【T&D Holdings FY2026 Q2 Earnings Presentation】Adjusted profit reaches a record ¥158.5 billion, ROE rises to 10.5%; 12th consecutive dividend increase in prospect

T&D Holdings announced that group adjusted profit for the full fiscal year ending March 2026 was ¥158.5 billion, up 12.0% from the previous fiscal year and a record high. ROE rose to 10.5%, while the dividend per share increased sharply to ¥130 from ¥80 in the previous fiscal year. For the fiscal year ending March 2027, the company forecasts adjusted profit of ¥172.0 billion and a dividend of ¥164, targeting dividend growth for the 12th consecutive period.

Daido Life posted adjusted profit of ¥91.0 billion (+25.3% year on year), core profit of ¥143.3 billion and a positive spread of ¥86.6 billion, representing a substantial increase in profit. Taiyo Life posted adjusted profit of ¥89.5 billion (+70.8%), core profit of ¥89.5 billion and a positive spread of ¥59.3 billion, while annualized new premiums remained firm at ¥22.0 billion. Wider interest spreads resulting from higher interest rates boosted results.

Rising interest rates drove the expansion in results. The final yield on yen-denominated bonds rose to 1.50%, while the average assumed interest rate was 1.27%, widening the interest spread to 0.23%. Yen interest-bearing assets account for 60% of the asset portfolio, and the company outlined a policy of expanding investment operations against a backdrop of approximately ¥15 trillion in interest income.

Under its long-term vision, Try & Discover 2030, the company is targeting adjusted profit of ¥230.0 billion, ROE of 15% and average annual EPS growth of more than 10%, while setting new investment in areas such as the closed-book business at approximately ¥500.0 billion. Following T&D Financial Life's ¥160.0 billion transfer of PayPay, the company plans to allocate capital between shareholder returns and growth investment, with shareholder returns to include share buybacks after the transfer.