第一生命ホールディングス（8750） – Consolidated Summary Report under Japanese GAAP for the Fiscal Year Ended March 31, 2022

(Unofficial Translation)Consolidated Summary Report under Japanese GAAPfor the Fiscal Year Ended March 31, 2022May 12, 2022Company Name: Dai-ichi Life Holdings, Inc.Code Number:Representative:For inquiry:8750Seiji Inagaki, President, Representative DirectorNaoto Ichimura, General Manager, Investor Relations Group, Corporate Planning UnitTEL: (050)3780-6930Stock exchange listings: TokyoURL: https://www.dai-ichi-life-hd.com/Dividend payment date: June 21, 2022General meeting of shareholders: June 20, 2022Securities report issue date: June 21, 2022Supplementary information for financial statements: AvailableExplanatory meeting to be held: Yes (for institutional investors and analysts)(Amounts of less than one million yen are truncated.)11111….. CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd FFFFFiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll DDDDDaaaaatttttaaaaa fffffooooorrrrr ttttthhhhheeeee FFFFFiiiiissssscccccaaaaalllll YYYYYeeeeeaaaaarrrrr EEEEEnnnnndddddeeeeeddddd MMMMMaaaaarrrrrccccchhhhh 3333311111,,,,, 22222000002222222222(1) Consolidated results of operationsOrdinary RevenuesOrdinary ProfitFiscal Year EndedMarch 31, 2022March 31, 2021Unit: million yen8,209,7087,827,806%4.910.0Unit: million yen590,897552,861%6.9153.2(% represents the change from the previous fiscal year)Net Income attributable toshareholders of ParentCompanyUnit: million yen409,353363,777%12.5-Note. Comprehensive income (loss) for the fiscal years ended March 31, 2022 and 2021 were (130,395) million yen and 1,143,981 million yen,respectively.Net Income perShareDiluted NetIncome per ShareRatio of Net Incometo Shareholders’EquityRatio of OrdinaryProfits to Total AssetsRatio of OrdinaryProfits to OrdinaryRevenuesFiscal Year Ended%7.27.1(Reference) Income (loss) from investment in affiliates (Equity method) March 31, 2022: 5,529 million yen March 31, 2021: 10,643 million yenMarch 31, 2022March 31, 2021yen383.15325.61yen382.96325.41%0.90.9%8.98.5Total AssetsTotal Net AssetsRatio of Net Assets Attributableto the Company’s shareholdersto Total AssetsTotal Net Assetsper ShareUnit: million yen65,881,16163,593,705Unit: million yen4,408,5074,807,129%6.77.6yen4,302.564,329.08(Reference) Net assets attributable to the Company’s shareholders as of March 31, 2022 and 2021 were 4,407,812 million yen and 4,806,208 million(2) Consolidated financial conditionAs ofMarch 31, 2022March 31, 2021yen, respectively.(3) Consolidated cash flowsCash flows fromoperating activitiesCash flows frominvesting activitiesCash flows fromfinancing activitiesCash and cash equivalentsat the end of the yearFiscal Year EndedMarch 31, 2022March 31, 2021Unit: million yen(462,076)(79,904)Unit: million yen963,276551,362Unit: million yen(180,707)65,587Unit: million yen2,616,7432,262,91022222….. DDDDDiiiiivvvvviiiiidddddeeeeennnnndddddsssss ooooonnnnn CCCCCooooommmmmmmmmmooooonnnnn SSSSStttttoooooccccckkkkk1stquarter-endyen–2ndquarter-endyen0.000.00Dividends per share3rdquarter-endyen–Fiscalyear-endAnnualyen62.0083.0086.00yen62.0083.0086.00TotalDividends(Annual)million yen68,83385,030Dividendpayout ratio(Consolidated)%19.021.7Dividend onnet assets ratio(Consolidated)%1.61.9-0.00-30.9Fiscal Year EndedMarch 31, 2021March 31, 2022March 31, 2023(Forecast)Note. “Total dividends (Annual)” in the above table excludes dividends of 244 million yen for the fiscal year ended March 31, 2021 and dividendsof 323 million yen for the fiscal year ended March 31, 2022 to shares held by the Stock Granting Trust (J-ESOP trust).　33333….. CCCCCooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd EEEEEaaaaarrrrrnnnnniiiiinnnnngggggsssss FFFFFooooorrrrreeeeecccccaaaaassssstttttsssss fffffooooorrrrr ttttthhhhheeeee FFFFFiiiiissssscccccaaaaalllll YYYYYeeeeeaaaaarrrrr eeeeennnnndddddiiiiinnnnnggggg MMMMMaaaaarrrrrccccchhhhh 3333311111,,,,, 22222000002222233333Ordinary RevenuesOrdinary ProfitFiscal Year EndingMarch 31, 2023Unit: million yen7,612,000%(7.3)Unit: million yen512,000%(13.4)(% represents the change from the previous fiscal year)Net Income attributable toshareholders of ParentCompanyUnit: million yen285,000%(30.4)Net Incomeper Shareyen278.1944444….. NNNNNooooottttteeeeesssssconsolidation) : No(1) Changes in significant subsidiaries during the fiscal year (changes in specified subsidiaries accompanying changes in scope of(2) Changes in accounting policies, accounting estimates and correction of past errors:(A) Changes in accounting policies due to revision of accounting standards: Yes(B) Changes in accounting policies due to reasons other than item (A) above: No(C) Changes in accounting estimates: No(D) Correction of past errors: NoUnaudited Consolidated Financial Statements] of the Appendix.(3) Number of shares outstanding (common stock)For details, please refer to (Changes in Accounting Policies), (5) Notes to the Consolidated Financial Statements, under [3.(A) Total shares outstanding including treasury stock:(B) Shares of treasury stock held:1,031,348,7006,886,5471,198,755,80088,541,025As of March 31, 2022As of March 31, 2021(C) Average outstanding shares:1,068,380,8951,117,211,333Year ended March 31, 2022Year ended March 31, 2021Note.1. For the number of shares used as the basis for the calculation of consolidated net income per share, please refer to (Per-share information),(5) Notes to the Consolidated Financial Statements, under [3. Unaudited Consolidated Financial Statements] of the Appendix.2. The number of treasury stocks includes the shares of the Company (3,899,900 shares as of March 31, 2022 and 3,942,700 shares as ofMarch 31, 2021) held by the Stock Granting Trust (J-ESOP trust).　(((((RRRRReeeeefffffeeeeerrrrreeeeennnnnccccceeeee))))) NNNNNooooonnnnn—–cccccooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd FFFFFiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll DDDDDaaaaatttttaaaaa11111….. NNNNNooooonnnnn—–cccccooooonnnnnsssssooooollllliiiiidddddaaaaattttteeeeeddddd FFFFFiiiiinnnnnaaaaannnnnccccciiiiiaaaaalllll DDDDDaaaaatttttaaaaa fffffooooorrrrr ttttthhhhheeeee FFFFFiiiiissssscccccaaaaalllll YYYYYeeeeeaaaaarrrrr EEEEEnnnnndddddeeeeeddddd MMMMMaaaaarrrrrccccchhhhh 3333311111,,,,, 22222000002222222222(1) Non-consolidated results of operationsFiscal Year EndedMarch 31, 2022March 31, 2021(% represents the change from the previous fiscal year)Sales RevenuesUnit: million yen205,479190,425%7.92.5Operating ProfitUnit: million yen192,682179,179%7.52.6Fiscal Year EndedMarch 31, 2022March 31, 2021Ordinary ProfitUnit: million yen188,635175,928%7.22.5Net IncomeUnit: million yen167,237216,513%(22.8)148.5Net Income perShareDiluted Net Incomeper ShareFiscal Year EndedMarch 31, 2022March 31, 2021yen156.53193.80yen156.46193.68(2) Non-consolidated financial conditionTotal AssetsTotal Net AssetsRatio of Net Assets Attributableto the Company’s shareholdersto Total AssetsTotal Net Assetsper ShareUnit: million yen1,868,8181,896,259Unit: million yen1,266,1711,367,153%67.772.0yen1,235.261,230.60(Reference) Net assets attributable to the Company’s shareholders as of March 31, 2022 and 2021 were 1,265,476 million yen and 1,366,232 millionAs ofMarch 31, 2022March 31, 2021yen, respectively.*This report is exempt from the audits of CPAs or Audit firms.*Notes for using earnings forecast in this report and others:This report contains forward-looking statements, such as earnings forecasts, regarding the intent, beliefs and currentexpectations of the Company and its management with respect to the expected financial condition and results of operations of theCompany. These statements necessarily depend upon information currently available to the Company and its management and onassumptions that the Company and its management believe are appropriate. Forward-looking statements are not guarantees offuture performance and actual results may differ materially from any future results expressed or implied by forward-lookingstatements. Forward-looking statements are subject to various risks and uncertainties, such as fluctuations in market conditions,including changes in the value of equity securities and changes in interest rates and forward exchange rates, the occurrence ofillegal acts, operational and system risks, risks associated with general economic conditions in Japan and other factors. Importantfactors which may affect the Company’s financial condition, results of operations and business performance are not limited to thefactors described above.In light of the risks and uncertainties relating to forward-looking statements, investors are cautioned notto place undue reliance on forward-looking statements, which speak only as of the date of this release.　TTTTTaaaaabbbbbllllleeeee ooooofffff CCCCCooooonnnnnttttteeeeennnnntttttsssss ooooofffff AAAAAppppppppppeeeeennnnndddddiiiiixxxxx1. Consolidated Results of Operations …………………………………………………………………………… 2(1) Results of Operations and Financial Condition …………………………………………………………… 2(2) Forecasts …………………………………………………………………………………………………… 32. Basic Rationale for Selection of Accounting Standards ……………………………………………………… 43. Unaudited Consolidated Financial Statements ………………………………………………………………… 5(1) Consolidated Balance Sheet ………………………………………………………………………………… 5(2) Consolidated Statement of Earnings and Comprehensive Income ………………………………………… 7Consolidated Statement of Earnings ………………………………………………………………………… 7Consolidated Statement of Comprehensive Income ………………………………………………………… 9(3) Consolidated Statement of Changes in Net Assets ………………………………………………………… 10(4) Consolidated Statement of Cash Flows ………………………………………………………………………12(5) Notes to the Consolidated Financial Statements …………………………………………………………… 14(Notes on Going-Concern Assumptions) …………………………………………………………………… 14(Changes in Accounting Policies) …………………………………………………………………………… 14(Segment Information and Others) …………………………………………………………………………… 14(Per-share Information) ………………………………………………………………………………………17(Subsequent Events) ………………………………………………………………………………………… 18The Company plans to hold a conference call for institutional investors and analysts regarding its financial results for the fiscal yearended March 31, 2022 on May 12, 2022. The material for the conference call will be posted on TDnet and the Company’s website.Dai-ichi Life Holdings, Inc.11. Consolidated Results of Operations(1) Results of Operations and Financial Condition(i) Results of Operations for the Fiscal Year Ended March 31, 2022●Ordinary revenues of Dai-ichi Life Holdings, Inc. (hereinafter the “Company” or the “Parent Company”)and its consolidated subsidiaries (collectively, the “Group”) for the fiscal year ended March 31, 2022 increased by381.9 billion yen, or 4.9%, to 8,209.7 billion yen, consisting of (1) 5,291.9 billion yen (11.9% increase) of premiumand other income, (2) 2,551.1 billion yen (6.2% decrease) of investment income, and (3) 366.6 billion yen (3.0%decrease) of other ordinary revenues, compared to the prior fiscal year. Premium and other income increased duemainly to an increase in sales at The Dai-ichi Frontier Life Insurance Co., Ltd.● Meanwhile, the Group’s ordinary expenses for the fiscal year ended March 31, 2022 increased by 4.7%, to 7,618.8billion yen, consisting of (1) 5,855.7 billion yen (17.1% increase) of benefits and claims, (2) 316.8 billion yen (67.4%decrease) of provision for policy reserves and others, (3) 381.1 billion yen (16.7% increase) of investment expenses,(4) 752.1 billion yen (9.2% increase) of operating expenses, and (5) 312.9 billion yen (9.1% increase) of otherordinary expenses, compared to the prior fiscal year.●Consequently, the Group’s ordinary profit for the fiscal year ended March 31, 2022, compared to the prior fiscalyear, increased by 38.0 billion yen or 6.9%, to 590.8 billion yen. Its net income attributable to shareholders of parentcompany for the fiscal year, which is ordinary profit after extraordinary gains and losses, provision for reserve forpolicyholder dividends, and total of corporate income taxes, increased by 12.5%, to 409.3 billion yen.●Net income attributable to shareholders of parent company for the fiscal year increased compared to the prior fiscalyear. The increase was due mainly to the recognition of the deferred tax assets at the end of the fiscal year at TheDai-ichi Frontier Life Insurance Co., Ltd.(ii) Financial Condition as of March 31, 2022(a) Condition of assets, liabilities, and net assets●●●The Group’s total assets as of March 31, 2022, compared to March 31, 2021, increased by 3.6%, to 65,881.1billion yen, mainly consisting of 51,504.7 billion yen (1.2% increase) of securities, 3,978.5 billion yen (5.7%increase) of loans and 1,159.7 billion yen (4.2% increase) of tangible fixed assets.The Group’s total liabilities as of March 31, 2022 increased by 4.6% to 61,472.6 billion yen, mainly consisting of52,745.9 billion yen (3.3% increase) of policy reserves and others, compared to March 31, 2021.The Group’s total net assets as of March 31, 2022 decreased by 8.3% to 4,408.5 billion yen. Net unrealized gainson securities, net of tax, as of March 31, 2022, which are included in the Group’s total net assets, decreased by21.5% to 2,397.9 billion yen.　Dai-ichi Life Holdings, Inc.2The Company’s net cash flows used in operating activities for the fiscal year ended March 31, 2022 increased byThe Company’s net cash flows provided by investing activities for the fiscal year ended March 31, 2022 increased(b) Cash flows●Cash Flows from Operating Activities382.1 billion yen to 462.0 billion yen, compared to the prior fiscal year.Cash Flows from Investing Activitiesby 411.9 billion yen to 963.2 billion yen, compared to the prior fiscal year.Cash Flows from Financing Activities246.2 billion yen to 180.7 billion yen, compared to the prior fiscal year.Cash and Cash Equivalents at the End of the Year●●●The Company’s net cash flows used by financing activities for the fiscal year ended March 31, 2022 increased byAs a result, the Company’s cash and cash equivalents as of March 31, 2022 increased by 353.8 billion yen to2,616.7 billion yen from 2,262.9 billion yen at the end of the prior fiscal year.(2) Forecasts●The Company forecasts its consolidated ordinary revenues to decrease compared to the previous fiscal year to7,612.0 billion yen, mainly due to the decrease in investment income, most of which is offset by reversal of policyreserves, as a result having no impact on profit. The Company also forecasts ordinary profit to decrease to 512.0billion yen and net income attributable to shareholders of parent company to decrease to 285.0 billion yen bothmainly due to decrease in gains from reversal of policy reserves resulting from MVA at The Dai-ichi Frontier Life●The above forecasts are based on the Company’s current expectations, taking into account factors such as theinformation currently available and past experience, and assuming that interest rates, forward exchange rates andstock prices do not substantially vary from those as of March 31, 2022. Therefore, actual results may substantiallyInsurance Co., Ltd.differ from the forecasts.　Dai-ichi Life Holdings, Inc.32. Basic Rationale for Selection of Accounting StandardsThe Group is evaluating International Financial Reporting Standards (IFRS), assuming that the Group will adoptIFRS in the future.Regarding the new accounting standards for insurance contracts which the International Accounting Standards Board(IASB) published, taking into account the potential effect on the method of creating financial statements, we arecontinuously examining their progress.　Dai-ichi Life Holdings, Inc.43. Unaudited Consolidated Financial Statements(1) Consolidated Balance SheetASSETSCash and depositsCall loansMonetary claims boughtMoney held in trustSecuritiesLoansTangible fixed assetsLandBuildingsLeased assetsConstruction in progressOther tangible fixed assetsIntangible fixed assetsSoftwareGoodwillOther intangible fixed assetsReinsurance receivableOther assetsDeferred tax assetsCustomers’ liabilities for acceptances and guaranteesReserve for possible loan lossesReserve for possible investment lossesTotal assets(Unit: million yen)As ofMarch 31, 2021As ofMarch 31, 20221,884,141403,700252,1401,130,92050,879,9473,762,6661,113,299761,546331,1385,1862,16813,258445,163117,23142,696285,2351,668,9692,016,73312,01452,861(28,224)(627)2,183,874479,900255,9021,106,91851,504,7493,978,5771,159,741808,368332,3764,49955113,944502,795124,33156,245322,2181,924,8982,748,9659,37845,745(19,505)(779)63,593,70565,881,161　Dai-ichi Life Holdings, Inc.5LIABILITIESPolicy reserves and othersReserves for outstanding claimsPolicy reservesReserve for policyholder dividendsReinsurance payableBonds payableOther liabilitiesPayables under repurchase agreementsOther liabilitiesNet defined benefit liabilitiesReserve for retirement benefits of directors, executive officers andcorporate auditorsReserve for possible reimbursement of prescribed claimsReserves under the special lawsReserve for price fluctuationsDeferred tax liabilitiesDeferred tax liabilities for land revaluationAcceptances and guaranteesTotal liabilitiesNET ASSETSCapital stockCapital surplusRetained earningsTreasury stockTotal shareholders’ equityNet unrealized gains (losses) on securities, net of taxDeferred hedge gains (losses)Reserve for land revaluationForeign currency translation adjustmentsAccumulated remeasurements of defined benefit plansTotal accumulated other comprehensive incomeSubscription rights to sharesTotal net assetsTotal liabilities and net assets(Unit: million yen)As ofMarch 31, 2021As ofMarch 31, 202251,051,420753,12649,897,294400,999796,523899,7704,671,2052,346,9882,324,216418,546998800264,454264,454558,38771,60652,861343,732330,0651,375,805(155,959)1,893,6433,056,350(2,916)(22,026)(108,830)(10,012)2,912,5649204,807,12963,593,70552,745,988925,11051,407,655413,222895,123870,3835,906,7873,115,0172,791,770392,522929800287,358287,358256,36470,65245,745343,926330,2591,334,834(12,718)1,996,3012,397,969(15,532)16,6434,2328,1972,411,5106944,408,50765,881,16158,786,57661,472,654　Dai-ichi Life Holdings, Inc.6(2) Consolidated Statement of Earnings and Comprehensive Income[Consolidated Statement of Earnings](Unit: million yen)Year endedMarch 31, 2021Year endedMarch 31, 2022ORDINARY REVENUESPremium and other incomeInvestment incomeInterest and dividendsGains on money held in trustGains on investments in trading securitiesGains on sale of securitiesGains on redemption of securitiesForeign exchange gainsReversal of reserve for possible loan lossesOther investment incomeGains on investments in separate accountsOther ordinary revenuesORDINARY EXPENSESBenefits and claimsClaimsAnnuitiesBenefitsSurrender valuesOther refundsProvision for policy reserves and othersProvision for reserves for outstanding claimsProvision for policy reservesProvision for interest on policyholder dividendsInvestment expensesInterest expensesLosses on money held in trustLosses on sale of securitiesLosses on valuation of securitiesLosses on redemption of securitiesDerivative transaction lossesProvision for reserve for possible loan lossesProvision for reserve for possible investment lossesWrite-down of loansDepreciation of real estate for rent and othersOther investment expensesOperating expensesOther ordinary expensesOrdinary profit7,827,8064,730,3012,719,5841,347,86528,179132,406471,36315,662444,926-1,533277,646377,9217,274,9455,001,1091,264,692775,379571,1611,084,7001,305,176971,2801,253961,8088,218326,62633,476-127,05314,3006,31468,09517,22529536913,18846,306689,057286,870552,8618,209,7085,291,9732,551,1121,386,792-206,378393,50321,230453,06411,3402,71876,084366,6227,618,8115,855,7031,397,477778,494653,8941,363,3541,662,483316,83748,203260,3698,264381,13626,7041,572234,5647,8173,54540,176-24745913,45852,590752,160312,973590,897　Dai-ichi Life Holdings, Inc.7Gains on sale of stocks of subsidiaries and affiliated companiesEXTRAORDINARY GAINSGains on disposal of fixed assetsOther extraordinary gainsEXTRAORDINARY LOSSESLosses on disposal of fixed assetsImpairment losses on fixed assetsProvision for reserve for price fluctuationsOther extraordinary lossesProvision for reserve for policyholder dividendsIncome before income taxesCorporate income taxes-currentCorporate income taxes-deferredTotal of corporate income taxesNet incomeNet income attributable to shareholders of parent company(Unit: million yen)Year endedMarch 31, 2021Year endedMarch 31, 202240,4805,47134,9941433,3016,8992,55223,65819077,500482,540116,1382,624118,763363,777363,77710,76610,404-36239,79212,9663,85022,9037287,500474,371136,131(71,113)65,018409,353409,353　Dai-ichi Life Holdings, Inc.8[Consolidated Statement of Comprehensive Income]Net incomeOther comprehensive incomeNet unrealized gains (losses) on securities, net of taxDeferred hedge gains (losses)Reserve for land revaluationForeign currency translation adjustmentsRemeasurements of defined benefit plans, net of taxShare of other comprehensive income of subsidiaries and affiliatesaccounted for under the equity methodTotal other comprehensive incomeComprehensive income(Details)(Unit: million yen)Year endedMarch 31, 2021Year endedMarch 31, 2022363,777409,353773,016(24,731)-12,33817,4242,157780,2041,143,981(653,967)(11,381)(25)110,02618,185(2,586)(539,749)(130,395)Attributable to shareholders of parent company1,143,981(130,395)　Dai-ichi Life Holdings, Inc.9(3) Consolidated Statement of Changes in Net AssetsYear ended March 31, 2021Balance at the beginning of the year343,517329,8601,094,483(126,356)1,641,5062,283,19820,437Shareholders’equityCapital stockCapital surplusTreasury stockRetainedearnings(Unit: million yen)Accumulated othercomprehensive incomeTotalshareholders’equityNet unrealizedgains (losses)on securities,net of taxDeferred hedgegains (losses)(15,150)(15,150)343,517329,8601,079,333(126,356)1,626,3552,283,19820,437214214(85)74(70,001)363,777(74)4,048(1,277)(29,999)(29,999)396429(70,001)363,777311–4,048(1,277)Total changes for the year214204296,472(29,603)267,287773,152Balance at the end of the year343,732330,0651,375,805(155,959)1,893,6433,056,350773,152(23,353)(23,353)(2,916)Accumulated other comprehensive incomeReserve forlandrevaluationForeigncurrencytranslationadjustmentsAccumulatedremeasurementsof definedbenefit plansTotalaccumulatedothercomprehensiveincome(Unit: million yen)Subscriptionrights tosharesTotalnet assetsBalance at the beginning of the year(17,978)(123,850)(27,458)2,134,3481,0633,776,918(17,978)(123,850)(27,458)2,134,3481,0633,761,768Cumulative effect of changes inaccounting policiesBalance at the beginning of the yearafter reflecting the effect of changes inaccounting policiesChanges for the yearIssuance of new sharesDividendsNet income attributable toshareholders of parent companyPurchase of treasury stockDisposal of treasury stockCancellation of treasury stockTransfer from retained earnings to capitalsurplusTransfer from reserve for landrevaluationOthersNet changes of items other thanshareholders’ equityCumulative effect of changes inaccounting policiesBalance at the beginning of the yearafter reflecting the effect of changes inaccounting policiesChanges for the yearIssuance of new sharesDividendsNet income attributable toshareholders of parent companyPurchase of treasury stockDisposal of treasury stockCancellation of treasury stockTransfer from retained earnings to capitalsurplusTransfer from reserve for landrevaluationOthersNet changes of items other thanshareholders’ equity(15,150)429(70,001)363,777(29,999)311–4,048(1,277)Total changes for the year(4,048)15,02017,445778,215(142)1,045,360Balance at the end of the year(22,026)(108,830)(10,012)2,912,5649204,807,129(4,048)15,02017,445778,215(142)778,073　Dai-ichi Life Holdings, Inc.10Year ended March 31, 2022Shareholders’equityCapital stockCapital surplusTreasury stockRetainedearnings(Unit: million yen)Accumulated othercomprehensive incomeTotalshareholders’equityNet unrealizedgains (losses)on securities,net of taxDeferred hedgegains (losses)Balance at the beginning of the year343,732330,0651,375,805(155,959)1,893,6433,056,350(2,916)343,732330,0651,375,805(155,959)1,893,6433,056,350(2,916)Cumulative effect of changes inaccounting policiesBalance at the beginning of the yearafter reflecting the effect of changes inaccounting policiesChanges for the yearIssuance of new sharesDividendsNet income attributable toshareholders of parent companyPurchase of treasury stockDisposal of treasury stockCancellation of treasury stockTransfer from retained earnings to capitalsurplusTransfer from reserve for landrevaluationOthersNet changes of items other thanshareholders’ equity194194(199,999)(199,999)(104)(342,874)365342,874342,979(342,979)(68,833)409,353(38,695)182-389(68,833)409,353261–182(38,695)Total changes for the year194194(40,971)143,241102,658(658,381)Balance at the end of the year343,926330,2591,334,834(12,718)1,996,3012,397,969(658,381)(12,615)(12,615)(15,532)Accumulated other comprehensive incomeReserve forlandrevaluationForeigncurrencytranslationadjustmentsAccumulatedremeasurementsof definedbenefit plansTotalaccumulatedothercomprehensiveincome(Unit: million yen)Subscriptionrights tosharesTotalnet assetsBalance at the beginning of the year(22,026)(108,830)(10,012)2,912,5649204,807,129(22,026)(108,830)(10,012)2,912,5649204,807,129-389(68,833)409,353(199,999)261–182(38,695)38,669113,06218,210(501,053)(225)(501,279)38,66916,643113,0624,23218,2108,197(501,053)2,411,510(225)694(398,621)4,408,507Cumulative effect of changes inaccounting policiesBalance at the beginning of the yearafter reflecting the effect of changes inaccounting policiesChanges for the yearIssuance of new sharesDividendsNet income attributable toshareholders of parent companyPurchase of treasury stockDisposal of treasury stockCancellation of treasury stockTransfer from retained earnings to capitalsurplusTransfer from reserve for landrevaluationOthersNet changes of items other thanshareholders’ equityTotal changes for the yearBalance at the end of the year　Dai-ichi Life Holdings, Inc.11(4) Consolidated Statement of Cash FlowsCASH FLOWS FROM OPERATING ACTIVITIESIncome before income taxesDepreciation of real estate for rent and othersDepreciationImpairment losses on fixed assetsAmortization of goodwillIncrease (decrease) in reserves for outstanding claimsIncrease (decrease) in policy reservesProvision for interest on policyholder dividendsProvision for (reversal of) reserve for policyholder dividendsIncrease (decrease) in reserve for possible loan lossesIncrease (decrease) in reserve for possible investment lossesWrite-down of loansIncrease (decrease) in net defined benefit liabilitiesauditorsIncrease (decrease) in reserve for price fluctuationsInterest and dividendsSecurities related losses (gains)Interest expensesForeign exchange losses (gains)Losses (gains) on disposal of fixed assetsEquity in losses (income) of affiliatesLosses (gains) on sale of stocks of subsidiaries and affiliated companiesDecrease (increase) in reinsurance receivableDecrease (increase) in other assets unrelated to investing and financing activitiesIncrease (decrease) in reinsurance payableIncrease (decrease) in other liabilities unrelated to investing and financing activitiesOthers, netSubtotalInterest paidOthers, netInterest and dividends receivedPolicyholder dividends paidCorporate income taxes (paid) refundNet cash flows provided by (used in) operating activities(Unit: million yen)Year endedMarch 31, 2021Year endedMarch 31, 2022482,54013,18856,0862,5524,03994,552829,5078,21877,50017,238(180)3692,804(190)23,658(749,410)33,476(444,926)1,125(10,643)(34,994)(212,668)(54,059)(55,660)65,816107,459(1,090,465)1,487,427(43,394)(84,461)(304,509)(44,500)(79,904)474,37113,45871,3523,8505,154117,139293,0348,26487,500(11,595)152459(2,420)(69)22,903(451,269)26,704(453,064)2,191(5,529)-(78,519)(251,517)76,163(25,677)87,547(1,376,207)1,554,969(32,077)(83,541)(383,791)(141,428)(462,076)Increase (decrease) in reserve for retirement benefits of directors, executive officers and corporate(1,347,865)(1,386,792)　Dai-ichi Life Holdings, Inc.12CASH FLOWS FROM INVESTING ACTIVITIESNet decrease (increase) in cash and depositsPurchases of monetary claims boughtProceeds from sale and redemption of monetary claims boughtPurchases of money held in trustProceeds from decrease in money held in trustPurchases of securitiesProceeds from sale and redemption of securitiesOrigination of loansProceeds from collection of loansNet increase (decrease) in short-term investingTotal of net cash provided by (used in) investment transactionsTotal of net cash provided by (used in) operating activities and investment transactionsProceeds from acquisitions of stock of subsidiaries resulting in change in scope of consolidationAcquisition of tangible fixed assetsProceeds from sale of tangible fixed assetsAcquisition of intangible fixed assetsProceeds from sale of intangible fixed assetsAcquisition of stock of subsidiariesNet cash flows provided by (used in) investing activitiesCASH FLOWS FROM FINANCING ACTIVITIESProceeds from borrowingsRepayment of borrowingsProceeds from issuing bondsRedemption of bondsPurchase of treasury stockCash dividends paidOthers, netRepayment of financial lease obligationsNet increase (decrease) in short-term financingNet cash flows provided by (used in) financing activitiesEffect of exchange rate changes on cash and cash equivalentsNet increase (decrease) in cash and cash equivalentsCash and cash equivalents at the beginning of the yearCash and cash equivalents at the end of the yearAcquisitions of stock of subsidiaries that do not result in change in scope of consolidation(Unit: million yen)Year endedMarch 31, 2021Year endedMarch 31, 2022(4,234)(48,967)15,459(226,019)162,283(11,675,124)10,923,203(788,869)676,6111,587,013621,355541,450(38,166)23,283(38,310)1-(16,800)551,362256,789(182,470)79,440(2,132)(2,966)17,281(29,999)(69,855)(500)065,58728,283565,3281,697,5822,262,910(19,326)(47,029)40,290(69,896)92,300(10,457,617)10,932,077(940,561)863,640672,8861,066,764604,688(99,465)31,910(49,547)69412,919-963,276330,130(298,308)79,453(129,858)(3,302)109,976(199,999)(68,678)(120)0(180,707)33,341353,8332,262,9102,616,743　Dai-ichi Life Holdings, Inc.13(5) Notes to the Consolidated Financial Statements(Notes on Going-Concern Assumptions)None(Changes in Accounting Policies)Effective the fiscal year ended March 31, 2022, the Company and its domestic consolidated subsidiaries haveapplied “Accounting Standard for Fair Value Measurement” (ASBJ Statement No.30, July 4, 2019) and others.In accordance with the transitional treatment set forth in Item 19 of “Accounting Standards for Fair ValueMeasurement” and Item 44-2 of “Accounting Standard for Financial Instruments,” (ASBJ Statement No.10, July 4,2019), the Company and its domestic consolidated subsidiaries have applied new accounting policies since thebeginning of the fiscal year ended March 31, 2022. As a result, in principle, while fair value of domestic stocks waspreviously determined based on the average market price over the month preceding the consolidated balance sheetdate, from the end of the fiscal year ended March 31, 2022, fair value of domestic stocks is determined based on themarket price as of the consolidated balance sheet date.(Segment Information and Others)[Segment Information]1 Overview of reportable segmentsThe reportable segments of the Company are components of the Company about which separate financialinformation is available. The segments are subject to periodic review to enable the Company’s Board of Directors todecide on allocation of business resources and evaluate business performance.The Company is a holding company which manages life insurance companies in Japan and elsewhere as well asother subsidiaries and affiliated companies. These companies are subject to regulations of the Insurance BusinessAct.The Company’s operations are therefore segmented based on the operations of its subsidiaries and affiliatedcompanies and the Company’s three reportable segments are the Domestic Life Insurance Business, the OverseasInsurance Business, and Other Business.The Domestic Life Insurance Business consists of subsidiaries that engage in the life insurance business in Japan.The Overseas Insurance Business consists of subsidiaries and affiliated companies that engage in the insurancebusiness overseas. The Company, subsidiaries and affiliated companies that do not operate either the Domestic LifeInsurance Business or the Overseas Insurance Business are segmented as Other Business and mainly consist of theasset management related business.2 Method of calculating ordinary revenues, income or loss, assets and liabilities and others by reportable segmentFigures for reportable segment income are based on ordinary profit.Intersegment revenue is based on market prices.　Dai-ichi Life Holdings, Inc.143Information on ordinary revenues, income or loss, assets and liabilities, and others by reportable segmentFor the fiscal year ended March 31, 2022Reportable segmentDomestic LifeInsuranceBusinessOverseasInsuranceBusinessOtherBusinessTotalAdjustments(Note 2)(Unit: million yen)Amount onconsolidatedfinancialstatements(Note 3)Ordinary revenues (Note 1)6,789,5252,222,6589,2099,021,393(811,684)8,209,708Intersegment transfers55,62820,270207,107283,006(283,006)-Total6,845,1542,242,928216,3179,304,400(1,094,691)8,209,708Segment income (loss)493,93694,324197,539785,800(194,903)590,897Segment assets49,031,61216,628,5852,518,21268,178,411(2,297,249)65,881,161Segment liabilities45,985,74215,173,762607,93961,767,443(294,789)61,472,654Interest and dividends1,004,619380,242198,9431,583,805(197,013)1,386,792Interest expenses10,39114,37828,673(1,969)26,704———13,45871,3525,1545,52910,76639,79265,01887,287164,102[-][3,850]Other relevant informationDepreciation of real estatefor rent and others13,4391913,458Depreciation44,64626,52018671,352Amortization of goodwill5,1545,154–10,40239,431[3,850]1,365364361[-]—-3,9044,163[-]9505,52910,76639,792[3,850]65,018Equity in income (loss) ofaffiliatesExtraordinary gainsExtraordinary losses[Impairment losses]Investments in affiliatedcompaniesIncrease in tangible fixedassets and intangible fixedassetsTaxes45,81018,256-50,98736,30087,287157,2226,8755164,102Note: 1. Ordinary revenues, instead of sales, are presented here.2. Adjusted amounts were as follows.(1) Adjustment for ordinary revenues of ¥(811,684) million was mainly related to ordinary revenues including other ordinaryrevenues of ¥768,037 million and ordinary expenses including foreign exchange losses of ¥15,046 million reconciled toprovision for policy reserves and foreign exchange gains in the Consolidated Statement of Earnings.(2) Adjustment for segment income (loss) of ¥(194,903) million was mainly related to elimination of dividend income from(3) Adjustment for segment assets of ¥(2,297,249) million was mainly related to elimination of stocks of subsidiaries and(4) Adjustment for segment liabilities of ¥(294,789) million was mainly related to elimination of intersegment receivablessubsidiaries and affiliated companies.affiliated companies.and payables.(5) Adjustment for others was mainly related to elimination of intersegment transactions.3. Segment income (loss) is reconciled with ordinary profit booked in the Consolidated Statement of Earnings.　Dai-ichi Life Holdings, Inc.15[Other Related Information]For the fiscal year ended March 31, 20221 Product (Service) Segment InformationDomestic LifeInsurance BusinessOverseas InsuranceBusinessOther BusinessTotal(Unit: million yen)Premium and other income3,916,4381,375,535-5,291,9732 Geographic Segment Information(1) Ordinary RevenuesJapanUnited States of AmericaOther AreasTotal5,434,2371,545,5301,229,9408,209,708(Unit: million yen)Note: 1. Ordinary revenues, instead of sales, are presented here.2. Based on the location of customers, ordinary revenues are classified by country or region.The geographic segment information has been omitted as more than 90% of the Group’s tangible fixed assets(2) Tangible fixed assetsderive from its business unit in Japan.3 Major Customer Informationordinary revenues.The major customer information has been omitted as no single customer accounts for 10% or more of the Group’s[Impairment Losses on Fixed Assets by Reportable Segment]For the fiscal year ended March 31, 2022The information on impairment losses on fixed assets by reportable segment has been omitted as it is explained in[Segment Information].[Amortization of Goodwill and Unamortized Amount of Goodwill by Reportable Segment]For the fiscal year ended March 31, 2022Domestic LifeInsurance BusinessOverseas InsuranceBusinessOther BusinessTotal(Unit: million yen)–5,15456,245–5,15456,245Amortization of goodwillUnamortized amount ofgoodwill[Gain on Negative Goodwill by Reportable Segment]For the fiscal year ended March 31, 2022Not applicable　Dai-ichi Life Holdings, Inc.16(Per-share Information)Net assets per share as of March 31, 2022:Net income per share for the year ended March 31, 2022:Diluted net income per share for the year ended March 31, 2022:Note.1. Reconciliation of net income per share and diluted net income per share was as follows:¥ 4,302.56¥ 383.15¥ 382.96(Unit: million yen)Year ended March 31, 2022Net income per shareNet income attributable to shareholders of parent company ……………………Net income attributable to other than shareholders of common stock …………Net income attributable to shareholders of parent company of common stock …¥ 409,353¥ 409,353Average number of common stock outstanding: 1,068,380 thousand sharesDiluted net income per shareAdjustments to net income attributable to shareholders of parent companyIncrease in the number of common stock: 529 thousand shares–(Increase in the number of common stock attributable to subscriptionrightstoshares: 529thousand shares)Outline of the dilutive shares which are not counted in the basis of calculation of diluted net income pershare because they do not have dilutive effect: Not applicable2. Reconciliation of net assets per share was as follows:As of March 31, 2022Net assets ………………………………………Adjustments ……………………………………Subscription rights to shares ………………Net assets attributable to common stock ………(Unit: million yen)¥ 4,408,507¥ 694¥ 694¥ 4,407,812Number of common stock outstanding: 1,024,462 thousand shares3. For the calculation of net income per share, the shares held by “the Stock Granting Trust (J-ESOP)” wereincluded in treasury stock excluded from the average number of common stock outstanding. The average numberof the shares held by the J-ESOP during the year ended March 31, 2022 was 3,903 thousand shares. For thecalculation of net assets per share, the shares held by the J-ESOP were included in treasury stock excluded fromthe number of common stock outstanding. The number of the shares held by the J-ESOP as of March 31, 2022was 3,899 thousand shares.　Dai-ichi Life Holdings, Inc.17(Subsequent Events)On May 12, 2022, the board of directors of the Company has resolved to repurchase the Company’s shares underthe provision of Article 156 of the Companies Act of Japan, as applied pursuant to Article 165, Paragraph 3 of thesame.(1) Reason for the Repurchase of the Company’s sharesTo enhance shareholder return through the implementation of a flexible capital policy and the improvement ofcapital efficiency.(2) Details of the Repurchasea) Class of shares to be repurchasedShares of common stockb) Aggregate number of shares to be repurchasedUp to 90,000,000 sharesc) Aggregate price of shares to be repurchasedUp to 120.0 billion yend) Period of repurchase of sharesFrom May 13, 2022 to March 31, 2023e) Method of repurchase of sharesOpen-market repurchase by the discretionary trading method　Dai-ichi Life Holdings, Inc.18