T&D : Introduction

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Discover

T&D Holdings

Integrated Report 2023

(Year ended March 31, 2023)

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Introduction	Strategies to Realize the Group's Corporate Philosophy	Sustainability Management	ERM	Corporate Governance	Supplementary Materials and Corporate Data	1

T&D Insurance Group's Corporate Philosophy ― T&D Insurance Group's reason for existence ―

With our "Try & Discover" motto for creating value,

we aim to be a group that contributes to all people and societies.

Value Creation Process

BUSINESS MODEL

Competitive advantage

Business Model

with High

Uniqueness and

Specialization

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MATERIALITY

Promote	Provide workplace
healthy and	environments that
abundant lives	enable all people to
for all people	participate actively
	P.��			P.��
Help mitigate	Invest to help
and adapt to	build a
climate	sustainable
change	society
	P.��		P.��	OUTCOME

Financial Value

Social Value

INPUT

Financial Capital

Non-financial Capital

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Social issues

・Declining birthrate and an aging population

・Diversity & Inclusion

・Increased climate change risks etc.

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Introduction	Strategies to Realize the Group's Corporate Philosophy	Sustainability Management	ERM	Corporate Governance	Supplementary Materials and Corporate Data	2

T&D Insurance Group's

Management Vision

- Group's aspiration and direction for medium- to long-term -

Sow happiness, make change with boldness

Unpacking the vision through a story

Pride of T&D

We have always protected the happiness of people.

By facing each and every customer with care,

Together, we have supported their livelihoods as one.

T&D's challenge

Now, society is changing at unprecedented pace and people's lifestyles are diversifying. There is no standard anymore for the way families are, the way we work,

As well as the shapes our happiness might take.

Can we really say that today's insurance answers such turbulent change?

Actions T&D should take and what we want to become

One by one, by carefully stacking the trust we have gained from our customers, The strength that only our group has nurtured becomes visible.

The possibility it withholds expands widely, going beyond all prevailing boundaries.

Take the "one" in front of us as a starting point, and

Let's recognize the world changing quicker than anyone else. Let's adapt to our changing society more flexibly than anyone else, Taking steps with initiative, with boldness.

Let's go beyond the boundaries of organizations,

Involve people who resonate with our beliefs, and

Become a comprehensive insurance group that can create happiness For each and every person in the world.

The society T&D aspires for

Our origin is to face each "one" in front of us with care.

To recognize change and take on challenges with boldness.

This accumulation is what creates happiness in the world.

This is what we believe to be true.

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Introduction	Strategies to Realize the Group's Corporate Philosophy	Sustainability Management	ERM	Corporate Governance	Supplementary Materials and Corporate Data	3

T&D Holdings Integrated Report 2023

CONTENTS

Introduction

• T&D Insurance Group's Corporate Philosophy
  2 T&D Insurance Group's Management Vision
  3 Contents
  4 Key Concept
  5 Editorial Policy
  6 Group Long-Term Vision "Try & Discover 2025" 7 Progress of Group KPIs
  9 Top MessageMessage

COVER STORY

The photographs featured on the cover and other opening pages are award- winning entries from the "Try & Discover Photo" which is sponsored by the T&D Insurance Group.

BUSINESS MODEL

Strategies to Realize the Group's Corporate Philosophy

【Strengthening of core business】【Diversification and optimization of business portfolio】

16 Business Portfolio

17 Enhancement of the Group's Customer Base

18 Domestic Life Insurance Business

19 Household Market - Taiyo Life

21 SMEs Market - Daido Life

23 Independent Insurance Agent Market - T&D Financial Life

24 Closed Book Business - T&D United Capital

25 Asset Management Business - T&D Asset Management 26 Non-life Insurance Business - Pet & Family Insurance 27 New Sector - All Right

MATERIALITY

Sustainability Management

【Promoting integrated Group management】【SDGs management and creation of value】

29	Sustainability Management
30	Sustainability Priority Theme and Selection Process
31	Special Feature	Recommendations from Sustainability Advisory Committee
34	Priority Theme (1) Promote Healthy and Abundant Lives for All People
38	Priority Theme (2) Provide Workplace Environments that
43		Enable All People to Participate Actively
Special Feature	Group Employee Dialogue
47	Strengthening IR Activities within the Group
48	Priority Theme (3) Help Mitigate and Adapt to Climate Change
52	Priority Theme (4) Invest to Help Build a Sustainable Society

ERM

【Upgrading capital management】

55 Message Message from the Head of Finance

• Initiatives to Date
• Improving Share Valuation
• Shareholder Returns

59 ERM

• Promotion of ERM
• Risk Management
• Compliance

Corporate Governance

65	Special Feature Outside Director Roundtable
70	Corporate Governance
82	Management Organization
84	Stakeholder Engagement

Supplementary Materials and Corporate Data

87 Financial Highlights

89 Non-financial Highlights

91 Selected Financial Data

99 Overview of the Life Insurance Business (Market)

102 Glossary

105 Status of Stock Holdings

116 Stock Information

117 Group Companies

118 Corporate Overview

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Introduction	Strategies to Realize the Group's Corporate Philosophy	Sustainability Management	ERM	Corporate Governance	Supplementary Materials and Corporate Data	4

Key Concept

Issuance of the T&D Holdings

Integrated Report 2023

The T&D Insurance Group's corporate philosophy is "With our 'Try & Discover' motto for creating value, we aim to be a group that contributes to all people and societies." In accordance with this corporate philosophy, we are aiming for sustainable growth through creating shared value-creating both social value and economic value through our business.

Based on the Group's corporate philosophy, we have formulated the "Group Long-Term Vision (Try & Discover 2025) - In Pursuit of the Happiness of All Stakeholders -," which outlines the Group's medium- to long-term vision and strategic policies to achieve them in 2021. In the Group Long-Term Vision, we define the Group management vision as "sow happiness, make change with boldness."

We aim to be a group that widely contributes to people and society by creating value through our business model with high uniqueness and specialization and by addressing materiality (priority themes), while strengthening capital management and corporate governance.

The Integrated Report 2023 will communicate the T&D Insurance Group's efforts in line with the Group's corporate philosophy and the Group Long-Term Vision.