Competitive environment still tough, await M&A-driven expansion in growth areas

Research evidence excerpt

Competitive environment still tough, await M&A-driven expansion in growth areas

11 June 2026

Figure 1. Membership of Relo Club and Benefit Station Figure 2. Benefit One's approach following its integration into the

Dai-ichi Life Group – Dai-ichi Life's corporate sales team

(10 thou people) (10 thou people)

1,200 300 began intermediary sales targeting large corporations,

while its nationwide network of lifetime planning

1,000 250 designers (retail sales) began sales targeting SMEs

800 200

600 150

400 100

200 50

0 0

N of member_Relo Club N of member_Benefit Station

YoY increase_Relo Club(RHS) YoY increase_Benefit Station(RHS)

Note: E = Mizuho estimates Source: Mizuho Securities Equity Research based on materials from Dai-Ichi Life

Relo Club experienced large-scale cancellations in fiscal years ending March Holdings Business Strategy Briefing (July 17, 2025)

2021, 2022, and 2025, but the impact was minimal due to the Light Plan.

Benefit One acquired JTB Benefit in October 2021 and became a wholly

owned subsidiary of Dai-Ichi Life in May 2024.

Source: Mizuho Securities Equity Research from company materials

ESG

Environment: Through its outsourcing services, Relo Group not only contributes to

improvements in work styles by increasing operational efficiency, but also contributes

to energy and labor savings by consolidating the operations that exist in each

company.

Social: The company contributes to society through its core outsourcing services

business, by allowing Japanese companies facing the challenges of a narrowing

domestic market and labor shortages brought on by a shrinking population to focus on

their core businesses to better compete globally. The company’s tourism business

contributes to the revitalization of regional communities by helping small and