Insurance Group’s Financial Results for the Fiscal Year Ended March 31, 2026

T@D insurance Group

T&D Insurance Group's Financial Results for the Fiscal Year Ended March 31, 2026

T&D Holdings, Inc.

(Code Number: 8T95, TSE Prime Market)

TRY

ISCOYER

May 15, 2026

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

[Cautionary Notes]

·This document contains forward-looking statements regarding future performance. These statements do not guarantee future performance and involve risks and uncertainties. Please note that actual results may differ from plans or forecasts due to changes in the business environment, etc.

·The financial figures for the fiscal year ended March 2025 reflect retrospective application of the revised U.S. accounting standards (LDTI) related to long-term insurance

liabilities at Fortitude, a foreign reinsurance affiliated company in which TDUC invested.

Consolidated ：T&D Holdings (Consolidated)

Sum of three companies ：Sum of three life insurance companies

(Taiyo Life, Daido Life and T&D Financial Life)

TDF ：T&D Financial Life

TDUC ：T&D United Capital

TDAM ：T&D Asset Management

P&F ：Pet & Family Insurance

• Group adjusted profit exceeded the full-year forecast of ¥146.0 billion, driven by strong performance in the domestic life insurance business, reaching a record high of ¥158.5 billion.

• Domestic life insurance business recorded a 48.0% year-on-year increase in core profit, due to an increase in interest and dividends income, etc.

• The dividend per share for FY2025 is expected to be ¥130, up ¥50 year on year, representing the 11th consecutive annual increase.

  	Items	FY2024	FY2025	Change Main Factors of Increase/ Decrease
  Consolidated Financial Results	Group adjusted profit	¥ 140.0bn	¥ 158.5bn	+13.1%	An increase in interest and dividends income in domestic life insurance companies, etc.
  	Profit attributable to owners of parent	¥ 126.3bn	¥ 138.9bn	+10.0%
  Domestic Life Insurance Business	Annualized premiums of new policies	¥ 213.2bn	¥ 206.5bn	(3.2%) Lower sales through the bancassurance channel, among other factors
  	Annualized premiums of policies in force	¥1,703.9bn (2025/03)	¥1,751.8bn (2026/03)	+2.8％ (from end-FY2024)	The accumulation of new policies and higher ceded reinsurance recoveries, etc.
  	Income from insurance premiums	¥ 2,568.5bn	¥ 2,623.0bn	+2.1%
  	Core profit	¥ 162.0bn	¥ 239.8bn	+48.0% An increase in interest and dividends income and a decrease in currency hedging cost, etc.
  	Adjusted profit (sum of three companies )	¥ 128.3bn	¥ 151.0bn	+17.6% An increase in core profit, etc.
  Closed Book Business	Adjusted profit (TDUC consolidated)	¥ 12.6bn	¥ 10.7bn	(14.7%) A decrease in investment income of foreign reinsurance affiliated company, etc.

  Shareholder Returns

  Annual dividend per share [Will mark the 11th consecutive years of dividend increase.]

  (FY2025plan) ¥130.0

  (FY2026forecast) ¥164.0

  
  
  

  • Group adjusted profit and Profit attributable to owners of parent increased year-on-year mainly due to an increase in interest and dividends income in domestic life insurance companies.

    • Group Adjusted profit ■ Profit attributable to owners of parent

    (Billions of yen)

    (Billions of yen)

    	FY2024	FY2025	Change
    Group Adjusted profit	140.0	158.5	+13.1%

    	FY2024	FY2025	Change
    Consolidated	126.3	138.9	+10.0%

    [Reference] Group Adjusted Profit

    Group adjusted profit is one of the indicators to measure the source of shareholder returns and the actual business conditions of the Group. Specifically, this is calculated by adjusting the profit attributable to owners of parent for the following items:

    1. Accounting valuation gains or losses with no economic substance arising from market fluctuations, etc.

       （Adjustment is made for temporary valuation gains and losses on reinsurance assets of Fortitude and MVA valuation gains and losses, etc.）

    2. Additional internal reserves (reversal) in excess of the legal standard requirements

    3. Amortization of goodwill, etc.

    For certain overseas affiliates, profits based on local accounting standards are included in the Group adjusted profit.

    
    
    

• Group EV increased from the end of the previous fiscal year, reflecting the accumulation of value of new business and a rise in domestic and foreign stock prices.

• Value of new business, the value expected to be generated in the future from insurance policies (including converted policies) sold in this period, converted to a present value at the valuation date, increased year-on-year mainly due to an increase in new policy amount and a rise in domestic interest rates.

• EV ■ Value of new business

（億円 ）

(Billions of yen)

(Billions of yen)

[Reference] EV

・Embedded Value ("EV") is one of the indicators for evaluating the corporate value of life insurance companies, which is the sum of the "net asset value consisted of net assets on the balance sheet, internal reserves such as reserve for price fluctuations and contingency reserve, and unrealized gains (losses) etc., of assets not marked to market," and the "present value of future expected profits derived from currently held insurance policies".

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