Profits were positive in 10 years (at least 8 needed).
- 10y median
- JPY 342B
- Worst year
- JPY 32B
- Latest · 2026
- JPY 437B
# Daiichi Life Group (8750.JP) Canonical: https://gigainvestors.com/s/8750.JP Analysis as of: 2026-10-15T07:11:49.089Z. Financial observations: FY2016–FY2026. Listing currency: JPY. Reporting currency: JPY. ## Verdict Not a wonderful business Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no. Share price: JPY 1,805.50 per share; close as of 2026-10-15. Estimated value: low JPY 617.32 per share, central JPY 771.65 per share, high JPY 1,028.87 per share. Buy at or below the central value JPY 771.65 per share. Valuation as of 2026-10-15T07:11:49.089Z; scenarios are not confidence intervals. Expected annual return: 7.7% at the stated quote. About 7.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; JP 10-year bond 2.9% + 4 points). ## Checklist ### understandable: pass - Financial history: 10 years - Profitable years in the last ten: 10 - Required profitable years: 8 - Return on common equity variation (informational): 0.38× Chart: Net income; fiscal year observations. - FY2017: JPY 231B - FY2018: JPY 364B - FY2019: JPY 225B - FY2020: JPY 32B - FY2021: JPY 364B - FY2022: JPY 409B - FY2023: JPY 174B - FY2024: JPY 321B - FY2025: JPY 458B - FY2026: JPY 437B ### moat: fail - Common book per share - Parent-total proxy for preferred equity and common earnings - median return on common equity below threshold - Bank / P&C ROTE, median of available years: 7.8% - Required median return: 10.0% - Return uses tangible common equity: No - Bank ROTE, second-lowest year: 6.1% - Years with reported combined ratio: 0 Chart: Return on common equity; fiscal year observations. - FY2017: 7.4% - FY2018: 9.7% - FY2019: 6.1% - FY2020: 0.9% - FY2021: 7.6% - FY2022: 9.7% - FY2023: 6.5% - FY2024: 8.1% - FY2025: 12.6% - FY2026: 10.3% ### economics: pass - Common book per share - Parent-total proxy for preferred equity and common earnings - Book value per share + reinvested dividends, annualized return: 9.0% - Book return interval: 10 years - Starting book value per share: JPY 618.08 - Ending book value per share: JPY 1K Chart: Annual book + dividend return; fiscal year observations. - FY2017: 9.3% - FY2018: 21.6% - FY2019: 1.8% - FY2020: 5.4% - FY2021: 31.4% - FY2022: -6.9% - FY2023: -31.4% - FY2024: 59.4% - FY2025: 0.4% - FY2026: 23.3% ### management: pass - Common book per share - Parent-total proxy for preferred equity and common earnings - Diluted shares, 10-year annual growth: -2.6% - Diluted shares, 5-year annual growth: -4.0% - Share growth excluding flagged crisis recapitalisations: -2.6% - Five-year share growth excluding flagged crisis recapitalisations: -4.0% - Flagged crisis recapitalisations: 0 - Book created / earnings retained after dividends and buybacks: 1.68× - Book value created per share: JPY 549.49 - Earnings retained per share after dividends and buybacks: JPY 326.92 Chart: Shares (first year = 100); fiscal year observations. - FY2016: 100 - FY2017: 99 - FY2018: 99 - FY2019: 98 - FY2020: 96 - FY2021: 94 - FY2022: 90 - FY2023: 86 - FY2024: 82 - FY2025: 78 - FY2026: 77 ### accounting: pass - Financial accounting warning count: 0 - Known restatement years: 0 ## Holders ## Price story The price assumes profits grow 8.3% a year forever · net income -4.8% Story as of 2026-10-16T10:00:14.788Z; price observation 2026-10-15. The price assumes profits grow 8.3% a year forever ### Net income · FY2026 net income -4.8%; source https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC7A.pdf; observed 2026-06-16. - FY2017: JPY 231B - FY2018: JPY 364B - FY2019: JPY 225B - FY2020: JPY 32B - FY2021: JPY 364B - FY2022: JPY 409B - FY2023: JPY 174B - FY2024: JPY 321B - FY2025: JPY 458B - FY2026: JPY 437B ## Owner memo Memo as of 2026-10-16T08:06:05.509Z. ### How it makes money Operates in insurance life; annual sales are JPY 10.5 trillion. - Source: https://eodhd.com/api/fundamentals/QHH.F.json#2026-03-31 (filed 2026-06-16); FY2026: revenue 10517702000000. ### Why customers stay It earns 7.8% on shareholders’ money, excluding intangible assets. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); 10-year return on tangible equity observations [[2017,0.07375146642925313],[2018,0.09710124781112099],[2019,0.060616631155334916],[2020,0.008589577724780216],[2021,0.07568896816597032],[2022,0.0972416452020799],[2023,0.06528249564119522],[2024,0.08061822427029153],[2025,0.1259667193535126],[2026,0.10263206270236827]]; median 0.07815359621813092. ROIC follows the displayed moat series; financial companies use return on tangible equity. ### Where the cash goes Paid dividends in 10 of 10 years; bought back JPY 107.6 billion of shares. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Dividend observations: [[2017,41412000000],[2018,50413000000],[2019,58100000000],[2020,66287000000],[2021,69855000000],[2022,68678000000],[2023,84814000000],[2024,84313000000],[2025,162356000000],[2026,156780000000]]. Zero only counted when supported by a complete cash-flow statement. - Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC7A.pdf (filed 2026-06-16); FY2026: cash repurchases 107597000000 JPY. ### What could break it "① 保険商品の料率設定及び責任準備金の積立ての前提が変動するリスク" (8750 filing, Jun 2026) - Source: https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC7A.pdf (filed 2026-06-16); ① 保険商品の料率設定及び責任準備金の積立ての前提が変動するリスク ### What the price says The price assumes profits grow 8.3% a year forever. - Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-06-16); Price 1805.5; FX 1; original perpetual distributable cash 30.865981633601187; discount 0.1; growth 0.08290446877119846. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15. ## Monthly share-price history (JPY per share) - 2016-11: JPY 458.38 per share - 2016-12: JPY 486.50 per share - 2017-01: JPY 515.50 per share - 2017-02: JPY 528.13 per share - 2017-03: JPY 499.13 per share - 2017-04: JPY 474.00 per share - 2017-05: JPY 461.13 per share - 2017-06: JPY 506.63 per share - 2017-07: JPY 477.75 per share - 2017-08: JPY 442.50 per share - 2017-09: JPY 504.75 per share - 2017-10: JPY 535.63 per share - 2017-11: JPY 574.00 per share - 2017-12: JPY 581.00 per share - 2018-01: JPY 571.38 per share - 2018-02: JPY 533.00 per share - 2018-03: JPY 485.63 per share - 2018-04: JPY 543.50 per share - 2018-05: JPY 507.63 per share - 2018-06: JPY 494.00 per share - 2018-07: JPY 525.50 per share - 2018-08: JPY 529.25 per share - 2018-09: JPY 591.38 per share - 2018-10: JPY 534.00 per share - 2018-11: JPY 494.50 per share - 2018-12: JPY 429.50 per share - 2019-01: JPY 439.88 per share - 2019-02: JPY 421.38 per share - 2019-03: JPY 384.50 per share - 2019-04: JPY 398.75 per share - 2019-05: JPY 393.50 per share - 2019-06: JPY 406.25 per share - 2019-07: JPY 401.75 per share - 2019-08: JPY 362.00 per share - 2019-09: JPY 407.25 per share - 2019-10: JPY 446.38 per share - 2019-11: JPY 440.75 per share - 2019-12: JPY 454.13 per share - 2020-01: JPY 414.00 per share - 2020-02: JPY 369.63 per share - 2020-03: JPY 323.88 per share - 2020-04: JPY 340.25 per share - 2020-05: JPY 350.75 per share - 2020-06: JPY 320.75 per share - 2020-07: JPY 307.50 per share - 2020-08: JPY 401.38 per share - 2020-09: JPY 369.25 per share - 2020-10: JPY 386.63 per share - 2020-11: JPY 411.13 per share - 2020-12: JPY 388.00 per share - 2021-01: JPY 396.50 per share - 2021-02: JPY 467.25 per share - 2021-03: JPY 475.50 per share - 2021-04: JPY 491.38 per share - 2021-05: JPY 558.25 per share - 2021-06: JPY 508.50 per share - 2021-07: JPY 503.00 per share - 2021-08: JPY 542.38 per share - 2021-09: JPY 618.25 per share - 2021-10: JPY 600.38 per share - 2021-11: JPY 571.75 per share - 2021-12: JPY 581.38 per share - 2022-01: JPY 642.88 per share - 2022-02: JPY 602.00 per share - 2022-03: JPY 624.75 per share - 2022-04: JPY 651.13 per share - 2022-05: JPY 658.38 per share - 2022-06: JPY 627.50 per share - 2022-07: JPY 575.75 per share - 2022-08: JPY 601.75 per share - 2022-09: JPY 573.00 per share - 2022-10: JPY 589.38 per share - 2022-11: JPY 635.88 per share - 2022-12: JPY 748.50 per share - 2023-01: JPY 760.25 per share - 2023-02: JPY 725.88 per share - 2023-03: JPY 608.75 per share - 2023-04: JPY 628.63 per share - 2023-05: JPY 598.63 per share - 2023-06: JPY 684.50 per share - 2023-07: JPY 726.38 per share - 2023-08: JPY 677.88 per share - 2023-09: JPY 774.25 per share - 2023-10: JPY 794.00 per share - 2023-11: JPY 770.25 per share - 2023-12: JPY 748.00 per share - 2024-01: JPY 815.25 per share - 2024-02: JPY 852.00 per share - 2024-03: JPY 962.50 per share - 2024-04: JPY 912.25 per share - 2024-05: JPY 1,051.75 per share - 2024-06: JPY 1,074.50 per share - 2024-07: JPY 1,162.00 per share - 2024-08: JPY 1,044.25 per share - 2024-09: JPY 920.50 per share - 2024-10: JPY 966.00 per share - 2024-11: JPY 1,012.75 per share - 2024-12: JPY 1,058.75 per share - 2025-01: JPY 1,065.25 per share - 2025-02: JPY 1,103.75 per share - 2025-03: JPY 1,133.00 per share - 2025-04: JPY 1,024.50 per share - 2025-05: JPY 1,128.50 per share - 2025-06: JPY 1,096.00 per share - 2025-07: JPY 1,203.50 per share - 2025-08: JPY 1,226.50 per share - 2025-09: JPY 1,166.00 per share - 2025-10: JPY 1,085.00 per share - 2025-11: JPY 1,218.50 per share - 2025-12: JPY 1,303.50 per share - 2026-01: JPY 1,352.50 per share - 2026-02: JPY 1,611.00 per share - 2026-03: JPY 1,421.00 per share - 2026-04: JPY 1,440.00 per share - 2026-05: JPY 1,636.00 per share - 2026-06: JPY 1,778.50 per share - 2026-07: JPY 1,918.50 per share - 2026-08: JPY 1,838.50 per share - 2026-09: JPY 1,876.50 per share - 2026-10: JPY 1,817.00 per share ## Annual estimated value (JPY per share) - FY2018: low JPY 457.27 per share, central JPY 502.99 per share, high JPY 558.88 per share - FY2019: low JPY 447.79 per share, central JPY 492.57 per share, high JPY 547.30 per share - FY2020: low JPY 173.06 per share, central JPY 212.39 per share, high JPY 274.87 per share - FY2021: low JPY 241.44 per share, central JPY 297.03 per share, high JPY 385.88 per share - FY2022: low JPY 218.24 per share, central JPY 269.59 per share, high JPY 352.55 per share - FY2023: low JPY 161.61 per share, central JPY 202.01 per share, high JPY 269.35 per share - FY2024: low JPY 411.66 per share, central JPY 514.58 per share, high JPY 686.11 per share - FY2025: low JPY 391.12 per share, central JPY 488.90 per share, high JPY 651.87 per share - FY2026: low JPY 617.32 per share, central JPY 771.65 per share, high JPY 1,028.87 per share Historical values use today's bond yield for every fiscal year Historical values use today's FX rate into trading currency for every fiscal year Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates ## Sources [Original EDINET filing](https://disclosure2dl.edinet-fsa.go.jp/searchdocument/pdf/S100YC7A.pdf); period 2026-03-31, filed 2026-06-16. Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.
← Companies
Daiichi Life Group
8750 · JP
Nikkei 225 · TOPIX Large70
Not a wonderful business
1 quality test fails. A lower price would not fix the business.
- Share price
- JPY 1,805.50
- Buy up to
- JPY 771.65
- Expected / yr
- 7.7% at today's price (10.0% at central value)
The business
- How it makes money
- Why customers stay
- Where the cash goes
- What could break it
- What the price says
1. Is this a good business?
Earned a median 7.8% on equity (minimum 10%).
- 10y median
- 7.8%
- Worst year
- 0.9%
- Latest · 2026
- 10.3%
Book value plus dividends grew 9% a year (minimum 7%).
- 10y median
- 7.3%
- Worst year
- -31.4%
- Latest · 2026
- 23.3%
Ordinary share growth was -2.6% over the full period and -4% over five years (either must be at most 2% a year).
- 11y median
- 94
- Worst year
- 100
- Latest · 2026
- 77
0 accounting warnings were found (none allowed).
- accounting warnings
- 0
- Passing bar
- ≤ 0
Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 108.66 JPY.
2. Is the price low enough?
| Value range | JPY 617.32 – JPY 1,028.87 |
|---|---|
| Buy at or below | Central value JPY 771.65 |
| Discount to value | 1 − 1805.50 / 771.65 = -134.0% |
| Return / year | About 7.7% a year at today's price (required return 10.0%) |
| Cash-flow inputs | Book JPY 903.14/share; ROE 9.4%; first payout JPY 30.87/share, growing 6.0% perpetually (4× book payout cap applied). |
| Required return | 10.0% / year, earned by construction at the central value |
Net incomeJPY 437B
FY2017 · Net income: JPY 231B; FY2018 · Net income: JPY 364B; FY2019 · Net income: JPY 225B; FY2020 · Net income: JPY 32B; FY2021 · Net income: JPY 364B; FY2022 · Net income: JPY 409B; FY2023 · Net income: JPY 174B; FY2024 · Net income: JPY 321B; FY2025 · Net income: JPY 458B; FY2026 · Net income: JPY 437B
Book / shareJPY 1K
FY2017 · Book / share: JPY 666.50; FY2018 · Book / share: JPY 799.91; FY2019 · Book / share: JPY 801.88; FY2020 · Book / share: JPY 830.37; FY2021 · Book / share: JPY 1K; FY2022 · Book / share: JPY 985.07; FY2023 · Book / share: JPY 654.85; FY2024 · Book / share: JPY 1K; FY2025 · Book / share: JPY 982.16; FY2026 · Book / share: JPY 1K
Dividend / shareJPY 43.03
FY2017 · Dividend / share: JPY 8.80; FY2018 · Dividend / share: JPY 10.76; FY2019 · Dividend / share: JPY 12.55; FY2020 · Dividend / share: JPY 14.58; FY2021 · Dividend / share: JPY 15.63; FY2022 · Dividend / share: JPY 16.07; FY2023 · Dividend / share: JPY 20.87; FY2024 · Dividend / share: JPY 21.66; FY2025 · Dividend / share: JPY 43.82; FY2026 · Dividend / share: JPY 43.03
Return on equity10.3%
FY2017 · Return on equity: 7.4%; FY2018 · Return on equity: 9.7%; FY2019 · Return on equity: 6.1%; FY2020 · Return on equity: 0.9%; FY2021 · Return on equity: 7.6%; FY2022 · Return on equity: 9.7%; FY2023 · Return on equity: 6.5%; FY2024 · Return on equity: 8.1%; FY2025 · Return on equity: 12.6%; FY2026 · Return on equity: 10.3%
Diluted shares3.6B
FY2017 · Diluted shares: 4.7B; FY2018 · Diluted shares: 4.7B; FY2019 · Diluted shares: 4.6B; FY2020 · Diluted shares: 4.5B; FY2021 · Diluted shares: 4.5B; FY2022 · Diluted shares: 4.3B; FY2023 · Diluted shares: 4.1B; FY2024 · Diluted shares: 3.9B; FY2025 · Diluted shares: 3.7B; FY2026 · Diluted shares: 3.6B
Prices 15 Oct 2026 · FY2026Original filing ↗ ·