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Following an audit by Vietnam’s Large Enterprise Tax Department in 2025, Dai-ichi Life Vietnam—100% owned by Dai-ichi Life Holdings, Inc. of Japan—was required to supplement its tax obligations totaling more than VND 546.3 billion. The additional amount relates to operating expenses incurred in previous years and underscores governance and tax interpretation challenges in the domestic market.
In its 2025 standalone financial statements, Dai-ichi Life Vietnam reported a net profit decline of more than 23% to over VND 1,663 billion. Despite the drop, the company approved a distribution of VND 3,723 billion in profits to its parent, Dai-ichi Life Holdings, Inc. in Japan—up 323% from VND 881 billion distributed in 2024.
The combination of the additional tax obligations and the higher profit distribution reduced the company’s equity from over VND 21,296 billion to nearly VND 18,690 billion within a year. Solvency margin also weakened, falling from 228% to 192%.
Insurance revenue in 2025 reached over VND 17,457 billion, down 6% year-on-year. The premium structure showed primary insurance premiums totaling over VND 18,135 billion, with linked products leading at about VND 8,211.6 billion, while bundled/alternative segments contributed the remainder.
Costs and reserves increased, weighing on profitability. Total claim and insurance benefit payments rose to over VND 5,929 billion, and net technical reserves grew 7.2% to exceed VND 58,792 billion by year-end.
Investment income helped support overall results. Financial investment revenue reached nearly VND 4,284 billion, up 14.1% year-on-year. Interest income included VND 2,648.7 billion from government bonds and VND 846.1 billion from deposits.
As a result, pre-tax profit remained above VND 2,173 billion, though it fell 18.6% year-on-year. Net profit after tax for 2025 was over VND 1,663 billion, down 23.3%.
By end-2025, Dai-ichi Life Vietnam held VND 50,701 billion in long-term financial investments, up 14.4% from the start of the year. Government bonds were the largest holding, with a carrying value above VND 27,874 billion, down slightly by 0.45% versus the beginning of the year.
Corporate bonds increased 27.8% to a carrying value of VND 17,460 billion. Short-term financial investments totaled VND 11,295 billion, up 18.4% year-on-year.
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