May 20, 2009
                                        
[Contents]
Financial Summary for the Fiscal Year Ended March 31, 2009
1.
Business Highlights
………
P. 2
2.
Policies in Force as of March 31, 2009 by Benefit
………
P. 4
3.
Investment of General Account Assets
………
P. 5
4.
Non-Consolidated Balance Sheets
………
P.14
5.
Non-Consolidated Statements of Earnings
………
P.22
6.
Breakdown of Net Surplus from Operations （Fundamental Profit）
………
P.25
7.
Non-Consolidated Statement of Changes in Net Assets
………
P.26
8.
Non-Consolidated Statements of Surplus
………
P.28
9.
Disclosed Claims Based on Categories of Obligors
………
P.28
10.
Risk-Monitored Loans
………
P.29
11.
Solvency Margin Ratio
………
P.30
12.
Status of Separate Account for the Fiscal Year Ended March 31, 2009
………
P.31
13.
Consolidated Financial Summary
………
P.35
14.
Selected Information by Insurance Product
………
P.55
Reference: Breakdown of Fundamental Profit (Major Sources of Profit and Loss)
………
P.56
Attached: Supplementary Materials for the Fiscal Year Ended March 31, 2009
For further information please contact:
81-50-3780-2811/3119
Financial Results for the Fiscal Year Ended March 31, 2009
 The Dai-ichi Mutual Life Insurance Company (the "Company" or the "Parent Company"; President: Katsutoshi Saito)announces its financial results for the fiscal year ended March 31, 2009.
Corporate Planning Dept. No.1,
The Dai-ichi Mutual Life Insurance Company
-1-
The Dai-ichi Mutual Life Insurance Company

Financial Summary for the Fiscal Year Ended March 31, 2009
May 20, 2009
The Dai-ichi Mutual Life Insurance Company
The financial results of the Company for the fiscal year ended March 31, 2009 will be reported at the 108th annual representative policyholders' meeting to be held on June 30, 2009.
Summary of the financial results are as follows:
1. Business Highlights
(1) Policies in Force and New Policies
Policies in Force
(thousands)
Change
(%, YoY)
(billions
of yen)
Change
(%, YoY)
(thousands)
Change
(%, YoY)
(billions
of yen)
Change
(%, YoY)
Individual insurance
11,221
98.5 167,436.8
95.5
11,051
98.5 159,072.0
95.0
Individual annuities
1,201
100.6
7,025.7
100.6
1,202
100.1
6,975.8
99.3
Individual insurance and annuities
12,423
98.7 174,462.5
95.7
12,254
98.6 166,047.8
95.2
Group
insurance
- -
54,461.6
100.8
- -
54,769.4
100.6
Group
annuities
- -
6,436.8
98.1
- -
6,140.6
95.4
Note:

New Policies
Number of
Change
policies
(thousands)
(billions of yen)
New Business
(%, YoY)
Year ended March 31, 2008
Individual insurance
1,042
84.8
Individual annuities
43
67.9
Individual insurance and annuities
1,085
84.0
Group insurance
-
118.3
Group annuities
-
156.0
Year ended March 31, 2009
Individual insurance
1,060
81.5
Individual annuities
35
75.9
Individual insurance and annuities
1,096
81.3
Group insurance
-

172.8
Group annuities
-

139.5
Note:
1. Number of new policies is the sum of new business and policies after conversion.
3. Amount of new policies for group annuities is equal to the initial premium payment.
(Reference) Surrenders and lapses in individual insurance and annuities
(billions of yen except percentages)
Note: 1. The amount of lapses is not offset by the amount of lapses which are reinstated.
2.
3.
2. Amount of new policies for individual annuities, both new business and net increase by conversion, is equal to the funds to be held at the time annuity payments are to commence.
The table above excludes cases where the sum insured is decreased or riders are surrendered for in-force contracts.
2. Policy amount in force of group annuities is equal to the amount of outstanding corresponding policy reserve.
918.2
8,814.9
7,896.7
932.3
(14.1)
8,488.9
7,556.6
Year ended March 31,
2009
As of March 31, 2009
Number of policies
As of March 31, 2008
Amount
Number of policies
Amount
325.9
433.5
Year ended March 31,
2008
7,170.0
7,384.7
1. Policy amount in force of individual annuities is equal to (a) the funds to be held at the time annuity payments are to commence for an annuity for which payment has not yet commenced, and (b) the amount of policy reserve for an annuity for which payments have commenced.
Amount
Net increase by
conversion
340.1
433.5
0.9
749.2
5.99
5.79
10,931.2
Amount of surrenders and lapses
10,094.7
(10.0)
(204.6)
0.9
247.4
257.4
Effective the fiscal year ended March 31, 2009, surrender of riders is excluded. On the former basis, which included surrender of riders, theamounts of surrender and lapses for the fiscal years ended March 31, 2008 and 2009 were ●,●●●,●●● million yen and ●,●●●,●●● millionyen, respectively, and the surrender and lapse rates for the fiscal years ended March 31, 2008 and 2009 were ●.●●% and ●.●●%, respectively.
6,922.5
7,127.2
(214.7)
1.3
1.3
749.2
Surrender and lapse rate (%)
-2-
The Dai-ichi Mutual Life Insurance Company

(2) Annualized Net Premium
Policies in Force
(billions of yen except percentages)
Individual insuranceIndividual annuitiesTotal
Medical and survival benefits
New Policies
(billions of yen except percentages)
Individual insuranceIndividual annuitiesTotal
Medical and survival benefits
Note:
1. Annualized net premium is calculated by using multipliers for various premium payment terms to the premium per payment. In single premium contracts, the amount is calculated by dividing the premium by the duration of the policy.2. Annualized net premium for medical and survival benefits includes (a) premium related to medical benefits such as hospitalization and surgery benefit (b) premium related to survival benefits such as specific illness and nursing benefits, and (c) premium related to premium waiver benefits, in which disability cause is excluded but causes such as specific illness and nursing care are included. 3. New policies include net increase by conversion.
(3) Profit and Loss Items
(millions of yen except percentages)
Premium and other incomeInvestment incomeBenefits and claimsInvestment expenseNet surplus from operations
(4) Statements of Surplus
(millions of yen except percentages)
Unappropriated net surplusReserve for policyholders dividendsNet surplus
(5) Total Assets
(millions of yen except percentages)
Total Assets
30,022,243
94.3
133,766
64,96368,947
93.3
Change (%, YoY)
127.1
Year ended March 31,
2009
111.4 179.5
2,753,5961,414,800
Change (%, YoY)
Change (%, YoY)
2,904,336
31,833,906
94.8
1,178,355
563,957200,581
89,227
72.8
104.0 250.9
124.4
Change (%, YoY)
Year ended March 31,
2008
Year ended March 31,
2008
143,318
54,246
Change (%, YoY)
90.9 78.2
Change (%, YoY)
Year ended March 31,
2009
54.4
109,146
84.7
3,098,525
94.1 94.3
2,648,008
Change (%, YoY)
277.2
106.0 285.5
Year ended March 31,
2009
Change (%, YoY)
1,823.9
97.6 1,766.8
96.9
103.0
2,101.1
As of March 31, 2008
As of March 31, 2009
488.8
Year ended March 31,
2008
Year ended March 31,
2009
Change (%, YoY)
492.7
98.6
101.3
2,052.4
97.7
100.8
Change (%, YoY)
113.6
85.4 108.1
95.2
60.5 12.3
61.8
133.6
80.4 120.4
90.2
19.9
43.9
85.6 40.6
92.4
Year ended March 31,
2008
93.7
114.8
1,026,369
-3-
The Dai-ichi Mutual Life Insurance Company

2. Policies in Force as of March 31, 2009 by Benefit
Individual insurance (I)
Individual annuities (II)
Group insurance (III)
Total (I+II+III)
Number
(thousands)
Amount
(billions of yen)
Number
(thousands)
Amount
(billions of yen)
Number
(thousands)
Amount
(billions of yen)
Number
(thousands)
Amount
(billions of yen)
Death benefits
general
10,548

144,570.7
0
26,904
54,761.7
37,452
199,332.4
accidental
[ 5,886]
[23,201.6]
[
323]
[
389]
[ 3,363]
[ 2,344.5]
[ 9,574]
[25,934.8]
others
[
0]
[
0.1]
[ - ]
[ - ]
[
83]
[
110.5]
[
83]
[
110.6]
Survival benefits
503
14,501
1,202
6,976
10
8
1,716
21,485
Hospitalization benefits
accidental
[ 8,873]
[
40.6]
[
97]
[
0.4]
[ 1,801]
[
1.2]
[10,773]
[
42.3]
illness
[ 8,774]
[
40.3]
[
99]
[
0.4]
[
0]
[
0.0]
[ 8,874]
[
40.8]
others
[ 5,060]
[
24.6]
[
80]
[
0.3]
[
65]
[
0.0]
[ 5,206]
[
25.0]
Injury benefits
[ 9,873]
-

[
100]
-
[ 3,137]
-
[13,111]
-
Surgery benefits
[ 6,622]
-

[
99]
-
-
-
[ 6,721]
-
Group annuities (IV)
Financial insurance (V)
Financial annuities (VI)
Total (IV+V+VI)
Number
(thousands)
Amount
(billions of yen)
Number
(thousands)
Amount
(billions of yen)
Number
(thousands)
Amount
(billions of yen)
Number
(thousands)
Amount
(billions of yen)
Survival benefits
14,794
6,140.6
110
282.7
54
134.7
14,959
6,558.2
Medical care insurance
Group disability
Number
(thousands)
Amount
(billions of yen)
Number
(thousands)
Amount
(billions of yen)
Hospitalization benefits
596
1.0
Disability benefits
50 3.1
Note:
1. Figures in [ ] show numbers and amounts of additional benefits and of benefits to be paid from riders.
2. Number of group insurance, group annuities, financial insurance, financial annuities, medical care and group disability show the number of insureds.
3. Amounts in 'Survival benefits' show the sum of (a) the funds to be held at the time annuity payments are to commence for an annuity for which payment
has not yet commenced, and (b) the amount of policy reserve for an annuity for which payments have commenced, for individual insurance, individual
annuities, group insurance (annuity riders) and financial annuities. The amounts in 'Survival benefits' show the amount of outstanding corresponding
policy reserve for group annuities, financial insurance and others.
4. Amounts in 'Hospitalization benefits' show the amount of hospitalization benefit to be paid per day.
5. Amount in 'Hospitalization benefits' for medical care insurance shows the daily amount to be paid for hospitalization from illness.
6. Amount in group disability insurance shows the amount of disability benefits paid per month.
7. The number of insureds and amount of policies for reinsurance written were 119 thousand and 47.7billion yen, respectively.
-4-
The Dai-ichi Mutual Life Insurance Company

- 5 -

The Dai-ichi Mutual Life Insurance Company
3. Investment of General Account Assets

(1)

Overview of Investment of General Account Assets for the Fiscal Year Ended March 31, 2009

A.

Investment Environment

The financial turmoil triggered by the subprime loan crisis in the U.S. turned into a global economic
and financial crisis in the later half of the fiscal year.
The Japanese economy saw steep negative growth in the fiscal year 2008 affected by the global crisis.
Capital expenditure and production of the corporate sector decreased in response to the large decline in demand, both domestic and international, and personal consumption remained sluggish due to deteriorating employment and income environment.
The U.S. economy showed negative growth as real personal consumption in the U.S. dropped,
reflecting (1) the downturn in housing investment and (2) the concern that the financial turmoil would negatively affect the actual economy.

Under the economic environment described above, the investment environment was as follows:

[Domestic interest rates]
Yield on ten year government bonds once rose to nearly 1.9%, reflecting concerns about global inflation due to rising crude oil prices in the first half of fiscal year 2008. It turned downward, however, as the Bank of Japan took measures such as interest-rate cut and additional government-bond-buying operations, resulting in a decline down to mid 1.1% level, for the first time in about five years, in December.
Yield on ten-year government bonds:
March 31, 2008

1.275%

March 31, 2009

1.345%
[Domestic Stocks]
Although it peaked at a price above ¥14,000, the Nikkei 225 Stock Average marked a sharp decline with growing risk-adverse movements under the critical situation of the global financial system, accelerated by concern for the corporate sector’s slump affected by yen appreciation and deterioration of the real economy. It went down beyond the post-bubble low, nearing ¥7,000 in the second half of the period.
Nikkei 225 Stock Average:
March 31, 2008

¥12,525

March 31, 2009

¥8,109
TOPIX:
March 31, 2008

1,212

March 31, 2009

773
[Foreign Currency]
The U.S. Federal Reserve Bank’s bold interest-rate cut in response to the spreading financial crunch narrowed the yield gap between the yen and the U.S. dollar, and thus encouraged the unwinding of yen carry trades. In accordance with this, the yen once appreciated to ¥87 per U.S. dollar, a 13-year high. Towards the fiscal year-end, however, it bounced back to almost the same level as in the beginning of the period. Due to (1) the growing threat of a domino-effect crisis, (2) the prospect that the European Central Bank would make a bold rate reduction becoming more likely, and (3) intensified risk-adverse sentiments in the market, there was a sharp appreciation of the yen against the Euro in the period.
Yen/U.S. dollar:
March 31, 2008

¥100.19

March 31, 2009

¥98.23
yen/euro:
March 31, 2008

¥158.19

March 31, 2009

¥129.84