| 指標 | 当期 | 前年同期 | YoY |
|---|---|---|---|
| 売上高 | - | - | - |
| 営業利益 | - | - | - |
| 経常利益 | ¥2571.9B | ¥1986.0B | +29.5% |
| 純利益 | ¥1399.7B | ¥1273.8B | +9.9% |
| ROE | 8.7% | 9.0% | - |
T&Dホールディングス 2026 fiscal year results recorded Ordinary Income of ¥2571.9B (YoY +¥585.9B, +29.5%) and Net Income attributable to owners of the parent of ¥1399.7B (YoY +¥125.9B, +9.9%), achieving substantial revenue and profit growth. Expansion of investment income (Interest and dividends, etc. +¥413.0B; Gains on sale of securities +¥558.3B) and increased segment profits at Daido Life Insurance Company and Taiyo Life Insurance Company drove results. ROE was 8.7% (virtually unchanged from prior year), and Comprehensive Income was ¥3739.4B (prior year -¥15.9B), with significant improvement in valuation gains on securities strengthening capital. Full Year guidance (Ordinary Income ¥2350.0B) was exceeded by approximately 9.4%. Dividends were increased sharply to ¥130 per share for the year (prior year ¥40), and share buybacks of ¥1063.2B were executed, reflecting an active shareholder return policy.
【売上高】Premium and other income was ¥2635.8B, a slight increase of +¥56.0B (+2.2%) YoY. Taiyo Life Insurance Company saw a large increase in reinsurance income (+¥2534.3B) leading to a ¥177.5B increase in premium and other income, whereas individual premiums decreased by -¥768.3B. Daido Life Insurance Company recorded a ¥140.6B increase in premium and other income due to steady individual insurance, while T&D Financial Life saw individual premiums decline by -¥588.1B and premium and other income fell by -¥1370.5B, struggling. Overall, increased reinsurance transactions supported the revenue structure. Investment income showed interest and dividends, etc. of ¥3977.8B (YoY +¥413.0B, +11.6%) and gains on sale of securities of ¥1715.4B (YoY +¥558.3B, +48.3%), reflecting notable improvement in the investment environment; Ordinary Revenue was ¥3482.2B (YoY -¥2482.6B, -6.7%).
【損益】Operating expenses (insurance underwriting expenses, asset management expenses, selling, general and administrative expenses) were ¥3225.0B (YoY -¥3068.6B, -8.7%), a large decrease, with a major contribution from changes in accounting treatment: provision for policy reserves increased by ¥2566.4B (prior year had reversal gain of ¥5797.9B; current period has provision of ¥2566.4B). Extraordinary income was ¥6.38B (mainly negative goodwill gain ¥1.72B) versus extraordinary losses of ¥46.95B (provision for price fluctuation reserve ¥18.58B, impairment losses ¥1.13B), resulting in a temporary loss, but this was absorbed by strong earnings at the ordinary level. After deducting corporate taxes of ¥51.19B (prior year ¥41.32B), Net Income attributable to owners of the parent was ¥1399.7B, securing a YoY increase of +9.9%. In conclusion, substantial increases in investment income and cost containment resulted in higher revenue and profit.
Taiyo Life Insurance Company recorded Ordinary Revenue of ¥1275.4B (YoY -¥4374.1B, -25.5%) and Segment Profit of ¥1165.9B (YoY +¥371.0B, +46.7%), showing revenue decline but large profit increase. Declines in individual insurance were offset by accumulation of reinsurance income, and compression of provisions for policy reserves improved margins. Daido Life Insurance Company achieved Ordinary Revenue of ¥1246.1B (YoY +¥987.4B, +8.6%) and Segment Profit of ¥1346.8B (YoY +¥211.2B, +18.6%), with growth supported by stable premium income in the SME market and expanded investment gains. T&D Financial Life posted Ordinary Revenue of ¥912.8B (YoY -¥462.5B, -4.8%) and Segment Profit of ¥123.3B (YoY +¥45.5B, +58.4%), a revenue decline with profit growth where profit efficiency improvements offset challenges in the multi-agency market. T&D United Capital (consolidated) had Ordinary Revenue of ¥42.2B (prior year ¥18.8B, +124.5%) and a Segment Loss of ¥18.2B (prior year -¥19.7B), reflecting an investment business in the development stage. Overall, scale at Daido Life and profitability improvement at Taiyo Life are the drivers.
【収益性】Ordinary profit margin improved substantially to 73.9% (from 53.2% prior year, +20.7pt), driven by expanded investment income and cost efficiency. ROE was 8.7% (prior year 8.7%)—virtually flat—while Comprehensive Income-based ROE rose sharply to approximately 24.7% due to asset valuation improvements. ROA (Ordinary Income / Total Assets) improved to 1.5% (from 1.2% prior year, +0.3pt). Interest burden coefficient (interest paid / Ordinary Income) was extremely low at 0.28%, and interest coverage on an Operating Cash Flow basis was 20.5x, indicating ample capacity to bear interest costs. 【キャッシュ品質】Operating Cash Flow was ¥1502.2B, covering Net Income of ¥1399.7B by 1.07x; before working capital changes, subtotal of operating CF was -¥1265.7B with corporate taxes of -¥650.9B, and turned positive after tax. Accrual ratio was -0.7%, indicating good cash realization of profits, but OCF/EBITDA ratio is hard to assess in a single year since Operating CF fluctuates with reallocation of investment assets. Depreciation was ¥166.0B versus capital expenditures of ¥134.2B, indicating modest renewal investment. 【投資効率】EPS was ¥279.64 (prior year ¥241.67, +15.7%), BPS ¥3359.12 (prior year ¥2739.81, +22.6%), indicating significant increase in per-share value. Tangible fixed asset turnover was 4.7x (Ordinary Revenue / Tangible Fixed Assets ¥3702.5B), showing high asset efficiency. Intangible fixed assets were ¥662.5B (0.4% of total assets), light with no goodwill amortization burden. 【財務健全性】Equity Ratio improved to 9.3% (from 8.4% prior year, +0.9pt), and Debt-to-Equity (D/E) was 9.71x (Total Liabilities / Net Assets), indicating high leverage consistent with life insurance industry structural characteristics. Cash and deposits were ¥4228.1B; no short-term borrowings disclosed. Corporate bonds increased to ¥2240.0B (prior year ¥1200.0B, +¥1040.0B), expanding long-term funding. Net assets were ¥1.62T (prior year ¥1.41T, +14.8%), strengthening capital buffers.
Operating CF was ¥1502.2B (prior year -¥3598.7B, +¥5100.9B), a significant improvement; before working capital changes, subtotal of operating CF was -¥1265.7B (prior year -¥6452.8B), and after deducting corporate taxes of -¥650.9B (prior year -¥134.9B) the company remained in positive territory. Operating CF coverage of Net Income (¥1399.7B) was 1.07x, favorable. Investing CF was -¥2615.0B (prior year +¥942.7B), a large outflow; details include purchases of securities -¥18170.7B offset by sales receipts + unspecified leading to net outflow, loans made -¥3133.6B and collections +¥4703.3B resulting in net +¥1569.7B—driven by reallocation of investment assets. Capital expenditures were -¥134.2B, small in scale. Financing CF was -¥146.8B (prior year -¥873.4B): corporate bonds issued +¥1040.0B vs. bond redemptions -¥300.0B and share buybacks -¥1063.2B executing proactive shareholder returns. Dividend payments were -¥513.0B (prior year -¥394.2B); total shareholder returns reached approximately ¥1576.2B, exceeding Operating CF. FCF (Operating CF + Investing CF) was -¥1112.8B, negative, but given life insurance investment cash flow characteristics, a single-year FCF deficit does not directly equate to a sustained risk. Cash and deposits decreased to ¥6961.5B (prior year ¥8230.9B, -¥1269.4B, -15.4%) but liquidity remains secured.
Of Ordinary Income ¥2571.9B, investment income (Interest and dividends, etc. ¥3977.8B; Gains on sale of securities ¥1715.4B) was the main component, reflecting dependence on improvement in the investment environment. Extraordinary losses of ¥46.95B (provision for price fluctuation reserve ¥18.58B, impairment losses ¥1.13B, head office relocation costs ¥0.60B) were temporary factors. Comprehensive Income was ¥3739.4B (versus Net Income ¥1399.7B, +167.4%), driven by valuation gains on securities of ¥1924.1B and OCI share of equity-method affiliates of ¥414.2B, indicating large valuation gains and divergence from realized profits. The difference between Operating CF and Net Income was +¥102.5B (1.07x), showing a small accrual and high profit quality. Provision for policy reserves was ¥2566.4B (prior year reversal ¥5797.9B), a large accounting swing, but derivative costs of ¥900.6B were recognized, so derivative valuation losses have been processed at the ordinary level. Equity-method income was ¥1.97B (prior year -¥1.20B), small but a switch to profit contributing positively. Overall, outperformance in investment returns and expanded valuation gains underpin results, but sustainability of underwriting profit and dependence on market conditions determine profit quality.
Full Year guidance was Ordinary Income ¥2350.0B, Net Income attributable to owners of the parent ¥1350.0B, EPS ¥281.33. Actual results were Ordinary Income ¥2571.9B (progress rate 109.4%), Net Income ¥1399.7B (progress rate 103.7%), EPS ¥279.64 (vs. forecast -0.6%), essentially meeting guidance. Ordinary Income exceeded guidance by approximately ¥222B due to upside in investment returns, with investment environment improvement contributing more than expected. Guidance for the next fiscal year (FY2027) projects Ordinary Income down -8.6%, indicating a conservative outlook assuming normalization of market conditions. Dividend forecast is ¥82 per share (Payout Ratio 29.1%), maintaining a stable level. From this period’s progress, the company appears to set conservative buffers relative to guidance, leaving room for upside.
Dividends were increased significantly to ¥130 per share for the year (interim ¥62, year-end ¥68; prior year ¥40, +¥90, +225.0%). Payout Ratio was 46.5% (total dividends / Net Income), returning approximately ¥62.9B in total dividends against Net Income attributable to owners of the parent of ¥1399.7B (issued shares approx. 488,000 thousand shares - treasury stock 8,134 thousand shares). Share buybacks of ¥1063.2B (amount recorded in Financing CF) were executed, and treasury stock decreased from -¥751.1B to -¥237.4B (acquisitions ¥1130.7B, dispositions ¥2.9B net decrease of ¥1127.8B). Total shareholder returns (dividends + buybacks) reached approx. ¥1692B, and Total Return Ratio was approx. 120.9% (Total Return / Net Income), intensifying shareholder returns beyond earnings. Total returns were about 1.13x Operating CF, using asset sales, investment recoveries and bond issuance for funding. Dividend policy remains a stable baseline with room for performance-linked increases; high Total Return Ratio reflects tactical use of share buybacks. Although FCF was negative ¥1112.8B, due to life insurance investment flow characteristics, external financing and asset sales are used to secure return funds, so a single-year FCF deficit is not necessarily a direct sustainability risk. Dividend sustainability depends on Operating CF and stability of investment income; flexible adjustment of return pace in response to market conditions will be required.
Investment market risk: Securities holdings ¥12.87T (74.3% of total assets) indicate high dependence on investment assets; valuation gains/losses can fluctuate significantly with interest rates, equities, and credit spreads. This period saw valuation gains on securities increase by ¥2024.1B boosting Comprehensive Income, but market reversals could pressure capital with valuation losses. Derivative costs of ¥900.6B were recorded and derivative valuation losses have occurred. If ALM mismatch with insurance liabilities widens, both earnings and capital could be impacted.
Underwriting risk: Policy reserves ¥13.98T (liabilities ratio 89.0%) represent massive insurance liabilities; provisions for policy reserves can vary significantly with interest rates, mortality and lapses. This period had a provision for policy reserves of ¥2566.4B (prior year reversal ¥5797.9B), demonstrating large accounting swings; in a rising rate environment lapse risk could increase and ALM mismatch could depress earnings. Price fluctuation reserve recorded a provision of ¥18.58B (from ¥299.8B to ¥299.8B), and additional provisioning needs under market stress could weigh on earnings.
Weakness in cash conversion efficiency: Operating CF ¥1502.2B exceeds Net Income ¥1399.7B, but OCF subtotal before working capital changes was -¥1265.7B, showing negative before working capital driven by insurance liabilities and reallocation of investment assets, leading to significant cash demand. Investing CF was -¥2615.0B and FCF remained negative at -¥1112.8B for consecutive periods. Total Return Ratio of 120.9% depends on external financing and asset sales; in adverse market conditions cash generation could slow, posing risks to sustainability of shareholder returns and liquidity.
業種ベンチマークデータなし
※出所: 当社集計
Substantial profit growth with Ordinary Income +29.5% and Comprehensive Income ¥3739.4B increased capital, progressing improvements in ROE 8.7% and Equity Ratio 9.3%. Segment profit expansion at Daido Life and Taiyo Life drove results, and improvement in the investment environment boosted investment income (Interest and dividends, etc. +11.6%; Gains on sale of securities +48.3%). Full year guidance was exceeded by 9.4% on Ordinary Income and 3.7% on Net Income; dividends rose by +225% YoY and share buybacks ¥1063.2B were executed, with Total Return Ratio 120.9%—noteworthy as a capital-efficiency-focused stance.
However, premium and other income grew only marginally (+2.2%), with structural issues remaining such as declines in individual premiums at T&D Financial Life and Taiyo Life. Variability in provision for policy reserves (prior year reversal ¥5797.9B → current provision ¥2566.4B) and valuation gains on securities +¥2024.1B greatly influence profit and capital, indicating high market dependence that affects sustainability and volatility of earnings. FCF was negative ¥1112.8B for the third consecutive period, and total returns exceeded Operating CF by over 13%, with reliance on asset sales and bond issuance (+¥1040B) for funding—these are points to closely monitor for liquidity management. The provisioning for price fluctuation reserves (¥18.58B) and derivative costs ¥900.6B, while improving market stress resilience, impose short-term earnings pressure; future interest rate and equity market movements will continue to determine ROE and dividend sustainability.
This report was automatically generated by AI analyzing XBRL financial statement data. It does not constitute a recommendation to invest in any particular security. Industry benchmark data is compiled by our firm based on public financial statements for reference. Investment decisions are your responsibility; please consult a professional advisor as appropriate.