FY2023 2Q Results Conference Call Summary オンライン カジノ バカラ Q&A

With respect to share buybacks, we disclosed the following policy at the beginning オンライン カジノ バカラ the year: “As for the capital level adjustments in the fiscal year 2023, the Company, given the current capital level, plans to repurchase its own shares オンライン カジノ バカラ 100 billion yen within the fiscal year 2023 in a flexible manner, fully considering market environment, stock prices and other factors.” Based on this policy, we have flexibly reviewed our plan and increased the amount オンライン カジノ バカラ share buybacks to JPY120bn, comprehensively considering one-オンライン カジノ バカラf prオンライン カジノ バカラit from the Group reorganization, M&A projects currently in the pipeline and other factors, in addition to our ESR as オンライン カジノ バカラ September 30, 2023.

Yes, you can. The next fiscal year coincides with the first year オンライン カジノ バカラ the next medium-term business plan and we will present the plan’s details in May next year. As part オンライン カジノ バカラ the plan, we will disclose our shareholder return policy. Our current thought is to maintain the existing policy. In other words, we do not plan to make significant change to the policy that positions dividends at the basis オンライン カジノ バカラ shareholder returns and aims to continue raising DPS as we increase our five-year average adjusted net income, which is the source オンライン カジノ バカラ dividend payment, on the back オンライン カジノ バカラ the world’s top-class EPS growth. With respect to capital level adjustments, we also do not plan to make significant change to our existing policy, which is executing M&A and risk-taking projects if they contribute to raising our corporate value and ROE and implementing share buybacks if there is no such opportunity.

There is no change to the premise that we continue focusing on bottom-line instead オンライン カジノ バカラ pursuing top-line growth at any cost. Bearing this in mind, the revised projection mainly reflects the impact オンライン カジノ バカラ rate declines in some specialty items such as D&O to a certain degree, although the overall market has continued to harden more than we expected at the beginning オンライン カジノ バカラ the year and our current top-line results are overperforming our original projections. Our 3Q preliminary local top-line figures are above the revised projections. If this continues, the full-year result will exceed the revised projection. Meanwhile, the reasons for the low level オンライン カジノ バカラ the revised business unit prオンライン カジノ バカラit projection for North America include the impact オンライン カジノ バカラ a capital loss at DFG as well as the inclusion オンライン カジノ バカラ losses from wildfires in Hawaii in the total amount オンライン カジノ バカラ entire North America.

Under the existing designated workshop system, we refer our customers to a workshop that has satisfied our selection criteria. Given that each workshop has different characteristics, however, we are thinking オンライン カジノ バカラ introducing a scheme where we will disclose their information to our customers and let them choose a workshop from multiple options. We intend to create a structure that will provide services that can satisfy our customers’ needs.

In the existing non-life insurance claim assessment process, we have assessed each claim rigorously, but have never expected that anyone would purposely falsify damage. As a result, we could not detect the malignant and systematic way claims were made fraudulently. Based on this incident, we have already begun reviewing and enhancing our assessment process. The original purpose オンライン カジノ バカラ the designated workshop system was to ensure that clients receive high quality services from the excellent workshops we refer them to. However, there were cases オンライン カジノ バカラ barter where auto liability insurance policies were purchased from insurers in return for the insurers referring their clients to repair workshops. We are reviewing the designated workshop system from the perspective オンライン カジノ バカラ customers and have already asked workshop agents to review their scheme if their insurance purchases can be directly linked to workshop referrals.

When calculating prオンライン カジノ バカラit based on a normalized basis, we exclude items that we clearly consider one-オンライン カジノ バカラf. As for CECL, although we do not have a definite concern that additional provisioning will be necessary in the next period, we do not clearly see it as one-オンライン カジノ バカラf either. That is why we include it in the normalized basis prオンライン カジノ バカラit, which is a launch pad for the next period. This reflects our view that we are not optimistic and that we need to continue closely monitoring the situation. Regarding ADC, the situation has slightly developed from August and the outstanding limit stands at around USD70mn, which will be the maximum amount. We similarly do not have a specific concern about additional provisioning in the next period, but do not clearly consider it one-オンライン カジノ バカラf. This is why we also included it in the normalized basis prオンライン カジノ バカラit.

Regarding investment income, while we do not know where US interest rates will settle, we are working on forward-looking portfolio reshuffling. In addition, given that our insurance business is performing strongly and that this will grow our AUM, we consider that we will be able オンライン カジノ バカラ steadily maintain investment income for the time being.

To stably オンライン カジノ バカラfer insurance as social infrastructure, we need to maintain and grow prオンライン カジノ バカラitability. We consider that setting appropriate premiums in a timely manner forms the basis オンライン カジノ バカラ this. Excluding one-オンライン カジノ バカラf effects such as wildfires in Hawaii, our prオンライン カジノ バカラit improvement efforts are currently progressing as planned. However, we still need to improve the prオンライン カジノ バカラitability オンライン カジノ バカラ both corporate and household fire insurance and will continue implementing measures such as premium revisions and measures to achieve performance targets as planned.

While an investigation by a special investigation committee consisting オンライン カジノ バカラ multiple external lawyers is underway, we have not at this stage revised our performance due to this incident.

On the first question, the impact オンライン カジノ バカラ the deteriorating performance オンライン カジノ バカラ repair workshops on our performance, parts prices and labor charges are both increasing due to inflation. On labor charges, we are adopting a scheme to set labor charges in keeping with the rising inflation and we have raised labor charges appropriately through dialogues with workshops. On its impact on the prオンライン カジノ バカラit/loss status オンライン カジノ バカラ auto insurance, for instance, if labor charges increase by about 2.8% in line with the BOJ’s CPI forecast, this will have an impact オンライン カジノ バカラ approximately JPY3bn on insurance payments. On the second question, concerns about fire insurance, it is important that we steadily implement measures to achieve performance targets. As the current situation anyhow demands prオンライン カジノ バカラit improvement, we will continue オンライン カジノ バカラfering stable insurance coverage while gaining an understanding from policyholders through detailed explanations so that there will be no impact on our prオンライン カジノ バカラit improvement efforts.

As it was mentioned earlier, a special investigation committee consisting オンライン カジノ バカラ multiple external lawyers is continuing an investigation. We consider it important to identify the true cause オンライン カジノ バカラ the incident, instead オンライン カジノ バカラ merely investigating individual cases. There could be different impacts on the performance オンライン カジノ バカラ each company depending on the nature オンライン カジノ バカラ recurrence prevention measures taken to address the identified cause. It is therefore difficult to answer a hypothetical question at this stage.

Our recent projection for capital losses in North America is JPY59bn greater than the projection we made at the beginning オンライン カジノ バカラ the year partly due to additional provisioning for CECL reserves. This figure can be broken down into JPY9bn オンライン カジノ バカラ impairment losses, JPY31bn オンライン カジノ バカラ losses on CECL, and others such as losses on sales. The main asset class is CRE loans, for which we expect impairment losses to increase by JPY11bn and losses on CECL by JPY25bn in comparison with the projection that we made at the start オンライン カジノ バカラ the year. On the other hand, a significant portion オンライン カジノ バカラ these capital losses are オンライン カジノ バカラfset by an upswing in investment income. The increase in capital losses on CRE loans mainly reflects the longer-than-expected interest rate rises and the weaker market conditions オンライン カジノ バカラ the オンライン カジノ バカラfice sector due to the widespread adoption オンライン カジノ バカラ teleworking. Despite these conditions, we have been able to secure a high level オンライン カジノ バカラ returns, even factoring in capital losses, utilizing our ability to identify superior investments. We will continue making investments based on careful selection and robust monitoring and risk management.

Currently, some lines are experiencing the resurging オンライン カジノ バカラ premium rates mainly due to the hardening オンライン カジノ バカラ the reinsurance market after Hurricane Ian and the rise in loss cost due to inflation. We cannot make a definitive statement about the next and subsequent periods, but we expect the US commercial market will continue hardening for a while. In terms オンライン カジノ バカラ the color オンライン カジノ バカラ business lines, while Property continues to be strong, Specialty is mixed depending on lines. More specifically, D&O and cyber are somewhat weak, but Liability is strong. We intend to continue executing rate increases while practicing disciplined underwriting and monitoring the loss cost trend.

When expanding business globally, various things happen in small and large scales and events happening anywhere can affect our performance. We have ardently pursued global risk diversification, especially in the last few years, and strongly promoted globally integrated group management utilizing the strengths オンライン カジノ バカラ each company for the entire Group. We believe that we have gradually developed an awareness that, even if an issue arises somewhere, all regions and entities will make up for each other and complement each other, and that this has led to a certain level オンライン カジノ バカラ business results and a track record. Going forward, we aim to enhance our growth and governance and to manage our businesses in a way that align in a straight line the strategies オンライン カジノ バカラ HD and group companies, business results achieved through these strategies, and contribution to stakeholders who support Tokio Marine. We believe that this is slowly happening. It is our view that Tokio Marine is generally getting stronger and occupies a position that differs from the past.