T&D Asset Management Co., Ltd.

Performance and Operational Review

T&D Asset Management conducts investment trust business under which it sells investment trusts to investors through banks and securities companies, and investment advisory business under which it concludes investment advisory agreements and advisory services, and manages the funds of pension funds and institutional investors.

In fiscal 2015, the assets under management of T&D Asset Management's investment trust business decreased to ¥613.4 billion from ¥731.3 billion as of March 31, 2015. This mainly reflected the surrender of existing funds and falls in market value. The assets under management of the investment advisory business also decreased to ¥803.4 billion from ¥992.2 billion as of March 31, 2015, due to surrenders.

On the earnings front, adjusted operating income was down 15.4% year-on-year to ¥2.4 billion, due to a decline in the balance of assets under management. While efforts were made to streamline business operations, head office relocation costs and other factors resulted in a net loss for the fiscal year.

Asset Management Market in Japan

Adjusted Operating Income (By customer)

Adjusted Operating Income (By market)

Future Growth

T&D Asset Management has been conducting its business resting on two core businesses: investment of life insurance assets as the T&D Life Group's asset management company and investment of assets for non-Group customers.

Looking ahead, T&D Asset Management will continue to engage in these businesses, and aim to become a trusted asset management company in the eyes of customers by implementing thorough measures to enhance the quality of investment products and services.

Investment Trust Business

T&D Asset Management sees further growth potential in the investment trust business.

Taking full advantage of its status as an asset manager independent of any securities or banking group, T&D Asset Management will provide investment trusts through a broad range of sales companies.

Through the strategic allocation of business resources, T&D Asset Management will further strengthen its organization to develop and offer outstanding investment products tailored to customer needs in a timely manner. At the same time, the company will upgrade its information provision capabilities for customers to inform the features and risks involved in the products in an easy-to-understand manner.

Investment Advisory Business (Domestic and Overseas Pension Funds and Institutional Investors)

The domestic pension market faces maturity with the ongoing aging of society, and business conditions continue to hinder any expectations for growth. T&D Asset Management is aiming to win long-term trust by remaining strongly committed to providing suitable solutions to customers with a variety of challenges.

The company is also actively offering its distinctive asset management capabilities to domestic and foreign institutional investors.