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(Reference)

Non-Consolidated Financial Data of the Three Life Insurance Companies for the Nine Months Ended December 31, 2013
(Billions of yen) Daido Life Amount % Change 2,518.6 1,937.3 5.36% 36,083.6 51.1 7.7 645.5 61.0 (5.0%) (7.9%) (0.45 points) 0.1% (3.6%) 10.0% 2.2% 10.1% T&D Financial Life Amount % Change 180.3 142.5 6.99% 1,915.9 14.5 0.0 146.0 3.4 65.6% 133.5% 3.92 points (2.9%) 79.6% 4,222.7% (15.7%) (9.6%) Total (Sum of Three Companies) Amount % Change 5,027.4 3,017.4 59,712.2 98.4 13.1 1,428.2 163.3 (4.5%) (2.5%) 1.1 % (18.9%) 8.9% (0.4%) 1.6%

1. Sales Results (Individual Insurance and Annuities)


Nine Months Ended December 31, 2013 New policy amount Surrender and lapse amount Surrender and lapse rate Policy amount in force
Annualized premiums of new policies

Taiyo Life Amount % Change 2,328.4 937.5 4.46% 21,712.6 32.7 5.3 636.6 98.8 (7.0%) 0.6% (0.15 points) 3.2 % (45.6%) 7.4% 1.2% (2.7%)

Third Sector products


Annualized premiums of total policies

Third Sector products Notes: 1. New policy amount includes increase from conversion. 2. Surrender and lapse rate is not annualized. 3. % Change is presented in comparison with the same term of the previous fiscal year (hereinafter, same if not mentioned otherwise). 4. Changes in policy amount in force from the previous fiscal year-end: Total: 0.8%; Taiyo life: 3.3%; Daido life: (0.2%); T&D financial life: (6.1%) 5. Changes in annualized premiums of total policies from the previous fiscal year-end: Total: (1.3%); Taiyo life: 0.2%; Daido life: 1.4%; T&D financial life: (16.7%)

2. Summary of Operations
Nine Months Ended December 31, 2013 Ordinary revenues T&D Holdings Consolidated Amount % Change Taiyo Life Amount % Change Daido Life Amount % Change

(Billions of yen) T&D Financial Life Amount % Change

1,591.8 (8.6%) 650.2 (29.1%) 669.7 1.4% 348.3 128.1% 1,209.3 (15.5%) 501.8 (34.5%) 529.5 (3.4%) 176.6 53.2% Investment income 328.2 25.9% 133.9 (4.2%) 123.5 26.5% 72.8 163.3% Ordinary expenses 1,450.7 (11.8%) 596.3 (31.5%) 599.9 (2.7%) 332.2 126.7% Insurance claims and other payments 1,145.9 12.7% 447.2 (11.7%) 395.8 (9.2%) 302.1 309.9% Investment expenses 73.2 (8.4%) 23.7 (38.0%) 35.8 (6.2%) 14.6 117.8% Ordinary profit 141.1 45.1% 53.9 16.4% 69.7 59.4% 16.1 159.8% Extraordinary gains 0.0 (75.4%) (100.0%) (100.0%) Extraordinary losses 22.6 20.8% 8.6 (22.6%) 13.6 117.2% 0.3 (72.5%) Provision for reserve for policyholder dividends 22.7 1.6% 12.9 8.8% 9.8 (6.7%) (0.0) 26.8% Income (loss) before income taxes 95.7 70.0% 32.3 38.0% 46.3 71.5% 15.7 222.5% Total income taxes 34.4 108.0% 11.5 69.6% 17.8 133.1% 4.4 199.7% Net income 61.0 54.4% 20.8 25.1% 28.4 47.1% 11.3 232.4% Note: T&D Holdings' consolidated figures do not always correspond to the sum of the three companies' figures. Simple sum of all three companies' income from insurance premiums and others is 1,208.0 billion (down 15.5%).
Income from insurance premiums and others

3. Key Indicators
Nine Months Ended December 31, 2013 Total (Sum of Three Companies) Amount Change Taiyo Life Amount Change 54.9 9.3 Taiyo Life Amount 920.9% 927.7% 847.5
Change from previous FYE

(Billions of yen) Daido Life Amount Change 71.8 11.4 Daido Life Amount 1,104.5% 1,111.6% 951.7
Change from previous FYE

T&D Financial Life Amount Change 29.3 17.8 (2.0) (0.1) (Billions of yen) T&D Financial Life Amount
Change from previous FYE

Core profit 156.1 47.6 Amount of negative spread 18.7 31.0 Note: In case of positive spread, amount is shown in positive value. T&D Holdings Consolidated As of December 31, 2013 Amount Solvency margin ratio Consolidated SM ratio Adjusted net assets 1,049.4% 1,958.4
Change from previous FYE

11.8 13.5

17.9 17.6

105.6 points 35.5

97.5 points 98.0 points (28.6)

61.3 points 61.2 points 66.4

1,023.0% 374.6 points 123.1 (2.9) (Billions of yen) T&D Financial Life Amount 21.4 21.3 0.0 Change from previous FYE

As of December 31, 2013


Unrealized gains/ losses on securities

Total (Sum of Three Companies) Amount


Change from previous FYE

Taiyo Life Amount 474.6 192.5 187.0 82.2 6.6 6.2 0.3
Change from previous FYE

Daido Life Amount 282.0 136.3 109.3 15.3 12.2 1.1 7.4 18.5
Change from previous FYE

Domestic bonds Domestic stocks Foreign securities Other securities Monetary trusts Monetary claims purchased
Unrealized gains/ losses on real estate

778.1 350.2 296.3 97.6 18.9 1.2 13.7 18.9

(56.8) (109.0) 96.5 (50.5) 8.9 0.5 (3.2) 2.2

(52.0) (60.5) 53.1 (43.7) 0.8 (1.7) 0.2

4.7 (38.9) 43.3 (6.7) 8.0 0.5 (1.5) 1.9

(9.5) (9.5) (0.0) -

Notes: 1. Regarding net unrealized gains/losses on securities, the figures show only those of securities with market value. 2. Net unrealized gains/losses on real estate are basically calculated based on the appraisal price. Less important properties are calculated based on the posted price. 3. MCEV as of December 31, 2013 is calculated by partly using a simplified method (figures hereinafter are approximated): Group MCEV: 1,974 billion (up 309 billion); Taiyo Life: 712 billion (up 75 billion); Daido Life 1,141 billion (up 218 billion); T&D Financial Life: 92 billion (up 15 billion).

T&D Holdings, Inc

(Reference)

Forecasts for the Year Ending March 31, 2014 (April 1, 2013 - March 31, 2014)
Full year forecasts for the year ending March 31, 2014 have not been changed as originally announced on May 15, 2013, being placed below as reference. 1. T&D Holdings (Consolidated)
(Billions of yen)

Year Ended March 31, 2013 Ordinary revenues Ordinary profit Net income 2,418.9 151.6 63.7

Forecast for the Year Ending March 31, 2014 2,120 165 66

Projected annual dividend per share for the year ending March 31, 2014 is 22.50. 2. Three Life Insurance Companies (Non-consolidated Basis) The followings are the three life insurance companies forecasts for the year ending March 31, 2014.
(Billions of yen)

Taiyo Life Ordinary revenues Ordinary profit Net income 970 72 26

Daido Life 870 75 28

T&D Financial Life 340 16 12


(Billions of yen)

Sum of Three Companies Core profit Income from insurance premiums and others Negative spread
(In case of positive spread, amount is shown in positive value.)

Taiyo Life 68 780 6 3,040 21,830 5.9%

Daido Life 82 730 3 3,340 35,910 7.5%

T&D Financial Life 7 230 (2) 270 1,900 3.5%

157 1,740 7 6,650 59,640

New policy amount Policy amount in force Surrender and lapse rate

Notes: 1. Policy amount in force, new policy amount and surrender and lapse rate include individual insurance and annuities. The new policy amount includes increase from conversion. 2. Forecasts of Daido Lifes new policy amount and policy amount in force plus forecast of the total insured amount of J-type product are as follows (Insured amount of J-type product is not normally included in new policy amount and policy amount in force because this product does not cover death benefits.): new policy amount: 3,830 billion; policy amount in force: 37,110 billion.

The above forecasts for the year ending March 31, 2014 reflect the Companys current analysis of existing information and trends. Actual results may differ from expectations based on risks and uncertainties that may affect the Companys businesses.

T&D Holdings, Inc