Materials for FY2018 3Q Results Briefing – Conference Call February 14, 2019 (Thu.) 1
Contents Summary of FY2018 3Q Results Consolidated Earnings Page 5-12 Domestic Non-Life Insurance Companies Page 13-15 Domestic Life Insurance Companies Page 16-17 Overseas Subsidiaries Page 18 (Reference) Domestic Non-Life Insurance Companies, MSI & ADI Page 19-21 (Reference) MS Amlin's Results for FY2018 3Q (Jan.-Sep. 2018) Page 23-24 (Reference) ESR Page 25 Projected Results for FY2018 (Announced on November 19, 2018) Consolidated Earnings Forecasts Page 27-30 Major Assumptions for Earnings Forecasts Page 31 Domestic Non-Life Insurance Companies Page 32-33 Domestic Life Insurance Companies Page 34-35 Overseas Subsidiaries Page 36 (Reference) Domestic Non-Life Insurance Companies, MSI & ADI Page 37-38 Please also refer to an Excel data file uploaded on our website. 2
Summary of FY2018 3Q Results 3
(Blank page) 4
Consolidated Earnings for FY2018 3Q (1) - Overview (i) (Top line) （ ¥bn ） Non-life insurance subsidiaries FY2017 3Q FY2018 3Q Results Results YoY Change Growth Direct premiums written ※ 2,713.1 2,802.0 88.8 3.3% (excl. deposit premiums from policyholders) Net premiums written ※ 2,628.2 2,675.1 46.9 1.8% Mitsui Sumitomo Insurance 1,128.0 1,131.6 3.6 0.3% Aioi Nissay Dowa insurance 925.4 923.9 - 1.5 - 0.2% Mitsui Direct General 27.5 26.7 - 0.8 - 3.0% Overseas subsidiaries 543.7 590.5 46.7 8.6% ※ Direct premiums written and net premiums written exclude Good Result Return Premiums of the “ModoRich” auto insurance product, which contains a special clause related to premium adjustment and refund at maturity, same hereafter. (\bn) Life insurance subsidiaries FY2017 3Q FY2018 3Q （億円） Results Results YoY Change Growth Gross premiums income ※ 1,117.1 1,211.4 94.3 8.4% MSI Aioi Life 360.2 368.3 8.0 2.2% MSI Primary Life 756.8 843.1 86.2 11.4% Life insurance premiums 758.3 980.9 222.5 29.4% ※ Gross premiums income is for domestic life insurance subsidiaries only . 5
Consolidated Earnings for FY2018 3Q (1) - Overview (i) (Top line) (Non-life insurance subsidiaries: domestic and overseas) ・ Net premiums written increased by 46.9 billion yen or 1.8%. ・ Net premiums written increased by 0.1% for the two domestic non-life insurance companies combined and by 1.2% if the compulsory automobile liability insurance (CALI) and residential earthquake insurance are excluded. Reinstatement premiums of reinsurance had a negative impact of 19.3 billion yen. ・ Net premiums written at overseas subsidiaries increased by 46.7 billion yen due to MS First Capital being newly included in the scope of consolidation (15.8 billion yen) and the positive impact of foreign exchange rates (11.9 billion yen). (Life insurance subsidiaries: domestic) ・ MSI Aioi Life: Please see Slide 16 ・ MSI Primary Life: Please see Slide 17 6
Consolidated Earnings for FY2018 3Q (1) - Overview (ii) (Bottom line) (¥bn) FY2017 3Q FY2018 3Q Results Results YoY Change Change Ratio Ordinary profit/loss 161.7 237.6 75.8 46.9% Mitsui Sumitomo Insurance 195.0 176.6 - 18.3 - 9.4% Aioi Nissay Dowa Insurance 28.8 51.3 22.4 77.8% Mitsui Direct General Insurance 1.2 1.2 - 0.0 - 0.6% MSI Aioi Life 13.2 13.9 0.6 5.3% MSI Primary Life 42.3 25.7 - 16.6 - 39.2% - 82.8 14.4 97.3 - Overseas subsidiaries - 36.1 - 45.7 - 9.6 - Consolidation adjustments, others 97.6 175.0 77.4 79.3% Net income/loss ※ 150.1 135.0 - 15.1 - 10.1% Mitsui Sumitomo Insurance 19.0 37.9 18.8 98.5% Aioi Nissay Dowa Insurance 1.0 1.0 0.0 2.8% Mitsui Direct General Insurance 6.1 6.5 0.4 6.6% MSI Aioi Life 25.3 18.7 - 6.6 - 26.1% MSI Primary Life - 72.9 18.6 91.6 - Overseas subsidiaries - 31.1 - 42.7 - 11.6 - Consolidation adjustments, others ※ Consolidated net income represents net income attributable to owners of the parent. Net income of subsidiaries is on an equity stake basis, same hereafter. 7
Consolidated Earnings for FY2018 3Q (1) - Overview (ii) (Bottom line) (Group consolidated) ・ Net income increased by 77.4 billion yen mainly as a result of recovery at overseas subsidiaries. The rate of progress versus the forecast for annual net income of 200.0 billion yen was 87.5%. (Domestic non-life subsidiaries) ・ At MSI, the year-on-year deterioration of net income improved from 38.1 billion yen in 2Q to 15.1 billion yen in 3Q as the reversal of catastrophe reserve rose following the progress of claims payments related to domestic natural catastrophes. ・ At ADI, net income increased by 18.8 billion yen versus the previous year when it was affected by large overseas natural catastrophes, while also resulting from the large increase of the reversal of catastrophe reserve. (Domestic life insurance subsidiaries) ・ Net income at MSI Primary Life and MSI Primary Life was above the plan, although it decreased by 6.2 billion yen year-on-year mainly due to a decrease at MSI Primary Life. (Overseas subsidiaries) ・ Net income increased by 91.6 billion yen mainly due to an increase in Asia and MS Amlin’s recovery as a result of decreased nat cat losses among other factors. 8
Consolidated Earnings for FY2018 3Q (2) – YoY Results Comparison (i) Net income increased by 77.4 billion yen year-on-year. • Although incurred losses at the two domestic non-life insurance companies increased by 166.7 billion yen mainly due to increased • incurred losses associated with domestic natural catastrophes (+138.7 billion yen), they were offset by the increase in the reversal of catastrophe reserve following the progress of payments related to domestic natural catastrophes. As a result, net income for the two companies increased by 3.6 billion. Overseas subsidiaries recovered as natural catastrophes decreased, contributing 91.6 billion yen year-on-year. • Consolidated net income （ ¥bn ） ・ MS Amlin +75.3 Domesticnon-life (MSI+ADI) ・ MS First Capital +4.9 (8) Overseas subisidiaries +91.6 ・ Domestic natural catastrophes -138.7 ・ Overseas natural catastrophes (Reinsurance) +24.3 ・ Others -52.3 (9) Consolidated adjustments (5) Extraordinary (2) Incurred losses and others income/loss, -166.7 -11.6 income taxes, etc. (3) Catastrophe reserve -0.4 +151.2 FY2018 (1) Earned (6) Domestic 3Q (4) Investment premiums (7) Domestic non-life: 175.0 profit and others and others life insurance Total +0.4 (+77.4 ) subsidiaries +19.1 +3.6 FY2017 -6.2 3Q 97.6 9
Consolidated Earnings for FY2018 3Q (2) – YoY Results Comparison (ii) Factors in YoY changes in consolidated net income （ ¥bn ） FY2017 3Q FY2018 3Q Difference Results Results Consolidated net income/loss 97.6 175.0 77.4 Domestic non-life insurance ※1 : Underwriting profit/loss (excl. 51.3 54.9 3.5 residential earthquake and CALI (compulsory auto liability insurance)) Earned premiums and others ※2 (1) 1,185.4 1,204.5 19.1 Incurred losses (incl. loss (2) - 1,073.1 - 1,239.9 - 166.7 adjustment expenses) Provision/reversal of catastrophe (3) - 60.9 90.2 151.2 reserve (4) 172.5 173.0 0.4 Investment profit/loss and others (5) - 54.5 - 54.9 - 0.4 Others (extraordinary loss, taxes, etc.) Domestic non-life insurance: Total (6) 169.2 172.9 3.6 Domestic life insurance subsidiaries (7) 31.4 25.2 - 6.2 Overseas subsidiaries (8) - 72.9 18.6 91.6 Consolidation adjustments and others (9) - 30.1 - 41.7 - 11.6 ※ 1 Figures for domestic non-life insurance are the simple sum of MSI and ADI. ※ 2 “ Earned premiums and others“ include expenses. 10
Consolidated Earnings for FY2018 3Q (3) – Group Adjusted Profit Group Adjusted Profit was 144.8 billion yen, down by 19.3 billion yen year-on-year, mostly because of a decrease in • the domestic non-life insurance business significantly affected by natural catastrophes. ※Group Adjusted Profit excludes profit/loss from provision/reversal of catastrophe reserve. （ ¥bn ） FY2017 3Q FY2018 3Q Results Results YoY Change Group Adjusted Profit ※1 164.2 144.8 - 19.3 236.1 100.3 - 135.8 Domestic non-life insurance business 29.8 25.6 - 4.2 Domestic life insurance business International business - 105.2 16.2 121.4 Financial services business and risk- 3.3 2.5 - 0.8 related services business ※ 1 For the definition of Group Adjusted Profit please refer to the last page. Provision/ Consoli- Equity in earnings Group reversal for Other dated of the non- Adjusted catastrophe incidental = - + + net consolidated factors ※ 3 Profit loss reserve income group companies and others ※ 2 -29.1 144.8 1.0 175.0 -60.4 ※ 2 “+” in case of provision, “-” in case of reversal ※ 3 Amortization of goodwill and others: -25.7 billion yen, extraordinary income/loss excluding reserves for price fluctuation,etc: -3.3 billion yen 11
Recommend
More recommend
