[Reference] Non-Consolidated Financial Data of the Three Life Insurance

Companies for the Nine Months Ended December 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

Third Sector products

1,501.7

3.3 0.2%

622.3

(14.2) (2.2%)

763.5

15.7 2.1%

115.9

1.8 1.6%

204.2

13.0 6.8%

105.8

2.6 2.5%

95.8

10.4 12.3%

2.5

(0.0) (1.6%)

Policy amount in force

61,179.2

(266.9) (0.4%)

21,408.6

(332.5) (1.5%)

37,734.5

(91.1) (0.2%)

2,036.0

156.6 8.3%

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

Third Sector products

89.3

(6.3) (6.7%)

21.0

(5.2) (20.0%)

57.1

(6.8) (10.7%)

11.1

5.7 107.2%

26.3

4.7 21.9%

10.8

0.0 0.9%

15.3

4.5 41.8%

0.1

0.0 226.9%

New policy amount

4,028.3

(695.3) (14.7%)

1,407.5

(239.6) (14.5%)

2,347.1

(574.1) (19.7%)

273.6

118.4 76.3%

Note 1. "Change" is presented in comparison with the same period of the previous fiscal year.

2. New policy amount includes increase from conversion.

(Billions of yen)

Sum of Three Companies

Taiyo Life

Daido Life

T&D Financial Life

Amount

Change

Amount

Change

Amount

Change

Amount

Change

Surrender and lapse rate

4.26%

(0.04 points)

4.81%

(0.06 points)

2.71%

0.46 points

Surrender and lapse amount

2,797.2

20.4 0.7%

925.6

(18.7) (2.0%)

1,820.6

28.8 1.6%

51.0

10.3 25.4%

Note 1. "Change" is presented in comparison with the same period of the previous fiscal year.

2. "Surrender and lapse rate" is not annualized.

Summary of Operations

(Billions of yen)Ordinary revenues

Income from insurance premiums and others

Investment income

Interest, dividends and income from real estate for rent

Other ordinary income

Ordinary expenses

Insurance claims and other payments

Provision for policy and other reserves

Investment expenses

Other ordinary expenses

Ordinary profit

Extraordinary gains

Extraordinary losses

Provision for reserve for policyholder dividends

Income before income taxes

Total income taxes

Profit attributable to owners of parent

Change

T&D Holdings (Consolidated)

Taiyo Life

Daido Life

T&D Financial LifeAmount

Amount

Change

Amount

Change

Amount

Change

565.9

(65.8) (10.4%)

725.1

18.9 2.7%

51.9

168.9

44.4%

365.7

(81.9) (18.3%)

582.0

141.9

(35.4) (20.0%)

121.6

14.8 2.6% 8.0 7.1%

77.6

136.3

132.4%

8.7

27.1

47.1%

(1.7)

7.7

(0.1)

101.3

(1.7%)

103.9

8.1%

5.5

(2.3%)

51.5

(3.8)

(34.4)

58.1

786.4%

21.5

(15.3%)

5.3

(86.6%)

(56.6)

24.7

55.3

516.0

(9.9%)

663.7

3.9%

166.8

49.6%

(9.3)

7.6

(6.9)

402.6

(2.3%)

370.9

2.1%

94.8

(6.8%)

(18.5)

14.2

61.1

0.0

(100.0%)

167.4

9.3%

61.1

-

(25.7)

1.8

(1.0)

33.2

(43.7%)

33.0

5.8%

0.2

(79.6%)

(3.4)

0.0

0.1

22.3

(13.4%)

14.5

0.3%

1.2

19.6%

(9.1)

(5.7)

(3.4)

49.8

(15.6%)

61.4

(8.6%)

2.0

(62.5%)

(0.2)

0.0

0.0

(88.8%)

0.0

-

-

- -

(11.7)

(0.9)

0.1

2.5

(81.9%)

8.7

(9.3%)

0.3

64.8%

(2.5)

(1.2)

0.0

11.4

(18.1%)

9.0

(12.3%)

(0.0)

-

4.8

(3.5)

(3.5)

35.8

15.7%

43.6

(7.6%)

1.7

(67.3%)

4.3

1.9

(0.8)

10.2

73.3%

12.8

17.5%

0.5

(61.3%)

0.5

(5.4)

(2.7)

25.5

2.1%

30.7

(15.1%)

1.2

(69.2%)

Note 1. "Change" is 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 three companies' income from insurance premiums was ¥ 1,084.1 billion (up 1.0% year on year).

  • 4. Extraordinary losses of ¥11.7 billion include provision for reserve for price fluctuations of ¥11.0 billion (Taiyo Life: ¥2.4 billion, Daido Life: ¥8.2 billion, T&D Financial Life: ¥0.3 billion).

  • 5. 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

[Upper column] Comparison based on the current standard

Core Profit

[Lower column] Simple comparison of previous and current periods

114.5

(3.9)

(3.4%)

38.1

(0.7)

(1.9%)

76.8

(2.0)

(2.6%)

(0.5)

(1.2)

-

(3.6)

(3.1%)

(0.7)

(1.9%)

(2.0)

(2.6%)

(0.8)

-

Note 1. "Change" is presented in comparison with the same period of the previous fiscal year.

2. Calculation standard* of the core profit is different from the same period of the previous fiscal year. The upper column of the "Change" in the core profit is the comparison with the amount of the same period of the previous fiscal year calculated based on the standard of the current period.

* Gains (losses) due to market exchange rate fluctuation pertaining to liabilities of foreign currency-denominated/foreign currency-linked products and gains (losses) due to cash surrender value fluctuation pertaining to MVA (market value adjustment) are deducted from the core profit of the current period.

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

838.3%

(10.3 points)

1,239.1%

(13.5 points)

1,272.2%

(23.4 points)

Consolidated solvency margin ratio

1,080.7%

(24.4 points)

845.5%

(12.1 points)

1,246.5%

(14.8 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

2,826.3

233.7

1,124.0

88.6

1,485.5

131.0

192.7

4.7

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

Domestic bonds

Domestic stocks

Foreign securities

1,343.7

180.6

643.2

80.6

599.0

96.4

101.4

3.5

732.4

(4.0)

360.4

(1.8)

306.2

(1.0)

65.7

(1.1)

412.4

126.2

189.6

70.7

222.8

55.5

-

-

92.3

26.3

65.5

4.4

26.2

21.4

0.5

0.4

Unrealized gains/losses on land, etc.

60.6

0.4

22.3

0.0

38.3

0.4

-

-

Note 1. "Change" is presented in comparison with the previous fiscal year-end.

  • 2. Figures of net unrealized gains/losses on securities are those of securities with market value.

  • 3. 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.

Market Consistent Embedded Value (MCEV) [Estimate]

Quarterly MCEV results are estimates calculated partly using simplified methods and are not reviewed by third party specialists.

(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

2,604.8

314.2

900.2

122.7

1,594.8

177.4

103.9

6.5

Note 1. "Change" is presented in comparison with the previous fiscal year-end.

2. Group MCEV is the sum of "MCEV of life insurance business: ¥2,577.1 billion" and "net asset value of business other than life insurance business: ¥27.6 billion."

(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

106.6

33.7

31.6

4.0

72.2

26.6

2.7

3.1

Note: "Change" is presented in comparison with the same period of the previous fiscal year.

Earnings Forecasts for the Year Ending March 31, 2018

T&D Holdings (Consolidated)

Earnings Forecasts for the Year Ending March 31, 2018, have not been changed from the announcement on May 15, 2017.

(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 (forecast) has been revised to ¥37.5 (increase of ¥2.5) from the previously announced forecast of ¥35.

(Yen)

Year Ended March 31, 2017 (Results)

Forecast for the

Year Ending March 31, 2018

Annual dividends per share

32.5 (including interim dividends: 15)

37.5 (including interim dividends: 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 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.

* Actual results may differ significantly from the earnings forecasts stated above due to various factors going forward.

5

T&D Holdings Inc. published this content on 14 February 2018 and is solely responsible for the information contained herein.
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