Japan · Delayed Price · Currency is JPY T&D Holdings Earnings Call Transcripts
Fiscal Year 2026
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Hybrid sales and digital tools are driving productivity and expanding customer reach, while collaborations with PayPay and SoftBank support operational efficiency. Product strategies focus on protection and savings, with structural shifts to reduce annuity reliance and improve profitability.
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A leading consolidator of closed life insurance books in Germany, the group leverages scale, a unified IT platform, and disciplined M&A to drive operational and financial efficiencies. Strong risk management, stable cash generation, and a robust capital position support future growth, with ongoing strategic dialogues for further consolidation.
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Group adjusted profit hit a record JPY 158.5 billion for FY2026, with strong EPS and dividend growth. FY2027 profit is forecast to rise further, supported by robust new business value and disciplined capital allocation. Surrender rates and interest rate trends remain key risks.
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The new long-term vision targets JPY 230 billion adjusted profit and 15% ROE by FY2031, with a focus on disciplined growth investments, enhanced capital efficiency, and group-wide DX and AI strategies. Shareholder returns are set at 60% of adjusted profit, and risk management, governance, and subsidiary reforms are central to sustainable growth.
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Significant growth in assets and earnings, robust capital and liquidity, and strong risk management underpin a leading market position. Investment portfolio quality remains high, with disciplined underwriting and selective market participation driving competitive funding costs. The outlook is positive, with stable profitability and resilience to regulatory and credit risks.
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Key financial KPIs were achieved ahead of schedule, with strong insurance sales, robust capital management, and significant shareholder returns. The next long-term vision targets stable profit growth, core business expansion, and enhanced capital efficiency, supported by ongoing risk reduction and operational reforms.
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Q1 FY2025 saw strong new policy sales, lower surrender rates, and group adjusted profit of JPY 39.4 billion, progressing well toward annual targets. Strategic shareholdings reduction and share buybacks supported EPS, while mass surrender risk and yen appreciation remain key sensitivities.
Fiscal Year 2025
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Hybrid sales and digital tools are driving growth, with new products tailored to Japan’s aging population and SME needs. Productivity and profitability are improving through operational reforms, while core system modernization and AI adoption support future efficiency.
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Group adjusted profit targets were achieved ahead of schedule, with a new goal of over JPY 200 billion by FY 2031, driven by positive spread expansion, closed-book business growth, and insurance bottom line improvements. Capital efficiency, flexible shareholder returns, and business portfolio optimization remain central to the next long-term vision.
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Group adjusted profit hit a record JPY 141.5 billion, with strong new business growth and a 36.7% year-on-year increase. FY2025 profit guidance was raised, dividends increased for the 11th year, and capital allocation focused on share buybacks and reducing strategic shareholdings.
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Profit targets are being achieved ahead of schedule, with FY2026 group adjusted profit forecast at JPY 140 billion and a new FY2031 target of JPY 200 billion or more. Shareholder returns will rise with a record JPY 100 billion buyback and a 60% dividend payout ratio based on five-year average profits. Major investment in Viridium will diversify earnings and support future growth.
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Group adjusted profit surged 44.9% year-over-year, prompting an upward revision of the full-year forecast to JPY 130 billion. Strong new policy sales, higher investment income, and rising interest rates drove value of new business and MCEV growth, while capital and dividend policies remain robust.
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Group adjusted profit rose 46% year-on-year to JPY 81.8 billion, with strong new policy sales but higher surrender and lapse rates. MCEV and ESR improved, and the company maintained its full-year guidance, expecting to achieve its mid-term profit target.
Fiscal Year 2024
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Balance sheet growth, strong capital position, and a diversified liability portfolio underpin expansion in both U.S. and Japan. Dividend policy remains stable but flexible for growth, while risk management and operational excellence drive competitive advantage.
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Hybrid sales and digital transformation are driving growth, with record-high protection-type policies and improved cost efficiency. Operational innovation and new digital tools aim to boost productivity, while financial guidance remains robust despite recent headwinds.