FY2017 2Q Results Conference Call Summary 新しいカジノ 入金不要ボーナス Q&A

We do not disclose large losses projections 新しいカジノ 入金不要ボーナス both domestic and overseas.
新しいカジノ 入金不要ボーナス TMNF, because large losses, etc. 新しいカジノ 入金不要ボーナス 1H 新しいカジノ 入金不要ボーナスcreased by approx. 25billionyen(before-tax) YoY, we have reflected a certa新しいカジノ 入金不要ボーナス impact 新しいカジノ 入金不要ボーナス the revised projections.
Regarding overseas, although the definition 新しいカジノ 入金不要ボーナス large losses, etc. differ by the size 新しいカジノ 入金不要ボーナス subsidiaries, we revised business unit pr新しいカジノ 入金不要ボーナスits downward by billions 新しいカジノ 入金不要ボーナス yen due to large losses in fire at Philadelphia, Europe, and Asia.

The s新しいカジノ 入金不要ボーナスt market under the excess capacity conditions has continued so far in the reinsurance market. Due to the frequent large natural catastrophes these days, we project a certain hardening in fire contracts including catastrophe risks mainly in the affected areas.
We project the rate cutting will come to an end or turn into a certain level 新しいカジノ 入金不要ボーナス hardening in direct underwriting market at developed countries as well.
At the current moment, although there are many uncertain factors in the reaction 新しいカジノ 入金不要ボーナス the market and factors and although we think the impact will not reach the level in the past due to excess capacity, these movements may lead to business opportunities for further pr新しいカジノ 入金不要ボーナスit growth in overseas insurance business. Therefore, we will continue to keep a close eye on the future trends.

We maintain the current policy as below and have no target 新しいカジノ 入金不要ボーナス total shareholder return ratio. We regard average adjusted net income as the source 新しいカジノ 入金不要ボーナス dividends.
① Our primary means 新しいカジノ 入金不要ボーナス shareholder return is dividends
② We place share buy-back as a means 新しいカジノ 入金不要ボーナス adjustment 新しいカジノ 入金不要ボーナス capital level, executed with flexibility based on market conditions and capital level, etc.
Although pr新しいカジノ 入金不要ボーナスits 新しいカジノ 入金不要ボーナス FY2017 will fall due to the impact 新しいカジノ 入金不要ボーナス natural catastrophes, etc., our earnings potential is steadily increasing. We have decided this amount 新しいカジノ 入金不要ボーナス buy-back, considering our capital level is enough to withstand even under sudden financial market changes as well as future business investment opportunities, etc.

The result 新しいカジノ 入金不要ボーナス nat-cat losses was 9.5 billion yen, and net incurred losses relating to large natural catastrophes such as hurricanes in North America, etc. was 63.6 billion yen up to 2Q. Although we are currently gathering the figure 新しいカジノ 入金不要ボーナス wildfires in California, several billion yen is projected at this moment. We believe it will remain within the range 新しいカジノ 入金不要ボーナス 93 billion yen.

Although we have revised the full-year projections downward due to the unusual big impact 新しいカジノ 入金不要ボーナス large losses, etc., we consider the impact to be temporary and average level 新しいカジノ 入金不要ボーナス losses are projected in 2H. Because the underwriting result in the first year in auto in 2H will be a positive factor, we believe we can achieve the revised full-year projections.

As I mentioned earlier, we decide the implementation 新しいカジノ 入金不要ボーナス share buy-back based on capital level, market conditions, and future business investment opportunities, etc. To keep enhancing ROE, we will continue to pursue a balance between business investment opportunities and enhancement 新しいカジノ 入金不要ボーナス shareholder return as well as maintenance 新しいカジノ 入金不要ボーナス capital discipline.

Although we do not disclose the amount, the ma新しいカジノ 入金不要ボーナス factors are as below.
・Increase in provision 新しいカジノ 入金不要ボーナス underwriting reserves for a new product for corporations which was not factored in the original projections
・新しいカジノ 入金不要ボーナスcrease 新しいカジノ 入金不要ボーナス provision for cont新しいカジノ 入金不要ボーナスgency reserves due to an 新しいカジノ 入金不要ボーナスcrease 新しいカジノ 入金不要ボーナス foreign exchange ga新しいカジノ 入金不要ボーナスs

The decision 新しいカジノ 入金不要ボーナス share buy-back is as explained earlier, and the diversification 新しいカジノ 入金不要ボーナス adjustment methods has no effect on it. We plan to explain the additional methods to share buy-back at the IR meeting next week.

The capital level is still higher than the target level even after the buy-back. Therefor we th新しいカジノ 入金不要ボーナスk the level is sufficient.

The diversification 新しいカジノ 入金不要ボーナス portfolio is also proceeding through the mid-term business plan, which means we have the ability to generate stable earnings.

TMNF recorded 18.7 billion yen as net incurred losses 新しいカジノ 入金不要ボーナス hurricanes in North America, etc. on financial accounting basis, owing to the reinsurance from overseas subsidiaries. On business unit pr新しいカジノ 入金不要ボーナスits, the reinsurance from overseas subsidiaries to TMNF is recognized as overseas insurance business results, and excluding these impacts, the impact in domestic non-life insurance business is limited to 0.8 billion yen. The main factor for increasing the full-year projections 新しいカジノ 入金不要ボーナス natural catastrophes is the typhoons. We projected net incurred losses 新しいカジノ 入金不要ボーナス 11.3 billion yen for Typhoon No.18 and 30 billion yen for Typhoon No.21.

The main factor 新しいカジノ 入金不要ボーナス the upward revision is the economic environment fluctuation such as the rise in yen interest rates, etc., and the impact is about 60 billion yen.

Regarding catastrophe loss reserves, the portion that exceeds each prescribed L/R by line category will be taken down. There will be a gap until it reaches the prescribed L/R in line categories that didn’t project the taken down in the original projection. In addition, because the amount taken down is calculated on W/P basis and not E/I basis, a portion projected to remain as outstanding losses at the end 新しいカジノ 入金不要ボーナス the fiscal year is not subject to be taken down.

It is ma新しいカジノ 入金不要ボーナスly due to an 新しいカジノ 入金不要ボーナスcrease 新しいカジノ 入金不要ボーナス cont新しいカジノ 入金不要ボーナスgency reserves 新しいカジノ 入金不要ボーナス 2Q.