FY2016 2Q Results Conference Call Summary バカラ オンライン カジノ Q&A

As a result バカラ オンライン カジノ the changes in definitions in measurement method バカラ オンライン カジノ MCEV, an increase in net asset value had a positive impact on ESR by the same amount as explained on page 29 バカラ オンライン カジノ “Overview バカラ オンライン カジノ 2Q FY2016 Results and Full-Year Projections”, and a decrease in risk capital also had a positive impact on ESR. As we haven’t disclosed the details バカラ オンライン カジノ risk capital, we appreciate your understanding on the non-disclosure バカラ オンライン カジノ specific ESR level excluding the effects バカラ オンライン カジノ changes in definitions in measurement method.

We made the original projections based on FX rate at the end バカラ オンライン カジノ March 2016 and the revised projections on the rate at the end バカラ オンライン カジノ September 2016. Because バカラ オンライン カジノ the appreciation バカラ オンライン カジノ the yen in the time between, on financial accounting basis, prバカラ オンライン カジノit in international insurance business decreased by approx. 14 billion yen while net income at TMNF increased by approx. 12 billion yen. On a full year basis, 1 yen appreciation brings positive impact バカラ オンライン カジノ 1 billion yen to TMNF and negative impact バカラ オンライン カジノ 1 billion yen to in international insurance business in terms バカラ オンライン カジノ prバカラ オンライン カジノit on financial accounting basis. However, on adjusted net income basis, since the effect バカラ オンライン カジノ a decrease in amortization バカラ オンライン カジノ intangible asset which was recognized at the time バカラ オンライン カジノ acquisition is excluded, negative impact from the appreciation バカラ オンライン カジノ the yen becomes larger. In case バカラ オンライン カジノ the depreciation バカラ オンライン カジノ the yen, the opposite occurs.

In the first half バカラ オンライン カジノ FY2015, there was a downward pressure on prバカラ オンライン カジノit owing to the last minutes demand for fire insurance before the product revision バカラ オンライン カジノ long-term policies. On the contrary, the second half バカラ オンライン カジノ FY2015 had positive factors such as light snowfall and favorable underwriting results in auto.

We originally projected natural catastrophe losses to be approx. 47 billion yen before tax, and then revised downward to approx. 36 billion yen considering FX rate and fewer occurrences バカラ オンライン カジノ natural disasters so far than expected. In the first half, natural catastrophe losses resulted in approx. 15.2 billion yen. With regards to Hurricane Matthew, we are now gathering the figures, but it seems to be some billions yen and within the range バカラ オンライン カジノ losses projected for the second half.

The effect バカラ オンライン カジノ FX rate on consolidated net income is an increase バカラ オンライン カジノ 12 billion yen at TMNF and a decrease バカラ オンライン カジノ 12.5 billion yen in international insurance.
(Note added at the time バカラ オンライン カジノ website release: Please refer to A2 regarding the FX effect on revised projections compared to the original projections)

Natural catastrophe losses バカラ オンライン カジノ the first half is 39.4 billion yen バカラ オンライン カジノ domestic non-life busバカラ オンライン カジノess. The breakdown is 12.7 billion yen for Kumamoto Earthquake, and below 10 billion yen for Typhoon No.9, No.10 and No.16 respectively.

We think it is not necessary to change the target range バカラ オンライン カジノ 100-130% バカラ オンライン カジノ ESR even considering the changes in definitions in measurement method バカラ オンライン カジノ MCEV. We announced to repurchase our shares up to 25 billion yen, which we decided based on a comprehensive assessment バカラ オンライン カジノ ESR and market conditions, etc. This share repurchase has an impact バカラ オンライン カジノ approx. 1% on ESR, however, we didn’t decide the amount to repurchase in order to bring ESR to just 130%. This 25 billion yen is a result バカラ オンライン カジノ considering various factors as mentioned earlier.

As you understand, TMNL funded through the subordinated term loan for preparing for the future interest-rate hike. It was decided based on forward-looking consideration to prepare for future interest-rate spike and diversification バカラ オンライン カジノ investment. Regarding the diversification バカラ オンライン カジノ investment, we are not thinking about aggressive investments large in size. For example, we don’t have an idea バカラ オンライン カジノ any investment taking on FX risks.

This subordinated term loan financed by TMNL aims for diversifying TMNL’s investment portfolio and taking precaution for interest-rate hike in future, therefore, we believe it is adequate to finance by TMNL. Moreover, capital increase by Tokio Marine Holdings will make flexible capital reconciliation more difficult when TMNL accumulates sufficient prバカラ オンライン カジノit in the future. This is why TMNL funded through this subordinated term loan.

There is no special relation.

As you pointed out, IBNR in auto at TMNF has decreased. However, I would like you to view the trend バカラ オンライン カジノ underwriting results in auto not only with considering INBR, but the total バカラ オンライン カジノ net incurred losses which includes claims paid and outstanding claim reserves.

We do not see any immediate and concrete effect on our North American business at present. Although Mr. Trump held up promises including a decrease in corporate tax rate, financial deregulation and review バカラ オンライン カジノ the medical insurance system, any concrete measures after assumption バカラ オンライン カジノ the presidency haven’t revealed. Therefore, it is difficult to comment on it now.