Management remarks
Call period: 2026 Q2 · 2026-08-07
Guidance: Max Broden: Recognizing that the year-to-date benefit ratio is 63.4%, we now expect to be at the high end of our guidance range of 60% to 63% for the full year of 2026, excluding the annual actuarial assumption review in Q3.Demand and orders: Max Broden: We will continue to be flexible and tactical in the way we manage the balance sheet and deploy capital in order to drive strong risk-adjusted ROE with a meaningful spread to our cost of capital.Margins: Max Broden: The pretax margin for Japan in the quarter was 34.3%, up 230 basis points year-over-year, a very good result.Analyst Q&A
Analyst Pablo Singzon asked: I think you had said that the elevated ratio is being caused by who's lapsing vis-a-vis the newer product. Is that a significant consideration? Management Max Broden answered: This is driven by our lapse and reissue program, and it is driven by the cancer product, obviously, Miraito. As Miraito matures and now is more than a year through its lifetime, we would expect this lapse and reissue activity to normalize, and that also means that we would expect the mix impact between older and more recently issued cancer products as it relates to lapsation to normalize as well. And that's what gives us confidence that we will come back inside of the benefit ratio range of 60% to 63% in the second half.管理层陈述
电话会期间：2026 Q2 · 2026-08-07
指引：马克·布罗登（Max Broden）称：鉴于年初至今的赔付率为63.4%，若排除第三季度的年度精算假设审核，我们预计2026年全年将处于60%至63%的指引区间上端。需求与订单：马克·布罗登（Max Broden）称：我们将继续灵活且策略性地管理资产负债表并配置资本，以实现强劲的风险调整后净资产收益率，且该收益率与资本成本之间存在显著利差。利润率：马克·布罗登（Max Broden）称：本季度日本业务的税前利润率为34.3%，同比上升230个基点，业绩表现极佳。分析师问答
分析师巴勃罗·辛松提问：你们此前提及的赔付率上升由退保人群与新产品的差异导致，这是否是重要影响因素？ 管理层马克斯·布罗登回应：这源于我们的退保再投保计划，显然由Miraito癌症产品驱动。随着Miraito产品成熟、上市已超一年，我们预计这类退保再投保活动将回归正常，新旧癌症保单的退保率结构也将恢复正常，这让我们有信心在下半年将赔付率恢复至60%至63%的区间。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
