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T&D
T&D (8795) investor relations material
T&D Investor update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor update summary14 Jan, 2026
Business growth, strategic milestones, and market position
Grown from $37 billion in liabilities in 2020 to over $100 billion in balance sheet assets, with $83 billion in general account reserves as of September 30, 2025.
Achieved $8 billion in block transactions and $1 billion+ in annual premiums from three flow deals in 2025, with 8th transaction in Japan and $14 billion total ceded reserves from Japanese clients.
Holds ~26% market share in Asia and ~10% in North America for block life reinsurance transactions since 2020.
Launched a $700 million Asia-focused sidecar and completed inaugural $500 million FABN and $750 million BMA Tier 3 senior note offerings.
Continued investments in data, analytics, and talent to drive efficiency and maintain competitive edge.
Financial performance and capital management
Core operating earnings reached $867 million and adjusted net income $790 million for the first nine months of 2025.
Maintains robust capital ratios: 186% ECR in Bermuda and 645% RBC in the U.S., with financial leverage at or below 24%.
Net invested assets grew 6.7% year-over-year to $78 billion, with $5 billion adjusted equity and $2.3 billion in cash and equivalents.
Liquidity position totals $5.3 billion, including cash, credit facilities, and liquid government bonds.
$300 million shareholder dividend paid, supported by strong asset growth and favorable experience.
Investment portfolio and risk management
$82 billion investment portfolio is 93% fixed income, with 96% investment grade and an average rating of A-.
Private credit and ABS make up 21% of assets, with private credit averaging BBB+ and diversified across asset types.
Real estate exposure is $13.6 billion, mainly residential mortgages with low LTVs; commercial mortgage exposure is below industry averages and only 4% of portfolio.
Structured products comprise up to 22% of the portfolio, mostly senior tranches and investment grade.
Robust ALM, daily hedging, and comprehensive risk management infrastructure ensure resilience and stable cash flows.
Detail Japan market growth strategy
How does Fortitude address AM Best's negative outlook?
How does Carlyle relationship optimize asset returns?
Mitigate credit bubble risks?
Sidecar's role in Asia market expansion?
Why low direct lending exposure?
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Next T&D earnings date
Q3 202613 Feb, 2026
T&D
Next T&D earnings date
Q3 202613 Feb, 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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