T&D : Insurance Group Medium-Term Management Plan(FY2019-FY2021)

June 3, 2019

T&D Holdings, Inc.

Hirohisa Uehara, President

(Security Code: 8795, TSE First Section)

T&D Insurance Group Medium-Term Management Plan (FY2019-FY2021)

T&D Holdings, Inc. (the "Company", President: Hirohisa Uehara) of the T&D Insurance Group (the "Group") hereby announces that the Company formulated "T&D Insurance Group Medium-Term Management Plan" for fiscal years 2019-2021.

For more details, please refer to the attached material.

1. Points

The Group aims to be an insurance group that grows along with society through the contribution to the resolution of ever-changing issues faced by people and society.

In the new medium-term plan "Try & Discover 2021 - Creation of Shared Value -" which started in April 2019, the Group strongly works on the practices of this corporate philosophy.

Moreover, the Group will make its business platform stronger to resolve the social issues such as "extension of health span" and "business continuity of SMEs" in the markets where group companies specialize by deepening the relationships with customers, and local community and society through the businesses development in anticipation of the customer needs and the changes of the times.

In addition, looking ahead to the possible social structure changes from a very long-term perspective, the Group will steadily evolve the "diversification of the business portfolio" through the strategic investments focused on the synergy with life insurance business.

As a business platform to support these growth strategies, the Company ensures the financial soundness and promotes effective use of shareholders' equity while strategically utilizing ERM. Furthermore, the Group will demonstrate true value to become the indispensable insurance group for society by promoting the integrated management of the Group.

< Overview of the Medium-Term Management Plan >

Name

Plan

period

Overall Policies

Basic

strategy

• Medium-termManagement Plan Try & Discover 2021 - Creation of Shared Value -
• April 2019 - March 2022 (3 years)
• By strengthening core businesses and diversifying the business portfolio, we will contribute to the resolution of ever-changing issues faced by people and society, aiming to be an insurance group that grows along with society
• Bolster the revenue base of the Group by pursuing specialized strategies that leverage the strengths of Group companies
• Diversify sources of revenue by investing in new business areas that have an affinity to the domestic life insurance business
• Improve Group capital efficiency through evolution of the Group financial strategy
• Promote integrated management of the Group to achieve more effective and efficient use of Group management resources

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1. Contents
2. 1. Review of the Previous Medium-Term Management Plan
   2. Overview of the Medium-Term Management Plan
   3. Strengthening of Core Businesses (Domestic Life Insurance Business)
   4. Diversification of Business Portfolio (Challenge for New Growth Areas)
   5. Evolution of Group Financial Strategy
   6. Promotion of Integrated Group Management
3. Key Performance Indicators

• Medium-TermManagement Plan targets >

		Economic			Value of new			・FY2021: 170.0 billion yen and above
		value			business			[Core ROEV*: 5% and above for three years]
		Financial			Net income			・FY2021: FY2018 levels (73.0 billion yen) or higher
		accounting

* Core ROEV = (Embedded value of new business + Expected existing business contribution from risk free rate) / Annual average of EV

4. Shareholder Return Policy

Shareholder

Return

Return 40% and above of profit available for shareholder return to shareholders through cash dividends and share buybacks with a greater awareness of maintaining and raising capital efficiency, taking intoaccount the amount of total payout

Group brand message

"Towards a New Dimension of Insurance."

In order to achieve the new medium-term management plan, with our motto of "Try & Discover", we will take on new challenges towards the future with a flexible imagination that is not tied to the preconceived idea.

[Contact Information]

T&D Holdings, Inc., Group Planning Department, Investor Relations Division Tel: [phone]

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Medium-Term Management Plan (FY2019-FY2021)

Try & Discover 2021

- Creation of Shared Value -

June 3, 2019

T&D Holdings, Inc.

(Code Number: 8795)

■ Contents

1. Review of the Previous Medium-Term Management Plan	Ｐ.	２
2. Overview of the Medium-Term Management Plan	Ｐ.	６
3.	Strengthening of Core Businesses (Domestic Life Insurance Business)	Ｐ.	１３
4.	Diversification of Business Portfolio (Challenge for New Growth Areas)	Ｐ.	２２
5.	Evolution of Group Financial Strategy	Ｐ.	２８
6.	Promotion of Integrated Group Management	Ｐ.	３３

Copyright T&D Holdings, lnc. All Rights Reserved.

1

1. Review of the Previous Medium-Term

Management Plan

Copyright T&D Holdings, lnc. All Rights Reserved.

2