Try&Discover
Introduction | Strategies to Realize the Group's Corporate Philosophy | Sustainability Management | ERM | Corporate Governance | Supplementary Materials and Corporate Data | 86 |
Supplementary Materials and Corporate Data
87 Financial Highlights
- Non-financialHighlights
- Selected Financial Data
- Overview of the Life Insurance Business (Market)
102 Glossary
- Status of Stock Holdings
- Stock Information
- Group Companies
- Corporate Overview
Try&Discover
Introduction | Strategies to Realize the Group's Corporate Philosophy | Sustainability Management | ERM | Corporate Governance | Supplementary Materials and Corporate Data | 87 |
Financial Highlights
Key Performance Indicators | Group Adjusted Profit* | |
Value of New Business | 167.0 billions | 90.2 billions |
Fiscal 2022 | Fiscal 2022 | |
Corporate Value
Group MCEV
March 31, 2023 | 3.48 trillions |
(¥ billions) | ||||||
��� | ���.� | ���.� | ���.� | |||
��� | ���.� | ���.� | ||||
���.� | ||||||
��� | ||||||
�� | ||||||
� | ���� | ���� | ���� | ���� | ���� | |
Ultimate forward rate not applied | Ultimate forward rate applied | (Fiscal Year) | ||||
* UFR has been changed from the end of March 2023; UFR: from 3.8% to 2.9%, start year in extrapolation: from 31 year to 41 year, convergence year: from 60 years to 70 years.
The value of new business remained essentially flat compared to last year at a total of 167 billion yen, due in part to the impact of changes in the UFR. When this impact is excluded, the value of new business is approximately 175 billion yen.
(¥ billions) | |||||
��� | ��.� | ||||
�� | ��.� | ��.� | |||
��.� | |||||
�� | |||||
�� | ��.� | ||||
�� | |||||
� | ���� | ���� | ���� | ���� | ���� |
(Fiscal Year) |
* Group adjusted profit = net income ± valuation gains/losses caused by discrepancy of accounting treatment of assets and liabilities + additional internal reserves in excess of the legal standard requirements.
Adjusted net income was described in fiscal 2018.
Group adjusted profit increased from the previous fiscal year, largely because of the reversal of losses related to reinsurance transactions at Taiyo Life in the previous year.
(¥ billions) | ||||||
�,��� | �,���.� | �,���.� | �,���.� | |||
�,��� | �,���.� | �,���.� | ||||
�,���.� | ||||||
�,��� | ||||||
�,��� | ||||||
� | Mar.��, ���� | Mar.��, ���� | Mar.��, ���� Mar.��, ���� | Mar.��, ���� | ||
Ultimate forward rate not applied | Ultimate forward rate applied |
*1 Base excluding valuation gains/losses, etc. related to Fortitude
*2 UFR has been changed from the end of March 2023; UFR: from 3.8% to 2.9%, start year in extrapolation: from 31 year to 41 year, convergence year: from 60 years to 70 years.
Group MCEV increased by 39.7 billion yen from the end of the last fiscal year to 3,488.1 billion yen, primarily due to the accumulation of the value of new business. The impact of the change in the terminal interest rate was a reduction of 106.9 billion yen.
ROEV*1 | 2.9% (6.0%)* | |
Fiscal 2022 | 2 | |
%)
Adjusted ROE* | 7.6% |
Fiscal 2022 | |
(%) |
Return to Shareholders
Total Return to Shareholders + Adjusted DOE*
Fiscal 2022 | Total Return to | 94.3billions | Adjusted | 3.8% |
Shareholders | DOE | |||
(¥ billions) | (%) |
��.�
��.�
��.�
��.� | �.� | ||||||||
�.� | �.� | ||||||||
�.� | �.� | �.� | |||||||
�.� | |||||||||
��� | ��.� | �.� | |||||||||||
�� | �.� | �.� | �.� | �.� | �.� | �.� | |||||||
��.� | ��.� | ||||||||||||
�� | |||||||||||||
��.� | �.� | ||||||||||||
�� | ��.� | ��.� | ��.� | ||||||||||
��.� | �.� | ||||||||||
� | �.� | �.� | �.� | ||||||||
�� | �� | ���� | ���� | ���� | ���� | ||||||
(Fiscal Year) |
*1 ROEV = Amount of EV increase (excluding increases or decreases in capital, etc.) ÷ Average EV balance (Group basis)
Base excluding valuation gains/losses, etc. related to Fortitude, Application of UFR from fiscal 2019.
*2 Estimated amount calculated by the conventional UFR.
ROEV decreased to 2.9%, primarily due to the change in the terminal interest rate from 3.8% to 2.9%. However, when calculated on the same basis as before, the ROEV stands at 6%.
�.� | |||||||
�.� | |||||||
� | |||||||
���� | ���� | ���� | ���� | ���� | |||
(Fiscal Year) |
* Adjusted ROE = Group adjusted profit / Average net asset balance. Adjusted net income was described in fiscal 2018.
Various initiatives aimed at improving capital efficiency led to an adjusted ROE of 7.6% for FY2022, marking an increase from 5.8% prior to the initiation of the Group Long-term Vision.
��.� | ��.� | ��.� | ¥��.� | �.� | |||||||||||
�� | ��.� | ��.� ¥��.� | ��.� ¥��.� | ||||||||||||
��.� ¥��.� | ��.� ¥��.� | ��.� ¥��.� | ��.� | � | |||||||||||
� | |||||||||||||||
���� | ���� | ���� | ���� | ���� | ���� | ||||||||||
Cash dividend | Share buyback | Additional returns | (forecast) | ||||||||||||
Dividend per share | Adjusted DOE | (right) | |||||||||||||
* Adjusted DOE = Total dividend value/shareholders' equity (excluding valuation gains/ losses caused by discrepancy of accounting treatment of assets and liabilities of Fortitude)
Regarding our share buybacks for FY2022, we decided in May 2023 to allocate an additional 40 billion yen. This, along with the 20 billion yen announced in November 2022, brings the full-year total to a record high of 60 billion yen.
Try&Discover | Introduction | Strategies to Realize the Group's Corporate Philosophy | Sustainability Management | ERM |
Financial Highlights
Consolidated Results of Operations
For the fiscal year ended March 31, 2023, while our ordinary revenues increased due to factors like higher income from insurance premiums, both ordinary profit and net income for the term declined. This was due to increased insurance claims, higher investment expenses, and temporary valuation losses related to Fortitude.
In terms of full-year earnings forecasts for the fiscal year ending March 31, 2024, despite the expected decrease in positive spread due to higher currency hedging costs, we anticipate a net income of 87 billion yen driven by improvements in underwriting profitability, largely due to a decrease in payment related costs for COVID-19.
Fiscal 2023 Full-year Earnings Forecasts* [Consolidated and Three Life Insurance Companies] | (¥ billions) | |||||||
T&D Holdings | Taiyo Life | Daido Life | T&D Financial Life | |||||
Fiscal 2022 | Fiscal 2023 | Fiscal 2022 | Fiscal 2023 | Fiscal 2022 | Fiscal 2023 | Fiscal 2022 | Fiscal 2023 | |
(actual) | (forecasts) | (actual) | (forecasts) | (actual) | (forecasts) | (actual) | (forecasts) | |
Ordinary | 3,214.1 | 2,560.0 | 961.3 | 860.0 | 1,233.0 | 1,060.0 | 980.9 | 590.0 |
revenues | ||||||||
Ordinary | (74.1) | 146.0 | 48.1 | 60.0 | 84.0 | 89.0 | 11.0 | 1.0 |
profit | ||||||||
Net income | (132.1) | 87.0 | 26.8 | 38.0 | 49.3 | 52.0 | 7.9 | 0.0 |
Income | ||||||||
from | 643.3 | 670.0 | 810.3 | 830.0 | 714.6 | 560.0 | ||
insurance | ||||||||
premiums | ||||||||
Core profit | 21.2 | 32.0 | 75.0 | 61.0 | (3.2) | (1.0) | ||
Positive | 42.0 | 15.0 | 15.6 | 3.0 | (1.9) | (1.0) | ||
spread | ||||||||
* Disclosed on May 15, 2023. |
Corporate Governance | Supplementary Materials and Corporate Data | 88 | ||||||||||||||||
Financial Soundness | ||||||||||||||||||
ESR | 230% | |||||||||||||||||
%) | ||||||||||||||||||
March 31, 2023 | ||||||||||||||||||
��� | ��� | ���*� | ||||||||||||||||
��� | ��� | ��� | ���*� | |||||||||||||||
���
�
Mar.��, ���� Mar.��, ���� Mar.��, ���� Mar.��, ���� Mar.��, ����
*1 Figures reflect the retroactive application of the accounting treatment of Fortitude's reorganization announced on October 1, 2021.
*2 From the end of March 2023, we are unifying ESR and core ESR and UFR has been changed (UFR: from 3.8% to 2.9%; year externalization starts: from the 31st year to the 41st year; year of convergence: from the 60th year to the 70th year).
Rating* / Solvency Margin Ratio
Rating Agencies | Solvency | |||||
Japan | Rating and | Standard | ||||
Credit | Investment | margin | ||||
Rating | Informa- | & Poor's | ratio | |||
Agency, Ltd. | tion, Inc. | (S&P) | ||||
(JCR) | (R&I) | |||||
T&D Holdings | AA | ― | ― | 920.1% | ||
Taiyo Life | AA | AA- | A | 580.9% | ||
Daido Life | AA | AA- | A | 1,116.1% | ||
T&D Financial Life | AA | AA- | ― | 659.4% | ||
Rating is as of | Solvency margin | |||||
January 31, | ratio is as of | |||||
2023 | March 31, 2023 |
- Long-termissuer rating for T&D Holdings and insurance claims paying ability ratings for the three life insurance companies.
The solvency margin ratio was 920.1% on a consolidated basis, 580.9% for Taiyo Life, 1,116.1% for Daido Life and 659.4% for T&D Financial Life, indicating sufficient financial soundness.
Try&Discover
Introduction | Strategies to Realize the Group's Corporate Philosophy | Sustainability Management | ERM | Corporate Governance | Supplementary Materials and Corporate Data | 89 |
Non-financial Highlights
Creating a Workplace Environment Where Employees Reach Their Potential
The T&D Insurance Group has been promoting to nurture a | Ratio/number of female managers | ||||||||||||||||||||||||||||||||||
corporate culture where diverse human resources can feel | April 1, 2023 | 21.9% / 603 (people) | |||||||||||||||||||||||||||||||||
job satisfaction and reach their potential. Given that women | |||||||||||||||||||||||||||||||||||
represent the majority of the Group's employees, the active | �� | ��.� | ��.� | ��� | |||||||||||||||||||||||||||||||
participation of female employees is recognized as a crucial | (%) | ��.� | (people) | ||||||||||||||||||||||||||||||||
��.� | |||||||||||||||||||||||||||||||||||
��.� | ��� | ||||||||||||||||||||||||||||||||||
management priority. To this end, each Group company is | �� | ��� | |||||||||||||||||||||||||||||||||
introducing various support systems to enhance work-life bal- | ��� | ��� | ��� | ��� | |||||||||||||||||||||||||||||||
�� | ��� | ||||||||||||||||||||||||||||||||||
ance. We are working to increase employment opportunities | |||||||||||||||||||||||||||||||||||
for people with disabilities by creating workplaces which are | � | ��� | |||||||||||||||||||||||||||||||||
comfortable for them to work in. | � | � | |||||||||||||||||||||||||||||||||
Employee engagement score | * Five rated evaluation | ||||||||||||||||||||||||||||||||||
April | April | April | April | April | |||||||||||||||||||||||||||||||
Fiscal 2020 | Fiscal 2021 | Fiscal 2022 | ���� | ���� | ���� | ���� | ���� | ||||||||||||||||||||||||||||
T&D Holdings | Ratio of female managers (left) | Number of female managers (right) | |||||||||||||||||||||||||||||||||
3.84 | 4.07 | 4.03 | |||||||||||||||||||||||||||||||||
Taiyo Life | 3.61 | 3.63 | 3.57 | ||||||||||||||||||||||||||||||||
Daido Life | 3.75 | 3.85 | 3.84 | ||||||||||||||||||||||||||||||||
T&D Financial Life | 3.55 | 3.69 | 3.80 | Ratio/number of employees with disabilities | |||||||||||||||||||||||||||||||
Recognition for health and productivity | March 31, 2023 | 2.48% / 375 (people) | |||||||||||||||||||||||||||||||||
(%) | (people) | ||||||||||||||||||||||||||||||||||
management initiatives | � | ��� | ��� | ||||||||||||||||||||||||||||||||
� | ��� | ��� | |||||||||||||||||||||||||||||||||
Certified Health and | ��� | ��� | ��� | ||||||||||||||||||||||||||||||||
� | ��� | ||||||||||||||||||||||||||||||||||
Productivity Management | |||||||||||||||||||||||||||||||||||
Organizations | |||||||||||||||||||||||||||||||||||
�.�� ��� | |||||||||||||||||||||||||||||||||||
- White 500 - | � | �. | �� | �� | �. | �� | �. | �� | |||||||||||||||||||||||||||
�. | |||||||||||||||||||||||||||||||||||
Number of employees taking child care leave | |||||
(people) | 485 | (people) | |||
Fiscal 2022 | |||||
��� | ��� | ��� | ��� | ��� | ��� |
��� | |||||
���
���
��� | |||||
� | ���� | ���� | ���� | ���� | ���� |
Male | Female | (Fiscal Year) | |||
Average number of paid leave days taken | |||||||||||||||
Fiscal 2022 | 16.7(days) | ||||||||||||||
(days) | ��.� | ||||||||||||||
�� | ��.� | ��.� | ��. | � | |||||||||||
��.� | |||||||||||||||
�� | |||||||||||||||
� |
Taiyo Life, Daido Life, and T&D Financial Life have been approved as Certified Health and Productivity Management Organizations (White 500) under a certification system aimed to promote health and productivity management for employees organized by the Ministry of Economy, Trade and Industry (METI). Taiyo Life and Daido Life have earned this certification for seven consecutive years.
� | ��� | |||||
� | � | |||||
March ��, | March ��, | March ��, | March ��, | March ��, | ||
���� | ���� | ���� | ���� | ���� |
Ratio of employees with disabilities (left)
Number of employees with disabilities (right)
� | ||||
���� | ���� | ���� | ���� | ���� |
(Fiscal Year) |
Try&Discover | Introduction | Strategies to Realize the Group's Corporate Philosophy | Sustainability Management | ERM | Corporate Governance | Supplementary Materials and Corporate Data | 90 |
Non-financial Highlights
Initiatives on Customer-oriented Services
The T&D Insurance Group emphasizes clarity for the customer and strives to provide services customers can trust.
The T&D Insurance Group takes "customer-oriented" as a shared Group-wide value, and has established the "T&D Insurance Group
Environmental Initiatives
The T&D Insurance Group has enacted "T&D Insurance Group Environmental Policy." Recognizing the environmental burden of resource or energy consumption and waste emissions, we are working toward reducing environmental impact by conserving energy or resources, recycling resources, and promoting green purchasing.
Basic Policy on Customer-oriented Business Operations." Each Group company is taking steps in accordance with such value.
Customer satisfaction(Assessments of the policies of the three life insurance companies on customer-oriented operations)
Taiyo Life | Fiscal 2020 | Fiscal 2021 | Fiscal 2022 |
91.8% | 91.9% | 91.6% | |
Daido Life | 82.3% | 81.1% | 79.0% |
T&D Financial Life | 72.8% | 75.8% | 76.7% |
* Taiyo Life: Four levels - "satisfied," "mostly satisfied," "somewhat unsatisfied," and "unsatisfied." Aggregate the total of "satisfied" and "mostly satisfied."
Daido Life: Seven levels - "highly satisfied," "satisfied," "mostly satisfied," "neutral," "somewhat unsatisfied," "unsatisfied," and "highly unsatisfied." Aggregate the total of "highly satisfied," "satisfied," and "mostly satisfied."
TDF Life: Five levels - "satisfied," "mostly satisfied," "average," "somewhat unsatisfied," and "unsatisfied." Aggregate the total of "satisfied" and "mostly satisfied."
CO2 emissions volume and Reduction rate | (%) | |||||||||
(t) | 41,199t | |||||||||
Fiscal 2022 | ||||||||||
��,��� | ��,��� | � | ||||||||
��,��� | ��,��� | ��,��� ��,��� | ▲�� | |||||||
▲�� | ||||||||||
��,��� | ||||||||||
▲��.� | ▲��.� | ▲�� | ||||||||
� | ▲��.� | |||||||||
▲�� | ||||||||||
���� ����
(Baseline)
Scope�+�(left) Reduction rate (right) * Scope1+2
* The CO2 emission reduction rate is per unit of floor space.
* Our Group has set a goal to reduce CO2 emissions by 40% by fiscal 2025. (Scope 1+2, compared to fiscal 2013, per unit of floor space)
Green Purchasing Ratio | 93.1% | |||||||||||||||
(%) | ||||||||||||||||
Fiscal 2022 | ||||||||||||||||
��� | ��.� | |||||||||||||||
��.� | ��.� | ��.� | ��.� | |||||||||||||
�� | ||||||||||||||||
�� | ||||||||||||||||
� | ||||||||||||||||
���� | ���� | ���� | ���� | ���� | ||||||||||||
(Fiscal Year) |
Please refer to our website for "T&D Insurance Group Basic Policy on Customer-oriented Business Operations"
https://www.td-holdings.co.jp/information/ business_operations.html
(Japanese)
Main awards received for initiatives on
customer service
Taiyo Life
• Received the UCDA 2022 the "Another Voice" Award at the UCDA Award 2022
Daido Life
• Received the highest rank of "3 Star" for HDI-Japan's "Quality Service" for three consecutive years
Electricity consumption/Renewable Energy Purchasing Ratio | (%) | |||||||||||||
(MWh) | 94,365MWh | |||||||||||||
Fiscal 2022 | ||||||||||||||
���,��� | ��,��� | ��,��� | ��,��� | ��,��� | ��,��� | �� | ||||||||
��,��� | �.� | �� | ||||||||||||
��,��� | ||||||||||||||
� | ||||||||||||||
�.� | ||||||||||||||
��,��� | ||||||||||||||
�.� | � | |||||||||||||
� | ||||||||||||||
���� | ���� | ���� | ���� | ���� | ||||||||||
(Fiscal Year) |
Number of employees with disabilities (left)
Renewable Energy Purchase Ratio (right)
- We have set an interim goal of sourcing 60% of our electricity from renewable energy by fiscal 2030, and are actively promoting the use of renewable energy.
Office paper consumption | 99.8t |
Fiscal 2022 | |
(t) | |||||
��� | ���.� | ���.� | |||
��� | ��.� | ||||
���.� | ��.� | ||||
�� | |||||
�� | |||||
�� | |||||
� | ���� | ���� | ���� | ���� | ���� |
(Fiscal Year) |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
T&D Holdings Inc. published this content on 03 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 October 2023 07:16:04 UTC.