T&D Insurance Group’s Corporate philosophy

With our “Try & Discover” motto
for creating value, we aim to be a groupthat contributes to all people and societies.

T&D Insurance Group’s Management Vision

Sow happiness,make changewith boldnessUnpacking the vision through a story

Sow happiness,make changewith boldness

We have always protected the happiness of people.
Pride ofT&D

By facing each and every customer with care,
Together, we have supported their livelihoods as one.
Now, society is changing at unprecedented pace and people’s lifestyles are diversifying.

T&D’schallenge

There is no standard anymore for the way families are, the way we work,
As well as the shapes our happiness might take.
Can we really say that today’s insurance answers such turbulent change?
One by one, by carefully stacking the trust we have gained from our customers,
The strength that only our group has nurtured becomes visible.

Actions T&D
should take andwhat we want
to becomeThe possibility it withholds expands widely, going beyond all prevailing boundaries.
Take the “one” in front of us as a starting point, andLet’s recognize the world changing quicker than anyone else.
Let’s adapt to our changing society more flexibly than anyone else,
Taking steps with initiative, with boldness.
Let’s go beyond the boundaries of organizations,
Involve people who resonate with our beliefs, andBecome a comprehensive insurance group that can create happinessFor each and every person in the world.
Our origin is to face each “one” in front of us with care.

The society
T&D aspires for

To recognize change and take on challenges with boldness.
This accumulation is what creates happiness in the world.
This is what we believe to be true.

T&D Holdings INTEGRATED REPORT 2021

1

Overview of the T&D Insurance Group

Contents
Foreword T&D Insurance Group’s Corporate philosophy,		Overview of the
T&D InsuranceGroup

Try & Discover for
Creation of
Shared Value

Further Advancementof Capital and Risk
Management

Corporate
Governance

T&D Insurance Group’s Management Vision2

Contents

3

Editorial Policy

4

Trajectory of Creation of Shared Value (Social Value)

6

Trajectory of Creation of Shared Value (Financial Value)

8

T&D Insurance Group’s Value Creation Process (Conceptual Diagram)

10

Characteristics of T&D Insurance Group

14

Message from the President

22Group Long-Term Vision33

Three-way Conversation (Vice President × Experts)

38

Revenue Growth

44

The Domestic Life Insurance Business48

Group Companies

51

Financial Capital

56

Human Capital

61

Intellectual Capital

63

Social and Relationship Capital

67

Natural Capital

70

Outside Director Roundtable

76

Corporate Governance86

Management Organization

88

Stakeholder Engagement

Supplementary Materials

Corporate Data

2

T&D Holdings INTEGRATED REPORT 2021

90

Overview of the Life Insurance Market

93

Glossary

96

Status of Stock Holdings

106

Financial Highlights

108

Non-financial Highlights

110

Selected Financial Data

114

Consolidated Financial Statements

122

Notes to Consolidated Financial Statements

173

Independent Auditor’s Report179

Stock Information

180

Group Companies

181

Corporate Overview

Editorial Policy
The purpose of this report is to give a clear briefing, from the ESG (Environment, Society and Governance) perspective, about how the T&D
Insurance Group’s business and actions are linked to the Group’s medium- to long-term growth, and to value creation for all our stakeholders.
This time, it describes in detail the Group Long-Term Vision over the five years starting from fiscal 2021 (April 1, 2021 – March 31, 2022), theGroup’s Management Vision, which are factors of the Long-Term Vision, the Group Growth Strategy and Group KPIs. It also explains the characteristics of the T&D Insurance Group, capitals, which represent its competitive advantage sources, governance and other topics.
Reporting period:
Fiscal 2020: April 1, 2020 – March 31, 2021 (Some information on periods outside this range is included)
Scope of reporting:
T&D Holdings, Inc. and its subsidiaries and affiliated companies
Reference guidelines:“The International Integrated Reporting Framework” by Value Reporting Foundation, and “Guidance for Integrated Corporate Disclosure andCompany-Investor Dialogues for Collaborative Value Creation” by the Ministry of Economy, Trade and Industry of Japan, and “GRI Standard.”

Annual Securities
ReportDisclosure Report

Financial Information
Financial closing information, etc.

Integrated
Report

The Positioning of the Integrated Report 2021
The Integrated Report is intended to foster understanding of
the T&D Insurance Group among shareholders and investors, byencapsulating important information on elements such as financial
information, company information, and ESG information.

Company Information

ESG Information

Corporate Governance
ReportSustainability
ReportCorporate governance,internal controls,
management strategies, etc.

Initiatives for society,the environment,
and our employees

Non-financial Information

ESG Index Status
As of July 1, 2021
• FTSE4Good Index Series• MSCI ESG Leaders Indexes• FTSE Blossom Japan Index• MSCI Japan ESG Select Leaders Index• MSCI Japan Empowering Women Select Index (WIN)Forward-looking Statements
This report contains forward-looking statements about T&D Holdings’ future revenue plan, strategy, philosophy, and earnings forecasts which involve factors of risk
and uncertainty. Such statements are based on the Company’s current expectations
which could cause actual results to differ materially from those described in the forward-looking statements. Factors which could influence the actual results include,
but are not limited to, (I) general economic conditions, in particular, conditions in
the life insurance market on which the T&D Insurance Group centers, (II) financial
market trends, (III) levels and trends in mortality rate and morbidity rate, (IV) per-sistency rate, (V) interest rate levels, (VI) fluctuation in currency exchange rates, (VII)other general competitive factors, (VIII) changes in laws and regulations, including
the tax treatment of insurance premiums, and (IX) changes in the policies of thegovernment and/or regulatory authorities. The Company, therefore, wishes to caution readers not to place undue reliance on these forward-looking statements. Furthermore, the Company undertakes no obligation to update any forward-looking
statements as a result of new information, future events, or other developments.

Contact: T&D Holdings, Inc. Group Planning Department Investors Relations Division Telephone +81-(0)3-3272-6103

T&D Holdings INTEGRATED REPORT 2021

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Overview of the T&D Insurance Group

Trajectory of Creation of Shared Value (Social Value)

Expanding Trust Balance in
Response to Customer Needs

Resolving social

Products

Hoken Kumikyoku Best

Taiyo Life

Partner-specific product in collaboration
with tie-up organizations

Daido Life

Shogai Premium

T&D
Financial Life

Robot strategy management

Launch in October 2008.
Taiyo Life, ahead of its competitors, launched Hoken Kumikyoku Best, a productthat allows customers to freely combine the coverage they need. This enables thecompany to propose coverage which meets the needs of each household. Since
the launch, the company has been aware of the needs of the world to expand its
lineup, for example, by providing Hatarakenakunatta Toki No Hoken, an insurance
for when unable to work, in March 2016, Infectious disease plus hospitalization
insurance (Lump-sum payment type) in September 2020, and Cancer/Critical Illness
Prevention Insurance in June 2021. Through these efforts, the company has continued to progress with the aim of preparing the latest benefits suitable for the times.

Available for half a century since the 1970s.
Daido Life has shared its philosophy of protecting small and medium enterprises(SMEs) with tie-up organizations and provided a term life insurance (death benefit)that ensures more substantial benefits at reasonable premiums as a partner-specific product.
In recent years, mainly against a backdrop of an aging population and prolonged
tenures of SME owners, the company has provided a full-range of protection thatcombines death benefit and disability benefit insurance. For example, it has rolled
out insurance products that cover the risks of being unable to work due to critical
illnesses and serious physical disability owing to illness or accident, including J-type(critical illness insurance) and T-type (disability protection insurance).

Launch in April 2010.
Shogai Premium [non-participating whole life insurance (foreign currency-reference: Australian
dollar type I)]
T&D Financial Life rolled out a foreign currency-reference type single-premium whole life
insurance, a non-traditional insurance product, which adds a prescribed amount of funds for apolicyholder’s lifetime.
Then, as the Shogai Premium series, the company launched Shogai Premium World[non-participating variable whole life insurance (foreign-currency linked: multicurrency type I)]
and Shogai Premium Japan [non-participating whole life insurance (accumulation rate renewing
type I)], in June and August 2011, respectively. Since then, while revising the product in line withthe demands of the times, the company has continued to offer it as its mainstay product.

Rollout in September 2016.
T&D Asset Management rolled out an asset management service to extensively
invest in stock market indices, bonds and interest rates, and currencies around theworld through a fund managed by AHL Partners LLP (AHL) in the UK and based on
the decisions made by the computer program (robot strategy).
Since the foundation in 1987, AHL has been a pioneer in computer trading withmore than 30 years experience of investment. Its specific quantitative model was
created through research and development of the world’s most advanced financial
technology to make investment decisions.

T&D Asset
Management

Genki Number One
Launch in October 2008.

Pet & Family
Insurance

4

T&D Holdings INTEGRATED REPORT 2021

More pet owners have recognized their pets as family members amid a declining
birthrate and aging population. Pet & Family Insurance launched a product that
extensively covers the costs of treatments for pets (dogs and cats) due to an illness
or injury, including outpatient care for which their owners most often pay, in addition
to surgeries and hospitalization. In September 2014, the company rolled out Genki
Number One Slim, a pet insurance with a deductible, which enables pet owners to
prepare benefits at affordable premiums.

Social Value
issues through innovative products and services

Services

Kaketsuke-Tai Service

Start in 2016.
It is a service where Taiyo Life employeeswith specialized knowledge visit customers
and their families in person for the purposeof facilitating swift and secure payments of
insurance claims and benefits. Since August
2018, in-house sales representatives have also
been able to complete billing procedures onsite with the use of mobile devices.

DAIDO KENCO ACTION

Approximately

8

millionStart in 2017.
Daido Life started initiatives to help disseminate
Health and Productivity Management in 2017 tocontribute to creating a society where SMEs andtheir employees can actively perform.
It has educated the philosophy of Health andProductivity Management chiefly by holding
seminars and provided Daido Life’s KENCO
SUPPORT PROGRAM, a tool for implementing it.

M3 Patient Support Program

Taiyo Life’s number of policies in force

Start in July 2019.
T&D Financial Life became the first among
the insurance industry to introduce the M3
Patient Support Program, a health counselingand health support service provided by M3,
Inc., for policyholders and has provided accessto optimal medicine depending on individual
situations.

Daido Life’s number of corporate clients
Approximately

370,000

T&D Financial Life’s
number of policies in force
Approximately

350,000

Providing information through SNS
Start in May 2020.
T&D Asset Management set up multiple social
media accounts and started distributing funddata and useful investment information tovarious types of investors.

T&D Asset Management’s investment trust AUM¥1,760.4

billion* As of March 31, 2021

Pet News Storage

Put on the website in July 2017.
Pet & Family Insurance has posted on its website information for enriching pets’ lives. The
website also features content titled “Pet News
Storage” that introduces questions closely related to pets’ lives in an easily understandable
fashion. It is regularly conveying information onvarious subjects related to pets in an attempt
to deepen understanding of pets, which are
precious family members.

Pet & Family Insurance’s
number of policies in force

171,000

T&D Holdings INTEGRATED REPORT 2021

5

Overview of the T&D Insurance Group

Trajectory of Creation of Shared Value (Financial Value)

Building Robust Business Platform toEnhance Sustainable Financial Value
Trend of MCEV (left)(¥ billions)
3,000

Value of new business (right)
Group adjusted profit (right)

2,000

April 1, 2004
Establishment of
T&D Holdings, Inc.

1,000

0
2005

2006

2007

2008

2009

2010

2011

2012

Fiscal year ended March 31
MCEV and Value of New Business: Values up to fiscal 2005 are based on TEV, those between fiscal 2006 and fiscal 2011 on EEV, and those from fiscal 2012 on MCEV. Ultimate Forward Rate (UFR) is applied from fiscal 2019 for the
MCEV calculation.
Group adjusted profit: Adjusted net income up to fiscal 2018. Group adjusted profit from fiscal 2019.

Building revenue base at the global network

June 2020
Completed the acquisition of proprietary interest of
the US reinsurance holding company Fortitude Group Holdings, LLC.
The T&D Insurance Group takes an equity stake as a strategic partner alongside Carlyle and AIG. By
investing in the closed book business with a high affinity to the life insurance business and a potential
growth market, the Group aims to contribute to profit expansion with enhanced capital efficiency for the
purpose of diversification and optimization of its business portfolio. Going forward, the Group will seek
for new investment opportunities that could have a risk dispersion effect as well as additional investment
opportunities in Fortitude Group Holdings, LLC.

Characteristics of Fortitude Group Holdings, LLC• Fortitude Group Holdings is a US reinsurance holding company thatowns Fortitude Re, a Bermuda-based reinsurer.
• Fortitude Re underwrites reinsurance for some in-force policies nolonger sold by AIG.

History of T&D Holdings’ Corporate Governance
Number of outside directors (bar graph) / Ratio of outside directors (line graph)
Outside directorsof which; female outside directors

2004

2006

2010

2012

2013

April
Establishment of T&D
Holdings, Inc.

June
Introduction of the executive
officer system, clarified the
responsibilities for oversightand execution.

June
Designation of all outside
directors/auditors as
independent
directors/auditors.

June
Introduction of stockcompensation-type stock
options as an executive
compensation system.

June
Increase in the number ofoutside directors from one to
two.

18%

6

13%

11%

11%

10%

1

1

1

1

(1)

2004

2006

2010

2012

2013

T&D Holdings INTEGRATED REPORT 2021

2

Financial Value
Fiscal year ended March 31, 2021
Group MCEV*¥3,290.9

billionValue of new businessGroup adjusted profit¥143.4¥ 77.9billionbillion* Base excluding valuation gains/losses, etc. related to Fortitude(¥ billions)
150

100

50

0
2013

2014

2015

2016

June 2020
Business alliance with Switzerland-based
digital healthcare firm, dacadoo ag

2017

2018

2019

2020

2021

Characteristics of dacadoo ag

The T&D Insurance Group promotes the business alliance for providing ahealth-promoting app. It is considering broadening use of the app among
health-conscious users by working with companies which provide wellness-related
products and services. Based on the accelerating trend of digitalization andnon-face-to-face solutions, it will promote collaboration with partner companies,
which helps create contacts with the Millennials.

• dacadoo ag has strength in analyzing big data in clinical space. It provides digital health mobile
platform solutions, including its iconic “Health Score” technology, to its insurance and enterprisecustomers around the world.
* Health Score is dacadoo ag’s specific health indicators, developed through analyzing significant medical data. The
score is updated in real time depending on how a user’s life-style, health and other conditions change. Users cancheck their score using the smartphone app at any time.

2015

2017

2018

2020

2021

January
Establishment of the Nomination andCompensation Committee.
AugustCommencement of the evaluation of theeffectiveness of the Board of Directors.
October
Establishment and announcement of the
Basic Policy on Corporate Governance.

June
Increase in the numberof outside directors fromtwo to three.

June
Introduction of trust-type stockcompensation [the Board Incentive
Plan (BIP) Trust] as an executive
compensation system.

June
Transition to a company with an
Audit and Supervisory Board.
Increase in the number of outside
directors from three to five.

June
Change in the number of inside directors
from nine to seven to further strengthen
agile decision-making and oversightfunction.

* Abolition of stock compensation-type stock
options.

25%

36%

42%

25%

18%

5

5

3

3

(1)

(1)

(1)

(1)

(1)

2015

2017

2018

2020

2021

2

T&D Holdings INTEGRATED REPORT 2021

7

Overview of the T&D Insurance GroupT&D Insurance Group’s Value Creation Process (Conceptual Diagram)
The T&D Insurance Group strives to advance capitals, which represent its competitive advantage sources, and reduce risks. By
injecting them, the Group aims to realize its Long-Term Vision while creating shared value, with the Group companies including
the three core life insurance companies leveraging the characteristics and strengths of the Group and achieving synergies.

[Identifying important social issues]
We identify the social issues to be addressed throughour businesses by examining the SDGs, social changes,
technology innovation, our Group business models,and other sources.

Continually changing issues faced bypeople and society
Social issues

Identify the social issues
to be addressed throughour businesses

SDGs

Competitive advantage sources

Financial
CapitalShareholders

17 goals
169 targets

Changes in the social environment
IssuesRisk awareness

Further decline in birthrate, •Now, in the era of the 100-year
aging population, andlife, more people have suffered
population decline
from chronic diseases and•Increasing needs to makeself-provision for pension, medicalcare, and nursing care
•Increasing social inequality•Increasingly diverse households

dementia because of an aging
population, increasing economic
burdens on each household andsociety every year.

Technology innovation•Against a backdrop of diversified
lifestyles, insurance products thatsatisfy various needs of customers
are required and responses totechnology innovation are also
important since there are a wide
range of routes of taking out
insurance depending on thepreferences of customers.

•Advances in IT technology•Advances in medical technology

Human rights issue•Emergence of new human rights
issues•Social and economic disparities
have been widening due to the
COVID-19 pandemic. Emergenceof new human rights issues.

Increased climate change risks
Issuesas those of heat strokes, heat
death, and respiratory diseases
due to an increase in heat stressdriven by rising temperatures.

•The number of injuries andfatalities due to natural disasters
increases due to an increase in
extreme weather events such as
typhoons and floods.

Transition to a society with •Business costs increase due totighter regulations on greenhouse
low or net-zero carbongas (GHG) emissions and theemissionsintroduction of a carbon tax.

8

Diverse humanresources

Intellectual
CapitalDevelopment ofa wide array of
products andmanagement know-how

Social and
Relationship
CapitalRisk awareness

Rise in average temperature •Various illness risks increase, such

Increase in andintensification of natural
disasters

Human
CapitalT&D Holdings INTEGRATED REPORT 2021

Strong bond withcustomers andpartner companies

NaturalCapitalProtection of the
global environment

Further advancement of capital and risk management

Robust financial baseFinancialvalue

Business Partners

[Efforts to address important social issues][Creating shared value]

We have based our business strategies on actions that contribute to solving important social issues
and create value for society. We will work to create social and financial value through our activities inour core businesses, the business areas into which we are expanding, and our sustainability
management business platform.

We have established sustainability priority themes thatcreate shared value. By continuously executing theactivities and assessing their results, we aim to createshared value.

Business activities based on our business strategies (long-term vision)

Creation of social value
Sustainability priority themes andcreation of social value

Society
Customers

Promote healthy and abundant lives for all people

Healthy and abundant lives(person/household)

Creation ofsharedvalue

Socialvalue

Provide workplace environments that enable all
people to participate actively

Employment and job satisfaction(workplace)

Help mitigate and adapt to climate change

Sustainable global environment(global environment)Group Growth Strategy

Employees

I

Strengthening of Core Business

II

Diversification and Optimization of Business Portfolio

III

Further Advancement of ERM (Upgrading Capital Management)

IV

Promoting Integrated Group Management

V

SDGs Management and Creation of Value

Invest to help build a sustainable society

A strong and vibrant society(society/community)

Creation of financial value
Group adjusted profit

Pet & Family Insurance¥130.0billionValue of new business¥200.0billionFiscal 2025 targets

T&D Holdings INTEGRATED REPORT 2021

9Overview of the T&D Insurance Group

Characteristics of T&D Insurance Group

Establishing a Business Model with High UniquenessIntegrating Markets, Channels, and Products
T&D Insurance Group is an insurance group with our core business of life insurance in pursuit of our marketspecialized strategies, augmented with affinities for life insurance, such as investment in business closed book etc.,
asset management business, and pet insurance business.

Specialized Markets

Unique Channels

Taiyo Life: Household market

Taiyo Life

Carrying out individual home visits to listen to customer
needs and provide necessary coverage

Focuses on in-house sales representative
channels, and also expands into internet channels

Daido Life: SME market

Daido Life

Protecting SMEs, which account for 99% of Japanesecompanies, from a variety of risks

Two strong sales channels: tax accountant agent
channel and in-house sales representative channel,
thanks to solid relationships with tie-up organizations

T&D Financial Life Independent insurance
agent market

T&D Financial Life
Provides insurance products through independent
insurance agents, such as banks, securities firms,
and insurance shops

Providing coverage through independent insurance agentsthat handle the products of multiple insurance companies

MarketChannelTaiyo LifeHousehold market

In-house sales representatives

Daido Life

SME market

In-house sales representatives/
Agents (tax accountants, etc.)

T&D Financial Life

Independent insurance agent market

Independent insurance agents(financial institutions, insurance shops)

Asset management business

T&D Asset Management

10

Closed book business

T&D United

Supporting customers’ wealth creation through investment

Investing in new business

Led by its principle of “Make a Difference,”
T&D Asset Management strengthens its asset
management capabilities through partnerships
with Group companies and business alliances withquality overseas asset management institutions
to provide distinctive products and services thatmeet customer needs

Make progress toward the Group’s
goal of diversifying and optimizing
its business portfolio by investingin new business areas with a highaffinity with life insurance, such as
closed book business

T&D Holdings INTEGRATED REPORT 2021

and Specialization Through Market Strategy

Innovative Products
Taiyo Life
Sells cancer/critical illness prevention insurance to facilitate theearly prevention and detection of cancer and critical illnesses, andhelp customers lead long and healthy lives

Daido Life
Sells industry-first, made-to-order products of L-type Alpha,J-type Alpha, and T-type Alpha that can address various insurance
needs of the management of SME

cancer/critical illness prevention insurance

T&D Financial Life
Sells differentiated, competitive products such as Hybrid Asset
Life, which supports wealth creation through the integration of
investment trusts and life insurance

Hybrid Asset Life (variable whole life insurance withadditional payouts for disaster coverage type I)

Product

DX
DigitalTransformation

Comprehensive coverage including death benefit and medical/nursing care products

Term life insurance/Disability benefit insurance, etc.
Savings-type products (foreign-currency linked type insurance, variable insurance, etc.)/
Protection-type products (income protection insurance, etc)

Non-life insurance business

Capital

Pet & Family Insurance

areas

Bringing Peace of Mind to Customers’ Lives Through Pet InsuranceWith the idea that a pet is a member of the family
becoming increasingly popular, advancing veterinary
medicine is becoming more sophisticated and expensive.
Pet & Family Insurance provides products that covera wide range of costs occurred when a pet becomesinjured or ill—not only surgery and hospitalization, but
full coverage extending even to ambulatory treatment

T&D Holdings INTEGRATED REPORT 2021

11

Overview of the T&D Insurance Group

Characteristics of T&D Insurance Group

Improving the T&D Insurance Group’s Position in the Industry
Steadily Increased Market Share of T&D Insurance GroupIn the Group’s core life insurance business, the three life insurance companies, which have different business models,
are demonstrating their uniqueness and specialization in theirrespective markets.
The T&D Insurance Group’s market share (total of Taiyo Life,

Daido Life and T&D Financial Life; based on policy amount inforce) was 6.1% as of March 31, 2021. The Group’s market sharehas steadily expanded compared with the combined share of
the three life insurance companies as of March 31, 2004, prior to
the establishment of T&D Holdings, Inc. in April 2004.

Policy amount in force*

T&D
4.8%
6th in Japan

As of March 31, 2004 actual

As of March 31, 2021 actual

Total for Life
Insurance Companies

Total for Life
Insurance Companies¥¥

1,222.2 trillion

917.5 trillion

T&D
6.1%
6th in Japan
Source: Compiled by T&D Holdings based on Summary of Life Insurance Business in Japanissued by Life Insurance Association of Japan, and the financial reports of each company* Policy amount in force is individual insurance and individual annuities.

Securing Competitive Advantage in Specialty Markets
The below graph compares the trend in the sales performance(third sector annualized premiums of policies in force) between
the T&D Insurance Group (the total of Taiyo Life, Daido Life,and T&D Financial Life) and the life insurance industry as awhole. Even amid revisions to tax treatment of insurance pre-miums for term life insurance and the COVID-19 pandemic, wehave maintained our competitive advantage in our specialized
markets as a result of swiftly using our uniqueness and specialization to address these challenges.

Third Sector Annualized Premiums of Policies in Force*

131.3

135.2

139.9

110.9
100.0

110.0
104.9

Mar. 31, 2017

Mar. 31, 2018

111.9

112.9

Japanese life insurance industry
Mar. 31, 2019

Mar. 31, 2020

Mar. 31, 2021

Source: Compiled by T&D Holdings based on Summary of Life Insurance Business in Japan issued by Life Insurance
Association of Japan, and the financial reports of each company* The annualized premiums of policies in force for the year ended March 31, 2017 in the third sector are assumed tobe 100.0 (base year).

12

T&D Holdings INTEGRATED REPORT 2021

SDGs Management and Creation of ValueT&D Insurance Group aims to achieve the happiness of the society through creation of shared value leading to both financial value
and social value.

Sustainability priority themes
Among the various sustainability fields that relate to its business activities, the T&D Insurance Group has identified social
issues that are highly important to society and highly relevant to the Group’s operations. Based on this, we established thefollowing four sustainability priority themes.

Priority theme

1

Priority theme

Promote healthy andabundant lives for all people

The Group will fulfill its responsibilities to society
through the insurance business by offering wellsuited, high-quality products and services that meetcustomer needs.

Priority theme

3

2

Provide workplace environmentsthat enable all people toparticipate actively

The Group strives to realize a healthy and safe work
environment where the individuality and diversity ofall people are respected.

Priority theme

Help mitigate andadapt to climate change

The Group has formulated the T&D InsuranceGroup Environmental Policy and carries out businessactivities in consideration of the protection of the
global environment.

4

Invest to help build
a sustainable society

The Group will contribute to the realization of asustainable society through investment activities
undertaken in consideration of the environment,
society and corporate governance.

T&D Holdings INTEGRATED REPORT 202113