Shareholding Structure

T&D Asset Management (“TDAM”) is the asset management arm of T&D Insurance Group, structured under T&D Holdings, Inc. (TDH). TDAM became a direct subsidiary of TDH on April 1, 2007, after previously being an affiliate company of Taiyo Life and Daido Life. This reflects T&D Insurance Group's long-term management vision of developing asset management as a core business line within the group.