2Q 2021 T&D Financial Financial Statements

T&D Financial Life Unaudited Non-Consolidated Balance Sheet

		(Millions of yen)
	As of	As of
	March 31, 2021	September 30, 2021
Assets:
Cash and deposits	242,993	220,725
Cash	0	0
Deposit	242,992	220,725
Call loans	737	641
Monetary trusts	1,132,161	1,200,474
Securities	422,279	431,466
Government bonds	359,214	361,664
Municipal bonds	1,206	1,814
Corporate bonds	374	371
Domestic stocks	126	124
Foreign securities	20,996	23,645
Other securities	40,361	43,845
Loans	2,475	2,399
Policy loans	2,474	2,398
Commercial loans	1	1
Tangible fixed assets	20	25
Buildings	13	16
Other tangible fixed assets	7	9
Intangible fixed assets	2,577	2,676
Software	2,577	2,676
Other intangible fixed assets	0	0
Due from agencies	5	4
Reinsurance receivable	20,175	23,435
Other assets	22,006	17,591
Accounts receivable	6,240	2,199
Prepaid expenses	593	634
Accrued income	1,034	1,052
Deposit for rent	197	192
Derivatives	13,929	13,194
Cash collateral paid for financial	-	269
instruments
Suspense payable	8	46
Other assets	2	2
Deferred tax assets	5,489	1,776
Reserve for possible loan losses	(2)	(2)
Total assets	1,850,918	1,901,215

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T&D Financial Life Insurance Company

		(Millions of yen)
	As of	As of
	March 31, 2021	September 30, 2021
Liabilities:
Policy reserves	1,691,538	1,747,579
Reserve for outstanding claims	11,020	11,396
Policy reserve	1,680,056	1,735,736
Reserve for policyholder dividends	461	446
Due to agencies	2,728	1,077
Reinsurance payable	11,094	5,642
Other liabilities	69,351	63,321
Payable under securities lending	53,482	47,919
transactions
Income taxes payable	8	4
Accounts payable	244	257
Accrued expenses	1,342	1,198
Unearned income	0	0
Deposit received	50	29
Derivatives	176	898
Cash collateral received for financial	13,586	12,766
instruments
Suspense receipts	459	247
Provision for employees' retirement benefits	4,080	3,872
Reserve for price fluctuations	3,844	4,317
Total liabilities	1,782,638	1,825,811
Net assets:
Capital stock	56,000	56,000
Capital surplus	46,000	46,000
Capital reserve	46,000	46,000
Retained earnings	(31,090)	(31,575)
Other retained earnings	(31,090)	(31,575)
Unappropriated retained earnings	(31,090)	(31,575)
Total shareholders' equity	70,909	70,424
Valuation difference on available-for-sale	(2,628)	4,979
securities
Total valuation and translation adjustments	(2,628)	4,979
Total net assets	68,280	75,404
Total liabilities and net assets	1,850,918	1,901,215

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T&D Financial Life Insurance Company

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

		(Millions of yen)
	Six months ended	Six months ended
	September 30, 2020	September 30, 2021
Ordinary revenues	179,399	180,745
Income from insurance premiums	138,839	173,292
Insurance premiums	131,566	162,996
Ceded reinsurance recoveries	7,272	10,295
Investment income	37,084	4,760
Interest, dividends and income from real estate for rent	3,618	3,397
Interest income from deposits	0	0
Interest income and dividends from securities	3,521	3,282
Interest income from loans	40	38
Other income from interest and dividends	56	77
Gains from monetary trusts, net	25,887	-
Gains on sales of securities	904	937
Gains from derivatives, net	3,844	-
Foreign exchange gains, net	1,328	-
Other investment income	0	0
Gains on separate accounts, net	1,500	424
Other ordinary income	3,476	2,693
Income related to withheld insurance claims and other	2,051	2,471
payments for future annuity payments
Reversal of reserve for outstanding claims	1,292	-
Reversal of provision for employees' retirement benefits	128	207
Other ordinary income	4	13
Ordinary expenses	183,439	180,859
Insurance claims and other payments	105,428	110,772
Insurance claims	21,623	23,803
Annuity payments	8,200	6,655
Insurance benefits	2,106	3,474
Surrender payments	33,364	30,089
Other payments	1,249	1,449
Reinsurance premiums	38,883	45,299
Provision for policy and other reserves	67,090	56,055
Provision for reserve for outstanding claims	-	376
Provision for policy reserve	67,090	55,679
Interest portion of reserve for policyholder dividends	0	0
Investment expenses	54	1,865
Interest expenses	2	2
Losses from monetary trusts, net	-	576
Losses on sales of securities	-	9
Losses from derivatives, net	-	446
Foreign exchange losses, net	-	770
Provision for reserve for possible loan losses	0	0
Other investment expenses	51	60
Operating expenses	9,191	10,259
Other ordinary expenses	1,674	1,906
Payments related to withheld insurance claims	5	16
Taxes	1,217	1,413
Depreciation	298	395
Other ordinary expenses	152	81
Ordinary losses	4,039	113

─ 3 ─

T&D Financial Life Insurance Company

		(Millions of yen)
	Six months ended	Six months ended
	September 30, 2020	September 30, 2021
Extraordinary losses	401	473
Losses on disposal of fixed assets	0	0
Provision for reserve for price fluctuations	401	473
Provision for reserve for policyholder dividends	0	0
Losses before income taxes	4,441	587
Current income taxes	(751)	(1,116)
Deferred income taxes	(480)	1,012
Total income taxes	(1,231)	(103)
Net losses	3,210	484

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T&D Financial Life Insurance Company