# 株式会社第一ライフグループ: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第124期(2025/04/01－2026/03/31) (S100YC7A)
> Page: https://vizora.meequs.com/en/company/daiichilife-group
> Retrieved: 2026-09-30T17:55:53.425Z

## Company

株式会社第一ライフグループ, founded in 1902, is a company in Life Insurance listed on TSE Prime. It has 60,138 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Daiichi Life Group, Inc. (旧英訳名:Dai-ichi Life Holdings, Inc.)(注)2025年6月23日開催の第15期定時株主総会の決議により、2026年4月1日から商号(会社名及び英訳名)を上記のとおり変更いたしました。 |
| Ticker | 8750 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8750.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区有楽町一丁目13番1号 |
| Representative (per filing) | 代表取締役社長グループCEO 菊田 徹也 |
| Founded | Sep 1902 |
| Employees (consolidated) | 60,138 |
| Average salary (parent only) | ¥11.4M |
| Fiscal year end | March |
| Website | www.daiichilife-group.com (https://www.daiichilife-group.com/) |
| Corporate number | 8010001131752 |
| EDINET | E06141 |
| Industries (Vizora) | Life Insurance |

> Profile source: annual securities report (S100YC7A, filed 2026-06-16). As of filing

## Key points (generated from figures)

- About 70% of 株式会社第一ライフグループ's ordinary revenue comes from Domestic insurance business, with Overseas insurance business making up much of the rest.
- Out of every ¥100 of ordinary revenue, about ¥7 is left as ordinary profit.
- Ordinary revenue changed +14.5% from the prior year, ordinary profit -0.3%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥11.3T |  |
| Ordinary income | ¥753.7B | Margin 6.7% |
| Net income | ¥436.6B | Margin 3.9% |
| Employees (consolidated) | 60,138 |  |
| EPS | ¥81.05 |  |
| Diluted EPS | ¥81.04 |  |
| Book value per share | ¥343.98 |  |
| Equity ratio | 5.7% |  |
| Shares outstanding | 3,621,895,219 |  |
| Treasury shares | 2,864,200 |  |
| Shareholders | 732,249 |  |
| Average salary (parent only) | ¥11.4M | Filing company only |

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥7827806000000 | ¥11308275000000 | +44.5% |
| Employees | 64,823 people | 60,138 people | -7.2% |
| Cash and equivalents | ¥2262910000000 | ¥2087588000000 | -7.7% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 国内生命保険事業 → 事業再編・廃止 | 76.8% |
| 海外保険事業 → 海外保険事業 | 23.2% |
| 新設・再編 → 国内保険事業 | 69.8% |
| 新設・再編 → 海外保険事業 | 7.0% |

Segment revenue source references: 4 (derived)

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 11,308,275 | 100.0% | S100YC7A |
| Ordinary expenses | 10,554,587 | 93.3% | S100YC7A |
| Ordinary income | 753,688 | 6.7% | S100YC7A |
| Extraordinary income | 22,507 | 0.2% | S100YC7A |
| Extraordinary loss | 42,546 | 0.4% | S100YC7A |
| Pretax income | 626,149 | 5.5% | S100YC7A |
| Income tax | 189,551 | 1.7% | S100YC7A |
| Net income | 436,597 | 3.9% | S100YC7A |
| Net income attributable to owners | 436,597 | 3.9% | S100YC7A |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 93 |
| Ordinary income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Ordinary margin 6.7% → Net margin 3.9%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +14.5%; Core profit growth: -0.3%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -0.02×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 9,876,615 | 11,308,275 | 1,431,660 | +14.5% |
| Net income attributable to owners | 458,407 | 436,597 | -21,810 | -4.8% |
| Operating cash flow | 592,578 | 792,158 | 199,580 | +33.7% |
| Free cash flow | 488,116 | 672,372 | 184,256 | +37.7% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 7,114,099 | — | — | 32,433 | 590,084 | 510,625 | S100LI6O |
| FY ending Mar 2021 | 7,827,806 | — | — | 363,777 | -79,904 | -156,380 | S100O9KU |
| FY ending Mar 2022 | 8,209,708 | — | — | 409,353 | -462,076 | -611,088 | S100RY2O |
| FY ending Mar 2023 | 9,508,766 | — | — | 173,735 | -132,492 | -294,173 | S100TQJ1 |
| FY ending Mar 2024 | 11,028,166 | — | — | 320,765 | 997,377 | 904,226 | S100W1FC |
| FY ending Mar 2025 | 9,876,615 | — | — | 458,407 | 592,578 | 488,116 | S100YC7A |
| FY ending Mar 2026 | 11,308,275 | — | — | 436,597 | 792,158 | 672,372 | S100YC7A |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥188M |
| Net income per employee (consolidated) | ¥7.3M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 62,260 | 60,997 | 59,495 | 60,814 | 60,138 |
| Average salary (parent company) | ¥9.8M | ¥9.7M | ¥9.5M | ¥10.4M | ¥11.4M |
| Average age (parent company) | 41.0 years | 42.0 years | 41.0 years | 39.0 years | 39.0 years |
| Average tenure (parent company) | 14.0 years | 15.0 years | 14.0 years | 11.0 years | 10.0 years |

Year over year: Employees (consolidated) -1.1% · Revenue (consolidated) +14.5%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Domestic insurance business | 8,155,625 | 69.8% | 676,269 | 8.3% |
| Overseas insurance business | 3,523,786 | 30.2% | 112,629 | 3.2% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Domestic insurance business | 69.8% |
| Overseas insurance business | 30.2% |

Segment → industry: Overseas insurance business → Life Insurance / Domestic insurance business → Life Insurance

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 792,158 | 7.0% | S100YC7A |
| Capital expenditure | 119,786 | 1.1% | S100YC7A |
| Free cash flow | 672,372 | 5.9% | 算出 |
| Investing cash flow | -926,255 | -8.2% | S100YC7A |
| Financing cash flow | -127,230 | -1.1% | S100YC7A |
| Dividends paid | 156,780 | 1.4% | S100YC7A |
| Share buyback | 107,597 | 1.0% | S100YC7A |
| Change in cash | -225,940 | -2.0% | S100YC7A |
| Cash and equivalents | 2,087,588 | 18.5% | S100YC7A |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社(信託口) | Major shareholder | 15.7% | 2026-03-31 |
| 株式会社日本カストディ銀行(信託口) | Major shareholder | 5.9% | 2026-03-31 |
| SMP PARTNERS (CAYMAN) LIMITED(常任代理人 株式会社みずほ銀行) | Major shareholder | 2.7% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505001(常任代理人 株式会社みずほ銀行) | Major shareholder | 2.0% | 2026-03-31 |
| 新生信託銀行株式会社ECM MF信託口8299002 | Major shareholder | 1.9% | 2026-03-31 |
| CGML PB CLIENT ACCOUNT/COLLATERAL(常任代理人 シティバンク、エヌ・エイ) | Major shareholder | 1.4% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行) | Major shareholder | 1.4% | 2026-03-31 |
| 第一生命グループ従業員持株会(注)１ | Major shareholder | 1.4% | 2026-03-31 |
| JPモルガン証券株式会社 | Major shareholder | 1.4% | 2026-03-31 |
| ECM MF (常任代理人 立花証券株式会社) | Major shareholder | 1.3% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for FY ending Mar 2026 grew +14.5%, from ¥9.88T to ¥11.3T.
- Net income attributable to owners went the other way, down -4.8% from ¥458.4B to ¥436.6B.
- Cash generation was much stronger: operating cash flow rose +33.7% to ¥792.2B and free cash flow rose +37.7% to ¥672.4B.

### Drivers

- A weaker yen turned currency losses into gains at Dai-ichi Frontier Life, lifting investment income, and higher yen interest rates boosted sales of yen-denominated policies.
- Rising stock prices let Dai-ichi Life book larger gains on share sales, which lifted domestic insurance profit.
- Net income still fell because more money had to be set aside as policy reserves, and overseas profit dropped sharply as reinsurance income fell at Protective.

### Risks

- A sharp fall in stock prices or broader market turmoil could hit investment returns and weaken the group's capital position.
- A sudden rise in interest rates could trigger more policy surrenders and bond losses, while long-lasting low rates could push returns below the rates promised to policyholders.
- Large foreign-currency holdings and overseas operations leave results exposed to big currency swings.

Cited: Annual securities report (124th fiscal period) (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (124th fiscal period) (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第124期(2025/04/01－2026/03/31) | S100YC7A | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC7A,, |
| 訂正有価証券報告書－第123期(2024/04/01－2025/03/31) | S100W1FC | 2025-06-20 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W1FC,, |
| 有価証券報告書－第122期(2023/04/01－2024/03/31) | S100TQJ1 | 2024-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TQJ1,, |
| 訂正有価証券報告書－第121期(2022/04/01－2023/03/31) | S100RY2O | 2023-09-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100RY2O,, |
| 有価証券報告書－第120期(令和3年4月1日－令和4年3月31日) | S100O9KU | 2022-06-21 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9KU,, |
| 有価証券報告書－第119期(令和2年4月1日－令和3年3月31日) | S100LI6O | 2021-06-22 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LI6O,, |

## Key alliances (from the filing's material contracts)

| Partner | Type | Description | Source |
| --- | ---: | ---: | ---: |
| Challenger Limited | Capital alliance | 豪州子会社TALが発行済株式の19.9%を取得し持分法適用会社に（年金保険・ファンドマネジメント） | S100YC7A |
| Capula Investment Management LLP | Capital alliance | 英国のオルタナティブ運用会社への出資（合計持分約15%・持分法適用）。共同商品開発などのシナジーを狙う | S100YC7A |
| M&G plc. | Capital alliance | 生命保険・資産運用の長期的な戦略的パートナーシップと議決権約15%の取得 | S100YC7A |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).