Accelerating Business Expansion in Overseas Life Insurance Markets and Increasing Profit Contribution

「TAL Daiichi Life Australia Pty Ltd completed the acquisition of a total 19.9% stake in Challenger Limited in August 2025. In addition to its strong business base in the protection market, this will enable TAL to enter Australia’s retirement market, which is expected to expand going forward, and capture new revenue opportunities.」

「本件買収により、フィー収入比率の向上や地域補完性の活用を通じて、アセットプロテクション事業の成長・収益安定化を一層加速させ、Protective Life Corporationの事業規模拡大、収益性の向上並びに顧客基盤の強化を実現することができるものと考えております。」

「TAL Daiichi Life Australia Pty Limited, the Company’s Australian subsidiary, acquired a total of 19.9% of the issued shares of Challenger Limited, an Australian financial group with pension insurance and fund management businesses, from MS&AD Insurance Group Holdings, Inc. and AP Liberty GP, LLC, as general partner of AP Liberty, L.P., under the umbrella of Apollo Global Management, Inc. Through this transaction, Challenger became an equity-method affiliate of the Company during the interim consolidated accounting period under review.」

「In the international life insurance business, we will strengthen our initiatives as a growth driver for the Group through both the organic growth of existing businesses in each region and inorganic growth through strategic M&A. Based on a strategy formulated with consideration for the market size, business stage and industry position of each company in countries where we already operate, we will pursue growth toward a target of a 40% share of profit contributions from the international life insurance business in the fiscal year ending March 2027, including by making effective use of the outstanding expertise of Group companies across the organization.」

「As a result, segment profit increased by ¥12.4 billion from the same period of the previous year to ¥98.9 billion, up 14.4%.」

「The international insurance business has steadily expanded its profit base as a growth driver for the Company. We will increase its share of group adjusted profit from around 30% currently to 40% in the fiscal year ending March 2027 and 50% in 2030.」

「Segment profit increased by ¥57.5 billion from the same period of the previous year to ¥83.3 billion, up 223.5%. The main factors were strong performance by the business of TAL Life Insurance Services Limited (formerly Westpac Life Insurance Services Limited), acquired in August 2022 by TAL Dai-ichi Life Australia Pty Ltd; the profit contribution from New Zealand-based Partners Group Holdings Limited, acquired in November 2022; and improved gains and losses on securities held for trading at Dai-ichi Life Reinsurance Bermuda Ltd. compared with the same period of the previous year.」

「Segment profit increased by ¥84.2 billion from the same period of the previous year to ¥86.5 billion, compared with ¥2.3 billion in the same period of the previous year. The increase mainly reflected strong performance by the business of TAL Life Insurance Services Limited (formerly Westpac Life Insurance Services Limited), acquired in August 2022 by TAL Dai-ichi Life Australia Pty Ltd; the profit contribution from New Zealand-based Partners Group Holdings Limited, acquired in November 2022; and lower asset management expenses at Dai-ichi Life Reinsurance Bermuda Ltd. following the elimination of losses on securities held for trading from intra-group reinsurance transactions recorded in the same period of the previous year.」

「Revenue from the international insurance business increased by ¥59.0 billion from the same period of the previous year to ¥767.2 billion, up 8.3% year on year. Segment profit increased by ¥22.6 billion to ¥35.2 billion, up 179.6% year on year, mainly because Protective Life Corporation recorded higher provisions for policy reserves and other items.」

「During the consolidated accounting period under review, Partners Group Holdings Limited (hereinafter, “Partners Life”) and Partners Life Limited (hereinafter, “PLL”), whose acquisition was decided on 12 August 2022, became wholly owned subsidiaries upon completion of the acquisition.」

「Based on the business characteristics supporting stable growth and high profitability, the Group expects by the fiscal year ending March 2027 to contribute NZ$67 million (approximately ¥5.7 billion) on a Group adjusted-profit basis and, for the time being, approximately 50% of profit on a Group cash basis.」

「TAL Dai-ichi Life Australia Pty Limited ("TAL") entered into a legally binding share purchase agreement, a 20-year distribution partnership agreement and other agreements with Westpac Banking Corporation ("Westpac") on 8 August 2021 concerning the acquisition of Westpac Life Insurance Services Limited ("Westpac Life"), the life insurer owned by Westpac. Having now satisfied all prescribed conditions precedent for making Westpac Life a wholly owned subsidiary through the acquisition, TAL made Westpac Life a subsidiary of the Company.」

「The overseas business continues to be affected by the spread of COVID-19, including increased insurance benefit payments mainly in the United States, but its position as a growth driver for the Group remains unchanged. In the fiscal year ended March 2022, we completed strategic M&A transactions in the developed markets of the United States and Australia under the strict capital discipline of the mid-term management plan.」

「Ordinary revenue from the overseas insurance business increased ¥280.3 billion year on year to ¥1,570.9 billion, up 21.7%, primarily because investment income improved at Protective Life Corporation as the impact of valuation losses on securities incurred in the previous year due to financial-market volatility fell away. Segment profit increased ¥19.9 billion to ¥66.1 billion, up 43.2%, mainly because the provision for doubtful accounts recorded by Protective Life Corporation in the previous year due to economic volatility turned into a reversal.」

「TAL Dai-ichi Life Australia Pty Limited ("TAL") entered into an agreement with Westpac Banking Corporation ("Westpac") covering the purchase and sale of shares in Westpac Life Insurance Services Limited ("Westpac Life"), the life insurer of Australia's Westpac Banking Corporation group, as well as a 20-year exclusive distribution partnership enabling life insurance to be sold through Westpac's Australian banking network.」

「Ordinary revenue from the overseas insurance business decreased ¥164.7 billion year on year to ¥547.6 billion, down 23.1%, primarily because of the decline from the previous year's reversal of policy reserves at Protective Life Corporation. Segment profit increased ¥25.0 billion year on year to ¥13.0 billion, compared with a loss of ¥11.9 billion in the previous year, mainly because of the rebound from the valuation losses on securities and provisioning expenses for doubtful accounts that Protective Life Corporation incurred in the previous year due to financial-market and economic volatility.」

「Ordinary revenue from the overseas insurance business decreased ¥103.2 billion year on year to ¥820.2 billion, down 11.2%, primarily because of the impact of valuation losses on bonds and other assets at Protective Life Corporation resulting from financial-market volatility.」

「Ordinary revenue from the overseas insurance business increased ¥224.6 billion year on year to ¥712.3 billion, up 46.1%, primarily because premium and other income rose following Protective Life Corporation's acquisition of an in-force block. Segment profit decreased ¥37.3 billion to a loss of ¥11.9 billion, compared with profit of ¥25.4 billion in the previous year, primarily because Protective Life Corporation incurred valuation losses associated with market volatility in March 2020 and the expense of provisioning for doubtful accounts following a change in local accounting standards.」

「Revenue increased primarily because premium and other income rose substantially following the acquisition of Asteron Life & Superannuation Limited by the Company's consolidated subsidiary TAL Dai-ichi Life Australia Pty Limited on 28 February 2019.」

「Ordinary revenue from the overseas insurance business increased ¥298.6 billion year on year to ¥1,349.5 billion, up 28.4%, primarily because premium income increased following M&A at TAL Dai-ichi Life Australia Pty Ltd. Segment profit increased ¥15.3 billion to ¥56.6 billion, up 37.3%, supported by earnings from Protective Life Corporation's acquisition of an in-force block completed in June 2019 and an increase in policies in force at Dai-ichi Life Insurance Company of Vietnam, Limited.」

「The increases in both assets and liabilities resulted from the acquisition, effective 3 June 2019, of the in-force block of Great-West Life & Annuity Insurance Company.」

「Results for the cumulative three-month period increased year on year, primarily because premium and other income rose following the acquisition of Asteron Life & Superannuation Limited on 28 February 2019. Ordinary revenue totaled A$1,397 million, up 53.8%, comprising premium and other income of A$1,235 million, up 47.8%, investment income of A$132 million, up 361.9%, and other ordinary revenue of A$29 million, down 33.1%.」

「In developed markets, we will steadily advance the integration of acquisitions completed during the year while pursuing diversified distribution channels and new growth opportunities. In emerging markets such as Asia, we will focus on top-line growth and seek to expand market share by strengthening distribution channels and taking other measures. In addition, we will step up initiatives in Cambodia and Myanmar, where medium- to long-term business growth is expected.」

「Protective Life Corporation, a consolidated subsidiary of the Company, decided on 23 January 2019 local time to acquire, through reinsurance, an in-force block of individual life insurance, annuity and other policies held by Great-West Life & Annuity Insurance Company of Colorado, USA, and entered into an acquisition agreement.」

「The increases in both assets and liabilities resulted from the acquisition, effective 1 May, of the in-force block of Liberty Life Assurance Company of Boston.」

「Results for the cumulative three-month period declined year on year, primarily because investment income on separate-account assets decreased. Although the 2017 US tax reform reduced the corporate tax burden, profit declined because insurance benefit payments increased in the life insurance business as a result of the influenza outbreak and other factors.」

「The acquisition of the in-force individual life insurance and annuity block from Liberty Life was undertaken as part of the acquisition business described above, with the objective of further expanding Protective's earnings and other benefits.」

「The overseas insurance business recorded higher revenue but lower profit for the cumulative six-month period, as strong sales of universal life insurance continued and fixed annuity sales also increased, while the impact of capital gains from a modified coinsurance agreement recorded in the previous year fell away.」

「Ordinary revenue from the overseas insurance business increased ¥60.9 billion year on year to ¥369.7 billion, up 19.7%, primarily because investment income on separate-account assets increased at Protective Life Corporation. The increase in investment income on separate-account assets had no impact on segment profit because it was offset by a transfer to policy reserves. Segment profit decreased ¥8.5 billion year on year to ¥13.7 billion, down 38.5%, primarily because the impact of capital gains from a modified coinsurance agreement recorded at Protective Life Corporation in the previous year fell away.」

「Segment profit increased ¥25.5 billion from the previous fiscal year to ¥85.9 billion, up 42.3%, primarily because investment income and expenses improved across the overseas insurance business, results improved in the life insurance business of TAL Dai-ichi Life Australia Pty Ltd, and the acquisition of a term life insurance block by Protective Life Corporation contributed to profit.」

「Results for the cumulative nine-month period were favorable, supported by the contribution from the acquisition in January 2016 of a term life insurance block held by an insurer under Genworth Financial, Inc. of Virginia, as well as strong sales of stable value products (savings products with guaranteed interest rates) and improved investment income.」

「We have implemented measures aimed at accelerating business development and expanding profit contributions in overseas life insurance markets.」