Rating Information

T&D Holdings and the three life insurance companies of the T&D Insurance Group have obtained ratings as follows.

Each of the ratings are assessed by an independent credit rating agency in regards to the certainty of an obligor to honor its financial obligations by T&D Holdings, and the Ability to Pay Insurance Claims by the insurance company. Ratings are shown clearly in alphabetize signs etc.

As of January 20, 2021

Rating Agency T&D Holdings Taiyo Life Daido Life T&D Financial Life
Rating and Investment Information, Inc. (R&I) - AA- AA- AA-
Japan Credit Rating Agency, Ltd. (JCR) AA- AA- AA- AA-
Standard & Poor's (S&P) - A A -

About Ratings

Disclaimer

Please note that ratings herein are statements by an independent credit rating organization and do not guarantee any actual payment of financial obligations, insurance claims and benefits. In addition, these statements are based on certain assumptions as of the date when each document was posted, therefore, the ratings may be changed in the future.

The ratings listed above are all commissioned ratings.

Rating Definition

For definitions of the ratings listed above, please refer to the website of credit rating agencies.

* The following pages are linked to the website of credit rating agency.

* The information hereafter is provided by credit rating agency.

Bond Information

T&D Holdings, Inc. and its subsidiary Taiyo Life Insurance Company have issued corporate bonds, including convertible bond.

As of June 6 ,2020

Issuer Security name Issue date Amount issued Maturity date
T&D Holdings, Inc.

First Series of Domestic Subordinated Unsecured Bonds with Interest Deferral Option and Early Redemption Option

Sep 20, 2018 ¥50.0 billion Sep 23 ,2048
(*1)

Second Series of Domestic Subordinated Unsecured Bonds with Interest Deferral Option and Early Redemption Option

Jan 30,2020 ¥30.0 billion Feb 4,2050
(*2)

Third Series of Domestic Subordinated Unsecured Bonds with Interest Deferral Option and Early Redemption Option

¥40.0 billion Feb 4,2050
(*3)
Taiyo Life Insurance Company

Fifth series unsecured bonds with early redemption clause (subordinated, limited to qualified institutional investors and split-restricted small-number private placement)

Dec 22, 2017 ¥37.0 billion Dec 22, 2027
(*4)

(*1) The Notes are callable on each interest payment date in and after September 2028 at the discretion of the Company, subject to prior government approval, etc.

(*2) The Notes are callable on each interest payment date in and after February 2025 at the discretion of the Company, subject to prior government approval, etc.

(*3) The Notes are callable on each interest payment date in and after February 2030 at the discretion of the Company, subject to prior government approval, etc.

(*4) The Notes are callable on each interest payment date in and after December 2022 at the discretion of the Company, subject to prior government approval, etc.