T&D (8795) Q1 2027 earnings summary

Executive summary

• Taiyo Life and Daido Life presented Q1 2027 sales strategies focused on productivity, hybrid sales, digital transformation, and partnerships with PayPay and SoftBank.

• Group adjusted profit rose 35.0% year-over-year to ¥53.2 billion, achieving 31.0% of the full-year forecast, with profit attributable to owners of parent up 13.3% to ¥42.2 billion.

• Ordinary revenues rose 1.4% year-over-year to ¥904.3 billion, driven by strong investment income despite a decline in insurance premiums.

• Comprehensive income grew 41.7% year-over-year to ¥96.9 billion.

• Daido Life emphasized consultative sales, total coverage proposals, and expanding both insurance and non-insurance business lines.

Financial highlights

• Taiyo Life's new business A&P per sales staff rose from JPY 1.1 million to JPY 1.5 million, with sales staff numbers increasing to over 9,900.

• Daido Life's new policy amount reached JPY 5.3 trillion in FY2025, up JPY 170 billion year-over-year; policy amount in force hit JPY 47 trillion.

• Group adjusted profit: ¥53.2bn (up 35.0% year-over-year); core profit for domestic life insurance: ¥57.2bn (up 20.9% year-over-year).

• Investment income jumped 52.7% year-over-year to ¥230.4 billion, offsetting a 9.9% decline in insurance premiums.

• Earnings per share increased to ¥88.15 from ¥73.35 year-over-year.

Outlook and guidance

• Full-year group adjusted profit forecast: ¥172.0bn; annual dividend per share expected to rise to ¥164.0.

• Taiyo Life plans to expand protection and savings-type products, restart single premium product sales, and further digitalize sales channels.

• Daido Life aims to evolve its total protection approach, expand customer segments, and develop both insurance and non-insurance businesses, with a five-year horizon for non-insurance profitability.

• Full-year forecast for ordinary revenues is ¥3,000,000 million, ordinary profit ¥235,000 million, and profit attributable to owners of parent ¥135,000 million, all expected to decline year-over-year.