T&D Holdings, Inc.
8795・Prime Market・Insurance
Business
T&D Holdings is a holding company with three core life insurance subsidiaries: Taiyo Life Insurance (specializing in the household market), Daido Life Insurance (specializing in the small and medium-sized enterprise market), and T&D Financial Life Insurance (specializing in the multi-agency distribution channel). Established in April 2004 through a joint stock transfer of the three companies, it is listed on the Prime Market of the Tokyo Stock Exchange. The group's total ordinary revenues reached ¥3,482,214 million (FY2026 (ending March 2026)). In addition, through T&D United Capital, the group invests in overseas closed book businesses such as Fortitude Re in the United States and Viridium Group in Germany, diversifying its revenue sources. The group consists of 24 subsidiaries and 15 affiliated companies.
Business Model
Each life insurance subsidiary acquires insurance contracts in its specialized market (households, small and medium-sized enterprises, multi-agency distribution), with premium income, etc. (equivalent to ¥2,635.7 billion on a consolidated basis for FY2026 (ending March 2026)) and investment income (equivalent to ¥747.9 billion for the same period) serving as the primary revenue sources. The holding company centrally manages group capital, allocating the stable earnings generated by the domestic life insurance business toward growth investments such as overseas closed book businesses, thereby pursuing diversification of revenue sources and improved capital efficiency.
Company Strengths
Taiyo Life focuses on the household market, Daido Life on the small and medium-sized enterprise market (based on strong relationships with affiliated organizations), and T&D Financial Life on the multi-agency channel, with each company holding a clearly specialized market. Policies in force (annualized premium) reached ¥1,751,857 million (up 2.8% year on year) at the end of FY2026 (ending March 2026), and each company's specialization strategy is contributing to the maintenance and expansion of a stable policy base.
In the final year (FY2025) of the previous long-term vision "Try & Discover 2025," the Group achieved Group Adjusted Profit of ¥158.5 billion (exceeding the target of ¥130.0 billion) and Adjusted ROE of 10.5% (exceeding the target of over 8.0%). Profit attributable to owners of parent also rose for the fourth consecutive fiscal year, reaching ¥138,968 million in FY2026 (ending March 2026), demonstrating a steady improvement in capital efficiency.
Through T&D United Capital, in addition to the existing investment of ¥135.7 billion in Fortitude Re (US), the Group acquired a 29.9% equity stake in Viridium Group (Germany) for approximately ¥106.2 billion in August 2025. Investments in equity-method affiliates expanded from ¥142,019 million to ¥244,476 million, achieving risk diversification through regional and business model diversification while expanding the future earnings base.
ENVALITH's Perspective
Performance Trend
Ordinary revenues for FY2026 (ending March 2026) decreased to ¥3,482,214 million (down 6.7% year on year), mainly due to fluctuations in the scale of reinsurance transactions and a significant decline in other ordinary revenues (from ¥662,322 million to ¥96,489 million), although premium income, etc. increased to ¥2,635,783 million (up 2.2% year on year). On the profit side, the company achieved increased profits, with ordinary profit of ¥257,191 million (up 29.5% year on year) and net income attributable to parent company shareholders of ¥138,968 million (up 10.0% year on year). The main driver was a substantial expansion in investment income, which rose to ¥747,973 million (up 53.2% year on year). Comprehensive income improved significantly to ¥373,945 million from ¥-1,589 million in the previous period, aided by an increase in net unrealized gains on other securities (¥192,409 million). For FY2027 (ending March 2027), the company forecasts ordinary revenues of ¥3,000,000 million (down 13.8% year on year), ordinary profit of ¥235,000 million (down 8.6% year on year), and net income of ¥135,000 million (down 2.9% year on year), while Group adjusted profit is expected to increase to ¥172,000 million (up 8.5% year on year).
Growth Strategy
Three-pillar strategy of core business strengthening, closed book business expansion, and capital efficiency improvement
Taiyo Life is promoting new policy acquisition in the household market through the use of AI-Equipped Sales Terminals (T-AI-Face) and proprietary products such as the Prevention Insurance Series. Daido Life continues to expand consulting-style sales targeting SMEs and enhance Third Sector products. T&D Financial Life maintains a diverse product lineup of yen-denominated, foreign currency-denominated, and variable insurance through the multi-agency channel. In FY2026 (ending March 2026), the combined ordinary profit of the three companies increased year on year.
The equity-method investment in Fortitude Re (US) through T&D United Capital recorded a profit of ¥3,684 million in FY2026 (ending March 2026), turning positive. Viridium Group Sarl (Europe) was newly consolidated (9 companies), marking entry into the European closed book business. Investment in equity-method affiliates increased 72.1% year on year to ¥244,476 million, expanding the foundation for future earnings contribution. The increase in overseas investment-related profit is expected to be the main driver of the increase in group adjusted profit for FY2027 (ending March 2027).
The company conducted share buybacks (¥113,073 million in FY2026, ending March 2026) and retirement of treasury shares (equivalent to ¥163,929 million), reducing the number of shares issued from 544,000,000 to 488,000,000. The annual dividend was significantly increased to ¥130 (from ¥80 in the previous period), with a payout ratio of 46.5%. For FY2027 (ending March 2027), a dividend of ¥164 is forecast (payout ratio of 58.3%). The equity ratio improved from 8.4% to 9.3%, and net assets per share rose from ¥2,739.81 to ¥3,359.12.
Last updated: July 19, 2026