(Reference)
Non-Consolidated Financial Data of the Three Life Insurance Companies
Six Months Ended September 30, 2015
1. Sales Results (Individual Insurance and Individual Annuities)
(Billions of yen)
Six Months Ended
September 30, 2015
New policy amount
Annualized premiums of new policies
Third Sector products
Total
(Sum of Three Companies)
Increase (decrease)
Amount
%Change
2,963.3
66.0
12.5
(463.6)
(13.5%)
(14.8)
(18.4%)
3.3
36.6%
Taiyo Life
Amount
Daido Life
Increase (decrease)
%Change
(484.4)
(32.2%)
(122)
(41.2%)
1,021.9
17.4
1.9
50.6%
5.8
Amount
T&D Financial Life
Increase (decrease)
%Change
44.7
2.5%
1.2
3.3%
1,816.9
40.3
1.3
26.0%
6.5
Amount
124.3
8.2
0.0
Increase (decrease)
%Change
(23.9)
(16.2%)
(3.8)
(32.0%)
0.0
543.0%
Notes:
1. New policy amount includes increase from conversion.
2. “Increase (decrease)” and “% Change” are presented in comparison with the same period of the previous fiscal year.
3. Total (Sum of Three Companies) including Daido Life’s “J-type product” and “T-type product” of new policy amount decreased 8.8% from the same period of
the previous fiscal year to 3,372.0 billion yen.
(Billions of yen)
Six Months Ended
September 30, 2015
Policy amount in force
Annualized premiums of total policies
Third Sector products
Total
(Sum of Three Companies)
Increase (decrease)
Amount
%Change
60,418.7
1,456.5
174.8
65.3
0.1%
10.1
0.7%
4.9
2.9%
Taiyo Life
Amount
Daido Life
Increase (decrease)
%Change
(133.8)
(0.6%)
(4.2)
(0.7%)
1.1
1.2%
22,020.6
647.1
99.4
Amount
T&D Financial Life
Increase (decrease)
%Change
210.3
0.6%
14.2
2.1%
3.8
5.7%
36,602.7
692.5
72.3
Amount
1,795.3
116.8
2.9
Increase (decrease)
%Change
(11.1)
(0.6%)
0.1
0.1%
(0.1)
(4.6%)
Notes:
1. “Increase (decrease)” and “% Change” are presented in comparison with the previous fiscal year-end
2. Total (Sum of Three Companies) including Daido Life’s “J-type product” and “T-type product” of policy amount in force increased 0.7% from the previous
fiscal year-end to 62,530.6 billion yen.
(Billions of yen)
Six Months Ended
September 30, 2015
Total
(Sum of Three Companies)
Increase (decrease)
Amount
%Change
Surrender and lapse rate
Surrender and lapse amount
1,878.2
(9.8)
(0.5%)
Taiyo Life
Amount
Daido Life
Increase (decrease)
%Change
Amount
T&D Financial Life
Increase (decrease)
%Change
Amount
Increase (decrease)
%Change
2.82%
(0.16 points)
3.35%
0.05 points
1.86%
(1.05 points)
625.7
(18.2)
(2.8%)
1,219.0
28.5
2.4%
33.5
(20.2)
(37.6%)
Notes:
1. Surrender and lapse rate is not annualized.
2. “Increase (decrease)” and “% Change” are presented in comparison with the same period of the previous fiscal year.
─ 1 ─
T&D Holdings, Inc
2. Summary of Operations
(Billions of yen)
T&D Holdings
Consolidated
Six Months Ended
September 30, 2015
Amount
Taiyo Life
Increase (decrease)
%Change
Amount
Daido Life
Increase (decrease)
%Change
Amount
T&D Financial Life
Increase (decrease)
%Change
Increase (decrease)
%Change
Amount
1,031.9
(182.6)
(15.0%)
455.6
(104.5)
(18.7%)
469.6
(6.8)
(1.4%)
130.0
(68.0)
(34.4%)
Income from insurance premiums
and others
803.4
(194.8)
(19.5%)
332.1
(137.5)
(29.3%)
374.3
(12.6)
(3.3%)
95.5
(44.9)
(32.0%)
Investment income
189.0
7.8
4.3%
102.8
18.4
21.9%
82.2
2.9
3.8%
6.1
(13.9)
(69.6%)
148.0
3.9
2.7%
74.4
(3.4)
(4.5%)
70.8
7.5
11.9%
3.5
(0.0)
(1.3%)
39.4
4.2
12.2%
20.6
14.4
236.7%
13.0
2.8
27.4%
28.4
(9.1)
(24.3%)
936.3
(185.5)
(16.5%)
412.4
(114.7)
(21.8%)
419.5
(9.3)
(2.2%)
127.9
(58.7)
(31.5%)
702.6
(17.8)
(2.5%)
341.3
43.0
14.5%
251.6
7.3
3.0%
108.9
(68.4)
(38.6%)
Provision for policy and other
reserves
57.9
(179.4)
(75.6%)
0.0
(158.7)
(100.0%)
92.7
(16.6)
(15.2%)
0.0
(0.0)
(10.1%)
Investment expenses
42.6
12.9
43.5%
18.7
4.2
29.4%
13.9
(1.8)
(11.8%)
11.4
10.1
764.8%
95.5
2.8
3.1%
43.2
10.1
30.6%
50.0
2.4
5.2%
2.0
(9.3)
(82.0%)
Extraordinary gains
0.0
(0.0)
(46.3%)
0.0
(0.1)
(96.8%)
13.2
13.2
-
-
-
Extraordinary losses
11.0
8.2
290.9%
9.7
8.0
479.1%
1.5
0.4
44.8%
0.1
0.0
159.1%
Provision for reserve for policyholder
dividends
16.9
1.0
6.3%
9.4
0.5
6.6%
7.5
0.4
6.0%
(0.0)
(0.0)
-
Income before income taxes
67.6
(6.4)
(8.7%)
24.1
1.3
6.2%
54.1
14.7
37.5%
1.8
(9.4)
(83.3%)
Total income taxes
19.1
(2.1)
(10.2%)
6.9
0.8
14.3%
14.8
3.5
31.0%
0.6
(2.7)
(81.0%)
Profit attributable to owners of parent
48.4
(4.3)
(8.2%)
17.1
0.5
3.1%
39.2
11.2
40.1%
1.2
(6.6)
(84.3%)
151.8
16.1
11.9%
84.0
14.2
20.4%
68.9
6.6
10.7%
(0.4)
(4.7)
-
Ordinary revenues
Interest, dividends and income
from real estate for rent
Other ordinary income
Ordinary expenses
Insurance
payments
claims
and
other
Ordinary profit
[Reference]
Net investment income
(general account)
Notes:
1. “Increase (decrease)” and “% Change” are presented in comparison with the same period of the previous fiscal year.
2. T&D Holdings' consolidated figures do not always correspond to the sum of the three life insurance companies' figures.
3. Simple sum of all three companies' income from insurance premiums and others is ¥ 802.0 billion (down 19.6%).
4. Extraordinary gains of Daido Life include gains on sale of real estate to Taiyo Life of ¥13.1 billion. This will be eliminated as intra-company transactions on
consolidated basis and will have no impact on profit/loss.
5. Extraordinary losses of ¥11.0 billion include provision for reserve for price fluctuations of ¥10.2 billion (Taiyo Life: ¥8.9 billion, Daido Life: ¥1.2 billion, T&D
Financial Life: ¥0.0 billion).
6. The amount of net income is stated in the column of profit attributable to owners of parent for the three life insurance companies.
7. Net investment income (general account) is investment income minus investment expenses of general account.
3. Key Indicators
[Core profit and amount of positive spread]
Six Months Ended
September 30, 2015
(Billions of yen)
Total
(Sum of Three Companies)
Amount
Increase (decrease)
%Change
Taiyo Life
Amount
Daido Life
Increase (decrease)
%Change
Amount
T&D Financial Life
Increase (decrease)
%Change
Amount
Increase (decrease)
%Change
Core profit
91.8
(1.3)
(1.4%)
30.7
(7.5)
(19.7%)
57.6
6.9
13.6%
3.5
(0.7)
(16.8%)
Amount of positive spread
23.6
6.9
6.9
(2.0)
18.2
9.1
(1.5)
(0.0)
Note:
1. “Increase (decrease)” and “% Change” are presented in comparison with the same period of the previous fiscal year.
2. In case of negative spread, the amount is stated in negative value.
─ 2 ─
T&D Holdings, Inc
[Solvency margin ratio]
T&D Holdings
As of September 30, 2015
Amount
Taiyo Life
Change from
previous FYE
Daido Life
Change from
previous FYE
Amount
T&D Financial Life
Change from
previous FYE
Amount
Solvency margin ratio
884.2% (109.7 points) 1,344.0%
(19.7 points)
Consolidated solvency margin ratio
1,140.2%
(80.5 points)
891.3% (109.8 points) 1,351.8%
(19.7 points)
Notes: T&D Financial Life does not state consolidated solvency margin ratio because the company does not own subsidiaries.
Amount
Change from
previous FYE
1,299.5%
27.6 points
[Adjusted net assets]
T&D Holdings
（Consolidated）
As of September 30, 2015
Amount
Adjusted net assets
Taiyo Life
（Non-consolidated）
Change from
previous FYE
2,481.1
Change from
previous FYE
Amount
(164.4)
1,054.3
(Billions of yen)
T&D Financial Life
（Non-consolidated）
Daido Life
（Non-consolidated）
Change from
previous FYE
Amount
(109.0)
1,261.6
Change from
previous FYE
Amount
(26.8)
153.4
(2.8)
[Unrealized gains (losses) on securities]
As of September 30, 2015
(Billions of yen)
Total
(Sum of Three Companies)
Amount
1,154.3
569.8
325.2
213.3
17.5
13.9
14.4
26.7
Unrealized gains (losses) on securities
Domestic bonds
Domestic stocks
Foreign securities
Other securities
Monetary trusts
Monetary claims purchased
Unrealized gains (losses) on real estate
Taiyo Life
Change from
previous FYE
Amount
(188.5)
(19.1)
(72.7)
(80.8)
(16.2)
1.5
(1.1)
(10.5)
Daido Life
Change from
previous FYE
633.7
292.0
172.1
157.3
5.5
6.6
7.6
Amount
(132.1)
(15.8)
(59.0)
(48.9)
(7.8)
(0.4)
0.1
T&D Financial Life
Change from
previous FYE
462.3
233.6
153.0
55.7
12.0
7.8
19.0
Change from
previous FYE
Amount
(56.9)
(2.1)
(13.7)
(32.0)
(8.4)
(0.6)
(10.7)
58.2
44.1
0.1
13.9
-
0.5
(1.1)
0.1
1.5
-
Notes:
1. The figures of net unrealized gains (losses) on securities are only those securities with market value.
2. Net unrealized gains (losses) on real estate are basically calculated based on the appraisal price. Less important properties are calculated based on the posted
price.
[Disclosure of Market Consistent Embedded Value (MCEV)] (Estimate)
Notes: Quarterly MCEV results are estimates calculated partly using simplified methods and are not reviewed by third party specialists.
(Billions of yen)
T&D Life Group
(Group MCEV)
As of September
30, 2015
MCEV
Taiyo Life
Amount
Change from
previous FYE
approx. 2,268.4
(approx. 29.5)
Amount
(approx. 38.2)
approx. 1,344.8
Amount
approx. 830.3
Daido Life
Change from
previous FYE
T&D Financial Life
Change from
previous FYE
Amount
approx. 38.1
approx. 96.4
Change from
previous FYE
approx. 0.5
Notes:
1. Group MCEV is the sum of “MCEV of life insurance business: ¥2,241.6 billion” and “net asset value of non-life insurance business: ¥26.8 billion.”
2. The difference in amount of change from previous fiscal year-end between Group MCEV and the sum of three companies are mainly due to the acquisition of
treasury stock of approximately ¥30.0 billion implemented by T&D Holdings.
(Billions of yen)
Six Months Ended
September 30, 2015
Value of new business
T&D Life Group
(Sum of Three Companies)
Amount
approx. 52.5
Change from
the same period of
previous FY
approx. 2.8
Taiyo Life
Amount
approx. 17.5
Change from
the same period of
previous FY
approx. 1.6
─ 3 ─
Daido Life
Amount
approx. 32.1
Change from
the same period of
previous FY
approx. 0.9
T&D Financial Life
Amount
approx. 2.7
Change from
the same period of
previous FY
approx. 0.2
T&D Holdings, Inc
(Reference)
Forecasts for the Year Ending March 31, 2016 (April 1, 2015 - March 31, 2016)
1. T&D Holdings (Consolidated)
Full year forecasts for the year ending March 31, 2016 have not been changed from the announcement on May 14, 2015.
(Billions of yen)
Forecast for the
Year Ending March 31, 2016
Year Ended March 31, 2015
Ordinary revenues
Appr
ox.
App
rox.
App
rox.
2,412.1
Ordinary profit
188.9
1,870
167
Net income attributable to
94.2
owners of parent
Projected annual dividend per share for the year ending March 31, 2016 is ¥25.
78
2. Three Life Insurance Companies (Non-consolidated)
The followings are the three life insurance companies’ forecasts for the year ending March 31, 2016.
(Billions of yen)
Taiyo Life
Daido Life
T&D Financial Life
Ordinary revenues
Approx.
850
Approx.
890
Approx.
230
Ordinary profit
Approx.
79
Approx.
81
Approx.
7
Net income
Approx.
28
Approx.
55
Approx.
4
Note:
1. Forecasts have not been changed from the announcement on August 10, 2015.
2. The differences between the consolidated figures and the sum of the figures of the three life insurance companies are mainly due to the intercompany
reconciliation among the consolidated companies including the three life insurance companies.
(Billions of yen)
Sum of Three
Companies
Core profit
Taiyo Life
Daido Life
T&D Financial Life
Approx.
153
Approx.
57
Approx.
97
Approx.
(2)
Approx.
1,590
Approx.
660
Approx.
730
Approx.
200
(In case of negative spread, the
amount is stated in negative value.)
Approx.
31
Approx.
11
Approx.
23
Approx.
(3)
New policy amount
Approx.
6,110
Approx.
2,370
Approx.
3,420
Approx.
330
Policy amount in force
Approx.
60,700
Approx.
22,220
Approx.
36,580
Approx.
1,900
Approx.
5.7%
Approx.
6.7%
Approx.
4.0%
Income from insurance
premiums and others
Positive spread
Surrender and lapse rate
Notes:
1. Forecasts have not been changed from the announcement on August 10, 2015.
2. Policy amount in force, new policy amount and surrender and lapse rate include individual insurance and annuities. The new policy amount includes
increase from conversion.
3. Forecasts for Daido Life’s new policy amount and policy amount in force plus the forecasts for the total insured amount of “J-type product” and
“T-type product” are approximately ¥4,100 billion and approximately ¥38,890 billion, respectively.
The above forecasts for the year ending March 31, 2016 reflect the Company’s current analysis of existing
information and trends. Actual results may differ from expectations based on risks and uncertainties that may affect
the Company’s businesses.
─ 4 ─
T&D Holdings, Inc