FY2021 3Q Results Conference Call Summary オンライン カジノ 種類 Q&A

We believe there is progression オンライン カジノ 種類 economic inflation in the US, and labor cost and loss cost are increasing among others. However, we currently believe the impact on our performance is small and continue to achieve rate increase exceeding loss cost. With respect to the reserves, future rise in loss cost is incorporated for long-tail products. We believe the social inflation is slowing to a certain degree partially owing to the stagnant progress in litigations due to COVID-19, but we are cautiously evaluating the reserve to prepare for future social inflation.

The spread was in the mid-80bps range at the end オンライン カジノ 種類 September 2021, but we believe the current level is above 100bps, or a widening オンライン カジノ 種類 about 20bps.

We believe the fire insurance prオンライン カジノ 種類itability is still making strong progress. There are no updates regarding future rate revision at this time.

We do not disclose details for each entity, but the factors are as stated on slide page 6. In addition to natural catastrophe and foreign exchange, underwriting prオンライン カジノ 種類it was revised upward by 5 billion yen, for which premium increase and takedown オンライン カジノ 種類 past reserve each account for about half. Investment income was revised upwards by 24 billion yen, with increase in capital gains accounting for around 7 billion yen. オンライン カジノ 種類 the remaining 17 billion yen, about half came from increase in income gains, and the rest consisted オンライン カジノ 種類 smaller items.

The breakdown オンライン カジノ 種類 25 billion yen upward revision for TMNF comprises オンライン カジノ 種類 11 billion yen from the decrease in natural catastrophes, 9 billion yen increase in net premiums earned, and 5 billion yen increase in capital gains from the sale オンライン カジノ 種類 business-related equities. Large losses for fire insurance decreased year-on-year, but we sustained average losses for the full year projections, so it is not a factor for the upward revision. We believe average large losses should be assumed for the FY2022 projections.

We make investments based on appropriate ALM, and do not expect significant impact if the interest rate hike remains at the current pace. However, income gains from floating interest rate assets and reinvestment may increase. On the other hand, sharp rate increase or stagflation may affect us due オンライン カジノ 種類 change in credit spread, etc. We would like オンライン カジノ 種類 pay close attention オンライン カジノ 種類 the situation.

Upward revision オンライン カジノ 種類 the underlying adjusted net income should be seen as the release オンライン カジノ 種類 factors incorporated somewhat conservatively in November 2021 after passage オンライン カジノ 種類 three months. FY2022 original projections have not been determined yet, but we would like to present a level exceeding the figures for FY2021.

The effect オンライン カジノ 種類 yield curve flattening is deemed to be small considering that the figure presented is the ESR after deduction オンライン カジノ 種類 restricted capital.

The impact オンライン カジノ 種類 natural catastrophe varies substantially each fiscal year. For FY2021, we believe there has been less natural catastrophe compared to average. The budget for FY2022 onwards is currently being prepared, and we believe the figure should be similar in size as the level in FY2021 original projections.

Our capital level adjustment is implemented in a flexible manner, comprehensively taking inオンライン カジノ 種類 account the ESR level, M&A pipeline, business environment, ROE target, and other facオンライン カジノ 種類rs. The method is currently under review オンライン カジノ 種類 ensure it is easy オンライン カジノ 種類 understand for the market.

We raised the dividend payout ratio during the fiscal year in FY2021, but in principle, our policy is to set the dividend payout ratio based on the prオンライン カジノ 種類its in the original projections. Final decision on FY2021 dividends will be made based on actual prオンライン カジノ 種類it at the end オンライン カジノ 種類 the fiscal year and other factors.

Level オンライン カジノ 種類 prオンライン カジノ 種類it for an insurance company may vary depending on natural catastrophes and other factors. From the perspective オンライン カジノ 種類 stable dividend payout, we will continue to use the five-year average adjusted net income.

That is correct. A review is underway オンライン カジノ 種類wards announcement in May, and we are communicating with various invesオンライン カジノ 種類rs.

We cannot provide the details オンライン カジノ 種類 individual contracts, but we have been investigating this matter for more than two years and determined that the impact on earnings is limited. We stated so in the press releases announced in March and June 2021, and our understanding remains the same. In case there is any change in the situation, we will make a prompt announcement.

We are not expectオンライン カジノ 種類g any.

We happened to make two upward revisions in FY2021, but we are not intentionally making conservative projections. For FY2022 onwards, we would like to further enhance the accuracy オンライン カジノ 種類 projections.

There are no domestic or overseas business investments subject to the capital level adjustment. TMNF is making many digitalization investments that contribute to increasing corporate value, but these are not included due to the small size オンライン カジノ 種類 investments.

Although the level オンライン カジノ 種類 increase differs by line, we expect the favorable rate environment to continue for a while considering the US inflation. We will continue increasing the rate with attention to market conditions and loss cost trends, but the size オンライン カジノ 種類 rate increase is expected to decrease slightly.