T&D : Supplementary Materials and Corporate Data

October 03, 2023 at 03:17 am EDT

Try＆Discover

Introduction	Strategies to Realize the Group's Corporate Philosophy	Sustainability Management	ERM	Corporate Governance	Supplementary Materials and Corporate Data	86

Supplementary Materials and Corporate Data

87 Financial Highlights

Non-financialHighlights

Selected Financial Data

Overview of the Life Insurance Business (Market)

102 Glossary

Status of Stock Holdings

Stock Information
Group Companies
Corporate Overview

Try＆Discover

Introduction	Strategies to Realize the Group's Corporate Philosophy	Sustainability Management	ERM	Corporate Governance	Supplementary Materials and Corporate Data	87

Financial Highlights


Key Performance Indicators	Group Adjusted Profit*
Value of New Business	167.0 billions	90.2 billions
Fiscal 2022	Fiscal 2022

Corporate Value

Group MCEV

March 31, 2023	3.48 trillions

(¥ billions)
��		��.�			��.�	��.�
��	��.�		��.�
	��.�
��

��
�	��	��	��	��	��

Ultimate forward rate not applied	Ultimate forward rate applied	(Fiscal Year)

* UFR has been changed from the end of March 2023; UFR: from 3.8% to 2.9%, start year in extrapolation: from 31 year to 41 year, convergence year: from 60 years to 70 years.

The value of new business remained essentially flat compared to last year at a total of 167 billion yen, due in part to the impact of changes in the UFR. When this impact is excluded, the value of new business is approximately 175 billion yen.

(¥ billions)
��					��.�
��	��.�		��.�
��.�
��

��				��.�
��
�	��	��	��	��	��

					(Fiscal Year)

* Group adjusted profit = net income ± valuation gains/losses caused by discrepancy of accounting treatment of assets and liabilities + additional internal reserves in excess of the legal standard requirements.

Adjusted net income was described in fiscal 2018.

Group adjusted profit increased from the previous fiscal year, largely because of the reversal of losses related to reinsurance transactions at Taiyo Life in the previous year.

(¥ billions)
�,��				�,��.�	�,��.�	�,��.�
�,��		�,��.�	�,��.�
�,��.�
�,��


�,��
�	Mar.��, ��	Mar.��, ��	Mar.��, �� Mar.��, ��	Mar.��, ��

Ultimate forward rate not applied	Ultimate forward rate applied

*1 Base excluding valuation gains/losses, etc. related to Fortitude

*2 UFR has been changed from the end of March 2023; UFR: from 3.8% to 2.9%, start year in extrapolation: from 31 year to 41 year, convergence year: from 60 years to 70 years.

Group MCEV increased by 39.7 billion yen from the end of the last fiscal year to 3,488.1 billion yen, primarily due to the accumulation of the value of new business. The impact of the change in the terminal interest rate was a reduction of 106.9 billion yen.

ROEV*1	2.9% (6.0%)*
Fiscal 2022	2

%）

Adjusted ROE*	7.6%
Fiscal 2022
（%）

Return to Shareholders

Total Return to Shareholders + Adjusted DOE*

Fiscal 2022	Total Return to	94.3billions	Adjusted	3.8%
Shareholders	DOE
(¥ billions)				（%）

��.�

��.�				�.�
�.�	�.�
�.�		�.�	�.�



�.�

��

��.�

�.�

��

�.�

��.�

��

��.�

�.�

��

��.�

��.�							�.�
�		�.�	�.�			�.�




	��	��	��	��	��	��
								(Fiscal Year)

*1 ROEV = Amount of EV increase (excluding increases or decreases in capital, etc.) ÷ Average EV balance (Group basis)

Base excluding valuation gains/losses, etc. related to Fortitude, Application of UFR from fiscal 2019.

*2 Estimated amount calculated by the conventional UFR.

ROEV decreased to 2.9%, primarily due to the change in the terminal interest rate from 3.8% to 2.9%. However, when calculated on the same basis as before, the ROEV stands at 6%.

				�.�
�.�


�
	��	��	��	��	��
						(Fiscal Year)

* Adjusted ROE = Group adjusted profit / Average net asset balance. Adjusted net income was described in fiscal 2018.

Various initiatives aimed at improving capital efficiency led to an adjusted ROE of 7.6% for FY2022, marking an increase from 5.8% prior to the initiation of the Group Long-term Vision.

��.�

¥��.�

�.�

��

��.�

��.� ¥��.�

��.�

�

��

Cash dividend

Share buyback

Additional returns

(forecast)

Dividend per share

Adjusted DOE

(right)

* Adjusted DOE = Total dividend value/shareholders' equity (excluding valuation gains/ losses caused by discrepancy of accounting treatment of assets and liabilities of Fortitude)

Regarding our share buybacks for FY2022, we decided in May 2023 to allocate an additional 40 billion yen. This, along with the 20 billion yen announced in November 2022, brings the full-year total to a record high of 60 billion yen.

Try＆Discover

Introduction

Strategies to Realize the Group's Corporate Philosophy

Sustainability Management

ERM

Financial Highlights

Consolidated Results of Operations

For the fiscal year ended March 31, 2023, while our ordinary revenues increased due to factors like higher income from insurance premiums, both ordinary profit and net income for the term declined. This was due to increased insurance claims, higher investment expenses, and temporary valuation losses related to Fortitude.

In terms of full-year earnings forecasts for the fiscal year ending March 31, 2024, despite the expected decrease in positive spread due to higher currency hedging costs, we anticipate a net income of 87 billion yen driven by improvements in underwriting profitability, largely due to a decrease in payment related costs for COVID-19.

Fiscal 2023 Full-year Earnings Forecasts* [Consolidated and Three Life Insurance Companies]		(¥ billions)

	T&D Holdings	Taiyo Life	Daido Life	T&D Financial Life
	Fiscal 2022	Fiscal 2023	Fiscal 2022	Fiscal 2023	Fiscal 2022	Fiscal 2023	Fiscal 2022	Fiscal 2023
	(actual)	(forecasts)	(actual)	(forecasts)	(actual)	(forecasts)	(actual)	(forecasts)
Ordinary	3,214.1	2,560.0	961.3	860.0	1,233.0	1,060.0	980.9	590.0
revenues
Ordinary	(74.1)	146.0	48.1	60.0	84.0	89.0	11.0	1.0
profit
Net income	(132.1)	87.0	26.8	38.0	49.3	52.0	7.9	0.0
Income
from			643.3	670.0	810.3	830.0	714.6	560.0
insurance
premiums
Core profit			21.2	32.0	75.0	61.0	(3.2)	(1.0)
Positive			42.0	15.0	15.6	3.0	(1.9)	(1.0)
spread
							* Disclosed on May 15, 2023.

Corporate Governance

Supplementary Materials and Corporate Data

Financial Soundness

ESR

230%

%）

March 31, 2023

��

��*�

��

��*�

��

�

Mar.��, �� Mar.��, �� Mar.��, �� Mar.��, �� Mar.��, ��

*1 Figures reflect the retroactive application of the accounting treatment of Fortitude's reorganization announced on October 1, 2021.

*2 From the end of March 2023, we are unifying ESR and core ESR and UFR has been changed (UFR: from 3.8% to 2.9%; year externalization starts: from the 31st year to the 41st year; year of convergence: from the 60th year to the 70th year).

Rating* / Solvency Margin Ratio


		Rating Agencies		Solvency
	Japan		Rating and		Standard
	Credit		Investment		margin
	Rating		Informa-		& Poor's	ratio
	Agency, Ltd.		tion, Inc.		(S&P)
	(JCR)		(R&I)
T&D Holdings	AA		―		―	920.1%
Taiyo Life	AA		AA-		A	580.9%
Daido Life	AA		AA-		A	1,116.1%
T&D Financial Life	AA		AA-		―	659.4%
					Rating is as of	Solvency margin
					January 31,	ratio is as of
					2023	March 31, 2023

Long-termissuer rating for T&D Holdings and insurance claims paying ability ratings for the three life insurance companies.

The solvency margin ratio was 920.1% on a consolidated basis, 580.9% for Taiyo Life, 1,116.1% for Daido Life and 659.4% for T&D Financial Life, indicating sufficient financial soundness.

Try＆Discover

Introduction	Strategies to Realize the Group's Corporate Philosophy	Sustainability Management	ERM	Corporate Governance	Supplementary Materials and Corporate Data	89

Non-financial Highlights

Creating a Workplace Environment Where Employees Reach Their Potential

The T&D Insurance Group has been promoting to nurture a

Ratio/number of female managers

corporate culture where diverse human resources can feel

April 1, 2023

21.9% / 603 (people)

job satisfaction and reach their potential. Given that women

represent the majority of the Group's employees, the active

��

��.�

��

participation of female employees is recognized as a crucial

（%）

��.�

(people)

��.�

��

management priority. To this end, each Group company is

��

introducing various support systems to enhance work-life bal-

��

ance. We are working to increase employment opportunities

for people with disabilities by creating workplaces which are

�

��

comfortable for them to work in.

�

Employee engagement score

* Five rated evaluation

April

Fiscal 2020

Fiscal 2021

Fiscal 2022

��

T&D Holdings

Ratio of female managers (left)

Number of female managers (right)

3.84

4.07

4.03

Taiyo Life

3.61

3.63

3.57

Daido Life

3.75

3.85

3.84

T&D Financial Life

3.55

3.69

3.80

Ratio/number of employees with disabilities

Recognition for health and productivity

March 31, 2023

2.48% / 375 (people)

（%）

(people)

management initiatives

�

��

�

��

Certified Health and

��

�

��

Productivity Management

Organizations

�.��

- White 500 -

�

�.

��

�.

��

�.

��

�.

Number of employees taking child care leave
(people)			485	(people)
Fiscal 2022
��	��	��	��	��	��
��

��

��
�	��	��	��	��	��

Male	Female				(Fiscal Year)

Average number of paid leave days taken

Fiscal 2022

16.7(days)

(days)

��.�

��

��.�

��.

�

��.�

��

�

Taiyo Life, Daido Life, and T&D Financial Life have been approved as Certified Health and Productivity Management Organizations (White 500) under a certification system aimed to promote health and productivity management for employees organized by the Ministry of Economy, Trade and Industry (METI). Taiyo Life and Daido Life have earned this certification for seven consecutive years.


�						��
�					�
	March ��,	March ��,	March ��,	March ��,	March ��,
	��	��	��	��	��

Ratio of employees with disabilities (left)

Number of employees with disabilities (right)

�
��	��	��	��	��
				(Fiscal Year)

��

(Fiscal Year)

Try＆Discover	Introduction	Strategies to Realize the Group's Corporate Philosophy	Sustainability Management	ERM	Corporate Governance	Supplementary Materials and Corporate Data	90

Non-financial Highlights

Initiatives on Customer-oriented Services

The T&D Insurance Group emphasizes clarity for the customer and strives to provide services customers can trust.

The T&D Insurance Group takes "customer-oriented" as a shared Group-wide value, and has established the "T&D Insurance Group

Environmental Initiatives

The T&D Insurance Group has enacted "T&D Insurance Group Environmental Policy." Recognizing the environmental burden of resource or energy consumption and waste emissions, we are working toward reducing environmental impact by conserving energy or resources, recycling resources, and promoting green purchasing.

Basic Policy on Customer-oriented Business Operations." Each Group company is taking steps in accordance with such value.

Customer satisfaction(Assessments of the policies of the three life insurance companies on customer-oriented operations)

Taiyo Life	Fiscal 2020	Fiscal 2021	Fiscal 2022
91.8％	91.9％	91.6％
Daido Life	82.3%	81.1%	79.0%
T&D Financial Life	72.8%	75.8%	76.7%

* Taiyo Life: Four levels - "satisfied," "mostly satisfied," "somewhat unsatisfied," and "unsatisfied." Aggregate the total of "satisfied" and "mostly satisfied."

Daido Life: Seven levels - "highly satisfied," "satisfied," "mostly satisfied," "neutral," "somewhat unsatisfied," "unsatisfied," and "highly unsatisfied." Aggregate the total of "highly satisfied," "satisfied," and "mostly satisfied."

TDF Life: Five levels - "satisfied," "mostly satisfied," "average," "somewhat unsatisfied," and "unsatisfied." Aggregate the total of "satisfied" and "mostly satisfied."

CO2 emissions volume and Reduction rate	（%）
（t）			41,199t
Fiscal 2022
��,��	��,��						�
��,��	��,��	��,�� ,��	▲��
▲��
��,��
	▲��.�			▲��.�	▲��
�				▲��.�

						▲��

��

(Baseline)

Scope�+�（left） Reduction rate (right) * Scope1+2

* The CO2 emission reduction rate is per unit of floor space.

* Our Group has set a goal to reduce CO2 emissions by 40% by fiscal 2025. (Scope 1+2, compared to fiscal 2013, per unit of floor space)

Green Purchasing Ratio

93.1%

（%）

Fiscal 2022

��

��.�

��

�

��

(Fiscal Year)

Please refer to our website for "T&D Insurance Group Basic Policy on Customer-oriented Business Operations"

https://www.td-holdings.co.jp/information/ business_operations.html

(Japanese)

Main awards received for initiatives on

customer service

Taiyo Life

• Received the UCDA 2022 the "Another Voice" Award at the UCDA Award 2022

Daido Life

• Received the highest rank of "3 Star" for HDI-Japan's "Quality Service" for three consecutive years

Electricity consumption/Renewable Energy Purchasing Ratio

（%）

（MWh）

94,365MWh

Fiscal 2022

��,��

��

��,��

�.�

��

��,��

�

�.�

��,��

�.�

�

��

(Fiscal Year)

Number of employees with disabilities (left）

Renewable Energy Purchase Ratio (right）

We have set an interim goal of sourcing 60% of our electricity from renewable energy by fiscal 2030, and are actively promoting the use of renewable energy.

Office paper consumption	99.8t
Fiscal 2022

（t）
��	��.�	��.�
��			��.�
		��.�	��.�
��
��
��
�	��	��	��	��	��

					(Fiscal Year)

Attachments

Original Link
Original Document
Permalink

Disclaimer

T&D Holdings Inc. published this content on 03 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 October 2023 07:16:04 UTC.

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
2,550 ^JPY	+5.35%		+3.76%	+13.81%

Feb. 29	Tranche Update on T&D Holdings, Inc.'s Equity Buyback Plan announced on May 15, 2023.	CI
Feb. 28	T&D Holdings, Inc.'s Equity Buyback announced on May 15, 2023, has closed with 17,543,400 shares, representing 3.24% for ¥39,999.89 million.	CI

Tranche Update on T&D Holdings, Inc.'s Equity Buyback Plan announced on May 15, 2023.	Feb. 29	CI
T&D Holdings, Inc.'s Equity Buyback announced on May 15, 2023, has closed with 17,543,400 shares, representing 3.24% for ¥39,999.89 million.	Feb. 27	CI
Nikkei races to fresh 34-year high, all-time peak in sight	Feb. 15	RE
Tranche Update on T&D Holdings, Inc.'s Equity Buyback Plan announced on May 15, 2023.	Jan. 05	CI
Tranche Update on T&D Holdings, Inc.'s Equity Buyback Plan announced on May 15, 2023.	23-10-02	CI
Japan's Nikkei pulls back from 33-year high on profit taking	23-07-04	RE
Tranche Update on T&D Holdings, Inc.'s Equity Buyback Plan announced on May 15, 2023.	23-07-03	CI
B-Brid Co., Ltd. announced that it has received Â¥95 million in funding from Infocom Corporation, Ikemori Venture Support LLC, Umejinkai, Yagami Manufacturing Co., Ltd., T&D Holdings, Inc., Furuno Systems Co., Ltd. and other investors	23-06-22	CI
Bi-Bridge Co., Ltd, announced that it has received Â¥95 million in funding from Furuno Systems Co., Ltd., YAGAMI Co., Ltd., Ikemori Venture Support LLC, Infocom Corporation and other investors	23-06-22	CI
T&D Holdings, Inc. Reports Earnings Results for the Full Year Ended March 31, 2023	23-05-15	CI
T&D Holdings, Inc. announces an Equity Buyback for 40,000,000 shares, representing 7.31% for ¥40,000 million.	23-05-15	CI
T&D Holdings, Inc. authorizes a Buyback Plan.	23-05-14	CI
SVB contagion fears hammer banks, roil markets	23-03-14	RE
Bank slide deepens as SVB contagion fear rattles markets	23-03-14	RE
T&D Holdings, Inc. announced that it expects to receive $3 million in funding from Streeterville Capital, LLC	23-03-12	CI
Tranche Update on T&D Holdings, Inc.'s Equity Buyback Plan announced on November 14, 2022.	23-03-03	CI
T&D Holdings, Inc.'s Equity Buyback announced on November 14, 2022, has expired with 10,735,700 shares, representing 1.93% for ¥19,999.86 million.	23-03-01	CI
Japan's Nikkei ends at 1-month low amid political, rate-hike worries	23-02-22	RE
Nikkei drops to 1-month low on political tensions, rate-hike worries	23-02-21	RE
Lower Yen Raises Tokyo Stock Market	23-02-06	MT
Bank of Japan Doves Propel Tokyo Shares Up	23-01-18	MT
Tranche Update on T&D Holdings, Inc.'s Equity Buyback Plan announced on November 14, 2022.	23-01-05	CI
Bank of Japan Outlook, Stronger Yen Depress Tokyo Shares	23-01-04	MT
Bank of Japan Action Craters Tokyo Stock Market	22-12-20	MT
Retail Sector Strength Edges Japan Shares Into Green	22-12-05	MT

	1st Jan change	Capi.
T&D HOLDINGS INC.	+13.81%	8.6B
PING AN INSURANCE (GROUP) COMPANY OF CHINA, LTD.	+3.05%	95.15B
CHINA LIFE INSURANCE COMPANY LIMITED	+4.15%	94.71B
AIA GROUP LIMITED	-15.80%	77.24B
LIFE INSURANCE CORPORATION OF INDIA	+17.74%	74.93B
CHINA PACIFIC INSURANCE (GROUP) CO., LTD.	+6.69%	30.04B
JAPAN POST HOLDINGS CO., LTD.	+18.06%	27.87B
FUBON FINANCIAL HOLDING CO., LTD.	+4.32%	26.97B
SBI LIFE INSURANCE COMPANY LIMITED	-0.72%	16.99B
HDFC LIFE INSURANCE COMPANY LIMITED	-11.07%	15.16B

T&D Holdings Inc.

Equities

8795

JP3539220008

Life & Health Insurance

T&D : Supplementary Materials and Corporate Data

Latest news about T&D Holdings Inc.

Chart T&D Holdings Inc.

Company Profile

Income Statement Evolution

Ratings for T&D Holdings Inc.

Analysts' Consensus

EPS Revisions

Quarterly earnings - Rate of surprise

Sector Life Insurance