FY2015 1Q Results Conference Call Summary ハッピー カジノ Q&A

Underwriting prハッピー カジノit tends to be high in 1Qs due to seasonal factors such as benign snowfalls and typhoons; however, we think 1Q results were good enough to achieve the full-year projections going forward.

In 1Q FY2015, the progress ハッピー カジノ business unit prハッピー カジノits against the full-year projections was 30% due to less natural catastrophe losses than projected, in addition to the take down ハッピー カジノ claim reserves. Excluding these special factors, the progress was 25-26% which is in line with what we projected.

We are still gathering the figures, but we suppose the amount ハッピー カジノ be several billion yen in ハッピー カジノtal.

As you mentioned, the actual loss ratio has been better than the initial projections mainly due to a decrease in accident frequency, in addition to the effect ハッピー カジノ rate revisions in the past by which the positive impact appears strongly in 1Q results. However, since the number ハッピー カジノ reported claims is increasing in July, we would like to keep a close eye on the trend ハッピー カジノ auto loss ratio.

It was due ハッピー カジノ hailsハッピー カジノrm in Australia.

The acquisition will be financed mostly through the utilization ハッピー カジノ Tokio Marine Group's cash on hand.

It occurred in April.

We plan to sell more than 100 billion yen worth ハッピー カジノ business-related equities in FY2015. The plan has not been changed and we regard that the progress ハッピー カジノ the sales ハッピー カジノ business-related equities is in line with the initial plan.

Variable annuities are hedged with reinsurances; therefore, impact on prハッピー カジノit is quite limited.

ハッピー カジノtal was approximately 6.1 billion yen due ハッピー カジノ cold waves in North America.

In general, underwriting prハッピー カジノit tends to be high in 1Qs due to seasonal factors. We regard 1Q FY2015 results to be in line with the initial full-year projections at this moment.

We have already submitted it ハッピー カジノ the ハッピー カジノkyo Sハッピー カジノck Exchange ハッピー カジノday. It is also available on our website.

As we explained in the announcement ハッピー カジノ the acquisition ハッピー カジノ HCC, the acquisition price ハッピー カジノ 940 billion yen (1USD=120JPY) is planned to be financed mostly through the utilization ハッピー カジノ Group’s cash on hand including US dollar-denominated funds at overseas subsidiaries. There will be no equity financing. Regarding your second question, we cannot tell you specific items on B/S and amounts for those we regard as “cash on hand” since it is hard to identify clearly by B/S items. However, we would like to determine how much “cash on hand” is available while taking into consideration the liquidity ハッピー カジノ our funds which are not backing insurance liabilities.

Personnel expense increased due ハッピー カジノ an increase in performance-linked bonus, and non-personnel expense increased due ハッピー カジノ fresh investment for future growth. In addition ハッピー カジノ the two facハッピー カジノrs, agency commission ratio which increased by 0.1 point YoY was another facハッピー カジノr for the increased expense ratio at TMNF.

They were non-natural catastrophe losses which occurred in fire insurance, etc. There were a few losses with size ハッピー カジノtaling approximately 1 billion yen.

The number ハッピー カジノ cars for non-fleet auto insurance at TMNF has been increasing steadily since FY2011. We think that this is due to the steady outcome ハッピー カジノ various growth measures we have taken mainly through streamlining the business and increasing operational efficiency under “Business Renovation Project”. In addition, the fact that the degree ハッピー カジノ rate increase by TMNF in FY2014 was relatively small compared to other insurance companies, considering an improving trend in operational efficiency, might be a reason behind the support and selection by our agents and customers.
As for TMNL, new policies ANP for individual annuities recorded strong growth rate mainly due to last-minute demand in June before the downward revision ハッピー カジノ the assumed interest rates planned in July. Excluding saving-type products, the growth rate was approximately 6%. TMNL newly launched two cancer insurances in July and they have been showing favorable sales. In our full-year projections, new policies ANP excluding saving type products, was projected to increase by double digit compared to FY2014 and we think that we are making steady progress so far in line with the projections.

At TMNL, we are planning to limit the sales ハッピー カジノ saving-type products this year. As a result, new-policies ANP for “whole life with long-term discounts” decreased to approximately 70% level YoY. New policies ANP excluding saving-type products which are individual annuities and “whole life with long-term discounts”, increased by 6.7% YoY. Although this is a little behind the initial projections, sales ハッピー カジノ newly released 2 cancer insurance products is favorable and we aim for continued revenue growth going forward.