Tokio Marine Holdings Inc (TKOMF) Q4 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good evening everyone. My name is Komia. I'm the Group CEO. I thank you so much for attending this meeting tonight despite your busy schedule. I also wanted to thank you for extending your understanding and support to Tokyo Marine always. In starting this meeting, I would like to explain to you the financial results we are announcing today as well as messages from the management. Please turn to page 3 of the material. There are mainly three points I would like to convey to you today. The first is on financial results of fiscal 22. Actual basis adjusted net income was 444 billion yen, which reflects some impact from COVID loss and natural catastrophes. Excluding such one-off effects, normalized basis profit was 617.1 billion yen. Most recently, we said in February that four-year normalized basis profit is expected to be 580 billion yen, but it came out to be 36.1 billion yen more than that. This is based on thorough penetration of integrated group management, which led to steady and continuous enhancement of underlying capabilities. The second point is our projections for fiscal 2023 for adjusted net income. Again, backed up by our enhanced capabilities, it's projected to be 670 billion yen. This will mean 9% growth on normalized level profit comparison year-on-year, excluding FX impact, it will be 8% growth. Growth driver will be rate increase and expansion of underlining, leading to increase in underlining profit. Also, based on interest rate hike trend in the United States, we are expecting expansion of investment income. To add to this, for the sales of business-related equities, last year in fall, we said that sales amount should be 120 to 130 billion yen in fiscal 23, and by the next midterm plan, we want to accelerate the pace of sales to be 1.5 times the curre...