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DSR Management is a management framework forcreating value, unique to Dai-ichi Life. Its purpose is tofulfill the Company’s social responsibility to allstakeholders through an increase in the corporate value,with the aim of constantly improving its managementquality through the PDCA (Plan-Do-Check-Action) cyclefor the purpose of pursuing the Group Mission “By yourside, for life.”“DSR” stands for Dai-ichi's social responsibility, and itis an expression of our distinct management efforts thatextend far beyond the framework of corporate socialresponsibility (CSR) in general terms.What is DSRManagement?8 The Dai-ichi Life Insurance Company, LimitedThis effort refers to the guidelines of the Japan QualityAward, which is a system to honor organizations thatkeep creating value sought by customers throughself-innovation by reviewing their management from acustomer’s point of view. We have been conducting“management quality improvement activities” since 1998as the core strategy in our management plan to improveour management quality, and received the Japan QualityAward in 2001 for the first time as a financial institution.Since receiving the award, we have continued our workon improving our management quality, advancing ourstrategy for “CSR Management.” Subsequently, we tookanother step forward at the time of our demutualization,adopting “DSR Management,” which enables us to betterreflect Dai-ichi Life-ness in our activities. We will continueto pursue the Group Mission, “By your side, for life,”while constantly evolving DSR Management.

Social responsibilities of the Dai-ichi Life GroupCreation and provision of spartnersEmployees2010:2001:rdlity Awaan Quae Japeived thRecthroughunding tionfoweNalizademutu1998- :Management qualityimprovement activities2005- :CSR Management(improvement of the corporate brand)2011- :DSRManagementThe Dai-ichi Life Insurance Company, Limited 9

Message from the PresidentPeace of mind.In communities andaround the world.July 2015President and Representative DirectorKoichiro Watanabe10 The Dai-ichi Life Insurance Company, Limited

I would like to take this opportunity to expressmy gratitude to our stakeholders for theirsupport of Dai-ichi Life.Dai-ichi Life, which began operating asJapan’s first mutual company in 1902, hasbeen seeking innovation based on its belief thatwhat needs to be changed should be changed,adhering to its philosophy of “Customer First”at all times. At the same time, our Companyseeks to preserve the important assets that havebeen passed down since its foundation, throughnumerous difficulties over its history of morethan a century.This philosophy remains unchanged evennow as our Company continues to expandits business and grow in Japan and overseasafter demutualization in 2010. Adopting themanagement philosophy “By your side, forlife” as our Group Mission, we regard it as ourraison d’être for each company in our Groupto contribute to the comfort and peace of mindof our customers and the development of localcommunities in their region by standing by theside of our stakeholders. The Group Mission isshared by the entire Group.Value Creation Management of Dai-ichi Life: DSR ManagementTo continue to stand “By your side, for life,”we are working to realize our Group Missionthrough the practice of DSR Management.DSR stands for Dai-ichi’s SocialResponsibility, with the “D” in Dai-ichi Life asthe initial letter to express Dai-ichi Life’s distinctefforts, which extend far beyond the frameworkof corporate social responsibility (CSR) ingeneral terms. This expresses not only ourdetermination to fulfill our social mission as alife insurance company, but also our Company’scommitment to resolutely take on global issuesthrough its primary business.This concept of DSR Management verymuch reflects the purport of the CorporateGovernance Code for listed companies and theStewardship Code for institutional investors. Wewill work to create a sustainable society as amember of society (corporate citizen), in additionto achieving growth as a company by furtheradvancing DSR Management.Looking back on our medium-term management plan: Action DIn the medium-term management plan “ActionD” starting from fiscal 2013, we sought tomove to a new level as a Group through DSRManagement. As a result of steadily executingour plans for value creation and sustainablegrowth, the Group’s consolidated results sawhigher sales and profits, and in the fiscal yearended March 31, 2015 consolidated ordinaryrevenues, ordinary profit and net income forthe year reached new post-listing highs. Wewere also able to attain almost all managementtargets a year ahead of schedule. We believethat these achievements, including the financialresults of Action D, are the result of ourimplementation of DSR Management.Let us introduce some of our efforts, takingthe domestic life insurance business as anexample.The first is our initiative as a company thatplays a role complementing the social securitysystem of the government. Associated with theaging population and declining birth rate, thereduction of social burdens and maintenance ofpublic health are important tasks for preservinga healthy social security system. As a responseto this challenge, our Group has embarked onthe “By your side, for life – With You Project.” Wehave positioned providing security and peaceof mind through the further strengthening ofour life insurance functions, as well as offeringcomplete health support that contributes tobetter customer health, as unique value offeringsThe Dai-ichi Life Insurance Company, Limited 11

of our Group, and have strengthened thisinitiative. The provision of both security andpeace of mind by leveraging our strengths, suchas the new products we launch and the qualityconsulting services we offer through variouspoints of contact, as well as the provision ofcomplete health support with medical and healthinformation, using our network with all kinds ofmedical institutions and providing educationon cancer prevention and health in cooperationwith local governments, have both stimulatedcustomer interest in security and improvedsatisfaction. This in turn has helped build afoundation to boost our performance in the lifeinsurance market in Japan.The second initiative is our approach forgrowth markets. Along with growing needsof senior citizens for saving, the domesticmarket for savings-type products is expectedto continue to grow. In fiscal 2014, Dai-ichiFrontier Life acquired the largest amount ofnew business since its founding in its salesof savings-type products through financialinstitutions and maintained the largest marketshare of new business among bancassuranceinsurance companies. This result suggeststhe success of our strategy of continuing toprovide timely products that match customerneeds in the market for savings-typeproducts, responding with agility by separatelyestablishing Dai-ichi Frontier Life, instead ofDai-ichi Life itself conducting the bancassurancebusiness.The third initiative is our effort to respondto diversified lifestyles. In recent years, moreand more customers are seeking to compareinsurance products on their own. To provideproducts that meet these customer needs, wemade Sompo Japan DIY Life Insurance Co., Ltd.a wholly owned subsidiary in 2014 and restartedit as Neo First Life in November 2014. Frommid-August 2015, Neo First Life plans to provideattractive new insurance products to preparefor diseases and hospitalization, for instance,through financial institutions and insuranceshops.In the overseas life insurance business, Groupcompanies did well, successfully achievingsteady growth in their respective markets.Moreover, support for the profit growth of theGroup has been created in the United States bymaking Protective Life Corporation (“ProtectiveLife”) a wholly owned subsidiary, among othermeasures. The asset management businessalso contributed to the growth of the Groupby each company operating in accordancewith its business strategy, while fulfilling itssocial responsibility as a company and asan institutional investor based on its uniquecharacteristics.As just described, we believe that the Daiichi Life Group was able to show growth inAction D through a concerted focus on DSRManagement, as well as through its initiatives tocreate new value for all stakeholders.Start of a new medium-term management plan “D-Ambitious”Action D was the medium-term managementplan for the period when we built a solidfoundation for the continued growth of theGroup in Japan and overseas through theexecution of our strategies. Going forward, wewill enter the stage of accelerating growth basedon the foundation we have built.The Group has revised its medium-termmanagement plan and adopted a new mediumterm management plan covering fiscal 2015to fiscal 2017, “D-Ambitious/ Our values. Ourfuture.”12 The Dai-ichi Life Insurance Company, LimitedThe word “Ambitious” is used in the name ofthe plan to express our intention to aggressivelyseek a further acceleration of growth and anincrease in corporate value to an unprecedentedlevel through the further evolution of DSRManagement.Specifically, we will become an insurancegroup that will remain the insurer of choicefor customers and that will be valued by localcommunities and society. We will do this bystrengthening the three engines of our growthstrategy, namely the domestic life insurance

business, the overseas life insurance businessand the asset management business, whileexerting synergy through mutual learning byGroup companies in Japan and overseas.Consequently, we will achieve our managementobjectives of making rapid progress inconsolidated profits, secure a capital level withour eyes fixed on global regulations, and achievean even higher level of return to meet theexpectations of our stakeholders.In addition, we will also work to developa framework to support global businessdevelopment through the transition to a holdingcompany structure*1 planned for October2016 and the further promotion of diversityand inclusion*2 to build a vibrant organizationby benefiting from the individuality of eachemployee.*1: To make a transition to a holding company structure, thepermission and authorization of the authorities and theapproval of shareholders at a shareholders meeting are necessary, among other steps.*2: This is an effort by the Company to respect the diversityof human capital (diversity) and mutually accept diversifiedhuman capital (inclusion).In addition, as the development and growthof society in Japan and other countries wherewe operate is an essential element for thegrowth of the Group, we need to contribute tothe development of local communities in eachcountry and to the comfort and peace of mind ofpeople living there through our business activities.Taking Japan for example, we will continue tocontribute to solving social challenges includingthe aging population and declining birth ratethrough the life insurance business so thatJapan can overcome its social challenges andachieve sustainable growth.Our overseas Group companies also, throughsharing the philosophy represented by “Byyour side, for life” and fulfilling their socialresponsibility through the life insurance andother businesses, aim to achieve solid growth ontheir own by contributing to the development ofeach region and the lives of people.In D-Ambitious, we will aim to createsustainable value and grow into a globalinsurance group by further refining DSRManagement and expanding that effort globally.n Further enhancement of “By your side, forlife – With You Project”As an example of our growth strategies, let usintroduce our efforts in the domestic market, ourmain market.The Dai-ichi Life Group will work to furtherstrengthen the “By your side, for life – With YouProject” to deliver security and peace of mindand complete health support, the value providedby the Group in Japan, to more customers andfurther improve the quality of this value.The domestic three life insurance companystructure consisting of Dai-ichi Life, Dai-ichiFrontier Life and Neo First Life has startedin Japan, and a system for each of the threecompanies to quickly provide customers withcompetitive products and services will be putin place. We will meet the diverse needs of ourcustomers by delivering the optimum productsthrough the most suitable channels.We will also step up our efforts to providemore customers with high-quality consultingservices. First, we have appointed CustomerConsultants as specialists who provide aftersales services and consulting to customerswho had difficulty contacting us in the past.Customer Consultants began working in earnestfrom April 2015. Second, we will increase thenumber of Total Consultants specializing inconsulting services at offices in urban areasand government offices to an industry-leadinglevel of 2,000 persons to expand in majorurban areas. Third, with respect to Total LifePlan Designers, we will foster human capital toassist customers with sophisticated consultingcapabilities by extending the developmentperiod from two years to five years.In addition to these initiatives, we will continueto make efforts in the Declaration to SupportTotal Life Plan for the Second Half of Life, whichwe announced last year, to deliver security andpeace of mind and complete health support at ahigh level to senior customers, whose presencein society is increasing and whose lifestyles arediversifying, and further enhance our initiativesto gain more support from senior customers.The Dai-ichi Life Insurance Company, Limited 13

Lastly: Peace of mind. In communities and around the world.In the fiscal year under review, in time with thestart of the new medium-term management plan“D-Ambitious,” the Group set a new medium- tolong-term vision “Peace of mind. In communitiesand around the world.” as an objective for 2020.This is a declaration of our aim to become aninsurance group that continues to be selected bypeople around the world as a partner standing“By your side, for life” who is of the best helpand the most trusted by the local community in14 The Dai-ichi Life Insurance Company, Limitedall countries where we operate business.To realize this medium- to long-term vision,the Group will continue to provide value tocustomers, shareholders, investors and allother stakeholders related to the Group withconcerted efforts.As we pursue these initiatives, we hope wecan continue to count on our stakeholders’support and patronage.

Management StrategyHistory of the Dai-ichi Life GroupFounding – A new founding throughdemutualizationFive years since the new founding throughdemutualizationMedium-Term Management Planof Dai-ichi Life[Dynamism] Growth Strategy (Domestic LifeInsurance Business)Growth Strategy (Overseas LifeInsurance Business)Growth Strategy (AssetManagement Business)[Discipline]Promotion of ERM[Dimension] Group Management[Diversity]Human Capital DevelopmentThe Dai-ichi Life Insurance Company, Limited 15

History of theDai-ichi LifeGroupSolid management, a customerfirst mentality, and try to becomethe best rather than the largest.Passion of the founder Tsuneta YanoIn the immediate postwar period when the hygienic environmentin Japan deteriorated, then President Ichiro Yano established thePublic Health Award as an award to give thanks and respect tothose who worked to improve health and hygiene. Continuing tocommend health-related activities for a wide range of currentissues, the Public Health Award will be its 67th time in 2015.(Founding – A new foundingthrough demutualization)Establishment of Public Health AwardSince its founding in 1902,Dai-ichi Life has beenconsistently practicing itsmanagement philosophy“Customer First” through allof the stages of its longhistory, which extends backmore than a century. Topractice its managementphilosophy, Dai-ichi Life hasnot been constrained bytradition, but has beenpursuing innovation to“change what needs to bechanged” in response to theevolving times and society.Maintaining its ownmanagement philosophy formore than 110 years, theCompany will continue towork for sustainable growthin the future.16 The Dai-ichi Life Insurance Company, LimitedDai-ichi Life, Japan’s first mutualcompany, was established by thefounder Tsuneta Yano who had apassion to create a customer-orientedlife insurance company.1997Founding19501902Launch of Total Life PlanIn 1997, the amount of policies in force turneddown for the first time since the Company’sfounding. The Company launched the conceptof a Total Life Plan to comprehensively coverrisks in customers’ lives according to changesin their life stage. This initiative has nowevolved into “By your side, for life – With YouProject.”

Dai-ichi Life acquired Bao Minh CMG in Vietnam in 2007 and, with thisacquisition as a start, has been developing the life insurance businessin Thailand, Australia, India and Indonesia to strengthen its efforts inoverseas life insurance markets, mainly in the Asia-Pacific region.Beginning of Business Developmentin the Asia-Pacific RegionOCEAN LIFEINSURANCEPUBLIC COMPANYLIMITEDManagement StrategyDai-ichi LifeInsurance Companyof Vietnam201020072006Winner of Japan Quality AwardBusiness Alliance with theFinancial IndustryEstablishment ofDai-ichi Frontier LifeDai-ichi Frontier LifeFinancial HighlightsAccompanying financial deregulation, competition andliberalization progressed across sectorial boundaries in thefinancial industry. To provide the best products againstrisks, Dai-ichi Life formed a business alliance with TheIndustrial Bank of Japan (currently Mizuho Financial Group)in 1998 and with Yasuda Fire and Marine Insurance Co.,Ltd. (currently Sompo Japan Nipponkoa Insurance Inc.("Sompo Japan Nipponkoa")) and American Family LifeAssurance Company of Columbus (“AFLAC”) in 2000. In2007, the Company formed a business alliance withResona Holdings in the area of bancassurance.Corporate GovernanceThe Company established the concept of aTotal Life Plan in 1997 and, since then, hasbeen focusing on developing human capitalwith advanced consulting abilities, the launch ofnew products, and follow-up with existingpolicyholders based on its managementphilosophy of Customer First. Winning approvalfor these endeavors, the Company received theJapan Quality Award for the first time in thehistory of the financial and insurance industries.The Company changed its organizationalstructure to a stock company toconsistently promote its managementphilosophy of Customer First and executegrowth strategies globally by expandingmanagement options. The Company,which listed its stocks on the Tokyo StockExchange in April 2010, regards this day asits n

THE DAI-ICHI LIFE INSURANCE COMPANY, LIMITED ANNUAL REPORT 2015 The Dai-ichi Life Insurance Company, Limited Annual Report (Integrated version with Dai-ichi Life DSR Report) Customer First By your side, for life Maximize customer satisfaction Secure social trust Create sustainable corporate value Foster employee potential