T&D : 【T&D Holdings, Inc.、Taiyo Life Insurance Company、Daido Life Insurance Company、T&D Financial Life Insurance Company】Non-consolidated Financial Data of the Three Life Insurance Companies for the Nine Months Ended December 31, 2015(293 KB)

[T&D Holdings] Non-Consolidated Financial Data of the Three Life Insurance Companies for the Nine Months Ended December 31, 2015 (Reference)

Non-Consolidated Financial Data of the Three Life Insurance Companies Nine Months Ended December 31, 2015

1. Sales Results (Individual Insurance and Individual Annuities)

(Billions of yen)

Nine Months Ended December 31, 2015		Total (Sum of Three Companies)		Taiyo Life		Daido Life		T&D Financial Life
		Amount	Increase (decrease) %Change	Amount	Increase (decrease) %Change	Amount	Increase (decrease) %Change	Amount	Increase (decrease) %Change
New policy amount		4,734.3	(614.4) (11.5%)	1,787.1	(643.8) (26.5%)	2,768.3	83.0 3.1%	178.7	(53.6) (23.1%)
Annualized premiums of new policies		100.6	(24.8) (19.8%)	28.0	(16.4) (37.0%)	61.1	(0.4) (0.7%)	11.4	(7.9) (41.1%)
Third Sector products	19.4	3.3 21.0%	9.0	1.7 24.0%	10.3	1.6 18.4%	0.0	0.0 478.3%

Notes:

1. New policy amount includes increase from conversion.

2. "Increase (decrease)" and "% Change" are presented in comparison with the same period of the previous fiscal year.

3. Total (Sum of Three Companies) of new policy amount including Daido Life's "J-type product," "T-type product" and "Kaigo Relief ," decreased 8.2% from the same period of the previous fiscal year to 5,365.2 billion yen.

(Billions of yen)

Nine Months Ended December 31, 2015		Total (Sum of Three Companies)		Taiyo Life		Daido Life		T&D Financial Life
		Amount	Increase (decrease) %Change	Amount	Increase (decrease) %Change	Amount	Increase (decrease) %Change	Amount	Increase (decrease) %Change
Policy amount in force		60,733.6	380.2 0.6%	22,170.0	15.5 0.1%	36,757.1	364.7 1.0%	1,806.4	0.0 0.0%
Annualized premiums of total policies		1,462.8	16.4 1.1%	645.5	(5.8) (0.9%)	700.5	22.2 3.3%	116.7	0.0 0.1%
Third Sector products	177.7	7.8 4.6%	100.1	1.8 1.8%	74.7	6.2 9.1%	2.8	(0.2) (6.9%)

Notes:

1. "Increase (decrease)" and "% Change" are presented in comparison with the previous fiscal year-end.

2. Total (Sum of Three Companies) of policy amount in force including Daido Life's "J-type product," "T-type product" and "Kaigo Relief ," increased 1.5% from the previous fiscal year-end to 63,031.6 billion yen.

(Billions of yen)

Nine Months Ended December 31, 2015	Total (Sum of Three Companies)		Taiyo Life		Daido Life		T&D Financial Life
	Amount	Increase (decrease) %Change	Amount	Increase (decrease) %Change	Amount	Increase (decrease) %Change	Amount	Increase (decrease) %Change
Surrender and lapse rate	4.26%	(0.21 points)	4.95%	0.04 points	2.62%	(1.72 points)
Surrender and lapse amount	2,793.6	(20.7) (0.7%)	944.3	(20.2) (2.1%)	1,801.9	32.4 1.8%	47.2	(32.9) (41.1%)

Notes:

1. Surrender and lapse rate is not annualized.

2. "Increase (decrease)" and "% Change" are presented in comparison with the same period of the previous fiscal year.

2. Summary of Operations

(Billions of yen)

Nine Months Ended December 31, 2015			T&D Holdings Consolidated		Taiyo Life		Daido Life		T&D Financial Life
			Amount	Increase (decrease) %Change	Amount	Increase (decrease) %Change	Amount	Increase (decrease) %Change	Amount	Increase (decrease) %Change
Ordinary revenues			1,500.8	(334.8) (18.2%)	646.3	(150.1) (18.9%)	698.3	(60.8) (8.0%)	169.0	(116.9) (40.9%)
Income from insurance premiums and others		1,166.0	(324.9) (21.8%)	476.8	(183.7) (27.8%)	557.1	(51.0) (8.4%)	129.8	(90.6) (41.1%)
Investment income		277.1	(12.2) (4.2%)	148.7	22.3 17.7%	120.1	(11.8) (9.0%)	9.7	(27.0) (73.4%)
Interest, dividends and income from real estate for rent	219.0	2.6 1.2%	110.1	(3.5) (3.1%)	104.5	6.2 6.3%	5.4	0.0 1.4%
Other ordinary income		57.6	2.4 4.4%	20.7	11.2 118.3%	21.0	2.0 10.9%	29.4	0.7 2.5%
Ordinary expenses			1,365.9	(333.7) (19.6%)	585.0	(166.2) (22.1%)	625.9	(58.8) (8.6%)	168.4	(102.5) (37.8%)
Insurance claims and other payments		1,007.8	(59.7) (5.6%)	478.9	41.8 9.6%	374.9	2.2 0.6%	152.9	(104.0) (40.5%)
Provision for policy and other reserves		106.7	(269.8) (71.7%)	0.0	(206.0) (100.0%)	137.9	(52.3) (27.5%)	0.0	(0.0) (24.5%)
Investment expenses		52.0	(2.8) (5.2%)	26.0	1.7 7.3%	22.1	(11.8) (34.8%)	4.4	2.8 184.4%
Ordinary profit			134.8	(1.0) (0.8%)	61.3	16.0 35.4%	72.4	(2.0) (2.7%)	0.5	(14.4) (96.1%)
Extraordinary gains			0.1	(0.0) (41.1%)	0.0	(0.1) (97.8%)	13.2	13.2 -	-	- -
Extraordinary losses			22.1	17.3 357.6%	14.8	11.9 409.0%	7.0	5.2 296.3%	0.3	0.2 279.9%
Provision for reserve for policyholder dividends			24.5	0.2 1.0%	13.9	0.2 1.9%	10.6	(0.0) (0.2%)	(0.0)	(0.0) -
Income before income taxes			88.2	(18.6) (17.5%)	32.5	3.6 12.7%	67.9	5.9 9.6%	0.2	(14.7) (98.6%)
Total income taxes			26.1	(5.0) (16.3%)	9.4	1.5 20.2%	19.9	1.7 9.6%	0.0	(4.4) (98.2%)
Profit attributable to owners of parent			62.0	(13.6) (18.0%)	23.1	2.0 9.9%	48.0	4.1 9.5%	0.1	(10.2) (98.8%)

[Reference]

Net investment income (general account)

223.8

17.4 8.5%

122.6

20.5 20.1%

97.4

1.6 1.7%

4.6

(4.7) (50.6%)

Notes:

1. "Increase (decrease)" and "% Change" are presented in comparison with the same period of the previous fiscal year.

2. T&D Holdings' consolidated figures do not always correspond to the sum of the three life insurance companies' figures.

3. Simple sum of all three companies' income from insurance premiums and others is ¥ 1,163.8 billion (down 21.9%).

4. Extraordinary gains of Daido Life include gains on sale of real estate to Taiyo Life of ¥13.1 billion. This will be eliminated as intra-company transactions on consolidated basis and will have no impact on profit/loss.

5. Extraordinary losses of ¥22.1 billion include provision for reserve for price fluctuations of ¥15.3 billion (Taiyo Life: ¥13.3 billion, Daido Life: ¥1.8 billion, T&D Financial Life: ¥0.1 billion).

6. The amount of net income is stated in the column of profit attributable to owners of parent for the three life insurance companies.

7. Net investment income (general account) is investment income minus investment expenses of general account.

3. Key Indicators

[Core profit and amount of positive spread]

(Billions of yen)

Nine Months Ended December 31, 2015	Total (Sum of Three Companies)		Taiyo Life		Daido Life		T&D Financial Life
	Amount	Increase (decrease) %Change	Amount	Increase (decrease) %Change	Amount	Increase (decrease) %Change	Amount	Increase (decrease) %Change
Core profit	131.5	(3.7) (2.7%)	44.6	(7.8) (14.9%)	88.1	7.9 9.9%	(1.2)	(3.8) -
Amount of positive spread	32.8	8.5	9.2	(1.0)	25.9	9.6	(2.3)	(0.0)

Note:

1. "Increase (decrease)" and "% Change" are presented in comparison with the same period of the previous fiscal year.

2. In case of negative spread, the amount is stated in negative value.

[Solvency margin ratio]

Notes: T&D Financial Life does not state consolidated solvency margin ratio because the company does not own subsidiaries.

[Adjusted net assets]

As of December 31, 2015	T&D Holdings		Taiyo Life		Daido Life		T&D Financial Life
	Amount	Change from previous FYE	Amount	Change from previous FYE	Amount	Change from previous FYE	Amount	Change from previous FYE
Solvency margin ratio	875.8%	(118.1 points)	1,336.5%	(27.2 points)	1,336.7%	64.8 points
Consolidated solvency margin ratio	1,128.9%	(91.8 points)	882.7%	(118.4 points)	1,344.0%	(27.5 points)

(Billions of yen)

As of December 31, 2015	T&D Holdings （Consolidated）		Taiyo Life （Non-consolidated）		Daido Life （Non-consolidated）		T&D Financial Life （Non-consolidated）
	Amount	Change from previous FYE	Amount	Change from previous FYE	Amount	Change from previous FYE	Amount	Change from previous FYE
Adjusted net assets	2,626.3	(19.1)	1,118.9	(44.4)	1,331.8	43.3	163.8	7.5

[Unrealized gains (losses) on securities]

(Billions of yen)

As of December 31, 2015		Total (Sum of Three Companies)		Taiyo Life		Daido Life		T&D Financial Life
		Amount	Change from previous FYE	Amount	Change from previous FYE	Amount	Change from previous FYE	Amount	Change from previous FYE
Unrealized gains (losses) on securities		1,284.5	(58.4)	689.0	(76.8)	524.3	5.0	71.0	13.3
Domestic bonds	637.3	48.3	324.4	16.5	262.0	26.2	50.8	5.5
Domestic stocks	399.7	1.7	212.6	(18.5)	187.1	20.3	-	-
Foreign securities	182.3	(111.8)	135.2	(71.1)	47.2	(40.5)	(0.1)	(0.1)
Other securities	29.9	(3.8)	9.9	(3.3)	19.9	(0.5)	-	-
Monetary trusts	20.3	7.8	-	-	-	-	20.3	7.8
Monetary claims purchased	14.8	(0.7)	6.8	(0.2)	7.9	(0.5)	-	-
Unrealized gains (losses) on real estate		29.4	(7.8)	7.6	0.0	21.8	(7.9)	-	-

Notes:

1. The figures of net unrealized gains (losses) on securities are only those securities with market value.

2. Net unrealized gains (losses) on real estate are basically calculated based on the appraisal price. Less important properties are calculated based on the posted price, etc.

[Disclosure of Market Consistent Embedded Value (MCEV)] (Estimate)

As of December 31, 2015	T&D Life Group (Group MCEV)		Taiyo Life		Daido Life		T&D Financial Life
	Amount	Change from previous FYE	Amount	Change from previous FYE	Amount	Change from previous FYE	Amount	Change from previous FYE
MCEV	approx. 2,349.6	approx. 51.5	approx. 858.6	(approx. 9.9)	approx. 1,396.4	approx. 89.7	approx. 97.8	approx. 1.9

Notes: Quarterly MCEV results are estimates calculated partly using simplified methods and are not reviewed by third party specialists. (Billions of yen)

Notes:

1. Group MCEV is the sum of "MCEV of life insurance business: ¥2,322.9 billion" and "net asset value of non-life insurance business: ¥26.6 billion."

2. The difference in amount of change from previous fiscal year-end between Group MCEV and the sum of three companies are mainly due to the acquisition of treasury stock of approximately ¥30.0 billion implemented by T&D Holdings.

   
   

   (Billions of yen)

   Nine Months Ended December 31, 2015	T&D Life Group (Sum of Three Companies)		Taiyo Life		Daido Life		T&D Financial Life
   	Amount	Change from the same period of previous FY	Amount	Change from the same period of previous FY	Amount	Change from the same period of previous FY	Amount	Change from the same period of previous FY
   Value of new business	approx. 78.6	approx. 12.4	approx. 25.7	approx. 4.6	approx. 48.8	approx. 6.4	approx. 4.0	approx. 1.3

   (Reference)

   
   

   Forecasts for the Year Ending March 31, 2016 (April 1, 2015 - March 31, 2016)

   
   

3. T&D Holdings (Consolidated)

   
   

   Full year forecasts for the year ending March 31, 2016 have not been changed from the announcement on May 14, 2015.

   (Billions of yen)

   Year Ended March 31, 2015	Forecast for the Year Ending March 31, 2016
   Ordinary revenues	2,412.1	Approx. 1,870
   Ordinary profit	188.9	Approx. 167
   Net income attributable to owners of parent	94.2	Approx. 78

   Projected annual dividend per share for the year ending March 31, 2016 is ¥30.

   
   

4. Three Life Insurance Companies (Non-consolidated)




The followings are the three life insurance companies' forecasts for the year ending March 31, 2016.




(Billions of yen)

Taiyo Life	Daido Life	T&D Financial Life
Ordinary revenues	Approx. 850	Approx. 890	Approx. 230
Ordinary profit	Approx. 79	Approx. 81	Approx. 7
Net income	Approx. 28	Approx. 55	Approx. 4

Note:

1. Forecasts have not been changed from the announcement on August 10, 2015.

2. The differences between the consolidated figures and the sum of the figures of the three life insurance companies are mainly due to the intercompany reconciliation among the consolidated companies including the three life insurance companies.




(Billions of yen)

Sum of Three Companies		Taiyo Life		Daido Life		T&D Financial Life
Core profit	Approx.	153	Approx.	57	Approx.	97	Approx.	(2)
Income from insurance premiums and others	Approx.	1,590	Approx.	660	Approx.	730	Approx.	200
Positive spread (In case of negative spread, the amount is stated in negative value.)	Approx.	31	Approx.	11	Approx.	23	Approx.	(3)
New policy amount	Approx.	6,110	Approx.	2,370	Approx.	3,420	Approx.	330
Policy amount in force	Approx.	60,700	Approx.	22,220	Approx.	36,580	Approx.	1,900
Surrender and lapse rate			Approx.	5.7%	Approx.	6.7%	Approx.	4.0%

Notes:

1. Forecasts have not been changed from the announcement on August 10, 2015.

2. Policy amount in force, new policy amount and surrender and lapse rate include individual insurance and annuities. The new policy amount includes increase from conversion.

3. Forecasts for Daido Life's new policy amount and policy amount in force plus the forecasts for the total insured amount of "J-type product," "T-type product" and "Kaigo Relief" are approximately ¥4,100 billion and approximately ¥38,890 billion, respectively.




The above forecasts for the year ending March 31, 2016 reflect the Company's current analysis of existing information and trends. Actual results may differ from expectations based on risks and uncertainties that may affect the Company's businesses.