Sustainability
Report2022
Digest Edition

CREATE VALUE FOR PEOPLE AND SOCIETIES.

Message from the President

Creating Social Value
through the Life
Insurance Business to“Sow Happiness in theWorld”—SDGs Management and Creation of Value—

Hirohisa Uehara

Representative Director and President,
T&D Holdings, Inc.

Group Long-Term Vision/SDGs Management
and Creation of Value

Under the Group Long-Term Vision “Try & Discover 2025,”
the Group is working on five primary themes to achieve
its medium- to long-term goals and to realize its management vision. One of these themes is “SDGs management
and creation of value,” and we are committed to “Creationof Shared Value” that encompasses the creation of bothsocial value and economic value.

Emergence of Serious Social Issues/
Announcement of Sustainability Statement

Amid the increasingly uncertain global outlook, with frequent
extreme weather events due to ongoing climate change andthe global COVID-19 pandemic among other challenges, We
are more convinced than ever that the Group should work on
SDGs management that “leaves no one behind” to increase
resilience to various risks and create a sustainable world.
In May 2022, we reviewed our responsibilities to society through our business activities and published our basic
policy for achieving this goal as the T&D Insurance Group
Sustainability Statement.
The Group, whose core business is life insurance, which
is a sustainable business, provides long-term safety andsecurity to our customers through our products and services. Furthermore, the asset management business, inwhich we are engaged as an institutional investor, has asignificant public relevance and close connections to economic development and the realization of a sustainable

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T&D Insurance Group Sustainability Report 2022

society. We believe that we have a responsibility to contribute to society through our businesses.

Specific Initiatives for Solving Social Issues

Based on this idea, Taiyo Life has launched Cancer andCritical Illness Prevention Insurance, and Daido Life is offering Kaisha Minnade KENCO+. Through our business, weare contributing to solving social issues such as extending

healthy life expectancy.
In the area of the environment, in order to achieve net
zero emissions by fiscal 2050, we have set a non-financial
KPI in the Group Long-Term Vision of reducing our own
CO2 emissions by 40% by fiscal 2025 (compared to fiscal

2013), and are actively switching our electricity use to
renewable energy.
In addition, for the advancement of human capital,
we are focusing on promoting the active participation of
women. We take a multi-faceted, continuous approachthat includes reforming our personnel and compensation
systems, encouraging work-life balance, and supporting
personal skills development.

The T&D Insurance Group Future Vision

I believe that working on SDGs management and solvingsocial issues will lead to the “Creation of Shared Value,”
which is the Group’s future vision, and thereby “SowHappiness in the World.” We will continue to make progress toward our goal of being an insurance group thatgrows sustainably together with society.

T&D Insurance Group’s Corporate Philosophy

With our “Try & Discover” motto for creating value,
we aim to be a group that
contributes to all people and societies.
T&D Insurance Group’s Management Vision

Sow happiness, make change with boldness

Group Structure
as of July 1, 2022

Household Market

Small and Medium Enterprises Market

T&D Holdings is a holding company
and the cornerstone of the T&D
Insurance Group, which
consists of 28 subsidiaries andaffiliated companies

Closed book business
Asset management business

Independent Insurance Agent Market(financial institutions, insurance shop agents)

Pet & Family Insurance
Asset Management Market

Pet Insurance Market• Formulated the Group Long-Term Vision• Established the Group ESG Investment Policy

CSR & Sustainability Trajectoryof the T&D Insurance GroupUN Global
Compact signed

2017

2015
2014
2012
2011

CSR reportissued

2007
2006

2005
2004

2019
2016

UN Principles
for Responsible
Investment (PRI)
signed/Taiyo LifeGroup CSR
Charter enforced

Group CSR Committee
renamed to the Group
SDGs Committee• Paris Agreement
adopted• SDGs agreement

UN Principles for
Responsible Investment(PRI) signed/T&D AssetManagement

2022
2021

2020

Principles for
Financial Action
for the 21stCentury

Group CSR Committee
established

T&D Holdings
established•G PIF begins ESG investment• TCFD recommendations

UN Principles for
Responsible Investment(PRI) signed/Daido Life

• Established T&D InsuranceGroup Sustainability
Statement• Joined RE100• Establishment of Climate
Change Risk Subcommittee• Establishment of Group Human
Rights Policy

Digest Edition2

Dialogue Between Expert and Executive Vice President

T&D Insurance Group’s Initiatives
to Address Sustainability Issues

Kenji Fuma

Kanaya Morinaka

CEO, Neural Inc. /Specially-Appointed Professor,
Shinshu University

T&D Holdings, Inc.
Representative Director andExecutive Vice President

Morinaka The T&D Insurance Group has formulated theGroup Long-Term Vision looking ahead to fiscal 2025, with
“SDGs management and creation of value” as one of its priority themes. Our aim is the “Creation of Shared Value” thatwill both solve social issues related to the SDGs and improvefinancial value. In addition, in order to unify the Group’s
approach and direction and demonstrate our commitment tosustainability issues to society at large, in May 2022 we formulated the T&D Insurance Group Sustainability Statement,
in which we once again clearly lay out the four pillars of ourapproach: “Promote healthy and abundant lives for all people,” “Provide workplace environments that enable all people
to participate actively,” “Help mitigate and adapt to climatechange,” and “Invest to help build a sustainable society.”
We established a Sustainability Advisory Committee
based on the belief that it is important to incorporate the perspectives of outside experts and the latest trends in orderto improve these sustainability activities, and you have graciously agreed to join the Committee as an advisor. That’s why
I’d like to take this opportunity to ask your honest opinions on
the Group’s sustainability initiatives.

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T&D Insurance Group Sustainability Report 2022

From Environment to Natural Capital
Fuma Insurance companies are the companies with thegreatest sense of urgency about climate change. And in theirrole as a source of long-term financing, insurance companies have also become central players in creating a groundswell of climate change action. However, we should keep inmind that there’s a growing movement that recognizes thatclimate change and decarbonization are no longer enough—we have to approach the issue as “natural capital,” including biodiversity conservation. In addition, in Japan, there isa growing information gap on sustainability between large
enterprises and SMEs. I would like to see T&D Holdings fillthat gap, since as an ESG investor, you’re in a position toquickly obtain global information on this issue, while at thesame time you have an excellent channel to the SMEs.
Morinaka Yes, we’re frequently asked to play that role.
Especially for SMEs embedded in overseas supply chains,addressing sustainability is an existential risk, and we believe
we have a responsibility to provide information to ensurethat they are not cut out of the supply chain. We also believethat increasing the level of sustainability of SMEs is beneficial
to us, as it leads to business stability.

Long-Term Funding to Support Social Business
Morinaka As a company entrusted with funds for 30 or 40
years, long-term investment is something we do better thanbanks. The Group’s ESG investment balance has increased
by about ¥100 billion every year to over ¥600 billion today,
including the hydrogen power generation business, whichemits no CO2, and green bonds. We would also like to use
long-term funding to support social businesses that can’t bepart of our core business, so in June 2022, we established a
corporate venture capital fund with a partner company withthe goal of investing aggressively in startups with innovativetechnologies and ideas.
Fuma With regard to non-environmental SDGs, Japan’s
Ministry of Health, Labour and Welfare has taken up the
topic of “health and nutrition” in an effort to maintain Japan’s
universal health insurance system and prevent the collapseof medical care. The government has also issued alerts
related to nutrition amidst climate change, the COVID-19
pandemic, and now the Russian/Ukrainian situation threatening food security. The Ministry has long been concerned
about the negative impact of climate change on the healthand nutrition of Japanese citizens, and is eager to share its
awareness of the problem with the private sector and toenlist its help. Looking to the future, the deeper we dig, themore challenges arise. For companies like T&D Holdings thatare in a position to view the sustainability of the world from avery long-term perspective, it’s a moment of enormous risks
and opportunities, and I hope T&D Holdings will exercise
leadership on the “Creation of Shared Value.”Morinaka The number of people newly diagnosed with cancer decreased for the first time in 2020. This is attributed tothe decrease in cancer screening visits due to the COVID-19
pandemic. We live in an era when cancer can be cured if it
is detected early enough by annual cancer screenings. The
decline rate of early-stage cancers that are less symptomatic and more likely to be detected by screening is usually
greater than that of advanced cancers that are discovered
later through obvious symptoms. The Ministry is therefore
encouraging cancer screening, and an increasing numberof large companies are engaged in this kind of health andproductivity management, but I think there are many SMEs
where even the owners don’t get medical examinations.
Comparing cancer screening rates in Japan and the U.S.,
the U.S. rate is about 80%, while Japan’s rate is about 40%.
Just improving this figure alone would have an impact, so interms of contributing to the health of everyone, we believe
we can be of service in this area as well.
In addition, Taiyo Life has a subsidiary called the Taiyo
Life Aging Society Institute that investigates and researchessocial issues such as countermeasures to the declining birthrate and extension of healthy life expectancy, publishes its
results, and develops them into insurance products andservices. For example, as we age our walking speed gradually decreases, but it’s now known that if a person’s walking speed drops suddenly, the person may be at increased
risk of mild cognitive impairment, a precursor to dementia.
We utilized this knowledge in our Taiyo Life health promotion
app, which supports customers in improving various aspectsof their health including walking and sleeping. Taiyo Life isalso developing products and services such as Himawari
Dementia Prevention Insurance to help everyone live longand healthy lives in the era of the 100-year life.

Implementing the “Creation of Shared Value”
Fuma The results of sustainability initiatives are not immediately apparent, but it’s important to accumulate them ona daily basis. I often refer to it as “the long journey.” It’s alsoa journey where new challenges arise endlessly. That journey has begun anew, but as we know, there’s nothing more
unsettling than a journey without a clear purpose and goal,
and if stakeholders become unsettled, they are likely to leave.
For T&D Holdings, it’s a journey with four priority themes, on
which I’m privileged to give advice as the Company clarifies
the direction and implements the “Creation of Shared Value”
in this ever-changing business environment.
Morinaka The initiatives set forth in the Group Long-Term
Vision are now in their second year of implementation and,with your help, are making steady progress. The points
you’ve raised will help us improve our initiatives in the future.
Meanwhile, together with our employees, we will strive to
become a better company while taking care of our stakeholders. So, thank you for your continued guidance and support.

Digest Edition4

Priority Theme

Promote Healthy and
Abundant Lives for All People
We will contribute to the sustainable growth of society and to the solution ofsocial issues through the insurance business by offering high-quality, optimal
products and services that meet customer needs.

Initiatives by Taiyo Life
Provision of Products and Services that Preempts the Changes of the Times

Taiyo Life sells products such as Himawari Dementia Prevention Insurance to help people face the social challenge of
dementia in a positive way and live out their retirement years with peace of mind. In June 2021, we launched Cancer andCritical Illness Prevention Insurance, which provides coverage of up to 20 million yen for predefined conditions caused by
19 illnesses, including cancer, acute myocardial infarction, stroke, and diabetes.
In terms of services, in addition to our Kaketsuke-Tai Service,in which office workers with specialized knowledge provide direct
customer support for benefits claim procedures, we offer useful
tests for dementia prevention (MCI Screening Test Plus) and disease prevention (Amino Index® Risk Screening).
We provide our customers with greater peace of mind by offering a full range of products and services in an integrated manner.

Initiatives by Daido Life
Initiatives to Promote Health and Productivity Management

Daido Life assists SMEs in implementing Health and Productivity Management.
The aims are to contribute to creating a society where SMEs and their employees can be active and vigorous and to solving issues faced by Japan’s rapidly
aging society.
With the goals of “prevention of illness through health and productivity
management” and “preparation for unexpected retirement,” in January 2022, welaunched Kaisha Minnade KENCO+, a health-promoting insurance that integrates

coverage with the KENCO SUPPORT PROGRAM. This product provides broad
coverage for a variety of risks, including death, severe disability, physical disability, and serious illness. In addition, we have introduced a system that offers a discount on the following year’s primary policy
premiums when the average number of steps taken per day each year is 8,000 or more.

Initiatives by T&D Financial Life
Provision of Asset Formation Products in Response to Changes
in the Social and Economic Environment

For senior customers, T&D Financial Life provides asset formation products to support a comfortable retirement life by preparing for post-retirement expenditures and the need for protection for bereaved families.
We launched Hybrid Asset Life in June 2021. This product is yen-denominated, single-premium
variable whole life insurance that supports asset formation through self-provision in the era of the
100-year life by combining an investment trust with life insurance. We developed it as a product tohelp individuals enjoy life to the fullest by drawing down assets in a planned manner and to preparethem and their families for nursing care, dementia, and inheritance while continuing to invest, witha focus on long-term diversified investment.

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T&D Insurance Group Sustainability Report 2022

Initiatives by T&D Asset Management
Contributing to the Promotion of a Healthy Society through Investment
The active management of Japanese equities by T&D Asset Management emphasizes the analysis of not just financial information but also non-financial information. We are contributing to solving social issues, such as maintaining health andsupporting the elderly, through active investment in companies that contributeto improving people’s health. Examples include our “T&D Japanese Equity ESG
Research Fund” that makes selective investments in companies that excel froman ESG viewpoint and our “Healthy Society Contribution Fund” that invests inhealth-related and health-management stocks.

Initiatives with Pet & Family Insurance
Insurance Protection for Precious Family Members

Amidst growing interest in pet healthcare and its associated costs, we offer Genki Number One
Smart, a product that compensates for a portion of the costs of treatments for pets at a veterinary
hospital due to illness or injury so that pet owners can obtain veterinary treatment for their petswith peace of mind.

Providing Information about Your Pet’s Life

Pet & Family Insurance has posted on its website information on various themes for enrichingpets’ lives. The website has a special feature titled “Pet News Storage” that introduces questions
closely related to pets’ lives in an easily understandable fashion. As of January 2022, the numberof articles exceeded 200.

Voice

Meet the Pet & Family SDGs Promotion Project Team“Protecting our lives with our pets
who are part of the family”

Pet & Family Insurance in an effort to link the SDGs with the
T&D Insurance Group’s management vision, launched the SDGs
Promotion Project Team with cross-divisional members led by
the President.
As part of our commitment to “making your life with your petricher and happier, with a focus on pet insurance,” we have set
five goals that fall under Sustainable Development Goal 3, “Good
Health and Well-Being,” including “protecting our lives with ourpets who are part of the family.”
We are committed to making everyone aware of the link
between the SDGs and our management goals, and working
together to advance our common goals with deliberate speed,
without fear of change.

From left, Mari Shinoda (Policy
Department), Keiko Sato (Claims
Service Department), Mihoko Suzuki(Policy Service Department)

Digest Edition

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Priority Theme

Provide Workplace Environments that
Enable All People to Participate Actively
We pursue human resources development by respecting the human rights of all
people and the personalities and diversity of our employees and by ensuring ahealthy and safe working environment.

Human Resources Development
At T&D Insurance Group, we believe that our human resources, working side-by-side, are the most important driving force
behind our business activities to fulfill the T&D Insurance Group’s corporate philosophy. Since its foundation, the Group has beenpromoting the nurturing of a corporate culture where diverse human resources can feel job satisfaction and reach their potential.
To leverage the uniqueness and specialization of its respective business strategy, each of theGroup’s affiliates formulates its own education and training plan and strives to develop andenhance the skills of its employees with the aim of improving corporate value.
The three life insurance companies conduct education and training, primarily throughOJT (on-the-job training), group training, support for personal development, and reskilling/relearning. These companies encourage autonomous career development by each
employee by actively helping them to acquire qualifications and offering a diverse curriculum according to their educational plans.

Global human resources development
Taiyo Life

Looking ahead to future overseas business strategies, Taiyo Life dispatches young employees to a number of companies for approximately three months in order to develop personnel capable of successfully working on a global level. In addition, it dispatches anumber of employees to the asset management companies overseas to acquire high-level asset management knowledge.
Daido Life

In order to nurture global talent through diverse experiences, Daido Life offers internships at overseas companies.

Providing reskilling opportunities
Taiyo Life

Daido Life

T&D Financial Life

T&D Asset Management

We provide time- and location-independent online learning materials to encourage the acquisition of knowledge and skills by
employees who wish to develop themselves.

Initiatives on Respect for Human Rights
Human rights due diligence

The Group exercised human rights due diligence at the Company and its
directly owned subsidiaries covering the period up to March 31, 2022.
As a result of the human rights due diligence, we have confirmed thatno serious human rights issues requiring correction have arisen in theGroup’s business activities.
Going forward, we will continue to exercise human rights due
diligence to verify the status of the Group’s response to human rights
issues and to confirm whether or not there are any issues, and report
the results to the Group SDGs Committee on an annual basis. If humanrights issues are identified during human rights due diligence, we willtake action to resolve them.

Human rights education

The T&D Insurance Group holds human rights education sessions for all
employees more than twice a year on various issues, such as discrimination
due to social class or disability, harassment and LGBT orientation, to deepen
employees’ understanding of the importance of respecting human rights.

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T&D Insurance Group Sustainability Report 2022

Human rights management structure(Human rights due diligence)
T&D Holdings Board of Directors

Group SDGs Committee

Secretariat (HD Sustainability Promotion Department):
Report results to the Committee*1
Sustainability and planning departments of each company:
Direct the exercise of due diligence and tabulate results*2

Relevant departments at each company: Exercise due diligence*1	Due diligence results are also coordinated with the Group
Compliance Committee*2	The results of each company’s due diligence are reported
to the board of directors of each company as appropriate

Initiatives to Support Active Participation of Women
Initiatives to Support Active Participation of Women

Ratio of female managers

For the Group, further leveraging the capabilities of women is a source of sustainable enhancement of our corporate value, and their active participation is an
important management issue for the Group. With this in mind, the Group’s threelife insurance companies are introducing various support systems to enhance
the work-life balance, including balancing work with childcare and nursing care.
Taiyo Life

(total of the three companies)
16.1%

16.5%

17.7%

April 2018

April 2019

April 2020

In June 2017, the company expanded its flextime system to include employees on short working hours. It is working to create an environment where employees whose time
is limited by childcare or nursing care can choose more flexible work styles and develop theircareers. Accordingly, in April 2018, the company extended the eligible scope of the system forshort working hours until the child graduates from elementary school.

18.3%

19.3%

April 2021

April 2022

Daido Life

We have introduced a mentoring system in which directors and general managers provide support
to newly appointed female managers with the aim of fostering female managers and raising awareness of career advancement. In April 2021, one new female executive officer was appointed, and the first female executive officer appointed in April
2018 was appointed as Director and Managing Executive Officer in June 2021.
T&D Financial LifeGroup training is held regularly on topics such as Communicating with the People around You, Demonstrating Leadership, andGuiding and Nurturing Subordinates and Juniors, with the aim of allowing female employees to envision the type of leader
they should become, and to acquire the skills necessary to do so.

Comfortable Workplace Environment
To enable employees to make full use of their skills and increase their performance at work, while fulfilling their responsibilities
at home, such as housework, childcare, and nursing care, we are strengthening various initiatives such as improving the systemof childcare leave and introducing a satellite office work system. We are striving to realize work-lifebalance by encouraging men to participate in childrearing, and the percentage of male employees
taking childcare leave has reached 100% at the three life insurance companies.
Taiyo Life has developed systems that exceed laws and ordinances, including a nursing careleave system of up to 3 years, a childcare leave system applicable until a child is 3 years old, andchildcare leave or time off of at least one month for male employees, as a general rule.
In addition, Daido Life launched the Challenge Side Job program in April 2021 to support
the growth of each employee through work experience outside the company.

Child Care, Nursing Care, and Paid Leave Utilization by Three Life Insurance Companies (FY2021)
No. of employees taking
childcare leave
Women: 381 Men: 82

No. of employees taking
nursing care leave

3

Average number of paid
leave days taken

16.5

All three of the Group’s life insurance companies have obtained the “Platinum Kurumin” mark, as have
T&D Asset Management and T&D Information System.

Digest Edition8

Priority Theme

Help Mitigate andAdapt to Climate Change
Through our own business activities as a provider of insurance products andservices to customers, we will contribute to climate change mitigation andadaptation and work to achieve a net-zero society and preserve biodiversity.

Disclosure of climate-related financial information
The T&D Insurance Group has expressed its support for the recommendations of the Task
Force on Climate-related Financial Disclosures (TCFD)*, and is actively committed to disclosing climate-related financial information in an easy-to-understand manner.
* The Task Force on Climate-related Financial Disclosures (TCFD) is a task force established by the Financial Stability Board (FSB) in December 2015. The TCFD has
formulated recommendations for clarified, comparable, and consistent information disclosure regarding the risks and opportunities posed by climate change. These
recommendations were announced in June 2017.

Governance

The Group SDGs Committee establishes basic policies regarding the SDGs and other global environmental and social issues,
as well as targets and measures to address climate change. Under the supervision of the Board of Directors, the Committeemonitors the progress of efforts every six months and reports thereon to the Board of Directors.
We carried out an analysis based on the “1.5°C scenario” and the “4°C scenario” in order to assess the impact of climatechange risk (physical risk*1 and transition risk*2) on the Group.

Strategy*1 Business risks associated with natural disasters caused by extreme weather such as typhoons and floods, and those associated withphenomena such as an increase in the average temperature and a rise in the sea level*2 Business risks arising from the behavior of governments, corporations, and consumers in the process of carrying out the transition to a society
with low or net-zero carbon emissions (through a significant reduction of greenhouse gas emissions)Risk
management

The Group exhaustively classifies, identifies, and assesses the risks it faces, and prioritizes initiatives by considering factors suchas each risk’s significance, potential impact, and control status, which are then reflected in management plans, as necessary.
In order to identify and grasp newly emerging risks, as well as changes in risks that have already been identified, a review of therisk profile is carried out twice per year, and reported to the Group Risk Management Committee and the Board of Directors.

Metrics
and goals

The Group’s environmental protection-related targets are “to reduce CO2 emissions,” “to reduce electricity consumption,” “tointroduce renewable energy,” “to reduce office paper consumption,” and “to improve the green purchasing ratio,” and we areworking to achieve them in our daily business activities.

Forest Conservation Activities
Life insurance companies use vast amounts of paper including office paper, life insurance pamphlets, policy provisions and others in the course of its business operations. To restore forest
resources and preserve greenery, Taiyo Life conducts afforestation projects. It has established“Taiyo Seimei no Mori” (the Forests of Taiyo Life) in Tochigi and Shiga prefectures.

“Taiyo Seimei no Mori” (the Forests of Taiyo Life)In addition to ongoing forest maintenance activities such as thinning and maintenance of walking trails, we also invite members of the Japan Down Syndrome Society and their families to takepart in a forest studies class experience.

“Taiyo Seimei Kutsuki no Mori” (Kutsuki Forest of Taiyo Life)In addition to forest improvement activities, including the improvement of forest roads andthe clearing out of fallen leaves in red pine forests, we also hosted the “Dongri Project” (Acorn
Project), wherein local elementary students grew broad-leaf seedlings from acorns and thenplanted them in the forest at the time of graduation.
Name of forest“Taiyo Seimei no Mori”(Kutsuki Forest of Taiyo Life) (Shiga Prefecture)

Date of establishment

March 2006

November 2007

Approx. 4.8 ha

Approx. 12.7 ha

19 t (Estimate by the Forestry Agency)

87 t (Estimate by Takashima City)

Area

CO2 absorption

9“Taiyo Seimei Kutsuki no Mori”(the Forests of Taiyo Life) (Tochigi Prefecture)

T&D Insurance Group Sustainability Report 2022

Efforts for Achieving Group-wide Targets
The Paris Agreement, adopted at the 21st Conference of the Parties to the United
Nations Framework Convention on Climate Change in December 2015, set a common
global long-term goal of keeping the global average temperature increase well below
2°C above pre-industrial levels and pursuing efforts to limit it to 1.5°C. Achieving net
zero/carbon neutrality by 2050 is required to meet this goal.
The Group has developed the T&D Insurance Group Environmental Policy todemonstrate its commitment to environmental protection and set specific goals for
greater achievements.

2020

2021

2025
40% reduction

Scope1,2

TargetScope3(Category 15)

2030

Net zero(compared to FY2013)

Set 2050
net-zerotarget40% reduction

Net zero

60% renewableenergy100%
renewableenergy(compared to FY2020)

Promoterenewableenergy2050

Initiatives to Reduce Environmental Impact
More than 90% of the Group’s CO2 emissions (Scope 1+2) come from electricity consumption. We are striving to reduce CO2
emissions by curbing electricity consumption and promoting the introduction of renewable energy.

CO2 Emissions

Baseline: CO2 emissions in 2013 (value per unit of floor space) = 0.0674 t/m2
Target: Reduction by at least 40% from baseline by FY2025
Scope: Buildings owned or leased and used by Group companies. Owned buildings include
tenant usage; only the leased area is applied for leased buildings.

Baseline (FY2013)

Actual results in FY2021

59,908 t

43,612 t

Total floor space

888,529 m2

938,081 m2

Per unit of floor space

0.0674 t/m2

0.0465 t/m2—

69.0% (-31.0%)

CO2 emissions (Scope 1+2)

Compared to baseline

Digest Edition10

Priority Theme

Invest to Help Build a Sustainable Society
As a responsible institutional investor, the Group will secure stablelong-term investment income and contribute to the realization ofa sustainable society through investment activities undertaken inconsideration of the environment, society, and corporate governance,with the aim of growing sustainably in partnership with society.

Responsible Institutional Investor
The three companies: Taiyo Life, Daido Life, and T&D Asset Management have become signatoriesof the Principles for Responsible Investment (PRI)*, which are supported by the United Nations.
* The Principles for Responsible Investment (PRI) are a code of conduct for the global financial industry that was proclaimed
by Kofi Annan, the secretary- general of the United Nations in 2006. A commitment to these principles has been signed byover 5,000 financial institutions worldwide, and by 118 in Japan (as of August 2022).

Examples of ESG Investment and Financing
Case Study 1

Case Study 2“Transition finance” initiatives

Investment and financing for energy efficiency projects

As part of the goal to achieve a decarbonized society, we are committed to “transition finance” to financially support the transition
from high-impact business activities to decarbonized and low
environmental-impact ones and have invested in transition bonds
issued by Japanese and international financial institutions andbusiness companies.

To contribute to the promotion of global warming countermeasures and energy self-sufficiency, we have invested inlarge-scale wind and solar power generation projects that cancontribute to global environmental protection and energy conservation and have provided loans (project finance) for energy
efficiency projects.

Case Study 3

Case Study 4

Investment in social bonds

Initiatives for “impact investing”

With the aim of solving global social issues such as educationand employment support in developing countries and supporting
measures against the COVID-19 pandemic, we have invested
in and financed social bonds such as COVID-19 vaccine bonds,
education bonds, and JICA gender bonds.

We are committed to “impact investing” that seeks to have an
impact on solving social problems such as the environment.
We invested in an impact fund that aims to create social
impact, such as reducing total CO2 emissions, while earninginvestment returns by investing in renewable energy power generation projects.

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T&D Insurance Group Sustainability Report 2022

SocialActivities

Taiyo Life

Nationwide Clean Campaign
Taiyo Life is active in cleanup efforts nationwide, an activity that contributes to the local community. We conduct cleanup activities around ourhead office and in the surrounding areas of our branches nationwide.
Employees are united in their commitment to contribute to society,conducting the cleanups as a way to thank our local communities fortheir long-standing support.

Daido LifeThe Sustainability Together Movement
Starting in fiscal 2017, Daido Life has implemented the Sustainability Together Movement as part of its regional and social contribution
activities. In FY2021, under the theme of “Contribution to SDGs,” weworked on various activities such as promoting 3R (reduction, reuse,
and recycling) and donating to developing countries.

T&D Financial Life

Official Partner Agreement Concluded with Japan
Deaf Football Association (JDFA)
T&D Financial Life signed an official partner agreement with the Japan
Deaf Football Association in June 2018. As an official partner, T&D
Financial Life will contribute to the development and spread of deaf
soccer and futsal by supporting their activities and promoting sports for
persons with disabilities.

Support Measures for Young People
Donations to the Japan Student Services Organization
T&D Holdings makes donations to the Japan Student Services Organization (JASSO) to ensure that motivated andcapable students are not forced to abandon their studies for financial reasons.

Special sponsorship of the Nikkei Social Business Contest
The T&D Insurance Group is a special sponsor of the Nikkei Social Business Contest, whichaims to promote the development and understanding of social business. We hope to support
the next generation of leaders who are willing to take on social issues and contribute to thedevelopment of a sustainable society together.

Support for young entrepreneurs and contribution to social businessWe are sponsoring musbun Co., Ltd., which won the Student Division Award in the 5th Nikkei
Social Business Contest in 2021. The company supports the matching of students who wish
to engage in welfare activities with welfare providers who wish to increase their contacts
with students.

Digest Edition

12

Employee Dialogue

Providing Human Resources
Development Programs
and Enhancing
Corporate Value
In order to create a corporate culture wherea diverse workforce can feel job satisfaction
and reach their potential, the T&D InsuranceGroup provides a variety of opportunities toimprove skills and an environment where individuals can advance their careers.

Ogawa I work in the Field Education Division of Taiyo Life,
where my main duties include training for SS (sales staff)
assistant managers (employees responsible for training thein-house sales representatives) of all branches across Japan,
online training for in-house sales representatives at all branch
offices, and preparation of various materials related to thesetraining programs.
Tachibana I work in the Product Planning Division at T&D
Financial Life, where I’m involved in the development of new
products and the revision of existing products for financial
institutions and independent insurance agents (insurance
shops that handle products from multiple insurers).
Nakayama I was transferred to T&D United Capital fromthe Business Development Department of T&D Holdings,
and I am currently working on the launch of our new closed
book business.
Oki I work in Daido Life’s Human Resource Training Division,
where I’m in charge of managing training programs for agency
sales representatives, mainly of tax accountant offices, and operating an on-the-job training system for sales representatives.

What human resources development programs
do you use and apply in your work?
Ogawa Taiyo Life prioritizes the training of young career-track
employees, and as part of this policy, they can study at businessschool through an open application process. I took advantageof the program to attend a course on critical thinking, which
helped me develop the habit of thinking deeply about thetrue nature of things. In our training for SS assistant managers
across Japan, I ask them to stick to what the issue is and what
is important to solve it. One of our most important tasks is to

13

T&D Insurance Group Sustainability Report 2022

Hiromu Nakayama
T&D Holdings
Business Development
Department(T&D United Capital)
Joined in 2017

Ryo OgawaTaiyo Life
Field Education Division,
Sales Department
Joined in 2015

analyze sales data and use it to drive subsequent results. In
doing so, I’ve become very conscious of what is called “missing
the forest for the trees” to avoid falling into such a situation.
Tachibana I took the same critical thinking course, and I
learned the importance of prioritizing and addressing the various challenges that we face every day, and organizing what
my argument is and the reasoning behind it in a way that ismutually exclusive and collectively exhaustive and communicating it in a way that is convincing from the other party’s pointof view. In particular, the Product Planning Division does notstart until the other party makes a move. Therefore, whether
it’s oral explanation or document preparation, I think attending the course helped me a lot to start thinking about thingsfrom the standpoint of the other party, imagining the situationof both sales side and consumer side, what is of most interest
to them, and how to convey our suggestions.
Oki I entered the company as a “locally-based employee(area career-track),” which does not involve nationwide relocation. I worked in agency sales for 8 years, and in my 9th
year I took advantage of the “Career Challenge System,” so
I’m now in the Human Resource Training Division where I takeon the challenge of supporting branch offices, standing in thecompletely opposite position when compared with the past.
Unlike when I worked in agency sales at the branch office, now
I need to listen to opinions from a wide range of people. I’ve
gradually learned how to clarify the purpose of what I’m trying
to do and communicate with each person face-to-face.
Nakayama In the case of the closed book business, since
we’re building the business ourselves, there’s no special training program; it’s based on self-study and on-the-job training. We have teleconferences with our overseas corporations
two to three times a week, and by taking an English language

Tachibana I still feel a gap with my boss in skills such asgetting buy-in from various people to achieve objectives,
encouraging others to change their behavior, and getting
them to take action. In order to close this gap, I would
like to actively apply what I learned in the critical thinking
course, hone my skills in management work, and build asolid foundation for career advancement.
Nakayama I would like to get the greatest possible advantage
out of this opportunity I’ve had to gain valuable experience ina highly specialized department at a young age. In the future,
I would like to be in charge of the investment management
department. For the time being, however, I’m focused on
making the new business of closed books one of the Group’s
profit pillars, while learning more every day through my work.

What other programs are necessary forthe sustained growth of the Group?

Yui OkiDaido Life
Human Resource Training
Division, Human Resource
Development Department
Joined in 2013

Kenichi Tachibana
T&D Financial Life
Product Planning Division,
Product Department
Joined in October 2018
(mid-career hire)

training program and using English every day, I’m now able
to communicate in English in my work. My skills in examining investment opportunities have also gradually reached alevel where I can apply them to my work thanks to the helpof senior staff who have a wealth of knowledge and expertise.

What kind of career development
do you have in mind for the future?
Ogawa Recently, I was involved in launching a new Taiyo Lifesales office, and in support of this, I was sent to recruit andtrain in-house sales representatives for three to four months.
This reminded me once again that I feel fulfilled when I cancontribute to the growth of our in-house sales representatives. In my current department, I’m developing my own sales
skills while fostering the employees in charge of training thein-house sales representatives. In the future, I’d like to experience being a branch manager so that I can use these skills
more in practice, especially in training the branch’s in-housesales representatives. After that, I envision a career plan inwhich I would return to the Sales Department and contributeto improving the training level of in-house sales representatives on a company-wide basis.
Oki I intend to use the multifaceted perspective I developed
at the head office to help foster junior staff. As a result of myexperience working at the head office, instead of giving oneway instructions to junior employees or imposing my own
ideas on them, I’ve begun to focus on eliciting what problems
they’re struggling with and how to solve them. Eventually, as
a manager, I hope to contribute to the creation of an organization where junior staff can freely demonstrate their abilities and achieve self-fulfillment.

Oki I would like to see more Group-wide exchange programsand training. It’s been 10 years since I joined the company
as a new graduate, but when I talk with mid-career recruits
during the training, I sometimes feel that my perspectives andinsights are narrow. When I first joined the company, we had
one or two days of joint group work with Taiyo Life during the
new employee training, and I remember thinking that it was agood learning experience because the company cultures werequite different. Since we are Group companies, we shouldhave the opportunity to incorporate each other’s good points
and suggest points that need to be improved.
Ogawa After interacting with people from different industries and departments at the business school, I felt thatinteraction between Group companies is significant in thesense of having a balanced mindset that is not biased toward
the thinking of our own company or department. At thesame time, it fosters a competitive spirit, which I think is very
important for our growth as a Group.
Nakayama In my department, there are people with various
experiences such as Daido Life, Taiyo Life, and the outside
world. In addition, I have exchanges with many different
departments, and I’m fortunate to learn a lot. As you all said,
I think that interaction within the Group is important when
we consider the growth of the Group.
Tachibana It would be great if we could plan “hands-on”
training programs across the Group, regardless of whether
you are a salesperson or office worker. It would be place
where participants actively put the information and knowledge shared there into practice in the field and meet regularly
to exchange information on their progress and reflections.
It’s important to cultivate employees who can learn, act, andcommunicate independently, rather than waiting for instructions. In that sense, I think we should enhance the Career
Challenge System. I also think we need to create a system
in which career counselors assist individual employees informulating their career visions. It would provide opportunities and venues for employees to take stock of their career
to date, identify challenges and strengths, and think about
where they want to be in the future.

Digest Edition

14

Principles That the T&D Insurance Group Endorses and Supports
Principles for Financial
Action towards a
Sustainable Society

UN Global
Compact

PRI

TCFD

RE100

(Principles for Financial
Action for the 21st Century)

ClimateAction 100+External evaluation

Major
Awards

FY2021

FY2022
Taiyo Life, Daido Life and T&D Financial Life recognized as members of
the Certified Health and Productivity
Management Organization White 500(Taiyo Life/Daido Life have been recognized six years in a row).

For the third year in a row,
T&D Holdings received thePlatinum Career Award.

Japan

International

Evaluation by
ESG
assessment
organizations

Information on our website
The T&D Holdings website introduces our sustainability initiatives.

https://www.td-holdings.co.jp/en/csr/

7-1, Nihonbashi 2-chome, Chuo-ku, Tokyo 103-6031, Japan Tel: +81-3-3272-6324
https://www.td-holdings.co.jp/en/ mail:csr@td-holdings.co.jp

Easy to read universal design
fonts are used.

Published in November 2022