Core Viewpoint - Tokio Marine is positioned to improve its return on equity (ROE) from 15% in FY 2023 to 20% by FY 2026, which could justify a higher price-to-book (P/B) multiple, leading to a bullish investment outlook [3][5][12]. Company Overview - Tokio Marine is Japan's largest general insurance group, holding a 90% market share in the non-life insurance segment alongside peers MS&AD Insurance and Sompo Group [2]. - The company ranks as the ninth largest non-life insurance company globally in terms of earnings contribution [10]. Market Position and Valuation - Tokio Marine's shares are currently trading at a P/B ratio of 2.4 times, which is lower than peers such as Zurich Insurance Group at 3.1 times and The Progressive Corporation at 5.5 times [11]. - The valuation discount is attributed to Tokio Marine's relatively lower ROE compared to its peers, which have set ROE targets in the high-teens to high-twenties percentage range [11]. ROE Improvement Strategies - Key drivers for ROE expansion include the reduction of cross-shareholdings and an increase in shareholder capital return through dividends and buybacks [13]. - Tokio Marine aims to sell half of its business-related equities by FY 2026 and eliminate cross-shareholdings by the end of FY 2029, potentially lowering its business-related equities-to-net assets ratio from above 0.6 times to around 0.2 times [13]. - The company plans to increase its dividend per share by 29% to JPY 159 in FY 2024 and allocate JPY 200 billion for share repurchases, resulting in forward dividend and buyback yields of 2.6% and 1.7%, respectively [13]. Future Valuation Potential - If Tokio Marine achieves its target ROE of 20%, the fair P/B valuation could rise to 3.4 times, representing a 42% increase from the current level [12][13]. - The market currently values Tokio Marine reasonably based on its ROE metric, with a fair P/B valuation derived from the Gordon Growth Model [11].

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Tokio Marine Holdings, Inc. (OTCPK:TKOMY) Q2 2023 Earnings Conference Call November 17, 2023 1:30 AM ET Company Participants Satoru Komiya - CEO Kenji Okada - CFO Conference Call Participants Satoru Komiya Hello and good evening everyone this is Komiya speaking. I thank you for sparing your time with us this evening despite your busy schedule. I also like to appreciate your continuous understanding and support you extend towards Tokio Marine. First of all I would like to explain about the earnings highlight ...

Tokio Marine Holdings, Inc. (OTCPK:TKOMY) Q1 2023 Earnings Call Transcript August 7, 2023 4:00 AM ET Company Participants Taizou Ishiguro - GM of Global Communications Department Kenji Okada - Group CFO Toshihiro Yahata - Global Communications Dept Kazuhiro Honjo - Head of Alternative Investment Division Hiroshi Sakiyama - MD and GM of Corporate Planning Department, TMNF Conference Call Participants Masao Muraki - SMBC Nikko Securities Nastsumu Tsujino - Morgan Stanley Kazuki Watanabe - Daiwa Securities Kok ...

Overview of 1Q FY2023 Results August 7, 2023 Table of Contents 1 | --- | --- | --- | --- | |----------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|------------------------------------------------------------------------------------------------ ...

Financial Data and Key Metrics Changes - For fiscal year 2022, the actual adjusted net income was JPY 444 billion, reflecting impacts from COVID losses and natural catastrophes. The normalized profit, excluding one-off effects, was JPY 617.1 billion, which is a 22% increase compared to fiscal year 2021 [2][9]. - The projection for fiscal year 2023 adjusted net income is JPY 670 billion, representing a 9% growth year-over-year on a normalized basis, and an 8% growth excluding foreign exchange impact [3][10]. Business Line Data and Key Metrics Changes - Net premiums written increased by 15% year-over-year for fiscal year 2022, while life premiums increased by 8%. For fiscal year 2023, net premiums written are projected to grow by 3%, although life insurance premiums are expected to decline by 4% due to corporate-owned life insurance surrenders [7][10]. - The domestic business is expected to see an 11% increase in adjusted net income, while the international business is projected to grow by 6% or 5% excluding foreign exchange impact [10][11]. Market Data and Key Metrics Changes - The company anticipates that the growth drivers for fiscal year 2023 will include rate increases and expansion of underwriting, which will lead to increased underwriting profit and investment income due to rising interest rates in the United States [3][10]. Company Strategy and Development Direction - The company aims to enhance shareholder returns in line with profit growth, maintaining a commitment to increase dividends consistently. The dividend per share (DPS) for fiscal year 2022 is set at JPY 100, with a projected increase to JPY 121 for fiscal year 2023, marking an 18% and 21% growth respectively [5][16]. - The company plans to accelerate equity sales to JPY 150 billion starting in 2023, with a target of JPY 600 billion over the next four years [4]. Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to enhance underlying capabilities and maintain a strong performance despite external challenges. They emphasized the importance of global risk diversification and innovative management strategies [12][13]. - The company is focused on achieving top-class DPS growth and enhanced return on equity (ROE) in fiscal year 2023 and beyond [13]. Other Important Information - The current economic solvency ratio (ESR) is at 124%, which is considered ample. The company plans to conduct a JPY 100 billion share buyback throughout the year, with JPY 50 billion approved as the first step [6][17]. Q&A Session Summary - The Q&A session concluded without specific questions or answers being documented in the provided content.

Tokio Marine Holdings, Inc. (OTCPK:TKOMY) Q2 2022 Earnings Conference Call November 18, 2022 1:00 AM ET Company Participants Taizou Ishiguro - Head, Investor Relations Satoru Komiya - President and Group Chief Executive Officer Kenji Okada - Group Chief Financial Officer Tsuyoshi Nagano - President, Corporate Funding Toshihiro Yahata - President, Corporate Planning Kichiichiro Yamamoto - Corporate Accounting and Financial Balancing Yoshinori Ishii - Managing Executive Officer Group CLCO Conference Call Part ...

Financial Data and Key Metrics Changes - The company reported strong earnings in Q1 2022, with net premium written increasing by 11.3% and life premium by 8.3%. Excluding foreign exchange factors, the increases were 7% and 3.5% respectively, indicating a stronger performance than projected for the fiscal year [4][3]. - The full-year adjusted net income projection remains at JPY 553 billion, reflecting strong overseas performance and the anticipation of the main natural catastrophe season [3][2]. Business Line Data and Key Metrics Changes - International insurance underwriting and investment performed well, exceeding projections by approximately JPY 8 billion, with underwriting profit contributing JPY 4 billion [5][8]. - Tokio Marine Nichido Life's progress against their annual plan is at 20%, which is lower than the five-year average for this time of year. Excluding transient effects, the business unit profit progress is at 40%, aligning with historical averages [9][11]. Market Data and Key Metrics Changes - The Taiwan insurance market faced significant challenges due to a surge in COVID-19 cases, leading to estimated losses of JPY 134.8 billion before tax for Newa Insurance, impacting Tokio Marine's bottom line by JPY 53.9 billion [14][15]. - Despite the challenges, the Taiwan P&C market is expected to grow over 6%, with Newa Insurance having established a strong market presence, ranking fourth in the market [16][17]. Company Strategy and Development Direction - The company plans to acquire a majority share of Newa Insurance to enhance its enterprise risk management and capitalize on the growth potential in the Taiwan market [17][18]. - The management aims to raise EPS and ROE while managing volatility through steady execution of business strategies [18]. Management's Comments on Operating Environment and Future Outlook - The management acknowledged the impact of COVID-19 and natural catastrophes but emphasized that the underlying trend remains favorable on a normalized basis [18]. - The company is closely monitoring the evolving COVID situation and its implications for the insurance market, particularly in Taiwan [15][18]. Other Important Information - The company has not revised its shareholder return and annual capital adjustment policy despite the challenges faced [3]. - The performance of major international subsidiaries showed an overachievement of JPY 22 billion compared to local plans, indicating strong momentum [8]. Q&A Session Summary Question: What is the impact of COVID-19 on the Taiwan market? - The management noted that the sudden policy change in Taiwan led to a dramatic increase in COVID-19 cases, significantly impacting the insurance market and resulting in substantial losses for Newa Insurance [14][15]. Question: How does the company compare to its peers in North America? - The company reported a year-on-year increase of 150% in underwriting profit compared to 110% for North American peers, indicating stronger performance [7].

A Leading Copper and Gold Producer Developing a Tier-1 Copper Asset Second Quarter 2022 Financial Results August 5, 2022 TURQUOISE HILL TSX-NYSE: TRQ Cautionary Notes 2 Certain statements made herein, including statements relating to matters that are not historical facts and statements of Turquoise Hill Resources Ltd.'s (the "Company", "Turquoise Hill" or "TRQ") beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking info ...