November 14, 2017 Seiji Inagaki Supplementary Materials for the …... · 2018. 4. 30. · Dai-ichi Life Holdings, Inc. November 14, 2017 Seiji Inagaki President and Representative

[Unofficial Translation]

Dai-ichi Life Holdings, Inc.

November 14, 2017

Seiji Inagaki

President and Representative Director Dai-ichi Life Holdings, Inc.

Code: 8750 (TSE First section)

Supplementary Materials for the Six Months Ended September 30, 2017

(The Dai-ichi Life Insurance Company, Limited)

[Contents]

Financial Summary for the Six Months Ended September 30, 20171. Business Highlights -------- P.1

2. Unaudited Balance Sheet -------- P.3

3. Unaudited Statement of Earnings -------- P.4

4. Unaudited Statement of Changes in Net Assets -------- P.5

5. Breakdown of Ordinary Profit (Fundamental Profit) -------- P.18

6. Investment of General Account Assets -------- P.19

7. Investment Results of General Account -------- P.23

8. Disclosed Claims Based on Categories of Obligors -------- P.26

9. Solvency Margin Ratio -------- P.27

10. Status of Separate Account -------- P.29

11. Consolidated Financial Summary -------- P.29

Attached: Supplementary Materials for the Six Months Ended September 30, 2017

For further information please contact:

Please note that this is an unofficial translation of the original disclosure in Japanese.

November 14, 2017

Financial Results for the Six Months Ended September 30, 2017

TEL: +81-(0)-50-3780-6930/7204

Corporate Planning Dept.,The Dai-ichi Life Insurance Company, Limited

　The Dai-ichi Life Insurance Company, Limited (the "Company"; President: Seiji Inagaki)announces its financial results for the six months ended September 30, 2017.

　<Figures Presented>

・ Ending balance of a given fiscal year

Figures PresentedFiscal year 2017 Current Dai-ichi Life figures as of September 30, 2017Fiscal year 2016 Current Dai-ichi Life figures as of March 31, 2017

・ Profit/loss etc. for a given period

Figures PresentedFiscal year 2017Fiscal year 2016 Former Dai-ichi Life results (April to September, 2016)

Regarding the Figures Presented in this Document

Current Dai-ichi Life results (April to September, 2017)

Parent Parent

Former Dai-ichi Life(Life insurance operating company)

Subsidiary

Current Dai-ichi lifeSubsidiary (Life insurance operating company)Split Preparation Co.

(Operating company)

Dai-ichi Life Holdings(Holding company)

October 2016(Structure Change)

Corporate split

Change of trading name

Change of trading name

April 2016 September 2016 June 2017

"A"

B"B"

"C"

The Dai-ichi Life Insurance Company, Limited ("former Dai-ichi Life": "A" as shown below) changed its trading name to Dai-ichi Life Holdings, Inc. on October 1, 2016 and changed its business purpose to managing the business activities of its group companies etc.

The domestic life insurance business of former Dai-ichi Life is succeeded by The Dai-ichi Life Insurance Company, Limited* ("current Dai-ichi Life": "C" as shown below) by means of corporate split.

*Trading name changed from The Dai-ichi Life Split Preparation Company, Limited ("B" as shown below) on October 1, 2016.

For the purpose of presenting comparable business results with the previous fiscal year, the figures presented in this document are defined below.

For fiscal year 2017 (current fiscal year) and 2016 (previous fiscal year), current Dai-ichi Life figures are presented.

For fiscal year 2017 (current fiscal year), current Dai-ichi Life results are presented.For fiscal year 2016 (previous fiscal year), former Dai-ichi Life results (April to September, 2016) are presented.

September 2017

1. Business Highlights(1) Annualized Net Premiums

Policies in Force (billions of yen)

% of March 31, 2017 total

Individual insurance 1,620.3 1,616.3 99.8Individual annuities 526.9 529.6 100.5Total 2,147.2 2,145.9 99.9

Medical and survival benefits 606.3 627.3 103.5

New Policies (billions of yen)

% of September 30, 2016total

Individual insurance 42.8 47.3 110.4Individual annuities 34.8 7.1 20.5Total 77.7 54.5 70.1

Medical and survival benefits 23.4 36.3 155.3Note: 1. Annualized net premium is calculated by using multipliers for various premium payment terms to the premium per payment. In single premium

contracts, the amount is calculated by dividing the premium by the duration of the policy. 2. Annualized net premium for medical and survival benefits includes (a) premium related to medical benefits such as hospitalization and surgery

benefits, (b) premium related to survival benefits such as specific illness and nursing benefits, and (c) premium related to premium waiver benefits, in which disability cause is excluded but causes such as specific illness and nursing care are included.

3. New policies include net increase by conversion.

(2) Sum Insured of Policies in Force and New PoliciesPolicies in Force

(thousands) % of March 31, 2017 total (billions of yen) % of March 31, 2017 total

Individual insurance 11,704 108,578.4 11,722 100.2 105,491.9 97.2Individual annuities 1,964 11,481.3 1,969 100.3 11,423.2 99.5Individual insurance and annuities 13,668 120,059.7 13,692 100.2 116,915.1 97.4Group insurance - 47,451.8 - - 47,639.9 100.4Group annuities - 6,106.6 - - 6,149.0 100.7

Note: 1. Policy amount in force of individual annuities is equal to (a) the funds to be held at the time annuity payments are to commence for an annuity for which payment has not yet

2.

New PoliciesAmount

(thousands) % of September 30, 2016 total (billions of yen) New Business Net increase byconversion

% of September 30, 2016total

Six months ended September 30, 2016

Individual insurance 464 946.6 1,820.9 (874.3)Individual annuities 127 730.1 736.0 (5.9)Individual insurance and annuities 592 1,676.7 2,557.0 (880.2)Group insurance - 92.5 92.5 - Group annuities - 0.0 0.0 -

Six months ended September 30, 2017Individual insurance 482 103.7 1,007.4 1,936.4 (929.0) 106.4Individual annuities 32 25.8 164.3 169.3 (4.9) 22.5Individual insurance and annuities 515 86.9 1,171.8 2,105.8 (934.0) 69.9Group insurance - - 325.3 325.3 - 351.7Group annuities - - 0.0 0.0 - 94.8

Note: 1. Number of new policies is the sum of new business and policies after conversion. 2. Amount of new policies for individual annuities, both new business and net increase by conversion, is equal to the funds to be held at the time annuity payments are to commence.3. Amount of new policies for group annuities is equal to the initial premium payment.

Number of policies

As of March 31,2017

As of September 30,2017

Six months endedSeptember 30, 2016


As of March 31, 2017

commenced, and (b) the amount of policy reserve for an annuity for which payments have commenced.Policy amount in force of group annuities is equal to the amount of outstanding corresponding policy reserve.

As of September 30, 2017

Number of policies(thousands)

Amount(billions of yen)

Number of policies Amount

-1- The Dai-ichi Life Insurance Company, Limited

(3) Profit and Loss Items (millions of yen)


% of September 30, 2016 total

Premium and other income 1,314,251 1,105,936 84.1 Investment income 526,259 577,191 109.7 Benefits and claims 1,145,348 1,078,215 94.1 Investment expenses 130,443 145,686 111.7

182,642 158,140 86.6

(4) Total Assets (millions of yen)


% of March 31, 2017 total

Total Assets 35,686,645 36,776,029 103.1


Ordinary profit



2. Unaudited Balance Sheet(millions of yen)

As of March 31, 2017 As of(summarized) September 30, 2017

(ASSETS)Cash and deposits 438,454 418,977Call loans 98,500 389,800Monetary claims bought 192,213 188,765Money held in trust 50,191 55,767Securities 30,498,102 31,353,881

[ Government bonds ] [ 14,084,907 ] [ 14,053,586 ][ Local government bonds ] [ 109,098 ] [ 118,122 ][ Corporate bonds ] [ 2,023,985 ] [ 1,968,046 ][ Stocks ] [ 3,666,952 ] [ 3,904,911 ][ Foreign securities ] [ 9,868,430 ] [ 10,601,908 ]

Loans 2,657,852 2,586,208Policy loans 381,830 371,304Ordinary loans 2,276,021 2,214,904

Tangible fixed assets 1,124,412 1,116,042Intangible fixed assets 87,793 92,970Reinsurance receivable 2,260 2,338Other assets 434,994 464,721Customers' liabilities for acceptances and guarantees 103,786 109,179Reserve for possible loan losses (1,472) (2,013)Reserve for possible investment losses (444) (611)

Total assets 35,686,645 36,776,029

(LIABILITIES)Policy reserves and others 30,864,753 30,922,677

Reserves for outstanding claims 229,698 206,629Policy reserves 30,249,170 30,331,587Reserve for policyholder dividends 385,884 384,461

Reinsurance payable 741 473Subordinated bonds 476,277 476,277Other liabilities 1,004,764 1,546,761

Corporate income tax payable 9,967 33,731Lease liabilities 4,956 5,067Asset retirement obligations 2,674 2,664Other liabilities 987,165 1,505,298

Reserve for employees' retirement benefits 380,870 389,858Reserve for retirement benefits of directors, executive officers and corporate auditors 1,498 1,417Reserve for possible reimbursement of prescribed claims 800 676Reserve for price fluctuations 164,453 172,453Deferred tax liabilities 129,833 236,591Deferred tax liabilities for land revaluation 77,236 77,087Acceptances and guarantees 103,786 109,179

Total liabilities 33,205,016 33,933,455(NET ASSETS)

Capital stock 60,000 60,000Capital surplus 470,000 470,000

Legal capital surplus 60,000 60,000Other capital surplus 410,000 410,000

Retained earnings 31,230 74,134Other retained earnings 31,230 74,134

Reserve for tax basis adjustments of real estate 1,257 1,413Retained earnings brought forward 29,972 72,721

Total shareholders' equity 561,230 604,134Net unrealized gains (losses) on securities, net of tax 1,963,267 2,285,818Deferred hedge gains (losses) (25,327) (29,561)Reserve for land revaluation (17,541) (17,817)Total of valuation and translation adjustments 1,920,398 2,238,439

Total net assets 2,481,628 2,842,573Total liabilities and net assets 35,686,645 36,776,029


3. Unaudited Statement of Earnings(millions of yen)

Six months ended Six months endedSeptember 30, 2016 September 30, 2017

ORDINARY REVENUES 2,027,716 1,815,851Premium and other income 1,314,251 1,105,936

[ Premium income ] [ 1,313,883 ] [ 1,105,553 ]Investment income 526,259 577,191

[ Interest and dividends ] [ 376,863 ] [ 420,427 ][ Gains on money held in trust ] [ 189 ] [ 5,616 ][ Gains on sale of securities ] [ 89,635 ] [ 91,760 ][ Derivative transaction gains ] [ 38,100 ] [ - ] [ Gains on investments in separate accounts ] [ - ] [ 49,217 ]

Other ordinary revenues 187,205 132,723[ Reversal of reserves for outstanding claims ] [ 38,420 ] [ 23,068 ]

ORDINARY EXPENSES 1,845,074 1,657,710Benefits and claims 1,145,348 1,078,215

[ Claims ] [ 388,408 ] [ 351,050 ][ Annuities ] [ 243,434 ] [ 225,811 ][ Benefits ] [ 185,713 ] [ 182,626 ][ Surrender values ] [ 260,564 ] [ 242,475 ][ Other refunds ] [ 66,437 ] [ 75,494 ]

Provision for policy reserves and others 161,360 86,585Provision for policy reserves 157,131 82,416Provision for interest on policyholder dividends 4,228 4,168

Investment expenses 130,443 145,686[ Interest expenses ] [ 6,157 ] [ 7,095 ][ Losses on sale of securities ] [ 31,302 ] [ 51,688 ][ Losses on valuation of securities ] [ 9,506 ] [ 649 ][ Derivative transaction losses ] [ - ] [ 26,379 ][ Losses on investments in separate accounts ] [ 9,805 ] [ - ]

Operating expenses 208,884 204,445Other ordinary expenses 199,038 142,778

ORDINARY PROFIT 182,642 158,140EXTRAORDINARY GAINS 4,467 170

Gains on disposal of fixed assets 4,467 170EXTRAORDINARY LOSSES 24,329 9,442

Losses on disposal of fixed assets 5,025 595Impairment losses on fixed assets 11,303 846Provision for reserve for price fluctuations 8,000 8,000

Provision for reserve for policyholder dividends 45,000 45,995Income before income taxes 117,780 102,873Corporate income taxes-current 31,725 38,769Corporate income taxes-deferred 1,245 (8,494)Total of corporate income taxes 32,970 30,274Net income 84,809 72,598


4. Unaudited Statement of Changes in Net Assets


(millions of yen)

Shareholders' equity

Retained earnings

Fund for riskallowance

Fund forprice

fluctuationallowance

Reserve fortax basis

adjustmentsof real estate

Retainedearningsbroughtforward

Balance at the beginning of the year 343,146 343,146 625 343,772 5,600 43,120 65,000 25,517 372,655

Changes for the periodIssuance of new shares - exercise of subscriptionrights to shares -

Dividends - (41,497)

Net income - 84,809

Purchase of treasury stock -

Disposal of treasury stock (359) (359) Transfer to reserve for tax basis adjustments ofreal estate - 254 (254)Transfer from reserve for tax basis adjustmentsof real estate - (64) 64

Transfer from reserve for land revaluation - 2,263Net changes of items other than shareholders'equity

Total changes for the period - - (359) (359) - - - 189 45,385

Balance at the end of the period 343,146 343,146 266 343,412 5,600 43,120 65,000 25,706 418,041

(millions of yen)


Retainedearnings

Balance at the beginning of the year 511,892 (23,231) 1,175,581 1,946,957 (3,865) (16,402) 1,926,688 925 3,103,195

Changes for the periodIssuance of new shares - exercise of subscriptionrights to shares - - -

Dividends (41,497) (41,497) (41,497)

Net income 84,809 84,809 84,809

Purchase of treasury stock - (15,999) (15,999) (15,999)

Disposal of treasury stock - 1,709 1,349 1,349Transfer to reserve for tax basis adjustments ofreal estate - - -Transfer from reserve for tax basis adjustmentsof real estate - - -

Transfer from reserve for land revaluation 2,263 2,263 2,263Net changes of items other than shareholders'equity (166,549) 13,817 (2,279) (155,011) (41) (155,052)

Total changes for the period 45,574 (14,290) 30,924 (166,549) 13,817 (2,279) (155,011) (41) (124,128)

Balance at the end of the period 557,467 (37,521) 1,206,505 1,780,407 9,951 (18,681) 1,771,677 884 2,979,067

Legalretainedearnings

Totalretainedearnings

Capitalstock

Capital surplus

Other retained earnings

Valuation and translation adjustments

Subscriptionrights toshares

Total netassetsTreasury

stock

Totalshareholders'

equity

Netunrealized

gains(losses) onsecurities,net of tax

Deferredhedge gains

(losses)

Reserve forland

revaluation

Total ofvaluation

andtranslation

adjustments

Legal capitalsurplus

Other capitalsurplus

Total capitalsurplus



(millions of yen)

Retained earnings

Reserve fortax basis

adjustmentsof real estate

Retainedearningsbroughtforward

Balance at the beginning of the year 60,000 60,000 410,000 470,000 1,257 29,972 31,230 561,230

Changes for the period

Dividends (29,972) (29,972) (29,972)

Net income 72,598 72,598 72,598Transfer to reserve for tax basis adjustments ofreal estate 155 (155) - -

Transfer from reserve for land revaluation 278 278 278Net changes of items other than shareholders'equity

Total changes for the period - - - - 155 42,748 42,904 42,904

Balance at the end of the period 60,000 60,000 410,000 470,000 1,413 72,721 74,134 604,134

(millions of yen)

Balance at the beginning of the year 1,963,267 (25,327) (17,541) 1,920,398 2,481,628

Changes for the period

Dividends (29,972)

Net income 72,598Transfer to reserve for tax basis adjustments ofreal estate -

Transfer from reserve for land revaluation 278Net changes of items other than shareholders'equity 322,550 (4,233) (276) 318,040 318,040

Total changes for the period 322,550 (4,233) (276) 318,040 360,945

Balance at the end of the period 2,285,818 (29,561) (17,817) 2,238,439 2,842,573

Total netassets


Capitalstock

Capital surplus

Legal capitalsurplus

Other capitalsurplus

Total capitalsurplus

Other retained earningsTotal

shareholders'equity

Totalretainedearnings

Valuation and translation adjustments

Netunrealized

gains(losses) onsecurities,net of tax

Deferredhedge gains

(losses)

Reserve forland

revaluation

Total ofvaluation

andtranslation

adjustments



I. NOTES TO THE UNAUDITED BALANCE SHEET AS OF SEPTEMBER 30, 2017 1. Valuation Methods of Securities

Securities held by the Company including cash and deposits and monetary claims bought which are equivalent to marketable securities, and marketable securities managed as trust assets in money held in trust, are carried as explained below:

The amortization of premiums and accretion of discounts is calculated by the straight-line method. (1) Trading Securities

Trading securities are carried at fair value with cost determined by the moving average method.

(2) Held-to-maturity Bonds Held-to-maturity bonds are stated at amortized cost determined by the moving average method.

(3) Policy-reserve-matching Bonds (in accordance with the Industry Audit Committee Report No. 21 “Temporary Treatment of Accounting and Auditing Concerning Policy-reserve-matching Bonds in the Insurance Industry” issued by the Japanese Institute of Certified Public Accountants (JICPA)) Policy-reserve-matching bonds are stated at amortized cost determined by the moving average method.

(4) Stocks of Subsidiaries and Affiliated Companies Stocks of subsidiaries and affiliated companies are stated at cost determined by the moving average

method.

(5) Available-for-sale Securities a) Available-for-sale Securities with Fair Value

Available-for-sale securities which have market value are valued at fair value as of September 30, 2017 (for domestic stocks, the average value during September), with cost determined by the moving average method.

b) Available-for-sale Securities Whose Fair Values Are Extremely Difficult to Recognize i) Government/Corporate Bonds (including foreign bonds), Whose Premium or Discount Represents

the Interest Adjustment Government/corporate bonds (including foreign bonds), whose premium or discount represents

the interest adjustment are valued at the amortized cost determined by the moving average method.

ii) Others All other securities are valued at cost determined by the moving average method.

Net unrealized gains or losses on these available-for-sale securities are presented as a separate component of

net assets and not in the statement of earnings.

2. Risk Management Policy of Policy-reserve-matching Bonds The Company categorizes its insurance products into sub-groups by the attributes of each product and, in

order to manage risks properly, formulates its policy on investments and resource allocation based on the balance of the sub-groups. Moreover, it periodically checks that the duration gap between policy-reserve-matching bonds and policy reserves stays within a certain range.

The sub-groups of insurance products are: a) individual life insurance and annuities, b) non-participating single premium whole life insurance (without duty of medical disclosure), c) financial insurance and annuities, and d) group annuities

with the exception of certain types. 3. Valuation Method of Derivative Transactions

Derivative transactions are reported at fair value.

4. Revaluation of Land Based on the “Act on Revaluation of Land” (Act No.34, March 31, 1998), land for business use was

revalued. The difference between the fair value and book value resulting from the revaluation, net of related


deferred taxes, is recorded as a reserve for land revaluation as a separate component of net assets and the related deferred tax liability is recorded as deferred tax liabilities for land revaluation.

(1) Date of revaluation: March 31, 2001

(2) Method stipulated in Article 3, Paragraph 3 of the Act on Revaluation of Land; The fair value was determined based on the appraisal value publicly announced for tax assessment

purposes with certain reasonable adjustments in accordance with Articles 2-1 and 2-4 of the Order for Enforcement of the Act on Revaluation of Land (Cabinet Order No.119, March 31, 1998).

5. Depreciation of Depreciable Assets

(1) Depreciation of Tangible Fixed Assets Excluding Leased Assets Depreciation of tangible fixed assets excluding leased assets is calculated by the declining balance

method (the depreciation of buildings (other than facilities attached to buildings and structures that were acquired on or before March 31, 2016) is calculated by the straight-line method) and is computed by proportionally allocating the estimated depreciation for the fiscal year.

Estimated useful lives of major assets are as follows: Buildings two to sixty years Other tangible fixed assets two to twenty years

Tangible fixed assets other than land, buildings and leased assets that were acquired for ¥100,000 or more but less than ¥200,000 are depreciated at equal amounts over three years.

With respect to tangible fixed assets that were acquired on or before March 31, 2007 and that were fully depreciated to their original depreciable limit, effective the fiscal year ended March 31, 2008, the remaining values are depreciated at equal amounts over five years from the following fiscal year of the year in which they reached the original depreciable limit.

(2) Amortization of Intangible Fixed Assets Excluding Leased Assets

The Company uses the straight-line method for amortization of intangible fixed assets excluding leased assets. Software for internal use is amortized by the straight-line method based on the estimated useful lives of five years.

(3) Depreciation of Leased Assets

Depreciation for leased assets with regard to finance leases whose ownership does not transfer to the lessees is computed under the straight-line method assuming zero salvage value and using the lease period as the useful life.

6. Translation of Assets and Liabilities Denominated in Foreign Currencies into Yen

The Company translated foreign currency-denominated assets and liabilities (excluding stocks of its subsidiaries and affiliated companies) into yen at the prevailing exchange rates as of September 30, 2017. Stocks of subsidiaries and affiliated companies were translated into yen at the exchange rates on the dates of acquisition. 7. Reserve for Possible Loan Losses

The reserve for possible loan losses is calculated based on the internal rules for self-assessment, write-offs, and reserves on assets.

For loans to and claims on obligors that have already experienced bankruptcy, reorganization, or other formal legal failure (hereinafter, “bankrupt obligors”) and loans to and claims on obligors that have suffered substantial business failure (hereinafter, “substantially bankrupt obligors”), the reserve is calculated by deducting the estimated recoverable amount of the collateral or guarantees from the book value of the loans and claims after the direct write-off described below.

For loans to and claims on obligors that have not yet suffered business failure but are considered highly likely to fail, the reserve is calculated taking into account a) the recoverable amount covered by the collateral or guarantees and b) an overall assessment of the obligor’s ability to repay.

For other loans and claims, the reserve is calculated by multiplying the actual rate or other appropriate rate of losses from bad debts during a certain period in the past by the amount of the loans and claims.

For all loans and claims, the relevant department in the Company performs an asset quality assessment based on the internal rules for self-assessment, and an independent audit department audits the result of the assessment. The above reserves are established based on the result of this assessment.

For loans and claims to bankrupt and substantially bankrupt obligors, the unrecoverable amount is calculated by deducting the amount deemed recoverable from collateral or guarantees from the amount of the


loans and claims and is directly written off from the amount of the loans and claims. The amount written off during the six months ended September 30, 2017 was ¥52 million.

8. Reserve for Employees’ Retirement Benefits

For the reserve for employees’ retirement benefits, the amount is provided based on the projected benefit obligations and pension assets as of September 30, 2017.

Accounting treatment of retirement benefit obligations and retirement benefit expenses are as follows: (1) Allocation of Estimated Retirement Benefits

In calculating the projected benefit obligations, the benefit formula basis is adopted to allocate estimated retirement benefit for the fiscal year ending March 31, 2018.

(2) Amortization of Actuarial Differences

Actuarial differences are amortized under the straight-line method over a certain period (seven years) within the employees’ average remaining service period, starting from the following year.

9. Reserve for Possible Investment Losses

In order to provide for future investment losses, a reserve for possible investment losses of the Company is established for securities whose fair values are extremely difficult to recognize. It is calculated based on the internal rules for self-assessment, write-offs, and reserves on assets.

10. Reserve for Retirement Benefits of Directors, Executive Officers and Corporate Auditors

For the reserve for retirement benefits of directors, executive officers and corporate auditors, an estimated amount for future payment pursuant to the internal policies is provided.

11. Reserve for Possible Reimbursement of Prescribed Claims

To prepare for the reimbursement of claims for which prescription periods had expired, an estimated amount for reserve for possible reimbursement of prescribed claims based on past reimbursement experience is provided. 12. Reserve for Price Fluctuations

A reserve for price fluctuations is calculated in accordance with the provisions of Article 115 of the Insurance Business Act. 13. Methods for Hedge Accounting

(1) Methods for Hedge Accounting Hedging transactions are accounted for in accordance with the “Accounting Standards for Financial

Instruments” (Accounting Standards Board of Japan (ASBJ) Statement No. 10). Primarily, i) special hedge accounting and the deferral hedge method for interest rate swaps are used for cash flow hedges of certain loans, government and corporate bonds, loans payable and bonds payable; ii) the currency allotment method and the deferral hedge method using foreign currency swaps and foreign currency forward contracts are used for cash flow hedges against exchange rate fluctuations in certain foreign currency-denominated bonds, loans, loans payable and bonds payable and certain foreign currency-denominated term deposits and stocks (forecasted transaction); iii) the fair value hedge method using currency options and foreign currency forward contracts is used for hedges against exchange rate fluctuations in the value of certain foreign currency-denominated bonds; iv) the deferral hedge method for over-the-counter options on bonds is used for hedges against interest rate fluctuations in certain foreign currency-denominated bonds; and v) the deferral hedge method and fair value hedge method using equity options and equity forward contracts are used for hedges against price fluctuations in the value of certain domestic stocks and foreign currency-denominated stocks (forecasted transaction). and vi) the deferral hedge method using interest rate swaps is used for hedges against interest rate fluctuations in certain insurance liabilities, under the “Accounting and Auditing Treatment of Application of Accounting Standard for Financial Instruments to Insurance Operators” (Industry Audit Committee Report No. 26 issued by the JICPA).

(2) Hedging Instruments and Hedged Items

Hedging instruments Hedged items

Interest rate swaps ……………………………

Loans, government and corporate bonds, loans payable, bonds payable, insurance liabilities

Foreign currency swaps ……………………...

Foreign currency-denominated bonds, foreign currency-denominated loans,


foreign currency-denominated loans payable, foreign currency-denominated bonds payable

Foreign currency forward contracts ………….

Foreign currency-denominated bonds, foreign currency-denominated term deposits, foreign currency-denominated stocks (forecasted transaction)

Currency options …………………………….. Foreign currency-denominated bonds Bond over-the-counter options……...……….. Foreign currency-denominated bonds Equity options ………………………………..

Domestic stocks, foreign currency-denominated stocks (forecasted transaction)

Equity forward contracts …………………….. Domestic stocks

(3) Hedging Policies The Company conducts hedging transactions with regard to certain market risk and foreign currency

risk of underlying assets to be hedged, in accordance with the internal investment policy and procedure guidelines.

(4) Assessment of Hedge Effectiveness

Hedge effectiveness is assessed primarily by a comparison of fluctuations in cash flows or fair value of hedged items to those of the hedging instruments.

14. Calculation of National and Local Consumption Tax

The Company accounts for national and local consumption tax by the tax-exclusion method. Deferred consumption tax included in non-recoverable consumption tax on certain assets is capitalized as other assets and amortized equally over five years in accordance with the Ordinance for Enforcement of the Corporation Tax Act, and such taxes other than deferred consumption tax are recognized as an expense when incurred.

15. Policy Reserve

Policy reserves of the Company are established in accordance with Article 116 of the Insurance Business Act. Insurance premium reserves are calculated as stated in (1) and (2) below. Policy reserves include additional policy reserves for some whole life insurance policies in accordance with Article 69, Paragraph 5 of the Ordinance for Enforcement of the Insurance Business Act.

(1) Reserves for policies subject to the standard policy reserve rules are calculated based on the methods stipulated by the Commissioner of Financial Services Agency (Notification of the Minister of Finance No.48, 1996).

(2) Reserves for other policies are established based on the net level premium method.

16. Fair Value of Financial Instruments The carrying amount on the balance sheet, fair value and differences between carrying amount and

fair value as of September 30, 2017 were as follows. The following tables do not include financial instruments whose fair value is extremely difficult to recognize. (Please refer to (Note 2))


Carrying amount Fair value Gains(Losses)

(Unit: million yen)

(1) Cash and deposits ………………………………………………418,977 418,977 -(2) Call loans ………………………………………………… 389,800 389,800 -(3) Monetary claims bought …………………………………………………188,765 188,765 -(4) Money held in trust …………………………………………………55,767 55,767 -(5) Securities

a. Trading securities …………………………………………………892,346 892,346 -b. Held-to-maturity bonds …………………………………………………46,165 50,275 4,110c. Policy-reserve-matching bonds …………………………………………………11,997,569 14,699,882 2,702,312d. Stock of subsidiaries and affiliate companies …………………………………………………305 287 (17)e. Available-for-sale securities …………………………………………………17,774,499 17,774,499 -

(6) Loans ………………………………………………………………….2,586,208Reserve for possible loan losses (*1) …………………………………………………(1,342)

2,584,866 2,713,028 128,161 Total assets …………………………………………………34,349,063 37,183,630 2,834,566

(1) Bonds payable…………………………………………………476,277 497,964 21,687(2) Long-term borrowings …………………………………………………283,000 288,703 5,703 Total liabilities …………………………………………………759,277 786,668 27,391

Derivative transactions (* 2) a. Hedge accounting not applied ……………………………..[5,965] [5,965] -b. Hedge accounting applied ……………………… [119,699] [122,462] (2,763)

Total derivative transactions ………………………………….[125,665] [128,428] (2,763)


(*1) Excluding general reserves for possible loan losses and reserves for possible loan losses related to loans. (*2) Credits/debts from derivative transactions are presented on a net basis. Figures in [ ] are net debts.

(Note 1) Notes to Methods for Calculating Fair Value of Financial Instruments, Securities and Derivative

Transactions ● Assets

a) Cash and deposits Since deposits are close to maturity or have no maturity and their fair value is close to the

carrying amounts, fair value is based on the carrying amount.

b) Call loans Since all call loans are close to the due date and their fair value is close to their carrying amounts,

fair value of call loans is based on their carrying amount.

c) Monetary claims bought The fair value of monetary claims bought is based on the reasonably calculated prices.

d) Money held in trust

The fair value of stocks is based on the price on stock exchanges and that of bonds is based on the price on bond markets or price presented by counterparty financial institutions. The fair value of mutual funds is based on unit price.

e) Securities

The fair value of stocks is based on the price on stock exchanges and that of bonds is based on the price on bond markets or price presented by counterparty financial institutions. The fair value of mutual funds is based on unit price. As for ownership stakes in partnerships, the amount equivalent to partnership interest in fair value of the partnership assets is recorded as fair value of the stake in the partnership. f) Loans


The fair value of loans is calculated by discounting future cash flows of the subject loan, using interest rates corresponding to the internal credit rating and remaining period which are assumed to be applied to new loans to the subject borrower.

Additionally, for risk-monitored loans, reserve for possible loan losses is calculated based on the present value of estimated future cash flows or the amount deemed recoverable from collateral and guarantees and the fair value is close to the carrying amount on the balance sheet minus reserve for possible loan losses as of September 30, 2017. Therefore, that amount (the carrying amount on the balance sheet minus reserve for possible loan losses) is recorded as fair value of risk-monitored loans.

Also, loans without a due date because of their characteristics that their exposure is limited to the amount of their collaterals are deemed to have fair value close to book value, taking into account estimated repayment period and interest rates. Therefore, their book value is recorded as the fair value.

● Liabilities

a) Bonds payable The fair value of bonds is based on the price on the bond market.

b) Long-term borrowings The fair value of long-term borrowings is calculated by discounting future cash flows, using

interest rates corresponding to internal credit rating and remaining periods which are assumed to be applied to new borrowings.

● Derivative Transactions

The breakdown of derivative transactions is a) currency-related transactions (currency forward contracts, currency options, etc.); b) interest-related transactions (interest rate futures, interest rate swaps, etc.); c) stock-related transactions (yen stock index futures, foreign currency-denominated stock index futures, etc.); and d) bond-related transactions (yen bond futures, foreign currency-denominated bond futures, etc.). The fair value of the instruments is based on the prices on derivatives markets and the prices quoted from financial institution, etc.


(Note 2) Financial instruments whose fair value is extremely difficult to recognize are as follows and are

not included in the fair value of e) Securities in (Note 1) As of September 30, 2017 Carrying amount

(Unit: million yen)1. Unlisted domestic stocks (*) ………………………………………………….141,9452. Unlisted foreign stocks (*)……………………………………………………..21,2363. Other foreign securities (*) ………………………………………………396,8314. Other securities (*) ……………………………………………………….82,981 Total 642,995

(*) These securities cannot be assigned a market value because of the unavailability of tradable markets,

and they are excluded from the disclosure of market value information. 17. Real Estate for Rent

The information on real estate for rent has been omitted as there was no significant change in carrying amount and fair value of real estate for rent as of September 30, 2017 compared to those at the end of the previous fiscal year.

18. Securities Lending

Securities lent under lending agreements are included in the balance sheet. The total balance of securities lent as of September 30, 2017 was ¥3,202,286 million. 19. Problem Loans

As of September 30, 2017, the total amount of credits to bankrupt borrowers, delinquent loans, loans past due for three months or more, and restructured loans were as follows:

(Unit: million yen)

Credits to bankrupt borrowers……………… 106Delinquent loans…………………………… 2,807Loans past due for three months or more…… -Restructured loans………………….……… 5Total …………………………………...…… 2,919

Credits to bankrupt borrowers represent non-accrual loans, excluding the balances already written off,

which meet the conditions prescribed in Article 96, Paragraph 1, Item 3, (a) to (e) or Item 4 of the Order for Enforcement of the Corporation Tax Act (Cabinet Order 97, 1965). Interest accruals of such loans are suspended since the principal of or interest on such loans is unlikely to be collected.

Delinquent loans are credits that are delinquent other than credits to bankrupt borrowers and loans for which interest payments have been suspended to assist and support the borrowers in the restructuring of their businesses.

Loans past due for three months or more are loans for which interest or principal payments are delinquent for three months or more under the terms of the loans excluding those classified as credits to bankrupt borrowers or delinquent loans.

Restructured loans are loans for which certain concessions favorable to borrowers, such as interest reductions or exemptions, postponement of principal or interest payments, release from repayment or other agreements have been negotiated for the purpose of assisting and supporting the borrowers in the restructuring of their businesses. This category excludes loans classified as credits to bankrupt borrowers, delinquent loans, and loans past due for three months or more.

As a result of the direct write-off of loans described in Note 7, the decreases in credits to bankrupt borrowers and delinquent loans were as follows:

Credits to bankrupt borrowers ¥2 million Delinquent loans ¥49 million

20. Assets and Liabilities Held in Separate Accounts

The total amount of assets held in separate accounts defined in Article 118, Paragraph 1 of the Insurance Business Act was ¥1,171,726 million. Separate account liabilities were the same amount as the separate account assets.


21. Contingent Liabilities

Guarantee for debt obligations of a separate company were as follows: (Unit: million yen) Dai-ichi Life Holdings, Inc. ………………………………………………….. 450,000

22. Changes in Reserve for Policyholder Dividends

Changes in reserve for policyholder dividends were as follows: (Unit: million yen)

Balance at the beginning of the fiscal year…………………………………. 385,884 Dividends paid ………….........………….......................………………….. ………….... …………... . ...

(51,587) Interest accrual …………………………….…………....………………….. 4,168Provision for reserve for policyholder dividends…………………………… 45,995Balance as of September 30, 2017…………………………………………… 384,461

23. Stock of Subsidiaries and Affiliated Companies

The amount of stocks of subsidiaries and affiliated companies of the Company held as of September 30, 2017 was ¥65,064 million. 24. Organization Change Surplus

As of September 30, 2017, the amount of organizational change surplus stipulated in Article 91 of the Insurance Business Act was ¥117,776 million. 25. Assets Pledged as Collateral / Secured Liabilities

The amounts of securities, cash and deposits pledged as collateral were as follows: (Unit: million yen) Securities ……………………………………………… 773,682 Cash and deposits ………………………………………. 86 Securities and cash and deposits pledged as collateral … 773,769

The amounts of secured liabilities were as follows: (Unit: million yen) Cash collateral for securities lending transactions …….. 786,044

“Securities” pledged as collateral for securities lending transactions with cash collateral as of September 30,

2017 was ¥682,792 million. 26. Reinsurance

The amount of reserves for outstanding claims for reinsured parts defined in Article 71, Paragraph 1 of the Ordinance for Enforcement of the Insurance Business Act, which is referred to in Article 73, Paragraph 3 of the Ordinance (hereinafter “reserves for outstanding claims reinsured”) was ¥6 million. The amount of policy reserves provided for reinsured parts defined in Article 71, Paragraph 1 of the Ordinance (hereinafter “policy reserves reinsured”) was ¥0 million. 27. Securities Borrowing

Of securities borrowed under borrowing agreements, the market value of the securities which can be sold or pledged as collateral but were not sold nor pledged as of September 30, 2017 was ¥44,843 million, among which none of the securities were pledged as collateral.

28. Commitment Line

As of September 30, 2017, there were unused commitment line agreements under which the Company was the lender of ¥39,845 million. 29. Subordinated Debt

As of September 30, 2017, other liabilities included subordinated debt of ¥283,000 million, the repayment of which is subordinated to other obligations. 30. Subordinated Bonds

As of September 30, 2017, bonds payable included foreign currency-denominated subordinated bonds of ¥476,277 million, the repayment of which is subordinated to other obligations.


31. Obligations to the Life Insurance Policyholders Protection Corporation of Japan

The estimated future obligations of the Company to the Life Insurance Policyholders Protection Corporation of Japan under Article 259 of the Insurance Business Act as of September 30, 2017 were ¥47,606 million. These obligations will be recognized as operating expenses in the period in which they are paid.


II. NOTES TO THE UNAUDITED STATEMENT OF EARNINGS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2017

1. Gains/Losses on Sale of Securities, Losses on Valuation of Securities

Gains on sale of securities included gains on sale of domestic bonds, domestic stocks and foreign securities of ¥58,671 million, ¥7,730 million and ¥25,358 million, respectively.

Losses on sale of securities included losses on sales of domestic bonds, domestic stocks and foreign securities of ¥3,434 million, ¥4,619 million and ¥43,635 million, respectively.

Losses on valuation of securities included losses on valuation of domestic stocks and foreign securities of ¥51 million and ¥598 million, respectively.

2. Reinsurance

In calculating the reversal of reserves for outstanding claims, a provision for reserves for outstanding claims reinsured of ¥0 million was added. In calculating the provision for policy reserves, a reversal of reserves for policy reserves reinsured of ¥0 million was added.

3. Interest and Dividends

The breakdown of interest and dividends for the six months ended September 30, 2017 were as follows:

(Unit: million yen)Interest from bank deposits …………… 3,007Interest and dividends from securities … 349,525Interest from loans …………………….. 27,361Rental income …………………………. 35,165Other interest and dividends …………... 5,368Total …………………………………... 420,427

4. Net Income per Share

Net income per share for the six months ended September 30, 2017 was ¥12,099,753.44. Diluted net income per share for the same period is not presented because there were no existing diluted shares.

5. Impairment Losses on Fixed Assets

Details of impairment losses on fixed assets for the six months ended September 30, 2017 were as follows: (1) Method of Grouping Assets

Real estate and other assets used for insurance business purposes are recognized as one asset group. Each property for rent and property not in use, which is not used for insurance business purposes, is deemed to be an independent asset group. (2) Background for Recognition of Impairment Losses

As a result of significant declines in profitability or market value of some asset groups, the Company wrote down the book value of these assets to the recoverable value, and reported such write-off as impairment losses in extraordinary losses.

(3) Breakdown of Impairment Losses

Impairment losses by asset group for the six months ended September 30, 2017 were as follows:

Place Number Impairment Losses

Land Buildings Total

Real estate not in use Omuta City,Fukuoka and others 15 515 331 846

(Unit: million yen)

Asset Group

(4) Calculation of Recoverable Value Value in use or net sale value is used as the recoverable value of real estate for rent, and net sale value

is used as the recoverable value of real estate not in use. A discount rate of 2.34% was applied for discounting future cash flows in the calculation of value in use. Estimated disposal value, appraisal value


based on real estate appraisal standards, or appraisal value based on publicly assessed land value for tax purposes is used as the net sale value.

III. NOTES TO THE UNAUDITED STATEMENT OF CHANGES IN NET ASSETS FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2017

1. Type and Number of Shares Outstanding

At the beginning ofthe fiscal year

Increase duringthe six monthsended September30, 2017

Decrease duringthe six monthsended September30, 2017

As of September 30,2017

Common Stock 6,000 - - 6,000

2. Dividends on Common Stock

Date of resolution June 21, 2017 (at the Annual General Meeting of Shareholders) Type of shares Common stock Total dividends ¥29,972 million Dividends per share ¥4,995,400 Record date March 31, 2017 Effective date June 22, 2017 Dividend resource Retained earnings

5. Breakdown of Ordinary Profit (Fundamental Profit)(millions of yen)

Six months ended Six months endedSeptember 30, 2016 September 30, 2017

Fundamental revenues 1,899,806 1,718,522Premium and other income 1,314,251 1,105,936Investment income 398,349 479,814

[Interest and dividends] 376,863 420,427Other ordinary revenues 187,205 132,723Other fundamental revenues (a) - 47

Fundamental expenses 1,711,715 1,504,766Benefits and claims 1,145,348 1,078,215Provision for policy reserves and others 111,767 44,092Investment expenses 46,015 35,161Operating expenses 208,884 204,445Other ordinary expenses 199,038 142,778Other fundamental expenses (b) 662 72

Fundamental profit (Note 1) A 188,090 213,756

Capital gains 128,587 97,449Gains on money held in trust 189 5,616Gains on investments in trading securities - - Gains on sale of securities 89,635 91,760Derivative transaction gains 38,100 - Foreign exchange gains - - Others (c) 662 72

Capital losses 84,396 110,255Losses on money held in trust - - Losses on investments in trading securities - - Losses on sale of securities 31,302 51,688Losses on valuation of securities 9,506 649Derivative transaction losses - 26,379Foreign exchange losses 43,586 31,490Others (d) - 47

Net capital gains (losses) (Note 1) B 44,190 (12,805)

Fundamental profit plus net capital gains (losses) A + B 232,281 200,950Other one-time gains (15) -

Reinsurance income - - Reversal of contingency reserve - - Reversal of specific reserve for possible loan losses (15) - Others - -

Other one-time losses 49,623 42,809Ceding reinsurance commissions - - Provision for contingency reserve 9,000 2,200Provision for specific reserve for possible loan losses - (9)Provision for specific reserve for loans to refinancing countries - - Write-down of loans 20 6Others (Note 2) 40,603 40,612

Other one-time profits (losses) C (49,639) (42,809)

Ordinary profit A + B + C 182,642 158,140

(Reference) Breakdown of other fundamental revenues, etc. (millions of yen)Six months ended Six months ended

September 30, 2016 September 30, 2017Other fundamental revenues (a) - 47

Other fundamental expenses (b) 662 72

The impact on fundamental profit (a) - (b) (662) (24)Other capital gains (c) 662 72

Other capital losses (d) - 47

The impact on net capital gains (losses) (c) - (d) 662 24

Note 1:

2:

Beginning from disclosures for fiscal year 2017, the disclosure method of the breakdown of ordinary profit relating to the effect of provision for (reversal of) policy reserveassociated with market value adjustments of fixed life insurance and the effect of change in the exchange rates related to foreign currency denominated insurance contractshave been modified. The figures for the six months ended September 30, 2016 were also re-calculated based on the modified disclosure method. As a result, compared tobefore the modification, fundamental profit decreased by 662 million yen and net capital gains increased by 662 million yen for the six months ended September 30, 2016."Others" in "Other one-time losses" represents the sum of the amount of provision for reserve for possible investment losses (For the six months ended September 30, 2016：10 million yen, For the six months ended September 30, 2017: 319 million yen) and　the amount of the additional policy reserves provided (For the six months endedSeptember 30, 2016: 40,593 million yen, For the six months ended September 30, 2017: 40,292 million yen) in accordance with Article 69, Paragraph 5 of the EnforcementRegulations of the Insurance Business Act.

The effect of provision for (reversal of) policy reserve associated with 226 72market value adjustments of fixed life insuranceThe effect of change in the exchange rates related to foreign currency 435 - denominated insurance contracts

The effect of provision for (reversal of) policy reserve associated with - - market value adjustments of fixed life insuranceThe effect of change in the exchange rates related to foreign currency -

The effect of provision for (reversal of) policy reserve associated with 226 72market value adjustments of fixed life insuranceThe effect of change in the exchange rates related to foreign currency 435 - denominated insurance contracts

47denominated insurance contracts

The effect of provision for (reversal of) policy reserve associated with - - market value adjustments of fixed life insuranceThe effect of change in the exchange rates related to foreign currency - 47denominated insurance contracts


－１９－ The Dai-ichi Life Insurance Company, Limited

6. Investment of General Account Assets for the Six Months Ended September 30, 2017 (1) Investment Environment During the six months ended September 30, 2017, the Japanese economy experienced growth higher than the potential growth rate, spurred by domestic demand centered on individual consumption due to continuous improvement in employment and household income. The U.S. economy continued moderate growth, driven by expanding individual consumption reflecting improvements in employment and household income, as well as strong capital investment backed by increasing corporate profits. The European economy maintained strong momentum as capital spending followed an upward trend while individual consumption continued to grow strong. Given the economic environment described above, the investment environment was as follows. [Domestic Interest Rates] The ten-year Japanese government bond (JGB) yield temporarily rose over the 0.1%-line under pressure from U.S. rate hikes and expectations for tapering of quantitative easing by the European Central Bank (ECB). Thereafter, the JGB yield reverted and stabilized at a low level supported by quantitative and qualitative easing with yield curve control of the Bank of Japan (BOJ).

Yield on ten-year government bonds: April 1, 2017: 0.065% September 30, 2017: 0.060%

[Domestic Stocks] The Nikkei 225 fell temporarily to approximately ¥18,000 in response to geopolitical risk surrounding North Korea. However, with political uncertainty in Europe eliminated together with favorable corporate profits driven by the ongoing global economic expansion, the Nikkei 225 has been hovering above the ¥20,000 level for the first time since December 2015.

Nikkei 225 Stock Average: April 1, 2017: 18,909 September 30, 2017: 20,356

TOPIX: April 1, 2017: 1,512 September 30, 2017: 1,674

[Foreign Currency] The yen appreciated temporarily against the dollar in response to geopolitical risk, but has since turned range bound in reaction to a second interest rate hike and a policy announcement indicating balance sheet reduction by the Federal Reserve Board (FRB). The yen weakened against the euro on expectations that quantitative easing will see tapering by the ECB.

yen/U.S. dollar: April 1, 2017: ¥112.19 September 30, 2017: ¥112.73

yen/euro: April 1, 2017: ¥119.79 September 30, 2017: ¥132.85

－２０－ The Dai-ichi Life Insurance Company, Limited

(2) Investment Results [Asset Composition] The Company continued to set fixed-income investments, including government and corporate bonds, as the core of its portfolio, consistent with its mid- to long-term investment policies. Given the sustained low interest rate environment, the Company limited accumulating policy-reserve-matching bonds centered on super long-term government bonds. On the other hand, the Company engaged in growth area investing such as infrastructure-related themes and credit investing in order to improve its investment returns. Additionally, its currency hedging cost was cut back by shifting from hedged to un-hedged foreign bonds. The Company has flexibly changed the allocation of its risk assets (such as domestic stocks and foreign securities intended to promote diversification and to improve its profitability) by taking market trends into account. In addition, growth area investment enhanced the quality of its portfolio. The table below summarizes the investment results of the Company’s general account by asset class:

Assets Investment results Domestic bonds

Decrease Given the sustained low interest rate environment, increases in policy-reserve-matching bonds centered on super-long JGB were scaled back, with redemptions, etc., resulting in a lower net balance. On the other hand, regarding credit risk assets such as corporate bonds and securitized bonds, etc., investments were made mainly in bank hybrid securities and infrastructure-related assets, on a highly selective basis predicated on credit spreads commensurate with risk and with attention to diversification.

Loans Decrease The net balance decreased due to repayments. Taking into consideration the credit spread in the corporate bond market, loans were executed for the purpose of generating excess returns commensurate with credit risk.

Domestic stocks

Increase Due to rising share prices, the net balance increased on a market value basis. Moreover, in order to enhance its portfolio returns, investments were made based on the research conducted by its analysts in sectors and companies expected to grow over the mid- to long-terms.

Foreign bonds

Increase Based on the market outlook suggested by market trends, holdings of foreign bonds without currency hedge were increased. Moreover, in order to enhance earning potential by reducing hedge costs, investment shifted from currency-hedged foreign bonds to foreign bonds without currency hedge. Additionally, efforts were made to improve investment efficiency through cost control by diversifying bond types and currencies.

Foreign stocks

Increase In addition to flexible asset allocation in accordance with market trends, the net balance increased on a market value basis due to rising share prices. Additionally, the diversification of investment managers, investment styles, and investment regions was strengthened by using both in-house investment management and external investment management firms.

Real estate Flat in Investment properties In order to further diversify property types, investments were made in new properties such as residential, logistics and commercial properties. Additionally, rents of owned properties were reviewed and steps were taken to enhance operating ratios so as to strengthen overall portfolio returns.

－２１－ The Dai-ichi Life Insurance Company, Limited

Note: Underlined changes in assets above are described on a balance sheet amount basis. [Investment Income and Expense] Investment income was ¥527.9 billion, nearly flat versus the comparable period of previous year due to an increase in derivative transaction losses offset by a decrease in interest and dividends. Investment expenses increased by ¥25.0 billion to ¥145.6 billion, due to an increase in derivative transaction losses. As a result, net investment income decreased by ¥23.3 billion to ¥382.2 billion. (3) Investment Environment Outlook for the Six Months Ending March 31, 2018 For the Six Months Ending March 31, 2018, the Company expects that the Japanese economy will experience growth higher than the potential growth rate driven by expanding individual consumption reflecting improvements in employment and household income, as well as strong capital investment backed by increasing corporate profits. While overseas economies recover, Japanese exports are likely to rise, raising expectations of economic growth to be above potential growth rates. Backed by the continued quantitative and qualitative easing by the BOJ the low interest rate environment will continue. On the other hand, it is necessary to consider factors that may give rise to high volatility in financial markets such as political uncertainty in U.S. and Europe and geopolitical risks. [Domestic Interest rates] The Company expects interest rates in Japan to stay at low levels given expectations of continued quantitative and qualitative easing with yield curve control by the BOJ in light of the challenging 2 percent inflation target in the near term. [Domestic Stocks] The Company foresees that market conditions surrounding domestic stocks will remain firm, supported by monetary easing policies including asset purchases by the BOJ and further improvement of corporate profits backed by the global economic growth. [Foreign Currency] The Company anticipates a weaker yen against the dollar as the BOJ leaves its monetary easing policies in place to attain its inflation target and with the FRB seen poised to raise interest rates at a moderate pace. A weaker yen against the euro is anticipated in reaction to the ECB tapering quantitative easing amid rebounding inflation in Europe.

－２２－ The Dai-ichi Life Insurance Company, Limited

(4) Asset management policies for the Six Months Ending March 31, 2018 The Company will continue to aim at generating stable income based on its mid- to long-term asset management policies, with portfolio management remaining focused on fixed-income assets such as domestic bonds. In light of the unchanged low interest rate environment in Japan, as a policy, investment in JGB will be scaled back. At the same time, balances of foreign bonds respectively with and without currency hedge will be adjusted as opportunities arise in accordance with interest rates and foreign exchange rate levels. Risk assets such as domestic stocks and foreign securities, etc., held primarily for enhancing earning potential through investment diversification will see further asset allocation with close attention to market trends as opportunities arise, with investment in new fields to continue likewise, in order to enhance portfolio quality.

Assets Investment policies Domestic bonds

Decrease Stable investment as ALM core assets will continue. Given the current low interest rate environment, curbs on investment in JGB will likely remain in place. In order to enhance the investment efficiency of fixed-income assets, as a policy, proactive investments will be made in infrastructure-related instruments. However, the net balance is seen to decline mainly due to redemptions. Note that in order to strengthen ALM in case of rising interest rates, a shift to long and super-long bonds is being considered which is expected to raise net bond holdings.

Loans Decrease Proactive lending in response to demand for funds will continue. However, the balance is expected to decrease due to repayments. As a policy, new loans will be underwritten with appropriately set lending rates accompanied by borrower risk analysis and with consideration of risk spread trends, etc., in corporate bond markets.

Domestic stocks

Depending on stock market levels Assets allocations are made as opportunities arise in accordance with market trends, taking into account risk control aspects, etc. In order to enhance return of its equity portfolio, a proactive approach will be taken to the restructuring of equity holdings with regard to industries and issuers based on assessments of competitive strength, growth potential, relative price level, and ESG factors, etc.

Foreign bonds

Depending on interest rates and exchange rate levels Adjustments to the balance of foreign bonds without currency hedge will be made as opportunities arise in accordance with risk tolerance and foreign exchange trends. With regard to currency-hedged foreign bonds, funds will be allocated as opportunities arise with consideration of domestic/foreign interest differentials, etc.

Foreign stocks

Increase Holdings are expected to be increased, with attention to market trends. Along with the diversification of investment styles and investment regions, steps will be taken to enhance portfolio earning potential and stability.

7. Investment Results of General Account

(1) Asset Composition (General Account)(millions of yen)

As of March 31, 2017 As of September 30, 2017

Carrying amount % Carrying amount %515,536 1.5 791,711 2.2

- - - - - - - -

192,213 0.6 188,765 0.5- - - -

50,191 0.1 55,767 0.229,659,250 85.3 30,461,535 85.016,052,254 46.2 15,973,045 44.63,474,743 10.0 3,711,301 10.49,512,246 27.3 10,232,160 28.6

Foreign bonds 8,260,182 23.7 8,807,549 24.6Foreign stocks and other securities 1,252,063 3.6 1,424,610 4.0

620,006 1.8 545,028 1.52,657,852 7.6 2,586,208 7.2

381,830 1.1 371,304 1.02,276,021 6.5 2,214,904 6.21,116,371 3.2 1,108,131 3.1

773,479 2.2 773,700 2.2- - - -

592,762 1.7 629,088 1.8(1,472) (0.0) (2,013) (0.0)

34,782,705 100.0 35,819,196 100.08,407,769 24.2 9,089,081 25.4

Note: "Real estate" represents total amount of land, buildings and construction in progress.Foreign currency-denominated assets

SecuritiesDomestic bondsDomestic stocksForeign securities

Total

Real estate

Deferred tax assets

Other securitiesLoans

Policy loansOrdinary loans

OthersReserve for possible loan losses

Real estate for rent

Cash, deposits, and call loans

Trading account securitiesMoney held in trust

Securities repurchased under resale agreements

Monetary claims boughtDeposit paid for securities borrowing transactions


(2) Investment Income (General Account)(millions of yen)



376,863 420,427Interest from bank deposits 4,136 3,007Interest and dividends from securities 303,280 349,525Interest from loans 28,820 27,361Rental income 35,019 35,165Other interest and dividends 5,606 5,368

- - 189 5,616

- - 89,635 91,760

Gains on sale of domestic bonds 48,358 58,671Gains on sale of domestic stocks 3,358 7,730Gains on sale of foreign securities 37,129 25,358Others 788 -

20,812 9,64438,100 -

- - Reversal of reserve for possible loan losses 101 -

- - 557 525

526,259 527,974

(3) Investment Expense (General Account)(millions of yen)



6,157 7,095- - - - - -

31,302 51,688Losses on sale of domestic bonds 263 3,434Losses on sale of domestic stocks 3,961 4,619Losses on sale of foreign securities 26,205 43,635Others 873 -

9,506 649Losses on valuation of domestic bonds 589 - Losses on valuation of domestic stocks 342 51Losses on valuation of foreign securities 8,574 598Others - -

1,752 1,114- 26,379

43,586 31,490- 541

10 31920 6

6,976 6,66621,323 19,734

120,638 145,686

Gains on sale of securities

Interest and dividends

Gains on trading account securitiesGains on money held in trustGains on investments in trading securities

Losses on sale of securities

Gains on redemption of securitiesDerivative transaction gainsForeign exchange gains

Reversal of reserve for possible investment lossesOther investment incomeTotal

Interest expensesLosses on trading account securitiesLosses on money held in trustLosses on investments in trading securities

Write-down of loansDepreciation of real estate for rent and othersOther investment expensesTotal

Losses on valuation of securities

Losses on redemption of securitiesDerivative transaction lossesForeign exchange lossesProvision for reserve for possible loan lossesProvision for reserve for possible investment losses


(4) Valuation gains and losses on trading securities (General Account)(millions of yen)

Carrying amount onthe balance sheet

Valuation gains(losses) included in

the statement ofearnings

Carrying amount onthe balance sheet

Valuation gains(losses) included in

the statement ofearnings

50,191 2,122 55,767 2,020- - - -

50,191 2,122 55,767 2,020

(5) Fair value information on securities (General Account) (securities with fair value except for trading securities)(millions of yen)

Book value Fair value Gains (losses)

Gains Losses

As of March 31, 201746,014 50,534 4,519 4,519 - 46,014 50,534 4,519 4,519 -

- - - - - 12,001,580 14,764,373 2,762,792 2,782,071 19,27811,911,257 14,672,992 2,761,734 2,780,815 19,081

90,322 91,380 1,058 1,255 197304 302 (2) 7 10

14,459,160 17,184,631 2,725,470 2,865,886 140,4163,617,249 4,094,982 477,733 485,227 7,4931,647,671 3,335,538 1,687,866 1,712,564 24,6988,443,706 8,964,471 520,764 625,317 104,552

Foreign bonds 7,776,125 8,169,860 393,734 488,696 94,961Foreign stocks and other securities 667,581 794,611 127,030 136,621 9,591

514,139 547,427 33,288 36,687 3,398186,393 192,213 5,819 6,090 27050,000 49,998 (1) - 1

Total 26,507,060 31,999,841 5,492,780 5,652,485 159,70415,574,521 18,818,509 3,243,987 3,270,562 26,5751,647,671 3,335,538 1,687,866 1,712,564 24,6988,534,167 9,055,980 521,813 626,573 104,7597,866,447 8,261,240 394,793 489,951 95,158

667,719 794,739 127,020 136,621 9,601514,306 547,601 33,295 36,694 3,398186,393 192,213 5,819 6,090 27050,000 49,998 (1) - 1

As of September 30, 201746,165 50,275 4,110 4,110 - 46,165 50,275 4,110 4,110 -

- - - - - 11,997,569 14,699,882 2,702,312 2,723,162 20,85011,909,248 14,608,743 2,699,494 2,720,298 20,804

88,320 91,138 2,817 2,864 46277 287 10 10 -

14,840,942 18,013,261 3,172,319 3,239,799 67,4793,538,074 4,017,631 479,556 480,655 1,0991,665,002 3,569,356 1,904,353 1,931,760 27,4068,982,090 9,725,602 743,511 781,099 37,587

Foreign bonds 8,151,663 8,719,228 567,565 599,105 31,539Foreign stocks and other securities 830,427 1,006,373 175,946 181,994 6,048

422,194 461,910 39,716 40,877 1,160183,580 188,765 5,185 5,406 22150,000 49,996 (3) - 3

Total 26,884,954 32,763,707 5,878,752 5,967,082 88,32915,493,488 18,676,650 3,183,161 3,205,065 21,9031,665,002 3,569,356 1,904,353 1,931,760 27,4069,070,560 9,816,892 746,332 783,965 37,6338,239,984 8,810,367 570,383 601,969 31,585

830,576 1,006,524 175,948 181,996 6,048422,322 462,046 39,724 40,884 1,160183,580 188,765 5,185 5,406 22150,000 49,996 (3) - 3

The table above includes assets which are considered appropriate to handle as securities as defined in the Financial Instruments and Exchange Act.Note:

Monetary claims bought

Foreign stocks and other securities

Foreign bonds

Domestic bonds

Domestic stocks

Certificates of deposit

Foreign securities

Other securitiesMonetary claims bought

Domestic stocks

Policy-reserve-matching bonds

Domestic bondsAvailable-for-sale securitiesStocks of subsidiaries and affiliates


Other securities

Foreign securitiesForeign bondsForeign stocks and other securities


Domestic bonds

Other securities

Foreign bonds

Domestic bonds

Other securities

Policy-reserve-matching bonds

Stocks of subsidiaries and affiliatesAvailable-for-sale securities

Domestic stocksForeign securities

Domestic bonds


Domestic bondsDomestic stocks


Foreign bonds


Held-to-maturity bonds

Trading securities

Money held in trust


Trading account securities

Foreign bondsDomestic bonds


Foreign securitiesForeign bonds

Held-to-maturity bondsDomestic bonds


* Carrying amount of securities whose fair value is deemed extremely difficult to recognize is as follows:

(millions of yen)


Held-to-maturity bonds - - Unlisted foreign bonds - - Others - -

Policy-reserve-matching bonds - - Stocks of subsidiaries and affiliated companies 58,751 64,759

Unlisted domestic stocks (except over-the-counter stocks) 12,684 12,787Unlisted foreign stocks (except over-the-counter stocks) - - Others 46,067 51,971

Available-for-sale securities 611,909 579,350Unlisted domestic stocks (except over-the-counter stocks) 126,521 129,158Unlisted foreign stocks (except over-the-counter stocks) 459,050 418,850Unlisted foreign bonds - - Others 26,337 31,341

Total 670,660 644,110Note: 1. The table above includes assets which are considered appropriate to handle as securities as defined in the Financial Instruments and Exchange Act.

2. The amounts of foreign exchange valuation gains (losses) on foreign securities whose fair value is deemed extremely difficult to recognize and which are listed in the table above are as follows: loss of 1,746 million yen as of March 31, 2017 and loss of 1,114 million yen as of September 30, 2017.

(6) Fair Value Information on Money Held in Trust (General Account)(millions of yen)

Gains Losses

As of March 31, 2017 50,191 50,191 2,024 17,996 15,971

As of September 30, 2017 55,767 55,767 2,150 9,163 7,012

Note: Fair value in the table above is based on the valuation conducted by the fiduciary on a reasonable basis. "Gains (losses)" include gains (losses) from derivative transactions within the trusts.

8. Disclosed Claims Based on Categories of Obligors(millions of yen)

As of March 31, 2017 As of September 30, 2017Claims against bankrupt and quasi-bankrupt obligors 128 148Claims with collection risk 2,569 2,765Claims for special attention 24 23

Subtotal 2,722 2,937[Percentage] [ 0.06%] [ 0.05%]Claims against normal obligors 4,584,681 5,916,468Total 4,587,404 5,919,405Note: 1. Claims against bankrupt and quasi-bankrupt obligors are loans to borrowers who are subject to bankruptcy, corporate reorganization or

rehabilitation or other similar proceedings and other borrowers in serious financial difficulties. 2. Claims with collection risk are loans to obligors (other than bankrupt and quasi-bankrupt obligors) with deteriorated financial condition and

results of operations from which it is unlikely that the principal and interest on the loans will be recovered. 3. Claims for special attention are loans on which principal and/or interest are past due for three months or more and loans with a concessionary

interest rate, as well as loans with renegotiated conditions in favor of the borrower, including renegotiated schedule and/or waivers, in each case,other than the loans described in note 1. or 2. above.

4. Claims against normal obligors are all other loans.

Gains (losses)Fair valueCarrying

amount on thebalance sheet


9. Solvency Margin Ratio

(millions of yen)

As of March 31, 2017 As of September 30, 2017Total solvency margin (A) 5,936,832 6,554,250

Common stock, etc. *1 527,591 604,173Reserve for price fluctuations 164,453 172,453Contingency reserve 594,093 596,293General reserve for possible loan losses 737 1,288(Net unrealized gains (losses) on securities (before tax) and deferred hedge gains (losses) (before tax)) × 90% *2 2,446,154 2,839,502Net unrealized gains (losses) on real estate × 85% *2 113,883 130,244Policy reserves in excess of surrender values 2,019,361 2,074,368Qualifying subordinated debt 759,277 759,277Excluded portion of policy reserves in excess of surrender values and qualifying subordinated debt (709,214) (675,434)Excluded items (4,000) (4,000)Others 24,495 56,082

Total risk 1,396,021 1,503,979Insurance risk R1 70,408 68,5823rd sector insurance risk R8 177,428 181,477Assumed investment yield risk R2 223,664 219,404Guaranteed minimum benefit risk R7

*3 3,215 3,166Investment risk R3 1,114,653 1,226,010Business risk R4 31,787 33,972

Solvency margin ratio (A) 850.5% 871.5% (1/2) × (B)

*1: Expected disbursements from capital outside the Company and valuation and translation adjustments are excluded. *2: Multiplied by 100% if losses. *3: Calculated by standard method.

Note: The above figures are calculated based on Articles 86, 87 of the Enforcement Regulations of Insurance Business Act, and Announcement No. 50, Ministry of Finance, 1996.

(B)

× 100

42

7322

81 RRRRRR ＋）＋＋＋（）（


(Reference) Consolidated Solvency Margin Ratio

(millions of yen)

As of March 31, 2017 As of September 30, 2017Total solvency margin (A) 5,858,298 6,470,909

Common stock, etc. *1 532,465 608,637Reserve for price fluctuations 164,453 172,453Contingency reserve 594,093 596,293Catastrophe loss reserve - - General reserve for possible loan losses 737 1,288(Net unrealized gains (losses) on securities (before tax) and deferred hedge gains (losses) (before tax) ) × 90% *2

Net unrealized gains (losses) on real estate × 85% *2 113,883 130,244Sum of unrecognized actuarial differences and unrecognized past service costPolicy reserves in excess of surrender values 2,019,361 2,074,368Qualifying subordinated debt 759,277 759,277Excluded portion of policy reserves in excess of surrender values and qualifying subordinated debtExcluded items (59,827) (65,722)Others 24,495 56,082

Total risk 1,379,562 1,485,679Insurance risk R1 70,408 68,582General insurance risk R5 - - Catastrophe risk R6 - - 3rd sector insurance risk R8 177,428 181,477Small amount and short-term R9

insurance riskAssumed investment yield risk R2 223,664 219,404Guaranteed minimum benefit risk R7

*3 3,215 3,166Investment risk R3 1,098,246 1,207,806Business risk R4 31,459 33,608

Solvency margin ratio (A) 849.2% 871.1% (1/2) × (B)

*1: Expected disbursements from capital outside the Company and accumulated other comprehensive income, etc. are excluded. *2: Multiplied by 100% if losses. *3: Calculated by standard method.

Notes: The above figures are calculated based on Article 86-2 and 88 of the Enforcement Regulations of Insurance Business Act, and Notification of the Financial Services Agency No. 23, 2011.

(26,080)

(675,434)

-

(B)

2,446,154

(27,581)

(709,214)

2,839,502

-

× 100

642

732

2

9825

21 RRRRRRRRR


10. Status of Separate Account(1) Separate Account Assets by Product

(millions of yen)

As of As ofMarch 31, 2017 September 30, 2017

55,680 58,88047,116 41,695

993,781 1,071,1501,096,578 1,171,726

(2) Sum Insured of Policies in Force of Individual Variable Insurance and Annuities (Separate Account)

A. Individual variable insurance(millions of yen except number of policies)

Number of policies Amount Number of policies Amount

129 629 98 46842,827 264,207 42,405 261,61742,956 264,837 42,503 262,086

Note: Policies in force include term life riders.

B. Individual variable annuities(millions of yen except number of policies)

Number of policies Amount Number of policies Amount

12,828 68,599 11,832 58,169Note: Sum insured of policies in force includes that of annuities for which payments have commenced.

11. Consolidated Financial Summary

Not applicable


Individual variable insuranceIndividual variable annuitiesGroup annuities



Separate account total

Individual variable annuities


Individual variable insurance (term life)Individual variable insurance (whole life)Total


November 14, 2017

1. Securities (General Account)(1) Breakdown of Securities --------- P. 2(2) Securities by Contractual Maturity Date --------- P. 2(3) Domestic Stocks by Industry --------- P. 3

2. Loans (General Account)(1) Loans by Contractual Maturity Date --------- P. 4(2) Loans to Domestic Companies by Company Size --------- P. 4(3) Loans by Collateral Type --------- P. 4(4) Loans by Industry --------- P. 5

3. Foreign Investments (General Account)(1) Breakdown of Investment by Asset Category --------- P. 6(2) Foreign Currency-Denominated Assets by Currency --------- P. 6(3) Investments by Region --------- P. 7

4. Fair Value Information on Derivative Transactions (General Account)(1) Gains and losses on derivatives --------- P. 8(2) Fair value information (Hedge-Accounting-Not-Applied) --------- P. 8(3) Fair value information (Hedge-Accounting-Applied) --------- P. 11

Supplementary Materials for the Six Months Ended September 30, 2017

TEL: +81-(0)50-3780-6930/3119The Dai-ichi Life Insurance Company, Limited

Corporate Planning Dept.,For further information please contact:

Please note that this is an unofficial translation of the original disclosure in Japanese.

1. Securities (General Account)(1) Breakdown of Securities

(millions of yen)As of March 31, 2017 As of September 30, 2017 年度 fiscal year ended

Carrying amount % Carrying amount % １Ｑ three months ended13,967,855 47.1 13,933,186 45.7 ２Ｑ six months ended

109,098 0.4 118,122 0.4 ３Ｑ nine months ended1,975,300 6.7 1,921,736 6.3

445,919 1.5 404,304 1.33,474,743 11.7 3,711,301 12.29,512,246 32.1 10,232,160 33.68,260,182 27.9 8,807,549 28.91,252,063 4.2 1,424,610 4.7

620,006 2.1 545,028 1.829,659,250 100.0 30,461,535 100.0

(2) Securities by Contractual Maturity Date (millions of yen)

As of March 31, 2017Securities 520,493 1,344,770 1,352,622 1,079,153 2,897,918 22,464,291 29,659,250

36,262 346,870 152,306 297,985 910,335 12,224,094 13,967,8553,627 6,794 30,515 4,381 21,582 42,196 109,098

162,816 224,979 216,739 142,690 394,343 833,731 1,975,300- - - - - 3,474,743 3,474,743

315,351 671,420 907,718 602,022 1,514,610 5,501,122 9,512,246

Foreign bonds 311,838 666,258 906,513 583,178 1,494,081 4,298,312 8,260,182

Foreign stocks and other securities 3,513 5,162 1,204 18,844 20,529 1,202,809 1,252,0632,434 94,704 45,342 32,074 57,046 388,403 620,006

Monetary claims bought 3,066 2,077 541 2,576 - 183,951 192,213

Certificates of deposit 49,998 - - - - - 49,998

Others - - - - - 50,191 50,191

As of September 30, 2017Securities 554,881 1,406,570 1,324,535 1,173,882 3,479,797 22,521,866 30,461,535

164,083 293,503 82,806 344,913 1,091,323 11,956,555 13,933,1862,916 18,006 18,942 4,357 21,507 52,392 118,122

93,996 235,844 187,362 130,824 349,668 924,040 1,921,736- - - - - 3,711,301 3,711,301

291,452 775,429 978,823 671,122 1,931,833 5,583,499 10,232,160

Foreign bonds 286,989 771,297 973,425 651,855 1,906,803 4,217,178 8,807,549

Foreign stocks and other securities 4,463 4,131 5,397 19,267 25,029 1,366,321 1,424,6102,433 83,787 56,601 22,665 85,464 294,076 545,028

Monetary claims bought 5,064 - 833 2,541 - 180,325 188,765

Certificates of deposit 49,996 - - - - - 49,996

Others - - - - - 55,767 55,767

(ASBJ) Statement No.10).

National government bonds

Total

Note: The table above includes assets which are treated as securities in accordance with the "Accounting Standard for Financial Instruments" (Accounting

Other securities

Other securities

Due after10 years orhaving no

maturity date

TotalDue in1 year or less

Due after1 year

through3 years

Due after3 years through

5 years


7 years


10 years

Corporate bondsDomestic stocksForeign securities

Foreign securities

Local government bondsCorporate bondsDomestic stocks

National government bondsLocal government bonds

National government bondsLocal government bondsCorporate bonds

Domestic stocksForeign securities

Public entity bonds

Foreign bondsForeign stocks and other securities

Other securities


(3) Domestic Stocks by Industry(millions of yen)


Carrying amount % Carrying amount %

242 0.0 1,159 0.0

200 0.0 2,229 0.1

108,340 3.1 122,574 3.3

Manufacturing industries

Food products 224,692 6.5 230,013 6.2

Textiles and clothing 31,442 0.9 34,322 0.9

Pulp and paper 3,419 0.1 3,603 0.1

Chemicals 182,076 5.2 209,275 5.6

Medical supplies 55,602 1.6 58,563 1.6

Oil and coal products 4,633 0.1 6,687 0.2

Rubber products 25,804 0.7 27,398 0.7

Glass and stone products 119,314 3.4 109,381 2.9

Steel 62,363 1.8 62,540 1.7

Non-steel metals 17,929 0.5 20,869 0.6

Metal products 46,294 1.3 48,443 1.3

Machinery 204,880 5.9 230,168 6.2

Electric appliances 553,055 15.9 655,386 17.7

Transportation vehicles 219,540 6.3 220,074 5.9

Precision instruments 106,092 3.1 116,230 3.1

Others 79,704 2.3 79,761 2.1

102,152 2.9 108,125 2.9

Transportation and communications industries

Ground transportation 319,236 9.2 320,870 8.6

Water transportation 55 0.0 53 0.0

Air transportation 3,209 0.1 6,038 0.2

Warehouses 4,642 0.1 5,251 0.1

Telecommunications 92,337 2.7 94,821 2.6

Commerce

Wholesale 140,751 4.1 151,231 4.1

Retail 112,405 3.2 123,828 3.3

Financial industries

Banks 416,199 12.0 389,471 10.5

Security and trading companies 5,378 0.2 2,517 0.1

Insurance 21,657 0.6 23,214 0.6

Other 24,712 0.7 26,155 0.7

20,947 0.6 18,462 0.5

165,429 4.8 202,577 5.5

3,474,743 100.0 3,711,301 100.0

Note: Industry categories above are based on classification by Securities Identification Code Committee.

Total

Forestry and fisheries

Mining

Construction

Real estate

Electric and gas utilities

Service


2. Loans (General Account)(1) Loans by Contractual Maturity Dates

(millions of yen)

Due in1 year or less

Due after1 year

through3 years

Due after3 yearsthrough5 years



Due after10 years orhaving no

maturity date

Total


Floating-rate loans 4,165 20,402 20,115 6,500 6,390 68,094 125,669Fixed-rate loans 269,345 347,924 338,646 370,821 407,408 416,206 2,150,352Total 273,511 368,326 358,761 377,321 413,799 484,300 2,276,021


Floating-rate loans 23,702 19,059 4,172 8,597 6,988 70,625 133,146Fixed-rate loans 260,563 316,997 359,938 370,108 361,986 412,164 2,081,758Total 284,266 336,056 364,111 378,705 368,975 482,789 2,214,904

(2) Loans to Domestic Companies by Company Size (millions of yen except number of borrowers)

% %Number of borrowers 225 67.4 224 68.1Amount of loans 1,667,247 84.9 1,626,862 85.2Number of borrowers 11 3.3 10 3.0Amount of loans 12,083 0.6 4,228 0.2Number of borrowers 98 29.3 95 28.9Amount of loans 284,440 14.5 277,765 14.6Number of borrowers 334 100.0 329 100.0Amount of loans 1,963,771 100.0 1,908,857 100.0

Categorization by company size is based on the following criteria: (1) Large corporations include corporations with paid-in capital of at least ¥1 billion and more than 300 employees (more than 50 employees in the case of retailers and restaurants; more than 100 employees in the case of service companies and wholesalers). (2) Medium-sized corporations include corporations with paid-in capital of more than ¥300 million and less than ¥1 billion (more than ¥50 million and less than ¥1 billion in the case of retailers, restaurants and service companies; more than ¥100 million and less than ¥1 billion in the case of wholesalers) and more than 300 employees (more than 50 employees in the case of retailers and restaurants; more than 100 employees in the case of service companies and wholesalers). (3) Small corporations include all other corporations.

2. Number of borrowers does not equal the number of loan transactions.

(3) Loans by Collateral Type(millions of yen)

As of September 30, 2017Carryingamount % Carrying

amount %

3,667 0.2 8,944 0.42,338 0.1 7,458 0.31,301 0.1 1,454 0.1

27 0.0 31 0.083,113 3.7 82,137 3.7

2,188,565 96.2 2,123,262 95.9675 0.0 560 0.0

2,276,021 100.0 2,214,904 100.0302,800 13.3 302,307 13.6

Policy loans are excluded.

Unsecured loansGuarantees

OthersTotal loans

Note:

Subordinated loans



Large corporations

Medium-sizedcorporations


Note: 1.

Total

Small-sized corporations

Secured loansStocks and other securitiesReal and personal estateOthers


(4) Loans by Industry(millions of yen)

As of March 31, 2017 As of September 30, 2017Carrying amount % Carrying amount %

Domestic357,511 15.7 345,478 15.6

Foodstuffs and beverages 36,782 1.6 40,062 1.8Textile products 2,025 0.1 1,899 0.1Lumber and wood products 500 0.0 500 0.0Pulp, paper and paper products 19,876 0.9 14,732 0.7Printing 13,775 0.6 13,174 0.6Chemical and allied products 21,774 1.0 21,822 1.0Petroleum refining 18,070 0.8 18,070 0.8Ceramic, stone and clay products 29,157 1.3 28,805 1.3Iron and steel 82,300 3.6 71,300 3.2Non-ferrous metals and products 6,803 0.3 6,529 0.3Fabricated metal products 611 0.0 613 0.0General-purpose and production- and business-oriented machinery 36,756 1.6 34,738 1.6Electrical machinery equipment and supplies 72,858 3.2 73,277 3.3Transportation equipment 11,976 0.5 15,963 0.7Miscellaneous manufacturing industries 4,244 0.2 3,991 0.2

- - - - - - - - - - - -

10,054 0.4 10,016 0.5377,353 16.6 439,851 19.9

55,673 2.4 55,418 2.5250,411 11.0 249,318 11.3466,615 20.5 425,209 19.2

11,226 0.5 11,459 0.5444,127 19.5 377,792 17.1119,709 5.3 116,834 5.3107,851 4.7 111,717 5.0

954 0.0 900 0.0- - - - - - - -

3,163 0.1 2,951 0.1- - - -

150 0.0 150 0.03,100 0.1 3,933 0.2

26,169 1.1 24,989 1.1675 0.0 560 0.0266 0.0 200 0.0

2,235,013 98.2 2,176,781 98.3Foreign

2,700 0.1 - - 11,544 0.5 11,544 0.526,763 1.2 26,578 1.241,008 1.8 38,123 1.7

2,276,021 100.0 2,214,904 100.0

Note: 1. Policy loans are excluded.2. Domestic industry categories above are based on classification used by Bank of Japan in survey of loans.

Real estateGoods rental and leasing

FisheryMining and quarrying of stone and gravel

Finance and insuranceRetail trade

Transport and postal activities

Electricity, gas, heat supply and waterInformation and communications

Wholesale trade

Manufacturing industries

Agriculture and forestry

Construction

Scientific research, professional and technical services

Living-related and personal services and amusement services

Commercial and industrialTotal foreign

Total

Medical, health care and welfare

Total domestic

GovernmentsFinancial institutions

Other servicesLocal governmentsIndividualsOthers

Education, learning support

AccommodationsEating and drinking services


3. Foreign Investments (General Account)

(1) Breakdown of Investment by Asset Category

A. Assets denominated in foreign currency (millions of yen)As of March 31, 2017 As of September 30, 2017

Carrying amount % Carrying amount %Foreign bonds 7,503,550 72.5 7,984,239 72.3Foreign stocks 675,410 6.5 876,263 7.9Cash, cash equivalents and other assets 228,808 2.2 228,578 2.1Sub-total 8,407,769 81.2 9,089,081 82.3

B. Assets swapped into yen (millions of yen)As of March 31, 2017 As of September 30, 2017

Carrying amount % Carrying amount %Foreign bonds - - - -Cash, cash equivalents and other assets 354,058 3.4 348,592 3.2Sub-total 354,058 3.4 348,592 3.2

C. Assets denominated in yen (millions of yen)As of March 31, 2017 As of September 30, 2017

Carrying amount % Carrying amount %Loans to borrowers outside Japan 22,666 0.2 20,216 0.2Foreign bonds and others 1,569,179 15.2 1,582,659 14.3Sub-total 1,591,846 15.4 1,602,875 14.5

D. Total (millions of yen)As of March 31, 2017 As of September 30, 2017

Carrying amount % Carrying amount %Foreign investments 10,353,674 100.0 11,040,549 100.0

Note: Assets swapped into yen are assets whose settlement amounts are fixed into yen by foreign currency forward contracts and other agreements and which are reported in the yen amounts on the balance sheets.

(2) Foreign Currency-Denominated Assets by Currency

(millions of yen)

As of March 31, 2017Carrying amount % Carrying amount %

U.S. dollar 4,673,054 55.6 4,963,306 54.6Euro 1,721,716 20.5 2,009,209 22.1Australian dollar 679,085 8.1 670,487 7.4British pound 254,239 3.0 266,524 2.9Canadian dollar 238,371 2.8 236,511 2.6New Zealand dollar 200,635 2.4 209,871 2.3Mexican peso 217,141 2.6 200,852 2.2Total (including others not listed above) 8,407,769 100.0 9,089,081 100.0



(3) Investments by Region(millions of yen)

Carrying amount % Carrying amount % Carrying amount % Carrying amount %

As of March 31, 2017North America 4,109,374 43.2 3,840,644 46.5 268,729 21.5 10,263 25.0Europe 2,665,186 28.0 2,461,926 29.8 203,260 16.2 10,369 25.3Oceania 837,203 8.8 794,624 9.6 42,579 3.4 5,000 12.2Asia 216,677 2.3 109,851 1.3 106,826 8.5 1,500 3.7Latin America 1,504,340 15.8 874,219 10.6 630,121 50.3 11,175 27.3Middle East - - - - - - - - Africa 23,089 0.2 22,543 0.3 546 0.0 - - Internationalorganizations 156,373 1.6 156,373 1.9 - - 2,700 6.6

Total 9,512,246 100.0 8,260,182 100.0 1,252,063 100.0 41,008 100.0As of September 30, 2017

North America 4,402,246 43.0 4,010,844 45.5 391,401 27.5 10,005 26.2Europe 3,002,581 29.3 2,765,859 31.4 236,721 16.6 10,192 26.7Oceania 848,504 8.3 805,585 9.1 42,918 3.0 5,000 13.1Asia 278,578 2.7 144,979 1.6 133,598 9.4 1,825 4.8Latin America 1,532,920 15.0 913,605 10.4 619,315 43.5 11,099 29.1Middle East 15,372 0.2 15,372 0.2 - - - - Africa 15,051 0.1 14,397 0.2 653 0.0 - - Internationalorganizations 136,905 1.3 136,905 1.6 - - - -

Total 10,232,160 100.0 8,807,549 100.0 1,424,610 100.0 38,123 100.0

Note: Categorization of region is generally based on nationalities of issuers or borrowers.

Loans to borrowers locatedoutside JapanBonds Stocks and other securities

Foreign securities


4. Fair Value Information on Derivative Transactions (General Account)(1) Gains and losses on derivatives (Hedge-Accounting-Applied and Not-Applied)

(millions of yen)

As of March 31, 2017 As of September 30, 2017Interest-related

Currency-related

Stock-related

Bond-related Others Total Interest-

relatedCurrency-

relatedStock-related

Bond-related Others Total

(23,531) (136,742) 1,246 (717) - (159,745) (18,665) (96,720) (7,097) - - (122,483)

(14,517) (11,690) (2,678) 763 554 (27,569) (11,448) (16,671) (40) (536) 883 (27,813)

(38,049) (148,433) (1,432) 46 554 (187,314) (30,113) (113,391) (7,138) (536) 883 (150,296)

Note: Regarding the table above, following figures are reported in the statements of earnings: As of March 31, 2017: gains/losses from derivatives with hedge accounting (fair value hedge method) applied (currency-related, loss of 140,284 million yen, and

stock-related, gain of 1,246 million yen) and gains/losses from derivatives with hedge accounting not applied (loss of 27,569 millionyen), totaling loss of 166,608 million yen.

As of September 30, 2017: gains/losses from derivatives with hedge accounting (fair value hedge method) applied (currency-related, loss of 91,112 million yen, andstock-related, loss of 7,097 million yen) and gains/losses from derivatives with hedge accounting not applied (loss of 27,813 millionyen), totaling loss of 126,023 million yen.

(2) Fair value information (Hedge-Accounting-Not-Applied)① Interest-related transactions

(millions of yen)


Over 1 year

Over 1 year

Over-the-counter transactionsYen interest rate swaps

Receipts fixed, payments floating 170 - 1 1 10,085 10,000 (17) (17)Receipts floating, payments fixed 44,100 44,100 71 71 58,100 31,100 25 25

Yen interest rate swaptionSold Receipts floating, payments fixed 350,000 - 255,000 -

[ 1,672 ] [ - ] 67 1,604 [ 1,001 ] [ - ] 0 1,001

Bought Receipts floating, payments fixed 1,150,000 855,000 1,130,000 855,000

[ 18,214 ] [ 14,947 ] 2,019 (16,194) [ 14,948 ] [ 9,713 ] 2,490 (12,457)

Total (14,517) (11,448)

Note: 1. Figures in [ ] are option premiums which are included in the balance sheets.2. Fair value for swaps, and differences between the option premiums paid/received and fair value of the option for option transactions, are shown in "Gains (losses)".

(Reference) Interest rate swaps by contractual maturity dates(millions of yen, percentage)

As of March 31, 2017Notional amount (receipts fixed, payments floating) 170 - - - - - 170

Average fixed rate (receipt) 1.23 - - - - - 1.23Average floating rate (payment) 0.03 - - - - - 0.03

Notional amount (receipts floating, payments fixed) - 43,000 - - - 1,100 44,100Average fixed rate (payment) - (0.13) - - - 1.08 (0.10)Average floating rate (receipt) - 0.01 - - - 0.03 0.01

Total 170 43,000 - - - 1,100 44,270As of September 30, 2017

Notional amount (receipts fixed, payments floating) 85 - - - 10,000 - 10,085Average fixed rate (receipt) 1.23 - - - 0.23 - 0.23Average floating rate (payment) (0.00) - - - 0.02 - 0.02

Notional amount (receipts floating, payments fixed) 27,000 16,000 10,000 - - 5,100 58,100Average fixed rate (payment) (0.13) (0.14) 0.09 - - 0.70 (0.02)Average floating rate (receipt) 0.01 0.04 0.02 - - 0.03 0.02

Total 27,085 16,000 10,000 - 10,000 5,100 68,185


Fairvalue

Notionalamount/

contract value

Gains(losses)

Gains(losses)

Fairvalue

1 year orshorter

Over10 years Total

Over 1year to3 years

Over 3years to5 years



Notionalamount/

contract value

Hedge accounting applied

Hedge accounting not applied

Total


② Currency-related transactions(millions of yen)


Over-the-counter transactionsCurrency forward contracts

Sold 918,930 (13,729) (13,729) 2,089,565 (30,731) (30,731)U.S. dollar 387,025 (6,038) (6,038) 943,088 (9,452) (9,452)Euro 272,761 (4,075) (4,075) 487,723 (12,388) (12,388)Australian dollar 73,766 (3,146) (3,146) 184,072 (2,650) (2,650)British pound 21,983 205 205 151,245 (3,576) (3,576)Canadian dollar 33,681 (122) (122) 139,503 (1,734) (1,734)Others 129,711 (552) (552) 183,932 (928) (928)

Bought 998,303 6,000 6,000 2,095,826 18,444 18,444U.S. dollar 576,403 4,135 4,135 1,001,971 11,421 11,421Euro 329,726 (520) (520) 642,174 4,227 4,227Canadian dollar 16,164 (153) (153) 133,166 865 865Australian dollar 16,946 524 524 96,711 204 204British pound 6,896 (22) (22) 87,900 1,165 1,165Others 52,165 2,036 2,036 133,902 559 559

Currency optionsSold

Call 93,491 - [ 690 ] - 690 [ - ] - -

U.S. dollar 93,491 - [ 690 ] - 690 [ - ] - -

BoughtCall - 126,661

[ - ] - - [ 965 ] 2,213 1,248U.S. dollar - 90,127

[ - ] - - [ 398 ] 890 492Euro - 36,533

[ - ] - - [ 566 ] 1,322 756

Put 521,866 712,751[ 7,321 ] 2,668 (4,652) [ 12,082 ] 6,449 (5,632)

U.S. dollar 412,966 663,475[ 6,656 ] 2,445 (4,210) [ 11,877 ] 6,449 (5,428)

Euro 108,899 26,570[ 664 ] 223 (441) [ 85 ] - (85)

British pound - 22,705[ - ] - - [ 118 ] - (118)

Total (11,690) (16,671)

Note: 1. Figures in [ ] are option premiums which are included in the balance sheets.2. Forward exchange rates are used for exchange rates as of period ends.3. Fair value for forward contracts, and differences between the option premiums paid/received and fair value of the option for option

transactions, are shown in "Gains (losses)".4. There were no transactions with a maturity of more than one year in the table above.

Notionalamount/

contract value

Fairvalue Gains (losses) Fair

value Gains (losses)Notionalamount/

contract value


③Stock-related transactions(millions of yen)


Exchange-traded transactionsYen stock index futures

Bought 15,387 (158) (158) 9,877 506 506

Sold 5,942 (217) (217) - - - Bought 10,935 49 49 - - -

Yen stock index optionsBought

Put 80,000 29,982[ 2,362] 10 (2,352) [ 941] 394 (547)

(2,678) (40)

Note: 1. Figures in [ ] are option premiums which are included in the balance sheets.2. Fair value for futures, and differences between the option premiums paid/received and fair value of the option for option transactions, are shown in "Gains (losses)". 3. There were no transactions with maturity of more than one year in the table above.

④Bond-related transactions(millions of yen)


Exchange-traded transactionsYen bond futures

Sold 9,298 (18) (18) 6,052 38 38Bought 4,499 9 9 - - -

Foreign currency-denominatedbond futures

Sold 203,592 (619) (619) 567,961 4,851 4,851Bought 103,911 974 974 602,720 (5,170) (5,170)

Foreign currency-denominatedbond future options

BoughtCall - 57,717

[ - ] - - [ 185] 21 (164)

Over-the-counter transactionsForeign currency-denominatedbond forward contracts

Sold - - - 40,708 300 300Bought - - - 127,639 (373) (373)

Yen bond OTC optionsSold

Call 18,784 43,216[ 47] 90 (42) [ 325] 54 270

Put 99,556 163,880[ 693] 496 197 [ 1,110] 640 470

BoughtCall 99,556 163,880

[ 453] 675 222 [ 875] 226 (648)Put 18,784 43,216

[ 119] 160 41 [ 395] 284 (110)

763 (536)

Note: 1. Figures in [ ] are option premiums which are included in the balance sheets.2. Fair value for futures and forward contracts, and differences between the option premiums paid/received and fair value of the option for option transactions, are shown in "Gains (losses)". 3. There were no transactions with maturity of more than one year in the table above.

Fairvalue Gains (losses)

Total

Notionalamount/

contract value

Fairvalue Gains (losses)

Notionalamount/

contract value

Gains (losses)Gains (losses)Notionalamount/

contract value

Fairvalue

Foreign currency-denominatedstock index futures

Fairvalue

Total

Notionalamount/

contract value


⑤ Others(millions of yen)


Over 1 year

Over 1 year

Over-the-counter transactions

Credit default swaps

Protection sold 28,000 25,000 674 674 37,500 35,500 901 901

Protection bought 11,385 11,385 (119) (119) 2,000 2,000 (17) (17)

Total 554 883Note: Fair value is shown in "Gains (losses)".

(3) Fair value information (Hedge-Accounting-Applied)① Interest-related transactions

(millions of yen)


Over 1 year

Over 1 year

Yen interest rate swaps

Receipts fixed, payments floating Loans 3,000 3,000 (18) (18) 3,000 3,000 (13) (13)

Receipts fixed, payments floating Insuranceliabilities 600,000 600,000 (20,541) (20,541) 600,000 600,000 (15,888) (15,888)

Yen interest rate swaps

Receipts fixed, payments floating Loans 19,800 16,800 189 189 19,800 15,300 164 164

Receipts floating, payments fixed Loanspayable 283,000 283,000 (3,161) (3,161) 283,000 283,000 (2,927) (2,927)

Total (23,531) (18,665)

Note:　Fair value is shown in "Gains (losses)".

(Reference) Interest rate swaps by contractual maturity dates(millions of yen, percentage)

As of March 31, 2017Notional amount (receipts fixed, payments floating) 3,000 4,500 7,000 6,000 2,300 600,000 622,800

Average fixed rate (receipt) 1.62 (0.00) 0.17 (0.02) 1.19 0.43 0.43Average floating rate (payment) 0.02 (0.00) 0.02 0.03 0.06 0.02 0.02

Notional amount (receipts floating, payments fixed) - - 139,000 144,000 - - 283,000Average fixed rate (payment) - - 0.28 0.42 - - 0.35Average floating rate (receipt) - - 0.11 0.11 - - 0.11

Total 3,000 4,500 146,000 150,000 2,300 600,000 905,800As of September 30, 2017

Notional amount (receipts fixed, payments floating) 4,500 5,000 5,000 6,000 2,300 600,000 622,800Average fixed rate (receipt) 1.20 0.14 (0.02) (0.02) 1.19 0.43 0.43Average floating rate (payment) 0.01 (0.02) (0.01) (0.00) 0.06 0.00 0.00

Notional amount (receipts floating, payments fixed) - - 139,000 144,000 - - 283,000Average fixed rate (payment) - - 0.28 0.42 - - 0.35Average floating rate (receipt) - - 0.11 0.11 - - 0.11

Total 4,500 5,000 144,000 150,000 2,300 600,000 905,800

Gains(losses)

1 year orshorter

Over10 years Total

Over 1year to3 years




Fairvalue

Gains(losses)

Deferral hedge

Special hedgeaccounting for

interest rate swaps

Gains(losses)

Fairvalue

Notionalamount/ contract

value

Fairvalue

Fairvalue

Type of hedgeaccounting

Hedged itemsType of hedge

Notionalamount/

contract value

Notionalamount/contract

value

Gains(losses)

Notionalamount/

contract value


② Currency-related transactions(millions of yen)

Over1 year

Over1 year

Currency swaps 266,142 252,943 3,541 3,541 274,039 255,962 (5,607) (5,607)U.S. dollar 204,574 191,375 (953) (953) 207,917 189,840 (3,286) (3,286)Euro 61,568 61,568 4,494 4,494 61,568 61,568 (2,323) (2,323)British pound - - - - 4,554 4,554 2 2

Currency forward contractsSold 5,215,748 - (140,242) (140,242) 5,405,632 - (96,101) (96,101)

U.S. dollar 2,948,262 - (81,896) (81,896) 2,962,372 - (16,239) (16,239)Euro 1,090,351 - (8,294) (8,294) 1,277,968 - (28,002) (28,002)Australian dollar 415,851 - (22,627) (22,627) 417,096 - (17,369) (17,369)British pound 125,768 - (1,271) (1,271) 128,181 - (4,701) (4,701)Canadian dollar 138,358 - (8,876) (8,876) 113,828 - (9,017) (9,017)Others 497,156 - (17,274) (17,274) 506,185 - (20,770) (20,770)

Bought 27,390 - (42) (42) 292,957 - 7,357 7,357Australian dollar 0 - 0 0 71,534 - 4,467 4,467U.S. dollar 18,150 - (157) (157) 70,061 - 1,846 1,846Canadian dollar - - - - 3,291 - 44 44Euro 3,000 - (43) (43) 810 - 19 19British pound 60 - (1) (1) 7 - 0 0Others 6,178 - 159 159 147,251 - 978 978

Currency optionsSold

Call - 100,746[ - ] [ - ] - - [ 2,077 ] [ - ] 3,206 (1,128)

U.S. dollar - 100,746[ - ] [ - ] - - [ 2,077 ] [ - ] 3,206 (1,128)

BoughtPut - 100,746

[ - ] [ - ] - - [ 2,098 ] [ - ] 857 (1,240)U.S. dollar - 100,746

[ - ] [ - ] - - [ 2,098 ] [ - ] 857 (1,240)

Currency forward contractsSold 314,849 - - - 309,722 - - -

Australian dollar 122,516 - - - 119,422 - - - U.S. dollar 81,866 - - - 79,873 - - - Others 110,465 - - - 110,427 - - -

Currency swaps 476,277 476,277 - - 476,277 476,277 - - U.S. dollar 476,277 476,277 - - 476,277 476,277 - -

Currency swaps 38,521 38,521 - - 38,087 38,087 - - U.S. dollar 32,557 32,557 - - 32,122 32,122 - - Euro 5,964 5,964 - - 5,964 5,964 - -

(136,742) (96,720)

Forward exchange rates are used for exchange rates as of period end.2.

3. Fair value for forward contracts and currency swaps, and differences between the option premiums paid/received and fair value of the option for optiontransactions, are shown in "Gains (losses)", except for those to which Note 2 is applied.

As of September 30, 2017Notionalamount/contract

value

Fair value Gains (losses)

Total

Currencyallotment method

Foreign currency-denominated termdeposits

Foreign currency-denominated loans


Hedged itemTypeType of hedgeaccounting


value

Fair value Gains (losses)

Each of currency forward contracts and currency swaps other than those which deferral hedge method or fair value hedge method is applied to is recorded as the combined amount of suchcurrency forward contract or currency swap and its corresponding hedged item (foreign currency-denominated term deposit, foreign currency-denominated bond payable and foreign currency-denominated loan). Therefore, the fair value of such hedging instruments is included in the fair value of such foreign currency-denominated term deposits, foreign currency-denominated bondspayable and foreign currency-denominated loans.

Fair value hedge

Foreign currency-denominatedbonds payable

Foreign currency-denominatedbonds


Note: 1.

Deferral hedge


③ Stock-related transactions(millions of yen)

Over1 year

Over1 year

Equity forward contractFair value hedge Sold Domestic stocks 26,264 - 1,246 1,246 28,098 - (7,097) (7,097)

1,246 (7,097)

Note: Fair value is shown in "Gains (losses)".

④ Bond-related transactions(millions of yen)

Over1 year

Over1 year

Foreign currency-denominatedbond OTC options

Sold 62,192 - Call [ 902 ] - 1,030 (127) [ - ] - - -

Bought 62,192 - Put [ 902 ] - 313 (589) [ - ] - - -

(717) -

Figures in [ ] are option premiums which are included in the balance sheets.2.

The Company held no derivative transactions other than ①, ②, ③ and ④ as of March 31, 2017 or September 30, 2017.Therefore no information for ⑤ Others is provided in the report.

Total


Note: 1.The differences between the option premiums paid/received and fair value of the option for option transactions,are shown in "Gains (losses)".

Type of hedgeaccounting Type Hedged item

As of March 31, 2017 As of September 30, 2017Notionalamount/contract

value

Fair value Gains(losses)


value


Deferral hedge

Total

Type of hedgeaccounting Type Hedged item

As of March 31, 2017 As of September 30, 2017Notionalamount/contract

value



value



November 14, 2017 Seiji Inagaki Supplementary Materials for the …... · 2018. 4. 30. · Dai-ichi Life Holdings, Inc. November 14, 2017 Seiji Inagaki President and Representative

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