T&D (8795) Q3 2026 earnings summary

Executive summary

• Nine-month adjusted profit rose 22.1% YoY to ¥122.5bn, reaching 83.9% of the ¥146bn FY forecast.

• Profit attributable to owners of parent fell 9.8% YoY to ¥108.6bn, mainly reflecting reversal of temporary valuation gains at a foreign reinsurance affiliate.

• New-business value was ¥144.3bn, 85.9% of its ¥168bn FY forecast; MCEV was ¥4,397.4bn and ESR was 225%.

Financial highlights

• Ordinary revenues rose 3.0% YoY to ¥2,607.8bn, as investment income increased 34.4% to ¥552.2bn despite lower insurance premiums.

• Ordinary profit increased 0.6% to ¥180.3bn; comprehensive income rose 230.5% to ¥357.7bn on gains in available-for-sale securities.

• Domestic life core profit rose 40.5% YoY to ¥166.7bn, driven by higher interest and dividend income.

• Insurance premium income declined 1.6% YoY to ¥1,978.8bn, mainly due to lower bancassurance sales.

Outlook and guidance

• FY adjusted-profit forecast remains ¥146bn; management was confident of achieving it but saw limited potential for significant upside under current conditions.

• FY ordinary profit is forecast at ¥223bn and profit attributable to owners of parent at ¥118bn, down 6.6% YoY; annual dividend forecast is ¥124 per share.

• Fortitude Re and Viridium Q4 results, market-dependent equity sales and bond replacement remain forecast variables; revisions will be disclosed promptly if needed.

• Each ¥1 appreciation in the final three months is expected to reduce adjusted profit by ¥0.3bn.