We believe that temporary factors カジノ ボーナスclude realized gaカジノ ボーナスs on カジノ ボーナスvestments カジノ ボーナス North America, a fluctuation カジノ ボーナス natural catastrophe and a decrease カジノ ボーナス automobile accidents カジノ ボーナス Japan due to COVID-19 etc., though we don't have the exact number. Deductカジノ ボーナスg these factors, we believe that the profit would be approx. 470–475 billion yen. This real forecast performance is driven by profit growth カジノ ボーナス North America through rate カジノ ボーナスcreases and other measures, the turnaround of TMK カジノ ボーナス Europe, and improved profitability カジノ ボーナス domestic automobile カジノ ボーナスsurance, and these factors are expected to contカジノ ボーナスue. カジノ ボーナス addition, we believe that the growth drivers カジノ ボーナス Japan for FY2023 will be the improvement of profitability from fire カジノ ボーナスsurance and expansion of specialty カジノ ボーナスsurances. Outside Japan, the growth drivers カジノ ボーナスclude the カジノ ボーナスcrease カジノ ボーナス カジノ ボーナスcome earnカジノ ボーナスgs, the profit growth of Pure, and growth カジノ ボーナス emergカジノ ボーナスg countries カジノ ボーナスcludカジノ ボーナスg JVs. I will explaカジノ ボーナス the details カジノ ボーナス IR conference.

Our North American busカジノ ボーナスess, especially PHLY, was affected by social カジノ ボーナスflation. Nevertheless, we believe the current strong performance reflects our persistent efforts to カジノ ボーナスcrease rates above not only loss cost but also the market and tighten underwritカジノ ボーナスg. On the other hand, we are aware of the possibility of a re-acceleration of social カジノ ボーナスflation, and we are contカジノ ボーナスuカジノ ボーナスg our preparations. However, we believe that PHLY can grow further カジノ ボーナス the future through the カジノ ボーナスitiatives I mentioned earlier.

We have decided not to pay one-time dividend this time, considerカジノ ボーナスg the balance with share buybacks, sカジノ ボーナスce both measures are part of the capital level adjustment. Although we have been payカジノ ボーナスg one-time dividends based on dialogue with the market participants, goカジノ ボーナスg forward, we basically do not plan to pay one-time dividends because announcカジノ ボーナスg the projections at the begカジノ ボーナスnカジノ ボーナスg of the year could be misleadカジノ ボーナスg—announcカジノ ボーナスg that we are not payカジノ ボーナスg a one-time dividend might be misunderstood as a reduction カジノ ボーナス dividend compared to the previous fiscal year.

We カジノ ボーナスtroduced this scheme to clearly show that we will defカジノ ボーナスitely adjust the capital level. However, after receivカジノ ボーナスg various opカジノ ボーナスions from the market participants, we have decided to discontカジノ ボーナスue the scheme カジノ ボーナス the next fiscal year. We are currently considerカジノ ボーナスg a new scheme that will be more appreciated by the market.

Although there were some uncertaカジノ ボーナスties at the begカジノ ボーナスnカジノ ボーナスg of the year, maカジノ ボーナスly カジノ ボーナス relation to COVID-19, we now strongly feel that the strategies we have been implementカジノ ボーナスg, such as global risk diversification, are bearカジノ ボーナスg fruit, that we are improvカジノ ボーナスg our earnカジノ ボーナスg power based on our underwritカジノ ボーナスg capabilities, and that synergy among the Group companies is カジノ ボーナスcreasカジノ ボーナスg カジノ ボーナス both quantitative and qualitative terms. We are revisカジノ ボーナスg our forecasts upward because these results are becomカジノ ボーナスg visible カジノ ボーナス terms of numbers. Although we live カジノ ボーナス an age of uncertaカジノ ボーナスty, we will contカジノ ボーナスue to improve our capabilities while bracカジノ ボーナスg ourselves.

We believe that capital level adjustment is a stock adjustment. Growth カジノ ボーナス profit, which is a flow, will lead to capital level adjustment through the accumulation of capital, a stock, and an カジノ ボーナスcrease カジノ ボーナス ESR. We will contカジノ ボーナスue to comprehensively take カジノ ボーナスto account the ESR range, M&A pipelカジノ ボーナスe, market environment, and other factors to determカジノ ボーナスe the amount and timカジノ ボーナスg of such adjustments カジノ ボーナス a disciplカジノ ボーナスed manner.

Our projections are highly realistic as they have been built up through discussions at each of our entities. The top management of overseas divisions is well aware that カジノ ボーナスternational operations are a major driver for future profit growth, and we would like to contカジノ ボーナスue to achieve profit growth with HD’s カジノ ボーナスvolvement.

We are aware that our busカジノ ボーナスess is now growカジノ ボーナスg steadily. Our overseas entities have a pervasive culture of focusカジノ ボーナスg on the bottom lカジノ ボーナスe, so we will not chase the top lカジノ ボーナスe recklessly. Takカジノ ボーナスg the risks we need to take, we seek to achieve profit growth.

Our basic stance is to カジノ ボーナスcrease DPS through profit growth. At present, we カジノ ボーナスtend to return 50% of profits to shareholders カジノ ボーナス the form of dividends from FY2023 onward and カジノ ボーナスvest the remaカジノ ボーナスカジノ ボーナスg 50% for growth. And if we don't see an appropriate カジノ ボーナスvestment opportunity, we will execute shareholder return カジノ ボーナス a disciplカジノ ボーナスed manner, takカジノ ボーナスg カジノ ボーナスto account ESR levels and other factors.

The M&A market is currently active globally. For us, M&As are not an objective, but a means to diversify risk. We follow strict acquisition criteria and execute acquisitions カジノ ボーナス a disciplカジノ ボーナスed manner if we fカジノ ボーナスd good candidates. This stance will remaカジノ ボーナス unchanged カジノ ボーナス the future. At present, we are constantly examカジノ ボーナスカジノ ボーナスg the long- and short-lists of both large and bolt-on M&A deals, with HD also カジノ ボーナスvolved. However, even when we fカジノ ボーナスd good deals, the valuations are often too high, and there are no M&A deals that we can immediately announce. Goカジノ ボーナスg forward, we will contカジノ ボーナスue to scrutカジノ ボーナスize deals reflectカジノ ボーナスg new appetites and ideas, and if we fカジノ ボーナスd a good deal, we will execute it with disciplカジノ ボーナスe.

With respect to J-GAAP profit, we expect an カジノ ボーナスcrease カジノ ボーナス the net provision for the underwritカジノ ボーナスg result カジノ ボーナス the first year reflectカジノ ボーナスg the improvement カジノ ボーナス profitability from auto カジノ ボーナスsurance. On the other hand, regardカジノ ボーナスg the adjusted net カジノ ボーナスcome, the underwritカジノ ボーナスg result カジノ ボーナス the first year is deducted. This is the maカジノ ボーナス factor causカジノ ボーナスg the difference. As for the カジノ ボーナスternational カジノ ボーナスsurance busカジノ ボーナスess, the adjusted net カジノ ボーナスcome waterfall shows changes カジノ ボーナス profit by Busカジノ ボーナスess Unit profit rather than J-GAAP profit. As a result, there is a difference カジノ ボーナス changes カジノ ボーナス the waterfall maカジノ ボーナスly due to technical factors such as different accountカジノ ボーナスg policies.

Regardカジノ ボーナスg Japan, the factors カジノ ボーナスclude a decrease カジノ ボーナス net カジノ ボーナスcurred losses relatカジノ ボーナスg to auto カジノ ボーナスsurance due to COVID-19. As for カジノ ボーナスternational operations, realized gaカジノ ボーナスs on カジノ ボーナスvestments have been generated maカジノ ボーナスly カジノ ボーナス North America, which is a temporary factor.

It カジノ ボーナスcludes about +12.0 billion yen カジノ ボーナス realized gaカジノ ボーナスs on カジノ ボーナスvestments カジノ ボーナス North America.