Hitachi Capital Insurance Corporation Company Profile / Financial Information 2018

Transcription

1 Hitachi Capital Insurance Corporation Company Profile / Financial Information 2018

2 Contents Company Profile... 3 Financial Highlights... 4 Balance Sheet... 5 Income Statement... 7 Cash Flow Statement

3 Company Profile (As of March 31, 2018) Founded June 1994 Capital Total Assets Head Office Directors and Officers* 1 Representative Director and President Director Director Director (Non-executive) Corporate Auditor(Full time) Corporate Auditor (Part time) Corporate Auditor (Part time) 6.2 billion yen 15.6 billion yen ,Kudan-kita, Chiyoda-ku, Tokyo, Japan Mr. Kazuya Miura Mr. Takashi Yokoyama Mr. Keijiro Yodo Mr. Kazumi Anei Mr. Fumio Kuboyama Mr. Masao Nishida Mr. Mitsuru Harada Number of Employees 90 Number of Agents 171 Shareholders Hitachi Capital Corporation (79.4%) Sompo Japan Nipponkoa Insurance Inc. (20.6%) Rating* 1 Standard and Poor s (Insurer Financial Strength Rating) Japan Credit Rating Agency (Ability to Pay Insurance Claims Rating) A- * 2 AA-* 3 * 1 As of July 1, 2018 * 2 We receive explicit support from the parent company, Hitachi Capital Corp., in the form of the unconditional guarantee on the execution of payment obligations to insurance beneficiary in accordance with the provisions of our insurance policies. Reflecting the above, we have acquired A- rating from Standard and Poor's. * 3 Guarantee by Hitachi Capital Corp. Company History June 1994: January 2004: Established as Unum Japan Accident Insurance Co. Ltd. Purchased by Hitachi Capital Corporation, renamed Hitachi Capital Insurance Corporation. 3

4 Financial Highlights Fiscal year ended March 31, 2018 (April 1, 2017 to March 31, 2018) Net premiums written 3,841 million yen An increase of 5.2% from the previous year Net loss ratio 28.2 % A decrease of 2.7 percentage points from the previous year Net expense ratio 53.8 % An increase of 3.8 percentage points from the previous year Underwriting profit 467 million yen An increase of 90 million yen from the previous year Ordinary income 491 million yen An increase of 84 million yen from the previous year Net income 160 million yen A decrease of 704 million yen from the previous year Solvency margin ratio * 3,032.0 % A decrease of 62.9 percentage points from the previous year Total assets 15,636 million yen An increase of 766 million yen from the previous year Net assets 6,645 million yen An increase of 151 million yen from the previous year Net unrealized gains on securities 12 million yen A decrease of 9 million yen from the previous year * Solvency Margin Ratio is the ratio of solvency margin of insurance companies by means of their capital, reserves, etc. to risks which will exceed their normal estimates, i.e. occurrence of major catastrophes and big decline in value of assets held by insurance companies, and is one of the indicators to monitor financial soundness of insurance companies. 4

5 Balance Sheet Year FY2016 FY2017 % Increase Item (As of March 31, 2017) (As of March 31, 2018) (Decrease) (Assets) Cash and deposits 8,482 9, Deposits 8,482 9,138 Securities 4,697 4, Government bonds Municipal bonds Corporate bonds 3,484 4,181 Loans Ordinary loans Tangible fixed assets (3.9) Buildings Other tangible fixed assets 4 7 Intangible fixed assets (81.2) Software Software in progress 44 - Other intangible fixed assets 0 0 Other assets (6.0) Premiums receivable 0 3 Agent accounts receivable Coinsurance accounts receivable 6 4 Reinsurance accounts receivable 3 1 Foreign reinsurance accounts receivable 0 28 Other accounts receivable Income taxes receivable 24 - Accrued income 4 4 Cash segregated as deposits Suspense payments in millions of yen Prepaid pension costs Deferred tax assets Allowance for doubtful accounts (0) - - Total assets 14,869 15,

6 Balance Sheet Year FY2016 FY2017 % Increase Item (As of March 31, 2017) (As of March 31, 2018) (Decrease) (Liabilities) Insurance liabilities reserve 7,934 8, Outstanding claims reserve 4,537 4,475 Underwriting reserve 3,397 3,682 Other liabilities Coinsurance accounts payable Reinsurance accounts payable Foreign reinsurance accounts payable 8 7 Income taxes payable Other accounts payable Suspense receipts Provision for retirement benefits Reserve for bonus payments Allowance for system losses Reserves under the special laws Reserve for price fluctuations 6 7 in millions of yen Total liabilities 8,375 8, (Net assets) Capital 6,200 6, Capital surplus 1,600 1, Capital reserve 1,600 1,600 Retained earnings (1,328) (1,167) - Other retained earnings (1,328) (1,167) Retained earnings carried forward (1,328) (1,167) Total shareholders equity 6,471 6, Net unrealized gains on securities Total valuation and translation adjustments (43.3) Total net assets 6,494 6, Total liabilities and net assets 14,869 15,

7 Income Statement Item Ordinary income and expenses Extraordinary gains and losses Year FY2016 FY2017 % Increase (From April 1, 2016 (From April 1, 2017 (Decrease) to March 31, 2017) to March 31, 2018) Ordinary income 3,708 3, Underwriting income 3,671 3, Net premiums written 3,653 3,841 Reversal of outstanding claims reserve Investment income (15.9) Interest and dividend income Other ordinary income (13.2) Reversal of reserve for doubtful accounts 6 0 Other ordinary income Ordinary expenses 3,301 3, Underwriting expenses 2,168 2,139 (1.4) Net claims paid Loss adjustment expenses Agency commissions and brokerage Provision for underwriting reserves Investment expenses Operating, general, and administrative expenses 1,132 1, Other ordinary expenses ,737.1 Other ordinary expenses 0 0 Ordinary profit Extraordinary gains - Extraordinary losses ,076.6 Losses on disposal of fixed assets - 2 Impairment losses - 83 Provision for reserve for price fluctuations 0 0 Other extraordinary losses Income before income taxes (41.4) Corporate income taxes and other taxes Deferred income taxes (573) (86) in millions of yen Total income taxes (459) 76 - Net income (81.4) 7

8 Cash Flow Statement Item Cash flows from operating activities Year FY2016 FY2017 (From April 1, 2016 (From April 1, 2017 to March 31, 2017) to March 31, 2018) Pretax current net income (loss) Depreciation and amortization Impairment losses - 83 Increase (decrease) in outstanding claims reserve (18) (61) Increase (decrease) in underwriting reserve Increase (decrease) in allowance for doubtful accounts (6) (0) Increase (decrease) in provision for retirement benefits 2 11 Increase (decrease) in reserve for bonus payments (9) 10 Increase (decrease) in allowance for system losses Increase (decrease) in reserve for price fluctuations 0 0 Interest and dividend income (18) (15) Losses(gains) related to tangible fixed assets - 2 Decrease (increase) in other assets (excluding investing and financing activities) (30) (23) Increase (decrease) in other liabilities (excluding investing and financing activities) (16) 106 Other 0 (0) Subtotal Interest and dividends received Income taxes paid (297) (29) Total cash flows from operating activities Cash flows from investing activities Net decrease (increase) in deposits Expenditures for acquisition of securities (616) (1,520) Proceeds from sales and redemption of securities 700 1,400 Total investing activities 783 (120) Total operating and investing activities 1, Expenditures for acquisition of tangible fixed assets - (6) Other (55) (30) Total cash flows from investing activities 727 (157) Cash flows from financing activities in millions of yen Total cash flows from financing activities Effect of exchange rate changes on cash and cash equivalents Increase (decrease) in cash and cash equivalents 1, Cash and cash equivalents: Beginning balance 4,841 5,982 Cash and cash equivalents: Ending balance 5,982 6,638 8

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