[Reference]
T&D Insurance Group's Financial Results
for the Nine Months Ended December 31, 2025
The photos are the award winners of Try & Discover Photo Contest 2024.
February 13, 2026 T&D Holdings, Inc.
Copyright T&D Holdings, Inc. All Rights Reserved.
Contents/Group Structure
Key Highlights | Ｐ. | 2 |
Overview of the Group | Ｐ. | 3 |
Domestic Life Insurance Business | Ｐ. | 6 |
Diversification of Business Portfolio | Ｐ. | 11 |
Earnings Forecasts and Shareholder Returns | Ｐ. | 13 |
Reference | Ｐ. | 14 |
[Cautionary Notes]
·This document contains forward-looking statements regarding future performance. These statements do not guarantee future performance and involve risks and uncertainties. Please note that actual results may differ from plans or forecasts due to changes in the business environment, etc.
·The financial figures for the fiscal year ended March 2025 reflect application of the revised U.S. accounting standards (LDTI) related to long-term insurance liabilities at Fortitude, a foreign reinsurance affiliated company in which TDUC invested.
Abbreviations used in this materialConsolidated ：T&D Holdings (Consolidated)
Sum of three companies ：Sum of three life insurance companies
(Taiyo Life, Daido Life and T&D Financial Life)
TDF ：T&D Financial Life
TDUC ：T&D United Capital
TDAM ：T&D Asset Management
P&F ：Pet & Family Insurance
Copyright T&D Holdings, Inc. All Rights Reserved.
Key Highlights
Business Portfolio
Overview of the Group
Earnings Forecasts and Shareholder Returns
Domestic Life Insurance Business
Reference
Key HighlightsGroup adjusted profit was ¥122.5 billion. Favorable progress against the full-year earnings forecast of ¥146.0 billion stands at 83.9%.
Domestic life insurance business recorded a 40.5% year-on-year increase in core profit, due to an increase in
Items | FY2024-3Q | FY2025-3Q | Change | Main Factors of Increase/ Decrease | |
Consolidated Financial Results | Group adjusted profit | ¥ 100.3bn | ¥ 122.5bn | +22.1% | An increase in interest and dividends income in domestic life insurance companies, etc. |
Profit attributable to owners of parent | ¥ 120.5bn | ¥ 108.6bn | (9.8%) | A reversal of temporary valuation gains at foreign reinsurance affiliated company, etc. | |
Domestic Life Insurance Business | Annualized premiums of new policies | ¥ 167.3bn | ¥ 163.5bn | (2.2%) | Sales activities, integrating face-to-face and non-face-to-face approaches and proposals of total coverage that carefully address diverse customer needs. A decrease in sales in the bancassurance channel, etc. |
Annualized premiums of policies in force | ¥1,703.9bn (2025/03) | ¥1,751.7bn (2025/12) | +2.8％ (from end-FY2024) | ||
Income from insurance premiums | ¥ 2,011.4bn | ¥ 1,978.8bn | (1.6%) | ||
Core profit | ¥ 118.6bn | ¥ 166.7bn | +40.5% | An increase in interest and dividends income and a decrease in currency hedging cost, etc. | |
Adjusted profit (sum of three companies ) | ¥ 92.2bn | ¥ 119.9bn | +30.1% | An increase in core profit, etc. | |
Closed Book Business | Adjusted profit (TDUC consolidated) | ¥ 10.4bn | ¥ 5.4bn | (48.1%) | A decrease in investment income of foreign reinsurance affiliated company, etc. |
Shareholder Returns | Interim dividend per share (result) ¥62.0 Annual dividend per share (forecast) ¥124.0 | Share buyback | Up to ¥100.0bn planned Approx. ¥83.1 bn acquired as of the end of Jan. 2026 | ||
interest and dividends income, etc.
Copyright T&D Holdings, Inc. All Rights Reserved.
Copyright T&D Holdings, Inc. All Rights Reserved.
Key Highlights
Business Portfolio
Overview of the Group
Earnings Forecasts and Shareholder Returns
Domestic Life Insurance Business
Reference
-
Profits
Group adjusted profit increased year-on-year mainly due to an increase in interest and dividends income in
domestic life insurance companies.
Profit attributable to owners of parent decreased year-on-year, mainly due to a reversal of temporary valuation gains recorded at Fortitude in the same period of the previous year, which were driven by factors such as a decline in U.S. interest rates.
- Group Adjusted profit ■ Profit attributable to owners of parent
(Billions of yen)
(Billions of yen)
FY2024-3Q
FY2025-3Q
Change
Group Adjusted profit
100.3
122.5
+22.1%
FY2024-3Q
FY2025-3Q
Change
Consolidated
120.5
108.6
(9.8%)
[Reference] Group Adjusted Profit
・Group adjusted profit is one of the indicators to measure the source of shareholder returns and the actual business conditions of the Group. Specifically, this is calculated by adjusting the profit attributable to owners of parent for the following items:
Accounting valuation gains or losses with no economic substance arising from market fluctuations, etc.
（Adjustment is made for temporary valuation gains and losses on reinsurance assets of Fortitude and MVA valuation gains and losses, etc.）
Additional internal reserves (reversal) in excess of the legal standard requirements
Amortization of goodwill, etc.
Key Highlights
Business Portfolio
Overview of the Group
Earnings Forecasts and Shareholder Returns
Domestic Life Insurance Business
Reference
-
MCEV/ Value of New Business
Group MCEV increased from the previous fiscal year-end due to the accumulation of value of new business, a rise in domestic and foreign stock prices and the change in the accounting principles in the United States (LDTI).
Value of new business, the value expected to be generated in the future from insurance policies (including converted policies) sold in this period, converted to a present value at the valuation date, increased year-on-year mainly due to an increase in new policy amount and a rise in domestic interest rates.
-
MCEV
（億円 ）
(Billions of yen)
- Value of new business
-
MCEV
(Billions of yen)
2025/03 | 2025/12 | Change | |||
Group MCEV | 3,945.7 | 4,397.4 | + 11.4% | ||
Life insurance business | 4,038.6 | 4,349.1 | + 7.7% | ||
Taiyo Life | 1,133.2 | 1,234.6 | + 8.9% | ||
Daido Life | 2,731.9 | 2,915.6 | + 6.7% | ||
TDF | 171.7 | 181.9 | + 5.9% | ||
Net asset value of business other than life insurance business | (92.8) | 48.3 | - | ||
FY2024-3Q | FY2025-3Q | Change | |
Sum of three companies | 138.9 | 144.3 | + 3.9% |
Taiyo Life | 23.9 | 25.0 | + 4.5% |
Daido Life | 107.8 | 112.0 | + 3.9% |
TDF | 7.1 | 7.1 | + 1.2% |
[Reference] MCEV
・Embedded Value ("EV") is one of the indicators for evaluating the corporate value of life insurance companies, which is the sum of the "net asset value consisted of net assets on the balance sheet, internal reserves such as reserve for price fluctuations and contingency reserve, and unrealized gains (losses) etc., of assets not marked to market," and the "present value of future expected profits derived from currently held insurance policies".
Copyright T&D Holdings, Inc. All Rights Reserved.
Attachments
- Original document
- Permalink
Disclaimer
T&D Holdings Inc. published this content on February 13, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on February 13, 2026 at 02:38 UTC.
