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  "documentTitle": "Third Point Management | Activist Presentation Deck | 102 slides",
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  "authorName": "Third Point",
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  "presentationDate": "2019-06-01 00:00:00",
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  "notes": "Includes a footnote explaining the MCEV restatement in 2016.",
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      "text": "Market consistent embedded value vs. market cap (¥tn)",
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      "text": "Note: Market Consisted Embedded Value (MCEV) is an actuarial insurance industry metric that provides a means of measuring the intrinsic value of the insurance business (value of assets at market, less discounted value of liabilities). *In 2016, Sony Financial restated MCEV using ultimate forward rates, which resulted in a one-time upward adjustment to MCEV",
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      "text": "General account assets of ~¥9tn are primarily invested in Japanese bonds (JGBs and corporates) and some foreign bonds with an average duration of 21 years. Potential opportunity for optimization of asset portfolio to increase yield. Sony Financial has consistently grown embedded value over time, and Market Cap has generally tracked Embedded Value. Major step down in embedded value in 2016 due to steep decline in JGB yields.",
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      "text": "Listed stake: Sony Financial Holdings (cont'd)",
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