FY2011 Information About Major Subsidiaries%27 Business Results_e

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May 18, 2012

TOKIO MARINE HOLDINGS, INC.

（Securities Code Number 8766）

Information about major subsidiaries' business results

for the year ended March 31, 2012



Page

１．Key figures of consolidated results

(1) Tokio Marine Holdings, Inc. (consolidated) 1

(2) Ordinary income (consolidated) 1

(3) Net income (consolidated) 1

２．Key figures of the domestic property and casualty insurance business

(1) Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated) 2(2) Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated) 3

(3) E.design Insurance Co., Ltd. (non-consolidated) 4

３．Key figures of the domestic life insurance business

(1) Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated) 5

(2) Tokio Marine & Nichido Financial Life Insurance Co., Ltd. (non-consolidated) 5

４．Business forecast for the year ending March 31, 2013

(1) Tokio Marine Holdings, Inc. (consolidated) 6

(2) Insurance premiums (consolidated） 6

(3) Net income (consolidated) 6

(4) Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated) 6

５．Dividends forecast (Tokio Marine Holdings, Inc.) 6

Financial statements

１．Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated)

(1) Balance sheet 7-8

(2) Statement of income 9

(3) Statement of changes in shareholders' equity 10

(4) Underwriting 11

Direct premiums written (excluding deposit premiums from policyholders)

Net premiums written

Net claims paid

(5) Investment 12

Yield on investments (interest income basis)

Gains and losses on sales of securities, impairment losses on securities

Other securities (available for sale)

(6) Solvency margin ratio (non-consolidated) 13

２． Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated)




(4) Underwriting 18



Net claims paid

(5) Investment 19



Other securities (available for sale)




Page

３．E.design Insurance Co., Ltd. (non-consolidated)

(1) Balance sheet 21



４．Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated)


(2) Statement of income 26-27

Breakdown of ordinary profit (Core operating profit)


(4) Insurance business 28

Number of policies and policy amount

Annualized premiums

(5) Dividends to policyholders (illustration) 28

(6) Investment (General account) 29-30



Fair value information on securities (Securities measured at fair value other than

trading securities)

Fair value information on derivative transactions


31

５．Tokio Marine & Nichido Financial Life Insurance Co., Ltd. (non-consolidated)


(2) Statement of income 34-35


(3) Statement of changes in shareholders' equity35

(4) Insurance business 36


Annualized premiums

(5) Separate account 37

Separate account asset balance

Separate account policies in force


Glossary of terminology 39-43

Supplementary information about business results for the year ended March 31, 2012

(1) Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated) 44-46

(2) Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated) 47-49

Combined business results of Tokio Marine & Nichido and Nisshin Fire (non-consolidated) 50

(8) Accumulation method and rate applied to underwriting reserves for

individual insurance and annuities



1. Key figures of consolidated results

(1) Tokio Marine Holdings, Inc. (consolidated) （Yen in millions）

3,288,605 3,415,984 127,379 3.9 ％ 1

126,587 160,324 33,736 26.7 2

71,924 6,001 -65,922 -91.7 3

(2) Ordinary income (consolidated) （Yen in millions）

2,677,478 2,669,042 -8,435 -0.3 ％ 4

2,272,117 2,324,492 52,375 2.3 51,742,746 1,783,009 40,262 2.3 6

134,063 136,602 2,539 1.9 7

391,281 398,371 7,089 1.8 8

4,025 6,509 2,483 61.7 9

405,361 344,550 -60,810 -15.0 10

355,215 371,973 16,758 4.7 11

-1,414 -75,302 -73,888 - 12

51,560 47,878 -3,681 -7.1 13

(3) Net income (consolidated) （Yen in millions）

71,924 6,001 -65,922 -91.7 ％ 14

100,713 23,206 -77,507 -77.0 15

1,520 -4,759 -6,279 -413.0 16

5,223 6,804 1,581 30.3 17

-2,500 -15,148 -12,647 - 18

47,564 -40,884 -88,449 -186.0 19

-27,961 27,961 55,923 20

-930 1,093 2,023 - 21

-51,705 7,727 59,433 22

* Losses from the Great East Japan Earthquake and New Zealand Earthquake recognized in the first quarter (from January 1,

2011 to March 31, 2011) of the fiscal year 2011 of "Overseas subsidiaries" were adjusted to be recognized in the fiscal year

2010 (ended March 31, 2011) in consolidated results.

Consolidation adjustment and

other

For the year ended

March 31, 2012

For the year ended

March 31, 2011

For the year ended

March 31, 2012

For the year ended

March 31, 2011

For the year ended

March 31, 2012

For the year ended

March 31, 2011

Net income (consolidated)

Tokio Marine & Nichido

Rate of change

Increase or decrease

by comparisonRate of change

Insurance premiums

Ordinary income

Ordinary profit

Net income

Nisshin Fire

Other

Overseas subsidiaries

Life insurance premiums

Net premiums written (non-life)


by comparison

Tokio Marine & Nichido Life




Nisshin Fire


Tokio Marine & NichidoFinancial Life

Other


Financial Life

Adjustment relating to natural

disasters (*)


Financial and other business

subsidiaries

1



(1) Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated)

(Yen in millions, ％)

For the year endedMarch 31, 2011 For the year endedMarch 31, 2012

Major items in ordinary profit

Net premiums written 1,742,746 1,783,009 40,262 1

Net claims paid 1,094,259 1,370,750 276,491 2

Loss adjustment expenses 81,747 83,486 1,738 3

Agency commissions and brokerage 300,906 301,136 229 4

Operating and general administrative

expenses on underwriting282,591 269,160 -13,430 5

Provision for outstanding claims

(negative numbers represent reversal)83,260 -17,420 -100,681 6

Provision for underwriting reserves(negative numbers represent reversal)

-150,569 -288,570 -138,001 7

Underwriting loss -31,118 -1,153 29,964 8

Interest and dividends 137,671 141,865 4,194 9

Gains and losses on sales of securities 119,652 126,581 6,929 10

Impairment losses on securities 13,645 4,939 -8,706 11

Gains and losses on derivatives 23,464 9,662 -13,801 12

Ordinary profit 145,754 212,120 66,365 13

Extraordinary gains 2,996 4,119 1,122 14

Extraordinary losses 18,919 59,296 40,376 15

Net income 100,713 23,206 -77,507 16

Net premiums written (Rate of change) 0.4 2.3 1.9 17

Fire and allied lines -4.8 6.7 11.5 18

Voluntary automobile 0.6 1.7 1.1 19

Personal accident 2.3 1.1 -1.2 20

67.5 81.6 14.1 21

Fire and allied lines 41.5 154.8 113.3 22

Voluntary automobile 71.0 70.4 -0.6 23


Net incurred losses relating to natural disasters 104,042 122,486 18,443 25

Fire and allied lines 63,762 108,266 44,503 26

Voluntary automobile 2,740 6,434 3,694 27

33.5 32.0 -1.5 28

Catastrophe loss reserve 899,471 829,931 -69,540 29

Reserve ratio of catastrophe loss reserve 59.3 53.7 -5.6 30

Solvency margin ratio (non-consolidated) (*) 603.4 629.7 26.3 31

2．Key figures of the domestic property and casualty insurance business

* The solvency margin ratio for March 31, 2011 is calculated assuming the new standard had been adopted as of March

31, 2011.

Increase or

decrease bycomparison

Expense ratio

Loss ratio

Underwriting

Investment

2



(2) Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated)


For the year ended

March 31, 2011

For the year ended

March 31, 2012


Net premiums written 134,063 136,602 2,539 1

Net claims paid 81,582 95,260 13,678 2

Loss adjustment expenses 7,145 9,080 1,935 3

Agency commissions and brokerage 24,525 23,906 -618 4


expenses on underwriting25,528 23,699 -1,828 5


(negative numbers represent reversal)5,352 -364 -5,716 6

Provision for underwriting reserves

(negative numbers represent reversal) -10,988 -19,574 -8,585 7

Underwriting loss -5,868 -3,048 2,820 8

Interest and dividends 5,519 4,671 -847 9

Gains and losses on sales of securities 6,257 3,424 -2,833 10

Impairment losses on securities 1,181 1 -1,179 11

Gains and losses on derivatives 342 447 104 12

Ordinary profit 2,517 4,211 1,693 13

Extraordinary gains 564 48 -515 14

Extraordinary losses 946 441 -504 15

Net income / loss 1,520 -4,759 -6,279 16

Net premiums written (Rate of change) 1.7 1.9 0.2 17

Fire and allied lines 0.9 -0.4 -1.3 18


Personal accident 1.0 -1.0 -2.0 20

66.2 76.4 10.2 21

Fire and allied lines 41.9 110.6 68.6 22



Net incurred losses relating to natural disasters 3,041 4,385 1,344 25Fire and allied lines 2,607 3,807 1,199 26

Voluntary automobile 129 473 343 27

37.3 34.9 -2.5 28

Catastrophe loss reserve 52,123 51,267 -856 29

Reserve ratio of catastrophe loss reserve 44.6 43.3 -1.3 30

Solvency margin ratio (non-consolidated) (*) 633.1 570.4 -62.7 31


31, 2011.

Increase or


Expense ratio

Underwriting

Investment

Loss ratio

3



(3) E.design Insurance Co., Ltd. (non-consolidated)


For the year ended

March 31, 2011

For the year ended

March 31, 2012


Net premiums written 2,856 5,213 2,357 1

Net claims paid 1,346 2,554 1,208 2

Loss adjustment expenses 624 700 76 3

Agency commissions and brokerage - - - 4


expenses on underwriting4,704 6,854 2,149 5


(negative numbers represent reversal)238 594 355 6


(negative numbers represent reversal) 993 1,701 708 7

Underwriting loss -5,050 -7,190 -2,140 8

Interest and dividends 4 3 -0 9

Gains and losses on sales of securities - - - 10

Impairment losses on securities - - - 11

Gains and losses on derivatives - - - 12

Ordinary loss -2,243 -2,995 -752 13

Extraordinary gains - - - 14

Extraordinary losses 2 0 -2 15

Net loss -2,251 -3,005 -754 16

Net premiums written (Rate of change) 159.5 82.5 -77.0 17

Fire and allied lines - - - 18


Personal accident - - - 20

Loss ratio 69.0 62.4 -6.6 21



Personal accident - - - 24

Net incurred losses relating to natural disasters4 27 23 25


Voluntary automobile 4 27 23 27

Expense ratio 164.7 131.5 -33.2 28

Catastrophe loss reserve 126 291 164 29

Reserve ratio of catastrophe loss reserve 4.4 5.6 1.2 30

Solvency margin ratio (non-consolidated) (*) 3,179.9 1,790.2 -1,389.7 31

Investment

Increase or


Underwriting


31, 2011.

4



3．Key figures of the domestic life insurance business

(1) Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated) （Yen in millions）

Annualized premiums

396,745 419,447 22,702 5.7 ％ 1

326,243 348,583 22,340 6.8 2

79,418 87,158 7,739 9.7 3

62,769 71,535 8,765 14.0 4

70,501 70,864 362 0.5 5

50,754 57,306 6,552 12.9 6

44,721 49,026 4,305 9.6 7

11,809 13,963 2,153 18.2 8

10,983 13,145 2,162 19.7 9

6,033 8,279 2,246 37.2 105,223 6,804 1,581 30.3 11

(2) Tokio Marine & Nichido Financial Life Insurance Co., Ltd. (non-consolidated) （Yen in millions）

Annualized premiums

264,757 259,355 -5,401 -2.0 ％ 12

3,892 3,697 -195 -5.0 13

52 49 -3 -5.8 14

- - - - 15

260,865 255,658 -5,206 -2.0 16

10,739 2,636 -8,102 -75.5 17

- - - - 18

- - - - 19

- - - - 20

10,739 2,636 -8,102 -75.5 21

-2,500 -15,148 -12,647 - 22

For the year ended

March 31, 2011

For the year ended

March 31, 2012

Individual insurance

Medical coverage and accelerated death benefits

Medical and cancer



For the year ended

March 31, 2011

For the year ended

March 31, 2012

Rate of change

Individual annuities Net income

Policies in force



Medical and cancer

Individual annuities

New policies


by comparison

Policies in force



Medical and cancer


New policies



Medical and cancer


Net loss

5



4．Business forecast for the year ending March 31, 2013

(1) Tokio Marine Holdings, Inc. (consolidated) （Yen in millions）

2,669,042 2,920,000 250,957 9.4 ％ 1

160,324 165,000 4,675 2.9 2

6,001 105,000 98,998 1,649.5 3

(2) Insurance premiums (consolidated) （Yen in millions）

Insurance premiums 2,669,042 2,920,000 250,957 9.4 ％ 4

2,324,492 2,490,000 165,507 7.1 5

1,783,009 1,840,000 56,990 3.2 6

136,602 138,200 1,597 1.2 7

398,371 499,100 100,728 25.3 86,509 12,700 6,190 95.1 9

344,550 430,000 85,449 24.8 10

371,973 406,900 34,926 9.4 11

-75,302 -95,000 -19,697 - 12

47,878 118,100 70,221 146.7 13

(3) Net income (consolidated) （Yen in millions）

6,001 105,000 98,998 1,649.5 ％ 14

23,206 86,000 62,793 270.6 15

-4,759 1,200 5,959 - 16

6,804 14,600 7,795 114.5 17

-15,148 -19,300 -4,151 - 18

-40,884 63,700 104,584 - 19

27,961 -27,961 20

1,093 1,100 6 0.6 21

7,727 -42,300 -50,027 22

(4) Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated) （Yen in millions）

1,783,009 1,840,000 56,990 3.2 ％ 23

212,120 117,000 -95,120 -44.8 24

23,206 86,000 62,793 270.6 25

5．Dividends forecast (Tokio Marine Holdings, Inc.) （Yen）

Interims

Fiscal year end

* Losses from the Great East Japan Earthquake and New Zealand Earthquake recognized in the first quarter (from January 1, 2011 to March 31, 2011) of

the fiscal year 2011 of "Overseas subsidiaries" were adjusted to be recognized in the fiscal year 2010 (ended March 31, 2011) in consolidated results.

25.00

27.50

27.50

25.00

Annual dividends per share

For the year ending

March 31, 2013

50.00 55.00

For the year ended

March 31, 2012


by comparison

For the year ended

March 31, 2012

For the year ended

March 31, 2012


by comparison

For the year ending

March 31, 2013

For the year ended

March 31, 2012

For the year ended

March 31, 2012


by comparison Rate of change

Rate of change

Rate of change



For the year ending

March 31, 2013

For the year ending

March 31, 2013

For the year ending

March 31, 2013

Net income

Ordinary profit

Net premiums written (non-life)

Tokio Marine & Nichido Financial Life

Life insurance premiums


Nisshin Fire

Net income (consolidated)

Financial and other business subsidiaries

Consolidation adjustment and other




Adjustment relating to natural disasters (*)

Other


Insurance premiums


Nisshin Fire

Other



Ordinary profit

Net income

6



１. Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated)

(1) Balance sheet (Yen in millions)

％％

75,368 0.87 80,647 0.96 5,278

166 519 353

75,202 80,127 4,925

183,300 2.11 114,700 1.37 -68,600

121,967 1.41 304,931 3.64 182,964

807,107 9.31 565,048 6.75 -242,058

14,056 0.16 3,163 0.04 -10,893

6,071,496 70.03 5,992,381 71.61 -79,115

1,786,565 2,024,165 237,599

147,273 115,970 -31,302538,007 518,060 -19,946

2,203,523 1,923,690 -279,832

1,339,275 1,356,454 17,179

56,851 54,039 -2,812

399,491 4.61 333,466 3.99 -66,025

18,445 17,536 -908

381,046 315,929 -65,117

248,786 2.87 235,498 2.81 -13,288

112,175 110,342 -1,833

113,108 109,757 -3,351

6,566 1,789 -4,776

16,935 13,608 -3,327547 0.01 535 0.01 -12

693,410 8.00 617,933 7.38 -75,476

3,500 2,652 -847

152,542 160,654 8,112

20,944 21,498 553

17,711 22,450 4,738

77,916 77,874 -42

27,109 49,913 22,804

10 8 -2

30,676 30,266 -409

10,334 9,884 -450

13,857 13,077 -779

148,904 16,782 -132,121

56,295 58,899 2,604

5,953 7,176 1,223

11 94 83

126,499 145,557 19,057

1,140 1,140 -

65,611 0.76 111,341 1.33

3,164 0.04 20,636 0.25 17,472

-14,301 -0.16 -12,276 -0.15 2,025

8,670,008 100.00 8,368,009 100.00

45,730

(Assets)

Cash and bank deposits

Cash

Land

Policy loans

Ordinary loans

Loans

Tangible fixed assets

Call loans

Bank deposits

As of March 31, 2011 As of March 31, 2012

AmountComposition

ratioAmount

Composition

ratio

Financial statements

Other (domestic)

Securities

Domestic stocks

Foreign securities

Domestic municipal bonds

Domestic corporate bonds

Domestic government bonds

Receivables under resale agreements

Buildings

Monetary receivables bought

Money trusts

Other assets

Accrued premiums

Construction in progress

Other tangible fixed assetsIntangible fixed assets

Agency accounts receivable

Foreign agency accounts receivable

Coinsurance accounts receivable

Reinsurance accounts receivable

Deposits for earthquake insurance

Suspense payment

Initial margins for future transactions

Foreign reinsurance accounts receivable

Proxy service receivable

Accounts receivable

Accrued income


by comparison

-301,999Total assets

Customers' liabilities under acceptances

and guarantees

Allowance for doubtful accounts

Variation margins for future transactions

Derivative assets

Other assets

Deferred tax assets

Deposits

7


(non-consolidated)



(Yen in millions)

％％

5,589,810 64.47 5,283,818 63.14 -305,991

902,620 885,199 -17,420

4,687,189 4,398,618 -288,570

10,000 0.12 39,050 0.47 29,050

1,154,355 13.31 1,181,419 14.12 27,063

17,626 20,290 2,663

51,171 59,970 8,798

52,360 50,782 -1,578

646,436 503,889 -142,546

88,517 170,013 81,496

14,295 38,365 24,07029,799 25,924 -3,875

74 42 -32

77,094 122,908 45,814

62,855 64,008 1,153

157 - -157

106,713 119,419 12,706

3,763 2,395 -1,368

3,484 3,403 -80

4 4 -

161,892 1.87 168,293 2.01 6,400

13,092 0.15 14,533 0.17 1,441

61,470 0.71 65,165 0.78 3,694

61,470 65,165 3,694

3,164 0.04 20,636 0.25 17,472

6,993,785 80.67 6,772,916 80.94 -220,869

101,994 1.18 101,994 1.22 -

123,521 1.42 123,521 1.48 -

123,521 123,521 -

556,531 6.42 508,219 6.07 -48,311

81,099 81,099 -

475,432 427,120 -48,311

17,457 19,377 1,920

235,426 235,426 -

222,548 172,316 -50,232

782,047 9.02 733,735 8.77 -48,311

874,915 10.09 837,958 10.01 -36,956

19,260 0.22 23,398 0.28 4,138

894,175 10.31 861,357 10.29 -32,818

1,676,223 19.33 1,595,092 19.06 -81,130

8,670,008 100.00 8,368,009 100.00(Note) Following the promulgation of the Acts related to lowering the corporate income tax rate, the corporate income tax rate will be changed from the fiscal year beginning on

April 1, 2012. As a result of the change, "Deferred tax assets" (net of deferred tax liabilities) decreased by 8,920 million yen and "Unrealized gains on securities, net of

taxes" increased by 65,123 million yen as of March 31, 2012. Also, "Income before income taxes" increased by 13,698 million yen and "Net income" decreased by 61,772

million yen for the year ended March 31, 2012.

Total valuation and translation adjustments

Total net assets

Deferred gains/losses on hedge transactions

-301,999

Acceptances and guarantees

(Net assets)

Total liabilities and net assets

Special reserve

Retained earnings carried forward

Retained earnings

Additional paid-in capital

Unrealized gains on securities, net of taxes

Total shareholders' equity

Surplus reserve

Other retained earnings

Advanced depreciation reserve for fixed

assets

Share capital

Capital surplus

Deposits received

Unearned revenue

Total liabilities

Price fluctuation reserve

Accounts payable

Suspense receipt

Derivative liabilities

Variation margins for future transactions

Corporate bonds

Outstanding claims

Underwriting reserves

(Liabilities)

Insurance liabilities


AmountComposition

ratioAmount

Composition

ratio


by comparison

Other liabilities

Foreign reinsurance accounts payable

Coinsurance accounts payable

Reinsurance accounts payable

Accrued income taxes

Payables under security lending transactions

Borrowings

Provision for employees' bonus

Lease obligations

Reserve under the special law

Retirement benefit obligations

Other liabilities

Asset retirement obligations

8


(non-consolidated)



(2) Statement of income(Yen in millions)

2,317,917 2,536,527 218,6092,074,105 2,283,766 209,6611,742,746 1,783,009 40,262

118,199 136,169 17,96962,419 58,452 -3,966

- 17,420 17,420150,569 288,570 138,001

171 143 -27236,110 243,352 7,242137,671 141,865 4,194

46 289 243126,787 140,255 13,468

626 7 -61923,464 9,662 -13,801

- 484 484

9,932 9,240 -692-62,419 -58,452 3,966

7,701 9,407 1,7052,172,162 2,324,407 152,2441,821,735 2,000,804 179,0681,094,259 1,370,750 276,491

81,747 83,486 1,738300,906 301,136 229257,580 242,231 -15,349

505 763 25783,260 - -83,260

2,949 1,874 -1,075525 561 36

32,354 23,563 -8,791

75 295 2197,134 13,673 6,53913,645 4,939 -8,706

4,432 3,110 -1,3211,256 - -1,2565,810 1,544 -4,265

313,021 296,849 -16,1725,050 3,189 -1,8602,992 1,793 -1,198

914 - -9148 11 3

1,135 1,384 248145,754 212,120 66,365

2,996 4,119 1,1222,366 3,283 917

630 - -630- 835 835

18,919 59,296 40,3763,928 2,239 -1,6894,436 901 -3,5353,797 3,694 -102

Provision for price fluctuation （ 3,797 ）（ 3,694 ）（ -102 ）

355 52,239 51,883- 221 221

3,663 - -3,663

2,737 - -2,737

129,831 156,942 27,11134,041 54,862 20,821

-4,923 78,873 83,79729,117 133,736 104,618

100,713 23,206 -77,507

For the year ended

March 31, 2011

For the year ended

March 31, 2012

（April 1, 2010 to

March 31, 2011）（

April 1, 2011 to

March 31, 2012）

Impairment losses on investment in subsidiaries and affiliates


by comparison

Amount

Losses on disposal of fixed assets

Investment expenses

Losses on liquidation of subsidiaries and affiliates

Gains on disposal of fixed assets

Operating and general administrative expenses

Other ordinary expenses

Provision under the special law

Ordinary profit

Extraordinary gains

Losses on bad debts

Underwriting income

Reversal of provision for fixed assets demolition

Extraordinary losses

Other extraordinary gains

Impairment losses on fixed assets

Net income

Income before income taxes

Income taxes - current

Income taxes - deferred

Reversal of outstanding claims

Reversal of underwriting reserves

Total income taxes

Impairment losses in debt securities issued by subsidiaries

and affiliates

Effect of initial application of accounting standard for asset

retirement obligations

Agency commissions and brokerage

Maturity refunds to policyholders

Loss adjustment expenses

Amount

Ordinary income

Investment income

Ordinary expenses


Deposit premiums from policyholders

Investment income on deposit premiums

Dividends to policyholders


Other underwriting income

Interest and dividends

Gains on money trusts

Gains on sales of securities

Gains on redemption of securities

Gains on derivatives

Foreign exchange gains

Other investment income

Transfer of investment income on deposit premiums

Net claims paid

Other ordinary income

Underwriting expenses

Foreign exchange losses

Other underwriting expenses

Losses on money trustsLosses on sales of securities

Impairment losses on securities

Losses on redemption of securities



Other investment expenses

Interest expenses

Increase in allowance for doubtful accounts

9


(non-consolidated)



(3) Statement of changes in shareholders' equity

For the year ended March 31, 2012（April 1, 2011 to March 31, 2012） (Yen in millions)

Shareholders' equityValuation and translation

adjustments

Capital

surplus

Advanced

depreciation

reserve for

fixed assets

Special

reserve

Retained

earnings

carried

forward

101 ,9 94 1 23, 521 81 ,09 9 1 7, 457 235, 42 6 22 2, 548 782, 04 7 87 4,9 15 19, 260 1 ,67 6, 223

Provision for advanced depreciation

reserve for fixed assets2,994 -2,994 - -

Reversal of advanced depreciation

reserve for fixed assets-1,074 1,074 - -

Dividends -71,518 -71,518 -71,518

Net income 23,206 23,206 23,206

Net changes in items other than

shareholders' equity-36,956 4,138 -32,818

- - - 1,920 - -50,232 -48,311 -36,956 4,138 -81,130

101 ,9 94 1 23, 521 81 ,09 9 1 9, 377 235, 42 6 17 2, 316 733, 73 5 83 7,9 58 23, 398 1 ,59 5, 092

Total net

assets

Retained earnings


Share capital

Total

shareholders'

equity

Unrealized

gains on

securities,

net of taxes

Balance as of March 31, 2012

Total changes during the year ended

March 31, 2012

Deferred

gains/losses

on hedge

transactions

Additional

paid-in

capital

Surplus

reserve

Changes during the year ended March

31, 2012

Balance as of April 1, 2011

10


(non-consolidated)



(4) Underwriting


Fire and allied lines 277,126 15.0 -4.8 299,849 15.6 8.2

Hull and cargo 67,863 3.7 6.8 67,710 3.5 -0.2

Personal accident 151,738 8.2 2.1 152,720 7.9 0.6

Voluntary automobile 855,744 46.2 0.4 870,667 45.2 1.7

Compulsory automobile liability 201,953 10.9 1.1 225,103 11.7 11.5

Other 297,035 16.0 0.6 311,616 16.2 4.9

Total 1,851,461 100.0 0.1 1,927,668 100.0 4.1

(Deposit premiums from policyholders) ( 118,199 ) ( - ) ( -9.4 ) ( 136,169 ) ( - ) ( 15.2 )


Fire and allied lines 219,104 12.6 -4.8 233,696 13.1 6.7

Hull and cargo 59,633 3.4 7.6 59,334 3.3 -0.5

Personal accident 148,376 8.5 2.3 149,964 8.4 1.1


Compulsory automobile liability 218,469 12.5 2.9 233,325 13.1 6.8Other 246,341 14.1 -0.4 241,042 13.5 -2.2

Total 1,742,746 100.0 0.4 1,783,009 100.0 2.3

Net claims paid

Fire and allied lines 86,554 -6.6 41.5 357,313 312.8 154.8

Hull and cargo 31,337 -9.7 55.7 36,330 15.9 64.4Personal accident 79,787 -0.3 57.0 77,845 -2.4 55.4


Compulsory automobile liability 219,566 0.3 107.5 219,019 -0.2 101.3

Other 120,920 -5.4 52.0 118,319 -2.2 52.0

Total 1,094,259 -0.2 67.5 1,370,750 25.3 81.6

Amount Rate of Loss ratio

change (%) (%)

)March 31, 2012

April 1, 2011 to

For the year ended March 31, 2011

Amount Rate of Loss ratio

March 31, 2011

Amount Composition Rate of

(Yen in millions) ratio (%) change (%)



(Yen in millions) ratio (%) change (%)

Rate of

For the year ended March 31, 2011 For the year ended March 31, 2012

(April 1, 2010 to

) (April 1, 2011 to

Amount Composition

(Yen in millions)

(Yen in millions) change (%) (%) (Yen in millions)


(April 1, 2010 to

) (

ratio (%) change (%)


Composition Rate of


March 31, 2012

(Yen in millions)

Amount

)March 31, 2011 March 31, 2012

(April 1, 2010 to

) (April 1, 2011 to

)March 31, 2011

11


(non-consolidated)



(5) Investment

Yield on investments (interest income basis) (Yen in millions,％)

Interest anddividends

Average balance Annual yield Interest anddividends

Average balance Annual yield

Bank deposits 403 61,433 0.66 369 46,720 0.79Call loans 82 78,137 0.11 119 125,402 0.10

152 124,533 0.12 152 139,362 0.11

11 9,482 0.12 8 7,898 0.11

Monetary receivables bought 2,914 1,057,685 0.28 1,700 606,411 0.28Money trusts 129 13,621 0.95 56 7,364 0.77Securities 113,044 4,750,835 2.38 120,916 4,801,840 2.52

Domestic bonds 36,875 2,413,617 1.53 37,173 2,515,595 1.48Domestic stocks 45,503 940,648 4.84 47,166 862,245 5.47

Foreign securities 30,797 1,329,997 2.32 32,367 1,368,159 2.37Other (domestic) -131 66,572 -0.20 4,209 55,839 7.54Loans 8,034 444,081 1.81 6,866 369,929 1.86Land and buildings 10,426 233,756 4.46 9,892 227,462 4.35Total 135,199 6,773,567 2.00 140,083 6,332,391 2.21

(Reference) (Yen in millions,％)

Net investment

incomeAverage balance Annual yield

Net investment


266,174 6,773,567 3.93 278,242 6,332,391 4.39

-77,715 8,492,468 -0.92 120,991 7,703,154 1.57

Gains and losses on sales of securities, impairment losses on securities (Yen in millions)

Gains and losses

on sales

Impairment losses

on securities

Gains and losses

on sales

Impairment losses

on securities

Gains and losses

on sales

Impairment losses

on securities

Domestic bonds 2,059 - 6,188 249 4,128 249Domestic stocks 116,438 10,799 122,341 2,094 5,902 -8,704Foreign securities 1,250 2,228 -1,947 1,531 -3,198 -697

Other (domestic) -96 616 - 1,064 96 447Total 119,652 13,645 126,581 4,939 6,929 -8,706

Other securities (available for sale) (Yen in millions)

CostFair value shown on

balance sheetDifference Cost

Fair value shown on

balance sheetDifference

Domestic bonds 2,301,686 2,351,386 49,699 2,450,937 2,537,864 86,926Domestic stocks 791,724 2,102,594 1,310,870 705,726 1,824,766 1,119,040Foreign securities 436,734 454,233 17,499 388,952 406,969 18,016Other (domestic) 843,765 849,185 5,419 604,066 603,443 -623Total 4,373,911 5,757,399 1,383,488 4,149,683 5,373,043 1,223,360(Note) The table above shows "Other securities (available for sale)" measured at fair value, which includes monetary receivables

bought on balance sheet.

March 31, 2011 March 31, 2012

March 31, 2012

April 1, 2011 to

March 31, 2011

April 1, 2010 to

For the year ended March 31,

2012

For the year ended March 31,

2011 Increase or decrease

by comparison

April 1, 2010 to April 1, 2011 to

March 31, 2011 March 31, 2012



April 1, 2011 toApril 1, 2010 to


Receivables under resale

agreements

Receivables under security

borrowing transactions

Investment yield

(accrual basis)

Investment yield(fair value basis)

( ) )(

( ) )(

( ) )(

12


(non-consolidated)



(Yen in millions)

(Ａ) Total amount of solvency margin 3,529,689 3,066,662 3,529,689762,040 719,974 762,040

Price fluctuation reserve 61,470 65,165 61,470Contingency reserve - - -Catastrophe loss reserve 1,045,992 851,808 1,045,992General allowance for doubtful accounts 2,687 2,161 2,687

1,232,724 1,087,380 1,232,724

Net unrealized gains/losses on land 170,151 159,075 170,151Excess of policyholders' contract deposits - - -Subordinated debt, etc. - - -

- -

Deductions 10,000 9,983 10,000Other 264,621 191,081 264,621

(Ｂ) Total amount of risks

（Ｒ１＋Ｒ２）２＋（Ｒ３＋Ｒ４）

２＋Ｒ５＋Ｒ６

General insurance risk （Ｒ１） 151,493 152,675 101,451Third sector insurance risk （Ｒ２） - - -Assumed interest risk （Ｒ３） 29,781 28,778 8,290Asset management risk （Ｒ４） 718,400 630,738 408,970Business administration risk （Ｒ５） 25,610 21,749 18,552Catastrophe risk （Ｒ６） 380,831 275,270 408,926

(Ｃ) Solvency margin ratio

[(Ａ)/{(Ｂ)×1/2}]×100

(Note)

(6) Solvency margin ratio (non-consolidated)

Total net assets

Amounts within "Excess of policyholders' contract deposits"

and "Subordinated debt, etc." not calculated into the margin

As of March 31, 2011

(New standard)


(New standard)

Net unrealized gains/losses on securities

(prior to tax effect deductions)

"Solvency margin ratio" is the ratio calculated in accordance with Article 86 and 87 of the Enforcement Regulation of the Insurance Business

Law and Ordinance No.50 issued by the Ministry of Finance in 1996. There was a partial revision to standards for calculating the total

amount of the solvency margin and the total amount of risks including more strict measurement of risk, following Article 23 of the Cabinet

Office Ordinance in 2010 and Ordinance No.48 issued by the Ministry of Finance in 2010. "New standard" reflects this change and was

applied starting March 31, 2012.

603.4% 629.7%

1,169,807 973,977


(Former standard)

856,895

823.8%

13


(non-consolidated)



２． Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated)


(Assets) ％％Cash and bank deposits 35,273 8.23 20,188 4.94 -15,084

Cash 33 26 -7Bank deposits 35,239 20,162 -15,077

Securities 279,920 65.32 298,267 72.93 18,346Domestic government bonds 100,195 135,725 35,530Domestic municipal bonds 6,165 6,938 773Domestic corporate bonds 98,919 95,544 -3,375Domestic stocks 38,425 34,744 -3,681Foreign securities 31,442 20,782 -10,659Other (domestic) 4,772 4,531 -241

Loans 10,737 2.51 5,822 1.42 -4,914Policy loans 591 535 -55Ordinary loans 10,146 5,287 -4,858

Tangible fixed assets 33,805 7.89 33,167 8.11 -637Land 20,234 20,248 13Buildings 12,421 11,813 -607Lease assets 44 33 -11Other tangible fixed assets 1,105 1,072 -32

Intangible fixed assets 94 0.02 91 0.02 -2Other assets 37,967 8.86 28,572 6.99 -9,395

Accrued premiums 7 10 2Agency accounts receivable 6,351 6,278 -72Coinsurance accounts receivable 344 411 67Reinsurance accounts receivable 6,305 6,826 521Foreign reinsurance accounts receivable 534 1,463 928Accounts receivable 2,326 2,450 123Accrued income 659 669 9Deposits 1,137 1,240 102Deposits for earthquake insurance 11,842 1,264 -10,578Suspense payment 4,444 4,401 -43Derivative assets 47 288 241Other assets 3,965 3,267 -697

Deferred tax assets 32,358 7.55 23,912 5.85 -8,446Allowance for doubtful accounts -1,647 -0.38 -1,063 -0.26 583Total assets 428,509 100.00 408,959 100.00 -19,550


Compositionratio

Compositionratio

Amount Amount

As of March 31, 2011Increase or decrease

by comparison

14

Nisshin Fire

(non-consolidated)



(Yen in millions)

(Liabilities) ％％Insurance liabilities 346,869 80.95 326,930 79.94 -19,938

Outstanding claims 51,801 51,437 -364Underwriting reserves 295,067 275,493 -19,574

Other liabilities 13,175 3.07 14,916 3.65 1,741Coinsurance accounts payable 439 378 -60Reinsurance accounts payable 4,204 4,770 566Foreign reinsurance accounts payable 266 763 497Accrued income taxes 388 388 -0Deposits received 306 346 40Unearned revenue 7 7 0Accounts payable 2,072 2,320 247Suspense receipt 5,250 5,846 595Derivative liabilities 150 17 -133Lease obligations 46 34 -11Asset retirement obligations 40 39 -0Other liabilities 2 2 -

Retirement benefit obligations 904 0.21 1,648 0.40 744Provision for employees' bonus 482 0.11 548 0.13 66Reserve under the special law 731 0.17 953 0.23 221

Price fluctuation reserve 731 953 221

Total liabilities 362,163 84.52 344,998 84.36 -17,164

(Net assets)

Share capital 20,389 4.76 20,389 4.99 -

Capital surplus 15,518 3.62 15,518 3.79 -Additional paid-in capital 12,620 12,620 -Other capital surplus 2,898 2,898 -

Retained earnings 23,573 5.50 18,814 4.60 -4,759Surplus reserve 7,732 7,732 -Other retained earnings 15,841 11,081 -4,759

Special reserve 10,840 10,840 -

1,690 1,818 128

Retained earnings carried forward 3,310 -1,576 -4,887Total shareholders' equity 59,481 13.88 54,722 13.38 -4,759Unrealized gains on securities, net of taxes 6,865 1.60 9,238 2.26 2,373Total valuation and translation adjustments 6,865 1.60 9,238 2.26 2,373

Total net assets 66,346 15.48 63,960 15.64 -2,385Total liabilities and net assets 428,509 100.00 408,959 100.00 -19,550(Note)

Compositionratio

Compositionratio

Amount Amount

As of March 31, 2011 As of March 31, 2012Increase or decrease

by comparison

Advanced depreciation reserve

for fixed assets

Following the promulgation of the Acts related to lowering the corporate income tax rate, the corporate income tax rate will be changed from the fiscal year

beginning on April 1, 2012. As a result of the change, "Deferred tax assets" (net of deferred tax liabilities) decreased by 4,092 million yen and "Unrealized gains on

securities, net of taxes" increased by 550 million yen as of March 31, 2012. Also, "Income before income taxes" increased by 1,763 million yen and "Net income"

decreased by 2,879 million yen for the year ended March 31, 2012.

15

Nisshin Fire

(non-consolidated)



(2) Statement of income

(Yen in millions)

Ordinary income

165,491 171,781 6,289Underwriting income 154,764 164,386 9,622 Net premiums written 134,063 136,602 2,539Deposit premiums from policyholders 7,102 5,470 -1,631Investment income on deposit premiums 2,577 2,347 -230Reversal of outstanding claims - 364 364Reversal of underwriting reserves 10,988 19,574 8,585Other underwriting income 32 27 -4

Investment income 10,155 7,254 -2,900Interest and dividends 5,519 4,671 -847Gains on sales of securities 6,384 4,259 -2,125Gains on redemption of securities 480 221 -259Gains on derivatives 342 447 104Foreign exchange gains - 1 1Other investment income 6 0 -6

Transfer of investment income on deposit premiums -2,577 -2,347 230Other ordinary income 572 140 -432Ordinary expenses 162,973 167,570 4,596

Underwriting expenses 135,090 142,176 7,085 Net claims paid 81,582 95,260 13,678Loss adjustment expenses 7,145 9,080 1,935Agency commissions and brokerage 24,525 23,906 -618Maturity refunds to policyholders 16,348 13,796 -2,552Dividends to policyholders 3 2 -1Provision for outstanding claims 5,352 - -5,352Foreign exchange losses 29 26 -2Other underwriting expenses 103 102 -1

Investment expenses 1,652 963 -689Losses on sales of securities 126 835 708Impairment losses on securities 1,181 1 -1,179

Losses on redemption of securities 189 85 -103Foreign exchange losses 91 - -91Other investment expenses 63 40 -22

Operating and general administrative expenses 26,131 24,292 -1,839Other ordinary expenses 98 138 39

Losses on bad debts 0 0 -0Other ordinary expenses 98 138 39

Ordinary profit 2,517 4,211 1,693Extraordinary gains 564 48 -515

Gains on disposal of fixed assets 537 46 -490Other extraordinary gains 27 2 -25

Extraordinary losses 946 441 -504Losses on disposal of fixed assets 157 46 -111Provision under the special law 225 221 -3

Provision for price fluctuation （ 225 ）（ 221 ）（ -3 ）

48 - -48Other extraordinary losses 514 174 -340

Income before income taxes 2,136 3,818 1,681Income taxes - current 120 108 -11Income taxes - deferred 495 8,469 7,973Total income taxes 616 8,577 7,961

Net income/loss 1,520 -4,759 -6,279

)April 1, 2011 to

March 31, 2012

Effect of initial application of accounting standard for asset retirement obligations

April 1, 2010 to

March 31, 2011((


by comparison

For the year ended

March 31, 2011

For the year ended

March 31, 2012

AmountAmount

)

16

Nisshin Fire

(non-consolidated)




For the year ended March 31, 2012 （April 1, 2011 to March 31, 2012） (Yen in millions)

Shareholders' equityValuation and translation

adjustments

Special

reserve

Advanced

depreciation

reserve for

fixed assets

Retained

earnings

carried

forward

Balance as of April 1, 2011 20,389 12,620 2,898 7,732 10,840 1,690 3,310 59,481 6,865 66,346

Provision for advanced depreciation

reserve for fixed assets140 -140 - -

Reversal of advanced depreciation

reserve for fixed assets-12 12 - -

Net loss -4,759 -4,759 -4,759


shareholders' equity2,373 2,373

- - - - - 128 -4,887 -4,759 2,373 -2,385

Balance as of March 31, 2012 20,389 12,620 2,898 7,732 10,840 1,818 -1,576 54,722 9,238 63,960

Total net

assetsShare

capital

Total

shareholders'

equity

Unrealized

gains on

securities,

net of taxes

Additional

paid-in

capital

Capital surplus Retained earnings

Surplus

reserve


Other

capital

surplus

Changes during the year ended March

31, 2012

Total changes during the year ended

March 31, 2012

17

Nisshin Fire

(non-consolidated)



(4) Underwriting


Fire and allied lines 26,841 19.2 1.5 27,652 19.2 3.0

Hull and cargo -11 -0.0 -672.3 - - -

Personal accident 9,714 6.9 1.0 9,640 6.7 -0.8



Other 8,871 6.3 -3.9 8,705 6.1 -1.9

Total 139,931 100.0 1.5 143,736 100.0 2.7

(Deposit premiums from policyholders) ( 7,102 ) ( - ) ( -10.7 ) ( 5,470 ) ( - ) ( -23.0 )


Fire and allied lines 23,358 17.4 0.9 23,256 17.0 -0.4

Hull and cargo 66 0.0 -52.8 93 0.1 40.8

Personal accident 9,607 7.2 1.0 9,512 7.0 -1.0



Other 8,368 6.2 -3.3 8,243 6.0 -1.5Total 134,063 100.0 1.7 136,602 100.0 1.9

Net claims paid

Fire and allied lines 9,232 6.8 41.9 24,854 169.2 110.6

Hull and cargo 99 -24.0 163.5 128 29.7 146.9

Personal accident 5,867 2.5 66.8 5,630 -4.0 65.1

Voluntary automobile 46,935 5.6 67.4 45,325 -3.4 65.8


Other 4,669 5.8 61.5 4,276 -8.4 57.8

Total 81,582 4.7 66.2 95,260 16.8 76.4

)March 31, 2012

March 31, 2011(

April 1, 2011 to)

March 31, 2012


(Yen in millions) ratio (%)

April 1, 2011 toMarch 31, 2012

( )


Amount Composition Rate of Amount Composition Rate of

( )April 1, 2010 to

March 31, 2011

Amount Rate of


(Yen in millions)

March 31, 2011

change (%)

(April 1, 2011 to


change (%)


Loss ratio Amount

(April 1, 2010 to

ratio (%)

(Yen in millions)

(April 1, 2010 to

)

Amount


Composition Rate of

ratio (%)

(Yen in millions) change (%) (%) (Yen in millions)


)

change (%) (%)

change (%) (Yen in millions)

Rate of Loss ratio


18

Nisshin Fire

(non-consolidated)



(5) Investment

Yield on investments (interest income basis) (Yen in millions, ％)


March 31, 2011 March 31, 2012Interest and

dividendsAverage balance Annual yield

Interest and

dividendsAverage balance Annual yield

Bank deposits 7 23,542 0.03 4 23,886 0.02Securities 4,798 279,149 1.72 4,183 282,234 1.48

Domestic bonds 3,208 206,813 1.55 2,922 224,057 1.30Domestic stocks 822 31,310 2.63 659 26,766 2.46Foreign securities 753 35,747 2.11 536 26,304 2.04Other (domestic) 13 5,278 0.26 64 5,107 1.27

Loans 298 16,474 1.81 143 8,179 1.75Land and buildings 279 33,260 0.84 261 32,615 0.80

5,382 352,427 1.53 4,591 346,916 1.32

(Reference) (Yen in millions, ％)


March 31, 2011 March 31, 2012

Net investment


Net investment


11,080 352,427 3.14 8,638 346,916 2.49

4,985 368,339 1.35 11,259 356,682 3.16


Gains and losses

on sales

Impairment losses

on securities

Gains and losses

on sales

Impairment losses

on securities

Gains and losses

on sales

Impairment losses

on securities

Domestic bonds 4,144 9 1,485 - -2,659 -9Domestic stocks 2,039 1,034 2,290 1 250 -1,033Foreign securities 49 137 -396 - -446 -137Other (domestic) 23 - 44 - 21 -

6,257 1,181 3,424 1 -2,833 -1,179

Other securities (available for sale) (Yen in millions)

CostFair value shown

on balance sheetDifference Cost

Fair value shown

on balance sheetDifference

Domestic bonds 204,123 205,204 1,081 233,376 238,145 4,769Domestic stocks 25,006 35,027 10,021 22,843 31,262 8,419Foreign securities 31,871 30,768 -1,103 20,561 19,961 -599Other (domestic) 5,284 5,271 -13 5,139 5,176 36

266,285 276,271 9,985 281,919 294,545 12,626

(Note) The table above shows "Other securities (available for sale)" measured at fair value, which includes bank deposits on balance sheet.

Total

Total

Investment yield

(accrual basis)Investment yield

(fair value basis)



by comparison

For the year ended

March 31, 2012

For the year ended

March 31, 2011


March 31, 2011 March 31, 2012



Total

)( )(

)( )(

)( )(

19

Nisshin Fire

(non-consolidated)



(Yen in millions)

(Ａ) Total amount of solvency margin 139,809 122,231 139,80959,481 54,722 59,481

Price fluctuation reserve 731 953 731

Contingency reserve - - -Catastrophe loss reserve 63,779 52,900 63,779General allowance for doubtful accounts 161 121 161

8,789 11,148 8,789

Net unrealized gains/losses on land -2,193 -2,639 -2,193Excess of policyholders' contract deposits - - -Subordinated debt, etc. - - -

- -

Deductions - - -Other 9,058 5,024 9,058

(Ｂ) Total amount of risks

（Ｒ１＋Ｒ２）２＋（Ｒ３＋Ｒ４）

２＋Ｒ５＋Ｒ６

General insurance risk （Ｒ１） 11,530 11,751 7,768Third sector insurance risk （Ｒ２） - - -Assumed interest risk （Ｒ３） 1,486 1,415 402Asset management risk （Ｒ４） 11,960 11,260 7,945Business administration risk （Ｒ５） 1,008 1,456 831Catastrophe risk （Ｒ６） 25,437 24,113 25,437

(Ｃ) Solvency margin ratio

[(Ａ)/{(Ｂ)×1/2}]×100

(Note)


(Former standard)

37,672

742.2%

"Solvency margin ratio" is the ratio calculated in accordance with Article 86 and 87 of the Enforcement Regulation of the Insurance

Business Law and Ordinance No.50 issued by the Ministry of Finance in 1996. There was a partial revision to standards for calculating

the total amount of the solvency margin and the total amount of risks including more strict measurement of risk, following Article 23 of

the Cabinet Office Ordinance in 2010 and Ordinance No.48 issued by the Ministry of Finance in 2010. "New standard" reflects thischange and was applied starting March 31, 2012.

633.1% 570.4%

44,160 42,854


Total net assets

Amounts within "Excess of policyholders' contract deposits"

and "Subordinated debt, etc." not calculated into the margin


(New standard)


(New standard)

Net unrealized gains/losses on securities

(prior to tax effect deductions)

20

Nisshin Fire

(non-consolidated)



３. E.design Insurance Co., Ltd. (non-consolidated)


％％

7,484 40.09 9,989 38.48 2,505

7,484 9,989 2,505

54 0.29 47 0.18 -7

30 24 -5

23 22 -1

0 0.00 0 0.00 -

0 0 -

11,128 59.61 15,926 61.34 4,798

379 828 449

1 0 -1

0 0 0

58 44 -14

133 306 172

10,555 14,746 4,190

18,667 100.00 25,963 100.00 7,296

2,307 12.36 4,603 17.73 2,295

464 1,058 594

1,843 3,544 1,701

992 5.32 1,771 6.82 778

10 14 3

0 1 0626 1,079 453

326 648 321

17 16 -0

11 11 0

9 0.05 20 0.08 10

61 0.33 75 0.29 13

- - 3 0.02 3

3,372 18.07 6,474 24.94 3,102

10,553 56.54 14,153 54.51 3,599

10,553 56.54 14,153 54.51 3,599

10,553 14,153 3,599-5,812 -31.14 -8,818 -33.97 -3,005

-5,812 -8,818 -3,005

-5,812 -8,818 -3,005

15,294 81.93 19,488 75.06 4,194

15,294 81.93 19,488 75.06 4,194

18,667 100.00 25,963 100.00 7,296Total liabilities and net assets

Total net assets


Retained earnings

Share capital

Asset retirement obligations




(Net assets)

Deferred tax liabilities

Provision for employees' bonus

Lease obligations


(Liabilities)


Capital surplus

Deposits received

Total liabilities

Accounts payable

Suspense receipt

Outstanding claims


Other liabilities


(Assets)



Bank deposits

As of March 31, 2011 As of March 31, 2012 Increase or

decrease by

comparisonAmount Composition ratio Amount Composition ratio

Buildings

Other intangible fixed assets

Other assets

Accrued premiums

Other tangible fixed assets

Intangible fixed assets

Accounts receivable

Accrued income

Deposits

Suspense payment

Total assets

Deferred assets under Article 113

of the Insurance Business Law

21

E.design

(non-consolidated)




2,860 5,219 2,358

2,856 5,214 2,3582,856 5,213 2,357

0 1 03 2 -14 3 -0

-0 -1 -00 3 2

5,104 8,215 3,1113,202 5,551 2,3481,346 2,554 1,208

624 700 76238 594 355993 1,701 708

4,704 6,854 2,1491,062 1,660 598

0 0 -0

1,061 1,659 598

0 0 0

-3,865 -5,850 -1,985

-2,243 -2,995 -7522 0 -2- 0 0

2 - -2

-2,245 -2,995 -7505 5 -- 3 35 9 3

-2,251 -3,005 -754

April 1, 2010 to(

Amount

()March 31, 2011




Amortization of deferred assets under Article 113 of

the Insurance Business Law

Deferred expenses under Article 113 of the Insurance

Business Law

Effect of initial application of accounting standard for

asset retirement obligations

Ordinary loss

For the year ended

March 31, 2012Increase or decrease

by comparison)April 1, 2011 to

March 31, 2012

For the year ended

March 31, 2011

Operating and general administrative expenses


Investment income on deposit premiums

Underwriting income

Amount

Ordinary income

Investment income

Total income taxes



Underwriting expenses


Interest expenses

Loss adjustment expenses

Transfer of investment income on deposit premiums

Net claims paid

Ordinary expenses



Net loss



Loss before income taxes

22

E.design

(non-consolidated)




For the year ended March 31, 2012 (April 1, 2011 to March 31, 2012) (Yen in millions)

Shareholders' equity

Capital surplus Retained earnings

Other retained

earnings

Retained earnings

carried forward

Balance as of April 1, 2011 10,553 10,553 -5,812 15,294 15,294

Issuance of new shares 3,599 3,599 7,199 7,199

Net loss -3,005 -3,005 -3,005

3,599 3,599 -3,005 4,194 4,194

Balance as of March 31, 2012 14,153 14,153 -8,818 19,488 19,488

Total net assetsShare capital

Total shareholders'

equity

Total changes during the year

ended March 31, 2012

Additional paid-in

capital

Changes during the year ended

March 31, 2012

23

E.design

(non-consolidated)



4. Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated)


％％

49,706 1.33 23,813 0.61 -25,892

0 0 -

49,705 23,813 -25,892

12,341 0.33 4,391 0.11 -7,950

30,725 0.82 58,753 1.51 28,028

166,955 4.48 176,979 4.56 10,023

- - - - -

3,323,246 89.15 3,483,975 89.73 160,729

2,902,649 3,196,192 293,54330,606 12,662 -17,944

237,578 159,752 -77,826

405 342 -62

152,006 115,025 -36,980

58,551 1.57 61,197 1.58 2,646

58,551 61,197 2,646

956 0.03 943 0.02 -12

319 282 -36

636 661 24

27 0.00 27 0.00 -

482 0.01 525 0.01 42

1,583 0.04 2,087 0.05 50336,378 0.98 39,751 1.02 3,373

25,784 27,617 1,832

129 132 2

8,808 8,729 -79

962 898 -64

419 1,565 1,145

274 810 535

47,688 1.28 31,216 0.80 -16,471

-772 -0.02 -853 -0.02 -81

3,727,869 100.00 3,882,809 100.00 154,939


by comparison

Derivative assets

Suspense payment

Deferred tax assets


Total assets

AmountComposition

ratioAmount

Composition

ratio


(Assets)


Cash

Bank deposits

Call loans

Receivables under security borrowing

transactions

Monetary receivables bought

Money trusts

Securities

Domestic government bondsDomestic municipal bonds


Domestic stocks

Foreign securities

Loans

Policy loans


Buildings



Other assets



Accounts receivable

Prepaid expenses

Accrued income

Deposits

24


(non-consolidated)



(Yen in millions)

％％

2,870,125 76.99 3,086,007 79.48 215,882

15,925 17,255 1,329

2,778,004 2,990,432 212,427

76,195 78,319 2,124

3,966 0.11 4,289 0.11 322

3,006 0.08 3,145 0.08 139

750,502 20.13 658,299 16.95 -92,202

729,402 638,149 -91,253

5,640 3,858 -1,782

170 187 17

7,887 8,688 8001 - -1

118 175 56

9 - -9

6,109 5,945 -164

343 322 -20

819 973 154

2,206 0.06 2,668 0.07 462

3,611 0.10 3,969 0.10 358

3,611 3,969 358

3,633,417 97.47 3,758,380 96.80 124,962

55,000 1.48 55,000 1.42 -

35,000 0.94 35,000 0.90 -

35,000 35,000 -

754 0.02 7,559 0.19 6,804

754 7,559 6,804

754 7,559 6,804

90,754 2.43 97,559 2.51 6,804

6,587 0.18 27,723 0.71 21,136

-2,890 -0.08 -854 -0.02 2,035

3,697 0.10 26,869 0.69 23,172

94,451 2.53 124,428 3.20 29,976

3,727,869 100.00 3,882,809 100.00 154,939(Note) １. Underwriting reserves are reserves set forth in accordance with Article 116 of the Insurance Business Law. As for calculation of premium reserves

for individual life and annuity policies, the following methods were adopted starting from the fiscal year ended March 31, 2012, while five-year Zillmer

method had been previously used in accordance with Article 69 paragraph4, section4 of the Enforcement Regulation of the Insurance Business Law. (1) The amounts of reserves for policies subject to the standard policy reserve rules are calculated using the methods defined in Ordinance No.48

issued by the Ministry of Finance in 1996.

(2) The amounts of reserves for other policies are calculated using the net level premium method.

The above change had no impact on the amounts of premium reserves nor on profit or loss.

As for underwriting reserves as of March 31, 2011, the amount of 103,352 million yen was funded in addition to reserves calculated by five-year Zillmer

method, whereby the standard amount of underwriting reserves required under the Insurance Business Law was fulfilled.

２. Following the promulgation of the Acts related to lowering the corporate income tax rate, the corporate income tax rate will be changed from the fiscal

year beginning on April 1, 2012. As a result of the change, "Deferred tax assets" (net of deferred tax liabilities) decreased by 4,565 million yen and

"Unrealized gains on securities, net of taxes" increased by 2,160 million yen as of March 31, 2012. Also, "Net income" decreased by 6,659 million yen

for the year ended March 31, 2012.

３. The amount of loans and receivables by obligor classifications is as follows:

・Bankrupt and quasi-bankrupt 0 million yen ・Doubtful none

・ Normal 698,985 million yen ・Substandard none

The amount of "past due loans" in accordance with Article 59, paragraph2, section1-5-2 of the Enforcement Regulations of the

Insurance Business Law of Japan is 0 million yen. There is no amount of "loans to borrowers in bankruptcy", "loans contractually past due for three

months or more" and "restructured loans".

Payables under security lending transactions

Total net assets



Deferred gains/losses on hedge transactions

Accrued expenses

Lease obligations

Total liabilities

Retained earnings

Total liabilities and net assets







(Net assets)


Share capital

Capital surplus

Suspense receipt

Unearned revenue

Deposits received

Guarantee deposits received



Accounts payable

Outstanding claims

(Liabilities)

AmountComposition

ratioAmount

Composition

ratio


by comparison

Other liabilities

Agency accounts payable


Reserve for dividends to policyholders



25


(non-consolidated)




553,402 579,391 25,989475,912 505,530 29,618470,129 497,085 26,956

5,783 8,444 2,66172,835 69,120 -3,71563,117 63,139 21

Interest on bank deposits 26 31 4Interest and dividends on securities 61,186 61,031 -154Interest on loans 1,624 1,720 95Other interest and dividends 280 355 75

8,674 5,955 -2,7191,021 - -1,021

21 25 44,653 4,740 86

671 307 -3643,765 4,325 559216 107 -109

533,998 552,396 18,398240,827 242,637 1,810

39,380 47,857 8,4763,681 4,582 901

79,936 60,287 -19,649107,366 118,265 10,899

829 979 1499,632 10,665 1,033

173,175 213,757 40,5811,749 1,329 -419

171,426 212,427 41,0010 0 0

28,775 5,259 -23,516761 721 -394,767 2,117 -2,650

- 1,974 1,97423,103 357 -22,745

139 83 -563 3 -0

85,388 84,583 -8055,831 6,159 3282,961 3,037 751,682 1,779 96

253 335 81422 462 39510 545 35

19,404 26,994 7,590

755 556 -19813 23 9423 358 -64


150 150 -

168 - -168

- 24 249,954 4,971 -4,9838,694 21,466 12,7728,904 8,004 -899

-5,433 6,657 12,0913,470 14,661 11,1915,223 6,804 1,581

(Note) For the year ended March 31, 2011, 17,160 million yen was additionally reserved to the underwriting reserves which is calculated by the five-year Zillmer method.

(April 1, 2011 to

March 31, 2012)

April 1, 2010 to

March 31, 2011( )

Losses on derivatives

Interest expenses

Losses on sales of securities

Investment expenses

Benefits

Surrender benefits

Other refunds

Reinsurance premiums

Total income taxes

Taxes

Depreciation

Other extraordinary losses

Increase in retirement benefit obligations




Other investment income

Income from annuity riders





Investment income


Insurance premiums

Amount

Insurance premiums and other

Ordinary income

Amount

For the year ended

March 31, 2012

For the year ended

March 31, 2011Increase or decrease

by comparison

Other investment expenses


Operating expenses

Provision for underwriting reserves and other



Interest on reserve for dividends to policyholders


Increase in allowance for doubtful accounts


Net income

Income before income taxes

Provision for reserve for dividends to policyholders



Deferred insurance amount

Ordinary profit

Loss on support of subsidiaries



Deferred insurance amount


Insurance claims

Annuity payments

Insurance claims and other

Ordinary expenses

26


(non-consolidated)




(Yen in millions)

Ａ


Ｂ

Ａ＋Ｂ

Ｃ

Ａ＋Ｂ＋Ｃ


For the year ended March 31, 2012 (April 1, 2011 to March 31, 2012) (Yen in millions)

55,000 94,451

6,804

29,976

55,000 124,428

23,172

26,86927,723

-2,890

2,035

2,035

-854

21,136

21,136

6,587

6,804

7,559

90,754

6,804

6,804

97,559

754

6,804

35,000

1,053

4,626

28,047

31

Additional

paid-in capital

Unrealized

gains on

securities, net

of taxesRetained earnings

carried forward

1,022

26,994

Other retained

earnings

357

8,179

-

-775

-22,745

23,172

7,590

Total net

assets

23,172

Deferred

gains/losses

on hedge

transactions

Total

valuation and

translation

adjustments

3,697

Valuation and translation adjustments

Capital losses

Losses on sales of securities

3,126

4,767

4,454

24,219

2,117

27,871

For the year ended

March 31, 2012

14,466

Other capital gains

-


Gains on derivatives 379

8,674 5,955

33,273

Core operating profit 8,95423,420Capital gains 9,081 -24,191

Non-recurring losses

Provision for contingency reserves

Net capital gains/losses

Core operating profit including

net capital gains/losses

588


464

445

18

-1,053

19,404

-


-464

Share capital

Ordinary profit

Capital surplus

Net non-recurring income/losses

Retained earnings

3. For the year ended March 31, 2011, 17,160 million yen was additionally reserved to the underwriting reserves which was calculated

by the five-year Zillmer method. The amount was recognized as core operating expense (provision for underwriting reserves) in core operating profit.

Total

shareholders'

equity

Changes during the year ended March 31, 2012

Net income


shareholders' equity

Total changes during the year ended March 31, 2012

Balance as of March 31, 2012 35,000

1,979-

23,103

Losses on derivatives

5,402

Non-recurring income

19,868

-

-2,650

1,979

-2,719

-379

-23,416

-21,092

576

(Note) 1. The amounts of interest received/paid on interest rate swaps in "Gains/losses on derivatives" included in core operating profit were as follows:・Gains of 641 million yen for the year ended March 31, 2011

・Gains of 4 million yen for the year ended March 31, 20122. Other capital gains are decrease in underwriting reserves for foreign-currency insurance contracts due to currency rate fluctuations.

Increase in specific allowance for doubtful accounts

-588

12


by comparisonApril 1, 2010 to

March 31, 2011

For the year ended

March 31, 2011

(April 1, 2011 to

March 31, 2012)( )

27


(non-consolidated)



(4) Insurance business


・Policies in force (Number in thousands, yen in 100 millions, %)

・ New policies (Number in thousands, yen in 100 millions, %)

Annualized premiums

・Policies in force (Yen in 100 millions, %)

・ New policies (Yen in 100 millions, %)

(5) Dividends to policyholders (illustration)

Information on dividends to policyholders is disclosed on website of Tokio Marine & Nichido Life.

YTY comparison

3,485

465

103.7

103.8

208.0

YTY comparison

106.6

29,696

44

461 99.1 25,156

Amount

YTY comparison

)(

April 1, 2011 to

March 31, 2012

106.1186,602108.63,288

Amount

YTY comparison

Number Amount

YTY comparisonYTY comparisonYTY comparison

Individual annuities 245

Individual insurance 3,029

Number

110.6

96.3


YTY comparison

Group insurance -

Group annuities

Number

- - -

For the year ended March 31, 2012For the year ended March 31, 2011

Amount Number

YTY comparison YTY comparison


573 112.9

118 119.3 139 118.2

Individual annuities 18 127.1

137.2

1,035 160.2 38

109.6


97.2

Group insurance - - 195

Group annuities

109.7

715 114.0


100.5

105.7

871Medical coverage and

accelerated death

benefits


Medical and cancer

108.7

113.2

794

627

)

Total



3,967

705


Individual insurance 447

(April 1, 2010 to

March 31, 2011

490

60 167.3 82

119.7

Total

Medical coverage and

accelerated death

benefits

507 102.3

Medical and cancer 109 115.0 131

3,262 106.8

708

4,194

92.3

87.4

-

31.2 - -

-

309 158.8

- -

-

-

175,863

10,210

29,799

54

107.8

-

99.8

107.6

96.0

- -

26,586 95.9

(April 1, 2011 to

March 31, 2012)

265

-

11,178

1,780

109.5

99.7

82.1



April 1, 2010 to

March 31, 2011( )

171.9

94.6

- -

28


(non-consolidated)



(6) Investment (General account)

Yield on investments (interest income basis) (Yen in millions, %)

Net investment

income

Average

balanceAnnual yield

Net investment

income

Average

balanceAnnual yield

Bank deposits -1,169 33,443 -3.50 -39 31,712 -0.12Call loans

9 10,663 0.09 6 9,337 0.07- - - - - -

43 38,198 0.11 41 37,956 0.11

Monetary receivables bought 144 108,028 0.13 226 173,025 0.13Money trusts - - - - - -Securities 43,260 3,248,195 1.33 64,680 3,364,389 1.92

Domestic bonds 58,942 3,013,351 1.96 62,270 3,201,176 1.95Domestic stocks 8 376 2.30 36 368 9.78Foreign securities -15,690 234,467 -6.69 2,374 162,843 1.46Other (domestic) - - - - - -

Loans 1,624 56,687 2.87 1,720 59,958 2.87Land and buildings - 364 - - 329 -

General account total 44,059 3,562,536 1.24 63,860 3,751,459 1.70Overseas investment -15,514 234,467 -6.62 2,362 162,843 1.45


Gains and

losses on sales

Impairment losses

on securities

Gains and

losses on sales

Impairment losses

on securities

Gains and

losses on sales

Impairment losses

on securities

Domestic bonds 5,074 - 5,739 - 664 -Domestic stocks - - 26 - 26 -Foreign securities -1,168 - -1,928 - -760 -Other (domestic) - - - - - -Total 3,906 - 3,837 - -69 -

Fair value information on securities (Securities measured at fair value other than trading securities) (Yen in millions)

Gains Losses Gains Losses

1,879,596 1,870,418 -9,178 43,303 -52,482 2,142,339 2,226,235 83,896 95,216 -11,320

255,214 266,162 10,948 11,413 -465 221,781 235,771 13,990 14,036 -46

1,367,811 1,378,120 10,308 22,540 -12,231 1,256,583 1,296,587 40,004 44,476 -4,471

Domestic bonds 1,161,340 1,170,948 9,607 21,771 -12,163 1,067,811 1,106,875 39,063 43,528 -4,464Domestic stocks 106 135 29 29 - 60 97 36 36 -Foreign bonds 16,409 17,081 671 739 -68 11,730 12,636 905 912 -6Other (domestic) 189,955 189,955 - - - 176,979 176,979 - - -

3,502,623 3,514,701 12,077 77,256 -65,179 3,620,704 3,758,595 137,890 153,729 -15,8383,161,226 3,166,405 5,179 69,900 -64,721 3,329,544 3,458,297 128,753 144,554 -15,801

106 135 29 29 - 60 97 36 36 -151,334 158,204 6,869 7,327 -457 114,120 123,221 9,101 9,138 -37189,955 189,955 - - - 176,979 176,979 - - -

(Note) Other (domestic) is comprised of "Monetary receivables bought".

(Reference) Maturity schedule of securities (Yen in millions)

92,465 55,168 251,758 226,870 111,846 2,458,083 3,196,19212,662 - - - - - 12,662

124,955 - 2,099 - 7,718 24,979 159,752342 342

14,594 51,851 21,348 11,651 13,635 1,943 115,02514,594 51,851 21,348 11,651 13,635 1,943 115,025

- - - - - - -176,979 - - - - - 176,979421,657 107,020 275,205 238,522 133,200 2,485,348 3,660,955

(Note) Other (domestic) is comprised of "Monetary receivables bought".


Receivables under security

borrowing transactions

For the year ended

March 31, 2011

April 1, 2010 to

March 31, 2011

For the year ended

March 31, 2012

April 1, 2011 to

March 31, 2012

Bonds held to maturity

Bonds earmarked for

underwriting reserves

)


April 1, 2011 to

March 31, 2012

April 1, 2010 to

March 31, 2011( ) (

Receivables under resale

agreement


by comparison

Fair valueUnrealized gains/losses Carrying

amount


Fair valueUnrealized gains/losses

Other securities

(available for sale)

Carrying

amount

Total

Domestic bonds

Domestic stocks

Foreign bonds

Other (domestic)

Other (domestic)

Total

Stocks and other


Domestic stocks

Foreign securities

Bonds

Within 1

year Total


Domestic municipal bonds

1-3 years 3-5 years 5-7 years 7-10 yearsOver 10 years

(Including no fixed

maturity)

( ) ( )

29


(non-consolidated)



Fair value information on derivative transactions

Interest rate-related instruments

(Yen in millions)

(Reference) Breakdown of interest rate swap contracts by maturity

(Yen in millions, %)

(Note) Average floating rate (Pay and Rec.) is about the swap contracts of which interest calculation periods have begun before March 31, 2012.

Foreign currency-related instruments

(Yen in millions)

(Note) The fair value of foreign exchange forwards is based on the market price of futures.

351 - 6 161 -

6

8 8

-1 -1

Unrealized

gains/losses

6

-2,757

-4,386

-

-69 56,000 56,000 -2,757

TotalOver 10

years

Total

Average fixed rate (Rec.) -

-

-

Average floating rate (Pay)

-

69,100 69,100 -5,556 -5,556 69,100 69,100 -1,629 -1,629

Fair valueUnrealized

gains/lossesOver 1 year Over 1 year

Principal amountFair value

Unrealized

gains/losses

Principal amount


-70 -70 1,115 -3,203 -

Average floating rate (Rec.)

-

-

-

-

-

Over-the-

counter

transactions

Pay fix/Rec. float

Rec. fix/Pay float

Interest rate swaps

Notional amount (Rec. fix/Pay float)

Average fixed rate (Pay)

-

Within 1

year

Notional amount (Rec. float/Pay fix)


-

11,000 -69

Total -5,625

-

5-7 years 7-10 years

11,000

-

-

-

-

- -

-

1.591.59

- -

-

69,100

0.34

0.34

2,000 54,000 56,000

0.34

0.34

0.34

69,100

- 1.26 2.08 2.05

- 2,000 123,100

Fair valueUnrealized

gains/losses

Principal amount

Over 1 year


125,100

Principal amountFair value

Over 1 year


Over-the-

counter

transactions

Foreign exchange forwards

Long (USD)

Total

Short (USD)

-64

1-3 years 3-5 years

- -

-

- -

-

30


(non-consolidated)



(Yen in millions)

Total amount of solvency margin (Ａ) 339,761 385,420 343,053

90,754 91,259 90,754

Price fluctuation reserve 3,611 3,969 3,611Contingency reserve 24,759 25,782 24,759

General allowance for doubtful accounts 390 442 390

Net unrealized gains/losses on securities × 90%

（× 100% if losses）

- - -

Excess of continued Zillmerized reserve 137,855 153,491 137,855

Subordinated debt, etc. - - -

Deductions - - -

Other 73,112 74,470 76,403

Total amount of risks

（Ｒ１＋Ｒ８）２＋（Ｒ２＋Ｒ３＋Ｒ７）

２＋Ｒ４

Insurance risk （Ｒ１） 12,447 12,830 12,447

Third sector insurance risk （Ｒ８） 3,012 3,162 3,012

Assumed interest risk （Ｒ２） 7,295 6,056 1,972

Minimum guarantee risk （Ｒ７） - - -

Asset management risk （Ｒ３） 28,235 25,918 16,030

Business administration risk （Ｒ４） 1,019 959 669

Solvency margin ratio (Ｃ)

[(Ａ)/{(Ｂ)×1/2}]×100

(Note)


36,004


(New standard)


(New standard)

9,277

24,399

Amounts within "Excess of continued Zillmerized reserve" and

"Subordinated debt, etc." not calculated into the margin

Net unrealized gains/losses on land × 85%（× 100% if losses）

"Solvency margin ratio" is the ratio calculated in accordance with Article 86 and 87 of the Enforcement Regulation of the Insurance Business

Law and Ordinance No.50 issued by the Ministry of Finance in 1996. There was a partial revision to standards for calculating the total

amount of the solvency margin and the total amount of risks including more strict measurement of risk, following Article 23 of the Cabinet

Office Ordinance in 2010 and Ordinance No.48 issued by the Ministry of Finance in 2010. "New standard" reflects this change and was

applied starting March 31, 2012.

2,812.0％

--

36,711


(Former standard)

9,277

(Ｂ)

1,708.7％ 2,099.7％

Total net assets

39,768

(Reference) Difference between real assets and liabilities (Real net assets)(Yen in millions)

An amount calculated based on the assets on balance sheet （１） 3,729,638 3,980,695

Difference between real assets and liabilities A (1)－(2)＝(3) 338,855 492,310

Difference between real assets and liabilities B (3)－(4)＝(5) 337,085 394,424

An amount calculated based on the liabilities

on balance sheet

Unrealized gains/losses on securities held to maturity andearmarked for underwriting reserves

97,886（４）


1,769

（２） 3,390,783 3,488,385

Five-year Zillmer method

The method defined in

Ordinance No.48 issued

by the Ministry of

Finance in 1996

Five-year Zillmer method

100.0％ 100.0％Accumulation rate (excluding contingency reserve)

Accumulation method

Policies subject to standard

underwriting reserve

Policies not subject to standard

underwriting reserve

As of March 31, 2012As of March 31, 2011

The net level premium method

(8) Accumulation method and rate applied to underwriting reserves for individual insurance and annuities

31


(non-consolidated)



５．Tokio Marine & Nichido Financial Life Insurance Co., Ltd. (non-consolidated)


％％

37,984 1.68 74,772 3.34 36,787

37,984 74,772 36,787

11,900 0.53 9,300 0.42 -2,600

2,190,848 96.81 2,136,796 95.42 -54,051

61,344 54,808 -6,535

11,979 12,739 759

2,117,524 2,069,249 -48,274

2,697 0.12 2,833 0.13 1362,697 2,833 136

216 0.01 0 0.00 -216

123 0 -123

92 0 -92

2 0.00 0 0.00 -2

0 0.00 1 0.00 0

285 0.01 428 0.02 143

19,084 0.84 15,247 0.68 -3,837

10,660 9,021 -1,639

105 73 -32

286 168 -117

319 307 -12

7,704 5,667 -2,037

3 5 2

3 2 -1

-0 -0.00 -0 -0.00 0

2,263,019 100.00 2,239,379 100.00 -23,640


Other assets




Accounts receivable

Prepaid expenses

Accrued income

Buildings


Loans

Policy loans


Foreign securities

Other (domestic)

Securities


Call loans

AmountComposition

ratioAmount

Composition

ratio


by comparison

(Assets)


Total assets

Deposits

Derivative assets

Other assets

Suspense payment

Bank deposits

32


(non-consolidated)



(Yen in millions)

％％

2,220,682 98.13 2,184,750 97.56 -35,931

2,623 3,574 950

2,218,058 2,181,176 -36,882

132 0.01 161 0.01 28

2,911 0.13 3,684 0.16 772

16,993 0.75 3,434 0.15 -13,559

10,000 - -10,000

8 8 -0

6,302 2,515 -3,786

547 341 -206

43 63 20

91 495 403

- 10 10

126 0.01 152 0.01 25

42 0.00 49 0.00 7

42 49 7

131 0.01 162 0.01 30

2,241,019 99.03 2,192,394 97.90 -48,625

48,000 2.12 68,000 3.04 20,000

33,000 1.46 53,000 2.37 20,000

33,000 53,000 20,000

-59,231 -2.62 -74,379 -3.32 -15,148

-59,231 -74,379 -15,148

-59,231 -74,379 -15,148

21,768 0.96 46,620 2.08 24,851

232 0.01 365 0.02 132

232 0.01 365 0.02 132

22,000 0.97 46,985 2.10 24,984

2,263,019 100.00 2,239,379 100.00 -23,640Total liabilities and net assets

Agency accounts payable


Share capital

Capital surplus


Retained earnings



Total net assets



(Net assets)


Deferred tax liabilities

Total liabilities

Outstanding claims






Suspense receipt

AmountComposition

ratioAmount

Composition

ratio


by comparison

Borrowings

(Liabilities)

Other liabilities



Accounts payable

Accrued expenses

Deposits received

33


(non-consolidated)




170,776 113,046 -57,730113,466 21,805 -91,661110,632 18,536 -92,095

2,834 3,268 4341,655 53,144 51,489

307 300 -7Interest on bank deposits 2 1 -1Interest and dividends on securities 221 218 -3Interest on loans 70 72 2Other interest and dividends 12 8 -4

38 45 61,308 105 -1,203

- 0 0- 52,693 52,69355,655 38,096 -17,558

1,664 1,084 -579448 - -448

53,291 36,882 -16,409250 129 -120

173,172 127,990 -45,181133,027 119,302 -13,724

20,051 21,971 1,920916 3,479 2,563

7 6 -058,078 44,578 -13,499

8,487 206 -8,281

45,486 49,059 3,573- 950 950- 950 950

28,379 61 -28,31897 61 -35

0 - -028,282 - -28,28210,862 7,123 -3,739

903 552 -350737 423 -313110 102 -7

28 25 -226 0 -26

-2,395 -14,944 -12,548

1 - -11 - -10 - -0

98 196 9738 7 -31

- 181 1818 7 -0


52 - -52

-2,492 -15,140 -12,6478 8 -08 8 -0

-2,500 -15,148 -12,647

Insurance claims and other


Interest expenses

Benefits

Surrender benefits

Other refunds


Amount


Insurance claims

Annuity payments

Investment expenses


Provision for underwriting reserves and other

Ordinary expenses

Ordinary income

Reversal of underwriting reserves

Reversal of outstanding claims


Insurance premiums


Income from annuity riders

For the year ended

March 31, 2011

（April 1, 2010 to

March 31, 2011）


by comparison


Investment income



Investment gains on separate account

Decrease in allowance for doubtful accounts

Amount

Insurance premiums and other

Impairment losses on fixed assets

Taxes

Depreciation

Investment losses on separate account

Increase in retirement benefit obligations

Operating expenses


Extraordinary gains


Ordinary profit


Loss before income taxes




Net loss

For the year ended

March 31, 2012

（April 1, 2011 to

March 31, 2012）


Gains on disposal of fixed assets

Total income taxes

Other extraordinary gains


34


(non-consolidated)




(Yen in millions)

Ａ

Ｂ

Ａ＋Ｂ

-

Other non-recurring losses -Ｃ

Ａ＋Ｂ＋Ｃ


For the year ended March 31, 2012 （April 1, 2011 to March 31, 2012） (Yen in millions)

48,000

Issuance of new shares 20,000 20,000 40,000 40,000

20,000 20,000

68,000

）


by comparisonApril 1, 2010 to

March 31, 2011）（

Reversal of contingency reserves

0

1,352 7,705

45

-15,148

Total net

assets

22,000

-

150

-2,584

Capital gains



1,347

38

1,308 105

-Capital losses 0Foreign exchange losses

Non-recurring income

-3,748

1,347 Net capital gains/losses

Core operating profit including

net capital gains/losses

0

1,352

Valuation and

translation

adjustments

Unrealized

gains on

securities, net

of taxes

Core operating profit -2,735-5,095

For the year ended

March 31, 201１

（April 1, 2011 to

March 31, 2012

150

Capital

surplus

Additional

paid-in capital

Retained

earnings

Other retained

earnings

Retainedearnings carried

forward

Balance as of March 31, 2012


shareholders' equity

53,000

Net non-recurring income/losses

Share capital


21,76833,000

Total

shareholders'

equity

-2,395

-59,231

Total changes during the year ended March 31, 2012

Changes during the year ended March 31, 2012

Net loss


-15,148

132

132

-74,379

-15,148

24,851

-15,148

46,620 46,985365

For the year ended

March 31, 2012

232

132

24,984

2,360

-1,196

6

-1,203

-0

-0

-1,196

-

1,163

-12,548

6,352

6,352

0

20,065

-12,359

7,705

20,065

-13,7121,352

-14,944

20,06520,065

Decrease in specific allowance for doubtful accounts

Ordinary profit

Non-recurring losses

35


(non-consolidated)



(4) Insurance business


・Policies in force (Number in thousands, yen in 100 millions, %)

・ New policies (Number in thousands, yen in 100 millions, %)

Annualized premiums

・Policies in force (Yen in 100 millions, %)

・ New policies (Yen in 100 millions, %)

(April 1, 2011 to

)March 31, 2011 March 31, 2012


-

YTY comparison

11.4 131 12.6

YTY comparison

- -

24.5

Medical coverage and

accelerated death benefits

- - - -

Total 107 62.0 26

- -

107 62.0 26 24.5

- -

YTY comparison

(April 1, 2010 to

)

YTY comparison

100.6 2,593 98.0


95.0

98.0100.7 2,556

95.0 36

- -

- - - - - - -

- - - -



Number Amount

(April 1, 2010 to

)March 31, 2011

101.8 2 4,900 100.1 466

96.0

YTY comparison

Amount

97.798.1 24,335

--

(

95.9 35 96.3 2,731

Amount Number Amount

YTY comparison




0 94.2Medical coverage and

accelerated death

benefits

0 94.1

Number

Total



2,608

38

2,647

YTY comparison


-

Group annuities

Group insurance - -

YTY comparison

1,047 60.4 2

- - -

Individual annuities 21 57.3

Individual insurance - -

96.6 2,845

-- -- - - -

YTY comparison


Group annuities -

-

YTY comparison

Group insurance - - -

Individual annuities 475

Individual insurance 36

- -


Number

April 1, 2011 to)

March 31, 2012

36


(non-consolidated)



(5) Separate account

Separate account asset balance (Yen in 100 millions)

Separate account policies in force

・Individual variance insurance (Number in thousands, yen in 100 millions)

Number Amount Number Amount

2 174 2 157

33 2,616 32 2,525

36 2,790 34 2,683

・Individual variance annuities (Number in thousands, yen in 100 millions)

Number Amount Number Amount

475 24,833 465 24,255

475 24,833 465 24,255



- -

370 391


Individual variable annuities

Total

21,552 21,016

21,922 21,407

Variable life insurance (whole life type)

Total

Separate account total

Variable life insurance (defined term type)

Individual variable insurance

Individual variable annuities

Group annuities

37


(non-consolidated)



(Yen in millions)

Total amount of solvency margin (Ａ) 79,547 61,284 79,547

21,768 46,620 21,768

Price fluctuation reserve 42 49 42Contingency reserve 19,791 12,085 19,791

General allowance for doubtful accounts 0 0 0

Net unrealized gains/losses on securities × 90%

（× 100% if losses）

- - -

Excess of continued Zillmerized reserve 29,617 2,054 29,617

Subordinated debt, etc. 8,000 - 8,000

Amounts within "Excess of continued Zillmerized reserve" and

"Subordinated debt, etc." not calculated into the margin

Deductions - - -

Other - - -

Total amount of risks

（Ｒ１＋Ｒ８）２＋（Ｒ２＋Ｒ３＋Ｒ７）

２＋Ｒ４

Insurance risk （Ｒ１） 129 122 129

Third sector insurance risk （Ｒ８） 45 45 45

Assumed interest risk （Ｒ２） 3 3 2

Minimum guarantee risk （Ｒ７） 7,100 5,861 7,237

Asset management risk （Ｒ３） 6,583 7,370 6,056

Business administration risk （Ｒ４） 415 402 404

Solvency margin ratio (Ｃ)

[(Ａ)/{(Ｂ)×1/2}]×100

(Note)

Net unrealized gains/losses on land × 85％（× 100％ if losses）

"Solvency margin ratio" is the ratio calculated in accordance with Article 86 and 87 of the Enforcement Regulation of the Insurance Business Law

and Ordinance No.50 issued by the Ministry of Finance in 1996. There was a partial revision to standards for calculating the total amount of the

solvency margin and the total amount of risks including more strict measurement of risk, following Article 23 of the Cabinet Office Ordinance in

2010 and Ordinance No.48 issued by the Ministry of Finance in 2010. "New standard" reflects this change and was applied starting March 31,

2012.

(Ｂ)

1,127.9％ 898.7％ 1,161.1％

-

13,638 13,70114,104


474


(New standard)


(New standard)

Total net assets


(Former standard)

327327

-

38


(non-consolidated)



Glossary of terminology

【2. Key figures of the domestic property and casualty insurance business】

● Underwriting profit

Underwriting profit = Underwriting income - (Underwriting expenses + Operating and general administrativeexpenses on underwriting) ± other miscellaneous income and expenses

Other miscellaneous income and expenses mainly consist of the amount of income taxes relating to compulsory

automobile liability insurance.

● Loss ratio

Loss ratio = (Net claims paid + Loss adjustment expenses) ÷ Net premiums written × 100

● Expense ratio

Expense ratio = (Agency commissions and brokerage + Operating and general administrative expenses onunderwriting) ÷ Net premiums written × 100

● Net incurred losses relating to natural disasters

The sum of claims paid and unpaid claims relating to natural disasters incurred in the period.

● Reserve ratio of catastrophe loss reserve

Reserve ratio of catastrophe loss reserve

= Liability balance of catastrophe loss reserve ÷ Net premiums written (*) × 100

(*) Excluding earthquake insurance under the Law Concerning Earthquake Insurance and compulsory

automobile liability insurance

【3. Key figures of the domestic life insurance business】

● Annualized premiums

Annualized premiums are the aggregate amount of premiums divided by the duration of insurance policies to show

the amount of premiums per year.

● Medical coverage and accelerated death benefits

Medical coverage and accelerated death benefits include coverage for medical expense (hospitalization and

operation), accelerated death benefits (specific diseases and nursing care) and exemption of obligation to pay

insurance premiums (excluding those caused by disability but including those caused by specific diseases and

nursing care).

【Investment】

●Yield on investments (interest income basis)

Yield on investments (interest income basis) is the indicator of investment performance from the viewpoint of

interest income.

Numerator: “Interest and dividends” + Interest and dividends earned in money trust included in “Gains/losses on

money trusts”Denominator: Average balance on cost basis

39



●Yield on investments (accrual income basis)

Yield on investments (accrual income basis) is the indicator of investment performance from the viewpoint of

accrual income (income statements) for the period.

[For property and casualty insurance business]

Numerator: “Investment income” + “Investment income on deposit premiums” - “Investment expenses”

Denominator: Average balance on cost basis

[For life insurance business]

Numerator: “Investment income” - “Investment expenses”

Denominator: Average balance on cost basis

"Total general account" includes assets not for investment. “Overseas investment” is the total of assets denominated

in foreign currencies and yen.

●Yield on investments (fair value basis)

Yield on investments (fair value basis) is the indicator of investment performance from the viewpoint of fair value

basis. Change in fair value is included in the denominator.

Numerator: “Investment income” + “Investment income on deposit premiums” - “Investment expenses” + Change

in Unrealized gains on securities* for the period + Change in “Deferred gains and losses on hedge transactions”

Denominator: Average balance based on original cost or amortized cost + Unrealized gains on “Other securities

(available for sale) at beginning of the year*+ Unrealized gains on “Trading securities” at beginning of the year**

* Tax effects are not considered.

**"Trading securities" includes money trusts held for trading purposes.

【Solvency margin ratio】

● Solvency margin ratio

• In addition to reserves to cover claims payments and payments for maturity-refunds of saving type insurance

policies, etc., it is necessary for insurance companies to maintain sufficient solvency in order to cover against

risks which may exceed their usual estimates, i.e. the occurrence of major disasters, a significant decline in value

of assets held by insurance companies, etc.• The solvency margin ratio (C), which is calculated in accordance with the Insurance Business Law, is the ratio of

"solvency margin of insurance companies by means of their capital, reserves, etc." (total amount of solvency

margin : (A)) to "risks which will exceed their usual estimates" (total amount of risks: (B)).

• "Risks which will exceed their usual estimates" (total amount of risks: (B)) is composed of risks described below.

① (General) insurance risk, third sector insurance risk: Risks of insurance claims in excess of normal

expectations occurring. (excluding risks relating to major disasters)

② Assumed interest risk: Risks of invested assets failing to yield assumed interest rates due to the aggravation

of investment conditions than expected.

③ Minimum guarantee risk: Risks related to the minimum guarantee for benefits of insurance contracts which

are managed as a separate account.

40



④ Asset management risk: Risks of retained securities and other assets fluctuating in prices in excess of

expectations.

⑤ Business administration risk: Risks beyond normal expectations arising from business management that

does not fall under other categories.

⑥ Catastrophic risk: Risks of the occurrence of major catastrophic losses in excess of normal expectations

occurring. (risks such as the Great Kanto Earthquake or Isewan typhoon)

• "Solvency margin of insurance companies by means of their capital, reserves, etc." (Total amount of solvency

margin:(A)) is total amount of net assets (excluding planned outflows), certain reserves (price fluctuation reserve,

contingency reserves and catastrophe loss reserves, etc.) and parts of net unrealized gains on real estate.

• The solvency margin ratio is one of the indicators used for the regulatory authorities to supervise insurance

companies. A ratio exceeding 200% indicates adequate ability to meet payments of insurance claims.

● Difference between real assets and liabilities (Real net assets)

"Real net assets" is one of the indicators used for administrative regulation, which shows the financial soundness of

life insurance companies.

"Real net assets (A)" is the amount of total real assets, including unrealized gains and losses of securities and real

estate, minus the amount of total real liabilities, excluding capital like liabilities, such as "price fluctuation reserve"

and "contingency reserve".

"Real net assets (B)" is the amount of "real net assets (A)" minus the amount of unrealized gains and losses on

"bonds held to maturity" and "bonds earmarked for underwriting reserve".

【Insurance business】

● Policies in force

• Individual insurance and group insurance

Total amount of death benefits under policies in force at the end of the period

• Individual annuities

Individual annuities for which payments have not yet commenced: Amount of funds for annuity payments that

is expected to have accrued at the date of the commencement of annuity payments.

Individual annuities for which payments have already commenced: Amount of underwriting reserves.

• Group annuities

Amount of underwriting reserves

● New policies

• Individual insurance and group insurance

Total amount of death benefits under new policies issued in the period

• Individual annuities

Amount of funds for annuity payments that is expected to have accrued at the date of the commencement of

annuity payments or amount of coverage at the inception of new policies issued in the period

• Group annuities

The first installment of premium payments

41



【Accumulation method and rate applied to underwriting reserve for individual insurance and annuities】

● Accumulation rate

Numerator: Premium reserves and unearned premiums included in "underwriting reserves" on the balance sheets.

Denominator:

Policies subject to standard policy reserve: Premium reserves under the methods defined in Ordinance No.48 issued

by the Ministry of Finance in 1996 and unearned premiums

Policies not subject to standard policy reserve: Premium reserves under the net level premium method and unearned

premiums.

Underwriting reserves for group insurance and annuities are not included in the calculation of accumulation rate due

to the absence of an accumulation method.

【Separate account】

● Separate account

Separate account represents assets and liabilities that are maintained by an insurance company for the purpose of

segregating from general accounts.

The investment results of the separate account assets generally pass through to the separate account policyholders,

so that insurance benefits are calculated based on the investment performance.

42



【Adjusted earnings】

"Adjusted earnings" is used by Tokio Marine group as a benchmark for forming business plans and returns to

shareholders.

Figures represent the income or losses for the period and exclude the impact of equalization reserves unique to a

non-life insurance business, or an item distinguished by unusual nature, such as gains/losses on disposal/appraisal

of assets.

Also, for business such as life insurance which has a great lag between recognition of the initial costs and the

earnings, the increase in embedded value (EV) is regarded as the profit for current fiscal year which makes it easier

to understand the results of investment and other efforts.

*1 After tax

*2 Reversals are subtracted

*3 ALM: Asset Liability Management

Excluded as compensation for fluctuations in the market value of liabilities of ALM

*4 Calculations are based on (3) criteria above for life insurance companies in certain regions.

(Overhead costs incurred in the head office are deducted from profits.)

*5 EV: Embedded Value

An indexed value in which the net present value of profits to be gained from policies in-force is added to the

net asset value

(1) Property and casualty insurance business*1

< Basic concept >

EV at end of

previous fiscal

year

－

+

Capital

transactions

including

capital increase

Increase in EV*5

during the current

fiscal year

－－

Gains/losses on sales

or evaluation of stocks

and properties

Other extraordinary

gains/losses,

valuation allowances

and others

= －Adjusted

earnings+

Adjusted

earnings=

Gains/losses on sales or

evaluation of ALM bonds

and interest rat e swaps*3

Provision for

price

fluctuation*2

Provision for

catastrophe

reserves *2

Net

income

EV at end of

current fiscal

year

Adjusted earnings

(3) Other businesses … Net income in accordance with local GAAP

Increase in EV

during the

current fiscal

year Capital transactions such as capital

increase

(2) Life insurance business*4

43



Increase / decrease

(C) - (A)

Increase / decrease

(C) - (B)

Net premiums written 17,427 8,855 17,830 402 －

(Rate of change) (0.4%) (1.3%) (2.3%) (1.9%) (1.0%)

②Total assets 86,700 82,421 83,680 -3,019 1,258

③Loss ratio 67.5% 87.8% 81.6% 14.1% -6.2%

④Expense ratio 33.5% 31.7% 32.0% -1.5% 0.3%

⑤Combined ratio 101.0% 119.4% 113.5% 12.6% -5.9%

Underwriting balance ratio -1.0% -19.4% -13.5% -12.6% 5.9%

⑥Voluntary automobile

・ Net premiums written 8,508 4,264 8,656 148 －

(Rate of change) (0.6%) (0.4%) (1.7%) (1.1%) (1.3%)

・Underwriting balance ratio -3.8% -1.2% -2.6% 1.2% -1.5%

・Loss ratio 71.0% 70.0% 70.4% -0.6% 0.4%・Expense ratio 32.8% 31.1% 32.2% -0.6% 1.1%

⑦Fire and allied lines

・ Net premiums written 2,191 1,034 2,336 145 －

(Rate of change) (-4.8%) (2.7%) (6.7%) (11.5%) (4.0%)

・Underwriting balance ratio 12.0% -181.3% -96.4% -108.4% 84.9%

・Loss ratio 41.5% 236.1% 154.8% 113.3% -81.3%

・Expense ratio 46.5% 45.2% 41.6% -4.9% -3.6%

⑧ Number of employees 17,051 17,660 17,465 414 -195

⑨ Number of agencies 46,000 45,673 46,052 52 379

(Note)

1. Loss ratio = (Net claims paid + Loss adjustment expenses) / Net premiums written × 100

2. Expense ratio = (Agency commissions and brokerage + Operating and general administrative expenses on underwriting) / Net premiums written × 100 3. Combined ratio = Loss ratio + Expense ratio

4. Underwriting balance ratio = 100 - Combined ratio

<Reference> Selected consolidated financial data of Tokio Marine Holdings (Yen in 100 millions)

Increase / decrease

(C) - (A)

Increase / decrease

(C) - (B)

①Ordinary income 32,886 18,954 34,159 1,273 -

② Net premiums written 22,721 11,956 23,244 523 -

(Rate of change) (-0.9%) (1.8%) (2.3%) (3.2%) (0.6%)

③Life insurance premiums 4,053 1,605 3,445 -608 -

(Rate of change) (-12.8%) (-29.4%) (-15.0%) (-2.2%) (14.4%)④Ordinary profit 1,265 1,191 1,603 337 -

⑤ Net income 719 790 60 -659 -

For the year ended

March 31, 2011 (A)

For the six months

ended September 30,

2011 (B)

For the year ended

March 31, 2012 (C)

(Yen in 100 millions)


For the year ended

March 31, 2011 (A)

For the six months

ended September 30,

2011 (B)

For the year ended

March 31, 2012 (C)

44


(non-consolidated)



① Non-performing assets

Status of risk monitored loans (Yen in 100 millions)As of March 31,

2011

As of September 30,

2011

As of March 31,

2012Loans to borrowers in bankruptcy 4 4 12

Past due loans 71 47 48Loans contractually past due for

three months or more - - 0

Restructured loans 2 3 2

Total 78 55 64

(Percent of total loans) (2.0%) (1.5%) (1.9%)

(Reference) Total loans 3,994 3,612 3,334

Status of self-assessment (Yen in 100 millions)As of March 31,

2011

As of September 30,

2011

As of March 31,

2012 Non-categorized 82,708 78,604 80,058

Ⅱ categorized 3,873 3,718 3,519

Ⅲ categorized 85 64 68Ⅳ categorized 89 36 580

Subtotal (Ⅱ‐Ⅳ) (4,048) (3,819) (4,168)

Total 86,756 82,424 84,226

② Impairment losses on securities


For the year ended

March 31, 2011

For the six months

ended September 30,

2011

For the year ended

March 31, 2012

Domestic bonds - - 2

Domestic stocks 107 59 20

Foreign securities 25 18 537Other (domestic) 42 - 10

Total 176 78 571

･Criteria for impairment loss recognition

③ Status of Investments in Sovereign Debt of Five European Countries(Yen in 100 millions)

As of September 30,

2011

As of March 31,

2012

Ireland - -Italy 101 -

Greece - -

Spain - -Portugal - -

④ Impairment losses on fixed assets

For the year ended

March 31, 2011

For the six months

ended September 30,

2011

For the year ended

March 31, 2012

Land 24 2 4Buildings 19 2 4

Other 0 - -

Total 44 4 9


In principle, impairment loss is accounted for if decline in fair value of each security is equal to or

more than 30% of its book value at the end of the period.

* Figures above are presented on a consolidated basis (including investment by Tokio Marine &

Nichido and other consolidated companies)

45


(non-consolidated)



⑤

Domestic bonds

Domestic stocks

Foreign securities

Other (domestic)

Total

⑥ Loss of natural disaster-related claims (including the Great East Japan Earthquake)


Direct claims paid

Net claims paid

Net outstanding claims (*)

* Net of reinsurance recoverable ceded.

⑦ Loss claims related to the floods in Thailand


Net incurred losses (*)

723* Net incurred losses = Net claims paid + Net outstanding claims

⑧ Catastrophe loss reserves

BalanceReserve

ratioProvision Balance

Reserve


Reserve

ratioProvision

Fire and allied lines 3,809 179.4% 43 3,464 172.3% 41 3,034 132.2% 92Hull and cargo 1,173 196.8% 31 1,183 189.9% 12 1,185 199.8% 23Personal accident 960 64.7% 46 987 57.8% 27 970 64.7% 48Voluntary automobile 704 8.3% 704 485 5.7% 360 725 8.4% 725Other 2,346 95.3% 160 2,373 94.1% 64 2,382 98.9% 120

Total 8,994 59.3% 986 8,494 55.2% 506 8,299 53.7% 1,010

⑨ Loss claims for the Great East Japan Earthquake (excluding the losses of household earthquake insurance as they have no effect to profit/loss)(Yen in 100 millions)



⑩ Reinsurance assumed


Fire and allied lines

Hull and cargo

Personal accident

Voluntary automobile

Compulsory automobile liability

Other

Total

⑪ Reinsurance ceded


Hull and cargo

Personal accident

Voluntary automobileCompulsory automobile liability

Other

Total

（ Note） 1. Figures above represent losses caused by natural disasters occurred during the period.

2. Losses related to the floods in Thailand are not included in the above.

3. Losses of household earthquake insurance related to the Great East Japan Earthquake are not included in the above.

3,403 2,734 3,773 5,769

485

1,381 1,962 1,615 1,981

811 452 893

84 65 54 31

33 10 28 8

259 140 266 173

832 102 914 3,089

(Yen in 100 millions)For the year ended March 31, 2011 For the year ended March 31, 2012

Reinsurance premiums ceded Reinsurance claims ceded Reinsurance premiums ceded Reinsurance claims ceded

2,316 2,579 2,326 4,173

304 204 187 75

1,546 2,195 1,697 2,190

35 23 4 18

17

839

252 33

Net claims paid

816


Reinsurance premiums assumed Reinsurance claims assumed

Cumulative amount as of March 31, 2012

1,696

Net claims paid

818


252


Reinsurance premiums assumed Reinsurance claims assumed


895

193

0 0 1 0

177 121 183

950

54 -15

174 -95

As of March 31, 2011 As of September 30, 2011

As of September 30, 2011 As of March 31, 2012

496

13,834 10,743 12,233

403

-6

148 500

88

77 413

For the six months ended

September 30, 2011

35


13,108 9,903 11,190


For the year ended

March 31, 2011

For the year ended

March 31, 2012

869

Unrealized gains/losses on securities

（ Note） Reservation ratio = Balance of catastrophe loss reserve / Net premiums written (excluding earthquake and compulsory automobile liability) × 100

Provision is the amount excluding reversal (gross basis).

306


Net claims paid



180

46


(non-consolidated)



Increase / decrease

(C) - (A)

Increase / decrease

(C) - (B)① Net premiums written 1,340 684 1,366 25 -

(Rate of change) (1.7%) (1.4%) (1.9%) (0.2%) (0.5%)

②Total assets 4,285 4,187 4,089 -195 -97

③Loss ratio 66.2% 81.3% 76.4% 10.2% -4.9%

④Expense ratio 37.3% 35.3% 34.9% -2.5% -0.5%

⑤Combined ratio 103.5% 116.6% 111.2% 7.7% -5.4%


⑥Voluntary automobile

・ Net premiums written 759 387 775 16 -

(Rate of change) (2.5%) (2.3%) (2.2%) (-0.4%) (-0.1%)

・Underwriting balance ratio -1.2% 4.2% 2.6% 3.7% -1.6%

・Loss ratio

67.4% 63.9% 65.8% -1.6% 1.9%

・Expense ratio 33.8% 31.9% 31.6% -2.2% -0.3%

⑦Fire and allied lines

・ Net premiums written 233 111 232 -1 -

(Rate of change) (0.9%) (-0.5%) (-0.4%) (-1.3%) (0.1%)


・Loss ratio 41.9% 152.6% 110.6% 68.6% -42.1%

・Expense ratio 43.0% 41.4% 41.1% -1.9% -0.3%


⑨ Number of agencies 14,381 14,062 13,907 -474 -155

(Note)


2. Expense ratio = (Agency commissions and brokerage + Operating and general administrative expenses on underwriting) / Net premiums written × 100

3. Combined ratio = Loss ratio + Expense ratio 4. Underwriting balance ratio = 100 - Combined ratio


For the year ended

March 31, 2011 (A)

For the six months

ended September 30,

2011 (B)

For the year ended

March 31, 2012 (C)


47

Nisshin Fire

(non-consolidated)



① on-performing assets

Status of risk monitored loans (Yen in 100 millions)As of March 31,

2011

As of September 30,

2011

As of March 31,

2012Loans to borrowers in bankruptcy 3 3 0

Past due loans 9 10 7

Loans contractually past due for

three months or more - - -

Restructured loans 5 2 2

Total 18 16 10

(Percent of total loans) (17.2%) (20.0%) (18.3%)

(Reference) Total loans 107 83 58

Status of self-assessment (Yen in 100 millions)

As of March 31,

2011

As of September 30,

2011

As of March 31,

2012

on-categorized 4,267 4,169 4,072

Ⅱ categorized 19 19 17

Ⅲ categorized 9 9 8

Ⅳ categorized 6 6 0

Subtotal (Ⅱ‐Ⅳ) (35) (34) (27)

Total 4,302 4,204 4,100

Impairment losses on securities


For the year ended

March 31, 2011

For the six months

ended September 30,

2011

For the year ended

March 31, 2012

Domestic bonds 0 - -

Domestic stocks 10 0 0

Foreign securities 1 - -

Other (domestic) - - -

Total 11 0 0

･Criteria for impairment loss recognition

③ Impairment losses on fixed assets

For the year ended

March 31, 2011

For the six months

ended September 30,

2011

For the year ended

March 31, 2012

Land - - -

Buildings - - -

Other - - -Total - - -


In principle, impairment loss is accounted for if decline in fair value of each security is equal to or more than 30% of its book value at the end of the period.

48

Nisshin Fire

(non-consolidated)



④

Domestic bonds

Domestic stocks

Foreign securities

Other (domestic)

Total

⑤ Loss of natural disaster-related claims (including the Great East Japan Earthquake)


Direct claims paid

Net claims paid

Net outstanding claims (*)

* Net of reinsurance recoverable ceded.

⑥ Loss claims related to the floods in Thailand (Yen in 100 millions)



⑦ Catastrophe loss reserves

BalanceReserve


Reserve


Reserve

ratioProvision

Fire and allied lines 306 130.1% 9 311 142.0% 5 301 131.5% 10Hull and cargo 24 3733.4% - 24 2494.2% - 24 2616.2% -Personal accident 50 53.1% 4 50 49.0% 2 47 49.5% 4Voluntary automobile 37 4.9% 37 30 4.0% 18 37 4.9% 37

Other 102 122.1% 4 102 111.2% 1 101 123.6% 3Total 521 44.6% 55 519 43.7% 28 512 43.3% 56

⑧ Loss claims for the Great East Japan Earthquake (excluding the losses of household earthquake insurance as they have no effect to profit/loss)(Yen in 100 millions)


-3* Net incurred losses = Net claims paid + Net outstanding claims

⑨ Reinsurance assumed



Hull and cargo

Personal accident



Other

Total

⑩ Reinsurance ceded


Hull and cargo

Personal accident



Other

Total

（ Note） 1. Figures above represent losses caused by natural disasters occurred during the period.

2. Losses related to the floods in Thailand are not included in the above.

3. Losses of household earthquake insurance related to the Great East Japan Earthquake are not included in the above.

1

14

5 40

8 Net claims paid

6 Net claims paid

6 Net incurred losses (*)

197 180 216 548

8 3 7 0

121 170 138 1814 1 5 2

1 0 1 0

0 0 0 -0

61 4 63 365

(Yen in 100 millions)For the year ended March 31, 2011 For the year ended March 31, 2012

Reinsurance premiums ceded Reinsurance claims ceded Reinsurance premiums ceded Reinsurance claims ceded

138 166 144 287

3 0 2 1

107 147 121 150

0 0 0 0


26 16 19 134

Reinsurance premiums assumed Reinsurance claims assumed Reinsurance premiums assumed Reinsurance claims assumed

For the year ended

March 31, 2011

For the six months ended

September 30, 2011

For the year ended

March 31, 2012



Net claims paid

1

（ Note） Reservation ratio = Balance of catastrophe loss reserve / Net premiums written (excluding earthquake and compulsory automobile liability) × 100

Provision is the amount excluding reversal (gross basis).

Cumulative amount as of March 31, 2012


0


43 2

-

As of March 31, 2011 As of September 30, 2011

0 0 1

- 0 - 0

43

-0 -3

-11

Unrealized gains/losses on securities

As of September 30, 2011 As of March 31, 2012

10

99 91 126

100 64


-13

5 40


84

47

-5

0

49

Nisshin Fire

(non-consolidated)



Increase / decrease

(C) - (A)

Increase / decrease

(C) - (B)

① Net premiums written 18,768 9,540 19,196 428 -

(Rate of change) (0.5%) (1.3%) (2.8%) (2.3%) (1.4%)

②Total assets 90,985 86,608 87,769 -3,215 -2,753

③Loss ratio 67.4% 87.3% 81.2% 13.8% -6.1%

④Expense ratio 33.8% 32.0% 32.2% -1.6% 0.2%

⑤Combined ratio 101.1% 119.2% 113.4% 12.2% -5.9%


⑥Voluntary automobile 0 0 0 0 0

・ Net premiums written 9,267 4,652 9,432 164 -

(Rate of change) (0.8%) (0.6%) (2.6%) (1.8%) (2.0%)・Underwriting balance ratio -3.6% -0.7% -2.2% 1.4% -1.5%

・Loss ratio 70.7% 69.5% 70.0% -0.7% 0.5%

・Expense ratio 32.9% 31.2% 32.2% -0.7% 1.0%

⑦Fire and allied lines 0 0 0 0 0

・ Net premiums written 2,424 1,145 2,569 144 -

(Rate of change) (-4.3%) (2.4%) (1.4%) (5.7%) (-0.9%)


・Loss ratio 41.6% 228.0% 150.8% 109.3% -77.2%

・Expense ratio 46.2% 44.8% 41.6% -4.6% -3.2%


⑨ Number of agencies 60,381 59,735 59,959 -422 224

(Note)


2. Expense ratio = (Agency commissions and brokerage + Operating and general administrative expenses on underwriting) / Net premiums written × 100

3. Combined ratio = Loss ratio + Expense ratio

4. Underwriting balance ratio = 100 - Combined ratio


Tokio Marine & Nichido and Nisshin Fire (Combined)

For the year ended

March 31, 2011 (A)

For the six months

ended September 30,

2011 (B)

For the year ended

March 31, 2012 (C)


Supplementary information

FY2011 Information About Major Subsidiaries%27 Business Results_e

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