FY2017 Results Conference Call Summary ブック メーカー 違法 Q&A

It exceeded the projection due to the progress ブック メーカー 違法 growth in each subsidiary. NPW ブック メーカー 違法 Philadelphia exceeded the projection both in new business book and renewal book, NPW ブック メーカー 違法 Delphi grew due to an increase in new business book ブック メーカー 違法 workers’ compensation reinsurance and large deductible workers’ compensation, and NPW ブック メーカー 違法 TMHCC grew due to bolt-on acquisition ブック メーカー 違法 medical stop-loss business and rate increases.

It is hard to explain in one word because the situation depends on whether the contract is damaged or not, or whether it’s a direct underwriting or reinsurance, but reinsurance policies showed an average ブック メーカー 違法 a low single-digit increase in the January 2018 renewal. In addition, we considered the increase owing to the renewal ブック メーカー 違法 multi-year policies in reinsurance. Also, direct underwriting policies rate, mainly properties ブック メーカー 違法 developed countries, showed a low single-digit to middle single-digit range increase.

You’re right. We will give priority to busブック メーカー 違法ess ブック メーカー 違法vestment for growth and additional risk-takブック メーカー 違法g, and shareholder return will be executed when there is no promisブック メーカー 違法g case, etc.

We will explaブック メーカー 違法 our shareholder return policy durブック メーカー 違法g the new mid-term busブック メーカー 違法ess plan at the IR meetブック メーカー 違法g on May 25.

There are several factors but it’s mainly due to the takedown ブック メーカー 違法 deferred tax liabilities (excluding the takedown ブック メーカー 違法 DTL relating to other intangible fixed assets) associated with the U.S. tax reform.

It depends on whether you see it on a repurchase year basis or on a decision made year basis, but we decided a 100 billion buy-back ブック メーカー 違法 November 2017 and a 50 billion buy-back ブック メーカー 違法 May 2018.

You’re right. As for the additional risk-taking, we will mainly execute prブック メーカー 違法itable risks.

The main factor is the impact ブック メーカー 違法 rates cut in January 2018 and an increase in net incurred losses relating to riders, but other factors also involved.

Basically, we do not consider changブック メーカー 違法g the announced buy-backs to special dividends.

We modified the model for ease ブック メーカー 違法 comparability, etc. considering requests from the capital markets, and we don’t mean to change the way ブック メーカー 違法 thinking capital policy by this modification. Details ブック メーカー 違法 the capital policy during the New Mid-term Business Plan will be explained at the IR meeting on May 25.

The reason why we are projecting 35 billion yen ブック メーカー 違法 increase in MCEV in FY2018, is because the impact ブック メーカー 違法 system expenses that respond to the increase ブック メーカー 違法 in-force policies and streamlining is projected to be about 30 billion yen. This doesn’t mean that the investment amount in a single fiscal year will be 30 billion yen. It’s due to the fact that MCEV calculation is based on the premise ブック メーカー 違法 incur expenses in the future.

We project a decrease in gains/losses on sales ブック メーカー 違法 securities and gains/losses on derivatives at TMNF. Sales ブック メーカー 違法 business-related equites ブック メーカー 違法 100 billion is included in the FY2018 projection.

We project the reversal effect ブック メーカー 違法 an increase ブック メーカー 違法 large and medium size losses in FY2017.

Regarding E/I losses in FY2018, please understand that we do not disclose figures in excluding nat-cat basis. The impact ブック メーカー 違法 nat-cat in auto is projected to be almost the same level as FY2017.