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Overview

Insurance

T&D Holdings, Inc.

T&D Holdings is a life insurance holding company comprising three core life insurance subsidiaries—Taiyo Life Insurance, Daido Life Insurance, and T&D Financial Life Insurance—each targeting distinct market segments including individual policyholders, small and medium-sized business owners, and variable annuity customers. The group also operates T&D United Capital, an investment subsidiary focused on business domains with high affinity to the life insurance business. Additional group companies include Pet & Family Non-Life Insurance and T&D Asset Management, broadening the group's financial services offering.

Market Cap

¥2,297B

US$14.7B

¥—B

Stock¥4,800▼-0.21%

US$1 = ¥156.80 (2026-10-23)

ROE

8.6%

* LTM NI / end-of-period equity

PBR

1.4

Stock vs TOPIX (1Y, base=100)vs TOPIX ▲+20.5%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

1Jun 5, 26Board approved share buyback

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Performance & Balance

Revenue 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

88%

EquityD/E 0.14xDebt

Liquidity vs Debt 5Y (¥B)▲ Net Cash

CashInv. Sec.Debt

Shareholders

Top 10 hold 40.2%

as of 2026-03-31 · Source: Annual Securities Report

The Master Trust Bank of Japan, Ltd. (Trust Account)

16.11%

Custody Bank of Japan, Ltd. (Trust Account)

5.89%

GOLDMAN,SACHS & CO.REG (Standing Proxy: Goldman Sachs Japan Co., Ltd.)

5.00%

STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)

3.99%

JPMorgan Securities Japan Co., Ltd.

2.21%

THE CHASE MANHATTAN BANK,N.A. LONDONSECS LENDING OMNIBUS ACCOUNT (Standing Proxy: Mizuho Bank, Ltd.)

1.77%

STATE STREET BANK AND TRUST COMPANY 505103 (Standing Proxy: Mizuho Bank, Ltd.)

1.45%

JP MORGAN CHASE BANK 385781 (Standing Proxy: Mizuho Bank, Ltd.)

1.39%

AIG General Insurance Company, Ltd. (Standing Proxy: Japan Custody Bank, Ltd.)

1.24%

JP MORGAN CHASE BANK 380081 (Standing Proxy: Mizuho Bank, Ltd.)

1.13%

Management

17 officers

Hirohisa UEHARA

Director, Chairman

Apr 1984 Joined Taiyo Life Insurance Company Feb 2005 Director, T&D Asset Management Co., Ltd. Apr 2011 Executive Officer, T&D Holdings, Inc. Apr 2012 Director, T&D Financial Life Insurance Company Apr 2014 Executive Officer, Taiyo Life Insurance Company Jun 2014 Director and Executive Officer, Taiyo Life Insurance Company Apr 2015 Director and Managing Executive Officer, Taiyo Life Insurance Company Apr 2016 Director and Senior Managing Executive Officer, Taiyo Life Insurance Company Apr 2017 Director, Taiyo Life Insurance Company Apr 2017 Deputy President and Executive Officer, T&D Holdings, Inc. Jun 2017 Director, T&D Financial Life Insurance Company Jun 2017 Representative Director and Deputy President, T&D Holdings, Inc. Apr 2018 Representative Director and President, T&D Holdings, Inc. Apr 2024 Representative Director and Chairman, T&D Holdings, Inc. Jun 2024 Director, Taiyo Life Insurance Company (current) Apr 2026 Director and Chairman of the Board, T&D Holdings, Inc. (current)

1962-01-25

Masahiko MORIYAMA

Representative Director, President

Apr 1989 Joined Daido Life Insurance Company Apr 2016 Executive Officer, Daido Life Insurance Company Apr 2019 Managing Executive Officer, Daido Life Insurance Company Jun 2019 Director and Managing Executive Officer, Daido Life Insurance Company Apr 2022 Director, Daido Life Insurance Company Apr 2022 Senior Managing Executive Officer, T&D Holdings, Inc. Jun 2022 Director and Senior Managing Executive Officer, T&D Holdings, Inc. Oct 2022 Director, All Right Co., Ltd. Jun 2023 Representative Director and Senior Managing Executive Officer, T&D Holdings, Inc. Apr 2024 Representative Director and President, T&D Holdings, Inc. (current)

1965-08-16

Hodaka NAGAI

Director, Senior Managing Executive Officer; in charge of Financial Strategy Department and Accounting Department

Apr 2002 Joined Daido Life Insurance Company Apr 2015 Executive Officer, T&D Holdings, Inc. Apr 2017 Managing Executive Officer, T&D Financial Life Insurance Company Jun 2017 Director and Managing Executive Officer, T&D Financial Life Insurance Company Apr 2020 Director and Senior Managing Executive Officer, T&D Financial Life Insurance Company Jun 2021 Director, T&D Financial Life Insurance Company (current) Jun 2021 Managing Executive Officer, T&D Holdings, Inc. Jun 2022 Director, T&D Asset Management Co., Ltd. Jun 2023 Director and Managing Executive Officer, T&D Holdings, Inc. Apr 2024 Director and Senior Managing Executive Officer, T&D Holdings, Inc. (current) Jun 2024 Director, Daido Life Insurance Company (current)

1963-07-02

Yoko FUTAMI

Director, Managing Executive Officer; in charge of Internal Audit Department

Feb 1991 Joined Taiyo Life Insurance Company Apr 2017 Executive Officer, Taiyo Life Insurance Company Jun 2018 Director and Executive Officer, Taiyo Life Insurance Company Apr 2024 Director and Managing Executive Officer, Taiyo Life Insurance Company Jun 2024 Director and Managing Executive Officer, T&D Holdings, Inc. (current)

1962-07-31

Kensaku WATANABE

Director

Apr 1997 Registered as attorney-at-law Apr 1997 Joined Okazaki, Ohashi & Maeda Law Office (now Tokei Sogo Law Office) Jan 2006 Partner, Tokei Sogo Law Office (current) Jun 2016 Audit & Supervisory Board Member, T&D Financial Life Insurance Company Jun 2020 Outside Director, T&D Holdings, Inc. (current)

1971-02-17

Masazumi KATO

Director

Apr 1974 Joined The Japan Long-Term Credit Bank, Ltd. (now SBI Shinsei Bank, Limited) Mar 2000 Executive Officer, The Japan Long-Term Credit Bank, Ltd. Jun 2004 Managing Executive Officer, Shinsei Bank, Limited Sep 2005 Senior Executive Officer, Shinsei Bank, Limited Jun 2008 Deputy President and Representative Executive Officer, Shinsei Bank, Limited Oct 2010 Representative Executive Officer and Vice Chairman, Russell Investments Japan K.K. Jan 2013 Representative Director and Vice Chairman, Russell Investments Japan K.K. Oct 2023 Representative Director, Russell Investments Japan K.K. Jun 2024 Outside Director, T&D Holdings, Inc. (current)

1952-01-29

Kenji FUMA

Director

Apr 2004 Joined Recruit Avaiblic Co., Ltd. (now Recruit Holdings Co., Ltd.) Jul 2013 Representative Director and CEO, Neural Co., Ltd. (current) Jun 2024 Outside Director, T&D Holdings, Inc. (current)

1980-03-27

Yasuaki TAMURA

Director

Apr 1987 Joined Taiyo Life Insurance Company Apr 2014 Executive Officer, Taiyo Life Insurance Company Jun 2015 Director and Executive Officer, Taiyo Life Insurance Company Apr 2017 Director and Managing Executive Officer, Taiyo Life Insurance Company Apr 2018 Managing Executive Officer, T&D Holdings, Inc. Jun 2018 Director and Managing Executive Officer, T&D Holdings, Inc. Apr 2020 Director and Senior Managing Executive Officer, Taiyo Life Insurance Company Apr 2020 Director and Senior Managing Executive Officer, T&D Holdings, Inc. Jun 2020 Senior Managing Executive Officer, T&D Holdings, Inc. Jun 2024 Representative Director and Senior Managing Executive Officer, Taiyo Life Insurance Company Apr 2025 Representative Director and President, Taiyo Life Insurance Company (current) Jun 2025 Director, T&D Holdings, Inc. (current)

1962-09-02

Mutsuro KITAHARA

Director

Apr 1982 Joined Daido Life Insurance Company Apr 2010 Executive Officer, Daido Life Insurance Company Apr 2013 Managing Executive Officer, Daido Life Insurance Company Jun 2013 Director and Managing Executive Officer, Daido Life Insurance Company Apr 2015 Managing Executive Officer, T&D Holdings, Inc. Apr 2016 Director and Senior Managing Executive Officer, Daido Life Insurance Company Apr 2017 Senior Managing Executive Officer, T&D Holdings, Inc. Jun 2019 Representative Director and Senior Managing Executive Officer, Daido Life Insurance Company Apr 2020 Representative Director and Deputy President, Daido Life Insurance Company Apr 2021 Representative Director and President, Daido Life Insurance Company Jun 2021 Director, T&D Holdings, Inc. (current) Apr 2026 Director and Chairman, Daido Life Insurance Company (current)

1959-11-07

Hiroyuki FUJITA

Director

Apr 1988 Joined Daido Life Insurance Company Apr 2017 Executive Officer, Daido Life Insurance Company Apr 2020 Managing Executive Officer, Daido Life Insurance Company Jun 2020 Director and Managing Executive Officer, Daido Life Insurance Company Apr 2024 Director and Senior Managing Executive Officer, Daido Life Insurance Company Apr 2025 Director and Deputy President, Daido Life Insurance Company Jun 2025 Representative Director and Deputy President, Daido Life Insurance Company Apr 2026 Representative Director and President, Daido Life Insurance Company (current)

Takashi IKAWA

Director, Full-time Audit and Supervisory Committee Member

Apr 1985 Joined Daido Life Insurance Company Apr 2012 Executive Officer, Daido Life Insurance Company Apr 2016 Managing Executive Officer, Daido Life Insurance Company Jun 2017 Director and Managing Executive Officer, Daido Life Insurance Company Apr 2020 Managing Executive Officer, T&D Holdings, Inc. Apr 2021 Senior Managing Executive Officer, T&D Holdings, Inc. Apr 2021 Director and Senior Managing Executive Officer, Daido Life Insurance Company Jun 2022 Audit & Supervisory Board Member, T&D United Capital Co., Ltd. (current) Jun 2022 Director, Full-time Audit and Supervisory Committee Member, T&D Holdings, Inc. (current)

1962-07-17

Takashi TOJO

Director, Full-time Audit and Supervisory Committee Member

Apr 1986 Joined Taiyo Life Insurance Company Apr 2017 Executive Officer, Taiyo Life Insurance Company Apr 2021 Executive Officer, T&D Holdings, Inc. Apr 2021 Director, Pet & Family Non-Life Insurance Co., Ltd. Jun 2021 Director, T&D United Capital Co., Ltd. Jun 2022 Director, Full-time Audit and Supervisory Committee Member, T&D Holdings, Inc. (current) Jun 2024 Audit & Supervisory Board Member, Taiyo Life Insurance Company (current)

1963-10-29

Shinnosuke YAMADA