T&D (8795) Investor update summary

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.