Dai-ichi Life Holdings, Inc. posted higher ordinary profit and net income for the nine months ended Dec. 31, 2025, driven by higher investment income, while expenses also increased due to higher provisions for policy reserves. At the same time, the group reported higher comprehensive income and an increase in capital, revised its full-year earnings and dividend forecasts, announced organisational changes, and entered into a capital and business alliance with Infomart Corporation.
For the nine months to Dec. 31, 2025, Dai-ichi Life Holdings and its consolidated subsidiaries recorded ordinary revenues of ¥8,320.7 billion, up 6.1% from the same period a year earlier. Premium and other income decreased 0.3% to ¥5,091.3 billion, while investment income rose 18.9% to ¥2,747.2 billion. Other ordinary revenues increased 13.9% to ¥482.1 billion. The group said higher investment income at The Dai-ichi Life Insurance Company, Limited and The Dai-ichi Frontier Life Insurance Co., Ltd. was the main contributor to the revenue increase.
Ordinary expenses also grew 6.1% to ¥7,723.0 billion. Benefits and claims declined 2.7% to ¥4,665.4 billion, but provision for policy reserves and others rose 52.1% to ¥1,488.6 billion, mainly at Dai-ichi Frontier Life. Investment expenses increased 3.7% to ¥550.5 billion, operating expenses 4.1% to ¥755.2 billion, and other ordinary expenses 4.6% to ¥263.1 billion. Ordinary profit for the period was ¥597.7 billion, up 7.2% year-on-year. Net income attributable to shareholders of the parent company rose 4.7% to ¥370.3 billion. Net income per share was ¥101.37, compared with ¥95.25 a year earlier, calculated on the assumption that the company’s 4-for-1 share split on April 1, 2025, applied from the start of the previous fiscal year. Comprehensive income totalled ¥770.5 billion, compared with ¥269.9 billion a year earlier.
As of Dec. 31, 2025, Dai-ichi Life’s total assets stood at ¥72,384.6 billion, a 4.0% increase from March 31, 2025. Securities holdings amounted to ¥54,705.5 billion, up 3.2%. Loans decreased 4.9% to ¥4,879.4 billion, tangible fixed assets fell 1.7% to ¥1,251.4 billion, and reinsurance receivables were down 3.1% to ¥1,985.2 billion. Total liabilities were ¥68,305.1 billion, up 3.3%, including policy reserves and others of ¥60,013.3 billion, a 0.8% increase. Total net assets rose 17.6% to ¥4,079.5 billion. Within net assets, net unrealized gains on securities, net of tax, increased 54.4% to ¥1,627.9 billion. Net assets attributable to the company’s shareholders were ¥4,079.3 billion, and the ratio of these net assets to total assets rose to 5.6% from 5.0% at the previous fiscal year-end.
For the fiscal year ending March 31, 2026, Dai-ichi Life now forecasts ordinary revenues of ¥11,067.0 billion, representing 12.1% growth from the previous fiscal year and a 7.2% increase over its earlier projection of ¥10,322.0 billion. Ordinary profit is projected at ¥718.0 billion, slightly below the previous year’s ¥719.1 billion but 2.6% above the earlier forecast of ¥700.0 billion. Net income attributable to shareholders of the parent company is expected to be ¥408.0 billion, a 5.0% decrease year-on-year but 2.0% higher than the prior projection of ¥400.0 billion. Forecast net income per share is ¥112.42, based on the number of shares outstanding and treasury stock as of Dec. 31, 2025.
The company also revised its estimate of group adjusted profit, which it describes as representing “the source of shareholder returns,” from ¥470 billion to ¥500 billion, by adjusting net income for “technical accounting valuation gains and losses, etc.” Dai-ichi Life said it expects ordinary revenues to exceed the previous forecast “due mainly to an increase in investment income of The Dai-ichi Frontier Life Insurance Co., Ltd.” It also expects ordinary profit, net income, and group adjusted profit to be higher than forecast “due mainly to the increase in gains on sales of securities at The Dai-ichi Life Insurance Company, Limited., driven by the robust stock prices.” In line with the revised earnings outlook, the company raised its year-end dividend forecast for the fiscal year ending March 31, 2026, by ¥1, to ¥28 per share from ¥27. With an interim dividend of ¥24 per share already paid, the total annual dividend is now projected at ¥52 per share. Figures for the current fiscal year are stated on a post–stock split basis.
From April 1, 2026, the group will adjust its management framework to distinguish more clearly between domestic insurance and global asset management operations. The roles of business head, protection (Japan) and business head, retirement, savings, and asset management will be abolished. In their place, the company will introduce “business head, insurance (Japan)” and “business head, asset management.” The new insurance (Japan) head will be “the person in charge of planning business strategies, including comprehensive products and service developments in terms of protection, retirement and saving in Japanese market, and unified business management for domestic insurance companies.” The asset management head will be “the person in charge of planning strategies for global asset management businesses and managing related businesses.”
To support these roles, Dai-ichi Life will establish an insurance business unit and an asset management business unit. The group has outlined multiple related title changes, promotions, new appointments, and retirements across senior and executive officer positions, including officers responsible for Asia-Pacific and North American life business, alternative investments, sustainability, data and AI, and internal audit. Several officers will concurrently serve as executives at major subsidiaries in Japan and overseas, including life insurers and asset management entities.
Separately, Dai-ichi Life Holdings concluded a capital and business alliance agreement with Infomart Corporation, a Japanese software-as-a-service provider operating digital platforms for inter-company transactions. Infomart will conduct a third-party allotment of new shares and disposal of treasury shares to Dai-ichi Life Holdings. After the transaction, Dai-ichi Life is expected to hold approximately 15% of Infomart’s voting rights. Subject to shareholder approval of a Dai-ichi Life-nominated director at Infomart, the SaaS company is expected to become an equity-method affiliate. Infomart plans to use around ¥17.4 billion raised through the allotment for capital investments and other initiatives. According to the companies, the alliance aims “to provide corporate clients with products and services that contribute to operational efficiency, advanced management practices, and the transformation of industries and regional economies, by leveraging technology and data as the foundation of digital transformation (DX) to enhance the productivity of Japanese companies and their workforce.”
Under the business alliance, Dai-ichi Life Group will cooperate in expanding sales of Infomart Group services, including BtoB Platform Invoice and BtoB Platform TRADE, and Infomart will support sales of Dai-ichi Life Group services, including group insurance products and Benefit One’s Benefit Station. The parties plan joint product development, collaboration on new functions, market research for new Infomart businesses with Dai-ichi Life Group, joint research on AI technology, and the “joint exploration and consideration of M&A opportunities and strategic partnerships.”
