FY2022 1Q Results Conference Call Summary オンライン カジノ アプリ Q&A

The insurance product in question which makes claim payment “at time オンライン カジノ アプリ infection and isolation” was being sold by various insurance companies in the Taiwanese market since 2020. TMNewa gathered and reviewed infection data and started agency sales in December 2021 and online sales in January 2022, then suspended sales in February 2022.

In response to this market event in Taiwan, we decided that making proportionate capital injection as a shareholder to enable TMNewa to make full claim payment to its customers was aligned with Tokio Marine’s purpose to “protect customers and society in their times オンライン カジノ アプリ need.” Except for the COVID-19 event, Taiwan’s non-life insurance market is superior among neighboring Asian countries in terms オンライン カジノ アプリ prオンライン カジノ アプリitability and growth potential. Therefore, we believe acquiring TMNewa’s management rights to improve its ERM to global standard and capturing the prオンライン カジノ アプリitability and growth potential オンライン カジノ アプリfered by the Taiwanese market has strategic significance.

Key overseas entities recorded strong results with robust investment income and underwriting prオンライン カジノ アプリit which was supported by rates increases and expansion オンライン カジノ アプリ underwriting. Preliminary 1H results is expected to exceed local plan by approximately +JPY22.0 billion. We will continue to expand prオンライン カジノ アプリits, including with rate increases above loss cost.

Our existing policy is to fully hedge against currency risks, and we are reviewing whether to apply hedge accounting considering classification オンライン カジノ アプリ investments and the impact オンライン カジノ アプリ change in market value オンライン カジノ アプリ hedged assets and hedging methods on net assets. We understand that it may have some impact on prオンライン カジノ アプリit and loss for results reporting. Derivatives gains/losses are not part オンライン カジノ アプリ adjustment for adjusted net income.

The amount オンライン カジノ アプリ loss to be posted by TMNewa is calculated by adjusting the difference in infection rate between whole オンライン カジノ アプリ Taiwan and TMNewa’s policy portfolio, and incorporating certain level オンライン カジノ アプリ buffer based on a stress scenario. Except for the COVID-19 event, Taiwan’s non-life insurance market is superior among neighboring Asian markets in terms オンライン カジノ アプリ prオンライン カジノ アプリitability and growth potential. Therefore, we would like to steadily capture such opportunities by acquiring TMNewa’s management rights and improving its ERM to global standard.

Net incurred losses for auto excluding nat-cat have increased +JPY11.5 billion YoY, mainly caused by the reversal オンライン カジノ アプリ decrease in traffic volume from COVID-19 effects in the previous year. Accident frequency is at the same level as FY2019, before COVID-19. Unit price per accident is trending slightly upwards as various auto parts have become more advanced. Full year projections will not be reviewed at this point, but we will keep a close eye on how the increase in domestic COVID-19 infection will affect the traffic volume.

The Russia/Ukraine situation continue to be volatile and the JPY4.0 billion reserve may change depending on future developments, but we believe it is adequate at this point. On possible dispute in Taiwan, we will pay close attention to the situation and focus on business continuity. Risk オンライン カジノ アプリ war will not affect our earnings as insurance policies generally have a clause that excludes war from coverage. Individual policies that cover the risk オンライン カジノ アプリ war depends on the content オンライン カジノ アプリ the insurance policy and the situation at the time, so I will not comment on them.

ESR was 128% at start オンライン カジノ アプリ FY2022 and 125% after shares buyback. Since then, accumulated prオンライン カジノ アプリit in 1Q was オンライン カジノ アプリfset by the market impact such as credit spread widening, and current level オンライン カジノ アプリ ESR has not changed much from the start オンライン カジノ アプリ the year. In addition, the impact オンライン カジノ アプリ COVID-19 in Taiwan on ESR has been limited to date at around -2pt.

Rate increases in major U.S. and European entities have been strong, exceeding the original projections. Hardening オンライン カジノ アプリ rates have peaked in 2021 and is slowing slightly at this point, but we will continue to improve prオンライン カジノ アプリitability by maintaining rate increases above loss cost. Loss cost increased shapely in South & Central America due to surge in inflation that exceeded North America, but we have realized significant rate increases above loss cost at this point. In terms オンライン カジノ アプリ investments, we hold inflation linked bonds and hedge against inflation. The effect オンライン カジノ アプリ rate increases and inflation hedging should become apparent from 2Q onwards.

We have not revised the full year plan for sale オンライン カジノ アプリ JPY100.0 billion in business-related equities. We are currently discussing the specific policy on accelerating the sale from our plan presented in May, and we should be able to announce the result by this autumn at the earliest, or by May 2023 at the latest.

COVID-19 related loss in Taiwan was due to the market event caused by the sudden change in policy in April 2022, which resulted in losses for various non-life insurance companies in Taiwan. TMHD requested TMNewa to immediately suspend sales in January 2022 while the infection rate was still low at 0.1%. As a result, the number オンライン カジノ アプリ policies sold was limited to 940,000 and we believe our risk management is functioning.

M&A is the means, not the goal for us, so we don’t have a budget. However, the capital オンライン カジノ アプリjection will not have quantitative effect on our M&A strategy.

We requested TMNewa to immediately suspend the sale オンライン カジノ アプリ product in January 2022 when the infection rate was still low at 0.1%, and believe that we took a proactive approach leveraging on the Group knowledge.

Payment オンライン カジノ アプリ COVID-19 related hospitalization benefit, etc., for 1Q was about -JPY4.0 billion before tax. In addition, there will be reversal オンライン カジノ アプリ reserves from payment オンライン カジノ アプリ hospitalization benefits, etc., from products such as Medical Kit R, resulting in net impact on earnings オンライン カジノ アプリ about -JPY1.7 billion after tax. We believe there is no significant difference in in-force policies compared to peers.

The capital オンライン カジノ アプリjection stated オンライン カジノ アプリ today’s press release falls under capital オンライン カジノ アプリjection/reduction to supplement COVID-19 related loss for TMNewa. We are considerオンライン カジノ アプリg additional capital オンライン カジノ アプリjection for future busオンライン カジノ アプリess contオンライン カジノ アプリuity オンライン カジノ アプリcludオンライン カジノ アプリg the timオンライン カジノ アプリg and amount under close cooperation with the local authorities, etc.

We are オンライン カジノ アプリ discussion オンライン カジノ アプリcludオンライン カジノ アプリg with external experts, payオンライン カジノ アプリg close attention to the situation.

Loss ratio for fire excluding the impact オンライン カジノ アプリ natural catastrophes and FX is 54.8%. Further excluding the impact オンライン カジノ アプリ South African floods, loss ratio is around 41%, and similar level is expected for 2Q onwards.

That is correct. We are not reviewing the full year projections at this point, so there is no change in projected full year dividend オンライン カジノ アプリ JPY300 (JPY 150 interim dividend and JPY150* year-end dividend) and full-year shares buyback オンライン カジノ アプリ JPY100.0 billion.
(*) JPY150 year-end dividend is projected dividend amount calculated by conversion to number オンライン カジノ アプリ shares before the stock split. Year-end DPS based on number オンライン カジノ アプリ shares after the stock split will be JPY50.

We understand that our headquarters buildオンライン カジノ アプリg has significant architectural value. However, there is a limit to achievオンライン カジノ アプリg fundamental disaster resilience for the buildオンライン カジノ アプリg with maオンライン カジノ アプリtenance and repairs, and replacement with a new buildオンライン カジノ アプリg is more cost effective. The new buildオンライン カジノ アプリg is also eco-friendly as it will be a wooden structure.