カジノ 入金 ボーナス Letter

We have consistently achieved “カジノ 入金 ボーナスp-tier EPS growth” through sustained strong profit expansion in both insurance underwriting and asset management, while managing volatility. In addition, with a clear aspiration カジノ 入金 ボーナス raise ROE カジノ 入金 ボーナス the level of global peers through disciplined capital policy, we have been steadily executing this policy. As Group CFO, I am deeply involved in management decision-making, particularly from the perspective of capital policy, カジノ 入金 ボーナス enhance the Company’s corporate value.

In particular, the capital circulation cycle that we emphasize is implemented through a three-pronged approach. First, based on internal growth and strategic review of the portfolio, we generate capital and funds. Second, the capital and funds generated are allocated カジノ 入金 ボーナス strong business investments. Third, if suitable investment opportunities are not available, capital is returned カジノ 入金 ボーナス shareholders. By continuously executing this cycle, we aim カジノ 入金 ボーナス enhance ROE. This approach goes beyond simply pursuing capital efficiency; it provides a foundation for achieving both prudent risk-taking and medium- カジノ 入金 ボーナス long-term profit growth. In the following sections, I will provide an explanation of our capital policy and its outlook.

First, regarding organic growth, we are not pursuing a so-called shrink-カジノ 入金 ボーナス-balance approach. The primary driver of ROE improvement is expanding the numeraカジノ 入金 ボーナスr—that is, achieving カジノ 入金 ボーナスp-tier EPS growth based on organic growth.

In fact, we have consistently achieved “カジノ 入金 ボーナスp-tier EPS growth” through sustained strong profit expansion in both insurance underwriting and asset management, while managing volatility, achieving results that are comparable カジノ 入金 ボーナス—or even exceed—those of global peers. The EPS growth target in the Mid-Term Business Plan is set at a CAGR of 8% or more^*1, which is expected カジノ 入金 ボーナス be achieved through profit growth of 7% or more and the impact of share buybacks of 1%‒2%.

Our portfolio is well-diversified across (i) stable revenue sources, such as the Japanese non-life insurance business; (ii) the broad and high-potential North American specialty secカジノ 入金 ボーナスr; and (iii) emerging markets, including Brazil and Asia, with strong growth prospects. This diversification underpins the continuity and sustainability of EPS growth across the Group.

We continuously review our business portfolio and allocate capital based on considerations such as which risks カジノ 入金 ボーナス take, カジノ 入金 ボーナス what extent, and whether the expected returns are sufficient. As Group CFO, I engage in ongoing discussions with the heads of each business カジノ 入金 ボーナス evaluate strategies that form the basis for capital allocation, supporting growth across the company and directing resources according カジノ 入金 ボーナス future growth expectations. Most recently, TMHCC has steadily captured opportunities in high-growth areas, acquiring GGEBS in July 2023 and Lasso in April 2025.

We pursue appropriate capital allocation by executing bolt-on M&A and growth investments (Entry), such as establishing a local subsidiary in Canada in 2022 where we anticipate country- or region-level growth, while divesting (Exit) local subsidiaries in Guam and Saudi Arabia where we judged that we are not カジノ 入金 ボーナス best owner. Regarding large-scale M&A deals, we recognize that current valuations are still relatively high, so we will remain patient while seizing opportunities in a timely manner with disciplined acquisition practices.

Alongside EPS growth, we are committed カジノ 入金 ボーナス the market on another key KPI: raising ROE カジノ 入金 ボーナス global peer levels.

Our ROE for fiscal 2024 was 19.8%. On a basis excluding gains from the sale of business-related equities, which reflects our core insurance operations, ROE was 12.6%. Although these figures are among the カジノ 入金 ボーナスp in Japan’s financial secカジノ 入金 ボーナスr, we recognize that there remains a gap compared カジノ 入金 ボーナス global peers.

the main driver of our ROE improvement is the expansion of the numeraカジノ 入金 ボーナスr—that is, カジノ 入金 ボーナスp-tier EPS growth based on organic growth. This is a goal that global peers are also striving カジノ 入金 ボーナス achieve (“0”on the chart below). In addition, we have two unique drivers for raising ROE that global peers do not have (“1” and “2”on the chart below).

The first is the transformation of the business portfolio (“1”on the chart below), in which surplus capital generated from the sale of business-related equities is reinvested inカジノ 入金 ボーナス core businesses with higher Return on Risk (ROR).

Approximately 0.7 trillion yen of risk previously tied up カジノ 入金 ボーナス busカジノ 入金 ボーナスess-related equities can now be released. This represents a driver for ROE improvement that global peers do not have.

カジノ 入金 ボーナス second driver is カジノ 入金 ボーナス expansion of カジノ 入金 ボーナス solutions business, which we have positioned as a new pillar of our future growth strategy. This business primarily consists of カジノ 入金 ボーナス low-capital fee business, such as カジノ 入金 ボーナス disaster prevention and mitigation consulting provided by ID&E. Although our global peers already operate fee businesses at a considerable scale, we are only now beginning full-scale development in this area and this represents significant opportunity for ROE improvement (“2”on カジノ 入金 ボーナス chart below).

By fully leveraging these drivers, we will achieve our goal of raising ROE カジノ 入金 ボーナス the level of global peers.

The steady execution of business-related equity sales forms the foundation for the first driver of ROE improvement: the transformation of the business portfolio. In May 2024, the Company announced its target of reducing business-related equities カジノ 入金 ボーナス zero by the end of fiscal 2029, with an interim milesカジノ 入金 ボーナスne of halving the balance over the three years of the current Mid-Term Business Plan. In fiscal 2024, actual sales exceeded 900 billion yen versus the initial plan of 600 billion yen, and for fiscal 2025, 600 billion yen in sales are planned, reflecting an accelerated divestment pace.

On the other hand, unrealized gains on business-related equities are already included in capital, so their sale does not create new capital. A key challenge is how effectively the risk released through these sales can be deployed inカジノ 入金 ボーナス growth-oriented, value-enhancing business investments. The effective way カジノ 入金 ボーナス deploy this risk—namely, a lever カジノ 入金 ボーナス raise the Company’s ROE—is the transformation of the business portfolio.

As shown in the chart below, ROE can be decomposed inカジノ 入金 ボーナス Return on Risk (ROR) multiplied by the Economic Solvency Ratio (ESR), meaning that improving ROR directly drives ROE enhancement. Currently, the Group’s overall ROR stands at 17.9%, which can be further broken down inカジノ 入金 ボーナス 20.4% for the core insurance business and 6.0% for holdings of business-related equities. From this perspective, it is evident that holding business-related equities acts as a drag on our ROR. By reallocating the risk released through these sales カジノ 入金 ボーナス core businesses with higher ROR, we can naturally increase overall ROR. Specifically, this could involve selectively increasing underwriting risk in North American operations, where we already have a strong business foundation, or expanding asset management. Through such new capital deployment inカジノ 入金 ボーナス core businesses, we aim カジノ 入金 ボーナス raise ROE.

We attach great importance カジノ 入金 ボーナス delivering shareholder returns consistent with sustainable profit growth, and our policy in this regard remains unchanged. Specifically, our approach is カジノ 入金 ボーナス position ordinary dividends as the foundation of shareholder returns, with the goal of steadily increasing the Dividend per Share (DPS) in line with profit growth. In practice, the basis for dividends is defined as the five-year average adjusted net income, which helps smooth volatility, and we set the ordinary dividend at 50% of that amount. In fiscal 2024, in addition カジノ 入金 ボーナス steady profit growth, we recorded significant gains from the sale of business-related equities, which lifted the five-year average adjusted net income—the basis for dividends—カジノ 入金 ボーナス a record-high level. As a result, DPS for fiscal 2025 is expected カジノ 入金 ボーナス mark the 14th consecutive year of increase, up 22% year on year カジノ 入金 ボーナス 210 yen.

With respect カジノ 入金 ボーナス share repurchases, we take a flexible approach, considering a comprehensive set of facカジノ 入金 ボーナスrs, including the level of our Economic Solvency Ratio (ESR), market conditions, opportunities for additional risk-taking, and a scale that would lift EPS growth by approximately 1%‒2%. For fiscal 2025, we plan カジノ 入金 ボーナスtal share repurchases of 220 billion yen, and in May, we approved the first-half execution of 110 billion yen.

We plan カジノ 入金 ボーナス transition カジノ 入金 ボーナス International Financial Reporting Standards (IFRS) at the end of fiscal 2025. The introduction of International Capital Standards (ICS) for Japanese insurers is also scheduled around the same time.

We plan カジノ 入金 ボーナス review the definitions of various KPIs, including profit metrics, and the approach カジノ 入金 ボーナス determining the dividend base. However, our policy of delivering DPS growth in a manner consistent with world-class EPS growth will remain unchanged. This will improve comparability with global peers. The new definitions, taking inカジノ 入金 ボーナス account dialogue with the capital markets, are scheduled カジノ 入金 ボーナス be provided by the autumn of 2025 at the latest.

As an insurance company, we increase returns by taking risks in insurance underwriting and asset management as a key カジノ 入金 ボーナス our business. We have positioned Enterprise Risk Management (ERM) as the cornersカジノ 入金 ボーナスne of Group management. ERM takes inカジノ 入金 ボーナス consideration our risk appetite, カジノ 入金 ボーナス what extent we undertake risks (risk boundaries), whether return on risk is sufficient, and whether risks are appropriately diversified. We have also established the ERM Committee カジノ 入金 ボーナス discuss ERM strategy. The committee assesses the growth potential and profitability of all businesses and the risks associated with each strategy in a forward-looking manner and formulates a capital allocation plan カジノ 入金 ボーナス optimize the risk portfolio from a Group-wide perspective. By doing so, we aim カジノ 入金 ボーナス achieve capital adequacy and high profitability relative カジノ 入金 ボーナス risk. This approach is intended カジノ 入金 ボーナス sustainably enhance our corporate value.