德银-日本-人寿保险行业（个股-dai-ichi）-上半年结果：维持买入评级-20171115-deutsche bank research-life insurance sector life insurers 1h results dai-ichi life raises guidance; reiterate buy.pdfVIP

Deutsche Bank Group Markets Research Japan Industry Date Life insurance sector 15 November 2017 Financials / Life Insurance Forecast Change Masao Muraki, CMA Life insurers 1H results: Dai-ichi Life Research Analyst (+81) 3 5156-6701 raises guidance; reiterate Buy masao.muraki@ 1H NP progress: Dai-ichi Life 72%, TD and JPI 60%, SFH 51% Key Changes TD and SFH announced 1H results on 13 November, and Dai-ichi Life and Company Target Price Rating Japan Post Insurance on 14 November. NP progress was 72% (1Q 40% + 2Q 8795.T 1,700.00 to - 32%) at Dai-ichi Life, 60% (28% + 32%) at Japan Post Insurance, 60% (26% + 1,800.00(JPY) 33%) at TD, and 51% (30% + 22%) at SFH (Figures 1-3). We have a positive 7181.T 2,700.00 to - impression of Dai-ichi Life, which raised NP guidance from ¥179bn to ¥226bn 2,650.00(JPY) as a result of improvement in the investment environment. We reiterate our 8750.T 2,250.00 to - Buy rating for Dai-ichi Life. In this report, we revise our earnings forecasts for 2,