Sustainable Investment

Components of the Company's sustainable investment method are defined as follows.

< Investments to Create a Positive Impact on Society (the Definition of Impact Investment) >
We began impact investments centered upon unlisted equities in FY2017 (listed equities added from FY2020). We select these according to the vision of solutions and innovations to overcome social issues and regularly monitor the social impact after investing.
In an effort to further expand the positive impact of the investment portfolio, from FY2022, investments that require the identification and measurement of impact due to the characteristics of the investment product will also be included in "impact investments" and impacts will be monitored.
We also will measure the social impact of sustainability thematic investments and encourage investees to disclose their impact through engagement with investee organizations.

In order to contribute to the realization of a sustainable society, Dai-ichi Life and Dai-ichi Frontier Life aim to accumulate 5 trillion JPY for sustainability thematic investments by the end of March 2030 (DL and DFL combined), including 2.5 trillion JPY for investments that contribute to the solution of environmental and climate change issues. As of the end of FY2024, DL and DFL showed steady progress with 3.1 trillion JPY for sustainability thematic overall / 1.5 trillion JPY to the solution of thematic investments. We have set these targets based on the global funding gap for the realization of a sustainable society by 2030 and the AUM of DL and DFL.
To expand positive impacts, we have set their GHG reduction contribution target to 2.4 million tons of CO₂e / year by 2026; however, the target (3 million tons of CO₂e / year) has already been achieved in FY 2024. Therefore, we set a new target to achieve 4.5 million tons of CO₂e / year by FY2029 to further expand positive impacts.

• *1 Include renewable energy power generation projects for which estimates can be made based on the amount of electricity generated (measured in accordance with PCAF standards), and green bonds that disclose their impact (including the data provided by ICE Date Services)

• *2 Consider the funding gap towards achieving the SDGs for sustainability thematic investments, and funding gap towards net zero by 2050 for environmental & climate solution investments
• *3 OECD (2022), Global Outlook on Financing for Sustainable Development 2023
• *4 NZAOA (2023), Unlocking Investment in Net Zero
• *5 (Expected funding by private financial institutions by 2030) × (AUM of DL and DFL) ÷ (total AUM of PRI - signatory financial institutions)

With a view to realizing a sustainable society, Dai-ichi Life promotes sustainability thematic investments, that contribute to addressing environmental and social issues, and strives to create positive impacts.
Considering the connection with its Core Materiality, the company categorized major positive impacts created through investments into environmental impacts (climate change, natural capital) and social impacts (health & healthcare, financial inclusion, and diversity).

	■ Loan for Microfinance via the Grameen Crédit Agricole Foundation
	In May 2020, Dai-ichi Life provided ¥2 billion to a microfinance loan scheme for developing countries in which Crédit Agricole Tokyo Branch acts as the borrower. The funds obtained through the loan scheme are provided to the Grameen Crédit Agricole Foundation so that they are lent to local microfinance institutions that aims to support the promotion of women's empowerment and economic development.
	■ Financing for Afreximbank
	In March 2022, Dai-ichi Life invested ¥3 billion into repackaged products backed by financing for the African Export-Import Bank (Afreximbank). The funds the Company has invested in will be directed to medical and pharmaceutical projects in African countries, including much-needed support to procure and supply COVID-19 vaccines. Through this investment, the Company will provide financial support for Afreximbank's efforts to help African countries affected by the COVID-19 pandemic.
	■ Investment in Education Bond Issued by the Asian Development Bank ("ADB")	Source: ADB
	Dai-ichi Life invested approximately ¥6 billion in Education Bonds issued by the Asian Development Bank "ADB". The bond will strengthen its support for increasing opportunities for high-quality education following COVID-19 through efforts such as greater use of distance and online learning and use of digital technologies for scaling equitable learning, training and teaching with partnerships for expanding access to affordable and reliable internet connectivity.
	■ Investment in Gender Bond Issued by the Asian Development Bank (ADB)	Source: ADB
	In November 2017, Dai-ichi Life invested approx. ¥10 billion in the Gender Bond issued by the Asian Development Bank (ADB) .The proceeds raised through the Gender Bond will be used for projects to promote gender equality and women's empowerment in the Asia-Pacific region.
	■ Investment in Project Finance for Desalination Plant in Australia
	In December 2017, Dai-ichi Life invested approx. ¥4.4 billion in one of the world's largest desalination projects being undertaken in Australia to cope with water shortages associated with large-scale drought and future population growth.
	■ Investment in Project for roof-mounted low-voltage distributed solar power generation in Japan	Source: Sharing Energy
	In October 2024, Dai-ichi Life invested ¥1.3 billion in the project for roof-mounted low-voltage distributed solar power generation systems for over 2,000 individual residences distributed throughout Japan.
	■ Investment in Global Venture Capital Fund "MPower Partners Fund L.P."	Photo credit: MPower Partners GP, Limited
	In May 2021, Dai-ichi Life invested in global venture capital fund "MPower Partners Fund L.P.". With the goal of empowering entrepreneurs providing tech-enabled solutions to societal challenges, the Fund has established healthcare / wellness, financial technology, next-generation work / education, next-generation consumer, and environment / sustainability as its key fields of investment, and invests in Japanese and overseas startups in these areas.
	■ Investment in the "JUNGLIA" project, a new theme park in northern Okinawa in Japan	Source: Japan Entertainment
	in 2025 Dai-ichi life invested in a new theme park based on the natural environment of Yanbaru, which is scheduled to open in the northern part of Okinawa Prefecture (Nakijin Village and Nago City).
	■ Japan's first investment in "Social Impact Bonds" targeting community development projects
	In October 2021, Dai-ichi Life invested in a social impact bond for a community development project in Maebashi, Gunma Prefecture. The project aims to increase pedestrian traffic on Babakawa Street and revitalize the surrounding area.
	■ Investment in Flood Control Green Bond Issued by Aichi Prefecture	Source: Aichi Prefecture
	In February 2025, Dai-ichi Life fully purchased bonds issued by Aichi Prefecture with proceeds exclusively allocated to flood control (green bond) and earthquake countermeasures, totaling JPY 5.0 billion. The funds raised are allocated to river and coastal improvement projects as part of adaptation measures to rapidly progressing climate change.
	■ Investment in Green Bond Aimed at Conserving Biodiversity issued by Anglian Water Services Financing PLC ("Anglian Water").	Photo credit: Anglian Water Services Financing PLC
	In September 2021, Dai-ichi Life invested approx ¥3.9 billion in a green bond issued by Anglian Water Services Financing PLC ("Anglian Water"). The proceeds raised from this bond will be used toward natural water treatment facility maintenance projects which utilize wetlands, projects which promote the inhabitation of indigenous species by conducting maintenance on the flow of rivers and waterfronts to restore the characteristics of natural rivers, and the like.

Dai-ichi Life engages in impact investment, an investing method intended to both gain investment returns and create positive social impacts. We conduct ongoing monitoring of companies that have received impact investments with regard to the progress of their initiatives and social impacts. Some of our leading examples are as follows.

Investee Company *Please click logo to see related news release	Investment amount (at the time of release)	Company overview		Social impact
	¥1.2 billion	Micro-finance business in developing countries		Improve access to finance in developing countries
	¥1.0 billion	Development of next-generation biomaterials to replace materials derived from fossil fuels		Reduce environmental impact (reduction of greenhouse gas emissions, etc.)
	¥1.1 billion	Research into treatment applications for conditions such as nicotine dependency		Dramatically increase treatment results, extend healthy lifespans, and reduce medical costs
	¥100 million	Use of AI in development of pharmaceuticals Platform development		Shorten pharmaceutical development lead times and reduce medical costs
	¥200 million	Development of wind power generator capable of generating electricity even in a typhoon		Reduce CO2 emissions through alternatives to diesel power generation, etc.
	¥2.5 billion	Venture fund focused on environment and energy sectors		Reduce GHG emissions by promoting renewable energy and energy conservation
	¥200 million	Development of diagnostic systems for early detection of breast cancer		Reduce death rates through early breast cancer detection
	¥800 million	Development of solutions utilizing IoT and AI to create smart nursery care facilities		Resolve the lengthy nursery care waiting list problem
	¥200 million	Development and provision of IT and programming educational services for junior and senior high school students		Resolve the IT personnel shortage
	¥12 million	World's first anti-smoking social impact bond aimed at an anti-smoking project in Toyonaka being run by CureApp		Extend healthy life expectancy
	¥200 million	New drug development using advanced computational science and technology		Achieve universal access to health care
	¥100 million	Japanese venture company providing the Share Denki service for use of third-party residential solar power generation systems		Reduces CO2 emissions by popularizing renewable energy, etc.
	¥700 million	Venture company researching, developing, and manufacturing space robotics		Encourage space development to foster economic growth by dramatically reducing labor costs in space
	¥500 million	Venture startup of Tokyo Institute of Technology developing pneumatically driven surgical robots capitalizing on proprietary pneumatic control technologies		Better quality of life for patients by expanding medical care using surgical robots
WASSHA	¥300 million	A Japanese venture company that provides solar power generation services to people living in un-electrified areas in Africa.		Contribution to the improvement of living standards and economic independence in un-electrified areas of Africa.
READYFOR	-	A Japanese venture company that provides a new means of fundraising through crowdfunding for projects with a high social contribution potential in medicine, research, NPOs, regional revitalization, culture, etc.		Building a network of support for a sustainable society.
CLEAN ENERGY CONNECT	¥300 million	A Japanese venture company offering low pressure and distributed off-site corporate PPA to corporate clients.		Early transition to a decarbonized society.
JEPLAN	¥500 million	A Japanese venture company working to promote and expand resource recycling using its proprietary "BRING Technology™" chemical recycling technology for horizontal recycling of PET bottles.		Realization of a sustainable society.
	¥500 million	Japanese start-up company that develops and provides medical-related services such as "Musubi", a cloud-based electronic drug history and medication administration guidance system for dispensing pharmacies.		Development and provision of healthcare-related services, including systems for pharmacies, to improve patient quality of life and build a sustainable healthcare system for the future.
	¥100 million	A start-up company that plans, establishes, and operates plant factories with artificial light that can cultivate resource- saving and high-quality plants regardless of locations.		Environmental conservation through sustainable cultivation of plants in the closed cultivation machines.
	ca. ¥750 million	A U.S. bio-venture company that develops and sells drugs and medical devices used for the Alluminox treatment (photoimmunotherapy) based on its proprietary technological platform called Alluminox™ platform.		Expand treatment options for cancer patients by supporting the development of advanced cancer treatments.
	¥100 million	A venture company that specializes in the production and distribution of 3D-printed prosthetic limbs tailored for low- and medium-income demographics in the Philippines and India.		Providing high-quality and affordable 3D-printed prosthetic limbs for the improvement of the people's Quality of Life in developing countries.
	¥100 million	A domestic venture company that operates a proprietary online platform which connects coffee producers in developing countries and roasters in developed countries, and enables them to directly trade coffee beans.		Help solve poverty issues in developing countries through direct trading of coffee beans.
	¥150 million	A venture company developing a "support business for medical institutions" specializing in infertility treatment.		Contributing to the Improvement of Quality of Life by Supporting Fertility Treatment and Career Development Contribute to further development of reproductive medicine.
	¥100 million	A Japanese start-up company that provides the tool that enables construction subcontractors across the country to centrally manage administrative tasks such as attendance tracking, worker dispatching, and business operations via smartphones.		Contributing to productivity improvement through operational efficiency in the construction industry.