T&D : FY2023 Taiyo Financial Statements

Taiyo Life Unaudited Non-Consolidated Balance Sheet

		(Millions of yen)
	As of	As of
	March 31, 2023	March 31, 2024
Assets:
Cash and deposits	566,442	538,841
Cash	47	28
Deposit	566,395	538,813
Monetary claims purchased	113,753	113,984
Securities	5,266,364	5,362,444
Government bonds	1,612,825	1,624,068
Municipal bonds	212,641	223,445
Corporate bonds	1,000,809	984,229
Domestic stocks	431,903	538,475
Foreign securities	1,891,662	1,848,877
Other securities	116,522	143,348
Loans	1,064,886	992,203
Policy loans	26,700	23,754
Commercial loans	1,038,185	968,449
Tangible fixed assets	229,321	223,156
Land	132,425	127,594
Buildings	90,658	88,394
Lease assets	1,609	1,680
Construction in progress	4,258	5,039
Other tangible fixed assets	368	447
Intangible fixed assets	10,436	11,100
Software	9,350	10,131
Lease assets	642	529
Other intangible fixed assets	443	439
Reinsurance receivable	19,829	18,137
Other assets	38,077	38,766
Accounts receivable	2,975	11,099
Prepaid expenses	2,653	2,334
Accrued income	21,996	18,390
Deposit for rent	566	717
Derivatives	7,485	8
Cash collateral paid for financial instruments	1,445	5,210
Suspense payments	251	213
Other assets	704	792
Prepaid pension cost	2,744	10,736
Deferred tax assets	44,375	-
Reserve for possible loan losses	(1,478)	(1,520)
Total assets	7,354,754	7,307,852

─ 1 ─

Taiyo Life Insurance Company

		(Millions of yen)
	As of	As of
	March 31, 2023	March 31, 2024
Liabilities:
Policy reserves	5,915,649	5,885,922
Reserve for outstanding claims	22,630	23,547
Policy reserve	5,870,966	5,839,533
Reserve for policyholder dividends	22,052	22,841
Reinsurance payable	167	130
Other liabilities	1,033,660	816,961
Payables under securities lending transactions	917,899	706,530
Borrowings	50,000	50,000
Income taxes payable	3,881	1,640
Accounts payable	1,398	1,189
Accrued expenses	12,822	14,053
Unearned income	884	737
Deposit received	595	877
Guarantee deposits	8,980	8,853
Derivatives	14,636	30,037
Cash collateral received for financial	19,696	-
instruments
Lease obligations	2,533	2,503
Suspense receipts	328	535
Other liabilities	3	3
Provision for bonuses to directors and audit &	135	90
supervisory board members
Provision for employees' retirement benefits	19,755	18,560
Reserve for price fluctuations	134,651	137,775
Deferred tax liabilities	-	24,833
Deferred tax liabilities on land revaluation	4,456	4,356
Total liabilities	7,108,475	6,888,630
Net assets:
Capital stock	62,500	62,500
Capital surplus	62,500	62,500
Capital reserve	62,500	-
Other capital surplus	-	62,500
Retained earnings	78,799	62,667
Other retained earnings	78,799	62,667
Provision for advanced depreciation on	416	400
real estate
Unappropriated retained earnings	78,383	62,266
Total shareholders' equity	203,799	187,667
Valuation difference on available-for-sale	79,110	253,187
securities
Deferred gains (losses) on hedging instruments	(2,374)	(2,221)
Revaluation reserve for land	(34,256)	(19,410)
Total valuation and translation adjustments	42,479	231,554
Total net assets	246,278	419,221
Total liabilities and net assets	7,354,754	7,307,852

─ 2 ─

Taiyo Life Insurance Company

Taiyo Life Unaudited Non-Consolidated Statement of Operation

		(Millions of yen)
	Year ended	Year ended
	March 31, 2023	March 31, 2024
Ordinary revenues	961,343	989,290
Income from insurance premiums	643,308	702,821
Insurance premiums	551,268	617,655
Ceded reinsurance recoveries	92,040	85,166
Investment income	214,741	233,094
Interest, dividends and income from real estate	160,817	147,589
for rent
Interest income from deposits	1	0
Interest income and dividends from securities	135,831	121,385
Interest income from loans	9,679	10,341
Interest from real estate for rent	10,752	10,568
Other income from interest and dividends	4,552	5,294
Gains on sales of securities	46,241	72,920
Gains on redemption of securities	369	-
Foreign exchange gains, net	6,932	12,370
Reversal of reserve for possible loan losses	240	-
Other investment income	140	170
Gains on separate accounts, net	-	43
Other ordinary income	103,292	53,374
Income related to withheld insurance claims and	135	118
other payments for future annuity payments
Income due to withheld insurance payments	17,194	10,808
Reversal of policy reserves	83,950	31,433
Reversal of provision for employees' retirement	-	9,187
benefits
Other ordinary income	2,013	1,826
Ordinary expenses	913,198	933,976
Insurance claims and other payments	726,570	692,392
Insurance claims	195,100	98,904
Annuity payments	235,562	245,113
Insurance benefits	108,073	86,972
Surrender payments	92,314	199,850
Other payments	94,812	60,942
Reinsurance premiums	706	608
Provision for policy and other reserves	255	917
Provision for reserve for outstanding claims	254	916
Interest portion of reserve for policyholder	1	1
dividends
Investment expenses	71,514	124,570
Interest expenses	1,011	726
Losses on sales of securities	15,614	46,052
Devaluation losses on securities	1,437	3,820
Losses from derivatives, net	46,197	65,291
Provision for reserve for possible loan losses	-	42
Depreciation of real estate for rent	3,664	3,682
Other investment expenses	3,585	4,953
Losses on separate accounts, net	4	-
Operating expenses	88,495	90,562
Other ordinary expenses	26,361	25,533
Payments related to withheld insurance claims	10,132	10,077
Taxes	7,711	7,690
Depreciation	6,248	5,526
Provision for reserve for employees' retirement	24	-
benefits
Other ordinary expenses	2,244	2,238
Ordinary profit (loss)	48,144	55,314

─ 3 ─

Taiyo Life Insurance Company

		(Millions of yen)
	Year ended	Year ended
	March 31, 2023	March 31, 2024
Extraordinary gains	1,271	9,805
Gains on disposal of fixed assets	1,271	9,800
Other extraordinary gains	-	5
Extraordinary losses	4,026	3,871
Losses on disposal of fixed assets	195	442
Impairment loss	87	303
Provision for reserve for price fluctuations	3,295	3,124
Devaluation losses on shares of subsidiaries	447	-
and affiliates
Provision for reserve for policyholder dividends	10,847	13,606
Income before income taxes	34,542	47,642
Current income taxes	6,011	7,016
Deferred income taxes	1,699	1,641
Total income taxes	7,710	8,658
Net income (loss)	26,832	38,983

─ 4 ─

Taiyo Life Insurance Company