DAI-ICHI LIFE HOLDINGS, INC. November 14, 2014
Koichiro Watanabe
President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section)
Disclosure of European Embedded Value as of September 30, 2014 (Summary)
The Dai-ichi Life Insurance Company, Limited (hereinafter "Dai-ichi Life") hereby discloses the European Embedded Value ("EEV") of Dai-ichi Life, Dai-ichi Frontier Life Insurance Co., Ltd (hereinafter "Dai-ichi Frontier Life" or "DFL") and TAL Dai-ichi Life Australia Pty Limited (hereinafter "TAL") (collectively, the "Group") as
of September 30, 2014.
1. EEV of the Group (Note 1) (Note 2) (Note 3) (Note 4)
(billions of yen)
March 31, 2014 | September 30, 2014 | Increase (Decrease) | |
EEV | 4,294.7 | 5,155.4 | 860.7 |
Adjusted net worth | 3,431.3 | 4,473.0 | 1,041.6 |
Value of in-force business | 863.3 | 682.4 | (180.8) |
Year ended
March 31,
2014
255.4
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2. EEV by company
(1) Dai-ichi Life
(billions of yen)
March 31, 2014 | September 30, 2014 | Increase (Decrease) | |
EEV | 4,268.5 | 5,069.1 | 800.5 |
Adjusted net worth | 3,520.9 | 4,540.5 | 1,019.5 |
Value of in-force business | 747.6 | 528.6 | (218.9) |
Year ended
March 31,
2014
216.9
(2) Dai-ichi Frontier Life
(billions of yen)
March 31, 2014 | September 30, 2014 | Increase (Decrease) | |
EEV | 163.8 | 209.9 | 46.1 |
Adjusted net worth | 134.4 | 147.9 | 13.5 |
Value of in-force business | 29.3 | 61.9 | 32.6 |
Year ended
March 31,
2014
22.3
(3) TAL
(billions of yen)
March 31, 2014 | September 30, 2014 | Increase (Decrease) | |
EEV | 186.3 | 207.4 | 21.0 |
Adjusted net worth | 99.9 | 115.5 | 15.5 |
Value of in-force business | 86.3 | 91.9 | 5.5 |
Year ended
March 31,
2014
18.4
* For EEV as of March 31, 2014 and value of new business for the fiscal year ended March 31, 2014, exchange rate of JPY 95.19 to AUD 1.00 is used. For EEV as of September 30, 2014 and value of new business for the six months ended September 30, 2014, exchange rate of JPY 95.19 to AUD 1.00 is used. For value of new business for the six months ended September 30, 2013, exchange rate of JPY 90.87 to AUD 1.00 is used.
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(Reference) TAL's EEV in Australian Dollar
(millions of AUD)
March 31, 2014 | September 30, 2014 | Increase (Decrease) | |
EEV | 1,957 | 2,179 | 221 |
Adjusted net worth | 1,050 | 1,213 | 163 |
Value of in-force business | 907 | 965 | 57 |
Year ended
March 31,
2014
193
(Note 1) The Group EEV is calculated as follows: Dai-ichi Life's EEV plus the portion of DFL's and TAL's EEV attributable to Dai-ichi Life's equity stake in DFL and TAL less Dai-ichi Life's carrying amount of equity of DFL and TAL.
(Note 2) Dai-ichi Life held 100.0% of the shares of DFL as of March 31, 2014 and as of September 30, 2014. Dai-ichi
Life held 100.0% of the shares of TAL as of March 31, 2014 and as of September 30, 2014.
(Note 3) Dai-ichi Life's carrying amount of DFL's equity was ¥181.9 billion as of March 31, 2014 and as of September 30, 2014. Dai-ichi Life's carrying amount of TAL's equity was ¥142.0 billion as of March 31, 2014 and ¥149.0 billion as of September 30, 2014.
(Note 4) DFL became a wholly owned subsidiary of Dai-ichi Life in March 2014. Group's value of new business for the year ended March 31, 2014 and for the six months ended September 30, 2013 is calculated based on Dai-ichi Life's 90.0% equity stake in DFL.
* The full report of "Disclosure of European Embedded Value as of September 30, 2014" is scheduled to be published on November 18, 2014 with the attachment of a third party opinion.
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