T&D : 【T&D Holdings, Inc.、Taiyo Life Insurance Company、Daido Life Insurance Company、T&D Financial Life Insurance Company】Non-Consolidated Financial Data of the Three Life Insurance Companies for the Three Months Ended June 30, 2016(150 KB)

[Reference] Non-Consolidated Financial Data of the Three Life Insurance Companies for the Three Months Ended June 30, 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		1,474.8	5.8 0.4%	645.6	(0.7) (0.1%)	712.9	7.2 1.0%	116.1	(0.6) (0.6%)
Third Sector products	182.8	3.6 2.1%	102.0	1.8 1.8%	78.0	1.9 2.5%	2.7	(0.0) (2.1%)
Policy amount in force		60,746.9	164.6 0.3%	22,036.5	53.0 0.2%	36,919.4	129.3 0.4%	1,790.9	(17.7) (1.0%)

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		33.5	(0.2) (0.9%)	11.5	1.3 12.7%	20.2	0.8 4.3%	1.8	(2.4) (57.2%)
Third Sector products	7.7	0.8 13.0%	4.4	0.6 18.5%	3.3	0.1 6.2%	0.0	0.0 68.0%
New policy amount		1,641.8	(1.3) (0.1%)	692.7	(11.9) (1.7%)	909.5	33.2 3.8%	39.6	(22.5) (36.3%)

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

2. New policy amount includes increase from conversion.

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

2. "Surrender and lapse rate" is not annualized.

Sum of Three Companies		Taiyo Life		Daido Life		T&D Financial Life
Amount	Change	Amount	Change	Amount	Change	Amount	Change
Surrender and lapse rate	1.50%	0.03 points	1.63%	(0.05 points)	0.72%	(0.30 points)
Surrender and lapse amount	944.5	(11.8) (1.2%)	330.6	4.5 1.4%	600.9	(10.9) (1.8%)	13.0	(5.4) (29.5%)

(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			488.2	(70.5) (12.6%)	220.0	(54.5) (19.9%)	236.7	4.9 2.1%	55.1	(9.8) (15.2%)
Income from insurance premiums and others		378.2	(53.6) (12.4%)	168.9	(31.9) (15.9%)	186.9	5.3 3.0%	21.4	(27.2) (55.9%)
Investment income		92.0	(11.1) (10.8%)	48.4	(5.9) (10.9%)	43.1	0.2 0.6%	4.1	(2.5) (38.2%)
Interest, dividends and income from real estate for rent	61.7	(8.3) (11.9%)	30.2	(5.5) (15.5%)	30.1	(2.9) (8.8%)	1.8	0.1 6.6%
Other ordinary income		17.9	(5.7) (24.2%)	2.5	(16.7) (86.6%)	6.6	(0.7) (9.9%)	29.5	19.9 208.6%
Ordinary expenses			442.7	(72.2) (14.0%)	201.4	(53.2) (20.9%)	215.2	6.9 3.3%	49.7	(14.8) (23.0%)
Insurance claims and other payments		316.8	(81.1) (20.4%)	160.3	(53.5) (25.0%)	121.3	(4.6) (3.7%)	34.7	(23.0) (39.9%)
Provision for policy and other reserves		22.5	(1.7) (7.3%)	3.1	3.1 78,046.2%	45.9	3.2 7.7%	0.0	(0.0) (8.0%)
Investment expenses		35.0	10.2 41.5%	8.7	(4.3) (33.3%)	17.4	8.5 94.9%	11.9	8.9 297.7%
Other ordinary expenses		18.7	0.8 5.0%	9.6	0.8 9.2%	4.8	0.0 0.4%	0.3	(0.1) (30.4%)
Ordinary profit			45.4	1.6 3.8%	18.5	(1.3) (6.8%)	21.4	(2.0) (8.6%)	5.3	4.9 1,183.4%
Extraordinary gains			0.0	(0.0) (98.1%)	-	- -	-	(13.2) -	-	- -
Extraordinary losses			8.0	2.4 42.8%	4.6	(0.3) (7.1%)	3.3	2.6 341.2%	0.0	(0.0) (15.9%)
Provision for reserve for policyholder dividends			7.5	(0.5) (6.2%)	4.4	(0.2) (5.2%)	3.1	(0.2) (7.5%)	(0.0)	(0.0) 82.5%
Total income taxes			4.8	(3.8) (44.3%)	2.0	(0.9) (31.3%)	1.4	(7.6) (83.9%)	1.2	1.1 1,275.6%
Profit attributable to owners of parent			24.9	3.5 16.5%	7.4	0.1 2.6%	13.4	(9.8) (42.4%)	4.0	3.8 1,421.5%

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

1. T&D Holdings' consolidated figures do not always correspond to the sum of the three life insurance companies' figures.

2. Simple sum of three companies' income from insurance premiums and others is ¥ 377.3 billion (down 12.5% compared to the same period of the previous fiscal year).

3. Extraordinary losses of ¥8.0 billion include provision for reserve for price fluctuations of ¥7.0 billion (Taiyo Life: ¥4.4 billion, Daido Life: ¥2.5 billion, T&D Financial Life: ¥0.0 billion).

4. 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	43.6	3.4 8.6%	7.8	(5.2) (39.9%)	23.8	(1.8) (7.2%)	11.9	10.5 776.9%
   Positive spread/negative spread	(0.1)	(7.7) -	(2.4)	(4.5) -	3.0	(3.2) (52.0%)	(0.7)	0.0 (1.3%)

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

5. In case of negative spread, the amount is shown in negative value.

6. The negative spread for the three months ended June 30, 2016, of ¥(0.1 billion) was generally in line with the plan, which is projected to be positive spread for the full year. Low dividend income from stocks in the first quarter coupled with the decrease in interest and dividends from foreign securities such as foreign bonds due to yen appreciation, etc., were the factors of the negative spread.

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	951.4%	60.8 points	1,412.0%	70.1 points	1,472.7%	212.0 points
Consolidated solvency margin ratio	1,230.2%	74.4 points	960.6%	62.1 points	1,421.1%	71.1 points

Note 1. "Change" is presented in comparison with the previous fiscal year-end.

2. T&D Financial Life does not state consolidated solvency margin ratio because the company does not own subsidiary companies.

(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	3,078.2	150.5	1,296.8	45.6	1,484.6	48.4	275.0	46.6

Note: "Change" is presented in comparison with the previous fiscal year-end.

Other Indicators (2)

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
Unrealized gains/losses on securities		1,735.7	170.3	863.7	54.5	689.7	70.4	182.2	45.3
Domestic bonds	1,230.0	236.8	627.3	122.3	491.4	90.9	111.2	23.4
Domestic stocks	235.2	(59.7)	107.9	(42.2)	127.2	(17.5)	-	-
Foreign securities	183.1	(19.6)	121.3	(23.5)	59.5	2.5	2.2	1.3
Unrealized gains/losses on real estate		44.4	0.0	15.1	(0.3)	29.2	0.4	-	-

Note 1. "Change" is presented in comparison with the previous fiscal year-end.

1. Figures of net unrealized gains/losses on securities are those of securities with market value.

2. Net unrealized gains/losses on real estate are basically calculated based on the appraisal price. Less important properties are calculated based on the posted price.

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	1,495.5	(398.1)	620.3	(105.4)	774.0	(303.9)	94.9	1.4

Note 1. "Change" is presented in comparison with the previous fiscal year-end.

2. Group MCEV is the sum of "MCEV of life insurance business: ¥1,469.0 billion" and "net asset value of business other than life insurance business: ¥26.5billion."

(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	7.0	(21.1)	4.7	(6.3)	2.5	(12.7)	(0.1)	(2.0)

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

(Yen)

Year Ended March 31, 2016 (Schedule)	Forecast for the Year Ending March 31, 2017
Annual dividends per share	30	30 (including interim dividend: 15)

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.