Daiichi Life Group, Inc. DLICY

FinancialsInsuranceJapan

Last close 22.90 USD on Nov 2, 2026, +41.5% year to date

Quant rating

Quant rating A+ Rank 13 of 304 in Financials

Growth B 93 of 304
Valuation A 17 of 304
Quality B 85 of 304
Revisions B 97 of 304
Momentum B 53 of 304

Wall Street consensus Buy (2.33)Average target 11.80 USD −48.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 41.2B
Enterprise value: 35.9B
52-week range: 13.54 – 25.73
3-year range: 9.85 – 25.73
Dividend yield: 3.02%
Beta (5 years): 0.21
Shares outstanding: 3,623M
Next earnings: Nov 13, 2026

About the company

Daiichi Life Group Inc, formerly Dai-ichi Life Holdings Inc, is a Japan-based insurance holding company that mainly operates in the insurance business and owns domestic and overseas life insurance companies as subsidiaries, and manages the subsidiaries. The Company operates through three business segments. The Domestic Insurance segment is engaged in the provision of individual insurances, individual annuity insurances, group insurances, group annuity insurances and other life insurances, the non-life insurances, as well as the life insurance related business, such as the acquisition of securities, real estate and monetary claims. The Overseas Insurance segment is engaged in the insurance business overseas. The Other segment is mainly engaged in the management of group companies and non-insurance businesses such as asset management business and new businesses.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	47,692	48,950	52,833	54,431	46,512	–
Revenue growth	−2.6%	−7.3%	−2.9%	17.0%	0.8%	0.7%
EPS (basic, normalized)	0.75	0.80	0.53	0.35	0.75	–
EPS growth	−5.2%	49.6%	53.1%	−53.4%	–	–
Gross margin	–	–	–	–	–	–
Net margin	4.2%	4.7%	3.1%	2.1%	5.2%	3.8%
ROE	11.1%	11.7%	17.7%	5.3%	8.9%	10.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	8,286
Net debt (mil)	–
Total equity (mil)	28,135
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2026 actual	47,692	−2.6%	0.8x	7.44	+1.0%	3.1x	0.75	−5.2%	30.3x
2027	71,150	+49.2%	0.5x	7.53	+1.2%	3.0x	0.94	+24.7%	24.3x
2028	71,583	+0.6%	0.5x	7.67	+1.8%	3.0x	1.01	+6.8%	22.8x
2029	72,846	+1.8%	0.5x	7.90	+3.1%	2.9x	1.05	+4.8%	21.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	71,150	0.0%	+0.8%	+10.9%	0.94	−0.2%	+1.3%	+13.7%
2028	71,583	0.0%	−0.2%	+9.6%	1.01	−0.3%	+1.5%	+15.1%
2029	72,846	0.0%	−1.6%	+52.3%	1.05	0.0%	+2.4%	+13.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	3,260,785	2,995,252	2,195,992	2,648,470	1,773,109	2,057,712	3,061,883	3,201,163	2,987,517	2,576,150
Sales mean (mil)	–	2,525,000	2,539,000	2,500,000	2,604,756	2,400,000	2,440,500	2,593,500	2,496,621	2,798,000
Surprise	–	+18.6%	−13.5%	+5.9%	−31.9%	−14.3%	+25.5%	+23.4%	+19.7%	−7.9%
EPS reported	26.88	35.94	26.50	32.74	20.62	11.75	45.62	44.21	18.46	44.44
EPS mean	–	–	–	–	–	–	–	31.89	13.39	27.78
Surprise	–	–	–	–	–	–	–	+38.6%	+37.9%	+60.0%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
DLICY Daiichi Life Group, Inc.	41.2B	11.1%	4.2%	1.41x	24.3x	22.8x	3.0x	3.0x
JPPHY Japan Post Holdings Co Ltd	41.9B	4.0%	3.3%	0.65x	15.2x	11.0x	0.7x	0.6x
PFH Prudential Financial Inc	40.8B	14.9%	6.3%	1.29x	1.1x	1.1x	0.1x	0.1x
PRH Prudential Financial Inc	40.8B	14.9%	6.3%	1.29x	1.5x	1.5x	0.2x	0.2x
PRS Prudential Financial Inc	40.8B	14.9%	6.3%	1.29x	1.4x	1.4x	0.2x	0.2x
PRU Prudential Financial Inc	40.8B	14.9%	6.3%	1.29x	8.6x	8.5x	1.2x	1.1x
Mean		12.4%	5.4%	1.21x	8.7x	7.7x	0.9x	0.9x
Median		14.9%	6.3%	1.29x	5.1x	5.0x	0.4x	0.4x

Technical analysis

1M+0.1%
3M−4.9%
1Y+67.0%
3Y+132.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Daiichi Life Group, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Premiums earned	47,692	48,950	52,833	54,431	46,512	46,145
Other revenue	18,558	11,884	16,415	8,901	18,075	22,041
Total revenue	66,251	60,834	69,249	63,333	64,587	68,186
Losses, benefits and adjustments	52,058	46,655	57,064	49,428	50,736	53,951
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	6,605	6,603	6,122	6,342	6,185	6,227
Interest expense (income), operating	392	329	262	249	219	302
Other operating expenses	2,551	2,783	2,401	4,653	2,807	2,949
Operating income	4,645	4,464	3,400	2,661	4,639	4,756
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	−22.3	−47.0	0.1	−7.6	−21.1	303
Other non-operating income (expense)	−677	−667	−578	−715	−719	−700
Net income before taxes	3,945	3,750	2,822	1,937	3,899	4,359
Provision for taxes	1,194	885	702	629	534	1,073
Minority interest	–	–	−0.1	0	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,751	2,865	2,120	1,308	3,365	3,286
Extraordinary items	–	–	–	–	–	–
Net income	2,751	2,865	2,120	1,308	3,365	3,286
Basic weighted average shares (mil)	3,643	3,705	3,892	4,064	4,274	4,469
Diluted weighted average shares (mil)	3,644	3,706	3,892	4,064	4,276	4,472
Basic EPS, normalized	0.75	0.80	0.53	0.35	0.75	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Daiichi Life Group, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	7,808	8,491	8,092	9,338	9,533	10,057
Goodwill	1,905	2,190	761	883	462	386
Intangibles	4,166	5,194	3,920	4,665	3,670	3,636
Insurance receivables	12,894	13,522	12,097	12,094	15,662	14,822
Long-term investments	382,830	389,274	375,289	386,365	458,149	495,882
Note receivable	–	–	–	–	–	–
Other long-term assets	9,510	7,139	7,056	9,382	9,176	10,325
Deferred policy acquisition costs	–	–	–	–	–	–
Other assets	31,982	21,921	20,757	22,094	22,972	18,696
Total assets	467,262	464,108	446,370	464,295	541,519	574,469
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Policy liabilities	409,293	412,866	392,003	418,692	468,876	491,955
Short-term debt	49.3	279	351	324	260	178
Current portion of long-term debt	1,988	277	132	20.6	205	2,428
Long-term debt	12,171	13,358	11,695	11,752	12,882	11,936
Minority interest	–	–	–	0	–	–
Other liabilities	16,956	14,188	16,533	13,460	23,059	24,547
Total liabilities	440,457	440,969	420,713	444,250	505,282	531,044
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,172	2,296	2,275	2,591	2,827	3,105
Additional paid-in capital	2,086	2,205	2,185	2,488	2,715	2,982
Retained earnings (accumulated deficit)	10,155	9,002	8,029	8,236	10,978	12,437
Treasury stock	−107	−66.3	−114	−105	−105	−1,409
Other equity	12,499	9,702	13,282	6,834	19,822	26,310
Total equity	26,805	23,139	25,657	20,045	36,236	43,425
Total liabilities & shareholders' equity	467,262	464,108	446,370	464,295	541,519	574,469

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Daiichi Life Group, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	3,945	3,750	2,822	2,114	3,899	4,359
Depreciation, depletion & amortization	824	784	562	704	629	543
Deferred taxes	–	–	–	–	–	–
Non-cash items	−12,312	−9,176	−12,522	−11,939	−14,691	−15,467
Changes in working capital	12,535	8,594	15,730	8,123	6,365	9,843
Cash from operations	4,991	3,952	6,592	−998	−3,798	−722
Investing activities
Capital expenditures	−755	−697	−616	−1,218	−1,225	−691
Other investing cash flows	−5,081	−5,842	−3,361	3,555	9,143	5,672
Cash from investing	−5,836	−6,539	−3,976	2,338	7,918	4,981
Financing activities
Financing cash flow items	−323	−6.8	−854	−118	903	152
Cash dividends paid	−988	−1,083	−557	−639	−565	−631
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	510	599	448	−1,694	−1,824	1,072
Cash from financing	−802	−491	−963	−2,451	−1,485	592
Foreign exchange effects	223	17.4	33.8	362	274	255
Net change in cash	−1,424	−3,060	1,686	−749	2,908	5,107
Free cash flow	4,236	3,255	5,976	−2,215	−5,023	−1,413

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.