T&D : FY2023 T&D Holdings Material of Conference Call

Financial Results for the

Fiscal Year Ended March 31, 2024

T&D Holdings, Inc.

(Code Number: 8795, TSE Prime Market)

May 15, 2024

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Contents

Summary of Earnings Results	P.3
Financial KPIs	P.4
Consolidated Results of Operations (1)	P.5
Consolidated Results of Operations (2)	P.6
Full-year Results of Three Life Insurance Companies	P.7
Core Profit and Positive Spread	P.8
[Reference] Average Assumed Investment Yield	P.9
Status of T&D United Capital(consolidated)	P.10
Changes in Equity in Gains (Losses) of Affiliates of TDUC	P.11
(related to Fortitude)
[Reference] CML (Commercial Mortgage Loan)	P.12
Sales Results: Taiyo Life	P.13
Daido Life	P.14
T&D Financial Life	P.15
MCEV Results	P.16
MCEV Results of Each Company	P.17
Movement Analysis of Group MCEV	P.18

Sensitivities	P.19
Status of Investments	P.20
Status of Foreign Currency Denominated Bonds	P.21
Breakdown of Foreign Securities and Other Securities	P.22
Net Valuation Gains (Losses) on General Account Assets	P.23
Status of Reduction of Strategic Shareholdings	P.24
[Reference] Transfer to Pure Investment	P.25
Trend of ESR	P.26
Trend of Shareholder Returns	P.27
Capital allocation FY2023	P.28
Full-year Earnings Forecasts (1)	P.29
Full-year Earnings Forecasts (2)	P.30
[Reference]Earnings Forecasts of Three Life Insurance	P.31
Companies for the Year Ending March 31, 2025
Forecasts for Core Profit and Positive Spread	P.32
Reference Materials	P.33-

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2

Summary of Earnings Results

Group adjusted profit amounted to ¥103.5 billion, the record high.

Sales results of new policies of all three life insurance companies exceeded the plans. Surrender and lapse rate has risen in Taiyo Life and Daido Life.

Value of new business on the sum of the three companies amounted to ¥161.7 billion and was lower than the full-year forecast of ¥174.0 billion.

We have continuously implemented measures to improve capital efficiency.

-Reduction of interest rate risk: Interest matching ratio from 58.4％ to 66.4％ (Daido Life) -Reduction of balance of hedged foreign currency denominated bonds: approximately ¥350.0 billion (sum of Taiyo Life and Daido Life)

-Reduction of strategic shareholding: Ratio against net assets from 23% to 17%

We decided to implement a share buyback of ¥50.0 billion for the fiscal year ended March 31, 2024. The total payout ratio is 84.4%. Dividend per share for FY2024 will be ¥80 (forecast), up ¥10 from FY2023, a dividend increase for 10 consecutive years.

In the consolidated results of the Company for Q1FY2024, the Company is expected to recorded approx. ¥8.0 billion as adjusted profit (equity in gains/losses of affiliate) related to Fortitude's financial results for the January-March 2024 period. (on a preliminary report basis)

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3

Financial KPIs

Financial						Compared to
FY2021	FY2022	FY2023	YoY Change	FY2023	FY2023
KPIs	Result	Result①	Result②	②-①	Forecasts③	Forecasts
					*1	②-③

Group	¥39.2	¥90.2	¥103.5	+¥13.2	¥100.0		+¥3.5
adjusted profit	billion	billion	billion	billion	billion	billion
	[¥104.0 billion] *2
Adjusted ROE	2.7%	7.6%	8.6%	+1.0pt	10.1%		(1.5)Pt
					*3
Value of new	¥166.9	¥167.0	¥161.7	(¥5.2)	¥174.0	(¥12.2)
business	billion	billion	billion	billion	billion	billion
ROEV*5	6.9%	2.8%	16.8%	+14.0pt	7.0%	+9.8Pt

Group Adjusted Profit / Adjusted EPS

(Billions of yen)	YoY
¥162.11	¥191.97 +18.4%

		¥67.52	90.2	103.5
		39.2
*1	Announced on May 15, 2023.	FY2021	FY2022	FY2023
*2	[ ] is a figure announced on April 30, 2024. (Revision of Consolidated Earnings Forecasts for the Fiscal Year Ended March 31, 2024)
*3	Calculated using net assets as of March 31, 2023 as the denominator.
*4	Calculated using net assets as of March 31, 2024 as the denominator.
*5	ROEV exclude valuation gains/losses related to Fortitude.
Copyright T&D Holdings, Inc. All Rights Reserved.

FY2024

Forecasts

¥117.0

billion

8.3%

*4

¥160.0

billion

6.1%

4

Consolidated Results of Operation (1)

													(Billions of yen)
					FY2022	FY2023	YoY Change	FY2023	Compared to FY2023	FY2023		FY2024
				FY2021	Forecasts*3	Forecasts	Revised
				①	②	(②-① )		Forecasts*5
					③	(②-③)	Forecasts*4
	Ordinary revenues		2,614.3	3,214.1	3,207.9	(6.1)	(0.2%)	2,560.0	+647.9	+ 25.3%	3,210.0		2,560.0
		Taiyo Life		1,439.8	961.3	989.2	+27.9	+ 2.9%	860.0	+129.2	+ 15.0%			930.0
		Daido Life		1,032.6	1,233.0	1,183.7	(49.2)	(4.0%)	1,060.0	+123.7	+ 11.7%			1,090.0
		T&D Financial Life		485.3	980.9	1,028.2	+47.2	+ 4.8%	590.0	+438.2	+ 74.3%			660.0
		T&D United Capital		0.0	2.4	0.4	(1.9)	(80.1%)	0.0	+0.4	-			0.0
	Ordinary profit＊1		57.0	(74.1)	159.8	+233.9	-	146.0	+13.8	+ 9.5%	160.0		180.0
		Taiyo Life		(86.6)	48.1	55.3	+7.1	+ 14.9%	60.0	(4.6)	(7.8%)			78.0
		Daido Life		122.7	84.0	101.6	+17.5	+ 20.9%	89.0	+12.6	+ 14.2%			103.0
		T&D Financial Life		5.6	11.0	7.3	(3.7)	(33.9%)	1.0	+6.3	+ 630.5%			4.0
		T&D United Capital		(8.6)	(213.2)	(2.0)	+211.2	-	(2.0)	(0.0)	-			(3.0)
	Profit (Net income)＊1,2		14.1	(132.1)	98.7	+230.9	-	87.0	+11.7	+ 13.5%	99.0		104.0
		Taiyo Life		(74.1)	26.8	38.9	+12.1	+ 45.3%	38.0	+0.9	+ 2.6%			43.0
		Daido Life		76.2	49.3	60.9	+11.6	+ 23.5%	52.0	+8.9	+ 17.1%			62.0
		T&D Financial Life		3.1	7.9	4.8	(3.1)	(39.4%)	0.0	+4.8	-			2.0
		T&D United Capital		(7.9)	(212.4)	(2.4)	+210.0	-	(1.0)	(1.4)	-			(2.0)
	Group adjusted profit		39.2	90.2	103.5	+13.2	+ 14.7%	100.0	+3.5	+ 3.5%	104.0		117.0
		Taiyo Life		(74.1)	26.8	38.9	+12.1	+ 45.3%	31.0	+7.9	+ 25.8%			43.0
		Daido Life		76.2	49.3	60.9	+11.6	+23.5%	52.0	+8.9	+17.1%			62.0
		T&D Financial Life		1.7	9.5	1.3	(8.2)	(85.6%)	0.0	+1.3	-			2.0
		T&D United Capital		18.6	8.2	5.7	(2.5)	(30.4%)	19.0	(13.2)	(69.7%)			10.0
	*1 ( ) is loss or Net Loss.
	*2 "Profit Attributable to Owners of Parent"
	*3 Announced on May 15, 2023.
	*4 Announced on April 30, 2024.
	*5 Announced on May 15, 2024
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Consolidated Results of Operation (2)

Breakdown of Group adjusted profit and difference from Profit (Net Income)

（Billions of yen）

Change of Group adjusted profit from	Difference between Group adjusted profit
the previous year for each company	and Profit (net income) [result]

	+12.1	+11.6			+0.2	103.5	+3.4		98.7
90.2		(8.2)
		(2.5)
						(8.2)
FY2022						FY2023			（Billions of yen）
						Group	MVA gains /	Valuation gains	Profit (net
Results	Taiyo Life	Daido Life	TDF	ＴＤＵＣ	1	adjusted		/ losses, etc.
Others*	losses related to	related to	income)*2
						profit	TDF	Fortitude
FY2022①	26.8	49.3	9.5	8.2	(3.7)	90.2	(1.6)	(220.7)	(132.1)
FY2023②	38.9	60.9	1.3	5.7	(3.4)	103.5	3.4	(8.2)	98.7
②－①	+12.1	+11.6	(8.2)	(2.5)	+0.2	+13.2	+5.0	+212.5	+230.9

*1 Profits of consolidated subsidiaries other than the above four companies and adjustments among consolidated companies, etc. *2 ( ) is Net Loss.

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6

Full-yearResults of Three Life Insurance Companies

(Billions of yen)

					Taiyo Life					Daido Life				T&D Financial Life
			FY2022	FY2023	Amount	FY2023	Amount	FY2022	FY2023	Amount of	FY2023	Amount of	FY2022	FY2023	Amount	FY2023	Amount
			(Result)	(Result)	of change	(Forecast)	of change	(Result)	(Result)	change	(Forecast)	change	(Result)	(Result)	of change	(Forecast)	of change
			①	②	②-①	③*1	②-③	①	②	②-①	③*1	②-③	①	②	②-①	③*1	②-③
Ordinary revenues	961.3	989.2	+27.9	860.0	+129.2	1,233.0	1,183.7	(49.2)	1,060.0	+123.7	980.9	1,028.2	+47.2	590.0	+438.2
	Income from	643.3	702.8	+59.5	670.0	+32.8	810.3	843.7	+33.4	830.0	+13.7	714.6	917.5	+202.8	560.0	+357.5
	insurance premiums
Ordinary profit	48.1	55.3	+7.1	60.0	(4.6)	84.0	101.6	+17.5	89.0	+12.6	11.0	7.3	(3.7)	1.0	+6.3
	Core profit	21.2	40.7	+19.4	32.0	+8.7	75.0	86.5	+11.5	61.0	+25.5	(3.2)	(1.4)	+1.7	(1.0)	(0.4)
		Positive spread	42.0	19.5	(22.5)	15.0	+4.5	15.6	20.9	+5.2	3.0	+17.9	(1.9)	(1.0)	+0.8	(1.0)	(0.0)
	Capital gains(losses)	27.9	14.6	(13.3)	27.0	(12.3)	35.2	24.0	(11.2)	31.0	(6.9)	(11.8)	9.6	+21.5	2.0	+7.6
	Other one-time	(1.1)	(0.0)	+1.0	-	(0.0)	(26.1)	(8.9)	+17.2	(4.0)	(4.9)	26.1	(0.8)	(27.0)	0.0	(0.8)
	gains (losses)
Extraordinary gains(losses	(2.7)	5.9	+8.6			(4.3)	(4.9)	(0.6)			(0.7)	(0.6)	+0.0
Net income	26.8	38.9	+12.1	38.0	+0.9	49.3	60.9	+11.6	52.0	+8.9	7.9	4.8	(3.1)	0.0	+4.8
Adjusted profit	26.8	38.9	+12.1	31.0	+7.9	49.3	60.9	+11.6	52.0	+8.9	9.5	1.3	(8.2)	0.0	+1.3

Key performance

indicators＊2＊2

New policy sales

Annualized premiums of

protection-type policies＊3

Policy amount＊4		Annualized premiums of policies

results	21.8
Policy in force sales	161.4
results

Value of new business	49.3

20.6	(1.1)	20.0
162.1	+0.6	164.0
28.3	(21.0)	45.0

+0.6	4,287.2	4,789.8	+502.5
(1.8)	46,683.8	46,637.6	(46.2)
(16.6)	109.4	123.6	+14.2

4,740.0

+49.8

50.5

47,020.0 (382.3) 190.2

121.0	+2.6	8.2

92.3

263.0

9.7

+41.7	48.0
+72.8	220.0
+1.4	8.0

+44.3

+43.0

+1.7

*1 Announced on May 15, 2023.

*2 New policy sales results and policy in force sales results include individual insurance and individual annuities. New policy sales results includes net increase from conversion

*3 Key performance indicator of Taiyo Life which is the sum of protection portion of the annualized premiums mainly excluding savings-type products. *4 For Daido Life, new policy sales results and policy in force sales results in the above table includes not only individual insurance and individual

annuities but also J-type product, T-type product, and Kaigo Relief alpha, Lump-sumM-type product and so forth.

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7

Core Profit and Positive Spread

Core Profit

Factors of Increase/Decrease

in Core Profit

（Billions of yen）

172.9
46.3		125.8
	93.0	40.7
	21.2
129.6
75.0	86.5
(3.0)	(3.2)	(1.4)

2022/03 2023/03 2024/03

Positive Spread

Sum of Three

Companies

Taiyo Life

Daido Life

T&D Financial Life

（Billions of yen）

[Taiyo Life]

Decrease in

Net investment

payment-related

costs for COVID-19

income factors such

as decrease in

+30.5

interest and

Decrease in

+13.5

+19.4

dividend income

assumed

interests

Other

+1.5(2.0)

(6.2)

Total

factors

(17.8)

Increase in

operating

Increase in reversal of

Increase in

expenses

provision for employees'

currency

retirement benefit: +¥9.2bn

hedging costs

（Billions of yen）

（Billions of yen）

[Daido Life]

83.7

		Sum of Three
34.1	55.7	Companies
	39.3	Taiyo Life

+10.4

Decrease in assumed interests

+11.4

Decrease in
payment-related
costs for COVID-19	+11.5
+6.3 +2.1

		42.0
	52.2			19.5		Daido Life
						20.9
			15.6
			(1.9)			(1.0)		T&D Financial Life
	(2.6)

2022/03 2023/03 2024/03

Net investment
		(2.2)
such as increase
income factors
in interest and	Increase in
dividend income	operating
(16.5)
expenses
Increase in
currency
hedging costs

Other

factors Total

Decrease in provision for reserve for employees' retirement benefit: +¥2.5bn

*All figures of core profit and positive spread are based on the new standard,
including those for prior periods.	8
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[Reference] Average Assumed Investment Yield

Average Assumed Investment Yield: Taiyo Life

Average Assumed Investment Yield: Daido Life

Investment yield on

core profit

(old standard)

2.34%

2.19%

2.11% 2.19%

Investment yield

on core profit

Investment yield on(old standard) core profit

(new standard)

2.22%

2.37%

2.34%

2.08%

Investment yield

on core profit (new standard)

1.83%	1.85%	1.87%	Average assumed		1.91%
		1.74%			1.73%
1.73%	1.71%	investment yield	1.66%
1.74%	(Individual insurance	1.72%	1.59%		1.63%
1.65%		and annuities)		1.56%
1.65%	1.64%	1.47%	1.63%
		1.57%	1.51%
					1.48%	1.35%

							1.15%	1.13%
			Average assumed
			investment yield			1.14%		1.12%
			2020/03	2021/03	2022/03	2023/03		2024/03
Positive spread	(6.0)	12.6	34.1	42.0		19.5
old standard	28.7	29.5	42.9	（Billions of yen）

1.30%

Average assumed

investment yield

Average assumed

(Individual insurance

investment yield

and annuities)

2020/03

2021/03

2022/03

2023/03

2024/03

Positive spread

5.4

21.0

52.2

15.6

20.9

old standard

34.8

30.9

54.2

（Billions of yen）

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9

Status of T&D United Capital (consolidated)

				(Billions of yen)
	FY2021	FY2022	FY2023	Change
	①	②	(②-① )
Ordinary Revenues	0.0	2.4	0.4	(1.9)
Ordinary Expenses	8.7	215.7	2.5	(213.2)
Equity in Losses of Affiliates	6.0	211.9	0.2	(211.6)
Ordinary Profit	(8.6)	(213.2)	(2.0)	+211.2
Profit Attributable to Owners of Parent	(7.9)	(212.4)	(2.4)	+210.0

Breakdown of Adjusted Profit

(Billions of yen)

			FY2021	FY2022	FY2023	Change
			①	②	(②-① )
Adjusted Profit	18.6	8.2	5.7	(2.5)
	Profit and loss of closed book business*1	21.9	6.1	2.9	(3.2)
		Other than variable annuity block	21.9	12.4	9.4	(3.0)
		Variable annuity block	-	(6.2)	(6.4)	(0.2)
	Gains (Losses) on change in equity	-	6.1	5.1	(0.9)
	Dividend income, comission fee, etc.	0.0	2.4	0.4	(1.9)
	Operating expenses, interest expenses, etc.	(2.6)	(3.8)	(2.2)	+1.5
	Tax, etc.	(0.7)	(2.7)	(0.5)	+2.1

* 1 Related to gains/ losses of Fortitude.

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10