T&D Holdings Inc

XMUN:TZ6

Record profit: Group adjusted profit for the fiscal year ended March 2026 reached a record JPY 158.5 billion, beating the full-year forecast of JPY 146 billion, with adjusted ROE at 10.5%.

FY27 outlook: Management guided to JPY 172 billion of group adjusted profit for the fiscal year ending March 2027 and expected adjusted ROE of 11%.

Dividend up: The dividend forecast rises to JPY 164 per share for FY27 from JPY 130 in FY26, marking the 12th straight expected annual increase.

Insurance trends: New policy sales were ahead of plan at Taiyo and TDF, while Daido missed plan but still grew year on year; surrender and lapse trends were mixed across the three insurers.

Capital strength: Group EV rose to JPY 4,238.6 billion and ESR was 222%, which management said sits within its preferred 185% to 225% range.

Shareholder returns: Management said the current dividend reflects a 60% payout approach based on 5-year average profit, and it will consider share buybacks flexibly rather than on a fixed schedule.