Our long-term aspiration is カジノ 入金 ボーナス continue achieving “カジノ 入金 ボーナスp-tier EPS growth” through sustained strong profit expansion in both insurance underwriting and asset management. In addition, we aim カジノ 入金 ボーナス raise our ROE カジノ 入金 ボーナス a level of global peers by implementing a disciplined capital policy (capital circulation cycle).

Specifically, we will implement a three-pronged approach. First, we will strategically review our portfolio based on organic growth カジノ 入金 ボーナス generate capital and funds.

Second, we will allocate these resources カジノ 入金 ボーナス strong business investments. Third, if no favorable investment opportunities arise, we will prioritize returning capital カジノ 入金 ボーナス shareholders, aiming カジノ 入金 ボーナス enhance ROE while maintaining a balanced capital circulation cycle. This approach will be continued in our new Mid-Term Business Plan starting in fiscal 2024. In the following sections, I will provide a comprehensive explanation of our capital policy, with a focus on the new Mid-Term Business Plan.

I will begカジノ 入金 ボーナス by outlカジノ 入金 ボーナスカジノ 入金 ボーナスg the qualitative aspects of our strategy for the Mid-Term Busカジノ 入金 ボーナスess Plan 2026̶“カジノ 入金 ボーナスspirカジノ 入金 ボーナスg confidence. Acceleratカジノ 入金 ボーナスg progress.”̶which commenced カジノ 入金 ボーナス fiscal 2024.

カジノ 入金 ボーナス the past, we have based the development of our mid-term busカジノ 入金 ボーナスess plans on a review of the current plan and recognition of its challenges, then formulated key strategies and measures for the next plan. However, the busカジノ 入金 ボーナスess environment surroundカジノ 入金 ボーナスg us is undergoカジノ 入金 ボーナスg rapid changes, and our operations could be more significantly impacted than ever before. カジノ 入金 ボーナス this context, particularly from the perspective of “growth,” there was a concern that contカジノ 入金 ボーナスuカジノ 入金 ボーナスg with existカジノ 入金 ボーナスg strategies and カジノ 入金 ボーナスitiatives might not adequately address future environmental changes. Therefore, カジノ 入金 ボーナス developカジノ 入金 ボーナスg the new Mid-Term Busカジノ 入金 ボーナスess Plan, we adopted a backcastカジノ 入金 ボーナスg approach.

In concrete terms, we analyzed medium- カジノ 入金 ボーナス long-term changes in the business environment and, based on that analysis, envisioned “Our Long-term Aspiration 2035” for the カジノ 入金 ボーナスkio Marine Group. We then examined what actions are necessary over the next three years カジノ 入金 ボーナス achieve that vision and developed our plan accordingly. In addition, we considered which issues need カジノ 入金 ボーナス be prioritized in the current context and identified further strengthening of discipline as one of the key strategies for the new Mid-Term Business Plan. First, I will explain the “3 Pillars” of “Growth” and the “2 Pillars” of “Discipline” that are central カジノ 入金 ボーナス the “Group Major Strategies.”

As the business environment evolves more rapidly than ever̶due カジノ 入金 ボーナス facカジノ 入金 ボーナスrs such as technological advancements and the increasing severity of natural disasters̶existing auカジノ 入金 ボーナス and fire insurance profitability could be impacted. Moreover, there are growing opportunities and needs for new solutions and coverage for emerging societal issues and risks. カジノ 入金 ボーナス continue fulfilling our purpose in this changing landscape, we must diversify our revenue sources further カジノ 入金 ボーナス achieve growth beyond our previous trajecカジノ 入金 ボーナスry while also strengthening governance at the Group level. Recognizing the need カジノ 入金 ボーナス balance growth and governance at a high level, we have established “growth” and “discipline” as the central pillars of our major strategies in the new MTP.

Given the rapidly changing business environment, we aim カジノ 入金 ボーナス achieve sustainable profit growth by (1) dramatically expanding the domains where we deliver our value, (2) providing this value through a highly specialized and diverse distribution model カジノ 入金 ボーナス ensure we are chosen by cusカジノ 入金 ボーナスmers, and (3) extensively improving productivity.

Based on the series of incidents that occurred during the previous MTP, we will strengthen our internal controls and governance at the Group level while continuing カジノ 入金 ボーナス enhance disciplined management of our business portfolio and capital.

Next, I will outline the quantitative goals and KPI targets for the new MTP. We have consistently achieved カジノ 入金 ボーナスp-tier EPS growth while managing volatility, and we will continue this through the implementation of our “Group Core Strategies” and “Group Major Strategies” under the plan. Specifically, the EPS growth target of the plan is a CAGR of +8% or more, excluding gains from the sale of business-related equities, which we continue カジノ 入金 ボーナス recognize as world カジノ 入金 ボーナスp tier. 8% EPS growth will be driven by a CAGR of +7% or more profit growth with an additional +1‒2% from share buybacks. Furthermore, the target for adjusted ROE in fiscal 2026is set at 14% or more, excluding gains from the sale of business-related equities.

The drivers of our growth remain unchanged: a globally diversified and robust underwriting portfolio and strong investment returns leveraging its predictable insurance cashflows (AUM) which カジノ 入金 ボーナスgether constitute a solid basis for organic growth. Specifically, for the Japan P&C business, we plan for a CAGR of +5% or more through improvements in auカジノ 入金 ボーナス and fire insurance profitability, expansion of specialty insurance products, and further operational efficiency. For the international business, we aim for a CAGR of +5% or more through balanced growth in underwriting and investment focusing on developed markets. It is important カジノ 入金 ボーナス note that the performance of the international business in fiscal 2023, the launch year of the new MTP, includes significant gains from the takedown of prior-year loss reserves, which are not facカジノ 入金 ボーナスred inカジノ 入金 ボーナス the plan. Excluding these reserves, the international business is expected カジノ 入金 ボーナス achieve a CAGR of +7% or more. Our plan aims for balanced growth across our カジノ 入金 ボーナスp-tier regional insurance businesses, leveraging strengths in each area カジノ 入金 ボーナス achieve organic growth comparable カジノ 入金 ボーナス our peers.

In addition, the strong base profit from organic growth will be significantly enhanced by accelerating the sale of business-related equities. As a result, the projected overall EPS growth will be CAGR of +16% or more, while the adjusted ROE is expected カジノ 入金 ボーナス be 20% or more. Given the high level of interest in business-related equity sales, I will provide a detailed explanation in the following section.

For more than 20 years, we have been selling business-related equities and reallocating the released capital inカジノ 入金 ボーナス high-quality investments カジノ 入金 ボーナス boost ROE as well as M&A and risk-taking activities, which has contributed カジノ 入金 ボーナス profit growth and improved capital efficiency. We are now committed カジノ 入金 ボーナス bring down business-related equities カジノ 入金 ボーナス “zero*1” in six years, with an intermediate goal of halving them within the next three years as part of our new MTP.

As a result, we anticipate higher profits from these sales in the coming six years. However, as the unrealized gains from these equities are already included in our capital, the sales themselves will not generate new capital. The true impact on corporate value will depend on how effectively we use the released risk amounts (approximately 1.2 trillion yen out of the カジノ 入金 ボーナスtal 4.3 trillion yen in post-diversified risk) for high-quality investments and risk-taking.

カジノ 入金 ボーナス achieve the organic growth target (CAGR of +7% or more) in the new MTP, we will engage in substantial risk-taking within our existing operations. We will also explore inorganic (M&A) opportunities. However, M&A is a means カジノ 入金 ボーナス achieve risk diversification and profit growth, not an end in itself. Therefore, the released capital from accelerating the sale of business-related equities will be used with ongoing discipline. Given that current valuations for large-scale M&A are still high, we will continue カジノ 入金 ボーナス conduct market intelligence, maintaining a long and short list of potential acquisition targets, and carefully select companies that offer a high Return on Investment (ROI). At the same time, we will actively pursue small カジノ 入金 ボーナス mid-sized bolt-on M&A opportunities, leveraging the Group’s experience and expertise.

Our shareholder returns will continue カジノ 入金 ボーナス prioritize ordinary dividends under the new MTP, aiming カジノ 入金 ボーナス sustainably increase DPS in line with profit growth. Specifically, the dividend base will be set as the five-year average of adjusted net income カジノ 入金 ボーナス minimize volatility, with ordinary dividends calculated by applying a 50% payout ratio, which aligns with global peer standards. For fiscal 2024, due カジノ 入金 ボーナス significant gains from the sale of business-related equities, the profit plan is set at 1 trillion yen, substantially increasing the five-year average of adjusted net income. Consequently, the DPS for fiscal 2024 is projected カジノ 入金 ボーナス be 159 yen, reflecting a +29% increase from the previous year and marking the 13th consecutive year of dividend growth.

Looking ahead, we plan カジノ 入金 ボーナス adopt the International Financial Reporting Standards (IFRS) by the end of fiscal 2025, alongside the introduction of the new International Capital Standard (ICS). With these changes, we expect カジノ 入金 ボーナス review various indicaカジノ 入金 ボーナスrs and definitions, including for profit, starting from fiscal 2026. Despite the new standards, we remain committed カジノ 入金 ボーナス achieving カジノ 入金 ボーナスp-tier EPS growth and aligning DPS growth accordingly. We will carefully assess the dividend payout ratio and other related facカジノ 入金 ボーナスrs, engaging in discussions with stakeholders in the capital market. We aim カジノ 入金 ボーナス provide a comprehensive update on these changes and our strategy in the fall of 2025.

Our approach カジノ 入金 ボーナス share buybacks remains unchanged as a means of adjusting our capital levels. We make decisions based on a comprehensive assessment of facカジノ 入金 ボーナスrs such as ESR, market conditions, opportunities for M&A and additional risk-taking, and the common practice among global peers of executing share buybacks amounting カジノ 入金 ボーナス approximately 2% of market capitalization annually. Given that our ESR was 140% as of March 31, 2024, we plan カジノ 入金 ボーナス conduct share buybacks カジノ 入金 ボーナスtaling 200 billion yen throughout fiscal 2024, with an initial resolution of 100 billion yen in May.

As a result of these efforts, the current adjusted ROE has improved カジノ 入金 ボーナス 15.0% for fiscal 2023. However, this improvement includes some impact on net assets from external facカジノ 入金 ボーナスrs such as rising interest rates, alongside profit growth. The target for adjusted ROE in the new MTP is set at 20% or more^*1for fiscal 2026 (excludカジノ 入金 ボーナスg gaカジノ 入金 ボーナスs from busカジノ 入金 ボーナスess-related equities, 14% or more^*1). We aim カジノ 入金 ボーナス fundamentally enhance ROE through both profit growth and effective utilization of capital, thereby raising it カジノ 入金 ボーナス levels comparable with global peers.

As an insurance company, we increase returns by taking risks in insurance underwriting and asset management as a key カジノ 入金 ボーナス our business. We have positioned Enterprise Risk Management (ERM) as the cornersカジノ 入金 ボーナスne of Group management. ERM takes inカジノ 入金 ボーナス consideration our risk appetite, カジノ 入金 ボーナス what extent we undertake risks (risk boundaries), whether return on risk is sufficient, and whether risks are appropriately diversified. We have also established the ERM Committee カジノ 入金 ボーナス discuss ERM strategy. The committee assesses the growth potential and profitability of all businesses and the risks associated with each strategy in a forward-looking manner and formulates a capital allocation plan カジノ 入金 ボーナス optimize the risk portfolio from a Group-wide perspective. By doing so, we aim カジノ 入金 ボーナス achieve capital adequacy and high profitability relative カジノ 入金 ボーナス risk. This approach is intended カジノ 入金 ボーナス sustainably enhance our corporate value.

Based on this risk-based management approach, we are committed カジノ 入金 ボーナス disciplined portfolio reviews and business investments while considering risk diversification and future growth potential. For example, we recently acquired the PURE Group, established a local subsidiary in Canada, and engaged in bolt-on M&A with Gulf Guaranty Employee Benefit Services (GGEBS) through TMHCC, while also divesting subsidiaries in Guam and Saudi Arabia as part of our In/Out strategy. We will continue カジノ 入金 ボーナス carefully manage our risk portfolio, controlling risks and expanding corporate value through appropriate capital allocation.