(Reference)
Non-Consolidated Financial Data of the Three Life Insurance Companies
for the Three Months Ended June 30, 2015
1. Sales Results (Individual Insurance and Annuities)
Three Months Ended
June 30, 2015
New policy amount
Surrender and lapse amount
Surrender and lapse rate
Policy amount in force
Annualized premiums of new policies
Third Sector products
Annualized premiums of total policies
Total
(Sum of Three Companies)
Amount
%Change
1,643.2
956.4
(15.1%)
(0.1%)
60,502.2
33.8
6.8
1,450.8
172.7
0.9%
(14.2%)
44.9%
1.7%
4.9%
(Billions of yen)
Taiyo Life
Amount
%Change
704.7
326.1
1.47%
22,212.5
10.2
3.7
649.9
99.4
(31.2%)
(3.2%)
(0.09 points)
1.0%
(35.6%)
57.3%
1.5%
1.3%
Daido Life
Amount
%Change
876.3
611.8
1.68%
36,478.8
19.3
3.1
684.4
70.2
3.8%
2.9%
0.03 points
1.0%
7.5%
32.2%
4.5%
11.3%
T&D Financial Life
Amount
%Change
62.2
18.4
1.02%
1,810.7
4.2
0.0
116.4
3.0
(6.6%)
(29.2%)
(0.39 points)
(0.9%)
(23.4%)
1,143.4%
(10.8%)
(8.6%)
Third Sector products
Notes:
1. New policy amount includes increase from conversion. 2. Surrender and lapse rate is not annualized. 3. % Change is presented in comparison with the same
period of the previous fiscal year (hereinafter, same if not mentioned otherwise). 4. Changes in policy amount in force from the previous fiscal year-end: Total:
0.2%; Taiyo Life: 0.3%; Daido Life: 0.2%; T&D Financial Life: 0.2%. 5. Changes in annualized premiums of total policies from the previous fiscal year-end:
Total: 0.3%; Taiyo Life: (0.2%); Daido Life: 0.9%; T&D Financial Life: (0.2%).
2. Summary of Operations
Three Months Ended
June 30, 2015
Ordinary revenues
Income from insurance premiums and others
Investment income
Ordinary expenses
Insurance claims and other payments
Investment expenses
Ordinary profit
Extraordinary gains
Extraordinary losses
Provision for reserve for policyholder dividends
Income before income taxes
Total income taxes
Profit attributable to owners of parent
(Billions of yen)
T&D Holdings
Consolidated
Amount
558.7
431.8
103.2
514.9
398.0
24.7
43.7
0.0
5.6
8.0
30.0
8.6
21.4
%Change
(4.9%)
(10.7%)
25.3%
(4.8%)
3.7%
208.9%
(5.6%)
(46.2%)
368.8%
7.2%
(20.3%)
(19.5%)
(20.6%)
Taiyo Life
Amount
%Change
274.5
200.8
54.4
254.6
213.8
13.0
19.9
4.9
4.6
10.2
2.9
7.2
(3.3%)
(16.0%)
32.0%
(4.8%)
19.8%
127.6%
22.2%
(100.0%)
614.3%
9.0%
(10.2%)
(9.0%)
(10.7%)
Daido Life
Amount
%Change
231.7
181.5
42.8
208.3
125.9
8.9
23.4
13.2
0.7
3.4
32.4
9.1
23.3
5.7%
1.2%
20.7%
6.7%
4.1%
124.0%
(2.4%)
60.6%
4.7%
59.9%
68.9%
56.6%
T&D Financial Life
Amount
%Change
65.0
48.7
6.6
64.6
57.8
3.0
0.4
0.0
(0.0)
0.3
0.0
0.2
(31.6%)
(24.9%)
(25.4%)
(27.5%)
(31.3%)
187.4%
(92.9%)
125.3%
(93.9%)
(95.1%)
(93.4%)
Notes:
1. T&D Holdings' consolidated figures do not always correspond to the sum of the three companies' figures. Simple sum of all three companies' income from
insurance premiums and others is ¥431.1 billion (down 10.8%). 2. Extraordinary losses of ¥5.6 billion include provision for reserve for price fluctuations of ¥5.0
billion (Taiyo Life: ¥4.4 billion, Daido Life: ¥0.5 billion, T&D Financial Life: ¥0.0 billion). 3. The amount of net income is stated in the column of profit
attributable to owners of parent for the three life insurance companies.
3. Key Indicators
Three Months Ended
June 30, 2015
(Billions of yen)
Total
(Sum of Three Companies)
Amount
Change
Core profit
40.1
(9.0%)
Amount of positive spread
7.6
29.7%
Note: In case of negative spread, amount is shown in negative value.
Taiyo Life
Amount
Change
13.1
2.0
(23.0%)
(31.7%)
Daido Life
Amount
Change
25.7
6.3
2.7%
75.8%
T&D Financial Life
Amount
Change
1.3
(0.7)
(35.7%)
0.9%
(Billions of yen)
As of June 30, 2015
T&D Holdings
Consolidated
Amount
Solvency margin ratio
Consolidated SM ratio
Adjusted net assets
1,176.9%
2,567.5
Taiyo Life
Change from
previous FYE
(43.8 points)
(77.9)
Amount
964.0%
970.8%
1,118.6
Daido Life
Change from
previous FYE
(29.9 points)
(30.3 points)
(44.8)
Amount
T&D Financial Life
Change from
previous FYE
1,317.6% (46.1 points)
1,325.0% (46.5 points)
1,274.2
(14.2)
Amount
Change from
previous FYE
1,314.2%
42.3 points
146.7
(9.5)
(Billions of yen)
As of June 30, 2015
Total
(Sum of Three Companies)
Amount
Unrealized gains/losses on securities
Domestic bonds
Domestic stocks
Foreign securities
Other securities
Monetary trusts
Monetary claims purchased
Unrealized gains/losses on real estate
1,251.8
530.0
439.0
220.2
38.4
9.9
14.0
26.6
Change from
previous FYE
(91.1)
(58.9)
41.0
(73.8)
4.6
(2.4)
(1.5)
(10.6)
Taiyo Life
Amount
710.7
273.2
250.6
165.4
14.8
6.3
7.5
─ 1 ─
Daido Life
Change from
previous FYE
(55.2)
(34.6)
19.5
(40.9)
1.5
(0.7)
0.0
Amount
491.2
216.9
188.3
54.8
23.5
7.6
19.0
T&D Financial Life
Change from
previous FYE
(28.0)
(18.8)
21.5
(32.9)
3.0
(0.7)
(10.7)
Amount
49.8
39.8
9.9
-
Change from
previous FYE
(7.8)
(5.3)
(2.4)
-
T&D Holdings, Inc
Notes:
1. Regarding net unrealized gains/losses on securities, the figures show only those of 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.
(Billions of yen)
As of June 30, 2015
T&D Holdings
(Group MCEV)
Amount
MCEV (estimate)
Three Months Ended
June 30, 2015
2,363.8
Taiyo Life
Change from
previous FYE
65.8
T&D Holdings
(sum of three companies)
Amount
Daido Life
Change from
previous FYE
891.6
Taiyo Life
23.0
Amount
T&D Financial Life
Change from
previous FYE
1,359.8
Daido Life
53.0
Amount
Change from
previous FYE
98.6
2.8
T&D Financial Life
Value of new business (estimate)
28.2
11.0
15.2
1.9
Notes:
1. Quarterly MCEV results are estimates calculated partly using simplified methods and are not reviewed by third party specialists. 2. Figures of MCEV and value
of new business stated in the tables are estimates. 3. Value of new business for the same period of the previous fiscal year: sum of three companies; ¥24.0 billion,
Taiyo Life; ¥9.0 billion, Daido Life; ¥14.0 billion, T&D Financial Life; ¥0.0 billion.
─ 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
Ordinary profit
2,412.1
Approx.
1,870
188.9
Approx.
167
Net income attributable to
94.2
Approx.
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 Basis)
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. 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.
2. Forecasts for Taiyo Life have been revised considering the current first quarter results: ordinary revenues; approx. ¥820 billion to approx. ¥850 billion,
ordinary profit; approx. ¥77 billion to approx. ¥79 billion, net income; approx. ¥27 billion to approx. ¥28 billion.
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, amount is
shown 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. 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.
2. Forecasts for Daido Life’s new policy amount and policy amount in force plus forecasts for the total insured amount of “J-type product” and “T-type
product” are ¥4,100 billion and ¥38,890 billion, respectively.
3. Forecasts for Taiyo Life have been revised considering the current first quarter results: core profit; approx. ¥56 billion to approx. ¥57 billion, Income
from insurance premiums and others; approx. ¥540 billion to approx. ¥660 billion, new policy amount; approx. ¥2,670 billion to approx. ¥2,370 billion,
policy amount in force; approx. ¥22,530 billion to approx. ¥22,220 billion.
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.
─ 3 ─
T&D Holdings, Inc