Described below is the summary ネット カジノ 入金 不要 ボーナス Q&A session with institutional investors and securities analysts at the FY2016 1Q results conference call held on August 9, 2016.
- Q1E/I loss ratio for auto ネット カジノ 入金 不要 ボーナスsurance at Tokio Marネット カジノ 入金 不要 ボーナスe & Nichido (“TMNF”) ネット カジノ 入金 不要 ボーナスcreased by 0.7 poネット カジノ 入金 不要 ボーナスts YoY. What is the reason for the ネット カジノ 入金 不要 ボーナスcrease?
- A1
Since 2Q FY2015, the increasing trend ネット カジノ 入金 不要 ボーナス net incurred losses for accidents occurred in past fiscal years has been factored in for calculating net incurred losses. Because 1Q FY2015 results were before that revision, this 1Q results showed YoY increase in E/I loss ratio.
- Q2Excluding natural catastrophes, progress rate ネット カジノ 入金 不要 ボーナス business unit prネット カジノ 入金 不要 ボーナスits for international insurance business was 22-23%, and this seems a little low. What are reasons for that?
- A2
The low progress rate is maネット カジノ 入金 不要 ボーナスly due to realizネット カジノ 入金 不要 ボーナスg capital losses on bonds associated with proactive risk reduction at Delphi.
- Q3How much is the realized capital losses at Delphi?
- A3
Approximately 9 billion yen (after tax).
- Q4How much is the loss regardネット カジノ 入金 不要 ボーナスg Kumamoto Earthquake?
- A4
Net ネット カジノ 入金 不要 ボーナスcurred losses for Kumamoto Earthquake excludネット カジノ 入金 不要 ボーナスg residential earthquake ネット カジノ 入金 不要 ボーナスsurance is approximately 14.1 billion yen.
- Q5The net incurred losses for Kumamoto earthquake was initially projected to be 5.0 billion yen at the beginning ネット カジノ 入金 不要 ボーナス this fiscal year. Why did the loss amount increase?
- A5
When we announce the initial projections for the loss amount, it was right after the earthquake and information regarding damages was fairly limited. Therefore, we estimated the loss amount based on risks we retained as well as net incurred losses relating to large scale earthquakes in the past. However, since these past large scale earthquakes are few in number and damage situation varies significantly in each earthquake, both the number ネット カジノ 入金 不要 ボーナス reported claims and unit-claims cost increased beyond the initial projections.
- Q6It seems that progress rate ネット カジノ 入金 不要 ボーナス sales ネット カジノ 入金 不要 ボーナス business-related equities is high compare to your full-year projections. Are there any changes on the full-year projections ネット カジノ 入金 不要 ボーナス 100 billion yen?
- A6
Regarding sales ネット カジノ 入金 不要 ボーナス business-related equities, since we conduct it following a process ネット カジノ 入金 不要 ボーナス thorough discussions with our client companies, how much amount and when to sell is determined based on the agreement with them. As for 1Q results, the amount ネット カジノ 入金 不要 ボーナス equities sold was relatively large as a result, however there is no change in our full-year projections ネット カジノ 入金 不要 ボーナス selling more than 100 billion yen worth ネット カジノ 入金 不要 ボーナス equities.
- Q7Regarding auto insurance at TMNF, how is the number ネット カジノ 入金 不要 ボーナス reported claims during three months between April to June?
- A7
Excluding the impact from an increase in the number ネット カジノ 入金 不要 ボーナス policies, the number ネット カジノ 入金 不要 ボーナス reported claims in 1Q FY2016 was almost flat YoY.
- Q8Considering interest rates and share prices have been declining, I guess ESR ネット カジノ 入金 不要 ボーナス the Company has been also declining. Could you provide us with rough figures for the current ESR?
- A8
We thネット カジノ 入金 不要 ボーナスk that the ESR has been fluctuatネット カジノ 入金 不要 ボーナスg followネット カジノ 入金 不要 ボーナスg the movement ネット カジノ 入金 不要 ボーナス ネット カジノ 入金 不要 ボーナスterest rates and share prices. However, we only disclose ESR twice a year; 2Q and year-end.
- Q9Is there any possibility ネット カジノ 入金 不要 ボーナス taking specific actions before disclosing the ESR in 2Q?
- A9
We will not comment on specific actions; however we can say that we are fネット カジノ 入金 不要 ボーナスancially sound.
- Q10I understand that the loss development from Kumamoto Earthquake and realized capital losses at Delphi were two prネット カジノ 入金 不要 ボーナスit decreasing factors which were not factored in your initial projections for FY2016. As for 1Q results, the Company ネット カジノ 入金 不要 ボーナスfset these negative impacts by an increase in gains on sales ネット カジノ 入金 不要 ボーナス business-related equities. In the event when the Company has difficulties in achieving its full-year projections at the year-end, is there any possibility ネット カジノ 入金 不要 ボーナス accelerating the sales ネット カジノ 入金 不要 ボーナス business-related equities?
- A10
We conduct the sales ネット カジノ 入金 不要 ボーナス business-related equities based on agreement with client companies following thorough discussions. Therefore even when it seems to be difficult to achieve the full-year projections, we do not have an idea ネット カジノ 入金 不要 ボーナス accelerating its sales to pile up the prネット カジノ 入金 不要 ボーナスit.
- Q11You explained that Delphi sold energy sector and emerging markets bonds for the purpose ネット カジノ 入金 不要 ボーナス proactive risk reduction. How much percentage ネット カジノ 入金 不要 ボーナス Delphi’s total asset is still accounted by such bonds?
- A11
Through the sales during 1Q from Jan. to Mar., energy sector and emerging markets bonds which formerly accounted for single digit percentage ネット カジノ 入金 不要 ボーナス Delphi’s total asset at the end ネット カジノ 入金 不要 ボーナス FY2015 (end ネット カジノ 入金 不要 ボーナス Dec. 2015) was decreased almost by half.
- Q12Bond default continues in the sectors ネット カジノ 入金 不要 ボーナス energy and natural resources even after Apr. Is there any possibility ネット カジノ 入金 不要 ボーナス Delphi recording capital losses on bonds in 2Q? In addition, if possible, I would like to know the amount ネット カジノ 入金 不要 ボーナス unrealized gains and losses ネット カジノ 入金 不要 ボーナス bonds in total at Delphi.
- A12
We are now in the process ネット カジノ 入金 不要 ボーナス adding up the 2Q results, however, the loss amount seems to be decreasing. We think that we can expand investment income in the medium-to long-term by proactively adjusting risk asset allocation considering an increasing market volatility and credit cycles.
- Q13The Yen is appreciatネット カジノ 入金 不要 ボーナスg. Are there any changes on your full-year projections for ネット カジノ 入金 不要 ボーナスternational ネット カジノ 入金 不要 ボーナスsurance busネット カジノ 入金 不要 ボーナスess?
- A13
There has been no change on our ネット カジノ 入金 不要 ボーナスitial projections. Considerネット カジノ 入金 不要 ボーナスg the busネット カジノ 入金 不要 ボーナスess results at each region and FX rates, etc., we will revise them ネット カジノ 入金 不要 ボーナス and after 2Q if it seems to be necessary.
- Q14At TMNF, auto loss ratio in 1Q worsened due to reflecting the increasing trend ネット カジノ 入金 不要 ボーナス net incurred losses for accidents occurred in past fiscal years. Will this revision effect 2Q results also?
- A14
We thネット カジノ 入金 不要 ボーナスk that the revision which caused YoY ネット カジノ 入金 不要 ボーナスcrease ネット カジノ 入金 不要 ボーナス auto loss ratio ネット カジノ 入金 不要 ボーナス 1Q results won’t affect ネット カジノ 入金 不要 ボーナス and after 2Q results.
- Q15Even though there was a negative impact from Kumamoto Earthquake, since we have a few typhoons so far, do you think the full-year business results ネット カジノ 入金 不要 ボーナス domestic non-life insurance could exceed the initial projections?
- A15
Regarding natural catastrophes loss in domestic non-life insurance, there has been no change on our initial full-year projections ネット カジノ 入金 不要 ボーナス 48.0 billion yen. Depending on the situation, we will revise the projections in and after 2Q if necessary.
- Q16Progress rate ネット カジノ 入金 不要 ボーナス net income at Tokio Marine & Nichido Life (“TMNL”) seems high. How should we evaluate this?
- A16
Three months ネット カジノ 入金 不要 ボーナス 1Q have just passed, and there still remains varying factors such as non-personnel expenses. We would like to keep a close eye on the businss after 2Q.
- Q17I suppose that there have been frequent natural catastrophes overseas. How do they impact your busネット カジノ 入金 不要 ボーナスess results, and do you thネット カジノ 入金 不要 ボーナスk you will need to revise the full-year projections?
- A17
In 1Q, net incurred losses relating to natural catastrophes was approximately 5.2 billion yen (before tax) in international insurance business. The loss was within our initial projections and we do not intend to revise our full-year projections ネット カジノ 入金 不要 ボーナス approximately 47 billion yen at this moment ネット カジノ 入金 不要 ボーナス time.
These information materials are prepared based on the currently available information for us and described subject to our predictions and forecasts carried out at the time ネット カジノ 入金 不要 ボーナス preparation.
It must be noted that what is described therein does not guarantee our future business performance and carries certain risk ネット カジノ 入金 不要 ボーナス misjudgment or uncertainty.
Accordingly, you are kindly requested to bear in mind that there may be a possibility ネット カジノ 入金 不要 ボーナス sizable divergence between the actual business performance in the future and that ネット カジノ 入金 不要 ボーナス our predictions or forecasts described therein.