T&D HOLDINGS INC. [Reference] Non-Consolidated Financial Data of the Three Life Insurance Companies for the Fiscal Year Ended March 31, 2016
Sales Results (Individual Insurance and Annuities）
(Billions of yen)
Sum of Three Companies | Taiyo Life | Daido Life | T&D Financial Life | ||||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change | ||
Annualized premiums of total policies | 1,468.9 | 22.5 1.6% | 646.3 | (5.0) (0.8%) | 705.7 | 27.3 4.0% | 116.8 | 0.1 0.1% | |
Third Sector products | 179.1 | 9.2 5.5% | 100.2 | 1.9 2.0% | 76.1 | 7.6 11.2% | 2.8 | (0.2) (9.0%) | |
Policy amount in force | 60,582.2 | 228.8 0.4% | 21,983.5 | (171.0) (0.8%) | 36,790.0 | 397.7 1.1% | 1,808.7 | 2.2 0.1% | |
Note: "Change" is presented in comparison with the previous fiscal year-end.
(Billions of yen)
Sum of Three Companies | Taiyo Life | Daido Life | T&D Financial Life | ||||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change | ||
Annualized premiums of new policies | 132.6 | (28.7) (17.8%) | 39.5 | (17.0) (30.1%) | 78.4 | 0.2 0.4% | 14.6 | (11.9) (44.9%) | |
Third Sector products | 24.6 | 3.7 18.3% | 11.5 | 2.0 21.7% | 13.0 | 1.7 15.3% | 0.0 | 0.0 252.5% | |
New policy amount | 5,899.3 | (670.8) (10.2%) | 2,134.1 | (706.5) (24.9%) | 3,528.9 | 122.1 3.6% | 236.2 | (86.4) (26.8%) | |
Note 1. "Change" is presented in comparison with the previous fiscal year-end.
2. New policy amount includes increase from conversion.
Note: "Change" is presented in comparison with the previous fiscal year-end.
Sum of Three Companies | Taiyo Life | Daido Life | T&D Financial Life | |||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change | |
Surrender and lapse rate | 5.67% | (0.21 points) | 6.48% | 0.09 points | 3.41% | (2.21 points) | ||
Surrender and lapse amount | 3,675.7 | (2.7) (0.1%) | 1,255.9 | (14.2) (1.1%) | 2,358.2 | 53.8 2.3% | 61.5 | (42.3) (40.8%) |
(Billions of yen)
Summary of Operations
(Billions of yen)
T&D Holdings (Consolidated) | Taiyo Life | Daido Life | T&D Financial Life | |||||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change | |||
Ordinary revenues | 2,025.9 | (386.2) | 873.8 | (187.2) | 935.7 | (45.3) | 218.0 | (164.0) | ||
(16.0%) | (17.6%) | (4.6%) | (42.9%) | |||||||
Income from insurance premiums and others | 1,574.5 | (383.5) | 657.1 | (208.0) | 748.9 | (43.8) | 165.4 | (132.3) | ||
(19.6%) | (24.0%) | (5.5%) | (44.4%) | |||||||
Investment income | 379.7 | (4.5) | 202.9 | 26.5 | 165.1 | (3.8) | 14.2 | (32.1) | ||
(1.2%) | 15.0% | (2.3%) | (69.3%) | |||||||
Interest, dividends and income from real estate for rent | 290.7 | 2.7 | 148.1 | (3.6) | 136.6 | 6.3 | 7.4 | 0.2 | ||
1.0% | (2.4%) | 4.9% | 3.4% | |||||||
Other ordinary income | 71.6 | 1.8 | 13.7 | (5.7) | 21.6 | 2.3 | 38.3 | 0.3 | ||
2.6% | (29.4%) | 12.2% | 1.0% | |||||||
Ordinary expenses | 1,854.4 | (368.7) | 794.7 | (198.7) | 845.4 | (38.1) | 216.8 | (142.8) | ||
(16.6%) | (20.0%) | (4.3%) | (39.7%) | |||||||
Insurance claims and other payments | 1,302.8 | (98.6) | 604.2 | 37.8 | 502.8 | 8.6 | 194.3 | (145.3) | ||
(7.0%) | 6.7% | 1.7% | (42.8%) | |||||||
Provision for policy and other reserves | 194.3 | (290.7) | 39.8 | (242.1) | 181.3 | (49.9) | 0.0 | (1.4) | ||
(59.9%) | (85.9%) | (21.6%) | (99.8%) | |||||||
Investment expenses | 77.4 | 11.0 | 36.5 | 4.6 | 34.4 | (4.6) | 7.9 | 6.1 | ||
16.6% | 14.6% | (12.0%) | 338.1% | |||||||
Other ordinary expenses | 80.7 | 10.0 | 37.6 | 2.0 | 24.2 | 4.4 | 1.8 | (0.4) | ||
14.2% | 5.8% | 22.4% | (19.1%) | |||||||
Ordinary profit | 171.4 | (17.5) | 79.1 | 11.5 | 90.3 | (7.1) | 1.2 | (21.2) | ||
(9.3%) | 17.0% | (7.3%) | (94.6%) | |||||||
Extraordinary gains | 0.1 | (0.0) | 0.0 | (0.1) | 13.2 | 13.2 | 0.0 | 0.0 | ||
(27.5%) | (97.8%) | - | - | |||||||
Extraordinary losses | 29.4 | 21.1 | 20.2 | 14.8 | 8.7 | 6.1 | 0.6 | 0.4 | ||
253.3% | 273.8% | 231.3% | 256.5% | |||||||
Provision for reserve for policyholder dividends | 31.9 | (0.6) | 18.1 | 0.0 | 13.7 | (0.6) | (0.0) | (0.0) | ||
(2.0%) | 0.2% | (4.7%) | 3457.3% | |||||||
Total income taxes | 37.5 | (16.3) | 13.9 | (2.4) | 26.4 | (2.7) | 0.1 | (7.5) | ||
(30.4%) | (14.8%) | (9.3%) | (98.7%) | |||||||
Note 1. "Change" is presented in comparison with the previous fiscal year-end.
T&D Holdings' consolidated figures do not always correspond to the sum of the three life insurance companies' figures.
Simple sum of all three companies' income from insurance premiums and others is ¥ 1,571.5 billion (down 19.6%).
Extraordinary gains of Daido Life include gains on sale of real estate to Taiyo Life of ¥13.1 billion. This is eliminated as intra-company transactions on consolidated basis and has no impact on profit/loss.
Extraordinary losses of ¥29.4 billion include provision for reserve for price fluctuations of ¥20.5 billion (Taiyo Life: ¥17.8 billion, Daido Life: ¥2.5 billion, T&D Financial Life: ¥0.1 billion).
The amount of net income is stated in the column of profit attributable to owners of parent for the three life insurance companies.
Core Profit and Positive Spread
(Billions of yen)
Sum of Three Companies | Taiyo Life | Daido Life | T&D Financial Life | |||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change | |
Core Profit | 153.0 | (29.6) (16.2%) | 53.8 | (14.3) (21.1%) | 104.8 | (2.8) (2.6%) | (5.5) | (12.4) - |
Positive spread/negative spread | 40.2 | 5.6 16.4% | 12.7 | (0.8) (6.5%) | 30.6 | 6.4 26.8% | (3.1) | 0.0 (2.8%) |
Note: In case of negative spread, the amount is shown in negative value.
Average Assumed Investment Yield (Taiyo Life)
Average Assumed Investment Yield (Daido Life)
3.0%
Investment yield on core profit
3.0%
2.68%
Investment yield on core profit
2.5%
2.0%
1.5%
2.55%
2.34%
Average assumed investment yield
2.44%
2.21%
2.32%
2.11%
2.5%
2.0%
1.5%
2.15%
Average assumed investment yield
2.55%
2.05%
2.55%
1.94%
2014/03 2015/03 2016/03
2014/03 2015/03 2016/03
Other indicators (3)
Solvency Margin Ratio and Adjusted Net Assets
T&D Holdings | Taiyo Life | Daido Life | T&D Financial Life | ||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change |
Solvency margin ratio | 890.6% | (103.30 points) | 1341.9% | (21.80 points) | 1260.7% | (11.20 points) | |
Consolidated solvency margin ratio | 1155.8% | (64.90 points) | 898.5% | (102.60 points) | 1350.0% | (21.50 points) | |
Note 1. "Change" is presented in comparison with the previous fiscal year-end.
2. T&D Financial Life does not state consolidated solvency margin ratio because the company does not own subsidiary companies.
(Billions of yen)
T&D Holdings (Consolidated) | Taiyo Life | Daido Life | T&D Financial Life | |||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change | |
Adjusted net assets | 2,927.6 | 282.1 | 1,251.2 | 87.7 | 1,436.1 | 147.7 | 228.3 | 72.1 |
Note: "Change" is presented in comparison with the previous fiscal year-end.
Unrealized Gains/Losses on Securities (General Account)
(Billions of yen)
Sum of Three Companies | Taiyo Life | Daido Life | T&D Financial Life | ||||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change | ||
Unrealized gains/losses on securities | 1,565.4 | 222.4 | 809.2 | 43.2 | 619.2 | 99.9 | 136.9 | 79.2 | |
Domestic bonds | 993.2 | 404.2 | 505.0 | 197.0 | 400.4 | 164.6 | 87.7 | 42.5 | |
Domestic stocks | 294.9 | (102.9) | 150.2 | (80.9) | 144.7 | (22.0) | - | - | |
Foreign securities | 202.8 | (91.3) | 144.9 | (61.4) | 56.9 | (30.8) | 0.9 | 0.9 | |
Unrealized gains/losses on real estate | 44.3 | 7.0 | 15.5 | 8.0 | 28.8 | (0.9) | - | - | |
Note 1. "Change" is presented in comparison with the previous fiscal year-end.
Figures of net unrealized gains/losses on securities are those of securities with market value.
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.
Market Consistent Embedded Value (MCEV) [Estimate]
(Billions of yen)
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 | 1,893.7 | (404.3) | 725.7 | (142.8) | 1,078.0 | (228.7) | 93.4 | (2.3) |
Note 1. Group MCEV is the sum of "MCEV of life insurance business: approximately ¥1,867.2 billion" and "net asset value of non-life insurance business: approximately ¥26.4billion."
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)
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 | |
Value of new business | 56.3 | (36.6) | 18.1 | (14.3) | 34.6 | (23.5) | 3.5 | 1.1 |
Forecasts for the Year Ending March 31, 2017
T&D Holdings (Consolidated)
(Billions of yen)
Year Ended March 31, 2016 | Forecast for the Year Ending March 31, 2017 | |
Ordinary revenues | 2,025.9 | Approx. 1,750 |
Ordinary profit | 171.4 | Approx. 164 |
Profit attributable to owners of parent | 72.5 | Approx. 73 |
(Yen)
Year Ended March 31, 2016 (Schedule) | Forecast for the Year Ending March 31, 2017 | |
Annual dividends per share | 30 | 30 (including interim dividend: 15) |
Three Life Insurance Companies (Non-consolidated)
(Billions of yen)
Taiyo Life | Daido Life | T&D Financial Life | |
Ordinary revenues | Approx. 800 | Approx. 900 | Approx. 170 |
Ordinary profit | Approx. 74 | Approx. 88 | Approx. 1 |
Net income | Approx. 29 | Approx. 43 | Approx. 1 |
T&D Holdings Inc. published this content on 13 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 13 May 2016 07:23:13 UTC.
Original documenthttp://www.td-holdings.co.jp/en/news/file/1791/1/h_e20160513_02.pdf
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