T&D Holdings reports significant unrealized losses on securities

T&D Holdings, Inc. reported total unrealized losses on securities of JPY 1,372,642 million as of September 30, 2025, for the first half of the fiscal year ending March 31, 2026. This figure represents 691.2% of the consolidated ordinary profit and 1,085.8% of the consolidated profit attributable to owners of parent for the fiscal year ended March 31, 2025.

The assessed securities, primarily held-to-maturity bonds and policy-reserve-matching bonds, had a book value of JPY 6,164,692 million and a market value of JPY 4,792,050 million. Despite these losses, T&D Holdings confirmed no changes to its consolidated financial results forecast or dividend forecast for the fiscal year ending March 31, 2026.

The company clarified that these bonds are held to match insurance liabilities. While rising interest rates decrease asset market values, they also reduce the economic value of corresponding insurance liabilities, offsetting the impact and not directly affecting financial soundness. Total unrealized gains on securities as of September 30, 2025, were JPY 28,718 million, resulting in total net unrealized losses of JPY (1,343,923) million.