T&d Holdings, Inc. · TSE:8795
T&d — T&D Holdings Inc Ord — Q3 2025 Earnings Presentation
55 slides from T&d's earnings presentation, Feb 13, 2026
Slide 1: Financial Results for the Nine Months Ended December 31, 2025
Financial Results for the Nine Months Ended December 31, 2025 T&D Holdings, Inc. (Code Number: 8795, TSE Prime Market) February 13, 2026 Copyright T&D Holdings, Inc. All Rights Reserved.
Slide 2: Contents
Contents Summary of Earnings Results P3 Status of Investments P18 Consolidated Results of Operation(1) P4 Status of Foreign Currency Denominated Bonds P19 Consolidated Results of Operation(2) P5 [Reference] Status of Foreign Currency Denominated Assets P20 Financial Results for the Nine Months Ended
Slide 3: Summary of Earnings Results
Summary of Earnings Results ◼ Group adjusted profit amounted to ¥122.5 billion vs. the full-year forecast of ¥146.0 billion. (progress rate: 83.9%) ◼ Sales results of new policies of all three life insurance companies progressed smoothly against the plan. Surrender and lapse rate increased in Taiyo,
Slide 4: Consolidated Results of Operation (1)
Consolidated Results of Operation (1) (Billions of yen) FY2025 Earnings FY2023 FY2024 Progress rate *1 *1 3Q YoY Change Forecasts*4 3Q 3Q [a÷b] [a] [b] Ordinary revenues 2,362.2 2,531.2 2,607.8 +76.6 + 3.0% 3,010.0 86.6% Taiyo Life 733.1 804.9 968.2 +163.3 + 20.3% 1,100.0 88.0% Daido Life 870.9 877.
Slide 5: Consolidated Results of Operation (2)
Consolidated Results of Operation (2) Breakdown of Group adjusted profit and difference from Profit (Net Income) for the nine months ended December 31, 2025 Change of Group adjusted profit from （Billions of yen） the same period of the previous year Difference between Group adjusted profit for each c
Slide 6: Financial Results of Three Life Insurance Companies
Financial Results for the Nine Months Ended December 31, 2025 of Three Life Insurance Companies (Billions of yen) Taiyo Life Daido Life T&D Financial Life FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 FY2023 Amount of FY2023 Amount of FY2023 Amount of 3Q 3Q 3Q 3Q 3Q 3Q 3Q change 3Q change 3Q change (Res
Slide 7: Core Profit and Positive Spread
Core Profit and Positive Spread Core Profit Factors of Increase/Decrease Sum of Three in Core Profit （Billions of yen） Companies [Taiyo Life] 166.7 （Billions of yen） Taiyo Life Net investment income factors such 118.6 62.2 as increase in Decrease in interest and currency Other dividend income hedgin
Slide 8: Average Assumed Investment Yield
[Reference] Average Assumed Investment Yield Average Assumed Investment Yield: Taiyo Life Average Assumed Investment Yield: Daido Life Investment yield on core profit Investment yield (old standard) on core profit (old standard) Investment yield on core profit 2.51% (new standard) Investment yield o
Slide 9: Status of T&D United Capital (consolidated)
Status of T&D United Capital (consolidated) (Billions of yen) FY2024 FY2025 Change 3Q ① 3Q ② (②-①) Ordinary revenues 33.4 0.4 (33.0) Ordinary expenses 3.0 3.8 +0.8 Ordinary profit (loss) 30.4 (3.4) (33.8) Profit attributable to owners of parent (net loss) 29.6 (4.0) (33.7) Breakdown of Adjusted Prof
Slide 10: Trend of Profit and Loss of Closed Book Business
[Reference] Trend of Profit and Loss of Closed Book Business (related to Fortitude Re) ・ In its consolidated results for the third quarter, the Company recorded approx. ¥8.9 billion as adjusted profit (equity in gains/losses of affiliate) related to Fortitude Re's financial results for the third qua
Slide 11: Viridium becoming an equity-method affiliate
[Reference] Viridium becoming an equity-method affiliate • Viridium’s fourth-quarter results (October–December) will be incorporated into the Company’s Q4 financial results. • For financial accounting purposes, profit and loss based on IFRS will be recognized, while for Group adjusted profit, profit
Slide 12: Sales Results: Taiyo Life
Sales Results: Taiyo Life Annualized premium of new protection-type policies remained at the same level as the same period of the previous year. The surrender and lapse rate increased, mainly due to a rise in surrender through the agency channel. Annualized premium of protection-type policies in for
Slide 13: Sales Results: Daido Life
Sales Results: Daido Life New policy amount increased year on year, mainly driven by strong sales of J-type and T-type products. The surrender and lapse rate was broadly in line with the same period of the previous year, and policy amount in force increased from the end of FY March 2025. (Billions o
Slide 14: Sales Results: T&D Financial Life
Sales Results: T&D Financial Life Annualized premium of new policies decreased year-on-year. Surrender and lapse rate declined year-on-year due to a decrease in policies reaching their target values. Annualized premiums of policies in force increased from the end of FY March 2025. （Billions of yen）
Slide 15: MCEV Results
MCEV Results Group MCEV increased from the previous fiscal year-end due to the accumulation of new business value, the rise in domestic/foreign stock prices and the adoption of LDTI at Fortitude Re. (Billions of yen) As of March 31, As of March 31, As of Dec. 31, Change As of Dec. 31, 2024 2025（a） 2
Slide 16: MCEV Results of Each Company
MCEV Results of Each Company (Billions of yen) As of March 31, As of March 31, As of Dec. 31, Change As of Dec. 31, *1 2024 2025（a） 2025 （b） （b－a） 2024*1 Taiyo Life MCEV 1,171.8 1,133.2 1,234.6 +101.3 1,203.8 Adjusted net worth 577.5 374.7 334.3 (40.3) 485.8 Value of in-force business 594.2 758.4 90
Slide 17: Group MCEV Change Factors
Group MCEV Change Factors ・ Domestic interest rates: approx. +¥49.0bn ・ Foreign interest rates and foreign exchange: approx. +¥16.8bn （Billions of yen） ・ Stock prices, etc.: approx. +¥336.7bn ・ Inflation rate: approx. ¥(11.1)bn ＋33.3 Increase/decrease in non-covered business Mainly due to an increas
Slide 18: Status of Investments
Status of Investments Sold approximately ¥209.0bn of domestic and foreign equities*4 (Taiyo: approx. ¥112.0bn, Daido: approx. ¥97.0bn) Daido Life’s interest rate matching ratio is 86.4%. (As of March 31, 2025: 79.8%) General Account Assets Composition Trend of Assets/Liabilities Durations [Taiyo Lif
Slide 19: Status of Foreign Currency Denominated Bonds
Status of Foreign Currency Denominated Bonds Balance of Foreign Currency Balance of Foreign Currency Denominated Bonds Denominated Bonds (Hedged) （Billions of yen） （Billons of yen） As of March As of March As of Dec. Change As of March As of March As of Dec. Change 31,2024 31,2025 ① 31,2025 ② ②-① 31,
Slide 20: Status of Foreign Currency Denominated Assets
[Reference] Status of Foreign Currency Denominated Assets Balance of foreign currency denominated assets Foreign currency denominated interest /foreign exchange hedge and dividends As of March 31, As of March 31, As of Dec. 31, Change FY2023 FY2024 FY2025 Change (Billions of yen) (Billions of Yen) 2
Slide 21: Breakdown of Foreign Securities and Other Securities
Breakdown of Foreign Securities and Other Securities (Billions of yen) Taiyo Life Daido Life As of Mar. As of Mar. As of Dec. As of Mar. As of Mar. As of Dec. Change Change 31, 2024 31, 2025 31, 2025 31, 2024 31, 2025 31, 2025 Foreign securities 1,848.8 1,662.2 1,701.0 +38.8 1,770.1 1,687.1 1,813.7
Slide 22: Net Valuation Gains (Losses) on General Account Assets
Net Valuation Gains (Losses) on General Account Assets (Billions of yen) Sum of Three Life Insurance Taiyo Life Daido Life T&D Financial Life Companies As of As of As of As of As of As of As of As of March 31, Dec. 31, March 31, Dec. 31, March 31, Dec. 31, March 31, Dec. 31, Change 2025 2025 2025 20
Slide 23: Net Valuation Gains (Losses) by Holding Purpose
[Reference] Net Valuation Gains (Losses) on General Account Assets (by Holding Purpose) (Billions of yen) Net Unrealized gains Net Unrealized gains Net Unrealized gains (losses) on Held-to-maturity (losses) on Policy-reserve- (losses) on Available-for- Total securities matching bonds sale securities
Slide 24: Status of Strategic Shareholdings
Status of Strategic Shareholdings Trends in strategic shareholdings (market value basis) Achieved reduction of strategic shareholdings Aim to reduce the balance of strategic shareholdings to zero by the end of March 2031, except those for business partners Out of which and collaborators. Reduction R
Slide 25: Status of Issues Reclassified as Pure Investment Purpose
[Reference] Status of Issues Reclassified as Pure Investment Purpose Status of sale after reclassification (market value basis at the time of reclassification) Approx. 57% of the cumulative total amount of ¥390.0 billion [Reference] reclassified as pure investment purpose has been sold. Balance of r
Slide 26: Trend of ESR
Trend of ESR While surplus increased, ESR declined to 225% compared to the end of FY March 2025. This is due to the investment in Viridium along with increased mass surrender risks driven by rising domestic interest rates. 252% (*4) 239% 243% 236% ESR 230% 228% 225% 225% ESR required level: 133% (*3
Slide 27: Full-year Earnings Forecasts (Consolidated)
Full-year Earnings Forecasts (Consolidated) Earnings Forecasts for the Year Ending March 31, 2026 (Consolidated) （Billions of yen) FY2025 Full-year FY2024 3Q forecasts for Progress rate result (Result) FY2025*1 (Ref.) Ordinary revenues 2,607.8 3,010.0 86.6% 3,730.4 Ordinary profit 180.3 223.0 80.9%
Slide 28: Earnings Forecasts of Three Life Insurance Companies
[Reference]Earnings Forecasts of Three Life Insurance Companies for the Year Ending March 31, 2026 (Billions of yen) Taiyo Life Daido Life T&D Financial Life FY2025 FY2025 FY2025 FY2025 FY2025 FY2025 3Q Progress rate 3Q Progress rate 3Q Progress rate (Forecast) *1 (Forecast) *1 (Forecast) *1 (Result
Slide 29: Trend of Shareholder Returns
[Reference] Trend of Shareholder Returns Trend of shareholder returns Share buyback 141.5 Announced on March 2025 ¥100.0 billion [Result (as of the end January, 2026)] 94.3 The amount of Progress Rate 87.4 acquired share 100.0 （price base） buyback. ¥124 72.1 Cumulative Share ¥83.1 billion buyback [2
Slide 30: Significant Subsequent Events
[Reference] Significant Subsequent Events Transfer of Significant Assets It was decided to transfer loan receivables of Taiyo Life (including apartment loans, housing loans, etc.) and Taiyo Credit Guarantee Co., Ltd., a consolidated subsidiary of the Company. 1. Reason for the transfer : To reorgani
Slide 31: Change in Presentation of Financial Data
[Reference] Change in Presentation of Financial Data ① Consolidation of Excel Files - The files that were previously separated by HD and the three life insurance companies have been consolidated into a single file (by fiscal year and quarter/half-year). ② Posting of Standalone Quarterly Data - In ad
Slide 32: Reference Materials
Reference Materials Statement of Operations P.33 Balance Sheet P.35 Net Investment Income (General account) P.37 Income from insurance and others P.38 Composition by Dividend Type P.39 Financial Soundness and Breakdown of Financial Soundness P.40 Closed Book Business (Profit and Loss Situation of Fo
Slide 33: Consolidated Statement of Operations
Consolidated Statement of Operations (Billions of yen) FY2024 FY2025 Change 3Q 3Q Ordinary revenues 2,531.2 2,607.8 +76.6 Income from insurance premiums 2,019.6 1,988.2 (31.3) Insurance premiums 1,726.4 1,630.7 (95.6) Ceded reinsurance recoveries 293.1 357.4 +64.2 Currency hedging costs: Investment
Slide 34: Non-Consolidated Statement of Operation
Non-Consolidated Statement of Operation （Billions of yen） Taiyo Life Daido Life T&D Financial Life FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 Change Change Change 3Q 3Q 3Q 3Q 3Q 3Q Ordinary revenues 804.9 968.2 + 163.3 877.5 924.9 + 47.4 787.5 685.4 (102.1) Income from insurance premiums 636.4 761.2
Slide 35: Consolidated Balance Sheet
Consolidated Balance Sheet （Billions of yen） (Billions of yen) As of March As of Dec. As of March As of Dec. Change Change 31, 2025 31, 2025 31, 2025 31, 2025 Assets Liabilities Cash and deposits, call loans 788.7 708.5 (80.2) Total policy reserves 13,721.1 13,915.3 +194.1 Monetary claims purchased
Slide 36: Non-Consolidated Balance Sheet
Non-Consolidated Balance Sheet （Billions of yen） Taiyo Life Daido Life T&D Financial Life As of March As of Dec. As of March As of Dec. As of March As of Dec. Change Change Change 31, 2025 31, 2025 31, 2025 31, 2025 31, 2025 31, 2025 Assets Cash and deposits, call loans 232.1 208.8 (23.2) 192.4 138.
Slide 37: Net Investment Income (General account)
Net Investment Income (General account) (Billions of yen) Taiyo Life Daido Life T&D Financial Life FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 Change Change Change 3Q 3Q 3Q 3Q 3Q 3Q Investment income (General account) 98.9 106.9 +8.0 107.6 139.3 +31.7 19.7 69.6 +49.9 Interest, dividends and income fro
Slide 38: Income from Insurance and Others
Income from Insurance and Others (Billions of yen) Taiyo Life Daido Life T&D Financial Life FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 Change Change Change 3Q 3Q 3Q 3Q 3Q 3Q Income from insurance premiums 636.4 761.2 +124.7 623.8 637.3 +13.5 751.0 580.2 (170.8) Insurance premiums 574.0 516.0 (58.0) 6
Slide 39: Composition by Dividend Type
Composition by Dividend Type Taiyo Life Daido Life Trend of policy amount in force*1 Trend of policy amount in force*2 (Trillions of yen) (Trillions of yen) Participating Semi-participating Non-participating Participating Semi-participating Non-participating 46.7 46.6 46.6 46.9 47.4 14.5 12.9 11.4 1
Slide 40: Financial Soundness
Financial Soundness （Billions of yen） As of March 31, As of March As of Dec. Change 2024 31, 2025 31, 2025 T&D Holdings’ Consolidated Consolidated solvency margin ratio 995.7% 960.7% 944.5% (16.2Pt) Consolidated adjusted net assets 2,022.2 1,334.9 1,205.2 (129.7) Taiyo Life Solvency margin ratio 716
Slide 41: Breakdown of Financial Soundness: T&D Holdings (Consolidated)
Breakdown of Financial Soundness: T&D Holdings (Consolidated) 1. Consolidated Adjusted 2. Consolidated Solvency Category Net Assets Margin Net assets (excluding total accumulated other comprehensive 703.4 703.4 income) Estimated appropriation paid in cash - (16.8) 2. Shareholders' dividends, etc. 1.
Slide 42: Breakdown of Financial Soundness: Three Life Insurance Companies
Breakdown of Financial Soundness: Three Life Insurance Companies (Billions of yen） Taiyo Life Daido life T&D Financial Life Category 1. Adjusted Net 2. Solvency 1. Adjusted Net 2. Solvency 1. Adjusted Net 2. Solvency Assets Margin Assets Margin Assets Margin Net assets (excluding valuation and trans
Slide 43: Closed Book Business (Profit and Loss Situation of Fortitude Re)
Closed Book Business (Profit and Loss Situation of Fortitude Re) After-tax basis (millions of US dollars) 2024 2024 2024 2024 2025 2025 2025 2024 2025 Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Mar Apr-Jun Jul-Sep Jan-Dec Jan-Sep ①Fortitude Re (Excluding FLIAC)*1 Investment 977 935 945 993 913 979 1,116 3,
Slide 44: Closed Book Business (Accounting Treatment and Group Adjusted Profit)
Closed Book Business (Accounting Treatment at Fortitude Re and Group Adjusted Profit) Accounting treatment at Fortitude Adjusted profit (the Group) Asset Liability Valuation of liabilities (supplement) Fortitude Market value Discount rates updated quarterly (single-A, OCI) Market value*1 Accounting
Slide 45: CML (Commercial Mortgage Loan)
CML (Commercial Mortgage Loan) Asset allocation (Fortitude Re) Real estate asset allocation（Fortitude Re） Market value Market Value Assets under Average Cash and Asset class ($bn) / Book Value management rating others Alternative asset 6% 4% Residential mortgages 4.6 100% 5.6% NR CMBS 2% RMBS 3% Com
Slide 46: Fortitude Re's LDTI Implementation
[Reference] Fortitude Re’s LDTI Implementation Fortitude Re will adopt the “Long-Duration Targeted Improvements (LDTI)” from fiscal year 2025. LDTI Overview Long-Duration Targeted Improvements: A new GAAP standard for long-duration contracts in the insurance industry • Current GAAP generally allows
Slide 47: Asset Management Business and Non-life Insurance Business
Asset Management Business and Non-life Insurance Business T&D Asset Management Pet & Family Insurance Operating revenues, ordinary profit and profit increased year- Ordinary revenues increased year-on-year, due to an increase on-year, due to an increase in assets under management from in premium inc
Slide 48: Business Results: Sum of Three Life Insurance Companies
Business Results: Sum of Three Life Insurance Companies (Billions of yen) 2014/03 2015/03 2016/03 2017/03 2018/03 2019/03 2020/03 2021/03 2022/03 2023/03 2024/03 2025/03 Policy amount in force*1 60,699.8 62,117.7 62,998.1 64,612.8 66,010.7 69,264.6 67,362.9 65,638.0 64,228.2 62,932.6 62,051.2 61,564
Slide 49: Business Results: Taiyo Life
Business Results: Taiyo Life (Billions of yen) 2014/03 2015/03 2016/03 2017/03 2018/03 2019/03 2020/03 2021/03 2022/03 2023/03 2024/03 2025/03 Policy amount in force*1 21,595.6 22,154.5 21,983.5 21,741.1 21,154.4 19,945.6 18,023.2 16,278.4 14,527.5 12,991.9 11,461.8 10,399.3 Individual insurance 17,
Slide 50: Business Results: Daido Life
Business Results: Daido Life (Billions of yen) 2014/03 2015/03 2016/03 2017/03 2018/03 2019/03 2020/03 2021/03 2022/03 2023/03 2024/03 2025/03 *1 Policy amount in force 37,255.6 38,156.7 39,205.9 40,992.2 42,803.5 47,146.0 46,947.2 46,656.0 46,703.3 46,683.8 46,637.6 46,967.5 Individual term life in
Slide 51: Business Results: T&D Financial Life
Business Results: T&D Financial Life (Billions of yen) 2014/03 2015/03 2016/03 2017/03 2018/03 2019/03 2020/03 2021/03 2022/03 2023/03 2024/03 2025/03 *1 Policy amount in force 1,848.5 1,806.4 1,808.7 1,879.3 2,052.7 2,172.9 2,392.5 2,703.5 2,997.3 3,256.8 3,951.7 4,198.0 Independent insurance agent
Slide 52: Results of Shareholder Return
Results of Shareholder Return FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Dividends per share ¥ 25.0 ¥ 25.0 ¥ 30.0 ¥ 32.5 ¥ 37.5 ¥ 42.0 ¥ 44.0 ¥ 46.0 ¥ 56.0 ¥ 62.0 ¥ 70.0 ¥ 80.0 Total dividend amount ¥ 16.8 ¥ 16.6 ¥ 19.4 ¥ 20.5 ¥ 23.3 ¥ 25.7 ¥ 26.4 ¥ 27.4 ¥ 32
Slide 53: Shareholder Returns Policy
Shareholder Returns Policy Shareholder Returns 1. Returns from periodic profit 2. Additional returns based on capital level Cash dividend When ESR consistently exceeds 225%, judgment will be made taking into account the followings; Group adjusted Dividend profit payout ratio of • Potential growth in
Slide 54: Definition of Indicators
Definition of Indicators - Figures in [ ] are actual 3Q FY2025 numbers. + Additional internal ＝ － － ＋ Group adjusted Profit (net Valuation reserves in excess of the gains/losses, etc. MVA gains/losses Amortization of legal standard profit *1 income) related to Fortitude related to TDF requirements g
Slide 55: Contact Information
Abbreviations used in this material T D F ：T&D Financial Life TDUC ：T&D United Capital F R L ：Fortitude Reinsurance Company Ltd. F I R L ：Fortitude International Reinsurance Ltd. FLIAC ：Fortitude Life Insurance & Annuity Company Contact Information T&D Holdings, Inc. Investor Relations Department In