[Reference] Non-Consolidated Financial Data of the Three Life Insurance Companies for the Nine Months Ended December 31, 2016
Sales Results (Individual Insurance and Annuities)
(Billions of yen)
Sum of Three Companies | Taiyo Life | Daido Life | T&D Financial Life | ||||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change | ||
Annualized premiums of total policies | 1,483.7 | 14.7 1.0% | 637.5 | (8.8) (1.4%) | 731.2 | 25.4 3.6% | 114.9 | (1.8) (1.6%) | |
Third Sector products | 188.2 | 9.0 5.1% | 103.0 | 2.7 2.8% | 82.5 | 6.4 8.5% | 2.6 | (0.1) (5.7%) | |
Policy amount in force | 61,009.6 | 427.3 0.7% | 21,850.4 | (133.0) (0.6%) | 37,316.1 | 526.0 1.4% | 1,843.0 | 34.3 1.9% |
Note: "Change" is presented in comparison with the previous fiscal year-end.
(Billions of yen)
Sum of Three Companies | Taiyo Life | Daido Life | T&D Financial Life | ||||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change | ||
Annualized premiums of new policies | 95.7 | (4.8) (4.8%) | 26.3 | (1.6) (6.0%) | 64.0 | 2.8 4.7% | 5.3 | (6.0) (53.0%) | |
Third Sector products | 21.6 | 2.2 11.3% | 10.7 | 1.6 18.2% | 10.8 | 0.5 5.1% | 0.0 | 0.0 185.9% | |
New policy amount | 4,723.6 | (10.6) (0.2%) | 1,647.1 | (139.9) (7.8%) | 2,921.2 | 152.8 5.5% | 155.2 | (23.5) (13.2%) |
Notes:
"Change" is presented in comparison with the same period of the previous fiscal year.
Sum of Three Companies
Taiyo Life
Daido Life
T&D Financial Life
Amount
Change
Amount
Change
Amount
Change
Amount
Change
Surrender and lapse rate
4.30%
0.04 points
4.87%
(0.08 points)
2.25%
(0.37 points)
Surrender and lapse amount
2,776.8
(16.7)
(0.6%)
944.3
(0.0)
(0.0%)
1,791.8
(10.1)
(0.6%)
40.6
(6.5)
(13.9%)
New policy amount includes increase from conversion.
Notes:
"Change" is presented in comparison with the same period of the previous fiscal year.
"Surrender and lapse rate" is not annualized.
(Billions of yen)
Summary of Operations
(Billions of yen)
T&D Holdings (Consolidated) | Taiyo Life | Daido Life | T&D Financial Life | |||||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change | |||
Ordinary revenues | 1,439.0 | (61.7) (4.1%) | 631.7 | (14.6) (2.3%) | 706.2 | 7.8 1.1% | 117.0 | (52.0) (30.8%) | ||
Income from insurance premiums and others | 1,076.2 | (89.7) (7.7%) | 447.7 | (29.1) (6.1%) | 567.2 | 10.0 1.8% | 58.6 | (71.1) (54.8%) | ||
Investment income | 307.9 | 30.8 11.1% | 177.4 | 28.6 19.3% | 113.5 | (6.5) (5.5%) | 18.4 | 8.6 88.9% | ||
Interest, dividends and income from real estate for rent | 203.7 | (15.2) (7.0%) | 103.0 | (7.0) (6.4%) | 96.2 | (8.3) (8.0%) | 5.6 | 0.2 3.8% | ||
Other ordinary income | 54.8 | (2.8) (4.9%) | 6.5 | (14.2) (68.4%) | 25.4 | 4.3 20.6% | 39.8 | 10.3 35.3% | ||
Ordinary expenses | 1,306.1 | (59.7) (4.4%) | 572.6 | (12.3) (2.1%) | 639.0 | 13.0 2.1% | 111.5 | (56.9) (33.8%) | ||
Insurance claims and other payments | 878.4 | (129.4) (12.8%) | 411.9 | (66.9) (14.0%) | 363.2 | (11.6) (3.1%) | 101.8 | (51.1) (33.4%) | ||
Provision for policy and other reserves | 137.5 | 30.8 28.9% | 18.5 | 18.5 159,114.2% | 153.1 | 15.2 11.0% | 0.0 | (0.0) (51.4%) | ||
Investment expenses | 90.8 | 38.7 74.5% | 58.9 | 32.9 126.1% | 31.2 | 9.0 40.7% | 1.2 | (3.1) (71.6%) | ||
Other ordinary expenses | 52.2 | 0.9 1.9% | 25.7 | 1.9 8.0% | 14.5 | (0.0) (0.4%) | 1.0 | (0.3) (26.7%) | ||
Ordinary profit | 132.8 | (2.0) (1.5%) | 59.0 | (2.3) (3.8%) | 67.2 | (5.2) (7.2%) | 5.4 | 4.8 837.8% | ||
Extraordinary gains | 0.2 | 0.1 121.8% | 0.2 | 0.2 6,086.3% | - | (13.2) - | - | - - | ||
Extraordinary losses | 24.2 | 2.1 9.5% | 14.3 | (0.5) (3.6%) | 9.6 | 2.6 37.6% | 0.1 | (0.1) (47.9%) | ||
Provision for reserve for policyholder dividends | 24.3 | (0.2) (1.1%) | 13.9 | 0.0 0.0% | 10.3 | (0.2) (2.7%) | (0.0) | (0.0) 37.3% | ||
Total income taxes | 18.5 | (7.5) (28.9%) | 5.9 | (3.4) (37.1%) | 10.9 | (9.0) (45.3%) | 1.3 | 1.2 1,511.4% | ||
Profit attributable to owners of parent | 65.8 | 3.8 6.2% | 25.0 | 1.9 8.4% | 36.2 | (11.7) (24.4%) | 3.9 | 3.8 3,166.4% |
Notes:
"Change" is presented in comparison with the same period of the previous fiscal year.
T&D Holdings' consolidated figures do not always correspond to the sum of the three life insurance companies' figures.
Simple sum of three companies' income from insurance premiums and others is ¥1,073.6 billion (down 7.8% compared to the same period of the previous fiscal year).
Decrease in Daido Life's extraordinary gains of ¥13.2 billion from the same period of the previous fiscal year are mainly due to the gains on sale of real estate to Taiyo Life in the previous fiscal year. This will be eliminated as intra-company transactions on consolidated basis which will have no impact on profit/loss.
Extraordinary losses of ¥24.2 billion include provision for reserve for price fluctuations of ¥21.9 billion (Taiyo Life: ¥13.5 billion, Daido Life: ¥8.1 billion, T&D Financial Life: ¥0.1 billion).
The amount of net income is stated in the column of profit attributable to owners of parent for the three life insurance companies.
Other Indicators (1)
Core Profit and Positive Spread
(Billions of yen)
Sum of Three Companies
Taiyo Life
Daido Life
T&D Financial Life
Amount
Change
Amount
Change
Amount
Change
Amount
Change
Core Profit
118.1
(13.3)
(10.2%)
38.9
(5.7)
(12.8%)
78.8
(9.2)
(10.5%)
0.3
1.5
-
Positive spread (negative spread)
18.6
(14.2)
(43.4%)
4.7
(4.5)
(48.9%)
16.1
(9.8)
(37.9%)
(2.2)
0.1
(4.6%)
Note: "Change" is presented in comparison with the same period of the previous fiscal year.
Solvency Margin Ratio and Adjusted Net Assets
T&D Holdings
Taiyo Life
Daido Life
T&D Financial Life
Amount
Change
Amount
Change
Amount
Change
Amount
Change
Solvency margin ratio
951.1%
60.5 points
1,271.8%
(70.1 points)
1,387.8%
127.1 points
Consolidated solvency margin ratio
1,177.9%
22.1 points
961.0%
62.5 points
1,281.4%
68.6 points
Notes:
"Change" is presented in comparison with the previous fiscal year-end.
T&D Financial Life does not state consolidated solvency margin ratio because the company does not own subsidiary companies.
"Change" is presented in comparison with the previous fiscal year-end.
Figures of net unrealized gains/losses on securities are those of securities with market value.
Net unrealized gains/losses on land, etc. are basically calculated based on the appraisal price. Less important properties are calculated based on the posted price, etc..
"Change" is presented in comparison with the previous fiscal year-end.
Group MCEV is the sum of "MCEV of life insurance business: ¥2,104.7 billion" and "net asset value of business other than life insurance business: ¥26.9 billion."
(Billions of yen)
T&D Holdings (Consolidated) | Taiyo Life | Daido Life | T&D Financial Life | |||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change | |
Adjusted net assets | 2,671.2 | (256.4) | 1,082.5 | (168.6) | 1,376.3 | (59.8) | 199.1 | (29.2) |
Note: "Change" is presented in comparison with the previous fiscal year-end.
Other Indicators (2)
Net Unrealized Gains/Losses on Securities (General Account)
(Billions of yen)
Sum of Three Companies | Taiyo Life | Daido Life | T&D Financial Life | ||||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change | ||
Net unrealized gains/losses on securities | 1,264.4 | (300.9) | 621.2 | (187.9) | 536.3 | (82.9) | 106.9 | (30.0) | |
Domestic bonds | 813.4 | (179.8) | 404.1 | (100.9) | 335.9 | (64.4) | 73.3 | (14.4) | |
Domestic stocks | 299.8 | 4.8 | 131.2 | (18.9) | 168.6 | 23.8 | - | - | |
Foreign securities | 72.8 | (129.9) | 65.4 | (79.4) | 7.6 | (49.3) | (0.2) | (1.1) | |
Net unrealized gains/losses on land, etc. | 44.5 | 0.1 | 14.8 | (0.6) | 29.7 | 0.8 | - | - |
Notes:
Market Consistent Embedded Value (MCEV) [Estimate]
Quarterly MCEV results are estimates calculated partly using simplified methods and are not reviewed by third party specialists.
(Billions of yen)
T&D Life Group (Group MCEV) | Taiyo Life | Daido Life | T&D Financial Life | |||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change | |
MCEV | 2,131.6 | 237.9 | 753.8 | 28.0 | 1,286.8 | 208.7 | 94.1 | 0.6 |
Notes:
(Billions of yen)
T&D Life Group (Sum of Three Companies) | Taiyo Life | Daido Life | T&D Financial Life | |||||
Amount | Change | Amount | Change | Amount | Change | Amount | Change | |
Value of new business | 72.8 | (5.7) | 27.6 | 1.8 | 45.6 | (3.2) | (0.4) | (4.4) |
Note: "Change" is presented in comparison with the same period of the previous fiscal year.
[Reference] Forecasts for the Year Ending March 31, 2017
T&D Holdings (Consolidated)
Forecasts for the year ending March 31, 2017, have not been changed from the announcement on May 13, 2016.
(Billions of yen)
Year Ended March 31, 2016 | Forecast for the Year Ending March 31, 2017 | |
Ordinary revenues | 2,025.9 | Approx. 1,750 |
Ordinary profit | 171.4 | Approx. 164 |
Profit attributable to owners of parent | 72.5 | Approx. 73 |
Annual dividends per share forecast has been revised to ¥32.5 (increase of ¥2.5) from the previous forecast of ¥30.
(Yen)
Year Ended March 31, 2016 | Forecast for the Year Ending March 31, 2017 | |
Annual dividends per share | 30 | 32.5 (including year-end dividend: 17.5) |
Three Life Insurance Companies (Non-consolidated)
(Billions of yen)
Taiyo Life | Daido Life | T&D Financial Life | |
Ordinary revenues | Approx. 800 | Approx. 900 | Approx. 170 |
Ordinary profit | Approx. 74 | Approx. 88 | Approx. 1 |
Net income | Approx. 29 | Approx. 43 | Approx. 1 |
Note: The differences between the consolidated figures and the sum of the figures of the three life insurance companies are mainly due to the intercompany reconciliation among the consolidated companies including the three life insurance companies.
Actual results may differ from expectations based on risks and uncertainties that may affect the Company's businesses.T&D Holdings Inc. published this content on 14 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 14 February 2017 19:53:14 UTC.
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