Dai-ichi Life Holdings Inc

8750: XTKS (JPN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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We Maintain Our JPY 2,500 FVE for Dai-ichi Life as Q1 Investment Gains Offset COVID-19 Claims Costs

Michael Makdad

Aug 10, 2022

We maintain our fair value estimate of JPY 2,500 for Dai-ichi Life Holdings, 12% above the current share price, after its April-June results. Net profit of JPY 81 billion was 28% of guidance of JPY 285 billion for the year ending March 2023. Economic profit—which excludes market value adjustments at subsidiary Frontier Life and other noneconomic factors—was JPY 91 billion, 34% of full-year guidance of JPY 270 billion.

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