F3/27 1Q Results Call Takeaways

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Update

August 7, 2026 02:10 PM GMT

T&D Holdings (8795) | Japan

Morgan Stanley MUFG Securities Co., Ltd.+

Atsuro Takemura

Equity Analyst

F3/27 1Q Results Call

Takeaways

The company presentation included earnings, new policy

achievement rates, cancellation rates, bond portfolio rotation

effects, state of alternative investments, and degree of forex

sensitivity.

Mia Nagasaka

Equity Analyst

T&D Holdings (8795.T, 8795 JT)

Insurance | Japan

insurance payments and business costs than anticipated, and there was also

Stock Rating

Industry View

Price target

Up/downside to price target (%)

Shr price, close (Aug 7, 2026)

Mkt cap, curr, basic (bn)

Div yld (03/27e) (%)

a pension fund allowance reversal. Daido Life’s mortality gains were also

Fiscal Year Ending

03/26 03/27e 03/28e 03/29e

higher than expected.

Operating profit (¥bn)*

Recurring profit (¥bn)*

Net income (¥bn)*

EPS, basic (¥)*

Prior EPS, basic (¥)*

EPS (¥)**

Prior EPS (¥)**

P/E, basic*

P/BV, basic

ROE (%)*

EV/EBITDA, basic

231.7

257.2

139.0

287.9

13.7

1.2

9.9

9.2

We participated in the F3/27 1Q results call that T&D Holdings held on 7 Aug after

the close. The company’s main statements were as follows.

• Core profit achievement rates were generally strong. Taiyo Life had lower

• Hedge cost fell sharply at Taiyo Life, but in F3/26 1Q there was a decline in

hedged foreign bonds, and thus the pace of decline should moderate from

2Q. Meanwhile at Daido Life the bond balance rose and hedge cost did not

fall to the extent anticipated, for only a small decline.

• Daido Life’s new policy value progress may have looked slow, but new policy

value, after a slow Apr-May, then recovered, and as of July it had caught up

to the company target.

• At Taiyo Life the end of the 5-year low cancellation return period in the bank

sales channel created an environment favoring more cancellations, and in the

event there was somewhat of an increase. Nagaiki My Kaigo (“my long life

Equal-weight

Attractive

¥5,580

11

¥5,006

¥2,402.2

3.3

214.0

239.5

146.9

309.6

16.2

1.5

9.1

12.3

223.9

249.3

147.0

322.4

15.5

1.6

9.4

11.8

231.7

257.2

153.0

342.2

14.6

1.6

10.7

11.4

…