Financial Results for the

Three Months Ended June 30, 2023

T&D Holdings, Inc.

(Code Number: 8795, TSE Prime Market)

August 10, 2023

Copyright T&D Holdings, Inc. All Rights Reserved.

Contents

Summary of Earnings Results

P3

Consolidated Results of Operation(1)

P4

Consolidated Results of Operation(2)

P5

Full-year Results of Three Life Insurance

P6

Companies

Core Profit and Positive Spread

P7

Status of T&D United Capital (consolidated)

P8

Changes in Equity in Gains (Losses) of Affiliates

P9

of TDUC (related to Fortitude)

Sales Results: Taiyo Life

P10

Sales Results: Daido Life

P11

Sales Results: T&D Financial Life

P12

MCEV Results

P13

MCEV Results of Each Company

P14

Movement Analysis of Group MCEV

P15

Status of Investments

P16

Status of Foreign currency denominated

P17

bonds

Net Valuation Gains (Losses) on General

P18

Account Assets

Status of Strategic Shareholdings

P19

Status of ESR

P20

Shareholder Returns Policy

P21

Trend of Shareholder Returns

P22

Full-year Earnings Forecasts (consolidated)

P23

[Reference]Earnings Forecasts of Three Life

Insurance Companies for the Year Ending

P24

March 31, 2024

Reference Materials

P25～

2

Summary of Earnings Results

◼

◼

◼

◼

◼

Group adjusted profit increased favorably to ¥28.6 billion, toward the full-year forecast of ¥100.0 billion. Furthermore, approx. ¥6.0 billion from closed book business is expected for the three months ended 30 June, 2023.

Sales result of new policies of the three life insurance companies exceeded year-on- year and proceeded steady. Meanwhile, surrender and lapse rate increased in Taiyo Life and Daido Life.

Value of new business was ¥40.2 billion, decreased from ¥46.3 billion in the same period of the previous year, due to the impact of change in ultimate forward rate and so forth.

We have continuously implemented measures to improve capital efficiency.

-Reduction of interest rate risk: Interest matching ratio from 58.4％ to 60.4% （Daido Life）

-Reduction of balance of hedged foreign currency denominated bonds: approx. ¥125.0 billion (sum of Taiyo Life and Daido Life)

-Reduction of strategic shareholding: Ratio against net assets from 23％ to 21％)

Regarding the share buyback of ¥40.0 billion, announced in May 2023, the total amount of share buyback as of the end of July, 2023 was ¥10.9 billion.（progress rate: 27.4%)

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3

Consolidated Results of Operation (1)

1Q2021

1Q2022

1Q2023

Change

[a]

Ordinary revenues

570.0

752.3

788.8

+36.5

+ 4.9%

Taiyo Life

216.9

305.9

248.2

(57.6)

(18.8%)

Daido Life

244.2

259.0

295.0

+35.9

+ 13.9%

T&D Financial Life

101.4

227.1

270.1

+43.0

+ 18.9%

T&D United Capital

0.0

0.1

0.2

+0.1

+ 56.4%

Ordinary profit＊1

(17.7)

(43.2)

35.0

+78.3

-

Taiyo Life

10.4

15.0

14.1

(0.9)

(6.2%)

Daido Life

27.4

26.7

20.4

(6.2)

(23.6%)

T&D Financial Life

1.6

3.6

1.8

(1.7)

(49.8%)

T&D United Capital

(57.2)

(88.7)

(0.5)

+88.2

-

Profit (Net income)＊1,2

(31.8)

(59.2)

18.9

+78.2

-

Taiyo Life

4.6

8.0

7.1

(0.9)

(11.4%)

Daido Life

16.9

16.2

12.0

(4.2)

(25.9%)

T&D Financial Life

9.0

2.4

1.0

(1.3)

(55.8%)

T&D United Capital

(54.3)

(85.9)

(0.5)

+85.4

-

Group adjusted profit＊3

24.1

38.6

28.6

(10.0)

(26.0%)

Taiyo Life

4.6

8.0

7.1

(0.9)

(11.4%)

Daido Life

16.9

16.2

12.0

(4.2)

(25.9%)

T&D Financial Life

3.0

3.6

0.3

(3.3)

(91.8%)

T&D United Capital

2.2

10.6

9.8

(0.8)

(7.8%)

Adjusted EPS

¥40.95

¥69.03

¥52.29

(¥16.74)

(24.3%)

*1 ( ) is loss or Net Loss.

*2 "Profit Attributable to Owners of Parent"

*3 Announced on May 15th, 2023

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(Billions of yen)

ForecastsEarnings*3 Progress rate

  1. [a ÷ b]
    2,560.0 30.8%
    860.0 28.9%
    1,060.0 27.8%

590.0

45.8%

0.0

-

146.0

24.0%

60.0

23.5%

89.0

23.0%

1.0

181.2%

(2.0)

-

87.0

21.8%

38.0

18.8%

52.0

23.2%

0.0

-

(1.0)

-

100.0

28.6%

31.0

23.1%

52.0

23.2%

0.0

-

19.0

51.7%

4

Consolidated Results of Operation (2)

Breakdown of Group adjusted profit and difference from Profit (Net Income)

for the quarter ended June 30, 2023

（Billions of yen）

Change of group adjusted profit from the same period of the previous year for each company

Difference between group adjusted profit and profit (net income) [result of this quarter]

38.6

28.6

+0.7

(0.9)

(4.2)

(3.3)

18.9

(0.8)

(0.6)

(10.4)

1Q2022

1Q2023

（Billions of yen）

Group

MVA gains /

Valuation gains

Results

Taiyo Life

Daido Life

TDF Life

ＴＤＵＣ

Others*1

adjusted

losses related to

/ losses, etc.

Profit (net

profit

T&D Financial

related to

income)*2

Life

Fortitude

1Q2022①

8.0

16.2

3.6

10.6

(0.0)

38.6

(1.2)

(96.6)

(59.2)

1Q2023②

7.1

12.0

0.3

9.8

(0.7)

28.6

0.7

(10.4)

18.9

②－①

(0.9)

(4.2)

(3.3)

(0.8)

(0.6)

(10.0)

2.0

86.2

78.2

*1 Profits of consolidated subsidiaries other than the above four companies and adjustments among consolidated companies, etc. *2 ( ) is Net Loss.

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5

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T&D Holdings Inc. published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 06:14:04 UTC.