T&D Holdings, Inc.

3Q/9M performance & full-year outlook unchanged (profit progress is strong but guarded) - Group adjusted profit: JPY 122.5bn vs full-year forecast JPY 146bn → 83.9% progress (strong pace). - No change to full-year earnings forecast and dividends. - Company expects limited upside to the full-year number given current conditions; Q4 will hinge on items not yet finalized (see Fortitude/Viridium + market-driven investment gains/losses).

New business momentum remains solid; MCEV and ESR are healthy - Combined value of new business (3 life insurers): JPY 144.3bn vs full-year forecast JPY 168bn → 85.9% progress. - Group MCEV: JPY 4.3974tn, up JPY +451.7bn YoY (driven by new business value accumulation, rising domestic/foreign stock prices, and LDTI adoption at Fortitude Re). - ESR: 225%, down from prior fiscal year (decline tied to Viridium investment and higher mass surrender risk under higher domestic rates).

Investment gains are a major support—but also create Q4 uncertainty (market-dependent) - Q3 core profits improved across the 3 life companies. - Taiyo Life & Daido Life saw capital gains from equity sales, but: - Taiyo Life also had losses related to reductions in foreign bond holdings. - Daido Life had bond sale losses, mainly from replacement under cash flow matching strategy. - Upside vs plan from alternative investments: stated roughly JPY ~20bn pretax upside in FY to Q3 (magnitude of future quarters not given). - Management emphasized Q4 will be sensitive to market movements (equity sale gains/losses + bond replacement economics).