Information about major subsidiaries' business results for the six - - PDF document

SLIDE 1

November 19, 2010

TOKIO MARINE HOLDINGS, INC.

（Securities Code Number 8766）

Information about major subsidiaries' business results for the six months ended September 30, 2010

SLIDE 2

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, 2011 (1) Tokio Marine Holdings, Inc. (consolidated) 6 (2) Ordinary income (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) Interim balance sheet 7 (2) Interim statement of income 8 (3) Interim statement of changes in shareholders' equity 9 (4) Underwriting 10 Direct premiums written (excluding deposit premiums from policyholders) Net premiums written Net claims paid (5) Investment 11 Interest and dividends Gains and losses on sales of securities, impairment losses on securities Other securities (available for sale) (6) Solvency margin ratio 12 ２．Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated) (1) Interim balance sheet 13 (2) Interim statement of income 14 (3) Interim statement of changes in shareholders' equity 15 (4) Underwriting 16 Direct premiums written (excluding deposit premiums from policyholders) Net premiums written Net claims paid (5) Investment 17 Interest and dividends Gains and losses on sales of securities, impairment losses on securities Other securities (available for sale) (6) Solvency margin ratio 18

SLIDE 3

Page ３．E.design Insurance Co., Ltd. (non-consolidated) (1) Interim balance sheet 19 (2) Interim statement of income 20 (3) Interim statement of changes in shareholders' equity 21 (4) Underwriting 22 Direct premiums written (excluding deposit premiums from policyholders) Net premiums written Net claims paid (5) Investment 23 Interest and dividends Gains and losses on sales of securities, impairment losses on securities Other securities (available for sale) (6) Solvency margin ratio 24 ４．Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated) (1) Interim balance sheet 25 (2) Interim statement of income 26～27 Breakdown of ordinary profit (Core operating profit) (3) Interim statement of changes in shareholders' equity 27 (4) Insurance business 28 Number of policies and policy amount Annualized premiums (5) Investment (General account) 29～30 Interest and dividends Gains and losses on sales of securities, impairment losses on securities Fair value information on securities (Securities measured at fair value other than trading securities) Fair value information on derivative transactions (6) Solvency margin ratio 31 Difference between real assets and liabilities (Real net assets) ５．Tokio Marine & Nichido Financial Life Insurance Co., Ltd. (non-consolidated) (1) Interim balance sheet 32 (2) Interim statement of income 33～34 Breakdown of ordinary profit (Core operating profit) (3) Interim statement of changes in shareholders' equity 34 (4) Insurance business 35 Number of policies and policy amount Annualized premiums (5) Separate account 36 Separate account asset balance Separate account policies in force (6) Solvency margin ratio 37 Glossary of terminology 38～41 Supplementary information about business results for the six months ended September 30, 2010 (1) Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated) 42～45 (2) Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated) 46～49 Supplementary information Combined business results of Tokio Marine Nichido and Nisshin Fire (non-consolidated) 50

SLIDE 4

１．Key figures of consolidated results

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

(Yen in millions)

1,870,869 1,722,576

• 148,292
• 7.9 ％

3,570,803

1

104,615 148,155 43,540 41.6 203,413

2

71,252 95,236 23,984 33.7 128,418

3

(2) Ordinary income (consolidated)

(Yen in millions)

1,401,779 1,402,538 759 0.1 ％ 2,757,710

4

1,182,742 1,174,987

• 7,754
• 0.7

2,292,911

5

870,279 874,028 3,748 0.4 1,736,082

6

66,341 67,546 1,205 1.8 131,876

7

245,524 231,787

• 13,736
• 5.6

422,855

8

597 1,625 1,027 171.9 2,097

9

219,036 227,551 8,514 3.9 464,799

10

149,675 165,388 15,713 10.5 330,411

11

50,280 39,455

• 10,824
• 21.5

90,235

12

19,080 22,707 3,626 19.0 44,152

13

(3) Net income (consolidated)

(Yen in millions)

71,252 95,236 23,984 33.7 ％ 128,418

14

56,390 93,508 37,118 65.8 94,456

15

2,965 1,912

• 1,053
• 35.5

4,281

16

5,961 7,493 1,531 25.7

17

598

• 3,719
• 4,318
• 721.6
• 1,363

18

23,694 31,003 7,309 30.8 68,901

19

• 1,078

1,139 2,217

• 8,943

20

• 17,279
• 36,101
• 18,821
• 28,914

21

Net income (consolidated) Tokio Marine Nichido Rate of change Increase or decrease by comparison For the year ended March 31, 2010 Rate of change Ordinary income Ordinary profit Net income For the six months ended September 30, 2009 Insurance premiums Tokio Marine Nichido Life Net premiums written (non-life) Tokio Marine Nichido Nisshin Fire Other Overseas subsidiaries Life insurance premiums Increase or decrease by comparison For the year ended March 31, 2010 Rate of change Other Tokio Marine Nichido Financial Life For the year ended March 31, 2010 Increase or decrease by comparison Consolidation adjustment and

• ther

Financial and other business subsidiaries

Nisshin Fire Tokio Marine Nichido Life Tokio Marine Nichido Financial Life Overseas subsidiaries

For the six months ended September 30, 2010 For the six months ended September 30, 2009 For the six months ended September 30, 2010 For the six months ended September 30, 2009 For the six months ended September 30, 2010

1

SLIDE 5

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

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

(Yen in millions, %)

For the six months ended September 30, 2009 For the six months ended September 30, 2010 Increase or decrease by comparison For the year ended March 31, 2010

Major items in ordinary profit Net premiums written 870,279 874,028 3,748 1,736,082 1 Net claims paid 534,709 541,437 6,728 1,096,461 2 Loss adjustment expenses 39,945 41,886 1,940 82,004 3 Agency commissions and brokerage 154,111 152,488

• 1,623

304,459 4

Operating and general administrative expenses on underwriting

139,733 146,722 6,988 286,087 5

Provision for outstanding claims

(negative numbers represent reversal)

• 20,323
• 12,699

7,624

• 22,746

6

Provision for underwriting reserves (negative numbers represent reversal)

• 34,487
• 56,064
• 21,577
• 160,649

7 Underwriting profit 53,357 35,456

• 17,901

81,792 8 Interest and dividends 57,263 83,106 25,843 108,453 9

Gains and losses on sales of securities

20,554 47,522 26,968 67,881 10 Impairment losses on securities 14,221 11,204

• 3,016

24,857 11 Gains and losses on derivatives 13,806 21,347 7,540 11,438 12 Ordinary profit 81,261 133,683 52,421 147,401 13 Extraordinary gains 1,111 200

• 910

3,812 14 Extraordinary losses 3,665 8,393 4,728 17,819 15 Net income 56,390 93,508 37,118 94,456 16 Net premiums written (Rate of change)

• 6.3

0.4 6.7

• 4.3 17

Fire and allied lines

• 8.3
• 3.2

5.2

• 6.6 18

Voluntary automobile

• 2.0

0.6 2.6

• 1.3 19

Personal accident

• 1.3

2.1 3.4

• 2.0 20

Loss ratio 66.0 66.7 0.7 67.9 21 Fire and allied lines 40.4 43.0 2.6 42.4 22 Voluntary automobile 67.9 70.4 2.4 69.8 23 Personal accident 51.6 50.3

• 1.4

58.6 24 5,652 720

• 4,931

22,850 25 Fire and allied lines 2,466 271

• 2,194

13,744 26 Voluntary automobile 2,373 256

• 2,117

4,729 27 Expense ratio 33.8 34.2 0.5 34.0 28 Catastrophe loss reserve 902,929 871,592

• 31,336

884,807 29 Reserve ratio of catastrophe loss reserve 59.4 57.3

• 2.1

58.3 30 Solvency margin ratio 832.1 829.4

• 2.7

852.6 31 Net incurred losses relating to natural disasters

Underwriting Investment

2

SLIDE 6

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

(Yen in millions, %)

For the six months ended September 30, 2009 For the six months ended September 30, 2010 Increase or decrease by comparison For the year ended March 31, 2010

Major items in ordinary profit Net premiums written 66,341 67,546 1,205 131,876 1 Net claims paid 36,810 40,265 3,455 77,900 2 Loss adjustment expenses 3,615 3,557

• 58

7,279 3 Agency commissions and brokerage 12,342 12,380 37 24,444 4

Operating and general administrative expenses on underwriting

13,576 12,739

• 837

27,298 5

Provision for outstanding claims

(negative numbers represent reversal)

• 577

739 1,317 1,523 6

Provision for underwriting reserves (negative numbers represent reversal)

• 4,415
• 5,084
• 669
• 13,456

7

Underwriting profit

1,459

• 558
• 2,018
• 1,945

8 Interest and dividends 2,929 2,793

• 135

5,735 9

Gains and losses on sales of securities

3,073 1,939

• 1,134

6,241 10 Impairment losses on securities 606 411

• 195

1,075 11 Gains and losses on derivatives 4 312 308 108 12 Ordinary profit 4,779 2,639

• 2,140

6,423 13 Extraordinary gains 100 100 1,362 14 Extraordinary losses 153 195 42 380 15 Net income 2,965 1,912

• 1,053

4,281 16 Net premiums written (Rate of change)

• 5.1

1.8 6.9

• 3.0 17

Fire and allied lines

• 7.4

2.7 10.1

• 5.3 18

Voluntary automobile

• 0.4

2.3 2.7 0.1 19 Personal accident

• 4.4

1.2 5.6

• 2.9 20

Loss ratio 60.9 64.9 4.0 64.6 21 Fire and allied lines 35.5 46.3 10.8 39.7 22 Voluntary automobile 62.4 65.8 3.4 66.0 23 Personal accident 60.7 60.0

• 0.7

65.7 24 169 79

• 90

1,900 25 Fire and allied lines 104 14

• 89

1,611 26 Voluntary automobile 64 41

• 22

169 27 Expense ratio 39.1 37.2

• 1.9

39.2 28 Catastrophe loss reserve 52,872 50,264

• 2,607

51,451 29 Reserve ratio of catastrophe loss reserve 45.7 42.8

• 2.9

44.8 30 Solvency margin ratio 779.6 770.7

• 8.9

747.7 31 Net incurred losses relating to natural disasters

Underwriting Investment

3

SLIDE 7

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

(Yen in millions, %)

For the six months ended September 30, 2009 For the six months ended September 30, 2010 Increase or decrease by comparison For the year ended March 31, 2010

Major items in ordinary profit Net premiums written 221 1,179 958 1,100 1 Net claims paid 4 472 467 199 2 Loss adjustment expenses 1,301 348

• 952

1,621 3 Agency commissions and brokerage

• 4

Operating and general administrative expenses on underwriting

5,547 2,075

• 3,472

8,308 5

Provision for outstanding claims

(negative numbers represent reversal)

34 185 150 225 6

Provision for underwriting reserves (negative numbers represent reversal)

214 445 231 850 7

Underwriting loss

• 6,880
• 2,346

4,533

• 10,104

8 Interest and dividends 1 2 1 3 9

Gains and losses on sales of securities

• 10

Impairment losses on securities

• 11

Gains and losses on derivatives

• 12

Ordinary loss

• 1,133
• 1,108

25

• 2,349 13

Extraordinary gains

• 14

Extraordinary losses

• 2

2 0 15 Net loss

• 1,136
• 1,114

22

• 2,355 16

Net premiums written (Rate of change)

• 432.3

432.3

• 17

Fire and allied lines

• 18

Voluntary automobile

• 428.7

428.7

• 19

Personal accident

• 20

Loss ratio 589.1 69.6

• 519.5

165.4 21 Fire and allied lines

• 22

Voluntary automobile 589.1 70.0

• 519.0

165.4 23 Personal accident

• 24

1 1 25 Fire and allied lines

• 26

Voluntary automobile 1 1 27 Expense ratio 2,502.6 175.9

• 2,326.8

754.9 28 Catastrophe loss reserve 7 73 65 35 29 Reserve ratio of catastrophe loss reserve 1.6 3.1 1.5 3.2 30 Solvency margin ratio 17,991.7 7,145.4

• 10,846.3

5,762.2 31 Net incurred losses relating to natural disasters

Underwriting Investment

4

SLIDE 8

３．Key figures of the domestic life insurance business

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

Annualized premiums

371,342 389,518 18,175 4.9 ％ 382,574

1

294,861 316,058 21,196 7.2 306,187

2

70,344 75,290 4,945 7.0 73,036

3

51,892 58,480 6,588 12.7 55,450

4

76,480 73,460

• 3,020
• 3.9

76,387

5

22,420 23,613 1,192 5.3 49,615

6

20,812 21,953 1,140 5.5 46,009

7

4,381 5,188 806 18.4 9,901

8

4,205 4,998 793 18.9 9,549

9

1,608 1,660 52 3.2 3,606

10

5,961 7,493 1,531 25.7

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

Annualized premiums

258,351 267,932 9,581 3.7 ％ 263,072

12

4,216 3,989

• 227
• 5.4

4,096

13

58 53

• 5
• 8.5

55

14

• 15

254,134 263,942 9,808 3.9 258,976

16

8,269 9,931 1,662 20.1 17,329

17

• 18
• 19
• 20

8,269 9,931 1,662 20.1 17,329

21

598

• 3,719
• 4,318
• 721.6
• 1,363

22

For the year ended March 31, 2010 Increase or decrease by comparison Rate of change For the year ended March 31, 2010 Rate of change Individual annuities Net income/loss Policies in force Individual insurance

Medical coverage and accelerated death benefits Medical and cancer

Individual annuities New policies Individual insurance

Medical coverage and accelerated death benefits Medical and cancer

For the six months ended September 30, 2009 For the six months ended September 30, 2010 Individual annuities Net income Policies in force Individual insurance

Medical coverage and accelerated death benefits Medical and cancer

Individual annuities New policies Individual insurance

Medical coverage and accelerated death benefits Medical and cancer

Increase or decrease by comparison For the six months ended September 30, 2009 For the six months ended September 30, 2010

5

SLIDE 9

４．Business forecast for the year ending March 31, 2011

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

(Yen in millions)

3,570,803 3,360,000 3,280,000

• 80,000
• 2.4 ％ 1

203,413 180,000 180,000

• 2

128,418 115,000 115,000

• 3

(2) Ordinary income (consolidated)

(Yen in millions) Insurance premiums

2,757,710 2,860,100 2,669,200

• 190,900
• 6.7 ％ 4

2,292,911 2,337,200 2,289,400

• 47,800
• 2.0

5

1,736,082 1,753,000 1,746,000

• 7,000
• 0.4

6

131,876 134,300 133,900

• 400
• 0.3

7

422,855 444,000 403,700

• 40,300
• 9.1

8

2,097 5,900 5,800

• 100
• 1.7

9

464,799 522,900 379,800

• 143,100
• 27.4

10

330,411 310,200 331,400 21,200 6.8

11

90,235 160,500

• 6,900
• 167,400
• 104.3

12

44,152 52,200 55,300 3,100 5.9

13

(3) Net income (consolidated)

(Yen in millions) Net income (consolidated)

128,418 115,000 115,000

• ％ 14

94,456 104,000 109,000 5,000 4.8

15

4,281 3,000 1,900

• 1,100
• 36.7

16

2,000 2,300 300 15.0

17

• 1,363
• 3,700
• 4,900
• 1,200
• 18

68,901 50,100 48,000

• 2,100
• 4.2

19

• 8,943

400 400

• 20
• 28,914
• 40,800
• 41,700
• 900

21

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

(Yen in millions)

1,736,082 1,753,000 1,746,000

• 7,000
• 0.4

22

147,401 153,000 158,000 5,000 3.3

23

94,456 104,000 109,000 5,000 4.8

24

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

(Yen) Annual dividends per share Interims Fiscal year end

26.00 25.00

For the year ending March 31, 2011 Forecast Actual

50.00 25.00 24.00

(B) For the year ending March 31, 2011 (forecast: revised) (B) For the year ending March 31, 2011 (forecast: revised) (B) For the year ending March 31, 2011 (forecast: revised) Tokio Marine Nichido

Nisshin Fire

Nisshin Fire Tokio Marine Nichido Financial Life Other Ordinary profit

Net premiums written (non-life)

For the year ended March 31, 2010 (A) For the year ending March 31, 2011 (forecast: at the beginning

• f the fiscal year)

Increase or decrease by comparison (B)-(A) Rate of change Increase or decrease by comparison (B)-(A) (A) For the year ending March 31, 2011 (forecast: at the beginning

• f the fiscal year)

(A) For the year ending March 31, 2011 (forecast: at the beginning

• f the fiscal year)

Increase or decrease by comparison (B)-(A) (B) For the year ending March 31, 2011 (forecast: revised) (A) For the year ending March 31, 2011 (forecast: at the beginning

• f the fiscal year)

Increase or decrease by comparison (B)-(A) Rate of change Rate of change Rate of change For the year ended March 31, 2010 For the year ended March 31, 2010 For the year ended March 31, 2010 Ordinary income Net premiums written Ordinary profit Net Income Net income Tokio Marine Nichido

Tokio Marine Nichido Financial Life Overseas subsidiaries

Financial and other business subsidiaries

50.00

For the year ended March 31, 2010 Overseas subsidiaries Other Life insurance premiums Tokio Marine Nichido Life Consolidation adjustment and

• ther

Tokio Marine Nichido Life

6

SLIDE 10

Tokio Marine Nichido (non-consolidated)

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

(1) Interim balance sheet

(Yen in millions) ％ ％ 76,037 0.85 140,772 1.45

• 64,734

140,900 1.58 86,400 0.89 54,500 194,965 2.18 150,969 1.56 43,996 987,174 11.04 1,138,105 11.72

• 150,930

14,265 0.16 11,778 0.12 2,486 6,046,861 67.65 6,784,410 69.88

• 737,548

453,534 5.07 459,465 4.73

• 5,931

251,243 2.81 256,754 2.64

• 5,510

613 0.01 631 0.01

• 17

711,216 7.96 692,320 7.13 18,895 74,713 0.84

• 74,713

3,130 0.04 3,178 0.03

• 48
• 16,681
• 0.19
• 16,739
• 0.17

58 8,937,974 100.00 9,708,046 100.00

• 770,071

5,588,355 62.52 5,657,118 58.27

• 68,763

806,660 819,359

• 12,699

4,781,694 4,837,759

• 56,064

10,000 0.11 30,000 0.31

• 20,000

1,373,439 15.37 1,809,183 18.64

• 435,743

675,553 1,087,058

• 411,504

38,632 33,874 4,757 4,345 4,683

• 337

3,739

• 3,739

651,167 683,567

• 32,399

158,100 1.77 156,815 1.62 1,285 21,023 0.24 16,843 0.17 4,179 1,635 0.02 1,603 0.02 31 59,624 0.67 57,672 0.59 1,951 59,624 57,672 1,951

• 0.00

59,490 0.61

• 59,490

3,130 0.04 3,178 0.03

• 48

7,215,308 80.73 7,791,907 80.26

• 576,598

101,994 1.14 101,994 1.05

• 123,521

1.38 123,521 1.27

• 123,521

123,521

• 616,235

6.89 572,735 5.90 43,500 81,099 81,099

• 535,136

491,635 43,500 18,431 18,431

• 235,426

235,426

• 281,278

237,778 43,500 841,751 9.42 798,251 8.22 43,500 857,771 9.60 1,101,486 11.35

• 243,714

23,142 0.26 16,401 0.17 6,741 880,914 9.86 1,117,888 11.52

• 236,973

1,722,666 19.27 1,916,139 19.74

• 193,473

8,937,974 100.00 9,708,046 100.00

• 770,071

(Net assets) Provision for demolition of fixed assets Other liabilities Retirement benefit obligations Provision for employees' bonus Lease obligations Accrued income taxes Payables under security lending transactions Acceptances and guarantees Reserve under the special law Deferred tax liabilities Asset retirement obligations (Liabilities) Insurance liabilities Total assets Corporate bonds Outstanding claims Underwriting reserves Customers' liabilities under acceptances and guarantees Valuation allowances for bad debts Deferred tax assets Other assets Intangible fixed assets Increase or decrease by comparison Amount Composition ratio Amount Composition ratio (Assets)

Financial statements

As of September 30, 2010 As of March 31, 2010 Receivables under resale agreement Monetary receivables bought Money trusts Cash and bank deposits Other liabilities Loans Tangible fixed assets Call loans Total liabilities Price fluctuation reserve Securities Additional paid-in capital Retained earnings Share capital Capital surplus Unrealized gains on securities, net of taxes Total shareholders' equity Surplus reserve Other retained earnings Special reserve Retained earnings carried forward Advanced depreciation reserve for fixed assets Total liabilities and net assets Total valuation and translation adjustments Total net assets Deferred gains/losses on hedge transactions

7

SLIDE 11

Tokio Marine Nichido (non-consolidated)

(2) Interim statement of income

(Yen in millions)

1,098,340 1,173,874 75,533 2,257,690 1,028,021 1,038,648 10,626 2,113,776

（ Net premiums written ） （

870,279 ） （ 874,028 ）（ 3,748 ）（ 1,736,082 ）

（ Deposit premiums from policyholders ） （

69,859 ） （ 64,719 ）（

• 5,139 ）（

130,431 ）

（ Investment income on deposit premiums ） （

33,051 ） （ 31,072 ）（

• 1,979 ）（

63,757 ）

（ Reversal of outstanding claims ） （

20,323 ） （ 12,699 ）（

• 7,624 ）（

22,746 ）

（ Reversal of underwriting reserves ） （

34,487 ） （ 56,064 ）（ 21,577 ）（ 160,649 ） 66,864 131,634 64,769 136,295

（ Interest and dividends ） （

57,263 ） （ 83,106 ）（ 25,843 ）（ 108,453 ）

（ Gains on money trusts ） （

771 ） （ 14 ）（

• 756 ）（

1,219 ）

（ Gains on sales of securities ） （

23,718 ） （ 50,073 ）（ 26,354 ）（ 72,273 ）

（ Transfer of investment income on deposit premiums ） （

• 33,051 ） （
• 31,072 ）（

1,979 ）（

• 63,757 ）

3,454 3,591 137 7,619 1,017,078 1,040,190 23,112 2,110,289 835,789 856,055 20,265 1,746,245

（ Net claims paid ） （

534,709 ） （ 541,437 ）（ 6,728 ）（ 1,096,461 ）

（ Loss adjustment expenses ） （

39,945 ） （ 41,886 ）（ 1,940 ）（ 82,004 ）

（ Agency commissions and brokerage ） （

154,111 ） （ 152,488 ）（

• 1,623 ）（

304,459 ）

（ Maturity refunds to policyholders ） （

103,908 ） （ 117,196 ）（ 13,287 ）（ 259,581 ） 22,209 19,855

• 2,353

35,874

（ Losses on money trusts ） （

• ） （

512 ）（ 512 ）（

• ）

（ Losses on trading securities ） （

134 ） （

• ）（
• 134 ）（

134 ）

（ Losses on sales of securities ） （

3,164 ） （ 2,550 ）（

• 614 ）（

4,391 ）

（ Impairment losses on securities ） （

14,221 ） （ 11,204 ）（

• 3,016 ）（

24,857 ） 153,629 161,574 7,945 316,108 5,450 2,705

• 2,744

12,061

（ Interest paid ） （

2,359 ） （ 1,803 ）（

• 556 ）（

4,630 ） 81,261 133,683 52,421 147,401 1,111 200

• 910

3,812 188 200 12 2,930 541

• 541

498 360

• 360
• 20
• 20
• 383

3,665 8,393 4,728 17,819 458 1,335 877 2,622 910 2,337 1,426 8,862 2,032 1,951

• 80

4,210

Price fluctuation reserve （

2,032 ） （ 1,951 ）（

• 80 ）（

4,210 )

• 2,737

2,737

• 31

31

• 265
• 265

2,120

• 3

78,707 125,490 46,783 133,393 31,106 39,089 7,983 38,837

• 8,947
• 8,788
• 7,107

1,680

• 8,847

22,317 31,981 9,664 38,937 56,390 93,508 37,118 94,456

Total income taxes Net income Income taxes for prior period Extraordinary losses Other ordinary income Income taxes - deferred Losses on sales of investment in subsidiaries Income taxes - current Investment income Gains on sales of investment in subsidiaries Gains on liquidation of subsidiaries Provision for fixed assets demolition Losses on adjustment for changes of accounting standard for asset retirement obligations Increase or decrease by comparison Underwriting income Income before income taxes Ordinary income Ordinary profit Extraordinary gains Impairment losses on investment in subsidiaries Reversal of provision for fixed assets demolition Impairment losses on fixed assets Losses on disposal of fixed assets Provision under the special law Other extraordinary gains April 1, 2010 to September 30, 2010 ） Ordinary expenses Investment expenses Gains on disposal of fixed assets Operating and general administrative expenses Other ordinary expenses Underwriting expenses （ ） April 1, 2009 to March 31, 2010 For the year ended March 31, 2010 （ For the six months ended September 30, 2009 For the six months ended September 30, 2010 （ ） April 1, 2009 to September 30, 2009

8

SLIDE 12

Tokio Marine Nichido (non-consolidated)

(3) Interim statement of changes in shareholders' equity

For the six months ended September 30, 2010 (April 1, 2010 to September 30, 2010)

(Yen in millions) Shareholders' equity Valuation and translation adjustments Capital surplus Advanced depreciation reserve for fixed assets Special reserve Retained earnings carried forward Balance as of March 31,2010

101,994 123,521 81,099 18,431 235,426 237,778 798,251 1,101,486 16,401 1,916,139

Dividends

• 50,008
• 50,008
• 50,008

Net income

93,508 93,508 93,508

Net changes in items other than shareholders' equity

• 243,714

6,741

• 236,973

43,500 43,500

• 243,714

6,741

• 193,473

Balance as of September 30, 2010

101,994 123,521 81,099 18,431 235,426 281,278 841,751 857,771 23,142 1,722,666

Total net assets Share capital Retained earnings Total shareholders' equity Unrealized gains on securities, net of taxes Deferred gains/losses

• n hedge

transactions Additional paid-in capital Surplus reserve Other retained earnings Changes during the six months Total changes during the six months ended September 30, 2010

9

SLIDE 13

Tokio Marine Nichido (non-consolidated)

(4) Underwriting

Direct premiums written (excluding deposit premiums from policyholders)

(Yen in millions) change（％） （Yen in millions） change（％） Fire and allied lines 132,675 14.5

• 4.3

127,536 13.8

• 3.9

Hull and cargo 30,076 3.3

• 32.4

33,474 3.6 11.3 Personal accident 84,521 9.2 0.4 86,262 9.3 2.1 Voluntary automobile 424,941 46.3

• 1.9

427,288 46.3 0.6

Compulsory automobile liability

98,384 10.7

• 17.6

102,348 11.1 4.0 Other 146,307 16.0 10.8 146,419 15.9 0.1 Total 916,907 100.0

• 3.7

923,329 100.0 0.7

(Deposit premiums)

(

69,859 ) (

• ) (
• 17.5 ) (

64,719 ) (

• ) (
• 7.4 )

Net premiums written

（Yen in millions） change（％） （Yen in millions） change（%） Fire and allied lines

103,993 11.9

• 8.3

100,703 11.5

• 3.2

Hull and cargo

27,532 3.2

• 30.2

30,585 3.5 11.1

Personal accident

82,797 9.5

• 1.3

84,507 9.7 2.1

Voluntary automobile

421,841 48.5

• 2.0

424,577 48.6 0.6

Compulsory automobile liability

107,237 12.3

• 20.4

110,525 12.6 3.1

Other

126,876 14.6 0.2 123,128 14.1

• 3.0

Total

870,279 100.0

• 6.3

874,028 100.0 0.4

Net claims paid

（Yen in millions） （Yen in millions） Fire and allied lines

39,811

• 17.8

40.4 41,066 3.2 43.0

Hull and cargo

16,913

• 8.9

64.5 15,782

• 6.7

54.7

Personal accident

40,238 0.3 51.6 40,015

• 0.6

50.3

Voluntary automobile

263,286

• 0.7

67.9 273,957 4.1 70.4

Compulsory automobile liability

109,877

• 3.5

109.6 110,934 1.0 107.4

Other

64,582

• 9.3

53.6 59,681

• 7.6

51.4

Total

534,709

• 4.1

66.0 541,437 1.3 66.7

change(％) change(％) (％) (％) ratio(％) ration(％) September 30, 2009 September 30, 2010 Amount Composition Rate of Amount Rate of Loss ratio ratio（％） ratio（％） For the six months ended September 30, 2009 For the six months ended September 30, 2010 April 1, 2009 to April 1, 2010 to For the six months ended September 30, 2009 For the six months ended September 30, 2010 April 1, 2009 to April 1, 2010 to September 30, 2009 September 30, 2010 Amount Rate of Loss ratio Amount Composition Rate of Amount Composition Rate of For the six months ended September 30, 2009 For the six months ended September 30, 2010 April 1, 2009 to April 1, 2010 to September 30, 2009 September 30, 2010 Amount Composition Rate of

( ) ( ) ( ) ( ) ( ) ( ) (

10

SLIDE 14

Tokio Marine Nichido (non-consolidated)

(5) Investment

Interest and dividends

(Yen in millions) Bank deposits Call loans Monetary receivables bought Securities Domestic bonds Domestic stocks Foreign securities Other (domestic) Loans Land and buildings Other Total

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

(Yen in millions) Gains and losses

• n sales

Impairment losses

• n securities

Gains and losses

• n sales

Impairment losses

• n securities

Gains and losses

• n sales

Impairment losses

• n securities

Domestic bonds

857

• 1,638
• 1,536
• Domestic stocks

14,332 11,241 42,260 9,536 60,212 21,597

Foreign securities

3,980 2,979 3,183 1,667 4,097 3,259

Other (domestic)

1,383

• 440
• 2,035
• Total

20,554 14,221 47,522 11,204 67,881 24,857

Other securities （available for sale）

(Yen in millions) Cost

Amount shown on balance sheet

Difference Cost

Amount shown on balance sheet

Difference Domestic bonds

2,263,380 2,372,286 108,905 2,474,134 2,509,835 35,701

Domestic stocks

842,852 2,083,178 1,240,326 873,808 2,535,459 1,661,650

Foreign securities

429,502 432,634 3,132 446,298 467,819 21,520

Other （domestic）

1,045,602 1,034,242

• 11,359

1,228,565 1,226,036

• 2,528

Total

4,581,337 5,922,342 1,341,004 5,022,807 6,739,151 1,716,344

(Note) The table above shows "Other securities (available for sale)" measured at fair value, which includes monetary receivables bought.

57,263 83,106 108,453 1,213 1,141 2,453 4,897 4,137 9,360 5,667 5,290 11,013 1,022 26,961 2,058

• 783
• 212
• 1,263

18,393 18,467 37,068 24,403 25,266 43,075 21 1,712 4,179 43,036 70,483 80,939 69 37 119 184

September 30, 2010 April 1, 2009 to March 31, 2010

181

September 30, 2009 September 30, 2010 March 31, 2010 For the year ended March 31, 2010 Interest and dividends Interest and dividends Interest and dividends April 1, 2009 to September 30, 2009 April 1, 2010 to As of September 30, 2010 As of March 31, 2010 For the six months ended September 30, 2010 For the six months ended September 30, 2009 For the six months ended September 30, 2009 For the six months ended September 30, 2010

26 217 119

April 1, 2009 to April 1, 2010 to April 1, 2009 to Receivables under resale agreement Receivables under security borrowing transactions

77 2,216

For the year ended March 31, 2010

15 8

( ) ( ) ( ) ( ) ) ( ( )

11

SLIDE 15

Tokio Marine Nichido (non-consolidated)

(Yen in millions)

(Ａ) Total amount of solvency margin

3,618,678 3,867,559 841,751 748,242

Price fluctuation reserve

59,624 57,672

Contingency reserve

• Catastrophe loss reserve

1,032,190 1,041,450

General valuation allowances for bad debts

3,060 2,905 1,209,096 1,546,253

Net unrealized gains/losses on land

173,706 224,773

Excess amount of policyholders' contract deposits

• Subordinated debt, etc.
• Deductions

10,000 10,000

Other

309,249 256,262

(Ｂ) Total amount of risks （Ｒ１＋Ｒ２）２＋（Ｒ３＋Ｒ４）２ ＋Ｒ５＋Ｒ６ General insurance risk （Ｒ１）

103,774 103,729

Third sector insurance risk （Ｒ２）

• Assumed interest risk

（Ｒ３）

8,554 8,556

Asset management risk （Ｒ４）

411,526 468,713

Business administration risk （Ｒ５）

18,895 19,604

Catastrophe risk （Ｒ６）

420,911 399,212

(Ｃ) Solvency margin ratio [(Ａ)/{(Ｂ)×1/2}]×100 As of September 30, 2010 As of March 31, 2010

(6) Solvency margin ratio

872,516 852.6%

Total net assets

829.4%

Net unrealized gains/losses on securities (Prior to tax effect deductions)

907,228

12

SLIDE 16

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

(1) Interim balance sheet

(Yen in millions) ％ ％ 22,971 5.27 25,326 5.76

• 2,355

295,399 67.77 285,515 64.97 9,884 16,081 3.69 20,471 4.66

• 4,390

34,215 7.85 34,674 7.89

• 459

95 0.02 95 0.02

• 39,341

9.03 45,413 10.33

• 6,072

29,807 6.84 30,702 6.99

• 895
• 2,023
• 0.46
• 2,718
• 0.62

694 435,888 100.00 439,481 100.00

• 3,593

348,159 79.87 352,504 80.21

• 4,345

47,188 46,448 739 300,971 306,056

• 5,084

14,721 3.38 12,834 2.92 1,886 380 355 24 52 58

• 5

48

• 48

14,240 12,420 1,819 857 0.20 792 0.18 65 621 0.14 454 0.10 166 624 0.14 506 0.12 118 624 506 118 364,985 83.73 367,093 83.53

• 2,107

20,389 4.68 20,389 4.64

• 15,518

3.56 15,518 3.53

• 12,620

12,620

• 2,898

2,898

• 23,965

5.50 25,672 5.84

• 1,707

7,732 7,008 723 16,233 18,664

• 2,431

10,840 10,840

• 1,703

1,703

• 3,689

6,120

• 2,431

59,873 13.74 61,580 14.01

• 1,707

11,028 2.53 10,840 2.47 188

• 32
• 0.01

32 11,028 2.53 10,807 2.46 221 70,902 16.27 72,388 16.47

• 1,485

435,888 100.00 439,481 100.00

• 3,593

(Net assets) Other liabilities Retirement benefit obligations Provision for employees' bonus Lease obligations Accrued income taxes Reserve under the special law Asset retirement obligations (Liabilities) Insurance liabilities Total assets Outstanding claims Underwriting reserves Valuation allowances for bad debts Deferred tax assets Other assets Intangible fixed assets Increase or decrease by comparison Amount Composition ratio Amount Composition ratio (Assets) As of September 30, 2010 As of March 31, 2010 Cash and bank deposits Other liabilities Loans Tangible fixed assets Total liabilities Price fluctuation reserve Securities Additional paid-in capital Retained earnings Share capital Capital surplus Other capital surplus Unrealized gains on securities, net of taxes Total shareholders' equity Surplus reserve Other retained earnings Special reserve Retained earnings carried forward Advanced depreciation reserve for fixed assets Total liabilities and net assets Total valuation and translation adjustments Total net assets Deferred gains/losses on hedge transactions

13

SLIDE 17

Nisshin Fire (non-consolidated) (2) Interim statement of income

(Yen in millions)

81,628 82,032 404 167,119 76,791 77,827 1,036 156,051

（ Net premiums written ） （

66,341 ） （ 67,546 ） （ 1,205 ） （ 131,876 ）

（ Deposit premiums from policyholders ） （

3,972 ） （ 3,900 ） （

• 72 ） （

7,954 ）

（ Investment income on deposit premiums ） （

1,468 ） （ 1,288 ） （

• 180 ） （

2,744 ）

（ Reversal of outstanding claims ） （

577 ） （

• ） （
• 577 ） （
• ）

（ Reversal of underwriting reserves ） （

4,415 ） （ 5,084 ） （ 669 ） （ 13,456 ） 4,767 3,851

• 916

10,956

（ Interest and dividends ） （

2,929 ） （ 2,793 ） （

• 135 ） （

5,735 ）

（ Gains on sales of securities ） （

3,179 ） （ 1,990 ） （

• 1,189 ） （

6,705 ）

（ Gains on derivatives ） （

4 ） （ 312 ） （ 308 ） （ 108 ）

（ Transfer of investment income on deposit premiums ） （

• 1,468 ） （
• 1,288 ） （

180 ） （

• 2,744 ）

68 353 284 111 76,848 79,392 2,544 160,695 61,541 65,687 4,146 130,426

（ Net claims paid ） （

36,810 ） （ 40,265 ） （ 3,455 ） （ 77,900 ）

（ Loss adjustment expenses ） （

3,615 ） （ 3,557 ） （

• 58 ） （

7,279 ）

（ Agency commissions and brokerage ） （

12,342 ） （ 12,380 ） （ 37 ） （ 24,444 ）

（ Maturity refunds to policyholders ） （

8,675 ） （ 8,667 ） （

• 8 ） （

19,147 ）

（ Provision for outstanding claims ） （

• ） （

739 ） （ 739 ） （ 1,523 ） 955 629

• 326

2,089

（ Losses on sales of securities ） （

106 ） （ 51 ） （

• 55 ） （

463 ）

（ Impairment losses on securities ） （

606 ） （ 411 ） （

• 195 ） （

1,075 ）

（ Losses on redemption of securities ） （

151 ） （ 41 ） （

• 110 ） （

387 ） 13,870 13,032

• 837

27,890 480 42

• 438

288 4,779 2,639

• 2,140

6,423 100 100 1,362 73 72 1,362

• 27

27

• 153

195 42 380 19 29 9 147 133 118

• 15

233

Price fluctuation reserve （

133 ） （ 118 ） （

• 15 ） （

233 )

• 48

48

• 4,626

2,544

• 2,082

7,404 64 58

• 5

122 1,596 573

• 1,023

3,001 1,661 631

• 1,029

3,123 2,965 1,912

• 1,053

4,281

Total income taxes Income taxes - deferred Net income （ Losses on disposal of fixed assets Income taxes - current Income before income taxes Provision under the special law Investment expenses Losses on adjustment for charges of accounting standard for asset retirement obligations ） Other ordinary income Underwriting expenses Other extraordinary gains Investment income Underwriting income Amount ） Amount Amount （ Ordinary income Ordinary expenses Ordinary profit Extraordinary gains Gains on disposal of fixed assets Operating and general administrative expenses Extraordinary losses Other ordinary expenses April 1, 2009 to March 31, 2010 For the six months ended September 30, 2009 For the six months ended September 30, 2010 For the year ended March 31, 2010 Increase or decrease by comparison （ ） April 1, 2010 to September 30, 2010 April 1, 2009 to September 30, 2009

14

SLIDE 18

Nisshin Fire (non-consolidated) (3) Interim statement of changes in shareholders' equity

For the six months ended September 30, 2010 （April 1, 2010 to September 30, 2010）

(Yen in millions) Shareholders' equity Valuation and translation adjustments

Special reserve Advanced depreciation reserve for fixed assets Retained earnings carried forward

Balance as of March 31, 2010 20,389 12,620 2,898 7,008 10,840 1,703 6,120 61,580 10,840

• 32

72,388 Dividends 723

• 4,343
• 3,619
• 3,619

Net income 1,912 1,912 1,912 Net changes in items other than shareholders' equity 188 32 221

• 723
• 2,431
• 1,707

188 32

• 1,485

Balance as of September 30, 2010 20,389 12,620 2,898 7,732 10,840 1,703 3,689 59,873 11,028

• 70,902

Total net assets Share capital Retained earnings

Total shareholders' equity

Unrealized gains on securities, net of taxes Deferred gains/losses

• n hedge

transactions Additional paid-in capital Capital surplus Surplus reserve Other retained earnings Changes during the six months Total changes during the six months ended September 30, 2010 Other capital surplus

15

SLIDE 19

Nisshin Fire (non-consolidated)

(4) Underwriting

Direct premiums written (excluding deposit premiums from policyholders)

Fire and allied lines 12,482 18.0

• 4.1

12,783 18.2 2.4 Hull and cargo 2 0.0

• 99.4
• 11
• 0.0
• 672.3

Personal accident 5,140 7.4

• 4.4

5,199 7.4 1.2 Voluntary automobile 37,242 53.7

• 0.4

38,116 54.2 2.3

Compulsory automobile liability

9,191 13.3

• 11.2

9,339 13.3 1.6 Other 5,276 7.6

• 4.6

4,939 7.0

• 6.4

Total 69,336 100.0

• 3.8

70,366 100.0 1.5

(Deposit premiums)

(

3,972 ) (

• ) (
• 26.5 ) (

3,900 ) (

• ) (
• 1.8 )

Net premiums written

Fire and allied lines 10,958 16.5

• 7.4

11,255 16.7 2.7 Hull and cargo 80 0.1

• 81.5

17 0.0

• 77.9

Personal accident 5,081 7.7

• 4.4

5,139 7.6 1.2 Voluntary automobile 37,015 55.8

• 0.4

37,882 56.1 2.3

Compulsory automobile liability

8,243 12.4

• 16.3

8,570 12.7 4.0 Other 4,962 7.5

• 6.1

4,680 6.9

• 5.7

Total 66,341 100.0

• 5.1

67,546 100.0 1.8

Net claims paid

Fire and allied lines 3,662

• 10.7

35.5 4,924 34.5 46.3 Hull and cargo 75

• 53.1

96.1 80 6.8 505.3 Personal accident 2,845 1.6 60.7 2,805

• 1.4

60.0 Voluntary automobile 20,862

• 4.2

62.4 22,805 9.3 65.8

Compulsory automobile liability

7,281

• 3.4

96.3 7,419 1.9 94.0 Other 2,082

• 17.2

47.4 2,229 7.1 52.5 Total 36,810

• 5.3

60.9 40,265 9.4 64.9 September 30, 2009 September 30, 2010 For the six months ended September 30, 2009 For the six months ended September 30, 2010 April 1, 2009 to April 1, 2010 to Composition ratio(%) Amount (Yen in millions) Rate of change (%) Loss ratio (%) Loss ratio (%) For the six months ended September 30, 2009 For the six months ended September 30, 2010 April 1, 2009 to April 1, 2010 to September 30, 2009 September 30, 2010 Amount (Yen in millions) Rate of change (%) Amount (Yen in millions) Rate of change (%) For the six months ended September 30, 2009 For the six months ended September 30, 2010 April 1, 2009 to April 1, 2010 to September 30, 2009 September 30, 2010 Amount (Yen in millions) Rate of change (%) Amount (Yen in millions) Rate of change (%) Amount (Yen in millions) Rate of change (%) Composition ratio(%) Composition ratio(%) Composition ratio(%)

( ) ( ) ( ) ( ) ( ) ( )

16

SLIDE 20

Nisshin Fire (non-consolidated)

(5) Investment

Interest and dividends

(Yen in millions) Bank deposits Call loans Monetary receivables bought Securities Domestic bonds Domestic stocks Foreign securities Other (domestic) Loans Land and buildings Other Total

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

(Yen in millions)

Gains and losses

• n sales

Impairment losses

• n securities

Gains and losses

• n sales

Impairment losses

• n securities

Gains and losses

• n sales

Impairment losses

• n securities

Domestic bonds 156 243 1,164 35 432 415 Domestic stocks 2,669 190 719 263 5,151 300 Foreign securities 48 173 55 112 355 359 Other (domestic) 197

• 301
• Total

3,073 606 1,939 411 6,241 1,075

Other securities (available for sale)

(Yen in millions) Cost

Amount shown

• n balance sheet

Difference Cost

Amount shown

• n balance sheet

Difference Domestic bonds 206,133 215,932 9,799 192,761 195,979 3,218 Domestic stocks 28,032 35,786 7,753 30,561 43,813 13,252 Foreign securities 34,404 33,795

• 608

36,620 36,125

• 494

Other (domestic) 6,344 6,030

• 314

5,941 6,045 103 Total 274,914 291,544 16,630 265,885 281,964 16,079 For the year ended March 31, 2010

April 1, 2009 to April 1, 2010 to April 1, 2009 to

For the six months ended September 30, 2010 For the six months ended September 30, 2009

September 30, 2009 September 30, 2010 September 30, 2009

11 4 As of September 30, 2010 As of March 31, 2010

(Note) The table above shows "Other securities (available for sale)" measured at fair value, which includes bank deposits. March 31, 2010

For the six months ended September 30, 2009 For the six months ended September 30, 2010 For the year ended March 31, 2010 Interest and dividends Interest and dividends Interest and dividends

April 1, 2009 to April 1, 2010 to April 1, 2009 to

19

September 30, 2010 March 31, 2010

• 3
• 3

2,435 2,423 4,811 2,922 477 395 918 1,392 1,611 540 402 132 944 25 14 26 251 167 458 2,929 2,793 5,735 160 141 310 66 57 ( ) ( ) ( ) ( ) ( ) ( ) 17

SLIDE 21

Nisshin Fire (non-consolidated)

(Yen in millions)

(Ａ) Total amount of solvency margin

146,309 144,330 59,873 57,961

Price fluctuation reserve

624 506

Contingency reserve

• Catastrophe loss reserve

63,056 63,925

General valuation allowances for bad debts

275 365 14,763 14,320

Net unrealized gains/losses on land

• 1,603
• 969

Excess amount of policyholders' contract deposits

• Subordinated debt, etc.
• Deductions
• Other

9,317 8,220

(Ｂ) Total amount of risks （Ｒ１＋Ｒ２）２＋（Ｒ３＋Ｒ４）２ ＋Ｒ５＋Ｒ６ General insurance risk （Ｒ１）

7,580 7,585

Third sector insurance risk （Ｒ２）

• Assumed interest risk

（Ｒ３）

413 423

Asset management risk （Ｒ４）

8,081 8,809

Business administration risk （Ｒ５）

836 852

Catastrophe risk （Ｒ６）

25,742 25,799

(Ｃ) Solvency margin ratio [(Ａ)/{(Ｂ)×1/2}]×100

38,601 747.7%

As of March 31, 2010 Total net assets

770.7%

(6) Solvency margin ratio

37,963

As of September 30, 2010 Net unrealized gains/losses on securities (Prior to tax effect deductions) 18

SLIDE 22

E.design (non-consolidated)

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

(1) Interim balance sheet

(Yen in millions)

％ ％ 6,395 40.45 3,607 30.27 2,788 64 0.41 65 0.55

• 1

0.00 0.00

• 9,352

59.14 8,242 69.17 1,110 8,987 7,752 1,235 364 490

• 125

15,813 100.00 11,915 100.00 3,898 1,706 10.79 1,076 9.03 630 411 225 185 1,295 850 445 612 3.88 845 7.09

• 232

5 6

20 24

• 3

11

• 11

575 814

• 239

6 0.04 1 0.01 4 55 0.35 53 0.45 1 2,381 15.06 1,976 16.59 404 9,053 57.25 6,750 56.65 2,303 9,053 57.25 6,750 56.65 2,303 9,053 6,750 2,303

• 4,675
• 29.56
• 3,561
• 29.89
• 1,114
• 4,675
• 3,561
• 1,114
• 4,675
• 3,561
• 1,114

13,432 84.94 9,938 83.41 3,493 13,432 84.94 9,938 83.41 3,493 15,813 100.00 11,915 100.00 3,898

Other assets (Net assets) Other liabilities Retirement benefit obligations Provision for employees' bonus Lease obligations Accrued income taxes Asset retirement obligations (Liabilities) Insurance liabilities Total assets Outstanding claims Underwriting reserves Deferred assets under Article 113 of the Insurance Business Law Other assets Intangible fixed assets Increase or decrease by comparison Amount Composition ratio Amount Composition ratio (Assets) As of September 30, 2010 As of March 31, 2010 Cash and bank deposits Other liabilities Tangible fixed assets Total liabilities Additional paid-in capital Retained earnings Share capital Capital surplus Total shareholders' equity Other retained earnings Retained earnings carried forward Total liabilities and net assets Total net assets

19

SLIDE 23

E.design (non-consolidated)

(2) Interim statement of income

(Yen in millions)

222 1,183 960 1,104 221 1,179 958 1,100

（ Net premiums written ） （

221 ） （ 1,179 ） （ 958 ） （ 1,100 ）

（ Investment income on deposit premiums ） （

• ） （

0 ） （ 0 ） （

• ）

1 2 1 3

（ Interest and dividends ） （

1 ） （ 2 ） （ 1 ） （ 3 ）

（ Transfer of investment income on deposit premiums ） （

• ） （
• 0 ） （
• 0 ） （
• ）

1,356 2,291 934 3,453 1,554 1,451

• 103

2,896

（ Net claims paid ） （

4 ） （ 472 ） （ 467 ） （ 199 ）

（ Loss adjustment expenses ） （

1,301 ） （ 348 ） （

• 952 ） （

1,621 ）

（ Provision for outstanding claims ） （

34 ） （ 185 ） （ 150 ） （ 225 ）

（ Provision for underwriting reserves ） （

214 ） （ 445 ） （ 231 ） （ 850 ） 5,547 2,075

• 3,472

8,308 174 482 307 535

（ Interest paid ） （

0 ） （ 0 ） （

• 0 ） （

1 ）

（ Amortization of deferred assets under Article 113 of the Insurance Business Law ） （

174 ） （ 481 ） （ 307 ） （ 534 ）

• 5,920
• 1,717

4,203

• 8,286
• 1,133
• 1,108

25

• 2,349
• 2

2

• 2

2

• 1,133
• 1,111

22

• 2,349

2 2

• 5

2 2

• 5
• 1,136
• 1,114

22

• 2,355

） Other ordinary income Deferred expenses under Article 113 of the Insurance Business Law Losses on adjustment for charges of accounting standard for asset retirement obligations Operating and general administrative expenses ） Amount Amount （ Increase or decrease by comparison （ ） April 1, 2010 to September 30, 2010 For the year ended March 31, 2010 April 1, 2009 to March 31, 2010 Ordinary expenses Ordinary loss Extraordinary losses April 1, 2009 to September 30, 2009 Other ordinary expenses Underwriting expenses Ordinary income Investment income Underwriting income Amount Net loss For the six months ended September 30, 2009 For the six months ended September 30, 2010 Total income taxes （ Losses on disposal of fixed assets Income taxes - current Income before income taxes

20

SLIDE 24

E.design (non-consolidated)

(3) Interim statement of changes in shareholders' equity

For the six months ended September 30, 2010 （April 1, 2010 to September 30, 2010）

(Yen in millions) Shareholders' equity Capital surplus Retained earnings carried forward

6,750 6,750

• 3,561

9,938 9,938

Issuance of new shares

2,303 2,303 4,607 4,607

Net loss

• 1,114
• 1,114
• 1,114

2,303 2,303

• 1,114

3,493 3,493 9,053 9,053

• 4,675

13,432 13,432

Other retained earnings Changes during the six months Total changes during the six months ended September 30, 2010 Balance as of March 31, 2010 Balance as of September 30, 2010 Total net assets Share capital Retained earnings Total shareholders' equity Additional paid-in capital

21

SLIDE 25

E.design (non-consolidated)

(4) Underwriting

Direct premiums written (excluding deposit premiums from policyholders)

Fire and allied lines

• Hull and cargo
• Personal accident
• Voluntary automobile

221 100.0

• 1,171

100.0 428.7

Compulsory automobile liability

• Other
• Total

221 100.0

• 1,171

100.0 428.7

(Deposit premiums)

(

• ) (
• ) (
• ) (
• ) (
• ) (
• )

Net premiums written

Fire and allied lines

• Hull and cargo
• Personal accident
• Voluntary automobile

221 100.0

• 1,171

99.3 428.7

Compulsory automobile liability

• 7

0.7

• Other
• Total

221 100.0

• 1,179

100.0 432.3

Net claims paid

Fire and allied lines

• Hull and cargo
• Personal accident
• Voluntary automobile

4

• 589.1

472 10,230.3 70.0

Compulsory automobile liability

• 0.0

Other

• Total

4

• 589.1

472 10,230.3 69.6

Rate of change (%) Amount (Yen in millions) For the six months ended September 30, 2009 For the six months ended September 30, 2010 April 1, 2009 to April 1, 2010 to September 30, 2009 September 30, 2010 Rate of change (%) For the six months ended September 30, 2009 For the six months ended September 30, 2010 April 1, 2009 to April 1, 2010 to September 30, 2009 September 30, 2010 Loss ratio (%) For the six months ended September 30, 2009 For the six months ended September 30, 2010 April 1, 2009 to April 1, 2010 to September 30, 2009 September 30, 2010 Amount (Yen in millions) Composition ratio (%) Composition ratio (%) Rate of change (%) Rate of change (%) Amount (Yen in millions) Amount (Yen in millions) Composition ratio (%) Composition ratio (%) Amount (Yen in millions) Rate of change (%) Amount (Yen in millions) Rate of change (%) Loss ratio (%)

( ) ( ( ( ( ( ) ) ) ) ) 22

SLIDE 26

E.design (non-consolidated)

(5) Investment

Interest and dividends

(Yen in millions) Bank deposits Call loans Monetary receivables bought Securities Domestic bonds Domestic stocks Foreign securities Other (domestic) Loans Land and buildings Other Total

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

(Yen in millions)

Gains and losses on sales Impairment losses

• n securities

Gains and losses on sales Impairment losses

• n securities

Gains and losses on sales Impairment losses

• n securities

Domestic bonds

• Domestic stocks
• Foreign securities
• Other (domestic)
• Total
• Other securities (available for sale)

(Yen in millions) Cost

Amount shown on balance sheet

Difference Cost

Amount shown on balance sheet

Difference Domestic bonds

• Domestic stocks
• Foreign securities
• Other (domestic)
• Total
• For the year ended March 31,

2010

• 3
• 1

For the six months ended September 30, 2009 For the six months ended September 30, 2010

2

• For the six months ended

September 30, 2009 Interest and dividends

1

• For the six months ended

September 30, 2010 Interest and dividends

2

• As of September 30, 2010

As of March 31, 2010

• Receivables under resale

agreement Receivables under security borrowing transactions

3

• For the year ended March 31,

2010 Interest and dividends

March 31, 2010

• April 1, 2009 to

April 1, 2010 to April 1, 2009 to September 30, 2009 September 30, 2010 April 1, 2009 to April 1, 2010 to April 1, 2009 to September 30, 2009 September 30, 2010 March 31, 2010

( ) ( ) ( ) ( ) ( ) ( ) 23

SLIDE 27

E.design (non-consolidated)

(Yen in millions)

(Ａ) Total amount of solvency margin

4,517 2,221 4,444 2,186

Price fluctuation reserve

• Contingency reserve
• Catastrophe loss reserve

73 35

General valuation allowances for bad debts

• Net unrealized gains/losses on land
• Excess amount of policyholders' contract deposits
• Subordinated debt, etc.
• Deductions
• Other
• (Ｂ) Total amount of risks

（Ｒ１＋Ｒ２）２＋（Ｒ３＋Ｒ４）２ ＋Ｒ５＋Ｒ６ General insurance risk （Ｒ１）

83 59

Third sector insurance risk （Ｒ２）

• Assumed interest risk

（Ｒ３）

• Asset management risk

（Ｒ４）

63 36

Business administration risk （Ｒ５）

4 3

Catastrophe risk （Ｒ６）

16 4

(Ｃ) Solvency margin ratio [(Ａ)/{(Ｂ)×1/2}]×100

(6) Solvency margin ratio

As of September 30, 2010 Net unrealized gains/losses on securities (Prior to tax effect deductions)

77 5,762.2%

As of March 31, 2010 Total net assets

7,145.4% 126

24

SLIDE 28

Tokio Marine Nichido Life (non-consolidated)

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

(1) Interim balance sheet

(Yen in millions) ％ ％ 22,806 0.63 38,833 1.17

• 16,026

15,755 0.43 8,911 0.27 6,844 54,225 1.49 22,578 0.68 31,646 130,980 3.61 63,988 1.94 66,991 3,298,892 90.84 3,039,132 91.94 259,759 2,958,773 2,793,801 164,971 9,380

• 9,380

138,908 10,478 128,429 380 376 4 191,448 234,475

• 43,026

57,418 1.58 53,750 1.63 3,667 57,418 53,750 3,667 847 0.02 685 0.02 162 27 0.00 27 0.00

• 448

0.01 480 0.01

• 31

852 0.02 891 0.03

• 38

31,789 0.88 34,598 1.05

• 2,808

18,266 0.50 42,448 1.28

• 24,181
• 663
• 0.02
• 641
• 0.02
• 21

3,631,648 100.00 3,305,685 100.00 325,963 2,757,329 75.93 2,689,890 81.37 67,439 14,000 14,176

• 176

Underwriting reserves 2,672,795 2,606,578 66,217 Reserve for dividends to policyholders 70,533 69,135 1,398 3,826 0.11 4,432 0.13

• 606

1,639 0.05 3,077 0.09

• 1,437

726,742 20.01 514,435 15.56 212,306 710,834 493,347 217,487 3,038 3,795

• 757

229 70 158 12,640 17,222

• 4,581

2,068 0.06 1,783 0.05 285 3,416 0.09 3,188 0.10 228 3,416 3,188 228 3,495,024 96.24 3,216,807 97.31 278,216 55,000 1.51 55,000 1.66

• 35,000

0.96 35,000 1.06

• 35,000

35,000

• 3,024

0.08

• 4,469
• 0.14

7,493 3,024

• 4,469

7,493 3,024

• 4,469

7,493 93,024 2.56 85,530 2.59 7,493 44,207 1.22 7,085 0.21 37,122

• 608
• 0.02
• 3,739
• 0.11

3,130 43,599 1.20 3,346 0.10 40,253 136,624 3.76 88,877 2.69 47,746 3,631,648 100.00 3,305,685 100.00 325,963 (Note) 1. Underwriting reserves are funded in accordance with Article 116 of the Insurance Business Law. As for premium reserves for individual insurance and annuities, the amounts are calculated using five-year Zillmer method in accordance with Article 69, paragraph 4, section 4 of the Enforcement Regulation of the Insurance Business Law. In addition to the figures calculated by the aforementioned methods, the following amounts are funded as underwriting reserves in order to fulfill the standard amount of underwriting reserves. ・86,192 million yen as of March 31, 2010 ・86,192 million yen as of September 30, 2010

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

・Bankrupt and quasi-bankrupt 0 million yen ・Doubtful none ・Normal 756,217 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. No amount of "loans to borrowers in bankruptcy", "loans contractually past due for three months or more" and "restructured loans" existed. Deferred tax assets Valuation allowances for bad debts Total assets (Liabilities) Insurance liabilities Total valuation and translation adjustments Capital surplus Retained earnings Total shareholders' equity Retained earnings carried forward Other retained earnings Price fluctuation reserve Amount Composition ratio Amount Composition ratio Increase or decrease by comparison Call loans As of September 30, 2010 As of March 31, 2010 (Assets) Cash and bank deposits Receivables under security borrowing transactions Monetary receivables bought Securities Domestic government bonds Domestic municipal bonds Domestic corporate bonds Domestic stocks Foreign securities Loans Policy loans Tangible fixed assets Intangible fixed assets Other assets Agency accounts receivable Reinsurance accounts receivable Outstanding claims (Net assets) Share capital Other liabilities Retirement benefit obligations Reserve under the special law Accrued income taxes Lease obligations Payables under security lending transactions Other liabilities Unrealized gains on securities, net of taxes Total liabilities and net assets Agency accounts payable Reinsurance accounts payable Additional paid-in capital Total net assets Deferred gains/losses on hedge transactions Total liabilities

25

SLIDE 29

Tokio Marine Nichido Life (non-consolidated)

(2) Interim statement of income

(Yen in millions) 241,087 256,629 15,541 523,105 208,969 222,561 13,591 457,297 （ Insurance premiums ） （ 207,801 ） （ 220,576 ） （ 12,774 ） （ 454,274 ） 31,071 32,165 1,093 61,859 （ Interest and dividends ） （ 28,894 ） （ 30,774 ） （ 1,879 ） （ 58,346 ） （ Gains on sales of securities ） （ 145 ） （ 775 ） （ 629 ） （ 423 ） （ Gains on derivatives ） （ 2,021 ） （ 604 ） （

• 1,417 ） （

3,070 ） 1,046 1,902 856 3,947 （ Reversal of outstanding claims ） （ 232 ） （ 176 ） （

• 56 ） （
• ）

227,824 240,909 13,084 516,210 87,879 106,656 18,776 193,567 （ Insurance claims ） （ 17,801 ） （ 18,231 ） （ 429 ） （ 37,642 ） （ Annuity payments ） （ 725 ） （ 1,539 ） （ 814 ） （ 1,936 ） （ Benefits ） （ 10,330 ） （ 31,044 ） （ 20,714 ） （ 28,562 ） （ Surrender benefits ） （ 56,537 ） （ 52,229 ） （

• 4,308 ） （

114,741 ） （ Other refunds ） （ 392 ） （ 456 ） （ 64 ） （ 949 ） 77,070 66,217

• 10,853

220,885

• 1,194

77,070 66,217

• 10,853

219,690 20,547 23,095 2,548 13,468 （ Interest paid ） （ 430 ） （ 354 ） （

• 75 ） （

779 ） （ Losses on sales of securities ） （ 403 ） （ 549 ） （ 145 ） （ 899 ） （ Foreign exchange losses ） （ 19,592 ） （ 22,160 ） （ 2,567 ） （ 11,597 ） 40,582 42,214 1,632 83,679 1,744 2,725 981 4,608 13,262 15,719 2,457 6,895 246 553 307 829 3,423 3,111

• 312

5,456 9,592 12,054 2,461 608 3,739 3,169

• 569

6,629

• 108

1,391 1,499

• 6,021

3,630 4,560 930 607 5,961 7,493 1,531 (Note) The additional provision for underwriting reserves in order to fulfill the standard amount of underwriting reserves will be implemented at the end of the fiscal year. For the six months ended September 30, 2009 For the six months ended September 30, 2010 （ ） April 1, 2010 to September 30, 2010 April 1, 2009 to March 31, 2010 ） （ Extraordinary losses Income taxes - current Income taxes - deferred Investment income Other ordinary income Insurance claims and other Investment expenses Operating expenses Ordinary expenses Amount Amount Insurance premiums and other Ordinary income Amount Increase or decrease by comparison ） （ For the year ended March 31, 2010 April 1, 2009 to September 30, 2009 Net income Provision for underwriting reserves and other Provision for outstanding claims Provision for underwriting reserves Interest on reserve for dividends to policyholders Income before income taxes Provision for reserve for dividends to policyholders Other ordinary expenses Total income taxes Ordinary profit

26

SLIDE 30

Tokio Marine Nichido Life (non-consolidated)

Breakdown of ordinary profit (Core operating profit)

(Yen in millions) Ａ Ｂ Ａ＋Ｂ Increase in specific valuation allowances for bad debts Ｃ Ａ＋Ｂ＋Ｃ

• 1. The gains on derivatives recognized as interest received/paid in connection with interest swap transactions are

included in core operating profit. The amounts are as follows; ・202 million yen for the six months ended September 30, 2009 ・314 million yen for the six months ended September 30, 2010 ・476 million yen for the year ended March 31, 2010

• 2. Other capital gains are decrease in underwriting reserves for foreign-currency insurance contracts due to currency rate fluctuations.
• 3. The amount provided for underwriting reserves in addition to that calculated using five-year Zillmer method for the year

ended March 31, 2010 are 19,195 million yen. The amount has been deducted from core operating profit for the period.

(3) Interim statement of changes in shareholders' equity

For the six months ended September 30, 2010 （April 1, 2010 to September 30, 2010） (Yen in millions) 55,000 88,877 7,493

• 47,746

55,000 136,624

Balance as of September 30, 2010

• 35,000

For the six months ended September 30, 2009

Changes during the six months Net income Total changes during the six months ended September 30, 2010

13,861

• 12,196

21,661 145 19,592

Balance as of March 31, 2010 Shareholders' equity

599 536 63

• 599

Share capital

• 13
• 239

13,262 1,354 659 15,958

• 15,719

8,329

• 239

1,665 Gains on derivatives 22,709 1,819 19,696 19,996 289 Other capital gains Provision for contingency reserves Net non-recurring income/loss Ordinary profit For the year ended March 31, 2010 Core operating profit 5,108 15,299 Capital gains Gains on sales of securities Net capital gain/loss Non-recurring income Non-recurring losses Core operating profit including net capital gain/loss Foreign exchange losses Capital losses Losses on sales of securities 40,253 79

• 1,434

6,895 Total net assets 40,253 549 403 15,717 423 2,594 12,700 23,369 775

Total shareholders' equity Unrealized gains

• n securities,

net of taxes

22,303 3,220 252 1,434 12,497 899 22,160 11,597

Capital surplus Additional paid-in capital Retained earnings Other retained earnings

Retained earnings carried forward

7,493 3,024 85,530 7,493 7,493 93,024

• 4,469

44,207

• 3,739

3,130 3,130

• 608

7,085 40,253 43,599 Valuation and translation adjustments

Total valuation and translation adjustments

3,346

Deferred gains/losses on hedge transactions

37,122 37,122 April 1, 2009 to March 31, 2010 ） （ ） ） （ （ (Note)

Net changes in items other than shareholders' equity

For the six months ended September 30, 2010 April 1, 2009 to September 30, 2009 April 1, 2010 to September 30, 2010 35,000 7,493

27

SLIDE 31

Tokio Marine Nichido Life (non-consolidated)

(4) Insurance business

Number of policies and policy amount

・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, %)

As of March 31, 2010

• 129

37.8

• 101.8

98.3 84.0

• Amount

206

• 117.1

13,076 120.4 Number 160.9

• 6

111.1 106.1 320 April 1, 2010 to September 30, 2010 Total

Medical coverage and accelerated death benefits

Group annuities Group annuities Group insurance Individual insurance Individual annuities

YTY comparison

Group insurance

YTY comparison

Number Amount As of September 30, 2010 Individual insurance 111.9 Number Amount

YTY comparison YTY comparison

109.6 2,738 2,883 105.3 251

• 104.0

169,958 30,660 10,118 98.9 98.7 Individual annuities 255

• April 1, 2009 to

September 30, 2009 For the six months ended September 30, 2010 101.5

• 98.4
• 118.4
• For the six months ended

September 30, 2009

YTY comparison

112.5 105.2

• 342
• 91.6

51 Number 56

• YTY comparison

As of September 30, 2010 As of March 31, 2010 6 105.1 103.1 584 105.5 Individual insurance 96.2

Medical and cancer

3,895 101.8 752

Medical coverage and accelerated death benefits

Total Individual annuities

YTY comparison

3,160 103.2 734 106.3 112.2 3,825 730 554

YTY comparison

Medical and cancer

42 111.4 Individual annuities Individual insurance 208 43 224 111.1 109.7 118.9 219 16 95.9 16 103.2 105.5 49 236 105.3 100.2

YTY comparison

106.6 3,061 763 163,411 10,230 31,057 61 227 110.1 13,657 Amount 287

YTY comparison

104.4

YTY comparison YTY comparison

For the six months ended September 30, 2009 April 1, 2009 to September 30, 2009 For the six months ended September 30, 2010 April 1, 2010 to September 30, 2010 99.9

• (

) ( ) ( ) ( ) 28

SLIDE 32

Tokio Marine Nichido Life (non-consolidated)

(5) Investment (General account)

Interest and dividends

(Yen in millions) Bank deposits Call loans Monetary receivables bought Securities Domestic bonds Domestic stocks Foreign securities Other (domestic) Loans Land and buildings Total

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

(Yen in millions) Gains and losses on sales

Impairment losses

• n securities

Gains and losses on sales

Impairment losses

• n securities

Gains and losses on sales

Impairment losses

• n securities

144

• 775
• 421
• 402
• 548
• 897
• Total
• 257
• 226
• 475
• Fair value information on securities (Securities measured at fair value other than trading securities)

(Yen in millions)

Gains Losses Gains Losses

1,755,279 1,864,876 109,597 118,122

• 8,524

1,491,680 1,477,510

• 14,170

31,173

• 45,343

289,699 308,841 19,142 19,164

• 22

325,694 337,568 11,874 12,655

• 780

1,317,386 1,386,623 69,237 69,436

• 199

1,294,379 1,305,476 11,097 16,074

• 4,977

Domestic bonds 1,164,386 1,232,224 67,838 68,037

• 198

1,186,020 1,196,232 10,212 15,090

• 4,878

Domestic stocks 106 110 4 4

• 106

107

• Foreign bonds

19,913 21,307 1,394 1,395

24,263 25,147 884 983

• 98

Other (domestic) 132,980 132,980

• 83,988

83,988

• 3,362,365

3,560,341 197,976 206,723

• 8,746

3,111,753 3,120,556 8,802 59,903

• 51,100

3,039,224 3,223,966 184,742 193,466

• 8,723

2,794,068 2,793,796

• 271

50,045

• 50,317

Domestic stocks 106 110 4 4

• 106

107

• 190,054

203,284 13,229 13,252

• 22

233,590 242,663 9,073 9,856

• 783

132,980 132,980

• 83,988

83,988

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

(Reference) Maturity schedule of securities

(Yen in millions) 106,424 81,199 58,599 252,191 233,908 2,226,450 2,958,773 9,380

• 9,380

118,133

• 2,132
• 18,642

138,908 380 380 67,178 32,003 58,248 13,336 18,977 1,704 191,448 67,178 32,003 58,248 13,336 18,977 1,704 191,448

• 132,980
• 132,980

434,097 113,203 116,847 267,659 252,885 2,247,178 3,431,872 (Note) Other (domestic) is comprised of "Monetary receivables bought".

Over 10 years (Including no fixed maturity)

Over 1 to 3 years Over 3 to 5 years Over 5 to 7 years Over 7 to 10 years Receivables under security borrowing transactions April 1, 2009 to September 30, 2009 April 1, 2010 to September 30, 2010 April 1, 2009 to March 31, 2010

• 30,774

For the year ended March 31, 2010

• April 1, 2009 to

September 30, 2009 April 1, 2010 to September 30, 2010 April 1, 2009 to March 31, 2010 Receivables under resale agreement For the six months ended September 30, 2010 For the year ended March 31, 2010 Interest and dividends Interest and dividends Interest and dividends Other (domestic) Foreign bonds Other securities (available for sale) Domestic government bonds Total Domestic bonds Domestic corporate bonds Domestic stocks

Carrying amount Fair value Unrealized gains/losses

Bonds held to maturity Bonds earmarked for underwriting reserves

Fair value Unrealized gains/losses Carrying amount

Foreign securities Other (domestic) For the six months ended September 30, 2009 For the six months ended September 30, 2010 Domestic bonds Domestic stocks 47,331 58,346

• 23,195

25,751 5 3 4,724 For the six months ended September 30, 2009 80 175 29,883 56,513

• 29

55

• 12

18 25

• 27,920

9 3 18 60 233 4,126 As of September 30, 2010 As of March 31, 2010 9,177

• 712

791 1,472 28,894 Total Within one year Total Foreign securities Other (domestic) Stocks and other As of September 30, 2010 Bonds Domestic municipal bonds ( ( ( ) ) ) ( ( ( ) ) ) ( ( )

29

SLIDE 33

Tokio Marine Nichido Life (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 September 30, 2010.

Foreign currency-related instruments

(Yen in millions) (Note) The fair value of foreign exchange forwards is based on the market price of futures. 1,380

• 9

9 1,163

• 21
• 21

Over-the- counter transactions Foreign exchange forwards Long (USD) Total Short (USD)

• 78,100

78,100

Notional amount Fair Value Unrealized gains/ losses

• ver 1 year

2.11

• 0.44

0.44

• 2.11

1.59 0.44 0.44 9,000 9,000

• 69,100
• Total

Over 10 years Total 3 years 5 years 7 years 10 years Over 1 to Over 3 to Over 5 to 12 4

• 8

Interest rate swaps 508

• 4
• 4

697

• 12
• Rec. fix/Pay float
• Average fixed rate (Rec.)
• Notional amount (Rec. fix/Pay float)

Over-the- counter transactions Pay fix/Rec. float Total

• Average fixed rate (Pay)
• 7,599

205

• 7,393

Notional amount Fair Value Unrealized gains/ losses

• ver 1 year

Over 7 to 1.59 Average floating rate (Pay) Notional amount (Rec. float/Pay fix)

• As of September 30, 2010

Within 1 year 69,100

• Average floating rate (Rec.)
• 205

9,000 9,000

• 2,213

9,000

As of September 30, 2010 As of March 31, 2010

• 1,550

69,100 69,100 69,100

• 7,599

Unrealized gains/ losses Fair Value

As of September 30, 2010 As of March 31, 2010

Notional amount Notional amount

• ver 1 year
• ver 1 year

Fair Value Unrealized gains/ losses 69,100 9,000

• 662
• 662
• 1,550

30

SLIDE 34

Tokio Marine Nichido Life (non-consolidated)

(Yen in millions)

Total amount of solvency margin (Ａ)

367,012 302,864 93,024 85,530

Price fluctuation reserve

3,416 3,188

Contingency reserve

24,566 24,314

General valuation allowances for bad debts

312 269

Net unrealized gains/losses on securities × 90% （× 100％ if losses）

• 113,497

110,960

Subordinated debt, etc.

• Deductions
• Other

69,880 68,613

Total amount of risks （Ｒ１＋Ｒ８）２＋（Ｒ２＋Ｒ３＋Ｒ７）２ ＋Ｒ４ Insurance risk （Ｒ１）

12,345 12,184

Third sector insurance risk （Ｒ８）

3,056 2,987

Assumed interest risk （Ｒ２）

2,096 2,239

Asset management risk （Ｒ３）

15,730 14,355

Business administration risk （Ｒ４）

996 953

Minimum guarantee risk （Ｒ７）

• Solvency margin ratio

(Ｃ) (Ａ) (1/2)×(Ｂ)

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

(Yen in millions)

（１）

3,760,387 3,303,389

Difference between real assets and liabilities A （１）－（２）＝（３）

499,026 294,941

Difference between real assets and liabilities B （３）－（４）＝（５）

370,286 297,236

Unrealized gains/losses on securities held to maturity and earmarked for underwriting reserves Net unrealized gains/losses on land × 85％ （× 100％ if losses） Excess of continued Zillmerized reserve An amount calculated based on the assets on balance sheet An amount calculated based on the liabilities on balance sheet As of September 30, 2010

23,437 9,987 24,555

As of March 31, 2010

(6) Solvency margin ratio

As of September 30, 2010

62,313

×100 (Ｂ) Total net assets

2,989.2％ 2,584.3％

As of March 31, 2010

• 2,295

（４）

3,261,361 128,739

（２）

3,008,448

31

SLIDE 35

Tokio Marine Nichido Financial Life (non-consolidated)

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

(1) Interim balance sheet

(Yen in millions) ％ ％ 40,128 1.78 40,277 1.74

• 149

18,500 0.82 21,200 0.91

• 2,700

2,173,997 96.18 2,230,316 96.09

• 56,319

65,314 75,347

• 10,032

9,622 6,516 3,106 2,099,060 2,148,452

• 49,392

2,651 0.12 2,542 0.11 108 2,651 2,542 108 265 0.01 309 0.01

• 44

5 0.00 5 0.00

• 1

0.00 1 0.00 234 0.01 228 0.01 5 24,503 1.08 26,213 1.13

• 1,710
• 0.00
• 0.00

2,260,285 100.00 2,321,094 100.00

• 60,808

2,218,741 98.16 2,274,422 97.99

• 55,680

2,584 3,072

• 487

2,216,156 2,271,350

• 55,193

677 0.03 655 0.03 22 2,845 0.13 2,747 0.12 97 16,697 0.74 18,529 0.80

• 1,832

4 11

• 6

16,693 18,518

• 1,825

121 0.01 97 0.00 23 38 0.00 34 0.00 4 38 34 4 222 0.01 122 0.01 100 2,239,344 99.07 2,296,609 98.95

• 57,265

48,000 2.12 48,000 2.07

• 33,000

1.46 33,000 1.42

• 33,000

33,000

• 60,451
• 2.67
• 56,731
• 2.44
• 3,719
• 60,451
• 56,731
• 3,719
• 60,451
• 56,731
• 3,719

20,548 0.91 24,268 1.05

• 3,719

392 0.02 215 0.01 176 392 0.02 215 0.01 176 20,941 0.93 24,484 1.05

• 3,543

2,260,285 100.00 2,321,094 100.00

• 60,808

Total liabilities and net assets Agency accounts payable Reinsurance accounts payable Share capital Capital surplus Additional paid-in capital Retained earnings Retained earnings carried forward Total shareholders' equity Total net assets Other liabilities Unrealized gains on securities, net of taxes Total valuation and translation adjustments (Net assets) Other retained earnings Deferred tax liabilities Total liabilities Other liabilities Retirement benefit obligations Reserve under the special law Price fluctuation reserve Accrued income taxes (Liabilities) Insurance liabilities Outstanding claims Underwriting reserves Intangible fixed assets Other assets Agency accounts receivable Reinsurance accounts receivable Valuation allowances for bad debts Total assets Tangible fixed assets Other domestic securities Loans Policy loans Foreign securities Securities Domestic government bonds Call loans Increase or decrease by comparison (Assets) Cash and bank deposits Amount Composition ratio Amount Composition ratio As of September 30, 2010 As of March 31, 2010

32

SLIDE 36

Tokio Marine Nichido Financial Life (non-consolidated) (2) Interim statement of income

(Yen in millions) 303,252 161,980

• 141,271

483,745 87,346 103,420 16,073 182,377 （ Insurance premiums ） （ 86,050 ） （ 102,241 ） （ 16,190 ） （ 179,868 ） 214,923 2,165

• 212,757

299,223 154 154 307 22 38 16 22

• 1,972

1,972

• 214,747
• 214,747

298,893 981 56,394 55,412 2,144 （ Reversal of outstanding claims ） （ 114 ） （ 487 ） （ 372 ） （

• ）

（ Reversal of underwriting reserves ） （

• ） （

55,193 ） （ 55,193 ） （

• ）

302,600 165,635

• 136,964

485,046 44,309 72,062 27,753 107,137 8,325 8,847 522 16,878 208 424 215 609 5 4

• 1

9 14,868 32,071 17,203 45,111 299 8,261 7,961 2,179 20,602 22,452 1,850 42,349 247,218

• 247,218

358,131

• 792

247,218

• 247,218

357,339 2,353 86,082 83,728 3,339 （ Interest paid ） （ 64 ） （ 48 ） （

• 16 ） （

117 ） （ Losses on derivatives ） （ 2,288 ） （

• ） （
• 2,288 ） （

3,220 ） （ Losses on separate account ） （

• ） （

86,034 ） （ 86,034 ） （

• ）

8,039 6,813

• 1,225

15,108 680 677

• 2

1,328 651

• 3,655
• 4,306
• 1,301

1 47 61 13 51 604

• 3,715
• 4,319
• 1,352

5 4

• 1

11 5 4

• 1

11 598

• 3,719
• 4,318
• 1,363

Income taxes - current Surrender benefits Other refunds Reinsurance premiums Provision for underwriting reserves Provision for underwriting reserves and other Other ordinary income Annuity payments Benefits Income before income taxes Investment expenses Ordinary expenses Insurance claims and other Provision for outstanding claims Insurance claims Amount Net income/loss Operating expenses Other ordinary expenses Extraordinary gains Ordinary profit Total income taxes Extraordinary losses Gains on derivatives Gains on separate account Gains on sales of securities Amount Insurance premiums and other Ordinary income Investment income Interest and dividends For the six months ended September 30, 2009 April 1, 2009 to September 30, 2009 （ ） ） （ For the six months ended September 30, 2010 April 1, 2010 to September 30, 2010 For the year ended March 31, 2010 April 1, 2009 to March 31, 2010 Increase or decrease by comparison （ ） Amount

33

SLIDE 37

Tokio Marine Nichido Financial Life (non-consolidated) Breakdown of ordinary profit (Core operating profit)

(Yen in millions) Ａ Ｂ Ａ＋Ｂ

• 367

Ｃ Ａ＋Ｂ＋Ｃ

(3) Interim statement of changes in shareholders' equity

For the six months ended September 30, 2010 （April 1, 2010 to September 30, 2010） (Yen in millions) 48,000

• 48,000

176

• 3,543

20,941 （ ） （ ） （ 20,548

Valuation and translation adjustments Unrealized gains on securities, net

• f taxes

215 176 176 392

• 3,719
• 60,451

Total shareholders' equity Shareholders' equity

24,268

• 3,719
• 3,719
• 56,731
• 3,719

Balance as of September 30, 2010

• 33,000

Changes during the six months Net income Total changes during the six months ended September 30, 2010 Net changes in items other than shareholders' equity

• 551

651 For the six months ended September 30, 2009

Capital surplus Additional paid-in capital Retained earnings Other retained earnings

Retained earnings carried forward

33,000

Balance as of March 31, 2010 Share capital

Ordinary profit

• 609
• 692

691 367

• 4,022
• Capital losses

2,010 38 1,972 Capital gains Gains on sales of securities Gains on derivatives For the six months ended September 30, 2010 For the year ended March 31, 2010 Core operating profit

• 6,032

） 3,469 2,589 Net non-recurring income/loss Net capital gain/loss Core operating profit including net capital gain/loss Non-recurring income Non-recurring losses Provision for contingency reserves Reversal of contingency reserves Increase in specific valuation allowances for bad debts Losses on derivatives Foreign exchange losses 2,010

• 1,202
• 2,266

2,288 2,288 551 551

• 3,719

Total net assets

24,484

• 692

22 22

• April 1, 2009 to

September 30, 2009 April 1, 2010 to September 30, 2010 April 1, 2009 to March 31, 2010 22 22

• 3,221
• 1,301
• 367
• 3,655
• 3,198

3,220

• 34

SLIDE 38

Tokio Marine Nichido Financial Life (non-consolidated)

(4) Insurance business

Number of policies and policy amount

・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, %)

• 993

20 120.0 116.7

• YTY comparison
• 0.0
• 0.0

Amount

YTY comparison YTY comparison

• 106.6

2,966 96.2

• YTY comparison

39 97.4 2,630

• YTY comparison

Total

Medical coverage and accelerated death benefits

82 25.4

YTY comparison

0.0

• 120.1

120.1

• 99

91.2

Medical coverage and accelerated death benefits

96.3 2,639 2,679 101.9 17

• 827

25.4 27.3 Individual insurance Total Individual annuities

• Group annuities

As of September 30, 2010

• 93.7

40 2,589 99

• 82

25.4 Group annuities

• YTY comparison
• For the six months ended September 30, 2010

Number Amount

YTY comparison

Amount Group insurance Individual insurance Individual annuities

• Number
• For the six months ended September 30, 2009
• YTY comparison

Individual annuities 467 25,145

• Group insurance

101.1

• 98.3

480 97.8 2,900 102.8 24,868

• YTY comparison

Number Amount Number 106.6 38 Individual insurance 37 Individual annuities Individual insurance As of September 30, 2010 As of March 31, 2010 April 1, 2009 to September 30, 2009 April 1, 2010 to September 30, 2010 95.8

YTY comparison

• As of March 31, 2010

April 1, 2009 to September 30, 2009 April 1, 2010 to September 30, 2010 101.8 For the six months ended September 30, 2010 104.2 For the six months ended September 30, 2009 104.4

YTY comparison

( ) ( ) ( ) ( ) ( )

35

SLIDE 39

Tokio Marine Nichido Financial Life (non-consolidated)

(5) Separate account

Separate account asset balance

(Yen in 100 millions)

Separate account policies in force

・Individual variable insurance (Number in thousands, yen in 100 millions) Number Amount Number Amount 2 184 2 192 34 2,660 34 2,717 36 2,845 37 2,910 ・Individual variable annuities (Number in thousands, yen in 100 millions) Number Amount Number Amount 480 25,085 466 24,794 480 25,085 466 24,794 Individual variable insurance Individual variable annuities Group annuities Separate account total Variable life insurance (defined term type) Variable life insurance (whole life type) Total Individual variable annuities Total As of September 30, 2010 As of March 31, 2010 344 362 21,423 22,014

• 21,768

22,377 As of September 30, 2010 As of March 31, 2010 As of September 30, 2010 As of March 31, 2010

36

SLIDE 40

Tokio Marine Nichido Financial Life (non-consolidated)

(Yen in millions)

Total amount of solvency margin (Ａ)

84,175 84,814 20,548 24,268

Price fluctuation reserve

38 34

Contingency reserve

20,777 21,144

General valuation allowances for bad debts Net unrealized gains/losses on securities × 90% （× 100％ if losses）

• Excess of continued Zillmerized reserve

32,257 29,062

Subordinated debt, etc.

10,000 10,000

Deductions

• Other
• Total amount of risks

（Ｒ１＋Ｒ８）２＋（Ｒ２＋Ｒ３＋Ｒ７）２ ＋Ｒ４ Insurance risk （Ｒ１）

133 135

Third sector insurance risk （Ｒ８）

46 47

Assumed interest risk （Ｒ２）

2 2

Asset management risk （Ｒ３）

6,172 4,863

Business administration risk （Ｒ４）

463 392

Minimum guarantee risk （Ｒ７）

9,100 8,040

Solvency margin ratio (Ｃ) (Ａ) (1/2)×(Ｂ) As of March 31,2010

(6) Solvency margin ratio

553 304

Total net assets As of September 30, 2010

1,275.3％

×100

15,740 13,300

(Ｂ)

1,069.5％

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

37

SLIDE 41

Glossary of terminology

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

• Underwriting profit

Underwriting profit = Underwriting income - (Underwriting expenses + General administrative expenses relating to 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 relating to underwriting) ÷ 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 * Net Premiums written (excluding earthquake and compulsory automobile liability) is doubled for the interim reservation ratio. 【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

• peration), 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). 【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

38

SLIDE 42

• f 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

• f investment conditions than expected.

③ Asset management risk: Risks of retained securities and other assets fluctuating in prices in excess of expectations. ④ Business administration risk: Risks beyond normal expectations arising from business management that does not fall under other categories. ⑤ Catastrophic risk: Risks of the occurrence of major catastrophic losses in excess of normal expectations

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

⑥ Minimum guarantee risk: Risks related to the minimum guarantee for benefits of insurance contracts which are managed as a separate account.

• "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 (reserve for price fluctuations, 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 "reserve for price fluctuations" and "contingency reserve". "Real net assets (B)" is the amount of "real net assets (A)" minus the amount of unrealized gains and losses on "securities held to maturity" and "securities earmarked for underwriting reserve". 【Insurance business】

• Policies in force
• Individual insurance and group insurance

Aggregate amount of death benefits under policies held as of the end of the fiscal period

• Individual annuities

Individual annuities for which payments have not yet commenced: Total 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: Total amount of underwriting reserves.

39

SLIDE 43

• Group annuities

Total amount of underwriting reserves

• New policies
• Individual insurance and group insurance

Aggregate amount of death benefits under new policies issued in the fiscal period

• Individual annuities

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

• f annuity payments of new policies issued in the fiscal period
• Group annuities

The first installment of premium payments 【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.

40

SLIDE 44

【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

• f 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) Property and casualty insurance business*1 － －

Gains/losses on sales

• r evaluation of stocks

and properties Other extraordinary gains/losses, valuation allowances and others

= －

Adjusted earnings

< Basic concept > EV at end of previous fiscal year

－

+ +

Capital transactions including capital increase Increase in EV*5 during the current fiscal year Adjusted earnings = Gains/losses on sales or evaluation of ALM bonds and interest rate swaps*3 Provision for reserve for price fluctuations*2 Provision for catastrophe reserves *2 Net income Increase in EV during the current fiscal year

Capital transactions such as capital increase

(2) Life insurance business*4 (3) Other businesses … Net income in accordance with local GAAP

EV at end of current fiscal year Adjusted earnings

*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

41

SLIDE 45

Tokio Marine Nichido (non-consolidated)

(Yen in 100 millions) Increase/decrease (C) - (B) Increase/decrease (C) - (A)

① Net premiums written

8,702 17,360 8,740 － 37

(Rate of change)

(-6.3%) (-4.3%) (0.4%) (4.7%) (6.7%)

② Total assets

91,027 97,080 89,379

• 7,700
• 1,647

③ Loss ratio

66.0% 67.9% 66.7%

• 1.1%

0.7%

④ Expense ratio

33.8% 34.0% 34.2% 0.2% 0.5%

⑤ Combined ratio

99.8% 101.9% 101.0%

• 0.9%

1.2%

Underwriting balance ratio

0.2%

• 1.9%
• 1.0%

0.9%

• 1.2%

⑥ Voluntary automobile ・Net premiums written

4,218 8,456 4,245 － 27

(Rate of change)

(-2.0%) (-1.3%) (0.6%) (2.0%) (2.6%)

・Underwriting balance ratio

• 1.1%
• 2.9%
• 3.5%
• 0.6%
• 2.4%

・Loss ratio

67.9% 69.8% 70.4% 0.6% 2.4%

・Expense ratio

33.1% 33.1% 33.1% 0.0% 0.0%

⑦ Fire and allied lines ・Net premiums written

1,039 2,302 1,007 －

• 32

(Rate of change)

(-8.3%) (-6.6%) (-3.2%) (3.4%) (5.2%)

・Underwriting balance ratio

11.2% 10.0% 6.3%

• 3.7%
• 4.9%

・Loss ratio

40.4% 42.4% 43.0% 0.5% 2.6%

・Expense ratio

48.5% 47.6% 50.8% 3.2% 2.3%

⑧ Number of employees

16,712 16,742 17,036 294 324

⑨ Number of agencies

48,163 46,932 46,171

• 761
• 1,992

(Notes)

• 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) - (B) Increase/decrease (C) - (A)

① Ordinary income

18,708 35,708 17,225 －

• 1,482

② Net premiums written

11,827 22,929 11,749 －

• 77

(Rate of change)

(2.2%) (7.4%) (-0.7%) (-8.1%) (-2.9%)

③ Life insurance premiums

2,190 4,647 2,275 － 85

(Rate of change)

(-53.7%) (-37.7%) (3.9%) (41.6%) (57.6%)

④ Ordinary profit

1,046 2,034 1,481 － 435

⑤ Net income

712 1,284 952 － 239

For the six months ended September 30, 2009 (A) For the year ended March 31, 2010 (B) For the six months ended September 30, 2010 (C)

Supplementary information about business results for the six months ended September 30, 2010

For the six months ended September 30, 2009 (A) For the year ended March 31, 2010 (B) For the six months ended September 30, 2010 (C)

42

SLIDE 46

Tokio Marine Nichido (non-consolidated) ① Non-performing assets Status of risk monitored loans

（Yen in 100 millions）

As of September 30, 2009 As of March 31, 2010 As of September 30, 2010

Loans to borrowers in bankruptcy

1 24 23

Past due loans

99 83 89

Loans contractually past due for three months or more

5 3

Restructured loans

21 37 24

Total

127 149 137

(Percent of total loans)

(2.6%) (3.2%) (3.0%)

(Reference) Total loans

4,979 4,594 4,535 Status of self-assessment

（Yen in 100 millions） As of September 30, 2009 As of March 31, 2010 As of September 30, 2010 Non-categorized

86,983 93,106 85,244

Ⅱ categorized

3,935 3,833 3,998

Ⅲ categorized

61 70 74

Ⅳ categorized

87 317 105

Subtotal （Ⅱ～Ⅳ）

(4,083) (4,221) (4,178)

Total

91,066 97,327 89,422 ② Impairment losses on securities

（Yen in 100 millions） For the six months ended September 30, 2009 For the year ended March 31, 2010 For the six months ended September 30, 2010 Domestic bonds

• Domestic stocks

112 215 95

Foreign securities

32 53 16

Other (domestic)

• Total

144 269 112

（Note）Figures include amounts recognized as extraordinary losses.

・Criteria for impairment loss recognition 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.

43

SLIDE 47

Tokio Marine Nichido (non-consolidated) ③ Impairment losses on fixed assets Land Buildings Other Total ④ Unrealized gains/losses on securities

Domestic bonds Domestic stocks Foreign securities Other (domestic) Total

⑤ Underwriting of medical and cancer insurance products

Number of contracts

⑥ Loss claims for natural disasters

Direct claims paid Net claims paid Net outstanding claims (*)

（Note） Figures above represent losses caused by natural disasters during the period. * Net of reinsurance recoverable ceded.

⑦ Catastrophe loss reserves

Balance Reservation ratio Provision Balance Reservation ratio Provision Balance Reservation ratio Provision

Fire and allied lines

3,660 181.6%

• 3,766

168.4% 105 3,766 193.4%

• Hull and cargo

1,144 207.9% 3 1,141 206.0%

• 1,160

189.8% 19

Personal accident

1,095 66.1% 25 1,005 69.4% 45 1,032 61.1% 26

Voluntary automobile

900 10.7% 352 705 8.3% 705 453 5.3% 356

Other

2,228 87.8% 116 2,228 90.1% 132 2,302 93.5% 96

Total

9,029 59.4% 498 8,848 58.3% 988 8,715 57.3% 499

（Notes） Reservation ratio = Balance of catastrophe loss reserve / Net premiums written (excluding earthquake and compulsory automobile liability) × 100 Net premiums written (excluding earthquake and compulsory automobile liability) is doubled for the interim reservation ratio. Provision is the amount excluding reversal (gross basis).

• 160
• 25
• 113

13,410 15,046 17,163 14,707 16,616 12,403 51 215 31 448 357 1,089

As of September 30, 2009 As of March 31, 2010 As of September 30, 2010 (Yen in 100 millions)

9 88 23

• 5

57 4 3 30 18

For the six months ended September 30, 2009 For the year ended March 31, 2010 For the six months ended September 30, 2010 （Yen in 100 millions） (Number in hundreds)

4,004

Breakdown of (total) Number (total) Increase/decrease Tokio Marine Nichido Tokio Marine Nichido Life

5,032 205 1,028

As of September 30, 2010

42 (Yen in 100 millions) 225 11 186 2

As of September 30, 2009 As of March 31, 2010

36 19 4

For the six months ended September 30, 2010

45

For the six months ended September 30, 2010 For the six months ended September 30, 2009 For the year ended March 31, 2010 (Yen in 100 millions)

44

SLIDE 48

Tokio Marine Nichido (non-consolidated) ⑧ Reinsurance assumed

(Yen in 100 millions) Fire and allied lines Hull and cargo Personal accident Voluntary automobile Compulsory automobile liability Other Total

⑨ Reinsurance ceded

Fire and allied lines Hull and cargo Personal accident Voluntary automobile Compulsory automobile liability Other Total For the six months ended September 30, 2009 For the six months ended September 30, 2010

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

93 62 95 76 180 27 173 14 107 18 12 18 11

(Yen in 100 millions) For the six months ended September 30, 2009 For the six months ended September 30, 2010

759 1,098 781 1,109 158 147 155 1,209 1,347 1,223 1,319 467 22 441 43

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

17 8 17 5 118 85 124 80 670 1,004 699 976 49 30 45 28 1,675 1,338 1,716 1,352 352 187 388 217 45

SLIDE 49

Nisshin Fire (non-consolidated)

(Yen in 100 millions) Increase/decrease (C) - (B) Increase/decrease (C) - (A)

① Net premiums written

663 1,318 675

• 12

(Rate of change)

(-5.1%) (-3.0%) (1.8%) (4.8%) (6.9%)

② Total assets

4,454 4,394 4,358

• 35
• 96

③ Loss ratio

60.9% 64.6% 64.9% 0.3% 4.0%

④ Expense ratio

39.1% 39.2% 37.2%

• 2.0%
• 1.9%

⑤ Combined ratio

100.0% 103.8% 102.1%

• 1.7%

2.1%

Underwriting balance ratio

0.0%

• 3.8%
• 2.1%

1.7%

• 2.1%

⑥ Voluntary automobile ・Net premiums written

370 740 378

• 8

(Rate of change)

(-0.4%) (0.1%) (2.3%) (2.2%) (2.7%)

・Underwriting balance ratio

2.1%

• 1.7%

0.4% 2.1%

• 1.7%

・Loss ratio

62.4% 66.0% 65.8%

• 0.2%

3.4%

・Expense ratio

35.5% 35.7% 33.8%

• 1.9%
• 1.7%

⑦ Fire and allied lines ・Net premiums written

109 231 112

• 2

(Rate of change)

(-7.4%) (-5.3%) (2.7%) (8.0%) (10.1%)

・Underwriting balance ratio

18.1% 14.4% 10.7%

• 3.7%
• 7.4%

・Loss ratio

35.5% 39.7% 46.3% 6.6% 10.8%

・Expense ratio

46.4% 45.9% 43.0%

• 2.9%
• 3.4%

⑧ Number of employees

2,690 2,615 2,550

• 65
• 140

⑨ Number of agencies

14,857 14,819 14,587

• 232
• 270

(Notes)

• 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

For the six months ended September 30, 2010 (C)

Supplementary information about business results for the six months ended September 30, 2010

For the six months ended September 30, 2009 (A) For the year ended March 31, 2010 (B)

46

SLIDE 50

Nisshin Fire (non-consolidated) ① Non-performing assets Status of risk monitored loans

（Yen in 100 millions）

As of September 30, 2009 As of March 31, 2010 As of September 30, 2010 Loans to borrowers in bankruptcy

14 7 5

Past due loans

16 17 11

Loans contractually past due for three months or more

• Restructured loans

9 10 9

Total

40 35 26

(Percent of total loans)

(16.4%) (17.5%) (16.6%)

(Reference) Total loans

247 204 160 Status of self-assessment

（Yen in 100 millions）

As of September 30, 2009 As of March 31, 2010 As of September 30, 2010

Non-categorized 4,432 4,370 4,334 Ⅱ categorized 27 27 26 Ⅲ categorized 11 13 10 Ⅳ categorized 19 14 8 Subtotal （Ⅱ～Ⅳ） (58) (55) (45) Total 4,491 4,426 4,379 ② Impairment losses on securities

（Yen in 100 millions）

For the six months ended September 30, 2009 For the year ended March 31, 2010 For the six months ended September 30, 2010 Domestic bonds

2 4

Domestic stocks

1 3 2

Foreign securities

1 3 1

Other (domestic)

• Total

6 10 4 ・Criteria for impairment loss recognition 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.

47

SLIDE 51

Nisshin Fire (non-consolidated) ③ Impairment losses on fixed assets Land Buildings Other Total ④ Unrealized gains/losses on securities

Domestic bonds Domestic stocks Foreign securities Other (domestic) Total

⑤ Underwriting of medical and cancer insurance products Number of contracts ⑥ Loss claims for natural disasters

Direct claims paid Net claims paid Net outstanding claims (*)

（Note） Figures above represent losses caused by natural disasters during the period. * Net of reinsurance recoverable ceded.

⑦ Catastrophe loss reserves

Balance Reservation ratio Provision Balance Reservation ratio Provision Balance Reservation ratio Provision

Fire and allied lines

288 134.8% 8 296 131.3% 17 301 137.2% 4

Hull and cargo

25 1560.7%

• 24

1773.4%

• 24

6935.7%

• Personal accident

62 61.9% 2 57 60.6% 4 57 55.7% 2

Voluntary automobile

55 7.5% 18 36 4.9% 36 18 2.5% 18

Other

96 97.7% 2 98 114.3% 4 100 107.6% 2

Total

528 45.7% 31 514 44.8% 61 502 42.8% 27 1 1

• 3

157 132 77 166 192 160

• 5
• 4
• 6

37 32 97

As of September 30, 2009 As of March 31, 2010 As of September 30, 2010 (Yen in 100 millions)

• For the six months ended

September 30, 2009 For the year ended March 31, 2010 For the six months ended September 30, 2010 （Yen in 100 millions）

• 1

(Number in hundreds)

• Breakdown of (total)

Number (total) Increase/decrease Parent company Subsidiaries

• 1

As of September 30, 2010

3 (Yen in 100 millions) 15 15

As of September 30, 2009 As of March 31, 2010

（Notes） Reservation ratio = Balance of catastrophe loss reserve / Net premiums written (excluding earthquake and compulsory automobile liability) × 100 Net premiums written (excluding earthquake and compulsory automobile liability) is doubled for the interim reservation ratio. Provision is the amount excluding reversal (gross basis).

(Yen in 100 millions) For the six months ended September 30, 2010 For the six months ended September 30, 2009 For the year ended March 31, 2010 For the six months ended September 30, 2010

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SLIDE 52

Nisshin Fire (non-consolidated) ⑧ Reinsurance assumed

(Yen in 100 millions) Fire and allied lines Hull and cargo Personal accident Voluntary automobile Compulsory automobile liability Other Total

⑨ Reinsurance ceded

Fire and allied lines Hull and cargo Personal accident Voluntary automobile Compulsory automobile liability Other Total For the six months ended September 30, 2009 For the six months ended September 30, 2010

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

14 5 14 10

• (Yen in 100 millions)

For the six months ended September 30, 2009 For the six months ended September 30, 2010

51 72 54 74 1 1 1 69 80 71 85 29 2 29 1

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

61 83 62 82 2 2 2 1 98 89 99 85 5 1 4 49

SLIDE 53

Supplementary information

(Yen in 100 millions) Increase/decrease (C) - (B) Increase/decrease (C) - (A)

① Net premiums written

9,366 18,679 9,415

• 49

(Rate of change)

(-6.2%) (-4.2%) (0.5%) (4.7%) (6.7%)

② Total assets

95,482 101,475 93,738

• 7,736
• 1,743

③ Loss ratio

65.7% 67.6% 66.6%

• 1.0%

0.9%

④ Expense ratio

34.1% 34.4% 34.4% 0.1% 0.3%

⑤ Combined ratio

99.8% 102.0% 101.1%

• 1.0%

1.2%

Underwriting balance ratio

0.2%

• 2.0%
• 1.1%

1.0%

• 1.2%

⑥ Voluntary automobile ・Net premiums written

4,588 9,196 4,624

• 36

(Rate of change)

(-1.9%) (-1.2%) (0.8%) (2.0%) (2.6%)

・Underwriting balance ratio

• 0.8%
• 2.8%
• 3.2%
• 0.4%
• 2.4%

・Loss ratio

67.5% 69.5% 70.0% 0.5% 2.5%

・Expense ratio

33.3% 33.3% 33.2%

• 0.1%
• 0.1%

⑦ Fire and allied lines ・Net premiums written

1,149 2,533 1,119

• 29

(Rate of change)

• 8.2%

(-6.4%) (-2.6%) (3.8%) (5.6%)

・Underwriting balance ratio

11.8% 10.4% 6.7%

• 3.7%
• 5.1%

・Loss ratio

39.9% 42.2% 43.3% 1.1% 3.4%

・Expense ratio

48.3% 47.4% 50.0% 2.6% 1.7%

⑧ Number of employees

19,402 19,357 19,586 229 184

⑨ Number of agencies

63,020 61,751 60,758

• 993
• 2,262

(Notes)

• 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

Supplementary information about business results for the six months ended September 30, 2010 Tokio Marine Nichido and Nisshin Fire (Combined)

For the six months ended September 30, 2009 (A) For the year ended March 31, 2010 (B) For the six months ended September 30, 2010 (C)

50