OREANDA-NEWS. The Dai-ichi Life Insurance Company, Limitedhereby announces that it has reached an agreement with Sompo Japan Insurance Inc. on the acquisition of Sompo Japan's 10% stake in The Dai-ichi Frontier Life Insurance Co., Ltd., in which the Company holds an existing 90% stake, for 18.5 billion yen.

Positioning individual savings business as a growth area, the Company established Dai-ichi Frontier, which has sold savings-type products including individual annuities via financial institutions such as banks and securities companies, and has steadily expanded its business base. By making Dai-ichi Frontier a wholly-owned subsidiary, we will strengthen our initiatives for further growth.

Although Sompo Japan plans to divest its entire stake in Dai-ichi Frontier through this transaction, the Company and Sompo Japan have been taking various initiatives in a wide range of business areas, such as mutually supplying their core insurance products, since a full-scale business alliance between the two companies was agreed in August 2000. We will cooperate with each other to adapt to the ever-changing business environment, elevate our alliance and strive to increase both groups' profitability and enhance their competitiveness.