T&D : FY2025 T&D Financial Press Conference Materials

May 15, 2026

T&D Financial Life Insurance Company

Press Conference Materials for the Fiscal Year Ended March 31, 2026

1. Sales Results (Millions of yen)

   	Fiscal Year Ended/as of March 31, 2025		Six Months Ended/as of September 30, 2025		Fiscal Year Ended/as of March 31, 2026
   	Amount	% Change	Amount	% Change	Amount	% Change
   Annualized premiums of new policies	89,624	(2.9%)	47,233	11.9%	83,160	(7.2%)
   Medical benefits, living benefits, and others	2,225	(48.7%)	130	(93.3%)	214	(90.4%)
   Annualized premiums of policies in force	324,246	23.3%	362,543	25.8%	385,289	18.8%
   Medical benefits, living benefits, and others	9,615	25.5%	9,595	1.3%	9,506	(1.1%)
   Income from insurance premiums	921,711	0.5%	373,925	(27.8%)	784,664	(14.9%)
   Individual insurance and annuities	684,117	(12.7%)	329,200	(4.5%)	625,215	(8.6%)
   Group insurance and annuities	126	(11.6%)	57	(11.4%)	121	(3.4%)
   Policy amount in force	4,198,040	6.2%	4,440,247	11.2%	4,684,350	11.6%
   Annualized premiums of surrender and lapse	18,830	68.0%	4,097	(68.7%)	11,641	(38.2%)

   Notes:

   1. The above figures excluding income from insurance premiums represent total amounts of individual insurance and individual annuities.

   2. " % Change" is presented in comparison with the same period of the previous fiscal year.

   3. Annualized premium consists of premiums of individual insurance and individual annuities. The amount of annualized premium is the annual premium amount calculated by multiplying factors according to the premium payment method to a single premium payment amount (for lump-sum payment, the amount is the total premium divided by the insured period).

   4. The amount of income from insurance premiums is on a non-consolidated statement of operation basis.

   5. The amount of individual insurance and annuities of income from insurance premiums represent total amounts of individual insurance and individual annuities and the amount of group insurance and annuities represent total amounts of group insurance and group annuities.

   6. Surrender and lapse related to revived policies are included in total surrender and lapse amount.

2. Assets (Millions of yen)

   	As of March 31, 2025		As of September 30, 2025		As of March 31, 2026
   	Amount	% Change	Amount	% Change	Amount	% Change
   Total assets	1,861,932	(0.4%)	1,873,778	(0.0%)	1,960,191	5.3%

   Notes:

   1. " % Change" is presented in comparison with the same period of the previous fiscal year.

3. Core Profit/Positive Spread/Investment Yield (Millions of yen)

   	Fiscal Year Ended March 31, 2025		Fiscal Year Ended March 31, 2026		Fiscal Year Ending March 31, 2027 (Forecast)
   Core profit	Amount	% Change	Amount	% Change	Amount
   	1,138	-	7,016	516.5%	5,000

   Note: "% Change" is presented in comparison with the same period of the previous fiscal year.

   (Millions of yen)

   	Fiscal Year Ended March 31, 2025		Fiscal Year Ended March 31, 2026		Fiscal Year Ending March 31, 2027 (Forecast)
   Amount of positive spread (negative spread)	Amount	Change	Amount	Change	Amount
   	(1,663)	(598)	(27)	1,635	(0)

   Note: "Change" is presented in comparison with the same period of the previous fiscal year.

   (%)

   	Fiscal Year Ended March 31, 2025	Fiscal Year Ended March 31, 2026	Fiscal Year Ending March 31, 2027 (Forecast)
   Investment yield on core profit	1.87	2.03	approx.	2.0
   Investment yield (general account)	(0.16)	5.98	approx.	1.8
   Average assumed investment yield	1.97	2.03	approx.	1.9

4. Policy and Other Reserves (Millions of yen)

   	As of March 31, 2025		As of September 30, 2025		As of March 31, 2026
   	Amount	Change	Amount	Change	Amount	Change
   Policy reserve	1,706,810	(26,288)	1,729,422	(5,115)	1,804,745	97,934
   General account	1,596,511	(55,635)	1,613,926	(19,782)	1,667,586	71,075
   Separate account	110,298	29,347	115,495	14,667	137,158	26,859
   Reserve for price fluctuations	6,585	595	6,889	595	6,880	295
   Contingency reserve	4,032	(47)	4,565	551	5,426	1,394
   Contingency reserve fund	-	-	-	-	-	-
   Price fluctuation reserve fund	-	-	-	-	-	-

   Note: "Change" is presented in comparison with the same period of the previous fiscal year.

5. Unrealized Gains (Losses) (Millions of yen)

   	As of March 31, 2025		As of September 30, 2025		As of March 31, 2026
   	Amount	Change	Amount	Change	Amount	Change
   Securities	(123,004)	(48,263)	(138,451)	(62,349)	(204,393)	(81,389)
   Domestic stocks	-	-	-	-	-	-
   Domestic bonds	(5,917)	(21,080)	(12,529)	(21,397)	(26,380)	(20,462)
   Foreign securities	(403)	(27)	(350)	(19)	(531)	(128)
   Other securities	(1,574)	51	(1,431)	22	(1,645)	(71)
   Monetary trusts	(115,108)	(27,207)	(124,141)	(40,954)	(175,836)	(60,727)
   Real estate	-	-	-	-	-	-

   Note: "Change" is presented in comparison with the same period of the previous fiscal year.

6. Investment for the Fiscal Year Ended March 31, 2026 (Millions of yen)

   	Net increase (Net decrease)
   Domestic stocks	(4)
   Domestic bonds	(20,959)
   Foreign stocks, etc.	-
   Foreign bonds	2,925
   Monetary trusts	41,717
   Real estate	-

   Notes:

   1. Net increase (Net decrease) are based on funds inflow/outflow.

   2. Real estate excludes facilities attached to buildings.

7. Level of Indices where Unrealized Gains (Losses) on Assets are Break-even as of March 31, 2026

   Domestic stocks (NIKKEI 225)	-
   Domestic stocks (TOPIX)	-
   Domestic bonds	approx.	1.0%
   Foreign securities	-

   Notes:

   1. Domestic stocks are not calculated since the company does not hold listed stocks.

   2. Domestic bonds are calculated based on the newly issued 10-year JGB yield and calculated to first decimal place.

   3. Foreign securities are not calculated since translation differences on foreign exchange fluctuation are treated as foreign exchange gains (losses).

(8) Performance Forecasts	(Millions of yen)
	Fiscal Year Ending March 31, 2027
Income from insurance premiums	720,000
Annualized premiums of policies in force	440,000

1. Number of Employees (Persons)

   	As of March 31, 2025		As of September 30, 2025		As of March 31, 2026
   In-house sales representatives	-	-	-	-	-	-
   Back-office personnel	303	11.0%	325	11.3%	334	10.2%

   Note: Percentage figures stated above are presented in comparison with the same period of the previous fiscal year.

2. Provision for Reserve for Policyholder Dividends (Millions of yen)

   	Fiscal Year Ended March 31, 2025		Fiscal Year Ended March 31, 2026
   	Amount	% Change	Amount	% Change
   Individual insurance and annuities	1	(27.6%)	(0)	-
   Group insurance	-	-	-	-
   Group annuities	-	-	-	-
   Total including others	1	(27.6%)	(0)	-

   Note: "% Change" is presented in comparison with the same period of the previous fiscal year.

3. OTC Sales through Banks (Number, Millions of yen)

   		Fiscal Year Ended March 31, 2025		Fiscal Year Ended March 31, 2026
   		Amount	% Change	Amount	% Change
   Variable annuities	Number of policies	-	-	44	-
   	Amount	-	-	479	-
   Fixed annuities	Number of policies	46,490	(1.5%)	40,620	(12.6%)
   	Amount	336,048	(11.4%)	305,830	(9.0%)

   (Number, Millions of yen)

   		Fiscal Year Ended March 31, 2025		Fiscal Year Ended March 31, 2026
   		Amount	% Change	Amount	% Change
   Single-premium whole life insurance	Number of policies	37,580	(28.6%)	29,350	(21.9%)
   	Amount	272,135	(22.1%)	234,076	(14.0%)
   Single-premium endowment insurance	Number of policies	-	-	-	-
   	Amount	-	-	-	-

   (Number, Millions of yen)

   		Fiscal Year Ended March 31, 2025		Fiscal Year Ended March 31, 2026
   		Amount	% Change	Amount	% Change
   Level-premium insurance	Number of policies	1,714	(11.1%)	806	(53.0%)
   	Amount	204	(26.0%)	241	18.3%

   Notes:

   1. "% Change" is presented in comparison with the same period of the previous fiscal year.

   2. The amounts of fixed annuities and single-premium whole life insurance are shown in single premiums.

   3. The amounts of level-premium insurance are shown in annualized premiums.

   4. "OTC sales through banks" includes securities companies, etc.

      Exhibit

• Provision/Reversal for Policy Reserve with Minimum Guarantee for Individual Variable Annuities and Others (General Account)

(Billions of yen)
	Fiscal Year Ended March 31, 2025	Six Months Ended September 30, 2025	Fiscal Year Ended March 31, 2026
Provision/reversal for policy reserve with minimum guarantee for individual variable annuities and others	(0.0)	(0.0)	(0.0)

Note: Negative value in the table represents reversal of policy reserve.