T&D Holdings, Inc.

Strong YTD performance vs plan; full-year maintained (no dividend change) - Group adjusted profit: JPY 122.5bn in 3Q (9M ended Dec 31, 2025) vs full-year forecast JPY 146bn → 83.9% progress. - Management says they are confident to achieve the full-year number, but Q4 results are still being confirmed for some investees/portfolio sales variability. - Forecast unchanged: no change to full-year earnings forecast and no change to dividends (dividend policy maintained). - Value of new business (3 life insurers combined): JPY 144.3bn vs full-year forecast JPY 168bn → 85.9% progress.

Key earnings drivers: upside from investment/hedging and spreads, offset by expenses - Core profit increased at the 3 life insurers; Taiyo & Daido had capital gains from equity sales. - Offsets/negative within investment gains: - Taiyo Life: losses from reduction of foreign bond holdings (mentioned as “mainly losses” related to foreign bond sales). - Daido Life: losses on bond sales tied to replacement for cash flow matching. - Other positive factors noted: lower currency hedge costs, increased interest/dividend income, and growing positive spread; partially offset by higher operating expenses. - Alternative investment upside (surprising benefit): management said upside vs plan from alternative exposure was roughly JPY 20bn pretax at end of Q3 (they avoided detailed breakdown).

MCEV / capital strength: solid numbers, ESR sensitive to rates and investment actions - Group MCEV: JPY 4.3974tn, driven by new business value accumulation, stock price rise, and LDTI adoption at Fortitude Re. - ESR: 225% (down from prior fiscal year end per company context). - Risk/why ESR moved: ESR decline attributed to Viridium investment and higher mass surrender risk due to higher domestic interest rates. - Rate sensitivity provided: for every +50 bps in domestic rates, ESR drops by ~7 points (management referenced prior IR sensitivity). - January rate spike concern was raised by an analyst; management stated they saw no ESR impact requiring asset impairment from that move (as long as they can hold matching assets and avoid mass surrenders).