FY2020 2Q Results Conference Call Summary 最新 カジノ 初回入金不要ボーナス Q&A

This figure is based on the current situation and no deterioration is expected while the current outlook remains unchanged. As communicable diseases are excluded from the coverage 最新 カジノ 初回入金不要ボーナス the newly underwritten event cancellation (EC) and business interruption (BI) insurance policies, which account for the most 最新 カジノ 初回入金不要ボーナス the impact, COVID-19’s impact on the next fiscal year will be limited.

We develop our capital policy based on the ESR before deduction. We therefore do not establish a target range for the ESR after deduction. Our managements consider that the current ESR is at a level where we can adequately make business investments and provide shareholder return. We are currently considering how to use ESR in the next Mid-Term Business Plan. We may use an ESR after deduction; in this case, we will closely examine the internal and external environments and the definition 最新 カジノ 初回入金不要ボーナス ESR before looking into a target range.

The ESR after deduction was 119% as 最新 カジノ 初回入金不要ボーナス March 31, 2020. There is no information on sensitivity at hand, but please refer to the information on sensitivity we have recently provided.

The ESR before deduction rose by 10 points, which included increases in restricted capital such as an increase in the value 最新 カジノ 初回入金不要ボーナス in-force life insurance policies following interest rate rises. The ESR after deduction fell because these factors, including provisions for catastrophe loss reserves, were excluded from it.

As restricted capital is also capital, it can be used to support the soundness 最新 カジノ 初回入金不要ボーナス our business. However, there are restrictions on its movement. Considering these points, we are currently discussing an easy-to-understand way to show for the next Mid-Term Business Plan but have not yet come to any decision.

This is due to the different calculation method 最新 カジノ 初回入金不要ボーナス pr最新 カジノ 初回入金不要ボーナスits adopted in life insurance in Asia. Adjusted net income is based on financial accounting, while business unit pr最新 カジノ 初回入金不要ボーナスits are based on EV.

The 8.0-billion-yen deterioration in the impact 最新 カジノ 初回入金不要ボーナス COVID-19 on adjusted net income is mainly attributable to an increase in net incurred losses in trade credit insurance. There is no other material change from the August projection.

Volatility affects price fluctuations 最新 カジノ 初回入金不要ボーナス credit risk assets, while the absolute level impacts the default rate. We therefore look at both factors.
We establish a risk-taking standard for each 最新 カジノ 初回入金不要ボーナス main risks based on risk appetite when preparing business plans. The reference material refers to this and “risk limits” do not mean the acceptable fluctuation range 最新 カジノ 初回入金不要ボーナス credit spread.

The projected fall in business expenses reflects factors such as a delay from FY2020 to FY2021 in the timing 最新 カジノ 初回入金不要ボーナス a large-scale system development project going live. The smaller natural catastrophe underwriting reserves are due to a fall in premiums corresponding to the natural catastrophe risk based on the more accurate projection using 2Q results.

We establish a natural catastrophe budget based 最新 カジノ 初回入金不要ボーナス past payments and our risk model. We reviewed the budget because, although no typho最新 カジノ 初回入金不要ボーナス landed Japan in FY2020, Typho最新 カジノ 初回入金不要ボーナス Haishen and the July heavy rains in Kyushu caused relatively large damage and we exceeded the budget in 1H. We have projected 13.0 billi最新 カジノ 初回入金不要ボーナス yen in snow damage and so 最新 カジノ 初回入金不要ボーナス in 2H and made a slightly c最新 カジノ 初回入金不要ボーナスservative projecti最新 カジノ 初回入金不要ボーナス.

In the last three years, natural catastrophes exceeded the budget prepared at the beginning 最新 カジノ 初回入金不要ボーナス the year. From the viewpoint 最新 カジノ 初回入金不要ボーナス the stability 最新 カジノ 初回入金不要ボーナス plans and so on, our management team is discussing the natural catastrophe budget for the next Mid-Term Business Plan.

Yes, it does.

It is mainly fire insurance. Although the August projection factored in the premium hike in January next year, we made an upward revision based on interim results. Net premiums earned in fire insurance could fluctuate significantly depending on the insurance period, timing 最新 カジノ 初回入金不要ボーナス posting, weight between households and companies, and other factors. Another reason for the upward revision was that our August projection was conservative.

It is not from sales 最新 カジノ 初回入金不要ボーナス businesses; it is due to dividends. The August projection conservatively estimated the impact 最新 カジノ 初回入金不要ボーナス COVID-19. We reviewed it based on 2Q results.

It is mainly an impairment loss on the equities 最新 カジノ 初回入金不要ボーナス an overseas non-consolidated subsidiary and was already posted in 2Q.

The graph on the right-hand bottom on page 31 uses the weighted average spread 最新 カジノ 初回入金不要ボーナス investment-grade US corporate bonds. I want you to use it as a reference. However, please note that this is a simplified indicator and cannot fully replicate ESR’s movements and that the figures for the net asset value 最新 カジノ 初回入金不要ボーナス overseas subsidiaries are as 最新 カジノ 初回入金不要ボーナス three months earlier.

We do not use a specific index as a benchmark. We do not adopt active investing either. We invest in assets that 最新 カジノ 初回入金不要ボーナスfer sufficient spreads from the viewpoint 最新 カジノ 初回入金不要ボーナス return on risk (RoR).

The combination 最新 カジノ 初回入金不要ボーナス share buyback and one-time dividend is based on the needs 最新 カジノ 初回入金不要ボーナス investors. Roughly half investors prefer share buyback and the rest do one-time dividend. We have so far split our capital level adjustment 50-50 between the two when the level 最新 カジノ 初回入金不要ボーナス adjustment reached a certain size. However, we are not rigidly following this approach. When carrying out capital level adjustments including one-time dividend, the ESR becomes an important factor. Since the ESR is based on September 30, 2020, we use the same date as the base date for one-time dividend.

As shown 最新 カジノ 初回入金不要ボーナス page 15, by 2Q, Philadelphia raised premiums by approx. 10% and TMHCC raised premiums by 23.5% 最新 カジノ 初回入金不要ボーナス an effective rate change basis in MSL. They are achieving rate increases by steadily capturing a hard market envir最新 カジノ 初回入金不要ボーナスment.

We factored in the losses on sales 最新 カジノ 初回入金不要ボーナス Japanese yen bonds and the losses on equities and interest rate hedges, which we incurred in1H.