T&D (8795) Q4 2025 earnings summary

Executive summary

• Group adjusted profit for FY2024 reached a record ¥141.5 billion, up 36.7% year-over-year, driven by strong domestic life insurance sales and increased interest and dividend income.

• Profit attributable to owners of parent increased 28.0% to ¥126.4 billion.

• Sales of new policies at all three life insurance companies exceeded plans, with annualized premiums of new policies up 7.5% year-over-year.

• Dividend per share for FY2024 set at ¥80, up ¥10 from FY2023, marking the 10th consecutive annual increase; share buyback up to ¥100.0 billion, the largest in company history.

• Comprehensive income turned negative at ¥(13.3) billion, mainly due to a large loss in other comprehensive income.

Financial highlights

• Consolidated ordinary revenues increased 16.3% year-over-year to ¥3,730.4 billion; income from insurance premiums rose 4.3% to ¥2,579.8 billion.

• Value of new business increased to ¥166.1 billion; group MCEV rose to ¥4,181.3 billion.

• ESR improved to 243% at March 2025, supported by new policy acquisitions and investments.

• Dividend per share for FY2025 revised up to ¥124, marking the 11th consecutive annual increase.

• Unrealized losses on securities (general account) widened to ¥(468.6) billion from a gain of ¥277.4 billion year-over-year.

Outlook and guidance

• FY2025 group adjusted profit forecast raised to ¥146.0 billion, up from ¥141.5 billion in FY2024.

• Adjusted ROE expected to rise to 10.9% for FY2025.

• FY2025 dividend per share forecast at ¥124.0, continuing the trend of annual increases.

• FY2026 ordinary revenues are forecast to decline 19.3% to ¥3,010.0 billion, mainly due to a prior reinsurance transaction.

• Outlook remains uncertain due to reciprocal tariffs by the United States and other external factors.