T&D : FY2023 Daido Financial Statements

Daido Life Unaudited Non-Consolidated Balance Sheet

		(Millions of yen)
	As of	As of
	March 31, 2023	March 31, 2024
Assets:
Cash and deposits	261,840	269,716
Deposit	261,840	269,716
Monetary claims purchased	45,120	51,658
Monetary trusts	3,682	4,860
Securities	6,102,411	6,495,213
Government bonds	2,411,124	2,675,396
Municipal bonds	191,046	188,369
Corporate bonds	1,158,626	1,164,365
Domestic stocks	246,700	277,929
Foreign securities	1,747,899	1,770,189
Other securities	347,013	418,962
Loans	781,799	833,594
Policy loans	71,905	77,661
Commercial loans	709,894	755,933
Tangible fixed assets	165,257	166,968
Land	97,268	96,090
Buildings	63,556	63,756
Lease assets	700	385
Construction in progress	2,413	5,329
Other tangible fixed assets	1,318	1,406
Intangible fixed assets	19,650	27,701
Software	18,948	26,996
Other intangible fixed assets	701	705
Due from agencies	352	315
Reinsurance receivable	804	7,011
Other assets	64,018	70,612
Accounts receivable	31,774	41,700
Prepaid expenses	2,892	3,133
Accrued income	21,551	18,757
Deposit for rent	2,043	2,060
Initial margins of futures markets	1,805	2,154
Derivatives	2,665	619
Cash collateral paid for financial instruments	430	-
Suspense payments	354	1,722
Other assets	501	464
Deferred tax assets	20,359	-
Reserve for possible loan losses	(1,145)	(4,239)
Total assets	7,464,151	7,923,413

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Daido Life Insurance Company

		(Millions of yen)
	As of	As of
	March 31, 2023	March 31, 2024
Liabilities:	6,491,257
Policy reserves	6,657,107
Reserve for outstanding claims	37,743	43,803
Policy reserve	6,406,362	6,567,766
Reserve for policyholder dividends	47,150	45,537
Reinsurance payable	1,980	1,506
Other liabilities	58,475	75,435
Income taxes payable	3,814	13,142
Accounts payable	4,016	7,561
Accrued expenses	14,107	14,154
Unearned income	682	623
Deposit received	503	773
Guarantee deposits	8,345	8,513
Derivatives	19,873	26,609
Cash collateral received for financial instruments	3,061	-
Lease obligations	774	428
Asset retirement obligations	2,124	2,124
Suspense receipts	1,172	1,504
Provision for bonuses to directors and	69	74
audit & supervisory board members
14,712
Provision for employees' retirement benefits	10,962
Reserves under the special laws	127,322	130,681
Reserve for price fluctuations	127,322	130,681
Deferred tax liabilities	-	62,592
Total liabilities	6,693,817	6,938,360
Net assets:	110,000
Capital stock	110,000
Capital surplus	35,054	35,054
Capital reserve	35,054	35,054
Retained earnings	401,593	398,927
Legal reserve for future losses	74,946	74,946
Other retained earnings	326,647	323,981
Provision for advanced depreciation on real estate	1,362	1,362
Reserve for purchase of specified stocks	-	18
Reserve for 120th anniversary project	50	-
General reserve	200,000	200,000
Unappropriated retained earnings	125,234	122,600
Total shareholders' equity	546,647	543,981
Valuation difference on available-for-sale securities	223,686	441,071
Total valuation and translation adjustments	223,686	441,071
Total net assets	770,334	985,053
Total liabilities and net assets	7,464,151	7,923,413

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Daido Life Insurance Company

Daido Life Unaudited Non-Consolidated Statement of Operation

				(Millions of yen)
			Year ended	Year ended
			March 31, 2023	March 31, 2024
Ordinary revenues		1,233,042	1,183,799
Income from insurance premiums	810,311	843,749
Insurance premiums	808,414	823,650
Ceded reinsurance recoveries	1,897	20,098
Investment income		259,241	306,335
Interest, dividends and income from real estate for	159,359	179,358
rent
Interest income from deposits	201	210
Interest income and dividends from securities	134,890	146,332
Interest income from loans	12,914	21,144
Interest from real estate for rent	10,400	10,806
Other income from interest and dividends	952	864
Gains from monetary trusts, net	-	1
Gains on investments in trading securities, net	-	153
Gains on sales of securities	78,449	70,371
Foreign exchange gains, net	18,819	49,877
Other investment income	2,612	3,006
Gains on separate accounts, net	-	3,567
Other ordinary income	163,489	33,713
Income	related to	withheld insurance claims and	24,773	26,646
other payments for future annuity payments
Income due to withheld insurance payments	1,238	975
Reversal of policy reserves	132,866	-
Reversal of employees' retirement benefits	-	1,192
Other ordinary income	4,611	4,898
Ordinary expenses		1,148,962	1,082,136
Insurance claims and other payments	887,660	588,397
Insurance claims		147,785	143,278
Annuity payments		63,091	64,463
Insurance benefits		70,294	63,942
Surrender payments	266,990	302,151
Other payments		8,246	10,030
Reinsurance premiums	331,250	4,530
Provision for policy and other reserves	639	167,477
Provision for reserve for outstanding claims	624	6,059
Provision for policy reserve	-	161,403
Interest	portion	of reserve for policyholder	14	13
dividends
Investment expenses		114,923	179,117
Interest expenses		27	14
Losses on investments in trading securities, net	369	-
Losses on sales of securities	35,781	52,055
Devaluation losses on securities	910	1,473
Losses from derivatives, net	36,157	85,871
Provision of reserve for possible loan losses	39	4,433
Depreciation of real estate for rent	2,676	3,027
Other investment expenses	38,537	32,241
Losses on separate accounts, net	423	-
Operating expenses		121,827	124,068
Other ordinary expenses	23,912	23,076
Payments related to withheld insurance claims	1,302	1,163
Taxes			11,753	12,031
Depreciation		6,944	7,049
Provision for employees' retirement benefits	1,386	-
Other ordinary losses	2,526	2,831
Ordinary profit		84,079	101,662

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Daido Life Insurance Company

		(Millions of yen)
	Year ended	Year ended
	March 31, 2023	March 31, 2024
Extraordinary gains	-	1
Gains on disposal of fixed assets	-	1
Extraordinary losses	4,313	4,968
Losses on disposal of fixed assets	769	182
Impairment loss	-	1,426
Provision for reserve for price fluctuations	3,423	3,359
Other extraordinary losses	120	-
Provision for reserve for policyholder dividends	11,530	11,441
Income before income taxes	68,236	85,254
Current income taxes	20,962	25,579
Deferred income taxes	(2,035)	(1,235)
Total income taxes	18,926	24,343
Net income	49,309	60,910

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Daido Life Insurance Company