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T&D (8795) investor relations material

T&D Q3 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2026 earnings summary13 Feb, 2026

Executive summary

  • Group adjusted profit for the nine months ended December 2025 was ¥122.5 billion, up 22.1% year-over-year, reaching 83.9% of the full-year forecast of ¥146.0 billion.

  • Ordinary revenues for the nine months ended December 31, 2025, rose 3.0% year-over-year to ¥2,607.8 billion, driven by a 34.4% increase in investment income despite a 1.6% decline in insurance premiums.

  • Ordinary profit increased 0.6% to ¥180.3 billion, while profit attributable to owners of parent declined 9.8% year-over-year to ¥108.6 billion, mainly due to a reversal of temporary valuation gains at a foreign reinsurance affiliate and higher extraordinary losses.

  • Comprehensive income surged 230.5% to ¥357.7 billion, reflecting significant gains in available-for-sale securities.

Financial highlights

  • Core profit in the domestic life insurance business rose 40.5% year-over-year to ¥166.7 billion, driven by higher interest and dividends income.

  • Investment income grew to ¥552.2 billion (up 34.4%), offsetting a decline in insurance premium income.

  • Group MCEV increased 11.4% from the previous fiscal year-end to ¥4,397.4 billion, reflecting new business value accumulation and higher stock prices.

  • Solvency margin ratio remained strong at 944.5% (consolidated), despite a decrease due to investment activities.

  • Total assets as of December 31, 2025, reached ¥17,343.3 billion, up 3.8% from the previous fiscal year-end.

Outlook and guidance

  • Full-year group adjusted profit forecast remains at ¥146.0 billion, with no changes to the annual dividend per share forecast of ¥124.0.

  • Full-year forecast for ordinary revenues is ¥3,010.0 billion, with ordinary profit projected at ¥223.0 billion and profit attributable to owners of parent at ¥118.0 billion (down 6.6% year-over-year).

  • Share buyback program up to ¥100.0 billion, with ¥83.1 billion acquired as of January 2026.

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Frequently asked questions

T&D Holdings, Inc. is a Japanese financial services company that operates primarily in the life insurance sector. Through its group companies, the firm offers a range of life insurance products and services tailored to individuals and businesses. Its portfolio includes term life, whole life, and medical insurance policies. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange (TSE).

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