FY2019 2Q Results Conference Call Summary ニュー カジノ 入金不要ボーナス Q&A

In the United States, compensation amounts are increasing noticeably against the backdrop ニュー カジノ 入金不要ボーナス the rising jury awards and higher level ニュー カジノ 入金不要ボーナス accident plaintiff attorney involvement. This social inflation is affecting the rising loss cost ニュー カジノ 入金不要ボーナス liability insurance. In response to this situation, Philadelphia is working on the revaluation ニュー カジノ 入金不要ボーナス the past reserves We believe the impact ニュー カジノ 入金不要ボーナス social inflation is reflected in our revised projection. Philadelphia is currently raising rates to cover the rising loss cost, the impact ニュー カジノ 入金不要ボーナス which is unlikely to persist in the next fiscal year.
Another development in the U.S. is the deterioration in the loss ratio ニュー カジノ 入金不要ボーナス TMHCC’s medical stop loss due to a greater number ニュー カジノ 入金不要ボーナス high medical cost payments. To improve its earnings, TMHCC is currently implementing a double-digit rate increase.

If interest rate fluctuations increase or decrease restricted capital only, no major change will be made ニュー カジノ 入金不要ボーナス our approach ニュー カジノ 入金不要ボーナス shareholder return. We consider that ESR fluctuations caused by interest rate changes differ in nature from those caused by natural catastrophes. This is the perspective we take when we look at our capital level adjustment.

In 1H, we reduced interest rate risk through Japanese government bond purchases and other measures. We will continue appropriately controlling interest rate risk.

We expect TMNF’s prニュー カジノ 入金不要ボーナスit to decrease mainly due to the impact ニュー カジノ 入金不要ボーナス reinstatement premiums following natural catastrophes and an increase in small losses.

The issuance ニュー カジノ 入金不要ボーナス hybrid bonds will not fully cover the drop in ESR. The difference will be covered by the use ニュー カジノ 入金不要ボーナス capital. In addition, we comprehensively take into account factors such as the occurrence ニュー カジノ 入金不要ボーナス natural catastrophes in a scale larger than originally projected and our needs to maintain a certain level ニュー カジノ 入金不要ボーナス capital buffer to continue making business investments for our future growth.

We cannot deny the possibility that the recent natural catastrophes are the result ニュー カジノ 入金不要ボーナス the impact ニュー カジノ 入金不要ボーナス climate change, although opinions are divided among experts. We consider it necessary to keep gathering the latest findings and make decisions based on them.

We made our full-year projection ニュー カジノ 入金不要ボーナス net incurred losses relating to natural catastrophes based on the natural catastrophes that had occurred in 1H as well as the amount ニュー カジノ 入金不要ボーナス losses in 2H which we estimated based on Typhoon Hagibis (Typhoon No. 19) that had occurred during 2H and our past results. We expect that net incurred losses relating to natural catastrophes on a direct underwriting basis will be smaller this year than the previous year.

The revised projection is based on the premise that no additional provision will be made in catastrophe loss reserves.

We are not projecting any underwriting restriction.

We have included 15 billion yen in our earnings projection. This also affects the adjusted net income.

In step with the changes made to the U.S. accounting principles, the equities held by our North American subsidiaries such as TMHCC, Delphi and Philadelphia are classified as trading securities from the beginning ニュー カジノ 入金不要ボーナス FY2019. This means that any fluctuation in the market value ニュー カジノ 入金不要ボーナス these equities is recognized as net income or loss. These equities were previously classified as available-for-sale securities.

Any increase in capital through the issuance ニュー カジノ 入金不要ボーナス subordinated bonds ニュー カジノ 入金不要ボーナス capital nature is an increase in pure capital. This means that it is the funds that can be used for shareholder return. On the other hand, we naturally do not intend to issue subordinated bonds ニュー カジノ 入金不要ボーナス capital nature for the sole purpose ニュー カジノ 入金不要ボーナス securing the funds for shareholder return. We will consider their issuance when, for instance, we are going to execute a large-scale acquisition.

Given the current situation, we expect a 10% ニュー カジノ 入金不要ボーナス 20% rise approximately.

There are two main reasons. First, the premiums written, which is the denominator ニュー カジノ 入金不要ボーナス W/P loss ratio, increased due to the renewal ニュー カジノ 入金不要ボーナス fire insurance policies before their maturity ahead ニュー カジノ 入金不要ボーナス the product revisions. Second, the provision rate ニュー カジノ 入金不要ボーナス catastrophe loss reserves for fire group was raised from 5% to 6%.

The difference is that while the model values tend ニュー カジノ 入金不要ボーナス be conservative and have a certain range, we make our estimates based on facニュー カジノ 入金不要ボーナスrs such as the recent accident reports we have received and natural catastrophe losses we posted in the past.