第一ライフグループ / 旧 第一生命 HD

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This entry sits under life-insurers INDEX. Read it against Nippon Life for peer / contrast context and insurance index for the broader system / regulatory boundary.

TL;DR

One of the major domestic 4 life insurers (Dai-ichi Life / nippon-life / Sumitomo Life / Meiji Yasuda Life). Founded 1902-09 , Japan’s first mutual-company-form insurance company. Demutualized and listed 2010-04 (the largest mutual-to-stock conversion in history at the time); converted to a holding company 2016-10 , launching Dai-ichi Life HD. In 2026-04-01 it changed its trade name to Daiichi Life Group, Inc. (株式会社第一ライフグループ). TSE PRIME 8750. Strategy: domestic (sales-representative + bank counter sales + multi-tied agency 3 axes) + overseas (US Protective / Australian TAL / Asia) + asset management (the Mizuho JV Asset Management One). FY2024 (2025-03 period) net income 4,296 億円 (+34%), with overseas business profit exceeding 1,000 億円 for the first time (1,146 億円) and US Protective profit 3.4 x. Promoting DX such as the health-promotion-type “Kenko Daiichi.” The mid-term plan “Re-connect 2026” (2024〜) is being rolled out.

1. Company overview

Legal name: 株式会社第一ライフグループ (trade name changed 2026-04-01) Former trade name: Dai-ichi Life Holdings, Inc. (第一生命ホールディングス株式会社) English name: Daiichi Life Group, Inc. Securities code: TSE PRIME 8750 Founded: 1902-09 (formerly Dai-ichi Mutual Life Insurance Company, founded by Tsuneta Yano) Demutualization and listing: 2010-04-01 Holding-company conversion: 2016-10-01 (launch of Dai-ichi Life HD) Headquarters: 1-13-1 Yurakucho, Chiyoda-ku, Tokyo (Dai-ichi Life Building) Business type: one of the major domestic 4 life insurers

Key KPIs (FY2024 = 2025-03 period, consolidated, disclosed 2025-05-15)

FY2025 full-year forecast (based on FY2025 1H actuals, 2026-03 period): net income about 3,470 億円 (▲19% assumed) — investment income expected to shrink on concerns over US tariff policy. FY2025 1H (2025-09 period) actuals: ordinary revenue 5 兆 1,196 億円 (▲1.4%), ordinary profit 3,434 億円 (▲7.7%), interim net income 2,096 億円 (▲10.1%).

Key KPIs (overview / business type)

Main subsidiaries / holdings

第一ライフグループ（旧 第一生命 HD、持株会社・上場 8750）
  ├── 第一生命保険（100%）── 主力国内事業・営業職員チャネル
  ├── 第一フロンティア生命（100%）── 銀行窓販向け（貯蓄性商品中心)
  ├── ネオファースト生命（100%）── ネット・乗合代理店向け
  ├── Protective Life Corporation（米国, 100%）── 2015-02 連結子会社化、米生保第 13 位
  ├── TAL Dai-ichi Life Australia（豪州）── 豪州生保大手
  ├── Star Union Dai-ichi Life Insurance（印度）── インド合弁
  ├── 第一生命ベトナム / ミャンマー等 ── アジア展開
  ├── アセットマネジメント One（49%）── みずほ FG と JV、信託・運用 ★
  └── 第一生命経済研究所 ── シンクタンク

Main shareholder composition (based on public information)

• Because it was formerly a mutual company, there was no controlling shareholder at founding; at the 2010-04 listing, shares were widely dispersed via new-share allotments and offerings to policyholders

Key timeline (excerpt)

2. Business segment map

Domestic 3 -axis channel strategy

• Sales-representative channel: Dai-ichi Life Insurance’s “Lifetime Design Designer,” the traditional mainstay (one of the two major sales-representative channels alongside nippon-life)
• Bank counter sales: Dai-ichi Frontier Life, specialized in savings-type single-premium products (megabank / regional-bank channels)
• Multi-tied agency / net: Neo First Life, medical insurance and third-sector products

Overseas strategy

• US (Protective Life): made a consolidated subsidiary 2015-02 for about 5,800 億円, US life insurer No. 13 位. FY2024 profit about 3.4 x (yen-depreciation effect + expanded investment income from rising interest rates)
• Australia (TAL): invested 2007-10 → made a wholly owned subsidiary 2011-05 , major Australian group insurer
• India (Star Union Dai-ichi): joint venture, bank-affiliated channels such as Bank of India + Union Bank of India
• Asia emerging (Vietnam / Myanmar, etc.): growth markets, long-term cultivation
• Strategic significance: an overseas-diversification hedge against the domestic environment of population decline / low interest rates. FY2026 target: overseas life-insurance business profit contribution ratio 40%

Asset-management joint venture

• Asset Management One (launched 2016-09 ): Dai-ichi Life HD 49% + mizuho-fg 51%. Integration of 4 社 Mizuho-affiliated firms (DIAM, Shinko Investment Trust, Mizuho Asset Management, Mizuho Trust asset management), one of the largest Japanese-bank-affiliated

DX / insurtech

• “Kenko Daiichi” app: health-promotion-type insurance, Apple Watch linkage / use of health data
• Insurtech strategy (2019〜): expansion of digital channels, AI underwriting assessment
• Data-driven: in cooperation with the Dai-ichi Life Research Institute, use of health / medical data

Competitive structure

• Major domestic 4 life insurers: Dai-ichi / nippon-life / Sumitomo / Meiji Yasuda. By total-asset scale nippon-life is first, and Dai-ichi Life is the only major one that is a stock company and listed (the other 3 社 are mutual companies)
• Advantages of demutualization: agile capital raising / M&A (such as the Protective acquisition), governance transparency, shareholder returns (FY2024 137 円 dividend +24 円 / 1,000 億円 share buyback)
• Disadvantages of demutualization: the balance of short-term share-price pressure vs. long-term policyholder interests

4. Regulation / policy

• Supervisory authority: FSA, Insurance Business Act
• Soundness regulation: solvency margin ratio (SMR), with investment-policy impact from the 2025〜 introduction of economic-value-based solvency regulation (J-ICS / ESR)
• Overseas regulation: US (NAIC, state insurance authorities), Australia (APRA), India (IRDAI), etc.
• Accounting: IFRS 17 (insurance contracts) applied 2023〜, improving the financial transparency of Japanese life insurers
• Recent policy talking points:
  • 2024〜 normalization of the BOJ policy rate → expectations for improved investment yields of domestic life insurers (contributing to FY2024 results)
  • 2025〜 transition to economic-value-based regulation → pressure to review the asset-management portfolio
  • 2025〜 concerns over US tariff policy lead to a forecast of shrinking FY2025 profit (▲19% full-year forecast)
  • strengthened compliance of the sales-representative channel (after the 2020 年 inappropriate-money-transaction matter)

Related

• nippon-life · mizuho-fg · mufg · smfg
• life-insurance-channel-mix · economic-value-based-solvency

Sources

• Wikipedia: Dai-ichi Life Holdings (public information 2026-05-19 extracted)
• Dai-ichi Life HD official IR / history page (public information, https://www.dai-ichi-life-hd.com/ → current https://www.daiichilife-group.com/)
• 2025年3月 period financial summary (consolidated, disclosed 2025-05-15) https://www.daiichilife-group.com/investor/library/earning/pdf/2024/2024_001.pdf
• 2026年3月 period 2 quarter interim financial summary (consolidated, disclosed 2025-11-14) https://www.dai-ichi-life-hd.com/investor/library/earning/pdf/2025_hanki_001.pdf
• Results highlights / consolidated (official IR) https://www.daiichilife-group.com/investor/financial/highlight.html
• Nikkei 2025-05-15 report (net income +34% / Protective 3.4 x / dividend 137 円)

[!info] Verification status confidence: high (v1.1, 2026-05-19 public IR verification completed). FY2024 full-year figures (net income 4,296 億 / ordinary revenue 9.87 兆 / ordinary profit 7,191 億 / total assets 69.6 兆 / overseas business profit 1,146 億 / employees 60,814 名) are based on the financial summary + official IR highlights. The Protective profit 3.4 x increase and the first overseas exceeding 1,000 億 match the Nikkei report and official IR. FY2025 1H actuals (disclosed 2025-11-14) are also reflected.