[Unofficial translation]

November 18, 2011

Koichiro Watanabe
President and Representative Director
The Dai-ichi Life Insurance Company, Limited
Code: 8750 (TSE First section)

Disclosure of European Embedded Value as of September 30, 2011

The Dai-ichi Life Insurance Company, Limited (hereinafter “Dai-ichi Life”) hereby discloses the European Embedded Value (“EEV”) as of September 30, 2011.

As TOWER Australia Group Limited (currently, TAL Limited, hereinafter “TAL”) became a wholly owned subsidiary of Dai-ichi Life on May 11, 2011, Group EEV as of September 30, 2011 consists of EEV of Dai-ichi Life, Dai-ichi Frontier Life Insurance Co., Ltd (hereinafter “Dai-ichi Frontier Life” or “DFL”) and TAL (collectively, the “Group”).

Contents

1. Outline
1-1 EEV

Principles
1-2 EEV Methodology

2. EEV as of September 30, 2011
2-1 EEV Results of the Group
2-1-1 Adjusted Net Worth
2-1-2 Value of In-force Business
2-1-3 Value of New Business
2-2 EEV by Company

3. Movement Analysis
3-1 Movement Analysis of Group EEV
3-2 Movement Analysis by Company

4. Sensitivity Analysis
4-1 Sensitivity Analysis of Group EEV
4-2 Sensitivity Analysis by Company

5． Note on Using EV

Appendix A: EEV Methodology
Appendix B: Principal EEV Assumptions
Appendix C: Actuarial Opinion
Appendix D: Glossary

1. Outline 1-1 EEV

Principles
The EEV Principles and related guidance were published in May 2004 by the CFO Forum, an organization comprising the chief financial officers of Europe's leading life insurers, in order to improve consistency and transparency in EV reporting. In October 2005, further guidance on minimum required disclosures of sensitivities and other items was provided by the CFO Forum.

1-2 EEV Methodology
In the calculation of EEV, the Group has adopted a market-consistent approach – an approach which values cash flows from both assets and liabilities of a company consistently with comparable financial instruments traded in the market. A number of insurers, mainly in Europe, have implemented similar market-consistent approaches.
The Group has fully adopted the EEV Principles, while also taking into account a market-consistent approach, in calculating its EV.

To continue reading, please go to the following page:
http://www.dai-ichi-life.co.jp/english/investor/ir/financial/results/2011/pdf/index_013.pdf