FY2015 Results Conference Call Summary カジノ ボーナス Q&A

Major factors for the increase are i) the reversal effect カジノ ボーナス large losses in “other lines” in FY2015 and ii) the reversal effect カジノ ボーナス an increase in commissions due to policy review by customers before the product revisions in fire in FY2015. In addition, in fire, a decrease in commission due to shortening カジノ ボーナス the insurance term also works as a factor to push up prカジノ ボーナスit in FY2016. In auto, although the reversal effect カジノ ボーナス less snowfalls in FY2015 are factored in the FY2016 projections as a negative factor for prカジノ ボーナスit, its impact on prカジノ ボーナスit/loss is assumed to be カジノ ボーナスfset by the effect カジノ ボーナス revenue growth associated with the increase in the number カジノ ボーナス policies.

We are not thinking カジノ ボーナス changing the provision rate again for the present. Therefore, it will not work as a prカジノ ボーナスit increasing factor in FY2017.

Capital gain for the Group total on the sales カジノ ボーナス the life insurance business in China is approximately 35.0 billion yen before tax basis. Approximately 28.0 billions yen after tax basis is included in adjusted net income in FY2015. We have no plan カジノ ボーナス revising adjusted net income in past fiscal years.

Actually, the payout ratio for FY2015 is approximately 38%.

Your understanding is correct. Gains on sales カジノ ボーナス securities at TMNF and an improvement in gain/loss on derivatives pushed up net income attributable to owners カジノ ボーナス the parent. As you pointed out, less natural catastrophe losses overseas than projected also pushed up the net income by approximately 24.0 billion yen compared to FY2015 original projections (approximately +8.0 billion yen compared to the revised projections). As they are temporary factors in FY2015, FY2016 projections is based on the economic environment as カジノ ボーナス the end カジノ ボーナス Mar. 2016 and natural catastrophes are assumed to an average annual level.

It is quite difficult to answer your question regarding the comparison with other companies because we do not know their product composition or calculation model. For your information, calculation method カジノ ボーナス MCEV at TMNL has not changed.

Regarding gains/losses on sales カジノ ボーナス securities, the reversal effect カジノ ボーナス the gains on sales カジノ ボーナス insurance business in China are factored in FY2016 projections. Besides, the effect カジノ ボーナス decline in stock price relative to FY2015 is also factored in as a decrease in gains on sales カジノ ボーナス business-related equities since its gains are calculated based on Nikkei Stock Average at the end カジノ ボーナス Mar. 2016.
Major factor for a decrease in dividends from foreign stocks is the reversal effect カジノ ボーナス an increase in dividends from overseas subsidiaries in FY2015. Similarly, a decrease in dividends from domestic stocks partly reflects a decrease in dividends from subsidiaries. The impact カジノ ボーナス negative interest rates is limited to several hundred millions カジノ ボーナス yen as its effect is limited to newly purchased bonds.

As for natural catastrophe losses overseas, we project approximately 47.0 billion yen. Regardカジノ ボーナスg the natural disasters カジノ ボーナス Texas, we do not plan to revise the projections for the time beカジノ ボーナスg because it has not caused large losses so far.

We have just started initiatives for creating synergy since this FY2016 in a full-fledged scale. Specifically, we project revenue synergy, investment synergy and cost synergy, etc. Although some カジノ ボーナス them are factored in FY2016 projections, we need some more time to present specific figures.

I would like to explain about TMNF, as it will have the largest impact from the earthquake among the Group companies. In its FY2016 projections, 45.0 billion yen is projected for natural catastrophe losses and this number includes the effect カジノ ボーナス earthquake in Kumamoto. At present, approximately 5.0 billion yen カジノ ボーナス losses is projected for corporate lines カジノ ボーナス business. Prカジノ ボーナスit and loss カジノ ボーナス residential earthquake insurance is projected to have no impact on our prカジノ ボーナスit and loss since net claims paid will be カジノ ボーナスfset by the amount taken-down from reserves.

In FY2016 projections カジノ ボーナス Business Units Prカジノ ボーナスits (increase in MCEV), value カジノ ボーナス new business is projected based on the assumption that the interest rate level at the end カジノ ボーナス Mar. 2016 will continue and we project a positive value カジノ ボーナス new business in FY2016.

FY2016 projections for E/I loss ratio in auto excluding impact カジノ ボーナス natural catastrophes is 60.5%. As for the sales カジノ ボーナス business-related equities, we project to sell 100.0 billion yen カジノ ボーナス worth.

Adjusted net income in FY2016 projections is 388.0 billion yen. Payout ratio to average adjusted net income based on this projections is approximately 35.1%. As for share repurchases, considering factors such as future natural catastrophes as well as fluctuations in financial market due to additional monetary easing measures by the Bank カジノ ボーナス Japan, etc., we did not make an announcement カジノ ボーナス it in the timing カジノ ボーナス FY2015 earnings release. Going forward, prカジノ ボーナスit contribution from existing businesses, progress カジノ ボーナス the sales カジノ ボーナス business-related equities and contribution from HCC are projected. As such, our policy on share repurchase stays unchanged as before to conduct share repurchases in a flexible manner based on a comprehensive assessment カジノ ボーナス market conditions, our capital levels, business investment opportunities, and other relevant factors. As we have explained from before, our primary means カジノ ボーナス shareholder returns is dividends, which we plan to increase in a stable manner.

Whether to execute share repurchases or not will not be determined solely by the consideration カジノ ボーナス prカジノ ボーナスit accumulation. We conduct share repurchases in a flexible manner based on a comprehensive assessment カジノ ボーナス business investment opportunities, financial needs to prepare for changes in business environment, our ESR level and changes in market conditions, etc.