The Marketing Strategy of Dai-Ichi Life

The Marketing Strategy of Dai-ichi Life

Katsutoshi Saito, Deputy Chairman

“Customer First”

Tsuneta Yano, founder

1902 Started operations as Japan’s first mutual insurance company 1932 Established market position with the second largest amount of policies in force in Japan 1945 Hibiya head office was taken over by Allied Forces as their GHQ 1998 Reached an agreement on full partnership with Industrial Bank of Japan (Currently Mizuho FG) 2000 Comprehensive business alliance with Yasuda Fire and Marine Insurance (Currently Sompo Japan) Strategic marketing alliance with AFLAC 2006 Established Dai-ichi Frontier Life Insurance Co., Ltd. (started operations in 2007) 2007 Established Dai-ichi Life Insurance Company of Vietnam, Ltd. Business alliance with Resona Holdings 2008 Announced planned demutualization and IPO in 1H FY2010 2010 Demutualization and IPO implemented

The Dai-ichi Life Insurance Company, Ltd.

Dai-ichi Frontier Life Insurance Co., Ltd. (90%) (1) Development of individual annuity products sold at banks Total assets: ¥1,423 billion 50%

International Affiliates

Vietnam (2007/1-) : Dai-ichi Life Insurance Company of Vietnam, Life Limited (100%) insurance India (2007/12-): JV with local state-owned banks (26%) Thailand (2008/7-): Capital and business alliance with Ocean Life Insurance Company Ltd. (24%) Australia (2008/8-): Capital and business alliance with Tower Australia Group Limited (28.6%)

DIAM Co., Ltd. (50%) (1) Asset Asset management management AUM: ¥7,476 billion(2) ______(1) Non-consolidated basis, figures are based on 2010/3 (2) Sum of assets for both Advisory Account and Trust Funds as of 2009/03 5

World Ranking in Life & Health Insurance Key Figures (2009) (8) (USD in mn) (1)(2)(3) Premium Income ¥3,704 billion Company Country Revenues Japan Post Holdings Japan 202,196 Fundamental Profit (1)(4) ¥330 billion (4) AXA France 175,257 Total Assets (2)(5) ¥32,104 billion Assicurazioni Generali Italy 126,012 Aviva UK 92,140 Embedded Value (2)(5) ¥2,836 billion Nippon Life Japan 72,051 CNP Assurance France 66,556 Sales Representatives (5)(6) 43,480 China Life China 57,019 Solvency Margin Ratio (5) 953.5% Dai-ichi Life Japan 57,018 Meiji Yasuda Life Japan 45,262 Insurer Financial Strength Rating Sumitomo Life Japan 43,780 (S&P / Moody’s / Fitch / R&I / JCR) (7) A / A1 / A- / A+ / A+ MetLife US 41,098 ______Source: Dai-ichi Life information and disclosure of individual companies (1) Figures are based on FY2009 (ended March 31, 2010 for domestic companies, ended December 31, 2009 for international companies) (2) Consolidated basis. Other figures (except for embedded value) are not accounting-based figures and are therefore presented on a non-consolidated basis Embedded value is shown on a group basis and calculated as follows; [Dai-ichi Life’s EEV] plus [Dai-ichi Frontier Life’s EEV corresponding to Dai-ichi Life’s equity stake in Dai-ichi Frontier Life] less [the carrying amount of Dai-ichi Life’s equity of Dai-ichi Frontier Life] (3) Premium income represents premium and other income (4) Fundamental profit represents underwriting profit from insurance businesses and excludes capital gains / losses (5) As of March 31, 2010 (6) The number of sales representatives does not include those who are not full-time employees of Dai-ichi Life and who are engaged mainly in ancillary work. The number of such persons was 745 as of December 31, 2009 6 (7) Current ratings (8) Source: Fortune, July 26, 2010 COPYRIGHT© 2010 THE DAI-ICHI LIFE INSURANCE COMPANY LTD. ALL RIGHTS RESERVED. Dai-ichi’s Market Position

Premium Income for Japanese Life Insurers (1)(2) (FY2009)

Industry Total: ¥35 trillion JP Nippon Dai-ichi Meiji Yasuda Sumitomo 21.2% Japan Post T&D Others Alico 36.8% Aflac Prudential Fukoku Nippon AXA 13.6% Sony Life Mitsui Sumitomo Manulife Mitsui 8.7% Tokio Marine 10.5% Asahi Sumitomo 9.3% Dai-ichi AIG Meiji Yasuda MassMutual ING

02468 (¥ trillion) ______Source: Dai-ichi Life information and disclosure of individual companies (1) Premium income represents premium and other income. (2) Dai-ichi represents the sum of Dai-ichi Life and Dai-ichi Frontier Life; T&D represents the sum of Daido Life, Taiyo Life and T&D Financial Life; Prudential represents the sum of Prudential Life, Gibraltar Life and Prudential Financial Japan Life; Tokio Marine represents the sum of Tokio Marine & Nichido Life and Tokio Marine & Nichido Financial Life; Mitsui Sumitomo represents the sum of Mitsui Sumitomo 7 Kirameki Life and Mitsui Sumitomo MetLife; Fukoku represents the sum of Fukoku Life and Fukoku Shinrai Life; AXA represents the sum of AXA Life, AXA Financial Life (merged with AXA Life in FY2009) and Nextia Life (former SBI AXA). COPYRIGHT© 2010 THE DAI-ICHI LIFE INSURANCE COMPANY LTD. ALL RIGHTS RESERVED. Dai-ichi’s Market Position

Market Share of Policies in Force Market Share of New Business (Mar. 31, 2010) (1)(2)(3) (FY2009) (1)(2)(3)

Dai-ichi (4) Others Nippon 11.4% 16.0% 17.9% Others 23.6% Fukoku (4) Nippon 2.9% (4) 11.4% Sony (6) Dai-ichi 3.0% Asahi 3.4% 14.3% Alico 3.8% (4) 4.3% 9.5% Prudential T&D (4) Tokio Marine (4) 4.5% 5.2% T&D (4)(6) 4.9% 11.6% Meiji Yasuda 9.1% 9.8% 6.1% Japan Post Meiji Yasuda 11.5% Sumitomo Sony 7.4% 8.4%

Japan Post (5) Prudential (4) Sumitomo

Industry total: ¥ 1,111 trillion Industry total: ¥ 66.8 trillion

______Source: Company disclosure of individual companies (1) Non-consolidated basis (2) Sum insured, individual insurance and individual annuities (3) Total of 46 life insurance companies (4) Dai-ichi represents the sum of Dai-ichi Life and Dai-ichi Frontier Life; T&D represents the sum of Daido Life, Taiyo Life and T&D Financial Life; Prudential represents the sum of Prudential Life, Gibraltar Life and Prudential Gibraltar Financial Life; Fukoku represents the sum of Fukoku Life and Fukokushinrai Life; Tokio Marine represents the sum of Tokio Marine & Nichido Life and Tokio Marine & Nichido Financial Life 8 (5) Japan Post’s policies in force calculated as the sum of reinsurance underwritten and policies in force COPYRIGHT© 2010 THE DAI-ICHI LIFE INSURANCE COMPANY LTD. ALL RIGHTS RESERVED. Business Mix and Distribution Channel Mix

Business Mix Distribution Channel Mix

Insurance Premiums by Product Insurance Premiums by Channel Line (FY2009) (1) (FY2009) (1)

Others Group 44 (¥ billion) Annuities Financial 716 1.2% Institutions

19.7% Group 21.9% 1.4% Individual Insurance 4.5% Insurance 163 1,756

26.4% 48.3%

Individual Annuities 78.1% 960 Sales Representatives, Others

Total： ¥3,640 billion Total： ¥3,640 billion ______Source: Dai-ichi Life information (1) Sum of Dai-ichi Life and Dai-ichi Frontier Life 9 (2) Individual insurance and individual annuities COPYRIGHT© 2010 THE DAI-ICHI LIFE INSURANCE COMPANY LTD. ALL RIGHTS RESERVED. Dai-ichi’s Strategies and Initiatives

Decreasing population and changing demographic structure (Declining birthrate and aging of society, etc.)

Diversifying customers’ lifestyles and needs (Retirement of the baby boom generation, increase of unmarried people, women’s participation in society, etc.)

Further trimming of the social security system (Necessity of self-help efforts / Increasing uncertainty of the public)

20 Years ago Today

Security for the surviving family’s life Security for the surviving family’s life In case of death in case of death ＋ Security for living (medical, long-term care, disability) Security for old age (annuities, savings) 11

“Personal Life Planning”: Savings? Investment? Need to Reduce the Danger from a Variety of Risks Four risks jeopardizing the “value of a human life” (Dr. S. Huebner) (1) Death (2) Long-term disability (3) Illness and accidents (4) Long life

People cannot build up financial assets sufficient to cover any eventuality (except for the very rich…)

Value of the mutual aid mechanism of life insurance 13

Savings (for education etc.) Savings for retirement Protection for nursing care Protection for the loss of income Protection for medical treatment

Life cover

Children’s Children’s Getting Marriage Birth of school Buying getting Retirement employed a child admission a home employed “Total Life Plan”: to determine the risks for life and to give advice based on personal life planning 14

Waiver of Premium Rider Income Support Rider (2001-) (2004-)

No need to pay Living benefit paid premiums under every year certain conditions

Provides support for a decline in income in case of severe conditions such as the three critical illnesses (cancer, heart attack, stroke)

Support for Women Rider Launched in response to women’s specific needs - Benefits for mastectomies, hysterectomies, etc. - Benefits to cover the costs for breast reconstruction

Hospitalization Benefit Riders Relaunched in response to the trends in medical care - Standard rider: Shortened the maximum number of days of hospitalization and lowered the rider premiums - Additional rider for lifestyle diseases: Broadened the coverage of lifestyle diseases from 5 to 8 17

Strategic Business Alliances Non-Life Insurance Sales (Annual premiums from new business)

Policyholders Policyholders Policyholders (¥ billion) 40

30 Enhanced Products and Services Line-up 20 29.4 31.3 32.5 32.9 32.0 30.4 24.2 26.6 10

0 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009

Cancer Insurance Sales (Annual premiums from policies in force) Life (¥ billion) Non-Life Insurance Cancer 50.5 Insurance Insurance 60 46.8 49.7 Annuities 41.9 50 36.6 30.7 Sompo 40 26.1 AFLAC 30 19.4 Japan Medical Sales 20 Sales Insurance Agents 10 Agents 0 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 ______18 Source: Dai-ichi Life information COPYRIGHT© 2010 THE DAI-ICHI LIFE INSURANCE COMPANY LTD. ALL RIGHTS RESERVED. Strategic Alliances with Sompo Japan and AFLAC

The Breakdown of Dai-ichi Life’s Customers

(thousand Total Life insurance policyholders) 8,549 7,983

Life only 7,111

Life & Non-life Life & Cancer 195 586 All Non-life only 91 Cancer only 208 341 Non-life insurance Cancer insurance 519 1,035

Company Overview of Dai-ichi Frontier Life

• Established: December 1, 2006 • Capital: 185.0 billion yen (incl. reserve capital of 67.5 billion yen) • Shareholders: Dai-Ichi Life Insurance Company, Limited (90.0%), Sompo Japan Insurance Inc. (10.0%) • Start of operations: October 1, 2007 • Products: Individual annuities (variable and fixed)

Banks and securities firms

(Sales support)

• Product development Dai-ichi Frontier Life • Underwriting • Administration (Capital holding) Dai-ichi Life

The features of financial products and the appropriate distribution channels

The features Appropriate distribution of the financial product channels

Order-made Face-to-face / Complex consulting is essential

Uniform Less need for face-to- / Simple face consulting

The features of financial products and the appropriate distribution channels Customer demand for products

Manifest demand Latent demand

Demand-pull Demand- arousing

Appropriate distribution channels 23

Manifest Customer demand Latent

Order-made, complex Exclusive ← Walk-in shops sales force

Product Appropriate for protection sales features → Call centers (inbound) Call centers Internet, (outbound) Uniform, simple mail order

The nature of life insurance: Customers’ demand is latent

Our mission: To make customers realize the need for coverage against risks, by reviewing their long- term personal financial plans

Face-to-face Periodic checks consulting is are essential essential

COPYRIGHT© 2010 THE DAI-ICHI LIFE INSURANCE COMPANY LTD. ALL RIGHTS RESERVED. Face-to-Face Consulting and Regular Contacts Customers’ feedback from the company’s survey z Satisfactory frequency of visits by sales reps “Twice or more times a year” : About 70%

z Information and services that customers desire “Information about policy contents”: About 70%

A program of regular calls on all policyholders (first in the industry)

Dai-ichi’s policyholders: About 8 million

Our sales reps: About 40,000 (Approx. one sales rep per 200 customers)

PersistencyPersistency raterate RetentionRetention raterate ofof ofof policiespolicies salessales repsreps

◆Introducing persistency-linked allowances ◆Providing incentives for receiving claims ◆The program of regular visits to all customers ◆Sales target: Down 10% from the previous year 28

95%

90% 13th month 85%

80% 25th month 75%

70% 2004 2005 2006 2007 2008 2009 2010 ______(April – August) 29 Source: Dai-ichi Life information COPYRIGHT© 2010 THE DAI-ICHI LIFE INSURANCE COMPANY LTD. ALL RIGHTS RESERVED. Initiatives to Further Improve the Quality of Our Sales Force Major indicators of distribution channel quality

PersistencyPersistency raterate RetentionRetention raterate ofof ofof policiespolicies salessales repsreps

◆Focusing more on qualification and reducing the number of new reps from 20,000 to 10,000 a year ◆The size of the training staff unchanged GreaterGreater attentionattention toto thethe newnew reps’reps’ training training 30

45,000 No. of New Reps (Right-hand scale) No. of Sales Reps 20,000 (Average, Left-hand scale)

40,000 15,000

35,000 10,000

30,000 5,000

25,000 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 (April – August) Retention rate The size of the sales force has improved has stabilized 31 ______Source: Dai-ichi Life information COPYRIGHT© 2010 THE DAI-ICHI LIFE INSURANCE COMPANY LTD. ALL RIGHTS RESERVED. Enhancement of Advice Capability with Mobile PC “e-Navit”

InnovationsInnovations inin salessales processprocess

StrongStrong privacyprivacy protectionprotection

Head office

Sales office Sales office

SalesSales reprep SalesSales reprep (e-Nav!t)(e-Nav!t) SalesSales reprep (e-Nav!t)(e-Nav!t) (e-Nav!t)(e-Nav!t) 32

•Award for corporations with “remarkable management system” •Modeled on “Malcolm Baldrige National Quality Award” in the U.S. (The concept of the Award) Customer Focus Public Responsibility Unique Capabilities Employee Oriented

•First winner in the financial and insurance sector •Self-innovation program for realization of “Total Life Plan” and its complete implementation were appraised.

LifeLife InsuranceInsurance PolicyPolicy

Advice/Advice/ ThroughoutThroughout BenefitBenefit paymentpayment ApplicationApplication thethe policypolicy termterm

ProvidingProviding highhigh qualityquality productsproducts andand servicesservices atat eacheach stagestage ofof lifelife insuranceinsurance “Customer First” Philosophy (1902)

“Declaration of Quality Assurance” (2006)

ImplementationImplementation ofof “Declaration“Declaration ofof QualityQuality Assurance”Assurance” basedbased onon thethe “Customer“Customer First”First” Principle Principle

SustainableSustainable growthgrowth isis essentialessential

DemutualizationDemutualization forfor moremore flexibleflexible strategiesstrategies MoreMore proactiveproactive investmentsinvestments inin growthgrowth marketsmarkets MoreMore flexibleflexible strategiesstrategies (such(such asas M&AM&A and and reorganization)reorganization)

ManagementManagement transparencytransparency basedbased onon marketmarket principlesprinciples 37

Market Share of Policies in Force Market Share of New Business (Mar. 31, 2010) (1)(2)(3) (FY2009) (1)(2)(3)

Japan Post (5) Prudential (4) Sumitomo

Industry total: ¥ 1,111 trillion Industry total: ¥ 66.8 trillion

______Source: Company disclosure of individual companies (1) Non-consolidated basis (2) Sum insured, individual insurance and individual annuities (3) Total of 46 life insurance companies (4) Dai-ichi represents the sum of Dai-ichi Life and Dai-ichi Frontier Life; T&D represents the sum of Daido Life, Taiyo Life and T&D Financial Life; Prudential represents the sum of Prudential Life, Gibraltar Life and Prudential Gibraltar Financial Life; Fukoku represents the sum of Fukoku Life and Fukokushinrai Life; Tokio Marine represents the sum of Tokio Marine & Nichido Life and Tokio Marine & Nichido Financial Life (5) Japan Post’s policies in force calculated as the sum of reinsurance underwritten and policies in force 39 COPYRIGHT© 2010 THE DAI-ICHI LIFE INSURANCE COMPANY LTD. ALL RIGHTS RESERVED. Policies in Force (Retail Business)

Policies in Force(1) Annualized Premiums(1) （\ billion）（\ trillion）（million） 2,109.8 2,096.6 2,148.9 2,000 8.6 44.2 128.4 200 14 12.43 12.32 12.42 12 1,500 150 10

8 1,000 100 174 2,101.1 2,052.4 2,020.4 166 159 6

4 488.8 492.7 494.8 50 500

0 0 0 Mar-08 Mar-09 Mar-10 Mar-08 Mar-09 Mar-10 Dai-ichi Frontier Life Amount (left-hand scale) Dai-ichi Life Products for medical care & other living benefits Number of Policies (right-hand scale)

______Source: Dai-ichi Life information 40 (1) Sum of Dai-ichi Life and Dai-ichi Frontier Life COPYRIGHT© 2010 THE DAI-ICHI LIFE INSURANCE COMPANY LTD. ALL RIGHTS RESERVED. Market Share Among 10 Major Life Insurers

(1) Market Share Among 10 Major Life Surrender and Lapse Rate (2)(3) ～ Insurers (FY2006 FY2009) (FY2001 ～ FY2009)

100% 2.8% 2.9% 3.0% 3.1% 3.2% 3.3% 3.4% 3.5% 3.5% 2.1% 1.7% 1.9% 2.3% 2.5% 2.8% 3.0% 3.3% 3.6% 5.6% 5.3% 5.0% 4.7% 4.5% 4.4% 4.2% Dai-ichi Industry average 90% 4.1% 4.0% Others 3.2% 3.2% 3.4% 3.7% 3.9% 4.2% 4.5% 4.8% 5.1% 10.0% 4.3% 4.4% 4.7% 5.0% 5.3% 5.5% 5.7% 80% 5.9% 6.2% 14.2% 13.9% 9.0% 13.6% 13.3% 12.7% 12.5% 12.3% 12.0% 11.7%D 70% 7.18% 6.94% 6.71% 8.0% 6.76% 15.1% 15.1% 15.1% 15.2% 14.9% 6.67% 60% 14.6% 14.3% 14.0% 13.7% C 7.0% 5.99% 5.79% 50% 5.60% 14.6% 14.4% 14.2% 14.0% 14.1% 14.0% 14.0% 14.0% 13.9% B 6.0% 40%

5.0% 30% 22.4% 22.6% 22.4% 22.3% 22.2% 22.0% 21.6% 21.4% 21.3% A 4.0% 20%

3.0% 10% 16.2% 16.3% 16.4% 16.4% 16.6% 16.7% 16.9% 17.0% 17.0%Dai-ichi

0.0%2.0% 0% 2006 2007 2008 2009 01 02 03 04 05 06 07 08 09

______Fiscal year Fiscal year Source: Company disclosure of individual companies, The Life Insurance Association of Japan, Summary of Life Insurance Business in Japan (Annual) (1) Non-consolidated basis. The amount of Japan Post Insurance is not included in the annual industry average (2) Sum insured, individual insurance and individual annuities, policies in force (3) Dai-ichi represents the sum of Dai-ichi Life and Dai-ichi Frontier Life; T&D represents the sum of Daido Life, Taiyo Life and T&D Financial Life; 41 Prudential represents the sum of Prudential Life, Gibraltar Life and Prudential Gibraltar Financial Life; Fukoku represents the sum of Fukoku Life and Fukokushinrai Life COPYRIGHT© 2010 THE DAI-ICHI LIFE INSURANCE COMPANY LTD. ALL RIGHTS RESERVED. New Business (Retail Business)

New Business Amount Insured(1) Annualized Premiums from New Business(1)

(billions of yen) (billions of yen) (thousands) (billions of yen) 294 2,000 281 300 50 25.0 260 44.2 250 1,597 1,524 1,526 40 37.2 20.0 80 1,500 85 200 34.9 188 19.8 8.8 150 8.3 30 15.0 +13.4% 28.4 1,000 100 26.6 24.4 20 +16.5% 10.0 1,439 1,517 50 1,338 9.0 500 0 7.6 8.2 10 5.0 -50

0 -100 0 0.0 Jun-08 Jun-09 Jun-10 Jun-08 Jun-09 Jun-10 Dai-ichi Frontier Life Dai-ichi Frontier Life Dai-ichi Life Dai-ichi Life Number of policies (right-hand scale) Products for medical care &other living benefits (right- hand scale)

(trillions of yen) （%） 15 5.79 Surrender & lapse rate 5.60 (right-hand scale) 6.0

Surrender & lapse amount 5.0 (left-hand scale) 10 4.0 2.5 1.9 3.0 2.5 2.2 5 2.0 2.5 2.4 ( -35.0%) 1.0 2.5 2.6 1.7 0 0.0 FY2008 FY2009 FY2010

1Q 2Q 3Q 4Q

Relatively Satisfied Satisfied 100 82.6 90 77.7 77.8 78.9 73.6 75.3 72.1 72.2 80 20.9 70 15.2 18.2 18.1 18.9 14.8 15.2 15.9 60 50 40

30 57.3 57.0 57.7 60.1 59.5 59.7 60.0 61.7 20 10 0 Mar-03 Mar-04 Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10

GrowingGrowing rolerole ofof thethe lifelife insuranceinsurance industryindustry toto supplementsupplement thethe socialsocial securitysecurity systemsystem

Diversification of products and distribution channels reflecting the diversification of customers’ lifestyles and needs

◇ Shrinking of the market for traditional life insurance (death cover) ◇ Expansion of the markets for “living” coverage (medical, annuities, etc.) ◇ Diversification of distribution channels (banks and securities firms, insurance shops, online sales, etc.)

IntensifyingIntensifying competitioncompetition withinwithin thethe industryindustry andand withwith otherother industriesindustries 45

I.I. BuildBuild aa foundationfoundation forfor futurefuture growthgrowth throughthrough “Quality“Quality Assurance”Assurance” and and productivityproductivity improvementimprovement 1.1. “Quality“Quality Assurance”Assurance” and and productivityproductivity improvement improvement (1)(1) ReshapingReshaping ourour core core businessbusiness (2)(2) InitiativesInitiatives forfor growthgrowth 2.2. PursuingPursuing externalexternal growth.growth.

II.II. EnhanceEnhance financialfinancial soundnesssoundness andand capitalcapital efficiencyefficiency

III.III. EstablishEstablish aa prudentprudent governancegovernance systemsystem asas aa publiclypublicly tradedtraded companycompany

IV.IV. InvestInvest inin humanhuman capitalcapital toto formform buildingbuilding blocksblocks forfor growthgrowth

FiscalFiscal 20102010 willwill markmark ourour “second“second foundation”foundation” as as wellwell asas thethe finalfinal “Value“Value Up”Up” year year underunder ourour medium-termmedium-term managementmanagement plan.plan.

“Customer“Customer First”First” = = Dai-ichiDai-ichi Life’s Life’s DNADNA

EnhancingEnhancing thethe satisfactionsatisfaction ofof allall stakeholdersstakeholders PublicPublic EmployeeEmployee CustomerCustomer focusfocus responsibilityresponsibility orientedoriented

SustainableSustainable growthgrowth

Individual lifestyles will continue to diversify in the future. To propose, in a way that is easy to understand, quality products and services tailored to these diversified lifestyles, Dai-ichi Life aims to become a company that thinks about people first. Thinking people: means taking action based on sincere consideration for people and everything that surrounds their lives. Thinking People: means listening to people, thinking and contemplating together, and creating human capital that can lead to happiness. Thinking People: means constantly taking on new challenges for the future based on a global perspective. Thinking most sincerely about people To maintain the management philosophy of “Customer First ” that we have practiced since 1902, Dai-ichi Life and Dai-chi Life Group will continue to reform, aiming to create new value for people and achieve sustainable growth.

India

• Dec. 2007: Joint venture agreement • Feb. 2009: Commenced operations • First Japanese life insurer in India •26％ stake • First-year premium income ranked 14th out of 23 • Further increase presence through Vietnam bancassurance • Jan. 2007: Commenced operation • First Japanese life insurer in Vietnam • Wholly owned • 6.3% market share in FY2009, and expanding Thailand

India

Thailand

Vietnam • Jul. 2006: Group reinsurance agreement • Jul. 2008: Strategic alliance •24％ stake • Broaden accessable markets and achieve organic growth

Australia

• Aug. 2008: Strategic alliance • 28.6％ stake 50

This presentation was prepared by the Dai-ichi Life Insurance Company, Limited (hereinafter “the Company”) solely for the purpose of disclosure of relevant information, and does not constitute a solicitation or an offer to buy or sell any securities in or outside of Japan. Though the Company has relied upon and assumed the accuracy and completeness of all information available to it in preparing this presentation, the Company makes no representations as to its actual accuracy or completeness. The information in this presentation is subject to change without prior notice. Neither this presentation nor any of its contents may be disclosed or used by any other party for any other purpose, without the prior written consent of the Company.

Statements contained herein that relate to future operating performance are forward-looking statements. Forward-looking statements may include – but are not limited to – words such as “believe,” “anticipate,” “plan,” “strategy,” “expect,” “forecast,” “predict,” “possibility” and similar words that describe future operating activities, business performance, events or conditions. Forward-looking statements are based on judgments made by the Company’s management, based on information that is currently available to it. As such, these forward-looking statements are subject to various risks and uncertainties, and actual business results may vary substantially from the forecasts expressed or implied in forward-looking statements. Consequently, you are cautioned not to place undue reliance on forward-looking statements. The Company disclaims any obligation to revise forward-looking statements in light of new information, future events or other findings.

The securities of the Company have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.