Tokio Marine Group FY2014 Business Plan Update

Size: px
Start display at page:

Download "Tokio Marine Group FY2014 Business Plan Update"

Transcription

1 Tokio Marine Group FY2014 Business Plan Update November 2014 Tokio Marine Holdings, Inc. 0

2 (Blank Page) 1

3 Table of Contents I. Tokio Marine Group Business Strategy 1. Progress of the Mid-Term Business Plan P Return to Shareholders & ERM P Direction of the Next Mid-Term Business Plan P.14 II. Business Plan and Strategy by Business Domain 1. Domestic Non-Life P Domestic Life P International Insurance P.32 Reference P. 40 Abbreviations used in this material TMNF: Tokio Marine & Nichido Fire Insurance Co., Ltd. NF : Nisshin Fire & Marine Insurance Co., Ltd. TMNL : Tokio Marine & Nichido Life Insurance Co., Ltd. FL : Former Tokio Marine & Nichido Financial Life Insurance Co., Ltd. 2

4 Key Message for adjusted earnings and ROE in FY2014, the final year of the Mid-Term Business Plan, are exceeding the initial targets due to strong growth driven by the strategies executed in each business domain Adjusted Earnings : Projected to increase by 43.9B YoY to 322.0B exceeding the initial target of the Mid-Term Business Plan As a result, adjusted EPS is projected to increase by 15% YoY to 419 Adjusted ROE : Projected to improve by 0.3 points YoY to 7.9% (Level exceeding the initial target (7%) of the Mid-Term Business Plan) Return to Shareholders : Dividends are projected to increase for three consecutive fiscal year in accordance with profit growth Annual dividends per share is projected to increase by 10 YoY to 80 (Increase by 5 from the original projections) Share repurchases of up to 50B in 2H FY2014 has been resolved 3

5 Key Financial Indicators Expanding Profit + Enhancing Capital Efficiency + Expanding Shareholder Returns Adjusted earnings Adjusted ROE DPS (Dividends per share) billion yen pt yen FY11 FY12 FY13 FY14 (Original Revised) 6.7% 7.6% 7.9% (Revised) 7.4% (Original) FY11 FY12 FY13 FY14 (Original Revised) Trend of total dividends Adjusted EPS (Earnings per share) yen FY11 FY12 FY13 FY14 (Original Revised) -0.7% FY11 FY12 FY13 FY14 : Payout ratio to average adjusted earnings (excluding EV) % % 49% Share repurchases 61.4 billion yen 57.5 FY11 FY12 FY13 FY14 (Original Revised) Resolved share repurchases of up to 50B in 2H FY2014

6 I. Tokio Marine Group Business Strategy 1. Progress of the Mid-Term Business Plan 2. Return to Shareholders & ERM 3. Direction of the Next Mid-Term Business Plan 5

7 1-1. Progress of the Mid-Term Business Plan (Adjusted Earnings / 2Q FY2014 Results) (billions of yen) Group Total Increased by 84.7B YoY due to profit growth in domestic non-life and domestic life, despite the impact of natural catastrophes etc. in international insurance FY2013 1H FY2014 1H Domestic Non-Life FY2013 1H FY2014 1H TMNF: Increased due to a steady growth in net premiums written and an improvement in underwriting results mainly in auto NF: Increased due to an improvement in underwriting results mainly in auto and fire Domestic Life 0.6 FY2013 1H FY2014 1H TMNL: Increased due to the following factors: i. Increase in EV associated with a steady increase in policies ii. Reversal effect of the FY2013 decrease in EV due to the change in risk discount rate -9.9 International Insurance FY2013 1H FY2014 1H Steady progress in line with the original projections, although decreased YoY mainly due to an increase in natural catastrophe losses and the reversal effect of the decrease in net incurred losses related to Thai flood recorded in FY2013 6

8 1-2. Remarkable Progress of the Mid-Term Business Plan Profit growth exceeding the initial target (Adjusted earnings, billions of yen) (+31.0 from the original projections) (+2.0) Initial Target of the Mid-Term Business Plan 230B - 260B Domestic Non-life 35% (+14.0) Domestic Life 25% International Insurance 40% (+15.0) Financial and General (Original) (Revised) FY2014 FY2011 FY2012 FY2013 Mid-Term Business Plan "Innovation and Execution 2014" FY2014 (Target Level) *3 Domestic Non-life *1 Combined ratio NPW growth rate W/P: 103.3% (E/I : 103.8%) 102.3% 97.4% (99.6%) 104.9% 91.2% (97.2%) 105.2% 95.2% (93.5%) 102.4% 94.2% (93.5%) 102.4% (103.9%) *2 Combined ratio 95% No.1 growth in the industry Domestic Life EV increase 15.9B 110.3B 104.5B 75.0B 89.0B EV increase (3 year total) 180B International Insurance Adjusted earnings B 69.2B 136.9B 105.0B 120.0B Adjusted earnings 100B Total Adjusted ROE -0.7% 6.7% 7.6% Adjusted ROE 7%~ *1: Figures of TMNF *2: NPW growth rate excluding the impact of the reorganization of the U.S. branch as an overseas subsidiary *3: Applied share price, FX rates, and interest rates are as of end-mar Projected profit level is based on the assumption that natural catastrophes are projected to occur on an average level, etc % 7.9%

9 1-3. Progress of the Mid-Term Business Plan (FY2014 Adjusted Earnings ) Business Domain Original (a) Revised (b) (billions of yen) Difference (b) - (a) Domestic Non-Life TMNF NF Other Domestic Life * TMNL * FL * Other International Insurance North America Europe (incl. Middle East) South & Central America Asia Reinsurance International Non-Life * International Life Financial & General Group Total Adjusted ROE (Group total) 7.6% 7.4% 7.9% 0.5% *1: Excluding capital transactions FY2013 Results FY2014 *2: FY2014 (Revised) reflects the impact of the merger of TMNL and FL in Oct *3: From FY2014 (Revised), figures are included in TMNL *4: International Non-Life figures include some life insurance figures of composite overseas subsidiaries Group total adjusted earnings revised upward by 31B from the original projections to 322B. Projected Adjusted ROE is 7.9%. Domestic Non-Life TMNF:Downward revision by 4B to 103B Decrease in net incurred losses in auto Negative impact* from the depreciation of the yen *Increase in provision for reserves for foreign currency denominated outstanding claims and losses on FX derivatives Revision of net incurred losses occurred in the previous years in fire and other lines NF: Upward revision by 5B to 8B Decrease in net incurred losses mainly in auto and fire Domestic Life TMNL:Upward revision by 15B to 90B Change in risk discount rate reflecting the interest rate decline Increase in value of new business due to a steady increase in new policies Impact of the merger with FL International Insurance Upward revision by 15B to 120B Increase due to the depreciation of the yen Increase in North America and South & Central America, etc. TMNF Adjusted Earnings Net income of TMNF for accounting purposes + Provision for catastrophe reserves, etc. net of taxes + Provision for price fluctuation reserves, net of taxes - Gains/losses on sales or evaluation of ALM bonds and interest rate swaps, net of taxes - Gains/loses on sales or evaluation of stocks and properties held, net of taxes 8 - Other extraordinary profits/losses and valuation reserves etc., net of taxes = Adjusted earnings of TMNF 227.0B 2.8B 2.5B 1.2B 51.6B 76.5B 103.0B

10 1-4. Progress of the Mid-Term Business Plan (Asset Management) Group asset management concept With asset and liability management (ALM) at the core, we aim to secure sufficient liquidity and profit Aim to enhance profitability within the range of risk tolerance while taking the characteristics of insurance liabilities into consideration and continuously ensuring liquidity and risk controls through ALM We will carefully monitor the investment environment and respond in a flexible manner, although there are no changes to our Group's concept for asset management Continue the sales of business-related equities from the perspective of enhancing capital efficiency Asset composition of TMHD (Consolidated) (as of the end of Sept. 2014) Sales of business-related equities during the Mid-Term Business Plan (at TMNF) Others: 2.8T Mainly tangible fixed assets and intangible fixed assets, etc. Other securities: 1.9T Mainly assets in separate accounts held by Domestic Life (FL) Domestic equities: 2.5T Mainly business-related equities held by Domestic Non-Life (TMNF) Monetary receivables bought : 0.9T 9.9% 12.8% Mainly absolute return investment & lending by Domestic Non-life (TMNF) and overseas subsidiaries 5.0% 14.6% 1.9% Total assets 19.7T Cash and deposits: 0.4T 16.1% 2.3% 37.3% Domestic bonds : 7.3T Domestic government bonds (JGB): Approx. 6.6T Mainly bonds for the purpose of ALM by Domestic Life and Non-Life Foreign securities : 3.1T Mainly local country bonds held by overseas subsidiaries mainly in Europe and the U.S. 300B Target (Aggregate of 3 years) Approx. 324B Loans: 0.3T 9 Approx Progress FY2014 () FY2013 FY2012

11 I. Tokio Marine Group Business Strategy 1. Progress of the Mid-Term Business Plan 2. Return to Shareholders & ERM 3. Direction of the Next Mid-Term Business Plan 10

12 2-1. Return to Shareholders Attractive dividends Primary means of shareholder returns is dividends, which we plan to increase in line with profit growth Target payout ratio level is 40% to 50% of average adjusted earnings (excluding EV) Interim dividends is raised by 10 YoY to 40 per share FY2014 annual dividends per share is projected to be raised by 10 YoY to 80 ( 61.4B in total) + Flexible share repurchases We intend to conduct share repurchases in a flexible manner based on a comprehensive assessment of market conditions, our capital levels, business investment opportunities, and other relevant factors Resolved share repurchases of up to 50B in 2H FY2014 Regarding new business investments, continue to seek for high quality investment opportunities globally Expected trend for dividends per share yen (Revised projection) : Dividends per share (yen) : Payout ratio * % 39% 48% 46% 48% 48% 50% 49% (billions of yen) (Revised) Adjusted earnings Adjusted earnings (excluding EV) Average adjusted earnings (excluding EV) * Dividends Total () *1: Proportion to average adjusted earnings (excluding EV) 11 *2: Average adjusted earnings (excluding EV) excludes effects from the Great East Japan Earthquake and Thai Flood

13 2-2. Enterprise Risk Management (ERM) / Economic Solvency Ratio Maintain financial soundness Balance risk and capital to maintain AA credit ratings Improve natural catastrophe risk management Ensure our financial base can withstand catastrophic risks Improve profitability Sustainable profit growth and improve capital efficiency Invest in new businesses to improve capital efficiency Improve the profitability of existing businesses Continue sales of business-related equities Control risk and capital in accordance with risk appetite* * Insurance risk control : Pursue sustainable growth, risk diversification (stabilization), and improvement of capital efficiency through global business expansion Investment risk control : Secure liquid assets and stable profits mainly through ALM Economic Solvency Ratio (ESR) 4.3 trillion yen Mar. 31, 2014 Factors causing change in net asset value Contribution of 1H FY14 adjusted earnings Increase in unrealized gains of business-related equities Adjustment of capital level etc. 140% 148% 3.1 trillion yen Factors causing change in risk capital Sales of business-related equities Increase in risks of businessrelated equities due to rise in stock price etc. 4.9 trillion yen 3.3 trillion yen Sep. 30, 2014 <Impact of market changes on ESR> Interest rates: Limit impact from interest rate changes through ALM FX rates: Limited positive impact, as depreciation of the yen increases net asset value of overseas subsidiaries, but also increases FX risks Share price: Significant impact on ESR due to the market value fluctuation of business related equities As of Sep. 30, % 14,827 yen Nikkei Stock Average 16,173 yen Share price: +30% Net Asset Value: Consolidated net asset value + Various reserves (after-tax basis) + Value of life insurance policies in-force -Goodwill and other items -30% 142% Risk Capital: 99.95% VaR, after taking account of diversification effects ESR: Net asset value / Risk capital %

14 (Blank Page) 13

15 I. Tokio Marine Group Business Strategy 1. Progress of the Mid-Term Business Plan 2. Return to Shareholders & ERM 3. Direction of the Next Mid-Term Business Plan Details of the plan including quantitative targets will be released following FY2014 results 14

16 Strategic Changes in Our Business Portfolio Enhancing our capabilities to accelerate profit growth momentum and improve profit stability through strategic changes in our business and asset portfolio FY2006 Insurance Premiums (Net premiums written + Life insurance premiums) 6% 12% International Insurance FY2014 ()* 31% Domestic Non-Life 2,464.0 billion yen 82% Domestic Life 8% 3,530.0 billion yen 61% Asset Composition 25% 5% 17.2 trillion yen 68% 22% 19.7 trillion yen 36% 41% *Asset composition is as of Sep. 30, 2014 Adjusted Earnings 17% billion yen 28% 53% 37% billion yen 34% 15 28%

17 From Profit Recovery to Sustainable Profit Growth We have seen profitability improvement in domestic non-life, which has been an important management issue Business portfolio is becoming well balanced as a result of growth in domestic life and international insurance Shifting to the stage of delivering sustainable profit growth by accurately capturing changes in the business environment and executing strategic moves for future growth Adjusted earnings (billions of yen) Sustainable profit growth stage Adjusted ROE (%) <Expected changes in the business environment> Demographics of Japan Customer needs and risks due to technological innovation Global economy and financial environment Climate and an increase in natural catastrophes Global based capital requirements FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 () Adjusted Earnings Adjusted ROE 3.8% 3.5% -1.7% 5.8% 2.4% -0.7% 6.7% 7.6% 7.9% 16

18 Initiatives for Sustainable Profit Growth - 1 Achieving excellence in our business platform as the core of our growth accompanied by strategic moves for sustainable profit growth Enhancement Unlocking our potential Excellence Advancing our business platform Expansion Evolution Pursuing growth opportunities Capitalizing on changes Long-term Vision A global insurance group that delivers sustainable growth by providing safety and security to customers worldwide - Our timeless endeavor to be a Good Company - 17

19 Initiatives for Sustainable Profit Growth - 2 Enhancement Unlocking our potential Domestic insurance: Enhancing the integrated business model for life and non-life, strengthening claims-service capabilities, and further utilizing our risk consulting service International insurance: Enhancing organic growth Evolution Capitalizing on changes Effectively forecasting and proactively meeting the emerging and evolving needs of the market and our customers Strengthening R&D to convert new risks into our business opportunities Expansion Pursuing growth opportunities Promoting disciplined business investment to capture growth opportunities globally Enhancing our diversified business portfolio based on risk appetite Excellence Advancing our business platform Advancing ERM and improving risk portfolio to sustainably enhance profit growth, capital efficiency, and financial soundness Strengthening our business platform to further reinforce our globalized business Developing a diverse workforce with a strong customer orientation to drive sustainable growth 18

20 Framework of the Next Mid-Term Business Plan Implementing Enterprise Risk Management (ERM) to realize sustainable profit growth and higher capital efficiency, while maintaining financial soundness Generate capital and cash Achieve sustainable profit and improve the risk portfolio in each business domain Efficient deployment of capital and cash Achieve sustainable profit growth in each business domain Domestic non-life: Profit growth as the core business of the group Domestic life : Profit growth while maintaining financial soundness as a growth driver of the group International : Profit growth while globally diversifying risk as a growth driver of the group Improve the risk portfolio Reduce the risks associated with business-related equities Strengthen control of natural catastrophe risks Enterprise Risk Management (ERM) Invest for growth Invest in new businesses with high capital efficiency Invest today to build foundations for our growth tomorrow Return to shareholders Increase dividends through profit growth Achieve an appropriate level of capital via flexible repurchases of shares Improve capital efficiency by diversifying our business portfolio Sustainable profit growth + Enhance ROE 19 + Maintain financial soundness

21 (Blank Page) Domestic Life 20

22 II. Business Plan and Strategy by Business Domain 1. Domestic Non-Life 2. Domestic Life 3. International Insurance 21

23 1-1. TMNF FY2014 Net premiums written is projected to exceed 2T as in the original projections as a result of the execution of growth strategies Adjusted earnings is revised downward mainly due to the impact of the depreciation of the yen (Excluding this impact, adjusted earnings is projected to exceed the original projections) Net Premiums Written (billions of yen) CAGR+4.1% 1, , , % 2,014.0 (±0) * Projected to increase by 2.4% YoY to 2,014B, a similar level as the original projections (3.9% increase YoY excluding the impact of the reorganization of the U.S. branch as an overseas subsidiary) CAGR during the Mid-Term Business Plan is projected to be 4.1% FY2011 FY2012 FY2013 FY2014 (Original Revised) Adjusted Earnings (billions of yen) (- 4.0)* Despite the negative factors * associated with the depreciation of the yen, adjusted earnings is projected to be at a similar level as the original projections, reflecting an improvement in underwriting results in line with the projections * Increase in provision for reserves for foreign currency denominated outstanding claims and losses on derivatives FY2011 FY2012 FY2013 FY2014 (Original Revised) * Figures in ( ) show changes 22 from the original projections

24 1-2. TMNF Combined Ratio Despite the impact of the consumption tax hike, combined ratio is projected to improve in line with the original projections owing to measures to improve profitability Combined Ratio (Private insurance basis) 103.8% E/I basis *1 Major factors of change in FY2014 combined ratio (Change from the original projections) 103.3% 99.6% W/P basis 97.4% 97.2% 91.2% * Figures in ( ) show changes from the original projections 94. 2% (- 1.0pt)* 93.5% (±0.0pt)* FY2011 FY2012 FY2013 FY2014 (Revised) 1. E/I loss ratio (Same level as the original projections) Projected to improve in line with the original projections due to the progress of improvement in underwriting results in auto, despite factoring in the negative impact such as an increase in outstanding claims reserves associated with the depreciation of the yen Natural catastrophe losses projected at 40B, the same level as the original projections FY2014 FY2011 FY2012 FY2013 (Original) (Revised) E/I loss ratio 69.8% 66.8% 65.0% 61.2% 61.0% Excluding natural catastrophes 61.3% 62.8% 60.1% 58.9% 58.6% W/P loss ratio 69.3% 64.6% 59.0% 62.9% 61.6% Excluding natural catastrophes *2 59.4% 61.7% 57.0% 60.6% 59.3% Expense ratio 34.0% 32.8% 32.2% 32.3% 32.6% 2. W/P loss ratio (Improve by 1.0 point from the original projections) Projected to improve by 1.0 point mainly due to revising the projections for claims paid in auto *1: Net E/I C/R = E/I loss ratio + W/P expense ratio *2: Only natural disasters occurred in each fiscal year are excluded 23

25 1-3. TMNF Profitability Improvement in Auto Loss ratio is improving owing to the measures to improve profitability Continue to closely watch the trend of an increase in unit repair cost, etc. and implement timely and appropriate measures Loss Ratio W/P loss ratio 70.7% 70.4% 69.4% 67.8% E/I loss ratio 65.3% 63.6% * Figures in ( ) show changes from the original projections 63.1% 62.7% (- 2.7pt)* (- 2.2pt)* Major factors of change in FY2014 loss ratio (Change from the original projections) 1. E/I loss ratio (Improve by 2.7 points from the original projections) Reflecting the decrease in accident frequency in the first half 2. W/P loss ratio (Improve by 2.2 points from the original projections) Projected to improve due to the same factor above FY2011 FY2012 FY2013 FY2014 (Revised) Per-policy premium * *2 Policy renewal rate 95.1% 95.3% 95.6% 95.4% *2 * 1: FY2010 per-policy premium of non-fleet auto (managerial accounting basis) is set at index value of 100 * 2: FY2014 figures are as of the end of Sep FY2014 FY2011 FY2012 FY2013 (Original) (Revised) W/P C/R 102.6% 98.5% 94.0% 95.5% 93.5% Net E/I C/R * % 100.2% 95.7% 96.5% 94.0% Rate revisions and profitability improvements per FY (excluding revision of the Grade Rating System in non-fleet auto insurance) (billions of yen) Revision FY11 FY12 FY13 FY14 FY15 FY16 Jul Jul Jan Oct Oct Oct * 3: Net E/I C/R = E/I loss ratio + W/P expense ratio Total

26 1-4. TMNF - Business Strategy Going Forward Achieve sustainable profit growth by capitalizing on changes as the core business of the Group Pursuing further growth in the market and customer base Achieving sustainable growth by promoting measures such as the integrated business model for life and non-life, and pursuing further growth in the customer base Enhancing the service level of "sense of security before and after" provided to customers by strengthening claims-service capabilities and further utilizing our risk consulting service Proactive actions capturing changes Effectively meeting the emerging and evolving needs of the market and our customers Reinforcing our internal structure and strengthening R&D to establish a business model which will support future profit growth Stabilizing and improving the combined ratio Aiming a level that ensures stable profit by continuously strengthening underwriting discipline and controlling business expenses, etc. 25

27 II. Business Plan and Strategy by Business Domain 1. Domestic Non-Life 2. Domestic Life 3. International Insurance 26

28 2-1. Domestic Life FY2014 TMNL and FL merged on Oct. 1, 2014 (Name of the new company: Tokio Marine & Nichido Life Insurance Co., Ltd. (TMNL)) Annualized Premiums (billions of yen) New Policies Annualized Premiums In-force Policies Annualized Premiums Total of TMNL and FL (including impact of the merger in the revised projections) TMNL (excluding impact of the merger) FY2013 Results Original (a) FY2014 Revised (b) Difference (b)-(a) FY2013 Results Original (a) FY2014 Revised (b) Difference (b)-(a) Fiscal Year-end EV and Adjusted Earnings (billions of yen) Fiscal Year-end EV Adjusted Earnings * Total of TMNL and FL (including impact of the merger in the revised projections) TMNL (excluding impact of the merger) FY2013 Results FY2014 Original Revised FY2013 Results Original (a) FY2014 Revised (b) Difference (b)-(a) * Excluding capital transactions 27

29 2-2. TMNL FY2014 Annualized Premiums (billions of yen) New Policy TMNL In-force Policy FL In-force Policy <Excluding impact of the merger> <Including impact of the merger> FL TMNL Annualized Premiums Revised upward from the original projections in both new policies and in-force policies, reflecting the recent favorable results FY2012 FY2013 FY2014 (Original) (Revised) FY2014 (Revised) Fiscal Year-end EV (billions of yen) <Excluding impact of the merger> EV increase * <Including impact of the merger> 90.0 FL TMNL FY2014 Year-end EV <Excluding impact of the merger> EV increase revised upward by 8B from the original projections Steady increase in new policies Change in risk discount rate reflecting the interest rate decline FY2012 FY2013 FY2014 (Revised) (Original) FY2014 (Revised) Fiscal Year-end EV EV increase * <Including impact of the merger> EV increase revised upward by 15B from the original projections due to the above factors, as well as the recording of deferred tax assets of FL EV increase * *1: Excluding capital transactions Risk discount rate 7% 7.53% 7.53% 7.43% *2: Excluding capital transactions, and effects of changes in interest rates (including change in risk discount rate) and underlying assumptions 28

30 2-3. TMNL Product Strategy Sustainable growth with profitability by promoting "Premium Series" Life Insurance Revolution to Protect One s Living Hospitalization and surgical treatment <medical insurance> Outpatient treatment (after discharge) Inability to work (home care) Nursing care requirement (permanent disability) Cultivate potential market (Life insurance to protect one's living) Death <conventional life insurance> Whole life+nursing care "Long-life Support Whole Life" Lineup of "Premium Series" Released Nov Medical+Inability to work "Medical Kit" with inability-to-work support Released Aug Household income+inability to work "Household Income Term" with inability-to-work benefit Released Oct Medical+Refund "Medical Kit R" Released Jan Lenient-underwriting medical+refund "Medical Kit Love R" Released Feb Growth exceeding market (Growth rate of in-force policies annualized premiums) +15% +10% +5% FY12 FY13 FY14 1Q TMNL Market total Source: The Life Insurance Association of Japan Sales of premium series is increasing as planned (New policy annualized premiums basis) (billions of yen) Steady increase in EV (Trend of EV increase *1 ) (billions of yen) FY12 FY13 FY14 FY12 FY13 FY14 *1: Excluding capital transactions, and effects of changes in interest rates (including change in the risk discount rate) and underlying assumptions * FY2014 projections for TMNL shown in p are individual company figures which do not reflect the impact of the merger with FL in Oct

31 2-4. TMNL Channel Strategy Utilization of Multiple Sales Channels Centering on Non-Life Agents Achieving growth in all channels Premiums written on a managerial accounting basis 55% Non-Life Agents Channel Non-life customer development by further promoting integration of life and non-life sales Life Partner * Non-life customer development through sales with consultation expertise Non-Life Agents Life Partner* 10% Life Professionals Market development centering on sales of unique products Life Professionals Bancassurance 25% 10% Bancassurance Cultivate banks' customer base through sales of highly unique products centering on installment plans FY12 FY13 FY14 * : Life Partner is TMNL's life insurance sales staff Non-life customer development through integration of life and non-life sales Roll out of solicitation (including proposal) using tablet PCs Auto Tokio Marine & Nichido Fire Tokio Marine & Nichido Life Non-life Insurance Agents Fire Death Non-Life Policy Holder (Individual & Corporate) P.A. Nursing Care 30 Medical Further promoting integrated consulting sales of life and non-life insurance

32 2-5. TMNL - Business Strategy Going Forward Achieve profit growth while controlling risks as a growth driver Strengthening growth potential Strengthening sales channel support by substantially enhancing our sales effectiveness and unlocking the potential of the integrated business model for life and non-life Promoting Life Insurance Revolution to Protect One s Living Expanding our unique product line-up (Premium Series) which is a source of stable profit, mainly focusing on the increasing demand in the living-protection market Developing highly competitive products that accurately meet the customer needs and thus contribute to the increase in the number of customers Establishing infrastructure for future growth Renovating our new-policy management IT system which will enable flexible product development Establishing infrastructure to support the advancement of our insurance business 31

33 II. Business Plan and Strategy by Business Domain 1. Domestic Non-Life 2. Domestic Life 3. International Insurance 32

34 3-1. International Insurance Business FY2014 Upward revision in both top-line and bottom-line despite the continuing softening of the market Net Premiums Written (billions of yen) , , , Net Premiums Written Upward revision by 103B from the original projections to 1,212B, mainly due to the effect of the depreciation of the yen and premium growth in North America, South & Central America, Reinsurance, and Life, etc. Adjusted Earnings Applied FX rate (USD/JPY) FY2012 JPY 86.5 As of end-dec FY2013 JPY As of end-dec FY2014 (Original) JPY As of end-mar FY2014 (Revised) JPY As of end-sep Upward revision by 15B from the original projections to 120B, due to the effect of the depreciation of the yen and profit growth mainly in North America and South & Central America Adjusted Earnings (billions of yen) Special factors in FY2013* Approx Business and Geographical Portfolio Breakdown (FY2014 projections / Adjusted earnings basis) Asia (Non-life) South & Central America Reinsurance 7% 4% 10% 5% Life 16% Asia (Life) Applied FX rate (USD/JPY) FY2012 JPY 86.5 As of end-dec FY2013 JPY As of end-dec FY2014 (Original) JPY As of end-mar FY2014 (Revised) JPY As of end-sep North America 北米 61% 61% * Special factors in FY2013: Low level of incurred losses related to natural catastrophes, Decrease in reserves related to Thai flood etc. 33 Europe 13% Non-life 84%

35 3-2. International Insurance Business FY2014 by Region (billions of yen, except for %) Net Premiums Written Adjusted Earnings Applied FX rate USD/JPY FY2013 Results As of end- Dec FY2014 FY2013 Results Original (a) Revised (b) Original (a) Revised (b) As of end- As of end- YoY (Ref.) As of end- As of end- As of end- Difference YoY Mar Sep Dec Mar Sep (b - a) (Excluding FX effects) *3 FY2014 Difference (b - a) JPY JPY JPY Change % JPY JPY JPY Change % YoY (Ref.) YoY (Excluding FX effects) *3 North America % 5% % - 3% Philadelphia % 8% % - 8% Delphi % 4% % 4% Europe & Middle East Tokio Marine Kiln (Lloyd's business) South & Central America Asia Reinsurance Total Non-Life * % - 3% % - 32% % - 3% % - 29% % 18% % 166% % 9% % - 49% % 19% % - 44% , , % 7% % - 18% Life % 36% % 181% Total *2 1, , , % 9% % - 15% *1: Total Non-Life figures include some life insurance figures of composite overseas subsidiaries *2: After adjustment of head office expenses *3: Local currency basis 34

36 3-3. Growth Strategy in Developed Countries North America FY FY FY14 (Original Revised) NPW growth rate *1 + 10% +11% + 6% + 8% C/R Adjusted earnings (billions of yen) 93% 90% 93% (+2pt) * (+1.0) *2 Steady growth in both new and in-force policies due to a product strategy focusing on niche market Although C/R is projected to increase from the original projections due to the impact of natural catastrophes, adjusted earnings is revised upward due to the depreciation of the yen and strong top-line growth 110% 100% 90% 80% C/R compared with the market U.S. market average Philadelphia FY09 FY10 FY11 FY12 FY13 Source : A.M. Best FY14 FY12 FY13 (Original Revised) NPW growth rate *1 + 11% +10% + 2% + 4% C/R Adjusted earnings (billions of yen) 97% 97% % (±0pt) *2 Further expanding profit through continuous rate increase in excess workers compensation insurance and profound investment expertise Adjusted earnings is revised upward from the original projections mainly due to an increase in investment income, in addition to the depreciation of the yen 36.0 (+6.0) *2 Composition of premiums income (FY2013) Excess W/C Non-life 21% 34% *1: Local currency basis 35 *2: Figures in ( ) show changes from the original projections Others (Life) 7% Others (Non-life) 13% Life 66% Group life 24% Disability 35%

37 3-4. Growth Strategy in Developed Countries Europe Reinsurance (Lloyd s business) C/R Adjusted earnings (billions of yen) FY12 92% 5.6 FY13 FY14 (Original Revised) NPW growth rate *1 + 20% - 2% + 5% -3% 79% 86% (±0pt) *2 C/R 88% 85% Adjusted earnings (billions of yen) (±0) *2 FY14 FY12 FY13 (Original Revised) NPW growth rate *1 + 24% + 12% + 1% + 19% % (+2pt) *2 9.0 (±0) *2 Under Tokio Marine Kiln, an intermediate holding company for European operations, further streamlining the business structure in Europe Despite the downward revision in top-line due to the softening of the market, projected to sustain profitability maintaining strict underwriting discipline Premium composition *3 of Tokio Marine Kiln (Lloyd s business) Opened U.S. branch in June 2014 and strengthened its strategic global expansion in Europe, North America, and Oceania Reduce earnings volatility by diversifying the portfolio Following a benign natural catastrophe activity in FY2013, project slightly reduced earnings in FY2014 due to normal catastrophe activity by line by region 2013 Re-domestication to Switzerland Expanding global network of offices 財物 Property 44% UK 19% Continental 2014 海上 Marine 15% 9% Europe Opened US branch 再保険 Reinsurance 23% USA 35% 航空 Aviation 4% Other 37% 傷害 医療 Accident & Health 9% 2010 その他 Other 3% *1: Local currency basis Opened Australia branch 生保 Life 2% *2: The figures in ( ) show changes from the original projections *3: GWP composition on a syndicate 100% basis, as of 31 Dec

38 3-5. Growth Strategy in Emerging Countries Key Strategies in Emerging Countries (billions of yen) Achieve further profit growth by accelerating business deployment to the retail market and expanding distribution channels Asia Non-life Asia Life South & Central America C/R *1 91% 88% 94%(+1pt) *2 C/R 105% 103% 97% (- 3pt)* 2 Net premiums written (+9.0) *2 Net premiums written (+27.0) *2 Net premiums written (+7.0) *2 FY12 FY13 FY14 (Original Revised) <Key strategies> Thailand / Malaysia / India etc. Aim to expand distribution channels in the auto insurance business and develop new products FY12 FY13 FY14 (Original Revised) Singapore / Malaysia / Thailand Promote expansion of distribution channels and development of products FY12 FY13 FY14 (Original Revised) Brazil Continuous growth in the auto insurance business and sales expansion in commercial lines and life insurance China Maintain profitability in Japanese corporate customer business and establish growth platform in the local business India / Indonesia Achieve stable growth by establishing business platform such as distribution networks *1 Excluding the impact of Thai flood for Asia non-life *2 Figures in ( ) show changes from the original projections 37

39 3-6. International Insurance Business - Business Strategy Going Forward Achieved the current Mid-Term Business Plan of 100B adjusted earnings in FY2013, one year ahead of schedule Continue to pursue growth opportunities globally and build geographically diversified business portfolio as the driver of the TM Group's growth Pursue balanced growth in both developed and emerging markets through organic growth and M&A Growth Strategy 1: Organic growth Further utilize collective strength of the group 1. Expanding group synergies 2. Best practice sharing 3. Collaboration between domestic and international business Developed markets: Strengthen competitive advantage mainly in the commercial market to achieve continuous profit growth Emerging markets: Capture market growth mainly in personal market by expanding distribution and product base Growth Strategy 2: M&A Continue to consider new business investment opportunities in both developed markets and emerging markets while maintaining discipline Further enhance our business platform to support future growth of the International Insurance Business Global Corporate Functions Governance / Internal Controls Internal Audit ERM Investment Global HR Strategy Development of global leadership talent Deployment of local talents for global operations Business Process / IT etc. 38

40 (Blank Page) 39

41 Reference 40

42 Tokio Marine Holdings Key Statistics - 1 FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 Ordinary income *1 2,929.0 bn yen 2,775.7 bn yen 2,899.4 bn yen 3,399.9 bn yen 4,218.5 bn yen 3,710.0 bn yen 3,503.1 bn yen 3,570.8 bn yen 3,288.6 bn yen 3,415.9 bn yen 3,857.7 bn yen 4,166.1 bn yen - Net income 56.6 bn yen bn yen 67.6 bn yen 89.9 bn yen 93.0 bn yen bn yen 23.1 bn yen bn yen 71.9 bn yen 6.0 bn yen bn yen bn yen bn yen Adjusted earnings * bn yen bn yen 51.8 bn yen bn yen bn yen bn yen bn yen bn yen 72.0 bn yen bn yen bn yen bn yen bn yen Adjusted ROE *2 3.8% 5.9% 1.6% 3.7% 3.8% 3.5% -1.7% 5.8% 2.4% -0.7% 6.7% 7.6% 7.9% Dividends total * bn yen 19.7 bn yen 18.9 bn yen 25.2 bn yen 29.8 bn yen 38.7 bn yen 38.0 bn yen 39.4 bn yen 38.6 bn yen 38.3 bn yen 42.2 bn yen 53.7 bn yen 61.4 bn yen Dividends per share *4 20 yen 22 yen 22 yen 30 yen 36 yen 48 yen 48 yen 50 yen 50 yen 50 yen 55 yen 70 yen 80 yen Share repurchase * bn yen 92.4 bn yen 70.1 bn yen 85.0 bn yen 90.0 bn yen 50.0 bn yen bn yen bn yen (Plan) Sales of business related equity holdings bn yen bn yen bn yen bn yen 45.0 bn yen 60.0 bn yen 50.0 bn yen 95.0 bn yen bn yen bn yen bn yen bn yen approx bn yen Share price *6 1,472 yen 3,240 yen 3,120 yen 4,660 yen 4,360 yen 3,680 yen 2,395 yen 2,633 yen 2,224 yen 2,271 yen 2,650 yen 3,098 yen 3,857.5 yen Market capitalization *6 1,363.0 bn yen 2,896.6 bn yen 2,683.2 bn yen 3,930.8 bn yen 3,594.9 bn yen 2,960.6 bn yen 1,926.8 bn yen 2,118.3 bn yen 1,789.3 bn yen 1,827.1 bn yen 2,039.2 bn yen 2,383.9 bn yen 2,968.4 bn yen *1 Ordinary income projections are undisclosed *2 FY2005: excludes the effects of changes in assumption, etc. in EV calculation of domestic life *3 FY2014: projected figure assumes the number of stocks unchanged from that of March 31, 2014 *4 All figures are shown on a basis after a share-split in Sep *5 On a repurchase year basis. FY2006 figure excludes 57.8 billion yen of stock exchange between Nisshin Fire *6 FY2014 figures are as of November 19, Share prices are shown on a basis after a share-split in Sep

43 Tokio Marine Holdings Key Statistics - 2 Adjusted Earnings / Adjusted Earnings (excluding EV) and Return to Shareholders Adjusted earnings (billions of yen, unless otherwise stated below) FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 () Adjusted earnings (excluding EV) Average adjusted earnings (excluding EV) *1 Total distributions to shareholders BPS and PBR of Tokio Marine Holdings Adjusted number of issued and outstanding shares (thousands of shares) Share price (yen) Percentage change (Reference) TOPIX Percentage change Shareholders' equity after tax on a financial accounting basis (billions of yen) BPS on a financial accounting basis (yen) PBR on a financial accounting basis Dividends total Dividends per share 36 yen 48 yen 48 yen 50 yen 50 yen 50 yen 55 yen 70 yen 80 yen Payout ratio to average adjusted earnings (excluding EV) 33% 39% 48% 46% 48% 48% 50% 49% 42% Share repurchases* (Plan) *1: Average adjusted earnings (excluding EV) excludes effects from the Great East Japan Earthquake and Thai Flood *2: On a repurchase year basis. FY2006 figure excludes \57.8B of stock exchange between Nisshin Fire 2007/3E 2008/3E 2009/3E 2010/3E 2011/3E 2012/3E 2013/3E 2014/3E 2014/9E 823, , , , , , , , ,374 4,360 3,680 2,395 2,633 2,224 2,271 2,650 3,098 3, % % % 9.9% % 2.1% 16.7% 16.9% 9.8% 1, , , , , % % % 26.5% % - 1.7% 21.1% 16.3% 10.3% 3, , , , , , , , , ,128 3,195 2,067 2,754 2,460 2,399 3,052 3,536 3, Adjusted capital (billions of yen) 4, , , , , , , , ,273.3 BPS on an adjusted basis (yen) 5,570 4,490 3,260 4,010 3,810 3,690 4,460 5,110 5,570 PBR on an adjusted basis

44 Adjusted Earnings (Group Total / 2Q FY2014 Results) Business Domain TMNF Adjusted Earnings FY2013 2Q Results FY2014 2Q Results (billions of yen) Change Domestic Non-Life TMNF NF Other Domestic Life *1, TMNL FL Other International Insurance North America Europe (incl. Middle East) South & Central America Asia Reinsurance International Non-Life * International Life Financial & General Group Total *1: Excluding capital transactions *2: Simplified calculation method is applied for EV as of end of Sept and as of end of Sept The calculation is an unaudited basis *3: International Non-Life figures include some life insurance figures of composite overseas subsidiaries Group total adjusted earnings increased by 84.7B YoY to 192.9B. Domestic Non-Life TMNF: Increased by 37.7B YoY to 69.7B Increase in net premiums earned mainly in auto Decrease in net incurred losses related to natural catastrophes Decrease in net incurred losses other than the above, in auto and fire, etc. Domestic Life TMNL: Increased by 52.2B YoY to 47.2B Increase in EV associated with the steady increase in policies Reversal effect of the FY2013 decrease in EV due to change in risk discount rate International Insurance Decreased by 9.9B YoY to 61.1B Gains/loses on Net income of Provision for Provision for Gains/losses on sales or Other extraordinary sales or evaluation Adjusted TMNF for catastrophe price fluctuation evaluation of profits/losses and accounting + reserves, etc. net + reserves, net of - of ALM bonds and - stocks and - valuation reserves = earnings of interest rate swaps, purposes of taxes taxes net of taxes properties held, etc., net of taxes TMNF net of taxes 130.2B 16.5B 1.2B 0.9B 25.5B 51.8B 69.7B Increase in natural catastrophe losses Reversal effect of the decrease in net incurred losses related to Thai flood recorded in FY

45 Consolidated Results Overview (2Q FY2014 Results) FY2013 2Q (unit: billions of yen, except for %) FY2014 2Q YoY Change % Insurance Premiums (TMHD Consolidated) 1, , % Net premiums written (TMHD Consolidated) 1, , % Tokio Marine & Nichido , % Nisshin Fire % Life insurance premiums (TMHD Consolidated) % Tokio Marine & Nichido Life (Insurance premiums and other) % Ordinary profit (TMHD Consolidated) % Tokio Marine & Nichido % Nisshin Fire % Tokio Marine & Nichido Life % Tokio Marine & Nichido Financial Life Overseas subsidiaries % Financial and general % Others (Elimination, etc.) Net income (TMHD Consolidated) % Tokio Marine & Nichido % Nisshin Fire % Tokio Marine & Nichido Life % Tokio Marine & Nichido Financial Life Overseas subsidiaries % Financial and general % Others (Elimination, etc.) Insurance Premiums (Net premiums written + Life insurance premiums) Net Premiums Written: Increased mainly due to an increase in domestic non-life mainly in auto, as well as organic growth and the positive impact from the depreciation of the yen at overseas subsidiaries Life Insurance Premiums: Increased mainly due to an increase in in-force policies at TMNL and revenue growth at overseas subsidiaries mainly in Asia life (excl. Japan), despite an increase in the number of surrender at FL associated with the recovery of the market environment Ordinary Profit TMNF: Increased mainly due to the following factors: i. Increase in net premiums earned due to revenue growth ii. Decrease in incurred losses mainly in auto iii. Increase in dividends from overseas subsidiaries Overseas Subsidiaries: Decreased mainly due to an increase in natural catastrophe losses and the reversal effect of temporary increase factors in FY2013 Net Income Increased mainly due to the same factors as in ordinary profit at TMNF, as well as a decrease in valuation allowance associated with a determination of liquidation of a securities subsidiary 44

46 Consolidated Overview (FY2014 ) FY2013 (unit: billions of yen, except for %) FY2014 Original Revised Difference Insurance premiums (TMHD Consolidated) 3, , , Net premiums written (TMHD Consolidated) 2, , , Tokio Marine & Nichido 1, , , Nisshin Fire Life insurance premiums (TMHD Consolidated) Tokio Marine & Nichido Life (Insurance premiums and other) Ordinary profit (TMHD Consolidated) Tokio Marine & Nichido Nisshin Fire Tokio Marine & Nichido Life Tokio Marine & Nichido Financial Life * Overseas subsidiaries Financial and general Others (Elimination, etc.) Net income (TMHD Consolidated) Tokio Marine & Nichido Nisshin Fire Tokio Marine & Nichido Life Tokio Marine & Nichido Financial Life * Overseas subsidiaries Financial and general Others (Elimination, etc.) * Since Tokio Marine & Nichido Financial Life was merged into Tokio Marine & Nichido Life on October 1st 2014, the projections for the first half of FY2014 projected at the beginning of the year are shown in the FY2014 "Original" column and its actual results are shown in the FY2014 "Revised" column. Insurance Premiums (Net premiums written + Life insurance premiums) Net Premiums Written: Revised upward from the original projections reflecting the organic growth and the impact of the depreciation of the yen at overseas subsidiaries Life Insurance Premiums: Revised downward reflecting an increase in the number of surrender in variable annuities associated with the recovery of the market environment Ordinary Profit Domestic Non-Life: Revised upward mainly due to an increase in dividends from overseas subsidiaries and domestic stocks at TMNF Domestic Life: Revised downward mainly due to an increase in provision for underwriting reserves Overseas Subsidiaries: Revised upward reflecting the recent favorable results and the depreciation of the yen Net Income Revised upward due to the same factors as in ordinary profit, as well as the following factors: i. Decrease in valuation allowance associated with a determination of liquidation of a securities subsidiary at TMNF ii. Projected recording of deferred tax assets at FL etc. 45

47 Factors of Change in Adjusted Earnings and Adjusted Capital Adjusted Earnings (billions of yen) Q FY13 Results Domestic Non-Life Domestic Life International Insurance Financial and General 2Q FY14 Results Adjusted Capital (billions of yen) + 9% 3, , ,540.3 Value of in-force policies in life insurance business Reserves of capital nature Accumulated other comprehensive income Items of net assets Adjustment items 1,474.5 Shareholders' equity Adjusted capital Value of Dividends Net income Unrealized Foreign Others Reserves of Adjusted capital as of end-mar gains on currency capital nature in-force as of end-sept securities, translation (after tax) policies in life insurance 46 net of taxes adjustments business

Tokio Marine Group FY2013 Business Plan Update November 2013 Tokio Marine Holdings, Inc.

Tokio Marine Group FY2013 Business Plan Update November 2013 Tokio Marine Holdings, Inc. Tokio Marine Group Business Plan Update November 2013 Tokio Marine Holdings, Inc. Table of Contents I. Tokio Marine Group Vision P. 2 Ⅰ II. Ⅱ Progress of the Mid-Term Business Plan P. 6 III. Ⅲ Business

More information

Tokio Marine Group Mid-Term Business Plan To Be a Good Company 2017 FY2016 Business Plan. May 2016 Tokio Marine Holdings, Inc.

Tokio Marine Group Mid-Term Business Plan To Be a Good Company 2017 FY2016 Business Plan. May 2016 Tokio Marine Holdings, Inc. Tokio Marine Group Mid-Term Business Plan To Be a Good Company 2017 FY2016 Business Plan May 2016 Tokio Marine Holdings, Inc. Table of Contents Ⅰ Tokio Marine Group Business Strategy 1. Progress of the

More information

Tokio Marine Group Mid-Term Business Plan To Be a Good Company Business Plan Update. November 24, 2017 Tokio Marine Holdings, Inc.

Tokio Marine Group Mid-Term Business Plan To Be a Good Company Business Plan Update. November 24, 2017 Tokio Marine Holdings, Inc. Tokio Marine Group Mid-Term Business Plan To Be a Good Company 2017 2017 Business Plan Update November 24, 2017 Tokio Marine Holdings, Inc. Table of Contents Ⅰ Current Mid-Term Business Plan 1. Progress

More information

Overview of 1Q FY2017 Results

Overview of 1Q FY2017 Results Overview of August 8, 2017 Tokio Marine Holdings, Inc. Abbreviations used in this material TMNF : Tokio Marine & Nichido Fire Insurance Co., Ltd. NF : Nisshin Fire & Marine Insurance Co., Ltd. TMNL : Tokio

More information

Overview of 1Q FY2018 Results

Overview of 1Q FY2018 Results Overview of August 10, 2018 Tokio Marine Holdings, Inc. Abbreviations used in this material TMNF : Tokio Marine & Nichido Fire Insurance Co., Ltd. NF : Nisshin Fire & Marine Insurance Co., Ltd. TMNL :

More information

Overview of 3Q FY2018 Results

Overview of 3Q FY2018 Results Overview of February 14, 2019 Tokio Marine Holdings, Inc. Abbreviations used in this material TMNF : Tokio Marine & Nichido Fire Insurance Co., Ltd. NF : Nisshin Fire & Marine Insurance Co., Ltd. TMNL

More information

Tokio Marine Group s Growth Strategies

Tokio Marine Group s Growth Strategies Tokio Marine Group s Growth Strategies Overview of the Management Strategies 25 Group CFO on Tokio Marine Group s Capital Strategy 27 Group CRO on Tokio Marine Group s Risk Management 29 Group Synergies

More information

FY2006 Results & Actions for proper business operations May 2007 Millea Holdings, Inc.

FY2006 Results & Actions for proper business operations May 2007 Millea Holdings, Inc. FY2006 Results & Actions for proper business operations May 2007 Millea Holdings, Inc. Millea Holdings Key statistics FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 projections Ordinary income 2,929.0 bn yen

More information

Highlights of FY2016 Results. May 19, 2017

Highlights of FY2016 Results. May 19, 2017 Highlights of FY2016 Results May 19, 2017 Table of Contents Highlights of FY2016 results 2 3. Domestic life insurance 1. Trend of business results Overview of FY2016 results Himawari Life 27 Overview of

More information

Financial Data. 83 Business Conditions (Unaudited) 93 Consolidated Financial Statements. 132 Independent Auditor s Report

Financial Data. 83 Business Conditions (Unaudited) 93 Consolidated Financial Statements. 132 Independent Auditor s Report What s Tokio Marine Group Management Strategy Section Operations Section Sustainably Enhancing Corporate Value Corporate Data 83 Business Conditions (Unaudited) 93 Consolidated Financial Statements 132

More information

Fiscal 2013 First Information Meeting June 4, 2013

Fiscal 2013 First Information Meeting June 4, 2013 Fiscal 2013 First Information Meeting June 4, 2013 Fiscal 2013 First Information Meeting June 4, 2013 Contents Contents Review of Financial Results and I Review Projected of Financial Results Results and

More information

Materials for FY2014 2Q Results Briefing - Conference Call

Materials for FY2014 2Q Results Briefing - Conference Call Materials for 2Q Results Briefing - Conference Call Nov. 19, 2014 (Wed) Contents Summary of FY 2014 2Q Results Consolidated Earnings for FY 2014 2Q Page 1-3 Domestic Non-life Insurance Companies Page 4-8

More information

Acquisition of Endurance Specialty Holdings. October 5, 2016

Acquisition of Endurance Specialty Holdings. October 5, 2016 Acquisition of Endurance Specialty Holdings October 5, 2016 Disclaimer The information in this presentation is subject to change without prior notice. Financial data included in this presentation relating

More information

FY07 Interim Results & Performance of Mid-term corporate strategy Millea Holdings, Inc

FY07 Interim Results & Performance of Mid-term corporate strategy Millea Holdings, Inc FY07 Interim Results & Performance of Mid-term corporate strategy Millea Holdings, Inc Millea Holdings Key statistics FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 projections Ordinary income 2,929.0 bn yen

More information

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the nine months ended December 31, 2018

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the nine months ended December 31, 2018 Summary of Consolidated Business Results of under Japanese GAAP for the nine months ended December 31, 2018 Company Name: (the Company ) Securities Code Number: 8766 (URL: https://www.tokiomarinehd.com/en/)

More information

The Group s Medium-term Management Plan Covering Fiscal Years 2015 to 2017

The Group s Medium-term Management Plan Covering Fiscal Years 2015 to 2017 The Group s Medium-term Management Plan Covering Fiscal Years 2015 to 2017 The start of the second year of D-Ambitious During the fiscal year 2015, the first year of the plan, the Group results reflected

More information

Financial Highlights under Japanese GAAP for 2nd Quarter of Fiscal Year Ending March 31, 2019

Financial Highlights under Japanese GAAP for 2nd Quarter of Fiscal Year Ending March 31, 2019 Financial Highlights under Japanese GAAP for 2nd Quarter of Fiscal Year Ending March 31, 2019 November 13, 2018 Mitsubishi UFJ Financial Group, Inc. FY2018 H1 financial results summary for Fiscal Year

More information

Management Strategies

Management Strategies Management Strategies Overview of the Management Strategies 19 Tokio Marine Group s CSR 22 Group CEO Tsuyoshi Nagano on Tokio Marine Group s Management Strategy 25 Group CFO Takayuki Yuasa on Tokio Marine

More information

Version of February Topics & Basics. February 2019

Version of February Topics & Basics. February 2019 Version of February 2019 Topics & Basics February 2019 1. Mid-term management plan P1 (1) (2) (3) Group management Business strategies for each business segment ERM, capital policy & asset management P1

More information

Try & Discover for the Next Stage

Try & Discover for the Next Stage Annual Report 2016 (Integrated Edition) Year ended March 31, 2016 Try & Discover for the Next Stage T&D Life Group s Corporate Philosophy and Management Vision The T&D Life Group has established the T&D

More information

Results for the Fiscal Year Ended March May 18, 2017

Results for the Fiscal Year Ended March May 18, 2017 Results for the Fiscal Year Ended March 2017 May 18, 2017 Copyright 2017 JAPAN POST BANK CO., LTD. All Rights Reserved. 1 Table of Contents 1. Overview of FY2017/3 Results Overview of Business Results

More information

For the attention of our Investors / Analysts. Company Presentation. (including FY2004 Interim Earnings) 6 December 2004

For the attention of our Investors / Analysts. Company Presentation. (including FY2004 Interim Earnings) 6 December 2004 For the attention of our Investors / Analysts Company Presentation (including FY2004 Interim Earnings) 6 December 2004 CONTENTS I. FY2004 Interim Earnings Summary 1. Key Points 2. Premium Income 3. Claims

More information

Financial Section. Segment Overview (Unaudited) 98. Report of Independent Auditors 107. Consolidated Financial Statements 108

Financial Section. Segment Overview (Unaudited) 98. Report of Independent Auditors 107. Consolidated Financial Statements 108 Segment Overview (Unaudited) 98 Report of Independent Auditors 107 Consolidated Financial Statements 108 Overview of Business Results of Principal Consolidated Subsidiaries (Unaudited) 162 Solvency Margin

More information

Progress of Mid-term Management Plan and Direction of Management Strategy

Progress of Mid-term Management Plan and Direction of Management Strategy IR Meeting Presentation Progress of Mid-term Management Plan and Direction of Management Strategy November 26, 2018 2 Table of Contents 1. Group management Overseas insurance Progress of Group management

More information

Annual Report for the Year Ended March 31, 2006

Annual Report for the Year Ended March 31, 2006 2006 Annual Report for the Year Ended March 31, 2006 Financial Highlights... 1 Millea Group Corporate Philosophy / CSR Charter... 2 To Our Shareholders... 3 Recent Developments... 6 Financial Section...

More information

Consolidated Financial Results. and Sony Life s Market Consistent Embedded Value as of September 30, 2015

Consolidated Financial Results. and Sony Life s Market Consistent Embedded Value as of September 30, 2015 Presentation Material Consolidated Financial Results for the Six Months Ended September 3, 215 and Sony Life s Market Consistent Embedded Value as of September 3, 215 Sony Financial Holdings Inc. November

More information

Financial Results for the Fiscal Year Ended March 31, 2018

Financial Results for the Fiscal Year Ended March 31, 2018 May 15, 2018 Financial Results for the Fiscal Year Ended March 31, 2018 The Dai-ichi Life Insurance Company, Limited (the "Company"; President: Seiji Inagaki) announces its financial results for the fiscal

More information

Financial Results for the Fiscal Year Ended March 31, 2015

Financial Results for the Fiscal Year Ended March 31, 2015 May 15, 2015 Financial Results for the Fiscal Year Ended March 31, 2015 The Dai-ichi Life Insurance Company, Limited (the "Company" or the "Parent Company"; President: Koichiro Watanabe) announces its

More information

Tokio Marine acquires IAG s Thailand and Indonesian businesses to become a leading insurer in Thailand

Tokio Marine acquires IAG s Thailand and Indonesian businesses to become a leading insurer in Thailand June 19, 2018 Tokio Marine Holdings, Inc. Tokio Marine acquires IAG s Thailand and Indonesian businesses to become a leading insurer in Thailand Tokio Marine Holdings, Inc. (President and Group CEO: Tsuyoshi

More information

The 8 th Japanese Financial Conference. September 2006

The 8 th Japanese Financial Conference. September 2006 The 8 th Japanese Financial Conference September 26 Mizuho Financial Group, Inc. Global Retail Group Global Corporate Group Global Asset & Wealth Management Group Group Strategy Affiliates Mizuho Bank

More information

The 39th Information Meeting The 30th Long-Term Management Plan Change to the bank creating regional vitality (April 2015 ~ March 2018)

The 39th Information Meeting The 30th Long-Term Management Plan Change to the bank creating regional vitality (April 2015 ~ March 2018) The First Section of Tokyo Stock Exchange: 8359 The 39th Information Meeting The 3th Long-Term Management Plan Change to the bank creating regional vitality (April 215 ~ March 218) May 18, 217 This document

More information

Financial Results for the Fiscal Year Ended March 31, 2018

Financial Results for the Fiscal Year Ended March 31, 2018 May 15, 2018 Financial Results for the Fiscal Year Ended March 31, 2018 (the Company ; President: Yuji Tokuoka) announces its financial results for the fiscal year ended March 31, 2018. [Contents] Financial

More information

Conference Call on Interim Report 3/2017

Conference Call on Interim Report 3/2017 Conference Call on Interim Report 3/2017 Hannover, 8 November 2017 Q3 losses absorbed within quarterly earnings Positive Q3 result supported by sale of listed equities Group Gross written premium: EUR

More information

Try & Discover for the Next Stage

Try & Discover for the Next Stage Medium-Term Management Plan (April 2016 March 2019) Try & Discover for the Next Stage A Three-Year Period for Expanding Our Growth Areas Previous Medium-Term Management Plan Current Medium-Term Management

More information

Dai-ichi Life Holdings Announces Results for the Year Ended March 31, 2017

Dai-ichi Life Holdings Announces Results for the Year Ended March 31, 2017 [Unofficial Translation] May 15, 2017 Dai-ichi Life Holdings Announces Results for the Ended March 31, 2017 On May 15, 2017, Dai-ichi Life Holdings, Inc. (the Company, President: Seiji Inagaki) announced

More information

Code: 8754 Results of the First Half of 2007 and Business Strategy November 30, 2007

Code: 8754 Results of the First Half of 2007 and Business Strategy November 30, 2007 Code: 8754 http://www.nipponkoa.co.jp/ Results of the First Half of 2007 and Business Strategy November 30, 2007 Part I Financial Highlights of 1H FY2007 Analysis of Year-on-Year Changes (Underwriting)

More information

Financial Results for the Fiscal Year Ended March 31, 2016

Financial Results for the Fiscal Year Ended March 31, 2016 May 13, 2016 Financial Results for the Fiscal Year Ended March 31, 2016 The Dai-ichi Life Insurance Company, Limited (the "Company" or the "Parent Company"; President: Koichiro Watanabe) announces its

More information

Financial Highlights under Japanese GAAP for 3rd Quarter of Fiscal Year Ending March 31, 2018

Financial Highlights under Japanese GAAP for 3rd Quarter of Fiscal Year Ending March 31, 2018 Financial Highlights under Japanese GAAP for 3rd Quarter of Fiscal Year Ending March 31, 2018 February 2, 2018 Mitsubishi UFJ Financial Group, Inc. This document contains forward-looking statements regarding

More information

Topics & Basics. November 2016

Topics & Basics. November 2016 Topics & Basics November 2016 1. Mid-term management plan P1 (1) (2) (3) Key points of management plan Business strategies for each business segment ERM, capital policy & asset management P1 P8 P25 2.

More information

Consolidated Financial Summary (Japanese GAAP) for the Six Months Ended September 30, 2017

Consolidated Financial Summary (Japanese GAAP) for the Six Months Ended September 30, 2017 Consolidated Financial Summary (Japanese GAAP) for the Six Months Ended September 3, 217 November 13, 217 Company name: Sony Financial Holdings Inc. (URL: http://www.sonyfh.co.jp/index_en.html) Stock exchange

More information

Operations Section. Tokio Marine Holdings

Operations Section. Tokio Marine Holdings Operations Section Tokio Marine Group at a Glance 62 Domestic Non-Life Insurance Business 64 Domestic Life Insurance Business 69 International Insurance Business 73 Financial and General Businesses 81

More information

Dai-ichi Life Holdings Announces Results for the Six Months Ended September 30, 2017

Dai-ichi Life Holdings Announces Results for the Six Months Ended September 30, 2017 [Unofficial Translation] November 14, 2017 Dai-ichi Life Holdings Announces Results for the Six Months Ended September 30, 2017 On November 14, 2017, Dai-ichi Life Holdings, Inc. (the Company, President:

More information

Financial Results for the Fiscal Year Ended March 31, 2017

Financial Results for the Fiscal Year Ended March 31, 2017 May 15, 2017 Financial Results for the Fiscal Year Ended March 31, 2017 The Dai-ichi Life Insurance Company, Limited (the "Company"; President: Seiji Inagaki) announces its financial results for the fiscal

More information

Dai-ichi Life s Investment Strategy. Tatsusaburo Yamamoto Executive Officer and General Manager, Investment Dept.

Dai-ichi Life s Investment Strategy. Tatsusaburo Yamamoto Executive Officer and General Manager, Investment Dept. Dai-ichi Life s Investment Strategy Tatsusaburo Yamamoto Executive Officer and General Manager, Investment Dept. Review of results (Asset Allocation) Given the low interest rates in Japan, we limited JGB

More information

Tokio Marine Group Corporate Philosophy

Tokio Marine Group Corporate Philosophy INTEGRATED ANNUAL REPORT 2016 Tokio Marine Group Corporate Philosophy With customer trust as the foundation for all its activities, Tokio Marine Group continually strives to raise corporate value. Through

More information

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the six months ended September 30, 2018

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the six months ended September 30, 2018 Summary of Consolidated Business Results of under Japanese GAAP for the six months ended September 30, 2018 November 19, 2018 Company Name: (the "Company") Securities Code Number: 8766 (URL: http://www.tokiomarinehd.com/en/)

More information

Financial Highlights under Japanese GAAP for Fiscal Year Ended March 31, 2018

Financial Highlights under Japanese GAAP for Fiscal Year Ended March 31, 2018 Financial Highlights under Japanese GAAP for Fiscal Year Ended March 31, 2018 May 15, 2018 Mitsubishi UFJ Financial Group, Inc. This document contains forward-looking statements regarding estimations,

More information

SOMPO Holdings New Mid-Term Management Plan(FY2016 to FY2020) -Build a Theme park for the security, health and wellbeing of customers -

SOMPO Holdings New Mid-Term Management Plan(FY2016 to FY2020) -Build a Theme park for the security, health and wellbeing of customers - May 26, 2016 SOMPO Holdings New Mid-Term Management Plan( to FY2020) -Build a Theme park for the security, health and wellbeing of customers - SOMPO Japan Nipponkoa Holdings, Inc. (President & CEO: Kengo

More information

FY2006 Financial Results and Our Business Strategy

FY2006 Financial Results and Our Business Strategy Code: 8754 http://www.nipponkoa.co.jp/ FY2006 Financial Results and Our Business Strategy May 2007 NIPPONKOA Insurance Co., Ltd. 1 Part I Toward Restoration of Consumers Confidence Outline of Events 3

More information

Overview of 1H, FY3/2013 performance. Sumitomo Mitsui Financial Group, Inc. November 14, 2012

Overview of 1H, FY3/2013 performance. Sumitomo Mitsui Financial Group, Inc. November 14, 2012 Overview of FY3/213 performance Sumitomo Mitsui Financial Group, Inc. November 14, 212 Overview of FY3/213 performance SMFG consolidated net income: 1H results exceeded May forecast; revised full year

More information

Property & Casualty: Accelerating Profitable Growth

Property & Casualty: Accelerating Profitable Growth Investor Day December 4, 2013 Property & Casualty: Accelerating Profitable Growth Jean-Laurent Granier CEO, AXA Global P&C Cautionary note concerning forward-looking statements Certain statements contained

More information

Financial Results for FY2012 & Business Plan. May 2013

Financial Results for FY2012 & Business Plan. May 2013 Financial Results for FY212 & Business Plan May 213 Important Notice Forward-looking Statements This presentation contains statements that constitute forward-looking statements within the meaning of the

More information

Business Performance & Strategy. Separate Financial Result as of FY

Business Performance & Strategy. Separate Financial Result as of FY W Business Performance & Strategy Separate Financial Result as of FY 2016. 6 Korean Re Profile 2 Korean Re Key Facts History 1963 : Established as Korean non-life reinsurance corporation (state run company)

More information

Progress of Mid-term Management Plan

Progress of Mid-term Management Plan IR Meeting Presentation Progress of Mid-term Management Plan May 24, 2018 Table of Contents 1. Group management 2. Businesses Progress of Group management 4 2-1. Domestic P&C insurance Progress of mid-term

More information

Briefing on Financial Statements for the First Half of the Year Ending March 2016

Briefing on Financial Statements for the First Half of the Year Ending March 2016 Briefing on Financial Statements for the First Half of the Year Ending March 216 November 12, 215 http://www.tsugami.co.jp Copyright 215 TSUGAMI CORPORATION All rights reserved. 1. Business performance

More information

Return on equity per share - Basic per share - Diluted 18,787,654 3,036, % 4, March 31, ,285, % 3,646.

Return on equity per share - Basic per share - Diluted 18,787,654 3,036, % 4, March 31, ,285, % 3,646. [Translation] SUMMARY OF FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2015 Name of Listed Company: MS&AD Insurance Group Holdings, Inc. Stock Exchange Listing: Tokyo Stock Exchange and Nagoya Stock

More information

Management Policy. Declaration of Quality Assurance

Management Policy. Declaration of Quality Assurance Management Philosophy For more than 100 years since our foundation in 1902, we have endeavored to embody our Customer First principle. We will continue to position this management philosophy as our permanent

More information

With customer trust as the foundation for all its activities, Tokio Marine Group continually strives to raise corporate value.

With customer trust as the foundation for all its activities, Tokio Marine Group continually strives to raise corporate value. CORPORATE PHILOSOPHY With customer trust as the foundation for all its activities, Tokio Marine Group continually strives to raise corporate value. Through the provision of the highest quality products

More information

Entry into Scheme Implementation Deed to Acquire 100% Ownership of TOWER Australia

Entry into Scheme Implementation Deed to Acquire 100% Ownership of TOWER Australia December 28, 2010 Koichiro Watanabe President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section) Entry into Scheme Implementation Deed to Acquire 100%

More information

Consolidated Financial Summary (Japanese GAAP) for the Three Months Ended June 30, 2017

Consolidated Financial Summary (Japanese GAAP) for the Three Months Ended June 30, 2017 Consolidated Financial Summary (Japanese GAAP) for the Three Months Ended June 3, 217 Company name: Sony Financial Holdings Inc. (URL: http://www.sonyfh.co.jp/ index_en.html) Stock exchange listing: Tokyo

More information

Summary of Financial Results for Fiscal 2017 <Under Japanese GAAP> May 15, 2018

Summary of Financial Results for Fiscal 2017 <Under Japanese GAAP> May 15, 2018 Summary of Financial Results for Fiscal 07 May 5, 08 Contents Overview of Income Statement Overview of Balance Sheet Overview of Loans Non-interest Income P. P.3 P.4 P.5 Financial

More information

(Unofficial Translation) Consolidated Summary Report under Japanese GAAP for the Fiscal Year Ended March 31, 2012 May 15, 2012

(Unofficial Translation) Consolidated Summary Report under Japanese GAAP for the Fiscal Year Ended March 31, 2012 May 15, 2012 (Unofficial Translation) Consolidated Summary Report under Japanese GAAP for the Fiscal Year Ended March 31, 2012 May 15, 2012 Company Name: Stock exchange listings: Tokyo Code Number: 8750 URL: http://www.dai-ichi-life.co.jp/

More information

Financial Results. Fiscal Year 3/2013 -Supplementary Information- Sumitomo Mitsui Financial Group, Inc. Sumitomo Mitsui Banking Corporation

Financial Results. Fiscal Year 3/2013 -Supplementary Information- Sumitomo Mitsui Financial Group, Inc. Sumitomo Mitsui Banking Corporation Financial Results Fiscal Year 3/2013 -Supplementary Information- Sumitomo Mitsui Financial Group, Inc. Sumitomo Mitsui Banking Corporation Financial highlights for Table of contents Page 1. Income analysis

More information

Summary of Financial Results for the Third Quarter of Fiscal 2018 Under Japanese GAAP. January 31, 2019

Summary of Financial Results for the Third Quarter of Fiscal 2018 Under Japanese GAAP. January 31, 2019 Summary of Financial Results for the Third Quarter of Fiscal 08 Under Japanese GAAP January 3, 09 Contents Overview of Income Statement Overview of Balance Sheet Overview of Loans Non-interest Income P.

More information

3,217 2, % Total Assets 264, , % Invested Assets 214, , % RBC Ratio 302.2% 314.3% +12.1%p

3,217 2, % Total Assets 264, , % Invested Assets 214, , % RBC Ratio 302.2% 314.3% +12.1%p The financial information contained herein has not been completely reviewed by our external auditor. Therefore, no assurance is provided that our financial statements are fully accurate, and thus our final

More information

New Medium-Term Management Plan Covering Fiscal Years 2011 and 2012

New Medium-Term Management Plan Covering Fiscal Years 2011 and 2012 May 13, 2011 Koichiro Watanabe President and Representative Director Code: 8750 (TSE First section) New Medium-Term Management Plan Covering Fiscal Years 2011 and 2012 Success 110!! Achieve Recovery and

More information

Corporate Presentation

Corporate Presentation TSE 1 st Section Ticker : 8755 Corporate Presentation September/October, 2008 SOMPO JAPAN INSURANCE INC. Can Sompo Japan grow? Yes, we can and HOW? Japanese P&C insurance market to grow, increased profitability

More information

Summary of Financial Results for the First Quarter of Fiscal 2017 Under Japanese GAAP. July 31, 2017

Summary of Financial Results for the First Quarter of Fiscal 2017 Under Japanese GAAP. July 31, 2017 Summary of Financial Results for the First Quarter of Fiscal 2017 Under Japanese GAAP July 31, 2017 Contents Overview of Income Statement Overview of Balance Sheet Overview of Loans Non-interest Income

More information

Summary of Financial Results for the Third Quarter of Fiscal 2017 <Under Japanese GAAP> January 31, 2018

Summary of Financial Results for the Third Quarter of Fiscal 2017 <Under Japanese GAAP> January 31, 2018 Summary of Financial Results for the Third Quarter of Fiscal 2017 January 31, 2018 Contents Overview of Income Statement Overview of Balance Sheet Overview of Loans Non-interest Income

More information

Financial Results for the Fiscal Year Ended March 31, 2017

Financial Results for the Fiscal Year Ended March 31, 2017 May 15, 2017 Financial Results for the Fiscal Year Ended March 31, 2017 (the Company ; President: Yuji Tokuoka) announces its financial results for the fiscal year ended March 31, 2017. [Contents] Financial

More information

Financial and Economic Environment

Financial and Economic Environment Five-Year Major Financial Data (FY 212-FY 216) Financial Data / Corporate Data Financial Review for Fiscal 216 FY 212 FY 213 FY 214 FY 215 FY 216 Currency exchange rate (USD/JPY) (yen) 94.5 12.92 12.17

More information

Tao of risk management and regulatory developments in Asia

Tao of risk management and regulatory developments in Asia 1 2 nd Conference on Global Insurance Supervision Trends and Developments Tao of risk management and regulatory developments in Asia 5 September 2013 Frankfurt am Main Makoto (Mack) Okubo 大久保亮 General

More information

Informational Meeting

Informational Meeting The First Informational Meeting May 31, 2004 in Fiscal 2004 1 Contents MSI Group s s Actions to Increase ROE Domestic -Increasing top-line Non-life -Expense cut Insurance -Loss reduction -Portfolio investment

More information

Full Year 2012 Earnings

Full Year 2012 Earnings Full Year 2012 Earnings February 21, 2013 Presentation Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking statements including, but not limited

More information

Property & Casualty: AXA Asia P&C A story of acceleration and value creation

Property & Casualty: AXA Asia P&C A story of acceleration and value creation Investor Day 4 December, 2013 Property & Casualty: AXA Asia P&C A story of acceleration and value creation Gaelle Olivier CEO, AXA Asia P&C Cautionary note concerning forward-looking statements Certain

More information

Financial Results for the First Half of the Fiscal Year Ending March 31, 2015

Financial Results for the First Half of the Fiscal Year Ending March 31, 2015 Financial Results for the First Half of the Fiscal Year Ending March 31, 2015 NOK CORPORATION (7240 / TSE1) November 2014 Disclaimer Any plans, targets, forecasts, strategies, policies and opinions relating

More information

Topics & Basics. July 2016

Topics & Basics. July 2016 Topics & Basics July 2016 1. Mid-term management plan P1 (1) (2) (3) Key points of management plan Business strategies for each business segment ERM, capital policy & asset management P2 P8 P23 2. About

More information

Conference Call on Half-yearly Report 2016

Conference Call on Half-yearly Report 2016 Conference Call on Half-yearly Report 2016 Hannover, 4 August 2016 Half-year results in line with full-year targets...... but Q2/2016 performance weaker than previous quarters Group Gross written premium:

More information

Six months of FY ending December 31, (0.4) (1.9) 22.5 (0.4) (0.3) (0.4) (0.1) (0.4) (0.7) (2.0) 0.9 (1.

Six months of FY ending December 31, (0.4) (1.9) 22.5 (0.4) (0.3) (0.4) (0.1) (0.4) (0.7) (2.0) 0.9 (1. November 11, ISEKI & CO., LTD. Supplementary Information to Consolidated Financial Results (April 1, September 30, ) I. Consolidated business results for the six months ended September 30, (Billions of

More information

Third Quarter of the Fiscal Year Ending December 31, 2016 Unicharm Presentation Materials for Investor Meeting

Third Quarter of the Fiscal Year Ending December 31, 2016 Unicharm Presentation Materials for Investor Meeting Third Quarter of the Fiscal Year Ending December 31, 2016 Unicharm Presentation Materials for Investor Meeting November 4, 2016 Takahisa Takahara President and CEO Unicharm Corporation Projections stated

More information

Results Presentation for Fiscal Year ended March 31, 2017 EBARA (6361) May 12, 2017

Results Presentation for Fiscal Year ended March 31, 2017 EBARA (6361) May 12, 2017 Results Presentation for Fiscal Year ended EBARA (6361) May 12, 2017 Contents 1. Summary of Results Executive Officer Responsible for Finance & Accounting Akihiko Nagamine 2. Projection and Management

More information

2016 Annual Results. Lloyd s

2016 Annual Results. Lloyd s 2016 Annual Results Lloyd s Disclaimer This information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary

More information

2014 Financial Performance EV Results Strategic Priorities

2014 Financial Performance EV Results Strategic Priorities The financial information contained herein has not been completely reviewed by our external auditor. Therefore, no assurance is provided that our financial statements are fully accurate, and thus our final

More information

Consolidated Financial Results April 1, 2017 March 31, 2018

Consolidated Financial Results April 1, 2017 March 31, 2018 Consolidated Financial Results April 1, 2017 May 9, 2018 In preparing its consolidated financial information, ORIX Corporation (the Company ) and its subsidiaries have complied with generally accepted

More information

Financial Results for the Nine Months Ended December 31, 2016

Financial Results for the Nine Months Ended December 31, 2016 February 14, 2017 Financial Results for the Nine Months Ended December 31, 2016 The Dai-ichi Life Insurance Company, Limited (the "Company"; President: Koichiro Watanabe) announces its financial results

More information

Fiscal 2009 First. Information Meeting. June 10, 2009

Fiscal 2009 First. Information Meeting. June 10, 2009 Fiscal 2009 First Information Meeting June 10, 2009 Fiscal 2009 First Informational Meeting Table of Contents Extreme Environmental s Originating From Financial Crisis : MSIG s Response Results for Full-Year

More information

Fiscal 2017 Second Information Meeting. November 28, 2017

Fiscal 2017 Second Information Meeting. November 28, 2017 Fiscal 2017 Second Information Meeting November 28, 2017 Contents Main Points of Today s Presentation 1 Ⅰ Ⅱ Ⅲ FY2017 Interim Results and Full Year Forecast Progress Towards Numerical Management Targets

More information

Recommended Offer for Amlin, a UK Insurance Holding Company, by Mitsui Sumitomo Insurance

Recommended Offer for Amlin, a UK Insurance Holding Company, by Mitsui Sumitomo Insurance Recommended Offer for Amlin, a UK Insurance Holding Company, by Mitsui Sumitomo Insurance September 8 th, 2015 Disclaimer Important information This presentation is not intended to, and does not, constitute

More information

Management s Discussion and Analysis Analysis of FY 2004 Earnings

Management s Discussion and Analysis Analysis of FY 2004 Earnings Management s Discussion and Analysis Analysis of FY 24 Earnings 87 Daiwa Securities Group Annual Report 25 Management s Discussion and Analysis Macroeconomic Conditions 1. Japan The domestic economy, which

More information

Business Performance Highlights. Financial Information Non-Financial Information

Business Performance Highlights. Financial Information Non-Financial Information Business Performance Highlights Financial Information Non-Financial Information 19 Business Performance Highlights / Financial Information Individual Market Sales Field New Policies (For the fiscal year,

More information

Changes from the previous corresponding periods % (0.3) 14,258,842 Net ordinary income

Changes from the previous corresponding periods % (0.3) 14,258,842 Net ordinary income UNOFFICIAL TRANSLATION Although the Company pays close attention to provide English translation of the information disclosed in Japanese, the Japanese original prevails over its English translation in

More information

Business Performance Highlights. Financial Information Non-Financial Information

Business Performance Highlights. Financial Information Non-Financial Information Business Performance Highlights Financial Information Non-Financial Information 17 Financial Information Individual Market Sales Field New Policies (For the fiscal year, ) Number of Policies Sold [Domestic

More information

FY3/2016 2nd Quarter Results. November 6, 2015

FY3/2016 2nd Quarter Results. November 6, 2015 2nd Quarter Results (Tokyo Stock Exchange / Nagoya Stock Exchange : 8593) November 6, 2015 Index Ⅰ 2nd Quarter Results Ⅱ Ⅲ Ⅳ Forecast for Progress of Medium-Term Management Plan Appendix 1 Ⅰ 2nd Quarter

More information

ORIX Corporation. Second Quarter Consolidated Financial Results For the Six-Month Period Ended September 30, 2018

ORIX Corporation. Second Quarter Consolidated Financial Results For the Six-Month Period Ended September 30, 2018 ORIX Corporation Second Quarter Consolidated Financial Results For the Six-Month Period Ended September 30, 2018 Makoto Inoue Director, Representative Executive Officer President & CEO 1 October 29, 2018

More information

The Hartford Financial Services Group, Inc. May 2017 Overview of The Hartford

The Hartford Financial Services Group, Inc. May 2017 Overview of The Hartford The Hartford Financial Services Group, Inc. May 2017 Overview of The Hartford Copyright 2017 by The Hartford. All rights reserved. No part of this document may be reproduced, published or posted without

More information

FY2007 Results & FY2008 Business Plan May 2008 Millea Holdings, Inc

FY2007 Results & FY2008 Business Plan May 2008 Millea Holdings, Inc FY2007 Results & FY2008 Business Plan May 2008 Millea Holdings, Inc 0 Millea Holdings Key statistics FY2002 FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 projections Ordinary income 2,929.0 bn yen 2,775.7

More information

Financial Results for the Fiscal Year Ended March 31, 2004

Financial Results for the Fiscal Year Ended March 31, 2004 May 28, 2004 Financial Results for the Fiscal Year Ended March 31, 2004 The Dai-ichi Mutual Life Insurance Company (President: Tomijiro Morita) announces financial results for the fiscal year ended March

More information

Results for the Six Months Ended September November 20, 2015

Results for the Six Months Ended September November 20, 2015 Results for the Six Months Ended September 2015 November 20, 2015 Introduction On November 4, 2015, listed on the 1st Section of the Tokyo Stock Exchange Our Goal Super Global & Super Regional Copyright

More information

Asia s strongest brand in banking, banking the world s strongest economies

Asia s strongest brand in banking, banking the world s strongest economies Credit Suisse Investor Conference Peter Wong, Chief Executive, HSBC Asia-Pacific Asia s strongest brand in banking, banking the world s strongest economies 21 March 2011 www.hsbc.com Forward-looking statements

More information

Financial Results for the First Quarter of FY2019/3 AIFUL CORPORATION

Financial Results for the First Quarter of FY2019/3 AIFUL CORPORATION Financial Results for the First Quarter of FY219/3 AIFUL CORPORATION August 218 Highlights for FY219/3 (Consolidated/ AIFUL) (Consolidated) ( million) 17/6 18/6 19/3 % (E) % Total operating assets 67,491

More information