Summary of Consolidated Business Results of Tokio Marine Holdings, - - PDF document

SLIDE 1

August 11, 2010

(URL: http://www.tokiomarinehd.com/) Representative: Contact: Scheduled date for filing the quarterly securities report (Shihanki Houkokusho) for the three months ended June 30, 2010: August 13, 2010

• 1. Consolidated Business Results for the three months ended June 30, 2010 (April 1, 2010 to June 30, 2010)

(1) Consolidated Results of Operations

Ordinary income Ordinary profit Net income % % %

Three months ended June 30, 2010 Three months ended June 30, 2009

Net income per share - Basic Net income per share - Diluted yen yen

Three months ended June 30, 2010 Three months ended June 30, 2009

(2) Consolidated Financial Conditions

Total assets Net assets Net assets per share %

As of June 30, 2010 As of March 31, 2010

(Reference purpose only) Equity capital: As of June 30, 2010 As of March 31, 2010

• 2. Dividends

Record date

yen yen

Fiscal year ended March 31, 2010 Fiscal year ending March 31, 2011 Fiscal year ending March 31, 2011 (Forecasts)

• 3. Consolidated Business Forecast for the fiscal year ending March 31, 2011 (April 1, 2010 to March 31, 2011)

(Note) Ratios reflect changes from the same periods in the previous fiscal year. % % million yen % For the six months ending September 30, 2010

• 8.6

0.4 70,000

• 1.8

For the fiscal year ending March 31, 2011

• 5.9
• 11.5

115,000

• 10.4

(Note) No changes have been made to the consolidated business forecast announced on May 20, 2010. 180,000

Schedule for quarterly “investor meeting presentation”: None Dividends per share 50.00 2,004,018 million yen

million yen

• million yen

yen Net income per share Ordinary profit Net income

• 25.00

yen yen 25.00

• 145.99

88.86 (Note) No changes have been made to the forecasted amounts of dividends announced on May 20, 2010.

50.00

Ordinary income 3,360,000

Shuzo Sumi, 44.86 71.57 President Supplementary information for quarterly financial statements: None 22.5 35,338

• Third quarter

24.00 yen

• 26.00

12.0 2,544.19 2,168,965 million yen First quarter Second quarter yen Year-end Annual total 12.6 2,753.87 17,265,868 2,020,737 Corporate Planning Dept., Tokio Marine Holdings, Inc. Phone: 03-5223-3212 Shusuke Kasahara, 48,407 1,010,953 59.6 56,405 Scheduled date for starting payment of dividends: Not applicable. 81.7

• 4.8

39.8 Company Name: Tokio Marine Holdings, Inc. (the "Company") Stock Exchange Listings: Tokyo and Osaka Securities Code Number: 8766 (Note) All amounts are truncated and all ratios are rounded; Ratio of equity to total assets 16,703,474 2,184,795 71.61 million yen 962,552 million yen 87,937 million yen million yen

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the three months ended June 30, 2010

105,000 1,710,000

• 3.6

ratios reflect changes from the same periods in the previous fiscal year. million yen 44.85

SLIDE 2

• 4. Others

(For more details, please see “Other information” on page 2 of Appendix.) (a) Changes to reflect amendments of accounting standards and related matters: Yes (4) Number of shares issued (common stock) 804,524,375 shares 804,524,375 shares (b) Number of treasury shares held 16,841,988 shares 16,919,017 shares (c) Average number of shares outstanding 787,629,011 shares 787,579,354 shares *Notes concerning the business forecast and other items Any business forecasts contained in this document are based on the information available to the Company as of the date of this document. Actual results may materially differ from the forecasts depending upon various factors. During the three months ended June 30, 2010 During the three months ended June 30, 2009 *Disclosure regarding the execution of the quarterly review process This “Summary of Consolidated Business Results” (quarterly “tanshin ”) is outside the scope of the external auditor’s quarterly review procedure required by the Financial Instruments and Exchange Act. Therefore, the quarterly review process has not been completed as of the date of the disclosure in the “Summary of Consolidated Business Results”. As of June 30, 2010 As of March 31, 2010 As of June 30, 2010 As of March 31, 2010 (3) Changes in accounting policies, procedures, presentation, etc. (b) Changes other than (a): None (Note) This section shows changes in accounting policies, procedures, presentation, etc. that are described in Japanese regulations as “Alterations on significant issues that are the basis of the preparation for quarterly financial accounting statements”. (a) Total number of the shares issued (including treasury shares) (1) Significant changes with respect to subsidiaries of the Company during the three months ended June 30, 2010: None (Note) This section shows whether there has been a change in Specified Subsidiaries (“tokutei kogaisha ”) that resulted in a change in the scope

• f consolidation during the three months ended June 30, 2010.

(2) Adoption of simplified or special accounting methods: None (Note) This section shows whether any simplified or special accounting methods were used for the Company's quarterly consolidated financial statements.

SLIDE 3

Contents of Appendix

• 1. Qualitative information concerning the consolidated results, etc. for the three months ended

June 30, 2010 ······························································································································2 (1) Qualitative information concerning the consolidated results of operations ····························2 (2) Qualitative information concerning the consolidated financial condition ·····························2 (3) Qualitative information concerning the consolidated business forecast ································2

• 2. Other Information ······················································································································2

(1) Significant changes with respect to subsidiaries of the Company during the three months ended June 30, 2010 ·················································································································2 (2) Adoption of simplified or special accounting methods ···························································3 (3) Changes in accounting policies, procedures, presentation, etc. ···············································3

• 3. Consolidated Financial Statements ····························································································4

(1) Consolidated Balance Sheet as of June 30, 2010 ·····································································4 (2) Consolidated Statement of Income for the three months ended June 30, 2010 ·······················5 (3) Notes regarding going concern assumption ·············································································6 (4) Notes regarding significant changes in the amount of equity capital ······································6

• 4. Supplementary information ·······································································································7

(1) Summary of Consolidated Business Results for the three months ended June 30, 2010 ········7 (2) Premiums written and claims paid by lines of insurance ·························································8 (3) Securities ··································································································································9 (4) Derivative financial instruments ····························································································10 (5) Financial results of major consolidated subsidiaries·······························································11

• Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated) ······························11
• Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated) ·········································15
• E.design Insurance Co., Ltd. (non-consolidated) ·······························································19
• Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated) ······························23
• Tokio Marine & Nichido Financial Life Insurance Co., Ltd. (non-consolidated) ··············29

Glossary of terminology ·······································································································34

1

SLIDE 4

• 1. Qualitative information concerning the consolidated results, etc. for the three months

ended June 30, 2010 (1) Qualitative information concerning the consolidated results of operations During the three months ended June 30, 2010, despite fears that volatility in European financial markets would depress other economies, the Japanese economy benefited from a gradual increase in exports, as well as a continued recovery in industrial production. The Japanese economy moved onto a recovery track, owing to improved corporate earnings, as well as an easing of the rate of decline in capital spending. Amid these conditions, our efforts to improve performance centered on our property and casualty and life insurance businesses led to the following operating results for the three months ended June 30, 2010. Compared to the three months ended June 30, 2009, ordinary income decreased by 48.4 billion yen to 962.5 billion yen, the main components of which were 836.8 billion yen in underwriting income and 110.0 billion yen in investment income. Compared to the three months ended June 30, 2009, ordinary expenses decreased by 87.9 billion yen to 874.6 billion yen, the main components of which were underwriting expenses of 563.5 billion yen, investment expenses of 176.3 billion yen and operating and general administrative expenses of 132.2 billion yen. As a result, ordinary profit for the three months ended June 30, 2010 increased by 39.5 billion yen from the prior year to 87.9 billion yen. Net income for the three months ended June 30, 2010, comprised ordinary profit plus extraordinary gains minus extraordinary losses and total income taxes, increased by 21.0 billion yen from the prior year to 56.4 billion yen. (2) Qualitative information concerning the consolidated financial condition As of June 30, 2010, consolidated total assets were 16,703.4 billion yen. This represents a decrease of 562.3 billion yen from March 31, 2010 which was partly due to a decrease in the value of securities owing to the downturn in stock markets. (3) Qualitative information concerning the consolidated business forecast For the fiscal year ending March 31, 2011, we forecast consolidated ordinary income of 3,360.0 billion yen, ordinary profit of 180.0 billion yen and net income of 115.0 billion yen. No changes have been made to the forecast amounts announced in "Summary of consolidated business results of Tokio Marine Holdings, Inc. under Japanese GAAP for the year ended March 31, 2010" on May 20, 2010.

• 2. Other Information

(1) Significant changes with respect to subsidiaries of the Company during the three months ended June 30, 2010 None.

2

SLIDE 5

(2) Adoption of simplified or special accounting methods None. (3) Changes in accounting policies, procedures, presentation, etc. (a) The Company has applied "Accounting Standard for Equity Method of Accounting for Investments" (ASBJ Statement No.16, March 10, 2008) and "Practical Solution on Unification

• f Accounting Policies Applied to Associates Accounted for Using the Equity Method" (PITF

No.24, March 10, 2008) for the three months ended June 30, 2010 and implemented the adjustments required for its consolidated financial reporting. The impact of the changes described above on ordinary profit and income before income taxes for the three months ended June 30, 2010 is considered immaterial. (b) The Company has applied "Accounting Standard for Asset Retirement Obligations" (ASBJ Statement No.18, March 31, 2008) and "Guidance on Accounting Standard for Asset Retirement Obligations" (ASBJ Guidance No.21, March 31, 2008) for the three months ended June 30, 2010. As a result of application of the standard and guidance stated above, ordinary profit decreased by 59 million yen, and income before income taxes decreased by 3,089 million yen, respectively. In addition, the application of the standard and guidance as of the current fiscal year resulted in a 3,813-million-yen change in asset retirement obligations.

3

SLIDE 6

3.Consolidated Financial Statements (1) Consolidated Balance Sheet as of June 30, 2010

(Yen in millions)

(Assets)

394,617 452,194 145,235 116,511 66,987 150,969

Receivables under security borrowing transactions

55,125 22,578 1,458,725 1,339,172 14,065 11,778 11,941,637 12,617,817 545,566 547,922 323,775 324,362 374,480 380,243 1,186,354 1,152,853 130,009 81,993 91,673 92,859

• 24,779
• 25,389

16,703,474 17,265,868

(Liabilities)

11,667,502 11,744,656

Outstanding claims

1,222,371 1,222,169

Underwriting reserves

10,445,131 10,522,486 165,935 178,821 2,344,465 2,571,720 159,514 160,053 14 12 12,768 24,953 1,603 1,603 62,585 61,401

Reserve for price fluctuation

62,585 61,401 47,772 113,528 128,900 131,462 91,673 92,859 14,682,736 15,081,073

(Net assets) Stockholders' equity Common stock

150,000 150,000

Retained earnings

1,140,465 1,098,403

Treasury stock

• 59,207
• 59,481

Total stockholders' equity

1,231,257 1,188,921

Unrealized gains on securities, net of taxes

821,517 1,037,168

Deferred gains or losses on hedge transactions

19,171 12,700

Foreign currency translation adjustments

• 67,928
• 69,825

Total valuation and translation adjustments

772,760 980,043 998 1,102 15,720 14,727 2,020,737 2,184,795 16,703,474 17,265,868

Reserve for retirement of fixed assets Total net assets Stock acquisition rights Minority interest Reserve under the special law Deferred tax liabilities Acceptances and guarantees Total liabilities and net assets Valuation and translation adjustments Tangible fixed assets Intangible fixed assets Negative goodwill Total liabilities Other assets Total assets Deferred tax assets Customers' liabilities under acceptances and guarantees Reserve for bad debts Underwriting funds Other liabilities Reserve for employees' bonuses Corporate bonds Reserve for retirement benefits Reserve for retirement benefits for directors and corporate auditors As of June 30, 2010 As of March 31, 2010 Loans Cash and bank deposits Call loans Monetary receivables bought Money trusts Securities Receivables under resale agreement

4

SLIDE 7

(2) Consolidated Statement of Income for the three months ended June 30, 2010

(Yen in millions)

Item

1,010,953 962,552 770,544 836,834 593,809 596,130 36,940 34,130 17,457 16,217 121,744 105,825

Reversal of underwriting reserves

• 83,177

225,273 110,018 62,535 67,494 466 1

Gains on trading securities

347 6,957 12,181 19,479 906 642

• 26,016

163,563

• 17,457
• 16,217

15,135 15,699

Amortization of negative goodwill

2,615 2,562 13 428 962,546 874,615 802,623 563,514 327,277 333,844 23,972 23,159 115,271 116,393 49,598 54,767 116 96 24,246 31,671 6,529 1,910 254,296

• 19,190

176,380

• 702

4,096 1,388 3,331 9,972 812 175 7,937

• 150,031

138,119 132,213 7,302 3,463 2,231 1,337

Provision of reserve for bad debts

1,922

• 1

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

39 229

• 4,689
• 955

48,407 87,937 457 938 39 928 26

• 391

9 3,072 5,689 219 986 741 488

• 1,204

1,184

Provision of reserve for price fluctuation

1,204 1,184

• 3,029

906

• 45,792

83,186 20,473 27,598

• 10,292
• 1,242

10,180 26,356

• 56,829

273 424 35,338 56,405

Income before minority interest Three months ended June 30, 2009 Net income Losses on disposal of fixed assets Other extraordinary gains Income taxes - current Operating and general administrative expenses Deferred expenses under Article 113 of the Insurance Business Law Minority interest Gains on derivatives Income before income taxes Other extraordinary losses Net claims paid Ordinary expenses Loss adjustment expenses Underwriting expenses Agency commissions and brokerage Maturity refunds to policyholders Investment expenses Other ordinary income Losses on changes in equity of affiliates Equity in earnings of affiliates Gains on investment in money trusts Gains on sales of securities Gains on redemption of securities Transfer of investment income on deposit premiums Gains on separate accounts Extraordinary gains Extraordinary losses Interest paid Losses on bad debts Losses on derivatives Ordinary income Underwriting income Investment income Net premiums written Deposit premiums from policyholders Investment income on deposit premiums from policyholders Life insurance premiums Gains on changes in equity of affiliates Losses on adjustment for changes of accounting standard for asset retirement obligations Three months ended June 30, 2010 Interest and dividends Ordinary profit Losses on investment in money trusts Losses on sales of securities Impairment losses on securities Losses on redemption of securities Losses on separate accounts Total income taxes Provision for reserve under the special law Other ordinary expenses Dividends to policyholders Life insurance claims Provision for outstanding claims Provision for underwriting reserves Income taxes - deferred Impairment losses on fixed assets Gains on disposal of fixed assets

5

SLIDE 8

(3) Notes regarding going concern assumption Not applicable. (4) Notes regarding significant changes in the amount of equity capital Not applicable.

6

SLIDE 9

• 4. Supplementary information

(1) Summary of Consolidated Business Results for the three months ended June 30, 2010

(Yen in millions, except for %)

Ordinary income and expenses:

770,544 836,834 66,290 8.6

Net premiums written

593,809 596,130 2,320 0.4

Deposit premiums from policyholders

36,940 34,130

• 2,810
• 7.6

Life insurance premiums

121,744 105,825

• 15,918
• 13.1

Reversal of underwriting reserves

• 83,177

83,177

• 802,623

563,514

• 239,108
• 29.8

Net claims paid

327,277 333,844 6,566 2.0

Loss adjustment expenses

23,972 23,159

• 812
• 3.4

Agency commissions and brokerage

115,271 116,393 1,121 1.0

Maturity refunds to policyholders

49,598 54,767 5,168 10.4

Life insurance claims

24,246 31,671 7,424 30.6

Provision for outstanding claims

6,529 1,910

• 4,618
• 70.7

Provision for underwriting reserves

254,296

• 254,296
• 100.0

225,273 110,018

• 115,254
• 51.2

Interest and dividends

62,535 67,494 4,959 7.9

Gains on sales of securities

12,181 19,479 7,298 59.9 19,190 176,380 157,189 819.1

Losses on sales of securities

4,096 1,388

• 2,707
• 66.1

3,331 9,972 6,641 199.4 138,119 132,213

• 5,905
• 4.3

7,832 12,235 4,403 56.2

Equity in earnings of affiliates

13 428 414 3,152.0

• 4,689
• 955

3,733

• 48,407

87,937 39,529 81.7

Extraordinary gains and losses:

457 938 480 104.9 3,072 5,689 2,616 85.2

• 2,614
• 4,751
• 2,136
• 45,792

83,186 37,393 81.7 20,473 27,598 7,125 34.8

• 10,292
• 1,242

9,050

• 10,180

26,356 16,176 158.9 35,612 56,829 21,217 59.6 273 424 150 54.8 35,338 56,405 21,067 59.6

Three months ended June 30, 2010 (April 1, 2010 to June 30, 2010)

Impairment losses on securities

Three months ended June 30, 2009 (April 1, 2009 to June 30, 2009)

Underwriting income Underwriting expenses Investment income

Increase or Decrease by Comparison Rate of change (%)

Income before income taxes Ordinary profit Investment expenses Operating and general administrative expenses Extraordinary gains Extraordinary losses Extraordinary gains and losses Other ordinary income and expenses Income taxes - deferred Income taxes - current Minority interest Net income Total income taxes Deferred expenses under Article 113 of the Insurance Business Law Income before minority interest

7

SLIDE 10

<Consolidated results> Direct premiums written including deposit premiums from policyholders

(Yen in millions, except for %) Premiums Composition ratio (%) Rate of change (%) Premiums Composition ratio (%) Rate of change (%) Fire and allied lines

115,460 18.1 8.0 109,405 17.0

• 5.2

Hull and cargo

24,226 3.8

• 22.1

26,518 4.1 9.5

Personal accident

80,808 12.7

• 4.9

84,147 13.1 4.1

Voluntary automobile

253,913 39.8

• 1.7

257,103 40.0 1.3

Compulsory automobile liability

54,818 8.6

• 29.0

56,960 8.9 3.9

Others

109,060 17.1 44.9 109,378 17.0 0.3

Total

638,287 100.0 0.7 643,514 100.0 0.8

(Deposit premiums from policyholders)

36,940 5.8

• 9.7

34,130 5.3

• 7.6

Net premiums written

(Yen in millions, except for %) Premiums Composition ratio (%) Rate of change (%) Premiums Composition ratio (%) Rate of change (%) Fire and allied lines

113,228 19.1 18.2 110,144 18.5

• 2.7

Hull and cargo

20,788 3.5

• 19.0

21,546 3.6 3.6

Personal accident

53,461 9.0

• 0.4

55,025 9.2 2.9

Voluntary automobile

253,162 42.6

• 1.7

257,471 43.2 1.7

Compulsory automobile liability

53,060 8.9

• 24.5

52,988 8.9

• 0.1

Others

100,108 16.9 29.8 98,952 16.6

• 1.2

Total

593,809 100.0 2.4 596,130 100.0 0.4 Net claims paid

(Yen in millions, except for %) Premiums Composition ratio (%) Rate of change (%) Premiums Composition ratio (%) Rate of change (%) Fire and allied lines

35,867 11.0 6.5 37,712 11.3 5.1

Hull and cargo

11,685 3.6

• 5.0

10,799 3.2

• 7.6

Personal accident

22,319 6.8

• 1.9

22,539 6.8 1.0

Voluntary automobile

155,710 47.6

• 0.2

164,617 49.3 5.7

Compulsory automobile liability

58,337 17.8

• 1.5

58,819 17.6 0.8

Others

43,357 13.2 12.1 39,355 11.8

• 9.2

Total

327,277 100.0 1.4 333,844 100.0 2.0

(Note) Numbers are after elimination of inter-segment transactions.

(2) Premiums written and claims paid by lines of insurance

Three months ended June 30, 2010 (April 1, 2010 to June 30, 2010) Three months ended June 30, 2009 (April 1, 2009 to June 30, 2009) Three months ended June 30, 2009 (April 1, 2009 to June 30, 2009) Three months ended June 30, 2009 (April 1, 2009 to June 30, 2009) Three months ended June 30, 2010 (April 1, 2010 to June 30, 2010) Three months ended June 30, 2010 (April 1, 2010 to June 30, 2010) 8

SLIDE 11

(3) Securities

• 1. Bonds held to maturity with fair value

(Yen in millions)

Carrying amount shown on consolidated balance sheet

Fair value Difference

Carrying amount shown on consolidated balance sheet

Fair value Difference 1,652,693 1,733,324 80,630 1,612,269 1,600,465

• 11,803

24,797 24,477

• 320

24,030 23,715

• 315

Total 1,677,491 1,757,801 80,310 1,636,299 1,624,181

• 12,118
• 2. Bonds earmarked for underwriting reserves with fair value

(Yen in millions)

Carrying amount shown on consolidated balance sheet

Fair value Difference

Carrying amount shown on consolidated balance sheet

Fair value Difference 117,979 124,240 6,261 116,366 120,053 3,686 190,869 201,934 11,065 209,327 217,515 8,188 Total 308,849 326,175 17,326 325,694 337,568 11,874

• 3. Other securities (available for sale) with fair value

(Yen in millions) Original cost

Carrying amount shown on consolidated balance sheet

Difference Original cost

Carrying amount shown on consolidated balance sheet

Difference 3,749,158 3,899,213 150,055 3,893,078 3,941,204 48,125 1,033,636 2,155,234 1,121,597 1,046,288 2,579,578 1,533,289 1,146,400 1,178,805 32,404 1,135,330 1,186,431 51,100 1,550,130 1,540,225

• 9,904

1,469,749 1,467,334

• 2,414

Total 7,479,326 8,773,479 1,294,153 7,544,447 9,174,548 1,630,100

(Note) As of June 30, 2010 As of March 31, 2010 1 1 2 2 Impairment losses amounting to 6,293 million yen were recognized for "Other securities (available for sale) with fair value". Impairment losses are recognized principally if fair value of each security decreases equal to or more than 30% of its book value as of June 30, 2010. Impairment losses amounting to 6,682 million yen were recognized for "Other securities (available for sale) with fair value". Impairment losses are recognized principally if market value of each security decreases equal to or more than 30%

• f its book value as of March 31, 2010.

Bonds Stocks Foreign securities

"Others" include negotiable deposits (original cost: 64,737 million yen, carrying amount on the consolidated balance sheet: 64,737 million yen) which are included in "Cash and bank deposits" in the consolidated balance sheet. In addition, "Others" include commercial papers, etc. (original cost: 1,467,132 million yen, carrying amount shown on the consolidated balance sheet: 1,457,973 million yen, difference: -9,158 million yen) which is included in "Monetary receivables bought" in the consolidated balance sheet. "Others" include negotiable deposits (original cost: 113,091 million yen, carrying amount on the consolidated balance sheet: 113,091 million yen) which are included in "Cash and bank deposits" in the consolidated balance sheet. In addition, "Others" include commercial papers, etc. (original cost: 1,338,596 million yen, carrying amount shown on the consolidated balance sheet: 1,335,458 million yen, difference: -3,138 million yen) which is included in "Monetary receivables bought" in the consolidated balance sheet.

Foreign securities Others As of March 31, 2010 As of June 30, 2010 As of March 31, 2010 As of June 30, 2010 As of March 31, 2010 As of June 30, 2010 Bonds Foreign securities Bonds 9

SLIDE 12

(Yen in millions)

Contract amount, etc. Fair value Unrealized gains or losses Contract amount, etc. Fair value Unrealized gains or losses Foreign currency-related instruments Foreign exchange futures Short 223,536 6,198 6,198 194,207

• 4,471
• 4,471

Long 64,805

• 2,547
• 2,547

73,760 1,549 1,549 Currency swaps 801,757

• 4,793
• 4,793

837,758

• 3,507
• 3,507

Currency options Short 97,458 84,308 8,604 9,089

• 485

6,488 8,368

• 1,879

Long 109,140 108,779 8,484 11,714 3,230 8,392 13,272 4,880 Interest rate-related instruments Interest futures Short 46,625

• 9
• 9

26,713

• 1
• 1

Long 81,297

• 7
• 7

13,711 3 3 Interest options Short 51,060 66,957 1,167 854 312 1,180 849 331 Long 26,600 35,754 516 379

• 137

532 375

• 157

Interest rate swaps 8,169,004 24,354 24,354 8,554,608 28,276 28,276 Equity-related instruments Equity index futures Short 15,952 502 502 17,165

• 434
• 434

Long 1,790 96 96 1,634 72 72 Equity index options Long 22,175 22,175 5,272 10,367 5,094 5,272 8,501 3,228 Bond-related instruments Bond futures Short 18,950

• 85
• 85

11,611 51 51 Long 6,882 7 7 5,818

• 56
• 56

Bond futures options Short 13,307

• 40

1 38

• Over-the-counter bond options

Short 8,147 14,037 19 45

• 26

28 27 1 Long 8,147 14,037 21 15

• 5

32 30

• 1

Credit-related instruments Credit derivatives Sell protection 236,172

• 10,100
• 10,100

398,908

• 12,295
• 12,295

Buy protection 39,633 145 145 42,118 389 389 Commodity Commodity swaps 49,067

• 1,646
• 1,646

51,062

• 1,656
• 1,656

Others Index basket options Long 161,868 162,544 8,149 32,374 24,224 7,520 24,081 16,560 Natural disaster derivatives Short 10,633 9,583 373 326 47 285 264 21 Long 40,544 28,953 6,337 3,614

• 2,722

4,939 2,777

• 2,162

Weather derivatives Short 81 16 2 1

Other derivatives Short 123 123 6 6

• 6

6

• Total
• 80,907

41,685

• 66,477

28,745

(Note 1) (Note 2)

(4) Derivative financial instruments

As of June 30, 2010 As of March 31, 2010

Those instruments to which hedge accounting is applied are not included in the table above. Option premiums are shown beneath the contract amounts for currency options, interest options, equity index options, bond futures options, over-the-counter bond

• ptions, index basket options, natural disaster derivatives, weather derivatives and other derivatives.

10

SLIDE 13

(5) Financial results of major consolidated subsidiaries Reference：Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated)

Balance sheet

(Yen in millions) ％ ％ 72,247 0.79 140,772 1.45

• 68,524

124,100 1.36 86,400 0.89 37,700 66,987 0.73 150,969 1.56

• 83,982

1,009 0.01

• 1,009

1,253,782 13.72 1,138,105 11.72 115,677 14,065 0.15 11,778 0.12 2,287 6,105,722 66.83 6,784,410 69.88

• 678,687

455,945 4.99 459,465 4.73

• 3,520

256,012 2.80 256,754 2.64

• 741

620 0.01 631 0.01

• 10

723,124 7.92 692,320 7.13 30,803 75,363 0.82

• 75,363

3,057 0.03 3,178 0.03

• 121
• 16,279
• 0.18
• 16,739
• 0.17

460 9,135,761 100.00 9,708,046 100.00

• 572,285

5,625,862 61.58 5,657,118 58.27

• 31,256

801,581 819,359

• 17,778

4,824,281 4,837,759

• 13,477

30,000 0.33 30,000 0.31

• 1,561,902

17.10 1,809,183 18.64

• 247,281

19,459 33,874

• 14,415

4,701 4,683 18 3,777

• 3,777

1,533,964 1,770,625

• 236,661

155,997 1.71 156,815 1.62

• 817

8,433 0.09 16,843 0.17

• 8,409

1,603 0.02 1,603 0.02

• 58,674

0.64 57,672 0.59 1,001 58,674 57,672 1,001

• 59,490

0.61

• 59,490

3,057 0.03 3,178 0.03

• 121

7,445,532 81.50 7,791,907 80.26

• 346,374

101,994 1.12 101,994 1.05

• 123,521

1.35 123,521 1.27

• 123,521

123,521

• 588,423

6.44 572,735 5.90 15,688 81,099 81,099

• 507,324

491,635 15,688 18,431 18,431

• 235,426

235,426

• 253,466

237,778 15,688 813,939 8.91 798,251 8.22 15,688 855,660 9.37 1,101,486 11.35

• 245,825

20,628 0.23 16,401 0.17 4,226 876,289 9.59 1,117,888 11.52

• 241,598

1,690,228 18.50 1,916,139 19.74

• 225,910

9,135,761 100.00 9,708,046 100.00

• 572,285

Total stockholders' equity Surplus reserve Other retained earnings Special reserve Retained earnings carried forward Total liabilities and net assets Total valuation and translation adjustments Total net assets Deferred gains on hedge transactions Other liabilities Advanced depreciation reserve for fixed assets Retained earnings Common stock Capital surplus Additional paid-in capital Total liabilities Price fluctuation reserve Loans Tangible fixed assets Intangible fixed assets Other assets Cash and bank deposits (Assets) Call loans Securities Receivables under resale agreement Receivables under security borrowing transactions Monetary receivables bought Money trusts Increase or decrease by comparison Amount Composition ratio As of March 31, 2010 Amount As of June 30, 2010 Composition ratio Customers' liabilities under acceptances and guarantees Valuation allowances for bad debts Deferred tax assets (Liabilities) Insurance liabilities Total assets Corporate bonds Outstanding claims Underwriting reserves Acceptances and guarantees Reserve under the special law Deferred tax liabilities Asset retirement obligations Provision for employees' bonus Lease obligations Accrued income taxes Unrealized gains on securities, net of taxes (Net assets) Provision for demolition of fixed assets Other liabilities Retirement benefit obligations

11

SLIDE 14

Reference：Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated) Statement of income

(Yen in millions) 546,041 606,096 60,054 2,257,690 498,844 518,161 19,316 2,113,776 （ Net premiums written ) （ 438,748 ） （ 439,261 ） （ 513 ） （ 1,736,082 ） （ Deposit premiums from policyholders ) （ 34,802 ） （ 32,049 ） （

• 2,752 ） （

130,431 ） （ Investment income on deposit premiums ) （ 16,701 ） （ 15,571 ） （

• 1,129 ） （

63,757 ） （ Reversal of outstanding claims ) （ 8,588 ） （ 17,778 ） （ 9,190 ） （ 22,746 ） （ Reversal of underwriting reserves ) （

• ） （

13,477 ） （ 13,477 ） （ 160,649 ） 45,412 85,809 40,397 136,295 （ Interest and dividends ） （ 39,152 ） （ 64,162 ） （ 25,010 ） （ 108,453 ） （ Gains on investment in money trusts ） （ 466 ） （ 1 ） （

• 465 ） （

1,219 ） （ Gains on sales of securities ） （ 15,020 ） （ 16,579 ） （ 1,558 ） （ 72,273 ） （ Transfer of investment income on deposit premiums ） （

• 16,701 ） （
• 15,571 ） （

1,129 ） （

• 63,757 ）

1,783 2,125 341 7,619 Ordinary expenses 507,600 517,301 9,701 2,110,289 414,316 425,409 11,093 1,746,245 （ Net claims paid ） （ 269,034 ） （ 274,299 ） （ 5,265 ） （ 1,096,461 ） （ Loss adjustment expenses ） （ 19,994 ） （ 20,143 ） （ 149 ） （ 82,004 ） （ Agency commissions and brokerage ） （ 78,456 ） （ 78,399 ） （

• 57 ） （

304,459 ） （ Maturity refunds to policyholders ） （ 45,656 ） （ 50,837 ） （ 5,181 ） （ 259,581 ） （ Provision for underwriting reserves ） （ 167 ） （

• ） （
• 167 ） （
• ）

12,133 13,273 1,139 35,874 （ Losses on investment in money trusts ） （

• ） （

702 ） （ 702 ） （

• ）

（ Losses on trading securities ） （ 156 ） （

• ） （
• 156 ） （

134 ） （ Losses on sales of securities ） （ 2,057 ） （ 813 ） （

• 1,243 ） （

4,391 ） （ Impairment losses on securities ） （ 6,387 ） （ 8,274 ） （ 1,887 ） （ 24,857 ） 78,339 77,424

• 915

316,108 2,810 1,194

• 1,616

12,061 （ Interest paid ） （ 1,222 ） （ 961 ） （

• 260 ） （

4,630 ） Ordinary profit 38,440 88,794 50,353 147,401 Extraordinary gains 485 43

• 441

3,812 125 43

• 81

2,930

• 498

360

• 360
• 383

Extraordinary losses 1,721 5,108 3,386 17,819 116 986 869 2,622 587 382

• 205

8,862 1,017 1,001

• 15

4,210 Provision for price fluctuation （ 1,017 ） （ 1,001 ） （

• 15 ） （

4,210 )

• 2,737

2,737

• 2,120
• 3

Income before income taxes 37,204 83,729 46,524 133,393 Income taxes - current 8,685 21,649 12,964 38,837 Income taxes for prior periods

• 8,947

Income taxes - deferred

• 2,283
• 3,616
• 1,333
• 8,847

Total income taxes 6,402 18,032 11,630 38,937 30,802 65,696 34,894 94,456 (Reference) Net loss ratio 65.9 67.0 1.2 67.9 Net expense ratio 34.1 33.7

• 0.4

34.0 Underwriting profit 14,431 22,808 8,376 81,792 Other ordinary expenses Investment expenses Reversal of demolition reserve for fixed assets Gains on disposal of fixed assets Gains on sales of investment in subsidiaries Losses on disposal of fixed assets Provision under the special law Other extraordinary gains Amount （ Ordinary income Increase or decrease by comparison （ ） For the year ended March 31, 2010 April 1, 2009 to March 31, 2010 For the three months ended June 30, 2009 Net income Impairment losses on investment in subsidiaries Losses on sales of investment in subsidiaries Losses on adjustment for changes of accounting standard for asset retirement obligations Impairment losses on fixed assets Underwriting expenses Amount Operating and general administrative expenses ） Other ordinary income For the three months ended June 30, 2010 April 1, 2009 to June 30, 2009 April 1, 2010 to June 30, 2010 （ ） Amount Underwriting income Investment income

12

SLIDE 15

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

Direct premiums written (excluding deposit premiums from policyholders)

Fire and allied lines 66,102 14.1

• 1.9

62,715 13.3

• 5.1

Hull and cargo 15,163 3.2

• 31.2

16,991 3.6 12.1 Personal accident 47,338 10.1 1.7 48,769 10.3 3.0 Voluntary automobile 217,152 46.3

• 2.1

217,936 46.2 0.4

Compulsory automobile liability

50,061 10.7

• 29.6

52,101 11.0 4.1 Other 73,149 15.6 16.8 73,161 15.5 0.0 Total 468,967 100.0

• 4.6

471,676 100.0 0.6

(Deposit premiums)

( 34,802 ) (

• ) (
• 8.9 ) (

32,049 ) (

• ) (
• 7.9 )

Net premiums written

Fire and allied lines 51,681 11.8

• 7.0

50,309 11.5

• 2.7

Hull and cargo 12,940 2.9

• 32.2

14,309 3.3 10.6 Personal accident 46,448 10.6 0.4 47,873 10.9 3.1 Voluntary automobile 215,650 49.2

• 2.1

216,598 49.3 0.4

Compulsory automobile liability

49,271 11.2

• 24.7

49,064 11.2

• 0.4

Other 62,756 14.3 2.3 61,105 13.9

• 2.6

Total 438,748 100.0

• 6.3

439,261 100.0 0.1

Net claims paid

Fire and allied lines 19,552

• 20.7

39.9 22,607 15.6 47.0 Hull and cargo 7,930

• 16.4

64.5 8,026 1.2 59.2 Personal accident 20,178

• 0.2

46.3 20,065

• 0.6

44.4 Voluntary automobile 133,091

• 0.6

67.0 138,612 4.1 69.5

Compulsory automobile liability

54,712

• 1.5

119.0 55,142 0.8 120.0 Other 33,568

• 3.5

56.3 29,845

• 11.1

51.7 Total 269,034

• 3.4

65.9 274,299 2.0 67.0 Loss ratio (%) Amount (Yen in millions) Rate of change (%) June 30, 2010 June 30, 2009 Loss ratio (%) Amount (Yen in millions) Rate of change (%) For the three months ended June 30, 2010 April 1, 2010 to For the three months ended June 30, 2009 April 1, 2009 to Amount (Yen in millions) Composition ratio (%) Amount (Yen in millions) Composition ratio (%) For the three months ended June 30, 2009 April 1, 2009 to June 30, 2009 Rate of change (%) For the three months ended June 30, 2009 April 1, 2009 to June 30, 2009 For the three months ended June 30, 2010 April 1, 2010 to June 30, 2010 June 30, 2010 Rate of change (%) Amount (Yen in millions) Composition ratio (%) Rate of change (%) Amount (Yen in millions) For the three months ended June 30, 2010 April 1, 2010 to Composition ratio (%) Rate of change (%)

Underwriting

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

13

SLIDE 16

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

(Yen in millions)

(Ａ) Total amount of solvency margin

3,629,095 3,867,559 813,939 748,242

Price fluctuation reserve

58,674 57,672

Contingency reserve

• Catastrophe loss reserve

1,040,764 1,041,450

General valuation allowances for bad debts

2,570 2,905 1,204,748 1,546,253

Net unrealized gains/losses on land

224,915 224,773

Excess amount of policyholders' contract deposits

• Subordinated debt, etc.
• Deductions

10,000 10,000

Other

293,484 256,262

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

103,772 103,729

Third sector insurance risk （Ｒ２）

• Assumed interest risk

（Ｒ３）

8,503 8,556

Asset management risk （Ｒ４）

417,625 468,713

Business administration risk （Ｒ５）

18,934 19,604

Catastrophe risk （Ｒ６）

416,821 399,212

(Ｃ) Solvency margin ratio [(Ａ)/{(Ｂ)×1/2}]×100 (Note) As of March 31, 2010 Total net assets

830.1% 852.6%

Solvency margin ratio as of June 30, 2010 is calculated by the method which the company regards as reasonable in conformity with the Insurance Business Law and other related regulations. Catastrophe risk is calculated partially using simplified methods example for to input the data as of March 31, 2010.

874,338 907,228

Solvency margin ratio

Net unrealized gains/losses on securities (Prior to tax effect deductions) As of June 30, 2010 14

SLIDE 17

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

Balance sheet

(Yen in millions) ％ ％ 23,123 5.32 25,326 5.76

• 2,202

292,119 67.17 285,515 64.97 6,604 19,549 4.50 20,471 4.66

• 921

34,421 7.91 34,674 7.89

• 253

95 0.02 95 0.02

• 37,937

8.72 45,413 10.33

• 7,475

30,146 6.93 30,702 6.99

• 556
• 2,504
• 0.58
• 2,718
• 0.62

213 434,889 100.00 439,481 100.00

• 4,592

349,855 80.45 352,504 80.21

• 2,649

45,035 46,448

• 1,412

304,819 306,056

• 1,236

13,657 3.14 12,834 2.92 822 549 355 193 55 58

• 2

48

• 48

13,004 12,420 583 817 0.19 792 0.18 25

• 454

0.10

• 454

566 0.13 506 0.12 59 566 506 59 364,896 83.91 367,093 83.53

• 2,196

20,389 4.69 20,389 4.64

• 15,518

3.57 15,518 3.53

• 12,620

12,620

• 2,898

2,898

• 23,577

5.42 25,672 5.84

• 2,095

7,732 7,008 723 15,845 18,664

• 2,819

10,840 10,840

• 1,703

1,703

• 3,301

6,120

• 2,819

59,485 13.68 61,580 14.01

• 2,095

10,539 2.42 10,840 2.47

• 300
• 32
• 0.01
• 32
• 0.01
• 10,506

2.42 10,807 2.46

• 300

69,992 16.09 72,388 16.47

• 2,395

434,889 100.00 439,481 100.00

• 4,592

Increase or decrease by comparison Total valuation and translation adjustments Advanced depreciation reserve for fixed assets Common stock Capital surplus Additional paid-in capital Other capital surplus Provision for employees' bonus Reserve under the special law Price fluctuation reserve Retained earnings carried forward Retained earnings Surplus reserve Other retained earnings Special reserve (Net assets) Total liabilities Total net assets Total liabilities and net assets Total stockholders' equity Unrealized gains on securities, net of taxes Deferred gains/losses on hedge transactions Other liabilities Retirement benefit obligations Lease obligations Asset retirement obligations Accrued income taxes Outstanding claims Underwriting reserves Other liabilities Total assets (Liabilities) Insurance liabilities Deferred tax assets Valuation allowances for bad debts Intangible fixed assets Other assets Tangible fixed assets Loans (Assets) Cash and bank deposits Securities As of June 30, 2010 As of March 31, 2010 Amount Composition ratio Composition ratio Amount 15

SLIDE 18

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

Statement of income

（Yen in millions） 39,870 41,874 2,003 167,119 38,017 39,863 1,845 156,051 （ Net premiums written ) （ 33,584 ） （ 34,480 ） （ 895 ） （ 131,876 ） （ Deposit premiums from policyholders ) （ 2,138 ） （ 2,080 ） （

• 57 ） （

7,954 ） （ Investment income on deposit premiums ) （ 755 ） （ 646 ） （

• 109 ） （

2,744 ） （ Reversal of outstanding claims ) （ 94 ） （ 1,412 ） （ 1,318 ） （

• ）

（ Reversal of underwriting reserves ) （ 1,399 ） （ 1,236 ） （

• 162 ） （

13,456 ） 1,821 1,765

• 55

10,956 （ （ 1,440 ） （ 1,369 ） （

• 70 ） （

5,735 ） （ Gains on sales of securities ) （ 1,096 ） （ 686 ） （

• 409 ） （

6,705 ） （ Transfer of investment income on deposit premiums ) （

• 755 ） （
• 646 ） （

109 ） （

• 2,744 ）

31 245 213 111 38,657 39,696 1,038 160,695 30,760 33,036 2,276 130,426 （ Net claims paid ) （ 18,623 ） （ 20,847 ） （ 2,224 ） （ 77,900 ） （ Loss adjustment expenses ) （ 1,843 ） （ 1,770 ） （

• 72 ） （

7,279 ） （ Agency commissions and brokerage ) （ 6,311 ） （ 6,428 ） （ 116 ） （ 24,444 ） （ Maturity refunds to policyholders ) （ 3,942 ） （ 3,929 ） （

• 12 ） （

19,147 ） （ Provision for outstanding claims ) （

• ） （
• ） （
• ） （

1,523 ） 406 202

• 204

2,089 （ Losses on sales of securities ) （ 58 ） （ 28 ） （

• 29 ） （

463 ） （ Impairment losses on securities ) （ 168 ） （ 111 ） （

• 57 ） （

1,075 ） （ Losses on redemption of securities ) （ 7 ） （ 30 ） （ 22 ） （ 387 ） 6,882 6,431

• 450

27,890 608 25

• 582

288 1,213 2,178 964 6,423 27 27 1,362

1,362

• 27

27

• 77

122 44 380 9 14 5 147 68 59

• 8

233 Provision for price fluctuation （ 68 ） （ 59 ） （

• 8 ） （

233 ）

• 48

48

• 1,135

2,083 947 7,404 31 27

• 3

122 479 530 51 3,001 510 558 47 3,123 624 1,524 899 4,281 (Reference) 60.9 65.6 4.7 64.6 38.9 36.9

• 2.0

39.2 325 606 281

• 1,945

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

16

SLIDE 19

Reference：Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated) Underwriting

Direct premiums written (excluding deposit premiums from policyholders)

Fire and allied lines 6,337 17.6

• 5.5

6,481 17.7 2.3 Hull and cargo 2 0.0

• 98.4
• 11
• 0.0
• 523.3

Personal accident 2,747 7.6

• 4.6

2,797 7.6 1.8 Voluntary automobile 19,225 53.3

• 0.7

19,718 53.8 2.6

Compulsory automobile liability

4,756 13.2

• 21.2

4,859 13.3 2.2 Other 2,985 8.3

• 1.1

2,792 7.6

• 6.4

Total 36,054 100.0

• 5.6

36,637 100.0 1.6

(Deposit premiums)

( 2,138 ) (

• ) (
• 21.1 ) (

2,080 ) (

• ) (
• 2.7 )

Net premiums written

Fire and allied lines 5,149 15.3

• 13.4

5,557 16.1 7.9 Hull and cargo 50 0.2

• 76.8

12 0.0

• 74.3

Personal accident 2,710 8.1

• 4.6

2,761 8.0 1.9 Voluntary automobile 19,093 56.9

• 0.7

19,586 56.8 2.6

Compulsory automobile liability

3,789 11.3

• 21.7

3,924 11.4 3.6 Other 2,791 8.3

• 3.5

2,637 7.6

• 5.5

Total 33,584 100.0

• 6.6

34,480 100.0 2.7

Net claims paid

Fire and allied lines 1,576

• 8.6

32.7 2,975 88.8 56.0 Hull and cargo 30

• 68.3

60.5 47 57.0 372.6 Personal accident 1,422

• 5.1

56.9 1,289

• 9.4

51.4 Voluntary automobile 10,725

• 2.2

62.2 11,595 8.1 64.8

Compulsory automobile liability

3,625

• 1.5

103.9 3,677 1.5 101.2 Other 1,243 6.3 50.2 1,262 1.5 52.3 Total 18,623

• 2.7

60.9 20,847 11.9 65.6

Amount (Yen in millions)

For the three months ended June 30, 2010 April 1, 2010 to

Composition ratio (%)

Rate of change (%) June 30, 2010 Rate of change (%)

Amount (Yen in millions) Composition ratio (%)

Rate of change (%) For the three months ended June 30, 2009 April 1, 2009 to June 30, 2009 For the three months ended June 30, 2010 April 1, 2010 to June 30, 2010

Amount (Yen in millions) Composition ratio (%) Amount (Yen in millions) Composition ratio (%)

For the three months ended June 30, 2009 April 1, 2009 to June 30, 2009 Rate of change (%)

Rate of change (%)

For the three months ended June 30, 2010 April 1, 2010 to For the three months ended June 30, 2009 April 1, 2009 to Loss ratio (%)

Amount (Yen in millions) Rate of change (%)

June 30, 2010 June 30, 2009 Loss ratio (%)

Amount (Yen in millions)

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

17

SLIDE 20

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

(Yen in millions)

(Ａ) Total amount of solvency margin

145,517 144,330 59,485 57,961

Price fluctuation reserve

566 506

Contingency reserve

• Catastrophe loss reserve

63,550 63,925

General valuation allowances for bad debts

284 365 14,073 14,320

Net unrealized gains/losses on land

• 1,534
• 969

Excess amount of policyholders' contract deposits

• Subordinated debt, etc.
• Deductions
• Other

9,091 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）

418 423

Asset management risk （Ｒ４）

8,486 8,809

Business administration risk （Ｒ５）

845 852

Catastrophe risk （Ｒ６）

25,810 25,799

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

Solvency margin ratio

38,350 38,601

As of June 30, 2010 As of March 31, 2010 Net unrealized gains/losses on securities (Prior to tax effect deductions) Solvency margin ratio as of June 30, 2010 is calculated by the method which the company regards as reasonable in conformity with the Insurance Business Law and other related regulations. Catastrophe risk is calculated partially using simplified methods example for to input the data as of March 31, 2010. Total net assets

758.8% 747.7%

18

SLIDE 21

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

Balance sheet

(Yen in millions) ％ ％ 7,157 44.71 3,607 30.27 3,550 69 0.44 65 0.55 4 0.00 0.00

• 8,780

54.85 8,242 69.17 538 8,478 7,752 726 302 490

• 187

16,008 100.00 11,915 100.00 4,092 1,379 8.62 1,076 9.03 303 299 225 73 1,079 850 229 593 3.71 845 7.09

• 251

2 6

• 3

22 24

• 1

11

• 11

Other liabilities 556 814

• 257

5 0.03 1 0.01 3 21 0.14 53 0.45

• 32

1,999 12.49 1,976 16.59 22 9,053 56.56 6,750 56.65 2,303 9,053 56.56 6,750 56.65 2,303 9,053 6,750 2,303

• 4,098
• 25.60
• 3,561
• 29.89
• 537
• 4,098
• 3,561
• 537
• 4,098
• 3,561
• 537

14,008 87.51 9,938 83.41 4,070 14,008 87.51 9,938 83.41 4,070 16,008 100.00 11,915 100.00 4,092 Additional paid-in capital Total liabilities and net assets Total net assets Total stockholders' equity Other retained earnings Retained earnings carried forward Retained earnings Common stock Capital surplus Total liabilities Other assets Other liabilities Tangible fixed assets Cash and bank deposits (Assets) Increase or decrease by comparison Amount Composition ratio As of March 31, 2010 Amount As of June 30, 2010 Composition ratio Intangible fixed assets Deferred assets under Article 113 of the Insurance Business Law Other assets (Liabilities) Insurance liabilities Total assets Outstanding claims Underwriting reserves Accrued income taxes Asset retirement obligations (Net assets) Retirement benefit obligations Provision for employees' bonus Lease obligations

19

SLIDE 22

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

(Yen in millions) 3 538 534 1,104 3 537 533 1,100 （ ） （ 3 ） （ 537 ） （ 533 ） （ 1,100 ） 1 3 （ ） （ 0 ） （ 1 ） （ 0 ） （ 3 ）

• 656

1,071 415 3,453 1,185 676

• 509

2,896 （ ） （

• ） （

177 ） （ 177 ） （ 199 ） （ ） （ 1,181 ） （ 195 ） （

• 986 ） （

1,621 ） （ ） （

• ） （

73 ） （ 73 ） （ 225 ） （ ） （ 4 ） （ 229 ） （ 225 ） （ 850 ） 4,120 1,121

• 2,998

8,308 40 229 189 535 （ ） （ 0 ） （ 0 ） （

• 0 ） （

1 ） （ ） （ 39 ） （ 229 ） （ 189 ） （ 534 ）

• 4,689
• 955

3,733

• 8,286

Ordinary loss

• 652
• 533

119

• 2,349

Extraordinary losses

• 2

2

• 2

2

• Income before income taxes
• 652
• 535

116

• 2,349

1 1

5 Income taxes - deferred 345

• 345
• Total income taxes

346 1

• 345

5

• 999
• 537

461

• 2,355

(Reference) Net loss ratio 30,206.5 69.5

• 30,137.1

165.4 Net expense ratio 105,348.6 208.8

• 105,139.8

754.9 Underwriting loss

• 5,301
• 1,260

4,041

• 10,104

Losses on adjustment for changes of accounting standard for asset retirement obligations Income taxes - current （ Other ordinary income Underwriting expenses Ordinary income Net premiums written Net claims paid Loss adjustment expenses

Statement of income

Investment income Deferred expenses under Article 113 of the Insurance Business Law Interest and dividends ） For the three months ended June 30, 2009 Operating and general administrative expenses Other ordinary expenses Losses on disposal of fixed assets For the three months ended June 30, 2010 Increase or decrease by comparison （ ） For the year ended March 31, 2010 April 1, 2009 to March 31, 2010 ） Amount Amount Provision for outstanding claims April 1, 2010 to June 30, 2010 April 1, 2009 to June 30, 2009 （ Underwriting income Ordinary expenses Amount Provision for underwriting reserves Interest paid Amortization of assets deferred under Article 113

• f the Insurance Business Law

Net loss

20

SLIDE 23

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

Underwriting Direct premiums written (excluding deposit premiums from policyholders)

Fire and allied lines

• Hull and cargo
• Personal accident
• Voluntary automobile

3 100.0

• 537

100.0 13,634.1 Compulsory automobile liability

• Other
• Total

3 100.0

• 537

100.0 13,634.1

(Deposit premiums)

(

• ) (
• ) (
• ) (
• ) (
• ) (
• )

Net premiums written

Fire and allied lines

• Hull and cargo
• Personal accident
• Voluntary automobile

3 100.0

• 537

100.0 13,634.1 Compulsory automobile liability

• Other
• Total

3 100.0

• 537

100.0 13,634.1

Net claims paid

Fire and allied lines

• Hull and cargo
• Personal accident
• Voluntary automobile
• 30,206.5

177

• 69.5

Compulsory automobile liability

• Other
• Total
• 30,206.5

177

• 69.5

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

( ) ( ) ( ) ( ) ( ) ( ) 21

SLIDE 24

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

(Yen in millions)

(Ａ) Total amount of solvency margin

5,583 2,221 5,530 2,186

Price fluctuation reserve

• Contingency reserve
• Catastrophe loss reserve

52 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）

59 59

Third sector insurance risk （Ｒ２）

• Assumed interest risk

（Ｒ３）

• Asset management risk

（Ｒ４）

71 36

Business administration risk （Ｒ５）

4 3

Catastrophe risk （Ｒ６）

9 4

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

106 77

As of June 30, 2010 As of March 31, 2010

Solvency margin ratio

Total net assets

10,442.7% 5,762.2%

Net unrealized gains/losses on securities (Prior to tax effect deductions) 22

SLIDE 25

Reference：Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated) Balance sheet

(Yen in millions) ％ ％ 26,235 0.78 38,833 1.17

• 12,598

5,135 0.15 8,911 0.27

• 3,776

54,116 1.61 22,578 0.68 31,537 67,984 2.02 63,988 1.94 3,995 3,103,099 92.09 3,039,132 91.94 63,967 2,818,278 2,793,801 24,476 6,255

• 6,255

63,793 10,478 53,314 380 376 3 214,392 234,475

• 20,083

54,744 1.62 53,750 1.63 994 54,744 53,750 994 772 0.02 685 0.02 87 27 0.00 27 0.00

• 472

0.01 480 0.01

• 8

727 0.02 891 0.03

• 164

32,807 0.97 34,598 1.05

• 1,790

24,066 0.71 42,448 1.28

• 18,381
• 704
• 0.02
• 641
• 0.02
• 63

3,369,484 100.00 3,305,685 100.00 63,799 2,722,303 80.79 2,689,890 81.37 32,413 14,325 14,176 149 2,638,423 2,606,578 31,844 69,554 69,135 419 3,508 0.10 4,432 0.13

• 924

1,175 0.03 3,077 0.09

• 1,902

514,790 15.28 514,435 15.56 354 502,960 493,347 9,613 578 3,795

• 3,217

154 70 84 11,096 17,222

• 6,125

1,930 0.06 1,783 0.05 147 3,308 0.10 3,188 0.10 120 3,308 3,188 120 3,247,017 96.37 3,216,807 97.31 30,209 55,000 1.63 55,000 1.66

• 35,000

1.04 35,000 1.06

• 35,000

35,000

• 547
• 0.02
• 4,469
• 0.14

3,921

• 547
• 4,469

3,921

• 547
• 4,469

3,921 89,452 2.65 85,530 2.59 3,921 34,515 1.02 7,085 0.21 27,429

• 1,500
• 0.04
• 3,739
• 0.11

2,238 33,015 0.98 3,346 0.10 29,668 122,467 3.63 88,877 2.69 33,589 3,369,484 100.00 3,305,685 100.00 63,799 (Note) 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, paragraph4, section4 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

• f underwriting reserves.

・86,192 million yen as of June 30, 2010 ・86,192 million yen as of March 31, 2010 Reserve under the special law Price fluctuation reserve Total liabilities Retained earnings carried forward (Net assets) Other retained earnings Total liabilities and net assets Common stock Capital surplus Additional paid-in capital Retained earnings Unrealized gains on securities, net of taxes Deferred gains/losses on hedge transactions Total valuation and translation adjustments Total stockholders' equity Total net assets Insurance liabilities Outstanding claims Underwriting reserves Agency accounts payable Reinsurance accounts payable Other liabilities Retirement benefit obligations Other liabilities Payables under security lending transactions Accrued income taxes Lease obligations Deferred tax assets Reserve for dividends to policyholders Intangible fixed assets Other assets Agency accounts receivable Reinsurance accounts receivable Valuation allowances for bad debts Total assets (Liabilities) Domestic corporate bonds Domestic stocks Foreign securities Loans Policy loans Tangible fixed assets Securities Domestic government bonds Domestic municipal bonds (Assets) Cash and bank deposits Call loans Receivables under security borrowing transactions Monetary receivables bought Increase or decrease by comparison As of March 31, 2010 Amount Composition ratio Amount Composition ratio As of June 30, 2010

23

SLIDE 26

Reference：Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated) Statement of income

(Yen in millions) 114,927 123,723 8,795 523,105 98,686 107,159 8,472 457,297 （ Insurance premiums ） （ 98,029 ） （ 106,098 ） （ 8,068 ） （ 454,274 ） 15,475 15,444

• 30

61,859 （ Interest and dividends ） （ 14,333 ） （ 15,004 ） （ 671 ） （ 58,346 ） （ Gains on sales of securities ） （ 100 ） （ 80 ） （

• 19 ） （

423 ） （ Gains on derivatives ） （ 1,036 ） （ 354 ） （

• 681 ） （

3,070 ） 766 1,119 353 3,947 （ Reversal of outstanding claims ） （ 506 ） （

• ） （
• 506 ） （
• ）

107,668 115,747 8,078 516,210 43,528 50,664 7,135 193,567 （ Insurance claims ） （ 8,210 ） （ 8,670 ） （ 460 ） （ 37,642 ） （ Annuity payments ） （ 368 ） （ 773 ） （ 404 ） （ 1,936 ） （ Benefits ） （ 5,020 ） （ 13,336 ） （ 8,316 ） （ 28,562 ） （ Surrender benefits ） （ 28,787 ） （ 26,148 ） （

• 2,638 ） （

114,741 ） （ Other refunds ） （ 239 ） （ 282 ） （ 43 ） （ 949 ） 37,398 31,994

• 5,404

220,885

• 149

149 1,194 37,398 31,844

• 5,553

219,690 5,749 11,609 5,859 13,468 （ Interest paid ） （ 267 ） （ 150 ） （

• 116 ） （

779 ） （ Losses on sales of securities ） （ 173 ） （ 254 ） （ 80 ） （ 899 ） （ Foreign exchange losses ） （ 5,243 ） （ 11,139 ） （ 5,896 ） （ 11,597 ） 20,006 20,100 93 83,679 985 1,379 394 4,608 7,258 7,975 717 6,895 118 290 172 829 1,741 1,476

• 265

5,456 5,398 6,209 810 608 1,789 703

• 1,085

6,629 287 1,584 1,297

• 6,021

2,076 2,287 211 607 3,322 3,921 599 (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 three months ended June 30, 2009 Insurance premiums and other Operating expenses ） April 1, 2009 to June 30, 2009 Increase or decrease by comparison ） （ Amount Amount For the three months ended June 30, 2010 For the year ended March 31, 2010 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 Investment expenses Total income taxes Income taxes - deferred Other ordinary income Insurance claims and other Ordinary expenses Income taxes - current Ordinary profit Extraordinary losses April 1, 2009 to March 31, 2010 April 1, 2010 to June 30, 2010 Investment income Ordinary income Amount ） （ （

24

SLIDE 27

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

Breakdown of ordinary profit (Core operating profit)

(Yen in millions) Ａ

6,525 8,037 5,108 6,461 11,457 15,717 100 80 423 952 200 2,594 5,408 11,176 12,700 5,416 11,393 12,497 173 254 899 5,243 11,139 11,597

Ｂ

1,044 63 3,220

Ａ＋Ｂ

7,570 8,101 8,329

• 311

125 1,434 306 124 1,354

Increase in specific valuation allowances for bad debts

4 1 79

Ｃ

• 311
• 125
• 1,434

Ａ＋Ｂ＋Ｃ

7,258 7,975 6,895

• 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; ・84 million yen for the three months ended June 30, 2009 ・154 million yen for the three months ended June 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. Capital gains Gains on sales of securities Gains on derivatives Core operating profit Provision for contingency reserves Capital losses Losses on sales of securities Foreign exchange losses Net capital gains/losses Core operating profit including net capital gains/losses Non-recurring income Non-recurring losses For the year ended March 31, 2010 For the three months ended June 30, 2010 For the three months ended June 30, 2009 （ ） ） （ ） （ (Note) Net non-recurring income/losses Ordinary profit Other capital gains April 1, 2009 to June 30, 2009 April 1, 2010 to June 30, 2010 April 1, 2009 to March 31, 2010

25

SLIDE 28

Reference：Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated) 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, %)

For the three months ended June 30, 2009 For the three months ended June 30, 2010 April 1, 2009 to June 30, 2009 April 1, 2010 to June 30, 2010

Rate of change

For the three months ended June 30, 2009 April 1, 2009 to June 30, 2009 For the three months ended June 30, 2010 April 1, 2010 to June 30, 2010 119.2 Number Amount 100 119.7 108 118.0 115.7 163

Rate of change

105.8 107.8 6,647

Rate of change

10,230 31,057 61 109.6 101.8 98.3 84.0 131.0

• Number

Amount

Rate of change Rate of change

163,411

• 3,856

100.2 106.6

• 3,061

763

Rate of change

3,102 101.3 112.7 Total

Medical coverage and accelerated death benefits

103 110.6

Medical and cancer

21 115.7 23 95 103 7 84.0 8 Total Individual annuities

Medical and cancer

106.3 112.2 3,825 730 554 105.2 754 Group annuities 101.1 568 102.5 Individual insurance 98.8 100.8 738

Medical coverage and accelerated death benefits

Group insurance

• 64

111.4 138 91.6 3 108.3

Rate of change Rate of change

113.4 Individual insurance 112 108.5 21 114.1 24 111.9 Individual annuities 2 89.1 Group annuities

• Rate of change

Rate of change

• 99.6
• 99.9

99.5 Individual annuities 255 102.4 254 10,214 Group insurance

Rate of change

Individual insurance 2,805

Rate of change

Number Amount Individual annuities Individual insurance As of June 30, 2010 As of June 30, 2010

• 101.9

166,479 30,895 93.1 57 49.5 6,281 As of March 31, 2010 As of March 31, 2010 2,738 111.9

• Number

Amount 84 101.5

• (

) ( ) ( ) ( )

26

SLIDE 29

Reference：Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated) Fair value information on securities (Securities measured at fair value other than trading securities)

(Yen in millions)

Gains Losses Gains Losses

1,532,137 1,604,942 72,804 85,852

• 13,048

1,491,680 1,477,510

• 14,170

31,173

• 45,343

308,849 326,175 17,326 17,354

• 27

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

• 780

1,282,770 1,336,828 54,057 54,213

• 155

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

• 4,977

Domestic bonds

1,185,437 1,238,210 52,773 52,926

• 152

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

• 4,878

Domestic stocks

106 110 4 4

• 106

107

• Foreign securities

22,242 23,522 1,279 1,282

• 2

24,263 25,147 884 983

• 98

Other (domestic)

74,984 74,984

• 83,988

83,988

• Total

3,123,756 3,267,945 144,189 157,420

• 13,231

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

• 51,100

2,835,553 2,967,393 131,839 145,040

• 13,200

2,794,068 2,793,796

• 271

50,045

• 50,317

106 110 4 4

• 106

107

• 213,112

225,457 12,344 12,374

• 30

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

• 783

74,984 74,984

• 83,988

83,988

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

Fair value information on derivative transactions

・Interest rate-related instruments

(Yen in millions)

• ver 1 year
• ver 1 year

69,100 69,100

• 3,293
• 3,293

69,100 69,100

• 7,599
• 7,599

9,000 9,000

• 413
• 413

9,000 9,000 205 205

• 3,706
• 7,393

・Foreign currency-related instruments

(Yen in millions)

• ver 1 year
• ver 1 year

1,100

• 16

16 1,163

• 21
• 21

416

• 5
• 5

697

• 12

12 10

• 8

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

Unrealized gains/ losses

Over-the- counter transactions

Foreign exchange forwards Long (USD)

Fair value Unrealized gains/ losses Contract amount, etc. Fair value As of June 30, 2010

Over-the- counter transactions

• Rec. fix/Pay float

Interest rate swaps Pay fix/Rec. float

As of June 30, 2010 Unrealized gains/ losses Contract amount, etc. Fair value

Unrealized gains/losses

Other (domestic)

Fair value Carrying amount

Bonds held to maturity Foreign bonds

As of March 31, 2010

Bonds earmarked for underwriting reserve

Unrealized gains/losses

As of June 30, 2010 As of March 31, 2010 Other securities (available for sale) Domestic stocks Domestic bonds

Carrying amount Fair value

Contract amount, etc. Fair value

Short (USD)

Unrealized gains/ losses Contract amount, etc. As of March 31, 2010

Total

27

SLIDE 30

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

(Yen in millions)

Total amount of solvency margin (Ａ)

346,808 302,864 89,452 85,530

Price fluctuation reserve

3,308 3,188

Contingency reserve

24,438 24,314

General valuation allowances for bad debts

332 269

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

• 111,857

110,960

Subordinated debt, etc.

• Deductions
• Other

68,767 68,613

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

12,265 12,184

Third sector insurance risk （Ｒ８）

3,014 2,987

Assumed interest risk （Ｒ２）

2,183 2,239

Asset management risk （Ｒ３）

15,221 14,355

Business administration risk （Ｒ４）

980 953

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)

3,459,616 3,303,389

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

437,784 294,941

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

347,653 297,236 3,021,831 3,008,448

(4)

90,131

• 2,295

As of June 30, 2010 As of March 31, 2010

2,584.3％ 24,140

(Ｂ) ×100

23,437 2,873.2％ 48,651

Solvency margin ratio

9,987

As of June 30, 2010 As of March 31, 2010 Total net assets An amount calculated based on the liabilities on balance sheet 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 (2) 28

SLIDE 31

Reference：Tokio Marine & Nichido Financial Life Insurance Co., Ltd. (non-consolidated) Balance sheet

(Yen in millions) ％ ％ 41,987 1.93 40,277 1.74 1,709 16,000 0.74 21,200 0.91

• 5,200

2,098,109 96.40 2,230,316 96.09

• 132,207

72,111 75,347

• 3,235

7,194 6,516 677 2,018,803 2,148,452

• 129,649

2,643 0.12 2,542 0.11 100 2,643 2,542 100 289 0.01 309 0.01

• 20

5 0.00 5 0.00

• Agency accounts receivable

0.00 1 0.00

Reinsurance accounts receivable 173 0.01 228 0.01

• 55

17,202 0.79 26,213 1.13

• 9,011
• 0.00
• 0.00

2,176,410 100.00 2,321,094 100.00

• 144,683

2,137,986 98.23 2,274,422 97.99

• 136,435

3,701 3,072 629 2,134,285 2,271,350

• 137,065

Agency accounts payable 524 0.02 655 0.03

• 131

Reinsurance accounts payable 2,801 0.13 2,747 0.12 53 Other liabilities 13,122 0.60 18,529 0.80

• 5,407

2 11

• 9

Other liabilities 13,120 18,518

• 5,398

107 0.00 97 0.00 9 36 0.00 34 0.00 2 36 34 2 183 0.01 122 0.01 60 2,154,761 99.01 2,296,609 98.95

• 141,848

48,000 2.21 48,000 2.07

• 33,000

1.52 33,000 1.42

• 33,000

33,000

• 59,674
• 2.74
• 56,731
• 2.44
• 2,943
• 59,674
• 56,731
• 2,943

Retained earnings carried forward

• 59,674
• 56,731
• 2,943

21,325 0.98 24,268 1.05

• 2,943

323 0.01 215 0.01 107 323 0.01 215 0.01 107 21,648 0.99 24,484 1.05

• 2,835

2,176,410 100.00 2,321,094 100.00

• 144,683

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

29

SLIDE 32

Reference：Tokio Marine & Nichido Financial Life Insurance Co., Ltd. (non-consolidated) Statement of income

(Yen in millions) 223,944 189,040

• 34,904

483,745 59,562 49,667

• 9,894

182,377 （ Insurance premiums ） （ 58,817 ） （ 49,135 ） （

• 9,681 ） （

179,868 ） 163,661 1,981

• 161,679

299,223 75 77 1 307 22 38 16 22

• 1,865

1,865

• 163,563
• 163,563

298,893 720 137,390 136,670 2,144 （ Reversal of outstanding claims ） （ 300 ） （

• ） （
• 300 ） （
• ）

（ Reversal of underwriting reserves ） （

• ） （

137,065 ） （ 137,065 ） （

• ）

224,601 191,926

• 32,674

485,046 20,027 37,723 17,696 107,137 Insurance claims 4,720 3,917

• 803

16,878 Annuity payments 110 179 69 609 Benefits 3 1

• 1

9 Surrender benefits 4,958 14,603 9,644 45,111 Other refunds 175 7,892 7,717 2,179 Reinsurance premiums 10,058 11,128 1,070 42,349 196,799 629

• 196,170

358,131

• 629

629 792 196,799

• 196,799

357,339 2,442 150,055 147,613 3,339 （ Interest paid ） （ 32 ） （ 24 ） （

• 8 ） （

117 ） （ Losses on derivatives ） （ 2,410 ） （

• ） （
• 2,410 ） （

3,220 ） （ Losses on separate account ） （

• ） （

150,031 ） （ 150,031 ） （

• ）

4,884 3,191

• 1,693

15,108 446 326

• 119

1,328

• 656
• 2,886
• 2,229
• 1,301
• 2

54 52 51

• 44

2 2

7 Provision for price fluctuation （ 2 ） （ 2 ） （

• 0 ） （

7 ）

• 52

52

• 658
• 2,941
• 2,282
• 1,352

2 2

11 2 2

11

• 661
• 2,943
• 2,281
• 1,363

For the three months ended June 30, 2010 Other extraordinary losses For the year ended March 31, 2010 Increase or decrease by comparison Amount ） （ Amount For the three months ended June 30, 2009 Amount April 1, 2009 to June 30, 2009 April 1, 2010 to June 30, 2010 （ Insurance premiums and other Ordinary income ） April 1, 2009 to March 31, 2010 ） （ Net income/loss Operating expenses Extraordinary gains Ordinary profit(loss) Total income taxes Losses on disposal of fixed assets Provision under the special law Income before income taxes Income taxes - current Ordinary expenses Insurance claims and other Provision for outstanding claims Provision for underwriting reserves Other ordinary expenses Other extraordinary gains Extraordinary losses Provision for underwriting reserves and other Investment expenses Gains on disposal of fixed assets Investment income Other ordinary income Interest and dividends Gains on derivatives Gains on separate account Gains on sales of securities

30

SLIDE 33

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

Breakdown of ordinary profit (Core operating profit)

(Yen in millions) Ａ

2,212

• 5,211

2,589 22 1,904 22 22 38 22

• 1,865
• 2,410

3,221 2,410

• 3,220

Ｂ

• 2,388

1,904

• 3,198

Ａ＋Ｂ

• 175
• 3,307
• 609
• 420
• Reversal of contingency reserves
• 420
• 480
• 692

480

• 691

Increase in specific valuation allowances for bad debts

• Ｃ
• 480

420

• 692

Ａ＋Ｂ＋Ｃ

• 656
• 2,886
• 1,301

Ordinary profit Net capital gains/losses Core operating profit including net capital gains/losses Non-recurring income Non-recurring losses Provision for contingency reserves Capital gains Core operating profit April 1, 2009 to March 31, 2010 （ April 1, 2009 to June 30, 2009 For the year ended March 31, 2010 For the three months ended June 30, 2010 For the three months ended June 30, 2009 （ Foreign exchange losses Net non-recurring income/losses Gains on sales of securities Capital losses Losses on derivatives Gains on derivatives ） ） （ ） April 1, 2010 to June 30, 2010

31

SLIDE 34

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

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, %)

Rate of change

40

• 98.7

467 572 39.6 9

• 472

99.1

Rate of change

As of June 30, 2010

2,932

Rate of change

Individual insurance 37 98.9

Number Amount

• Amount
• Individual annuities

101.2 24,794 99.7

• Group annuities
• Amount

Group insurance

Number

Individual insurance 47 Individual annuities 12 41.4 Group insurance

• Group annuities

97.9 83.4

• 83.4

Individual insurance Individual annuities 2,610

• Rate of change

Rate of change

0.0

• 100.8

100.8 2,651

Medical coverage and accelerated death benefits

Total 91.2 2,630 104.2 Individual insurance

• For the three months ended June 30, 2009

April 1, 2009 to June 30, 2009

47 Total

Medical coverage and accelerated death benefits

57 39.5 Individual annuities 57 39.6 96.2

• 106.6
• Number

38

• Number

Amount

Rate of change Rate of change

95.8 106.6

• 2,966

24,868

• 0.0
• Rate of change

80.3

• Rate of change

93.7 40

As of March 31, 2010 As of June 30, 2010 As of March 31, 2010

83.3

Rate of change

• Rate of change

476

• For the three months ended June 30, 2010

April 1, 2010 to June 30, 2010 For the three months ended June 30, 2009 April 1, 2009 to June 30, 2009 For the three months ended June 30, 2010 April 1, 2010 to June 30, 2010

0.0

Rate of change

2,589 104.4 ( ) ( ) ( ) ( )

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SLIDE 35

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

(Yen in millions)

Total amount of solvency margin (Ａ)

84,065 84,814 21,325 24,268

Price fluctuation reserve

36 34

Contingency reserve

20,723 21,144

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

• 31,524

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）

135 135

Third sector insurance risk （Ｒ８）

46 47

Assumed interest risk （Ｒ２）

2 2

Asset management risk （Ｒ３）

6,561 4,863

Business administration risk （Ｒ４）

451 392

Minimum guarantee risk （Ｒ７）

8,319 8,040

Solvency margin ratio (Ｃ) (Ａ) (1/2)×(Ｂ) ×100

13,300 1,096.2％

Total net assets

15,337 456

Net unrealized gains/losses on land × 85％ （× 100％ if losses） Excess of continued Zillmerized reserve

Solvency margin ratio

304

As of June 30, 2010 As of March 31, 2010 (Ｂ)

1,275.3％

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SLIDE 36

Glossary of terminology

• 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

• 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.

• 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.

• 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

• 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.

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SLIDE 37

• 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
• 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

• 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.

35

SLIDE 38

• 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".

36