# T&D Holdings, Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 訂正有価証券報告書－第22期(2025/04/01－2026/03/31) (S100YZ3S)
> Page: https://vizora.meequs.com/en/company/t-and-d-holdings
> Retrieved: 2026-09-30T19:13:10.681Z

## Company

T&D Holdings, founded in 2004, is a company in Investment Funds listed on TSE Prime. It has 21,268 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | T&D Holdings, Inc. |
| Ticker | 8795 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8795.T) |
| Listing | TSE Prime |
| Head office | 東京都中央区日本橋二丁目7番1号 |
| Representative (per filing) | 代表取締役社長 森山 昌彦 |
| Founded | Apr 2004 |
| Employees (consolidated) | 21,268 |
| Fiscal year end | March |
| Website | www.td-holdings.co.jp (https://www.td-holdings.co.jp/) |
| Corporate number | 2010401063502 |
| EDINET | E03851 |
| Industries (Vizora) | Investment Funds, Life Insurance |

> Profile source: annual securities report (S100YZ3S, filed 2026-08-27). As of filing

## Key points (generated from figures)

- About 37% of T&D Holdings's ordinary revenue comes from Taiyo life insurance, with Daido life insurance and T and D financial life insurance making up much of the rest.
- Out of every ¥100 of ordinary revenue, about ¥7 is left as ordinary profit.
- Ordinary revenue changed -6.7% from the prior year, ordinary profit +29.5%.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Ordinary revenue | ¥3.48T |  |
| Ordinary income | ¥257.2B | Margin 7.4% |
| Net income | ¥139B | Margin 4.0% |
| Employees (consolidated) | 21,268 |  |
| EPS | ¥318.82 |  |
| Diluted EPS | ¥318.7 |  |
| Book value per share | ¥1643.33 |  |
| Equity ratio | 9.3% |  |
| Shares outstanding | 488,000,000 |  |
| Treasury shares | 5,425,500 |  |
| Shareholders | 167,624 |  |

## Notable figures

- FY2026, buybacks were 2.1× dividends

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2360470000000 | ¥3482214000000 | +47.5% |
| Employees | 19,615 people | 21,268 people | +8.4% |
| Cash and equivalents | ¥1085565000000 | ¥696151000000 | -35.9% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

| Flow | Revenue share |
| --- | ---: |
| 太陽生命保険 → 太陽生命保険 | 33.7% |
| 大同生命保険 → 大同生命保険 | 35.8% |
| 大同生命保険 → 事業再編・廃止 | 7.4% |
| Ｔ＆Ｄフィナンシャル生命保険 → Ｔ＆Ｄフィナンシャル生命保険 | 19.5% |
| Ｔ＆Ｄユナイテッドキャピタル（連結） → Ｔ＆Ｄユナイテッドキャピタル（連結） | 0.1% |
| Ｔ＆Ｄユナイテッドキャピタル（連結） → 事業再編・廃止 | 2.0% |
| その他 → その他 | 1.3% |
| その他 → 事業再編・廃止 | 0.3% |
| 新設・再編 → 太陽生命保険 | 3.0% |
| 新設・再編 → Ｔ＆Ｄフィナンシャル生命保険 | 6.7% |

Segment revenue source references: 10 (derived)

## Business growth × margin

X-axis: segment revenue CAGR. Y-axis: latest operating margin. Bubble size: latest revenue. CAGR requires at least two comparable years.

| Segment | CAGR span | Revenue CAGR | Latest revenue | Operating margin | Source refs |
| --- | ---: | ---: | ---: | ---: | ---: |
| Taiyo life insurance | 5 years | +9.9% | ¥1275387000000 | 9.1% | 2 |
| Daido life insurance | 5 years | +4.0% | ¥1246058000000 | 10.8% | 2 |
| T and D financial life insurance | 5 years | +14.7% | ¥912827000000 | 1.4% | 2 |
| Other | 5 years | +3.8% | ¥44596000000 | 360.0% | 2 |
| T and D United Capital(Consolidated) | 5 years | -38.9% | ¥4218000000 | -43.1% | 2 |

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Ordinary revenue | 3,482,214 | 100.0% | S100YZ3S |
| Ordinary expenses | 3,225,023 | 92.6% | S100YZ3S |
| Ordinary income | 257,191 | 7.4% | S100YZ3S |
| Extraordinary income | 6,377 | 0.2% | S100YZ3S |
| Extraordinary loss | 46,949 | 1.3% | S100YZ3S |
| Pretax income | 191,160 | 5.5% | S100YZ3S |
| Income tax | 51,185 | 1.5% | S100YZ3S |
| Net income | 139,974 | 4.0% | S100YZ3S |
| Net income attributable to owners | 138,968 | 4.0% | S100YZ3S |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Ordinary expenses | 93 |
| Ordinary income | 7 |
| (Ref.) Net income | 4 |

### Margin funnel

Ordinary margin 7.4% → Net margin 4.0%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue down, profit up
Revenue growth: -6.7%; Core profit growth: +29.5%
Operating leverage (core profit growth ÷ revenue growth): -4.43×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,730,479 | 3,482,214 | -248,265 | -6.7% |
| Net income attributable to owners | 126,384 | 138,968 | 12,584 | +10.0% |
| Operating cash flow | -359,867 | 150,221 | 510,088 | — |
| Free cash flow | -379,465 | 136,797 | 516,262 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,197,928 | — | — | 67,103 | 591,097 | 567,261 | S100LJI6 |
| FY ending Mar 2021 | 2,360,470 | — | — | 108,512 | 500,485 | 489,403 | S100O9AN |
| FY ending Mar 2022 | 2,614,377 | — | — | 14,180 | -396,882 | -404,871 | S100QXRZ |
| FY ending Mar 2023 | 3,214,110 | — | — | -132,150 | -307,631 | -329,922 | S100U6XM |
| FY ending Mar 2024 | 3,207,991 | — | — | 98,777 | 262,754 | 247,247 | S100VXGU |
| FY ending Mar 2025 | 3,730,479 | — | — | 126,384 | -359,867 | -379,465 | S100YZ3S |
| FY ending Mar 2026 | 3,482,214 | — | — | 138,968 | 150,221 | 136,797 | S100YZ3S |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥163.7M |
| Net income per employee (consolidated) | ¥6.5M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 19,645 | 20,016 | 20,408 | 20,896 | 21,268 |
| Average salary (parent company) | ¥10.6M | ¥10.8M | ¥10.9M | ¥11.1M | — |
| Average age (parent company) | 45.8 years | 46.4 years | 46.1 years | 47.0 years | — |
| Average tenure (parent company) | 21.3 years | 21.1 years | 21.3 years | 21.8 years | — |

Year over year: Employees (consolidated) +1.8% · Revenue (consolidated) -6.7%

## Segments（FY ending Mar 2026, consolidated, J-GAAP、JPY mn）

| Segment | Revenue | Share | Op. income | Op. margin |
| --- | ---: | ---: | ---: | ---: |
| Taiyo life insurance | 1,275,387 | 36.6% | 116,588 | 9.1% |
| Daido life insurance | 1,246,058 | 35.8% | 134,680 | 10.8% |
| T and D financial life insurance | 912,827 | 26.2% | 12,328 | 1.4% |
| T and D United Capital(Consolidated) | 4,218 | 0.1% | -1,816 | -43.1% |
| Other | 44,596 | 1.3% | 160,555 | 360.0% |

### segmentMix — Revenue and profit mix

Calculated from disclosed figures (DERIVED). Shares use total segment revenue and total positive segment profit respectively. Difference = profit share − revenue share (pt). Inter-segment sales may prevent reconciliation to company revenue.

| Segment | Revenue share |
| --- | ---: |
| Taiyo life insurance | 36.6% |
| Daido life insurance | 35.8% |
| T and D financial life insurance | 26.2% |
| T and D United Capital(Consolidated) | 0.1% |
| Other | 1.3% |

Segment → industry: T and D United Capital(Consolidated) → Investment Funds / T and D financial life insurance → Life Insurance / Daido life insurance → Life Insurance / Taiyo life insurance → Life Insurance

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 150,221 | 4.3% | S100YZ3S |
| Capital expenditure | 13,424 | 0.4% | S100YZ3S |
| Free cash flow | 136,797 | 3.9% | 算出 |
| Investing cash flow | -261,502 | -7.5% | S100YZ3S |
| Financing cash flow | -14,685 | -0.4% | S100YZ3S |
| Dividends paid | 51,303 | 1.5% | S100YZ3S |
| Share buyback | 106,322 | 3.1% | S100YZ3S |
| Change in cash | -126,945 | -3.6% | S100YZ3S |
| Cash and equivalents | 696,151 | 20.0% | S100YZ3S |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 16.1% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 5.9% | 2026-03-31 |
| ＧＯＬＤＭＡＮ，ＳＡＣＨＳ ＆ ＣＯ．ＲＥＧ（常任代理人ゴールドマン・サックス証券株式会社） | Major shareholder | 5.0% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５００１(常任代理人株式会社みずほ銀行） | Major shareholder | 4.0% | 2026-03-31 |
| ＪＰモルガン証券株式会社 | Major shareholder | 2.2% | 2026-03-31 |
| ＴＨＥ ＣＨＡＳＥ ＭＡＮＨＡＴＴＡＮ ＢＡＮＫ，Ｎ．Ａ． ＬＯＮＤＯＮＳＥＣＳ ＬＥＮＤＩＮＧ ＯＭＮＩＢＵＳ ＡＣＣＯＵＮＴ（常任代理人株式会社みずほ銀行） | Major shareholder | 1.8% | 2026-03-31 |
| ＳＴＡＴＥ ＳＴＲＥＥＴ ＢＡＮＫ ＡＮＤ ＴＲＵＳＴ ＣＯＭＰＡＮＹ ５０５１０３(常任代理人株式会社みずほ銀行） | Major shareholder | 1.5% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８５７８１（常任代理人みずほ銀行） | Major shareholder | 1.4% | 2026-03-31 |
| ＡＩＧ損害保険株式会社（常任代理人株式会社日本カストディ銀行） | Major shareholder | 1.2% | 2026-03-31 |
| ＪＰ ＭＯＲＧＡＮ ＣＨＡＳＥ ＢＡＮＫ ３８００８１（常任代理人株式会社みずほ銀行） | Major shareholder | 1.1% | 2026-03-31 |

## AI commentary（text by AI; the tables above are authoritative、claude-code）

- Revenue for the FY ending Mar 2026 was ¥3.48T, down -6.7% from ¥3.73T.
- Net income attributable to owners still grew +10.0%, from ¥126.4B to ¥139B.
- Operating cash flow swung from -¥359.9B to a positive ¥150.2B, and free cash flow came in at ¥136.8B.

### Drivers

- Revenue fell mainly because the prior year was lifted by a one-off: a reinsurance deal on Taiyo Life's dementia and nursing-care annuity policies released a large amount of policy reserves, and that did not repeat
- Insurance premium income rose on strong sales
- Investment income grew thanks to higher gains on money trusts and on sales of securities

### Risks

- Group results depend heavily on its life insurance subsidiaries, so a big change in their business would hit the group
- An aging, shrinking population could reduce new and existing policies over time and sharpen competition on price and service
- A cut in the insurers' claims-paying ratings could lead to fewer new policies and more cancellations

Cited: Annual securities report (経営者による財政状態、経営成績及びキャッシュ・フローの状況の分析); Annual securities report (事業等のリスク)

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 訂正有価証券報告書－第22期(2025/04/01－2026/03/31) | S100YZ3S | 2026-08-27 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YZ3S,, |
| 有価証券報告書－第21期(2024/04/01－2025/03/31) | S100VXGU | 2025-06-12 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VXGU,, |
| 訂正有価証券報告書－第20期(2023/04/01－2024/03/31) | S100U6XM | 2024-08-08 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100U6XM,, |
| 有価証券報告書－第19期(2022/04/01－2023/03/31) | S100QXRZ | 2023-06-15 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100QXRZ,, |
| 有価証券報告書－第18期(令和3年4月1日－令和4年3月31日) | S100O9AN | 2022-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100O9AN,, |
| 有価証券報告書－第17期(令和2年4月1日－令和3年3月31日) | S100LJI6 | 2021-06-17 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LJI6,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).