Dai-ichi Life H1 net income up 27% to $960m in H1 2024

However, premiums declined 6.3% YoY to $6.99b.

Dai-ichi Life’s first half of 2024 (H1 2024) net income rose 27% year-on-year (YoY) to $0.96b (¥147.9b), delivering a return on equity (ROE) of 11.0%.

Ordinary revenues increased by 5.8% to $13.30b (¥2,045.7b), driven by a 20.4% jump in investment income to $4.72b (¥725.6b), thanks to gains from securities sales and higher interest and dividends.

However, premiums declined 6.3% YoY to $6.99b (¥1,075.2b) due to a reduction in the in-force book.

The value of new business (VNB) turned around sharply, reaching $0.25b (¥39.0b) compared to a negative $0.00b (¥0.2b) in the previous year, contributing 86% of the group’s full-year forecast of $0.58b (¥89.9b).

Annualised new premiums (ANP) surged 150.5% YoY to $0.36b (¥56.0b), supported by strong sales of new products.

The company maintained a conservative investment strategy, increasing holdings of Japanese government bonds and loans whilst reducing equity investments by $2.59b (¥397.7b) (9.9% year-to-date) and foreign bonds by $3.52b (¥541.9b) (14.5% year-to-date), said CreditSights.

CreditSights said Dai-ichi Life's performance highlights growth in new business and profitability, alongside a cautious approach to investments aimed at enhancing long-term stability.

($1.00 = ¥154.04)