T&D Holdings held its IR DAY on 21 October 2026 and disclosed Fortitude Re's first-half results and capital position. Net investment assets were approximately $76 billion, adjusted net income was $796 million, ROA was 1.0% and group ECR was 205%, indicating a strong capital position.
T&D Holdings held its IR DAY on 21 October 2026 and disclosed Fortitude Re's performance and financial metrics for the first half of 2026. Net investment assets were approximately $76 billion, adjusted net income was $796 million and ROA was 1.0%, with the company highlighting its financial soundness. Group ECR, a measure of the group's capital position, was 205%, the RBC ratio for the U.S. business was 598% and financial leverage was 24%.
The liability portfolio was diversified, with total liabilities of approximately $100 billion, an average duration of more than 15 years and approximately two-thirds being non-cancellable. In 2026, the company completed a block transaction of approximately $5.5 billion with Unum and planned to acquire Dayforward and begin direct retail annuity sales as Fortitude Life in early 2027. Dayforward was positioned as a complementary element of the core capital portfolio.
Fixed-income assets accounted for 94%, investment-grade assets for 96% and the weighted-average rating was A-. Illiquid asset origination increased from $3.6 billion in 2023 to $10.1 billion in 2025, reaching $5.5 billion in the first half of 2026. Data-center-related exposure was approximately $2 billion, or approximately 2.5% of the total, and was primarily investment-grade backed.
As part of its expansion in Asia, the company positioned Japan as its second home market and aims to expand its areas of activity through FCA Re. It explained that the retail business is highly competitive and has low margins, but involves lower behavioral risk among policyholders. Going forward, the company's capital policy will focus on improving its ratings and increasing flexibility in the capital markets.