T&D : FY2023 T&D Financial Financial Statements

T&D Financial Life Unaudited Non-Consolidated Balance Sheet

	As of
	March 31, 2023
Assets:
Cash and deposits	185,748
Cash	0
Deposit	185,748
Call loans	543
Monetary trusts	1,213,768
Securities	394,311
Government bonds	318,518
Municipal bonds	1,791
Corporate bonds	303
Domestic stocks	122
Foreign securities	7,735
Other securities	65,840
Loans	2,057
Policy loans	2,057
Tangible fixed assets	26
Buildings	21
Other tangible fixed assets	5
Intangible fixed assets	2,982
Software	2,982
Other intangible fixed assets	0
Due from agencies	72
Reinsurance receivable	23,870
Other assets	2,853
Accounts receivable	794
Prepaid expenses	619
Accrued income	862
Deposit for rent	175
Derivatives	396
Suspense payable	2
Other assets	1
Deferred tax assets	7,311
Reserve for possible loan losses	(2)
Total assets	1,833,544

(Millions of yen) As of

March 31, 2024

233,057

0

233,057

797

1,150,856

402,352

287,500

1,780

12,255

121

15,372

85,322

1,858

1,858

24

19

5

3,041

3,041

0

10

53,766

17,288

15,583

651

858

169

0

6

19

5,980

(5)

1,869,028

─ 1 ─

T&D Financial Life Insurance Company

	As of
	March 31, 2023
Liabilities:
Policy reserves	1,643,912
Reserve for outstanding claims	13,939
Policy reserve	1,629,569
Reserve for policyholder dividends	402
Due to agencies	2,355
Reinsurance payable	25,457
Other liabilities	84,322
Payable under securities lending	75,881
transactions
Income taxes payable	5,011
Accounts payable	531
Accrued expenses	2,343
Unearned income	-
Deposit received	30
Derivatives	17
Suspense receipt	508
Provision for employees' retirement	3,398
benefits
Reserve for price fluctuations	5,355
Total liabilities	1,764,802
Net assets:
Capital stock	56,000
Capital surplus	46,000
Capital reserve	46,000
Retained earnings	(19,951)
Other retained earnings	(19,951)
Unappropriated retained earnings	(19,951)
Total shareholders' equity	82,048
Valuation difference on available-for-	(13,306)
sale securities
Total valuation and translation	(13,306)
adjustments
Total net assets	68,742
Total liabilities and net assets	1,833,544

(Millions of yen) As of

March 31, 2024

1,753,461

15,909

1,737,178

373

1,584

27,921

3,410

-

4

385

2,610

0

44

99

265

3,099

5,990

1,795,467

56,000

46,000

46,000

(15,139)

(15,139)

(15,139)

86,860

(13,298)

(13,298)

73,561

1,869,028

─ 2 ─

T&D Financial Life Insurance Company

T&D Financial Life Unaudited Non-Consolidated Statement of Operation

		(Millions of yen)
	Year ended	Year ended
	March 31, 2023	March 31, 2024
Ordinary revenues	980,991	1,028,260
Income from insurance premiums	714,695	917,540
Insurance premiums	614,755	784,006
Ceded reinsurance recoveries	99,940	133,533
Investment income	28,023	106,264
Interest, dividends and income from real estate for rent	6,058	5,557
Interest income from deposits	21	53
Interest income and dividends from securities	5,813	5,304
Interest income from loans	64	62
Other income from interest and dividends	158	138
Gains from monetary trusts, net	17,885	77,413
Gains on sales of securities	228	448
Foreign exchange gains, net	3,849	5,239
Reversal of reserve for possible loan losses	1	-
Other investment income	0	0
Gains on separate accounts, net	-	17,605
Other ordinary income	238,272	4,455
Income related to withheld insurance claims and other	4,766	4,137
payments for future annuity payments
Income due to withheld insurance payments	-	7
Reversal of policy reserves	233,119	-
Reversal of provision for employees' retirement benefits	336	298
Other ordinary income	50	12
Ordinary expenses	969,937	1,020,955
Insurance claims and other payments	928,437	878,574
Insurance claims	63,082	66,719
Annuity payments	12,710	11,296
Insurance benefits	16,164	18,281
Surrender payments	261,541	173,483
Other payments	3,462	2,993
Reinsurance premiums	571,475	605,799
Provision for policy and other reserves	1,911	109,578
Provision for reserve for outstanding claims	1,911	1,969
Provision for policy reserve	-	107,608
Interest portion of reserve for policyholder dividends	0	0
Investment expenses	3,536	2,037
Interest expenses	3	0
Losses on sales of securities	399	1,425
Losses from derivatives, net	2,840	478
Provision for reserve for possible loan losses	-	2
Other investment expenses	144	130
Losses on separate accounts, net	149	-
Operating expenses	30,084	24,771
Other ordinary expenses	5,966	5,992
Payments related to withheld insurance claims	37	1
Taxes	4,741	4,775
Depreciation	952	978
Other ordinary expenses	234	237
Ordinary profit	11,054	7,305

─ 3 ─

T&D Financial Life Insurance Company

		(Millions of yen)
	Year ended	Year ended
	March 31, 2023	March 31, 2024
Extraordinary gains	-	2
Gains on disposal of fixed assets	-	2
Extraordinary losses	713	634
Losses on disposal of fixed assets	82	0
Provision for reserve for price fluctuations	631	634
Provision for reserve for policyholder dividends	0	1
Income before income taxes	10,340	6,671
Current income taxes	5,060	530
Deferred income taxes	(2,660)	1,328
Total income taxes	2,399	1,859
Net income	7,940	4,812

─ 4 ─

T&D Financial Life Insurance Company