Tokio Marine Holdings, Inc. · TSE:8766
Tokio Marine — Q2 FY2012 Earnings Presentation
31 slides from Tokio Marine's earnings presentation, Nov 19, 2012
Slide 1: Overview of FY2012 2Q Results and Full-Year Projections
Overview of FY2012 2Q Results and Full-Year Projections Tokio Marine Holdings, Inc. November 19, 2012 ◆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 :
Slide 2: Table of Contents
Table of Contents ■ I. 2Q FY2012 Results ■ II. FY2012 Revised Projections • Consolidated Results Overview • Consolidated Projections – Ordinary Income -------------------------------3 – Ordinary Profit -----------------------------------14 – Ordinary Profit ----------------------------------4 – Net
Slide 3: I. 2Q FY2012 Results
I. 2Q FY2012 Results 2 Copyright (c) 2012 Tokio Marine Holdings, Inc.
Slide 4: Consolidated Results - Ordinary Income
2Q FY2012 - Consolidated Results - 1 Consolidated Domestic Life Ordinary Income Domestic Non-Life International ■ Ordinary Income (billions of yen) -178.7 – Net Premiums Written Increased in domestic non-life insurance business mainly 1,895.4 in TMNF as well as in international insurance business
Slide 5: Consolidated Results - Ordinary Profit
2Q FY2012 - Consolidated Results - 2 Consolidated Domestic Life Ordinary Profit Domestic Non-Life International ■ Ordinary Profit （billions of yen） – Domestic Non-Life -36.2 （-30.4％） TMNF： Decreased by ¥76.1B YoY Underwriting profit decreased mainly due to a decrease 119.1 in gains from reversal o
Slide 6: Consolidated Results - Net Income
2Q FY2012 - Consolidated Results - 3 Consolidated Domestic Life Net Income Domestic Non-Life International ■ Net Income （billions of yen） -16.5 （ -20.9％） – Domestic Non-Life TMNF：Decreased by ¥47.2B YoY 79.0 Although impairment losses on investment in subsidiaries and affiliates (extraordinary los
Slide 7: TMNF Financial Results
2Q FY2012 - Domestic Non-Life - 1 Consolidated Domestic Life TMNF Financial Results Domestic Non-Life International ■ Changes in Major P/L Items – Underwriting Profit (billions of yen, except for %) FY2011 FY2012 Decreased by ¥34.5B YoY to ¥19.9B 2Q 2Q Results Results Change YoY Net premiums writt
Slide 8: TMNF Combined Ratio
2Q FY2012 - Domestic Non-Life - 2 Consolidated Domestic Life TMNF Combined Ratio Domestic Non-Life International ■ Combined Ratio (Private insurance: W/P basis) – Loss Ratio Improved by 2.0 points YoY to 65.0% Combined Ratio 100.2% Increase in net premiums written 96.9% 97.4% The reversal effe
Slide 9: TMNF NPW & Loss Ratio
2Q FY2012 - Domestic Non-Life - 3 Consolidated Domestic Life TMNF NPW & Loss Ratio Domestic Non-Life International ■ Net Premiums Written by Line (billions of yen, except for %) – Major Factors of Changes in Net Premiums Written FY2011 FY2012 Fire： Increased mainly due to revenue increase in the h
Slide 10: NF Financial Results
2Q FY2012 - Domestic Non-Life - 4 Consolidated Domestic Life NF Financial Results Domestic Non-Life International ■ Changes in Major P/L Items (billions of yen, except for %) FY2011 FY2012 2Q 2Q – Underwriting Profit Results Results Change YoY Increased by ¥4.2B YoY to ¥0B Underwriting profit/loss -
Slide 11: TMNL Financial Results
2Q FY2012 - Domestic Life Consolidated Domestic Life TMNL Financial Results Domestic Non-Life International ■ Annualized Premiums (ANP) and Key Figures (billions of yen) – New Policies ANP +32.7 Increased by a total of 39.7% YoY owing to strong 434.9 sales of first-sector line and individual annuiti
Slide 12: International Insurance Business - Net Premiums Written
2Q FY2012 - International Insurance Business - 1 Domestic Consolidated Life Net Premiums Written Domestic Non-Life International ■ Net Premiums Written (NWP) (billions of yen, except for %) FY2011 FY2012 2Q Results – NPW increased by 7% YoY due to organic growth in 2Q each business segment Results Y
Slide 13: International Insurance Business - Adjusted Earnings
2Q FY2012 - International Insurance Business - 2 Domestic Consolidated Life Adjusted Earnings Domestic Non-Life International ■ Adjusted Earnings (billions of yen, except for %) FY2011 FY2012 2Q Results – Adjusted earnings increased by 110% YoY mainly 2Q Results YoY due to the reversal effect from n
Slide 14: II. FY2012 Revised Projections
II. FY2012 Revised Projections 13 Copyright (c) 2012 Tokio Marine Holdings, Inc.
Slide 15: Consolidated Projections - Ordinary Profit
FY2012 Revised Projections - Consolidated Projections- 1 Consolidated Domestic Life Ordinary Profit Domestic Non-Life International ■ Ordinary Profit （billions of yen） – Domestic Non-Life -20.0 TMNF： Upward revision by ¥1.0B from the original projections Underwriting profit is expected to be at th
Slide 16: Consolidated Projections - Net Income
FY2012 Revised Projections - Consolidated Projections - 2 Consolidated Domestic Life Net Income Domestic Non-Life International ■ Net Income （billions of yen） -15.0 – Domestic Non-Life TMNF： Downward revision by ¥1.0B from the original projections 105.0 Ordinary profit is revised upwards, however,
Slide 17: Consolidated Projections - Adjusted Earnings
FY2012 Revised Projections - Consolidated Projections-3 Consolidated Domestic Life Adjusted Earnings Domestic Non-Life International ■ Adjusted Earnings by Business Domain (billions of yen, except for %) Group total adjusted earnings revised downward by FY2012 Projections Business Domain FY2011 ¥27.
Slide 18: TMNF Financial Projections
FY2012 Revised Projections - Domestic Non-Life - 1 Consolidated Domestic Life TMNF Financial Projections Domestic Non-Life International ■ Changes in Major P/L Items – Underwriting Profit (billions of yen, except for %) FY2012 Projections Same level is expected as the original projections FY2011 Res
Slide 19: TMNF Combined Ratio Projections
FY2012 Revised Projections - Domestic Non-Life - 2 Consolidated Domestic Life TMNF Combined Ratio Domestic Non-Life International ■ Combined Ratio (Private insurance: W/P basis) ※( ) is change from original FY2012 projections – Loss Ratio Upward revision by 0.8 points from the original projections
Slide 20: TMNF NPW & Loss Ratio Projections
FY2012 Revised Projections - Domestic Non-Life - 3 Consolidated Domestic Life TMNF NPW & Loss Ratio Domestic Non-Life International ■ Net Premiums Written by Line (billions of yen, except for %) FY2011 FY2012 Projections – Major Factors of Revision in NPW Results Original Revised Difference Change Y
Slide 21: NF Financial Projections
FY2012 Revised Projections - Domestic Non-Life - 4 Consolidated Domestic Life NF Financial Projections Domestic Non-Life International ■ Changes in Major P/L Items (billions of yen, except for %) FY2011 FY2012 Projections Results Original Revised Difference – Underwriting Profit Change YoY (a) (b) (
Slide 22: TMNL Financial Projections
FY2012 Revised Projections - Domestic Life Consolidated Domestic Life TMNL Financial Projections Domestic Non-Life International ■ Annualized Premiums (ANP) and Key Figures (billions of yen) – New Policies ANP Upward revision by ¥11.2B from the original projections +11.3 reflecting strong sales of f
Slide 23: International Insurance - Net Premiums Written Projections
FY2012 Revised Projections - International Insurance Business - 1 Domestic Consolidated Life Net Premiums Written Domestic Non-Life International ■ Net Premiums Written (NPW) (billions of yen, except for %) FY2011 FY2012 Projections Results – Downward revision by ¥30.0B from the original Original Re
Slide 24: International Insurance - Adjusted Earnings Projections
FY2012 Revised Projections - International Insurance Business - 2 Domestic Consolidated Life Adjusted Earnings Domestic Non-Life International ■ Adjusted Earnings (billions of yen, except for %) FY2012 Projections FY2011 Results – Downward revision by ¥21.0B from the original Original Revised (a) (b
Slide 25: Reference
Reference • Overview of Consolidated Results • TMNF Net Investment Income (2Q FY2012 Results) • TMNF Assets Under Management (2Q FY2012 Results) • FY2012 First-Half Results (PHLY / Kiln) • Definition of Adjusted Earnings 24 Copyright (c) 2012 Tokio Marine Holdings, Inc.
Slide 26: Overview of Consolidated Results
Reference Overview of Consolidated Results (unit: billions of yen) FY2011 FY2012 FY2012 projections ■ Ordinary Profit 2Q 2Q Change YoY (full year) Difference Progress Original Revised Ordinary profit (TMHD Consolidated) 119.1 82.9 - 36.2 - 30.4% 165.0 145.0 - 20.0 57.2% Tokio Marine & Nichido 128.8
Slide 27: TMNF Net Investment Income (2Q FY2012 Results)
Reference TMNF Net Investment Income (2Q FY2012 Results) ■ Net Investment Income (billions of yen) – Net investment income decreased by ¥41.3B YoY to - 41.3 ¥40.1B 81.4 40.1 Net interest and dividends income Decreased by ¥6.4B YoY mainly due to a decrease in dividends from overseas subsidiaries FY
Slide 28: TMNF Assets Under Management (2Q FY2012 Results)
Reference TMNF Assets Under Management (2Q FY2012 Results) ■ TMNF Balance Sheet ■ Status of Investments in Bonds of European Countries As of September 30, 2012 （Sum of major subsidiaries (domestic and overseas) as of September 30, 2012） Total assets： ¥8.0 trillion （billions of yen） Other Sovereign b
Slide 29: FY2012 First-Half Results (PHLY / Kiln)
Reference FY2012 First-Half Results (PHLY / Kiln) ■ Philadelphia Net Premiums Written： Increased by 8% YoY to $1,053M due to the increase in sales of new policies and continuous measures such as rate hikes in renewal policies Adjusted Earnings： Increased significantly to $134M mainly due to the
Slide 30: Definition of Adjusted Earnings and Adjusted ROE
Reference Definition of Adjusted Earnings and Adjusted ROE 1. Adjusted earnings*1 (1) Property and casualty insurance business Extraordinary Provision f or Gains or losses f rom Provision f or Gains or losses f rom gains/losses, A djusted = Net + + reserves f or - sales or valuations of - - catastro
Slide 31: Disclaimer
Disclaimer These presentation materials include business projections and forecasts relating to expected financial and operating results of Tokio Marine Holdings and certain of its affiliates in current and future periods. All such forward looking information is based on information and assumptions a
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