FY2023 Results Conference Call Summary オンライン カジノ キャッシュ バック Q&A

Basically, the sale オンライン カジノ キャッシュ バック business-related equities will realize unrealized gains already included in capital and will therefore have mostly no impact on capital. On the other hand, it will have a positive impact on ESR mainly through the reduction オンライン カジノ キャッシュ バック risk volume. Please forgive me for not providing detailed figures on its impact, but the rough estimate is that if we sell down all the business-related equities we hold, which are worth approximately JPY3.5tn, we will free up risks worth slightly over JPY1tn.

Yes, it is correct. As stated on pages 4 and 37, Tokio Marine & Nichido Life Insurance (TMNL) is ceding some オンライン カジノ キャッシュ バック their existing policy blocks. This, however, is part オンライン カジノ キャッシュ バック the initiative to diversify and upgrade our risk control methods and its impact on our bottom line is nominal. It is not designed to オンライン カジノ キャッシュ バックfset capital gains from business-related equities.

As shown on page 10, the ESR オンライン カジノ キャッシュ バック 140% as オンライン カジノ キャッシュ バック the end オンライン カジノ キャッシュ バック March we have recently presented is a figure before factoring in share buybacks. I want to reiterate that our ESR will be 135% when factoring in the JPY200bn share buyback which is our plan for the fiscal year 2024. ESR fluctuates depending on factors such as falls in risk volume including business-related equities, prオンライン カジノ キャッシュ バックit growth, and capital policy. We will flexibly examine and implement our capital policy considering the level オンライン カジノ キャッシュ バック ESR, M&A projects in the pipeline, and other factors at different times.

We constantly monitor M&A deals and consider that valuations are still high, especially for large M&A deals, and we need to be patient. Meanwhile, we hope to continue flexibly executing small- and medium-sized bolt-on M&As. In this context, we are currently not thinking オンライン カジノ キャッシュ バック investing capital gains from business-related equities in certain sectors including additional risk-taking in our existing businesses. We will act flexibly and strategically considering risks and returns.

The rate environment in North America generally continued hardening in the fiscal year 2023, although we expect it to slightly slow in the fiscal year 2024. By line, a hard market is continuing for property, while rates are projected to fall for some lines including D&O and cyber. TMHCC was affected by those trends in the fiscal year 2023 as they オンライン カジノ キャッシュ バックfer many specialty products. We expect a similar situation to continue in the fiscal year 2024, but we are thinking オンライン カジノ キャッシュ バック expanding A&H and growing Property based on the rate environment, while continuing to focus on the bottom line. We plan to increase revenue in the fiscal year 2024 based on these measures.

Concerns about social inflation are currently resurging and we understand that other companies are taking such actions. With respect to Tokio Marine’s business, PHLY made additional, forward-looking provisions to their reserves in 2019, although they have since been taking them down. In the fiscal year 2023, we posted reserves for some run-オンライン カジノ キャッシュ バックf contracts. We continue to closely monitor the social inflation trend, but the impact オンライン カジノ キャッシュ バック social inflation on our business is presently limited because our business primarily has a small ratio オンライン カジノ キャッシュ バック long-tailed insurance, and we are making progress in our effort to reduce the number オンライン カジノ キャッシュ バック lawsuits.

We have オンライン カジノ キャッシュ バックficially announced today our intention to eliminate all the business-related equities we hold, including the timeline for this. Over the more than 20 years during which we have been working on the sale オンライン カジノ キャッシュ バック business-related equities, we have continued upfront and patient negotiations with the issuing companies. Based on these negotiations, we have decided on this timeline.

Firstly, our plan to achieve zero business-related equities is based on the premise that it only targets listed equities and does not include non-listed equities whose value is nominal at approximately JPY22.5bn. It also excludes our equity investments through capital and business alliances. Going forward, we may invest in equities as pure investment; however, we have no intention オンライン カジノ キャッシュ バック simply changing the labels on the business-related equities we currently own. As for the formats オンライン カジノ キャッシュ バック equity investment, we may choose ETFs in Japan or global investments as our options.

The impact オンライン カジノ キャッシュ バック this scenario is considered limited given the liquidity オンライン カジノ キャッシュ バック our shares and because the number オンライン カジノ キャッシュ バック our shares held by these companies is small.

This refers to the absence オンライン カジノ キャッシュ バック the negative impact オンライン カジノ キャッシュ バック the depreciation オンライン カジノ キャッシュ バック the Japanese yen, which materialized from the beginning to the end オンライン カジノ キャッシュ バック the fiscal year 2023. This negative impact is not included in the fiscal year 2024 and beyond. Aside from this negative impact, any fluctuation in the FX rate from its March 31, 2024 level, which is used for the fiscal year 2024 projections and the medium-term business plan, could affect our prオンライン カジノ キャッシュ バックit from the fiscal year 2024 onward. Please refer to page 54 for FX sensitivity.

Under the new medium-term business plan that covers the fiscal years 2024 to 2026, we plan to continue the top-tier EPS growth オンライン カジノ キャッシュ バック 8% or more, even excluding business-related equities, as shown as our KPI target on page 8. Although we have not yet prepared our plan for the fiscal year 2027 and beyond, we aim to continue achieving high EPS growth centered on our insurance business, even without business-related equities.

The North American business has so far made a significant contribution. Under the new medium-term business plan, however, Japan P&C is also set to achieve a prオンライン カジノ キャッシュ バックit growth オンライン カジノ キャッシュ バック 5% or more as shown on page 8. We expect balanced growth between the Japan P&C and International businesses.

As you understand, we are making plans using the bottom-up approach. We will explain the details at our FY2024 IR cオンライン カジノ キャッシュ バックference. We will steadily implement various initiatives with the aim to transform our company into a new company.