T&D HOLDINGS INC. [Reference] Non-Consolidated Financial Data of the Three Life Insurance Companies for the Fiscal Year Ended March 31, 2017
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 | 1,498.4 | 29.4 2.0% | 636.5 | (9.8) (1.5%) | 747.8 | 42.0 6.0% | 114.0 | (2.7) (2.3%) | |
Medical benefits, living benefits, and others | 191.1 | 12.0 6.7% | 103.2 | 2.9 3.0% | 85.3 | 9.2 12.1% | 2.6 | (0.1) (6.6%) | |
Policy amount in force | 61,446.2 | 863.9 1.4% | 21,741.1 | (242.3) (1.1%) | 37,825.6 | 1,035.5 2.8% | 1,879.3 | 70.6 3.9% | |
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 | 137.0 | 4.4 3.3% | 36.0 | (3.4) (8.7%) | 93.7 | 15.2 19.4% | 7.2 | (7.3) (50.5%) | |
Medical benefits, living benefits, and others | 28.6 | 4.0 16.5% | 13.4 | 1.9 16.7% | 15.1 | 2.0 15.9% | 0.0 | 0.0 286.6% | |
New policy amount | 6,506.4 | 607.1 10.3% | 2,084.8 | (49.3) (2.3%) | 4,186.2 | 657.2 18.6% | 235.4 | (0.7) (0.3%) | |
Notes:
"Change" is presented in comparison with the same period of the previous fiscal year.
Sum of Three Companies
Taiyo Life
Daido Life
T&D Financial Life
Amount
Change
Amount
Change
Amount
Change
Amount
Change
Surrender and lapse rate (policy amount basis)
5.71%
0.04 points
6.45%
(0.03 points)
3.12%
(0.29 points)
Surrender and lapse amount
3,684.9
9.2
0.3%
1,255.8
(0.1)
(0.0%)
2,372.7
14.5
0.6%
56.3
(5.1)
(8.4%)
New policy amount includes increase from conversion.
Note: "Change" is presented in comparison with the same period of the previous fiscal year.
(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 | 1,975.7 | (50.1) (2.5%) | 897.9 | 24.0 2.8% | 944.4 | 8.6 0.9% | 155.8 | (62.2) (28.5%) | ||
Income from insurance premiums | 1,505.2 | (69.2) (4.4%) | 654.3 | (2.8) (0.4%) | 766.3 | 17.4 2.3% | 80.9 | (84.5) (51.1%) | ||
Investment income | 402.7 | 23.0 6.1% | 228.0 | 25.1 12.4% | 154.0 | (11.0) (6.7%) | 23.0 | 8.8 61.9% | ||
Interest, dividends and income from real estate for rent | 276.6 | (14.0) (4.8%) | 138.1 | (9.9) (6.7%) | 132.3 | (4.2) (3.1%) | 7.5 | 0.1 1.9% | ||
Other ordinary income | 67.8 | (3.8) (5.3%) | 15.5 | 1.7 12.5% | 24.0 | 2.3 10.9% | 51.8 | 13.5 35.2% | ||
Ordinary expenses | 1,818.5 | (35.9) (1.9%) | 831.3 | 36.5 4.6% | 861.7 | 16.3 1.9% | 149.6 | (67.1) (31.0%) | ||
Insurance claims and other payments | 1,160.3 | (142.5) (10.9%) | 535.3 | (68.8) (11.4%) | 484.8 | (18.0) (3.6%) | 138.3 | (56.0) (28.8%) | ||
Provision for policy and other reserves | 259.1 | 64.7 33.3% | 99.9 | 60.1 150.9% | 204.7 | 23.4 12.9% | 0.0 | (0.0) (65.9%) | ||
Investment expenses | 130.2 | 52.8 68.1% | 83.1 | 46.5 127.4% | 48.2 | 13.8 40.1% | 0.2 | (7.7) (97.3%) | ||
Other ordinary expenses | 71.1 | (9.5) (11.8%) | 35.6 | (2.0) (5.4%) | 20.7 | (3.4) (14.3%) | 1.3 | (0.4) (25.9%) | ||
Ordinary profit | 157.2 | (14.2) (8.3%) | 66.6 | (12.4) (15.8%) | 82.6 | (7.6) (8.4%) | 6.1 | 4.9 411.3% | ||
Extraordinary gains | 0.3 | 0.1 83.2% | 0.2 | 0.2 6,086.3% | - | (13.2) （-） | - | (0.0) （-） | ||
Extraordinary losses | 35.3 | 5.9 20.1% | 19.2 | (1.0) (5.1%) | 12.4 | 3.6 41.7% | 3.6 | 2.9 479.8% | ||
Provision for reserve for policyholder dividends | 25.3 | (6.5) (20.5%) | 11.7 | (6.3) (35.3%) | 13.6 | (0.1) (1.1%) | (0.0) | 0.0 (68.7%) | ||
Total income taxes | 21.4 | (16.0) (42.9%) | 6.9 | (6.9) (50.1%) | 13.4 | (12.9) (49.0%) | 0.4 | 0.3 339.1% | ||
Profit attributable to owners of parent | 75.1 | 2.6 3.6% | 28.9 | 2.1 7.9% | 43.1 | (11.3) (20.9%) | 2.1 | 1.6 335.1% | ||
Notes:
"Change" is presented in comparison with the same period of the previous fiscal year.
T&D Holdings' consolidated figures do not always correspond to the sum of the three life insurance companies' figures.
Simple sum of three companies' income from insurance premiums and others is ¥1,501.6 billion (down 4.4% compared to the same period of the previous fiscal year).
Decrease in Daido Life's extraordinary gains of ¥13.2 billion from the same period of the previous fiscal year are mainly due to the gains on sale of real estate of ¥13.1 billion to Taiyo Life in the previous fiscal year. This is eliminated as intra-company transactions on consolidated basis which has no impact on profit/loss.
Extraordinary losses of ¥35.3 billion include provision for reserve for price fluctuations of ¥29.1 billion (Taiyo Life: ¥18.0 billion, Daido Life: ¥10.8 billion, T&D Financial Life: ¥0.3 billion).
The amount of net income is stated in the column of profit attributable to owners of parent for the three life insurance companies.
Other Indicators (1)
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
159.9
6.8
4.5%
53.4
(0.3)
(0.6%)
105.6
0.8
0.8%
0.8
6.3
-
Positive spread (negative spread)
29.8
(10.3)
(25.8%)
7.7
(5.0)
(39.6%)
25.0
(5.5)
(18.2%)
(2.9)
0.2
(7.5%)
Notes:
"Change" is presented in comparison with the same period of the previous fiscal year.
Provision for policy reserves of ¥2.3 billion due to foreign exchange fluctuations has been deducted from the core profit of T&D Financial Life for the current fiscal year. In case of calculating the core profit of the previous fiscal year, the year-on-year difference for T&D Financial Life and the sum of three companies would have been an increase of ¥11.6 billion (-) and ¥12.1 billion (up 8.2%), respectively.
"Change" is presented in comparison with the previous fiscal year-end.
T&D Financial Life does not state consolidated solvency margin ratio because the company does not own subsidiary companies.
"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 land, etc. are basically calculated based on the appraisal price. Less important properties are calculated based on the posted price, etc..
"Change" is presented in comparison with the previous fiscal year-end.
Group MCEV is the sum of "MCEV of life insurance business: ¥2,262.4 billion" and "net asset value of business other than life insurance business: ¥28.1 billion."
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 | 848.6% | (42.0 points) | 1,252.6% | (89.3 points) | 1,295.6% | 34.9 points | |
Consolidated solvency margin ratio | 1,105.1% | (50.7 points) | 857.6% | (40.9 points) | 1,261.3% | (88.7 points) | |
Notes:
(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 | 2,592.5 | (335.1) | 1,035.4 | (215.7) | 1,354.4 | (81.6) | 188.0 | (40.3) |
Note: "Change" is presented in comparison with the previous fiscal year-end.
Other Indicators (2)
Net 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 | ||
Net unrealized gains/losses on securities | 1,163.0 | (402.3) | 562.5 | (246.6) | 502.6 | (116.6) | 97.8 | (39.0) | |
Domestic bonds | 736.5 | (256.7) | 362.3 | (142.7) | 307.2 | (93.1) | 66.9 | (20.8) | |
Domestic stocks | 286.1 | (8.8) | 118.8 | (31.3) | 167.2 | 22.5 | - | - | |
Foreign securities | 66.0 | (136.8) | 61.0 | (83.8) | 4.7 | (52.2) | 0.1 | (0.7) | |
Net unrealized gains/losses on land, etc. | 60.1 | 15.7 | 22.3 | 6.7 | 37.8 | 9.0 | - | - | |
Notes:
Market Consistent Embedded Value (MCEV) [Preliminary Figures]
(Billions of yen)
T&D Life Group (Group MCEV) | Taiyo Life | Daido Life | T&D Financial Life | |||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change | |
MCEV | 2,290.5 | 396.8 | 777.5 | 51.7 | 1,417.4 | 339.4 | 97.4 | 3.9 |
Notes:
(Billions of yen)
T&D Life Group (Sum of Three Companies) | Taiyo Life | Daido Life | T&D Financial Life | |||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change | |
Value of new business | 119.5 | 63.1 | 44.2 | 26.1 | 74.3 | 39.6 | 0.9 | (2.5) |
Note: "Change" is presented in comparison with the same period of the previous fiscal year.
Regarding the MCEV, please refer to the news release (preliminary version) disclosed today. For details, MCEV as of March 31, 2017 which is reviewed by the third party specialists is scheduled to be disclosed on May 18, 2017.
[Reference] Forecasts for the Year Ending March 31, 2018
T&D Holdings (Consolidated)
(Billions of yen)
Year Ended March 31, 2017 | Forecast for the Year Ending March 31, 2018 | |
Ordinary revenues | 1,975.7 | Approx. 1,900 |
Ordinary profit | 157.2 | Approx. 150 |
Profit attributable to owners of parent | 75.1 | Approx. 74 |
Annual dividends per share for the year ended March 31, 2017 (schedule) has not been changed from the announcement on February 14, 2017 (increase of ¥2.5).
(Yen)
Schedule for the Year Ended March 31, 2017 | Forecast for the Year Ending March 31, 2018 | |
Annual dividends per share | 32.5 (including year-end dividend: 17.5) | 35 (including interim dividend: 17.5) |
Three Life Insurance Companies (Non-consolidated)
(Billions of yen)
Taiyo Life | Daido Life | T&D Financial Life | |
Ordinary revenues | Approx. 770 | Approx. 970 | Approx. 220 |
Ordinary profit | Approx. 62 | Approx. 86 | Approx. 1 |
Net income | Approx. 29 | Approx. 44 | Approx. 0 |
Note: The differences between the consolidated figures and the sum of three companies are due to consolidated subsidiaries other than the three companies and adjustments between the consolidated companies, etc.
Actual results may differ substantially from the earnings forecasts above going forward due to various factors.T&D Holdings Inc. published this content on 15 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 15 May 2017 06:27:19 UTC.
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