T&D Holdings Inc (TDHOF) (FY 2025) Earnings Call Highlights: Record Profits and Strategic ...
Release Date: May 15, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Group adjusted profit for 2024 exceeded forecasts, reaching a record high of CNY141.5 billion.
Dividend per share for FY25 was revised up to CNY124, marking the 11th consecutive fiscal year of dividend increase.
Sales results of new policies for all three life insurance companies exceeded plans.
Value of new business increased by CNY166.1 billion.
The group MCEV amounted to 4 trillion and CNY181.3 billion, indicating strong financial health.
Surrender and lapse rates have risen in Taiyo and TDF, indicating potential customer retention issues.
Capital gains decreased at Dido Life due to losses on bond sales as part of a cash flow matching strategy.
Higher operating expenses are expected due to increased personal costs and IT system investments.
The company faces challenges with high surrender rates, particularly in the bancassurance channel.
Interest rate hikes pose a risk, with potential negative impacts on embedded value and surrender trends.
Warning! GuruFocus has detected 4 Warning Signs with NVDA.
Q: How does T&D Holdings plan to manage interest rate risks given the rising interest rate environment? A: Despite the rising interest rates, T&D Holdings will continue to purchase ultra-long bonds at Dao Life, planning to buy approximately CNY200 billion. The company is closely monitoring the risk associated with higher interest rates and plans to adjust its strategy accordingly to reduce interest rate risk. (Respondent: Unidentified_1)
Q: What impact has the surrender trend had on the company's embedded value (EV), and how is T&D Holdings addressing profitability challenges at Tao Life? A: The change in surrender assumptions impacted EV by approximately 16 billion yen for Tao Life and 57 billion yen for Dido Life. To address profitability challenges at Tao Life, the company plans to review investment yields, enhance underwriting capabilities, and improve sales and marketing activities. (Respondent: Unidentified_1)
Q: How is T&D Holdings managing the surrender risk associated with new products sold through the bank assurance channel? A: For new products, the company assumes a lower surrender risk compared to older policies. The new product design does not encourage surrender in the sixth year, and the company is considering attaching a Market Value Adjustment (MVA) to further manage this risk. (Respondent: Unidentified_2)
Q: What are the reasons behind the expected reduction in interest and dividend income for Dido Life in the new fiscal year? A: The reduction is due to a strong alternative investment income in the previous fiscal year, which is not expected to repeat. The company plans to improve capital gains by continuing to divest strategically held stocks. (Respondent: Unidentified_1)
Q: How does T&D Holdings plan to offset potential impacts from a stronger Japanese yen on its fiscal year guidance? A: The company plans to offset potential impacts from a stronger yen through investment and underwriting profits. While no additional capital gains are planned, these profits are expected to mitigate the downside risk from exchange rate fluctuations. (Respondent: Unidentified_2)
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.
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