T&D Holdings, Inc. (TDHOY) Discusses Review and Update of Group Long-Term Vision and Key Financial Initiatives Transcript

SA Transcripts159.23K FollowersFollow5ShareSaveCommentsPlay Earnings CallPlay Earnings Call T&D Holdings, Inc. (TDHOY) Discusses Review and Update of Group Long-Term Vision and Key Financial Initiatives April 2, 2026 8:00 PM EDT Company Participants Masahiko Moriyama - President & Representative DirectorYoshitaka Moriya - Executive Officer Conference Call Participants Masao Muraki - SMBC Nikko Securities Inc., Research DivisionNatsumu Tsujino - BofA Securities, Research DivisionKazuki Watanabe - Daiwa Securities Co. Ltd., Research DivisionKoki Sato - JPMorgan Chase & Co, Research DivisionFutoshi Sasaki - Nomura Securities Co. Ltd., Research DivisionNaruhiko Sakamaki - Mizuho Securities Co., Ltd., Research DivisionAtsuro Takemura - Morgan Stanley, Research Division Presentation Masahiko MoriyamaPresident & Representative Director This is Moriyama from T&D Holdings. Thank you very much for taking the time out of your busy schedules to attend our group's long-term vision briefing today. Today, I will first review our previous group long-term vision and then explain our new group long-term vision. The content I will cover today includes the KPIs and an overview of the key initiatives. Details of specific initiatives by each subsidiary will be explained at the IR briefing scheduled for June 5. Now I will begin with a review of our previous group long-term vision. Please turn to Page 4. The financial KPIs under the previous long-term vision have been progressing generally in line with the plan. Adjusted ROE and group adjusted profit achieved the targets 1 year ahead of schedule in the fiscal year ended March 2025. We expect further progress in the fiscal year ending March 2026. As for ROEV, although there are year-to-year fluctuations, the average up to the third quarter of the fiscal year ended March 2026 exceeds our medium- to long-term target of 7.5%. On the other hand, for new business value, due to factors such as changes in insurance assumptions, revisions to the ultimate forward rate and the introduction of mass surrender risk, achieving the initial