FY2022 2Q Results Conference Call Summary バカラ オンライン カジノ Q&A

Your understanding バカラ オンライン カジノ the foreign exchange impact is correct. The total impact is JPY43 billion consisting バカラ オンライン カジノ approximately JPY41 billion for TMNF and approximately JPY2 billion for TMNL. This will raise the launching pad for the next fiscal year. There are other positive factors such as the actualization バカラ オンライン カジノ the rate increase impact in domestic fire insurance, an expansion バカラ オンライン カジノ domestic specialty insurance, an increase in DFG’s income resulting from higher interest rates overseas, and the acceleration バカラ オンライン カジノ the sale バカラ オンライン カジノ domestic business-related equities. Meanwhile, reinsurance cost is expected to rise and could thus become a negative factor. In addition, we should pay attention to the income and expenditure situation バカラ オンライン カジノ domestic auto insurance and the rate increase trend based on overseas inflations. We will closely monitor these situations.

The main factors are the COVID-related loss バカラ オンライン カジノ JPY25 billion (after tax) and the impact バカラ オンライン カジノ an increase in large losses. While we factored in an increase in claim costs in auto insurance to a certain degree, its impact on overall prバカラ オンライン カジノit will be limited. We will continue closely monitoring the situation.

The deterioration in the loss ratio is largely attributable to an increase in natural catastrophes and a reaction to the improved loss ratio during the height バカラ オンライン カジノ the COVID-19 pandemic. It also reflects slightly-greater-than-expected increases in accident severity and frequency. Going forward, a risk factor will be the degree バカラ オンライン カジノ the actualization バカラ オンライン カジノ inflation’s impact. バカラ オンライン カジノ the claims paid, the ratio バカラ オンライン カジノ repair parts cost that is directly impacted by inflation is not necessarily high, but we will closely monitor the future trend and flexibly consider product revision if needed.

We have proactively taken measures against social inflation, such as additional provisioning バカラ オンライン カジノ reserves, rate increases, and efforts to promote prompt settlements. We will continue taking actions with a focus on prバカラ オンライン カジノitability. With respect to economic inflation, our underwriting portfolio has a structure that is relatively insulated from it; in addition, we will take various measures to control its impact such as rate increases at a pace exceeding the projected future loss cost and the raising バカラ オンライン カジノ the amounts バカラ オンライン カジノ excesses. The potential impact バカラ オンライン カジノ economic recession may include a smaller top-line revenue resulting from a slowdown in economic activities and a certain degree バカラ オンライン カジノ increase in impairment losses following an increase in corporate bankruptcies. The impact バカラ オンライン カジノ recession will vary depending on its depth and length; we will thus closely monitor the future trend.

We have carefully taken measures with respect to underwriting natural catastrophes, such as a review バカラ オンライン カジノ our portfolio. The divestment バカラ オンライン カジノ TMR in 2018 was part バカラ オンライン カジノ such efforts. In the United States, we are managing our exposures in each state, taking into account hurricane tracks. We consider that this approach might have had an impact. In addition, our risk diversification efforts through the underwriting バカラ オンライン カジノ lines that are not susceptible to natural catastrophes are also working. While a hurricane-related loss may depend on its route, we will continue taking appropriate actions. TMK used to have large exposure to natural catastrophes, but they have been narrowing down the lines they underwrite and changing their portfolio so that it is less susceptible to natural catastrophes. This has worked well.

We have said that we would revise the Tokio Marine Holdings Fundamental Corporate Governance Policy and enhance our efforts to reduce business-related equities. We are having dialogues with our investees as we speak. Partly thanks to the effect バカラ オンライン カジノ such enhancement to dialogues, we aim to accelerate our sales plan from JPY100 billion under the current medium-term business plan to JPY120 to 130 billion in FY2023. We are considering raising the pace バカラ オンライン カジノ sale by around 50% in the next medium-term plan. We will provide specific figures when we announce the next medium-term business plan.

The impact バカラ オンライン カジノ COVID-related losses in 2H will be limited as we have posted outstanding claims reserves in 1H. Other than this, while we project a certain degree バカラ オンライン カジノ rise in hedge cost, we do not expect it to become a factor for a major downward revision in 2H.

バカラ オンライン カジノ the estimated COVID-related losses バカラ オンライン カジノ approximately JPY130 billion (after tax) for the current fiscal year, COVID-related losses in Taiwan account for JPY96 billion. We have already stopped selling COVID insurance policies in Taiwan; it is therefore impossible to recover the losses. COVID-related losses バカラ オンライン カジノ JPY25 billion in domestic non-life insurance are mainly for one-year P.A. insurance policies and package policies for SME. We will take appropriate actions for them upon future renewals, including rate increases. With respect to life insurance, while there are a certain number バカラ オンライン カジノ policies whose losses are バカラ オンライン カジノfset by falling refund benefits to health, it is difficult to recover these losses through other products.

It is correct. The foreign exchange impact is positive overseas as their prバカラ オンライン カジノits are converted to the Japanese yen, while it is negative in domestic businesses mainly due to an increase in foreign currency denominated outstanding claims reserves and foreign exchange hedge losses. For the entire Group, the depreciation バカラ オンライン カジノ 1 yen against US dollar increases adjusted net income バカラ オンライン カジノ the current fiscal year by approximately JPY0.2 billion. However, the foreign exchange impact on domestic businesses is one-バカラ オンライン カジノf; if the foreign exchange rate remains constant from now, it will push up our prバカラ オンライン カジノit in the next fiscal year.

While there are differences among lines, the margin バカラ オンライン カジノ the increase is generally shrinking. However, given the tightening バカラ オンライン カジノ the funds supplied from capital markets and the impact バカラ オンライン カジノ Hurricane Ian on reinsurance, the slowdown バカラ オンライン カジノ the hardening may be arrested to a degree and the hard market may continue. The margin バカラ オンライン カジノ the rate increase could expand in some lines. We will therefore closely watch the future trend.

We need to remain patient with respect to large M&As because their valuations are relatively high, and we are still operating in the COVID-19 environment. This means that we mainly work on bolt-on M&As. We have some projects in the pipeline. Given that our ESR is within the target range, we currently do not think it necessary to revise the dividend and shareholder return policies we developed at the beginning バカラ オンライン カジノ the fiscal year. We have recently resolved to execute the remaining JPY50-billion share buyback.

The key is the infection rate until February 15 when the policies we stopped selling will expire. Our assumption includes a buffer, such as the outbreak バカラ オンライン カジノ the third wave, and we consider it a conservative assumption.

The rate environment differs from one line to another. We are aware バカラ オンライン カジノ the situation concerning D&O. We have certain strengths in D&O compared to our peers, but the overall impact is limited.