Sales of listed domestic equities / Value Approximately 3,000 / Year on year against the same period last year Not disclosed, Indicator name Rebalancing of yen-denominated fixed-income assets / Value Approximately 5,000 / Year on year against the same period last year Not disclosed, Indicator name DL and DFL surrender rates / Value Stable at low levels / Year on year against the same period last year Not disclosed |
| Assumptions Underlying the Business Outlook | USD/JPY ¥162.39 per US dollar (end of June 2026) / EUR/JPY ¥185.35 per euro (end of June 2026) / AUD/JPY ¥111.56 per Australian dollar (end of June 2026) / Japan 10-year interest rate Approximately 2.7% (end of June 2026) / Japan 30-year interest rate Approximately 3.9% (end of June 2026) |
| Annual Dividend | Annual dividend per share ¥72 / Interim and Year-End Breakdown Not disclosed |
| New initiatives | Large-scale rebalancing of the domestic bond portfolio, Continued planned sales of listed domestic equities, Continued bond portfolio rebalancing to expand investment spreads while managing interest-rate volatility risk |
Items this document does not state (17)
Operating profitGross Profit MarginOperating profit marginSelling, general and administrative expensesResults for the three months of the current quarterUnit price and quantity metricsNumber of stores and locationsNumber of employeesRisk amount incorporated into the outlookMedium-term management plan targetsFinancial targetsPayout ratioAcquisition of treasury sharesCapital expendituresOrders received and order backlogMarket Size / ShareKey points of the Q&A
These are items the company does not state in this document. We do not leave them blank, nor fill them in from other sources or by inference.
The reasons the company gives
The company's own explanation, not something inferred from the numbers.At Dai-ichi Life, improved investment spreads and higher gains on sales of domestic equities contributed to profit growth. At Dai-ichi Frontier Life, profit was driven by higher AUM and the effect of the weaker yen. Overseas operations benefited from Challenger's earnings contribution and lower new business expenses, while the asset management and employee benefits businesses benefited from higher trustee fees and membership income and from cost controls. Domestic new business value was affected by higher costs resulting from rising inflation, while ESR was affected by an increase in surrender risk associated with higher interest rates and by higher goodwill related to M&A.
How to read this page
This is not the documentKomori reads the disclosure the company filed and writes this summary. Figures are as stated by the company and are not audited.
Weight is not a verdictIt measures how much this changes what the company had already told the market. It is not a view on the shares.
Corrections happenIf the company reissues this disclosure, the page is rebuilt from the corrected version and the revision number moves up.