T&D : Preliminary Market Consistent Embedded Value as of March 31, 2018

May 15, 2018

T&D Holdings, Inc.

(Security Code: 8795)

Taiyo Life Insurance Company Daido Life Insurance Company

T&D Financial Life Insurance Company

Preliminary Market Consistent Embedded Value as of March 31, 2018

T&D Holdings, Inc., Taiyo Life Insurance Company, Daido Life Insurance Company and T&D Financial Life Insurance Company of the T&D Life Group are disclosing the Group's Market

Consistent Embedded Value ("MCEV") results as of March 31, 2018.

Preliminary results of MCEV as of March 31, 2018 are as follows. MCEV as of March 31, 2018

with the attachment of a third party opinion is scheduled to be disclosed on May 18, 2018.

For details of MCEV, please refer to the "Disclosure of Market Consistent Embedded Value as of

March 31, 2018," which is scheduled to be released on May 18, 2018.

1. MCEV results of T&D Life Group

The embedded value on an MCEV basis as of March 31, 2018 is ¥2,378.9 billion, an increase of ¥116.5 billion from the value as of March 31, 2017, which is primarily related to the contribution of new business and the increase in the market value of domestic equities. The adjusted net worth has increased due to the increase in the market value of domestic equities and the value of in-force business has increased due to the contribution of new business.

The value of new business is ¥129.4 billion, an increase of ¥9.9 billion, which has been primarily due to the change of premium rates.

(Billions of yen)

Note: Group MCEV consists of the MCEV of covered business and the net asset value of non-covered business on a

Japanese GAAP basis. The net asset value of non-covered business includes net assets of T&D Asset Management (including its subsidiaries), Pet & Family Small-amount Short-term Insurance Company and T&D Holdings, Inc. (excluding shares of its subsidiaries and affiliates).

2. Movement analysis

Movement analysis of MCEV as of March 31, 2018, from the previous fiscal year-end is as follows:

(Billions of yen)

3. MCEV by Company

(1) Taiyo Life Insurance Company

(Billions of yen)

• (2) Daido Life Insurance Company

  (Billions of yen)

  March 31, 2018	March 31, 2017	Increase (Decrease)
  MCEV Adjusted net worth Value of in-force business	1,473.2	1,417.4	55.7
  	1,037.4	994.8	42.6
  	435.7	422.6	13.1

  FY 2017	FY 2016	Increase (Decrease)
  Value of new business	84.2	74.3	9.9

• (3) T&D Financial Life Insurance Company

(Billions of yen)

[Contact Information]

T&D Holdings, Inc., Group Planning Department, Investor Relations Division Tel: +81-3-3272-6103