7/31/2019 09 04 12 Td Financial Results Q1 2 2 http://slidepdf.com/reader/full/09-04-12-td-financial-results-q1-2-2 1/13 Supplementary Materials for the Three Months Ended June 30, 2012 1. Business Highlights (1) Total Policy Amount in Force ············································································································ P2 (2) New Policy Amount···························································································································· P2 (3) Annualized Premiums ························································································································· P3 (4) Surrender and Lapse Amount ············································································································· P3 (5) Surrender and Lapse Rate ··················································································································· P3 2. Status of General Account Assets (1) Asset Composition ······························································································································ P4 (2) Fair Value Information on Securities (Except Trading Securities) ···················································· P5 (3) Fair Value Information on Monetary Trusts······················································································· P6 (4) Fair Value Information on Real Estate ······························································································· P7 (5) Fair Value Information on Derivative Transactions ··········································································· P7 3. Status of Separate Account Assets (1) Balance of Separate Account Assets ·································································································· P9 (2) Total Number of Policies and Total Policy Amount in Force ···························································· P9 4. Reconciliation to Core Profit and Ordinary Profit(1) Reconciliation to Core Profit ············································································································ P10 (2) Reconciliation to Ordinary Profit ····································································································· P11 [Reference] Negative Spread ···················································································································· P12 5. Solvency Margin Ratio ······················································································································· P12 6. Adjusted Net Assets ···························································································································· P13 7. Total of General Account Assets and Separate Account Assets Fair Value Information on Financial Instruments ···················································································· P13 [Exhibit] The State of Investment in Securitized Products, Sub-prime Related Products and Others ········ P13 ─ 1 ─ T&D Financial Life Insurance Company
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Notes:1. Policy amounts for individual annuities are sum of the annuitization value (or amount of policy reserve less amounts relating to minimum guarantee for
individual variable annuities) as of the start date of annuity payment for policies which annuity payments have not yet commenced and the amount of policy
reserve for policies which annuity payments have commenced.
2. The policy amount in force for group annuities is equal to the amount of outstanding policy reserve.
(2) New Policy Amount(Number: Thousands, 100 Millions of yen, %)
Category
Three Months Ended June 30, 2011
Number AmountChange (%) Change (%) New policies
Increase from
conversion
Individual insurance 0 231.3 53 280.3 53 -
Individual annuities - 0.0 - 0.0 - -
Subtotal 0 155.7 53 173.5 53 -
Group insurance - - - - - -
Group annuities - - - - - -
(Number: Thousands, 100 Millions of yen, %)
Category
Three Months Ended June 30, 2012
Number AmountChange (%) Change (%) New policies Increase fromconversion
Individual insurance 4 636.6 341 636.4 341 -
Individual annuities - - - - - -
Subtotal 4 636.6 341 636.4 341 -
Group insurance - - - - - -
Group annuities - - - - - -
Notes:
1. There is no conversion plan from FY2001.
2. The new policy amount for individual annuity is equal to the annuitization value at the start date of annuity payment or the basic policy amount (single
(3) Annualized Premiums1) Policies in force (Millions of yen, %)
Category
As of March 31, 2012 As of June 30, 2012
Amount AmountChange from
Previous FYE (%)
Individual insurance 20,128 22,106 109.8
Individual annuities 151,445 150,050 99.1
Total 171,574 172,156 100.3
Third Sector 4,122 3,993 96.9
2) New policies (Millions of yen, %)
CategoryThree Months Ended June 30, 2011 Three Months Ended June 30, 2012
Amount Change (%) Amount Change (%)
Individual insurance 300 255.0 2,547 848.8
Individual annuities - 0.0 - -
Total 300 99.4 2,547 848.8
Third Sector - - - - Notes:
1. The amounts are calculated by multiplying monthly premiums by 12, and dividing lump-sum payments by the insurance period.2. The Japanese insurance market is legally divided into three major fields: the First Sector, which involves conventional life insurance; the Second Sector,
which involves P&C insurance; and the Third Sector, which involves insurance positioned between the two, including medical insurance, cancer insurance,
accident insurance, and nursing care insurance.
(4) Surrender and Lapse Amount(Number: Thousands, 100 Millions of yen, %)
Category
Three Months Ended June 30, 2011 Three Months Ended June 30, 2012
Number Amount Number AmountChange (%) Change (%) Change (%) Change (%)
Interest-related Currency-related Stock-related Bond-related Others Total
Hedge accounting applied - - - - - -
Hedge accounting not applied 3,760 836 7,742 - - 12,339
Total 3,760 836 7,742 - - 12,339
Notes:
1. Gains (losses) on derivatives which are not applied to hedge accounting are recorded in the statements of operations.2. The Company uses management trusts for interest-related and currency-related (currency swap) derivative transactions.
3. The Company uses monetary trusts for currency-related (currency option) and stock-related derivative transactions.
(2) Reconciliation to Ordinary Profit(Millions of yen)
CategoryThree Months Ended
June 30, 2011Three Months Ended
June 30, 2012
Core profit (A) (Note 1) (59) (Note 2) (11,683)
Capital gains 188 9,633
Gains from monetary trusts, net - (Note 3) 8,263Gains on investment in trading securities, net
- -Gains on sales of securities 1 -Gains from derivatives, net 128 1,370Foreign exchange gains, net 58 -Others - -
Capital losses 780 634
Losses from monetary trusts, net (Note 3) 529 -Losses on investments in trading securities, net - -Losses on sales of securities 7 -Devaluation losses on securities - -Losses from derivatives, net - -Foreign exchange losses, net - 404Others 242 229
Capital gains (losses) (B) (Note 1) (592) (Note 2) 8,999Core profit reflecting capital gains (losses) (A)+(B) (651) (2,684)
Other one-time gains 98 576
Ceding reinsurance recoveries - -Reversal of contingency reserve - -
Reversal of specific reserve for possible loan losses - -Others (Note 4) 98 (Note 5) 576
Other one-time losses 1,585 1,861
Reinsurance premiums - -Provision for contingency reserve 1,585 1,317Provision for specific reserve for possible loan losses 0 0Provision for specific reserves for loans to refinancing countries - -Write off of loans - -
Ordinary profit (losses) (A)+(B)+(C) (2,138) (3,968) Notes:1. Core profit for the three months ended June 30, 2011 includes 242 million yen of income gains from derivatives, as other core revenues, instead of capital gains.2. Core profit for the three months ended June 30, 2012 includes 229 million yen of income gains from derivatives, as other core revenues, instead of capital gains.3. The figures of gains and losses from monetary trusts are equal to gains and losses on derivative transactions for the purpose of hedging minimum guarantee risks relating to individual variable annuities.4. ‘Others’ in Other one-time gains for the three months ended June 30, 2011 include a 87 million yen of reversal of policy reserve relating to minimum guarantee risks for individual variable annuities contracted prior to March 31, 2004, which were not mandatory in the FSA regulation.5. ‘Others’ in Other one-time gains for the three months ended June 30, 2012 include a 576 million yen of distribution from Financial StabilizationContribution Fund.6. ‘Others’ in Other one-time losses for the three months ended June 30, 2012 include a 552 million yen of provision for policy reserve relating to minimum guarantee risks for individual variable annuities contracted prior to March 31, 2004, which were not mandatory in the FSA regulation.
Investment yield on core profit 1.24% 1.30%[Excluding foreign exchange rate linked type product] [1.04%] [1.13%]
Average assumed investment yield 1.97% 1.89%
[Excluding foreign exchange rate linked type product] [1.80%] [1.78%]Individual insurance and annuities 2.03% 1.91%[Excluding foreign exchange rate linked type product] [1.86%] [1.80%]
Policy reserve in general accounts 402,674 439,758 Notes:1. Negative spread is calculated by the following method:
(Investment yield on core profit - Average assumed investment yield) x Policy reserve in general accounts x 1/42.“Investment yield on core profit” is calculated by dividing numerator as investment revenues and expenses (investment profit in general account) included in core profit less amount of provision for accumulated interest due to policyholders by denominator as policy reserve in general reserve in general account.3. Average assumed investment yield is calculated by dividing numerator as assumed interest (general accounts only) by denominator as policy reserve in general account. The amount of assumed interest includes assumed interest from insurance using accumulated interest rate.4. Investment yield on core profit and average assumed investment yield are annualized.5. Policy reserve in general accounts represents the earned policy reserve calculated for policy reserve in general accounts less contingency reserve by
Hardy method as follows: Hardy method: (Policy reserve at beginning of fiscal year + Policy reserve at the end of fiscal year - Assumed interest) x 1/2
5. Solvency Margin Ratio(Millions of yen)
Items As of March 31, 2012 As of June 30, 2012
Total solvency margin (A) 88,287 84,817
Common stocks, etc. (less certain items) 27,946 25,031
Reserve for price fluctuations 427 434
Contingency reserve 39,753 41,071
General reserve for possible loan losses 1 0
Net unrealized gains on available-for-sale securities (before tax)
(x 90 per cent., if gains; x 100 per cent., if losses)(136) (56)
Net unrealized gains(losses) on real estate
(x 85 per cent., if gains; x 100 per cent., if losses)- -
Excess amount of policy reserve based on Zillmer method 20,295 18,335
Unallotted portion of reserve for policyholder dividends - -
Deferred tax assets - -
Subordinated debt - -
The amount of non-margin portions in excess amount of policy
reserve based on Zillmer method and subordinated debts- -
1. The ratio as of March 31,2012 is calculated in accordance with Articles 86, 87 of the ministerial ordinance for Insurance Business Law as well as
Announcement No. 50 issued by the Ministry of Finance in 1996. The ratio as of June 30, 2012 is calculated using a reasonable method based on the
regulatory rules described above.
2. “Common stock, etc. (less certain items)” represents net assets on the balance sheet less net unrealized gains on securities.3. "Minimum guarantee risk R7" was calculated using the standard method regulated by FSA.
Adjusted net assets 96,040 95,940 Note: The figure as of March 31,2012 is calculated according to the orders providing classifications, etc. that are stipulated in 132.2 of Insurance Business
Law, and descriptions provided in Notification No. 2 issued in January 1999 by Financial Supervisory Agency and Ministry of Finance. The figure as of June30, 2012 is calculated using a reasonable method based on the regulatory rules described above.
7. Total of General Account Assets and Separate Account Assets
Fair Value Information on Financial Instruments(Millions of yen)
Reserve for possible loan losses (Note:1) (0) - -Total 5,358 6,123 764Commercial loans 5 - -
Reserve for possible loan losses (Note:1) (0) - -Total 5 5 -
Total Assets 1,359,284 1,373,638 14,353Derivatives (Note:2)
Hedge accounting not applied 3,192 3,192 -
Total derivatives 3,192 3,192 - Notes:
1. Reserve for possible loan losses for loans is deducted.
2. Assets and liabilities arising from derivatives transactions are shown at net value. (In the case of net liabilities, amounts are shown in parentheses.)
Exhibit
The State of Investment in Securitized Products, Sub-prime Related Products and Others
(As of June 30, 2012)
The company held no investment in securitized products, sub-prime related products and others as of June 30, 2012.