Latest news with #T&DHoldings
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Nikkei Asia
a day ago
- Business
- Nikkei Asia
US hedge fund Farallon presses Japanese insurer T&D to reform
TOKYO -- Japanese insurance company T&D Holdings is being pressured by American activist investor Farallon Capital Management to sell off cross-shareholdings instead of engaging in "concealment" and to boost synergies between subsidiary insurance providers. Farallon began investing in T&D in 2008, with its stake now amounting to 4.6% of the voting rights. It has called for improvements at the insurer multiple times since April 2023 and has held meetings with management.
Yahoo
02-06-2025
- Business
- Yahoo
Farallon Capital Management Releases Investor Presentation Outlining Value Creation Opportunities at T&D Holdings and the Need for Additional Independent Outside Directors
SAN FRANCISCO, June 02, 2025--(BUSINESS WIRE)--Farallon Capital Management L.L.C. ("Farallon") today released a presentation highlighting necessary actions for T&D Holdings Inc. ("T&D HD" or the "Company") (8795.T) to realize its full potential. The presentation details Farallon's history with T&D HD as a long-term shareholder, its multi-year effort to engage constructively with T&D HD to drive change within the Company, and its proposals to unlock value for the benefit of all stakeholders (including policyholders, employees and shareholders), whilst explaining in detail why shareholders should vote for the appointment of the highly-qualified independent outside director candidates proposed by Farallon to the T&D HD Board of Directors (the "Board"). The presentation is available at: Farallon first became a shareholder of T&D HD in 2008 and currently owns approximately 4.6% of the voting rights. Over the past two years, Farallon has engaged with T&D HD to drive the fundamental reforms that Farallon believes are required to enable T&D HD to realize its full potential for the benefit of all stakeholders. Specifically, Farallon has requested the Company to: Conduct a true and meaningful reduction of its cross-shareholdings Reduce excessive investment risks Improve profitability at Taiyo Life Enhance its group governance and business portfolio management To strengthen the Company's oversight and accelerate its transformation, Farallon has proposed enhancing the Board's composition with the nomination of two independent outside director candidates at the Company's 2025 Annual General Meeting (the "AGM") to be held in June. This year marks the final year of T&D HD's current long-term vision (Try & Discover 2025) and therefore it is a critical time to best position the Board as it formulates its new upcoming long-term vision next year. Farallon's director nominees – Ms. Ina Kegler (former CFO of Allianz Re) and Mr. Ken Mohan (former SVP of MetLife Asia) – have extensive insurance industry expertise that will augment the current Board's skillset and help drive the fundamental reforms necessary at T&D HD to enhance its corporate value for all Company stakeholders. We encourage all shareholders to review our presentation and cast their votes in favor of the proposal to elect Ina Kegler and Ken Mohan to the Board at the upcoming AGM. About Farallon Farallon Capital Management, L.L.C., is a global investment firm founded in 1986 and registered as an investment advisor with the United States Securities and Exchange Commission since 1990. Farallon seeks investments across asset classes and around the world through a process of bottom-up fundamental research and analysis emphasizing capital preservation. More information on Farallon is available at Disclaimer This press release is for general information purposes only and is not complete. Under no circumstances is this intended to be, nor should it be construed as an offer, invitation, marketing of services or products, advertisement, inducement or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or make any type of investment in securities. This press release should not be construed as legal, tax, investment, financial or other advice. Additionally, this press release should not be construed as an offer to buy any investment in any fund or account managed by Farallon Capital Management L.L.C. or any of its affiliates or representatives (collectively, "Farallon"). This press release is not intended and should not be considered to solicit, encourage, induce or seek T&D HD. shareholders to authorize Farallon or any other third party as their proxy in exercising their voting rights on their behalf. Farallon is not soliciting or requesting other shareholders of T&D HD to jointly exercise their shareholders' rights with Farallon (including, but not limited to, voting rights). Farallon declares that it does not intend to be treated or deemed a "joint holder" (kyo-do hoyu-sha) under the Japanese Financial Instruments and Exchange Act or a "related person" (kankei-sha) under the Foreign Exchange and Foreign Trade Act with other T&D HD shareholders. Farallon does not have the intention to make a proposal, directly or through other shareholders of T&D HD to transfer or abolish the business or assets of T&D HD and/or T&D HD group companies (the T&D HD Group) at the general shareholders meeting of T&D HD. Farallon does not have the intention and purpose to engage in any conduct which constricts the continuing and stable implementation of the businesses of any member of the T&D HD Group. This press release is made available exclusively by Farallon and not by or on behalf of T&D HD or its affiliates or subsidiaries or any other person. Farallon is not an affiliate of T&D HD and neither Farallon nor its principals or representatives are authorized to disseminate any information for or on behalf of T&D HD, and nor does Farallon purport to do so. In respect of information that has been prepared by Farallon (and not otherwise attributed to any other party) and which appears in the English language version of this press release, in the event of any inconsistency between the English language version and the Japanese language version of this press release, the meaning of the Japanese language version shall prevail unless otherwise expressly indicated. View source version on Contacts Media ContactsLongacre Square PartnersDan Zacchei / Joe GermaniFarallon@
Yahoo
16-05-2025
- Business
- Yahoo
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.
