<Summary of FY2008 results (Consolidated)>
Net premiums written from the non-life insurance business dropped by 4.9% due to negative factors such as a decrease in the number of auto insurance contracts and a downward rate revision of over 25% in Compulsory Automobile Liability Insurance (CALI), despite the positive effect of a new consolidation of the Kiln Group accounts into Tokio Marine HD’s profit and loss figures from the beginning of FY2008. (If we exclude the impact of the CALI rate revision, we estimate that the net premiums written would have decreased by 1.7%.)
Life insurance premiums decreased by 5.4% year-on-year due partly to a fall in sales of variable annuities at TMN Financial Life.
In addition to these income decreases, we posted losses totaling 232.7 billion yen due to a downturn in the Japanese stock market and the turmoil in the financial markets. Such losses included evaluation losses on securities, losses arising from the purchase-method adjustment (difference between the purchase method and the pooling of interests method) and evaluation losses on investments in securitized products. As a result, ordinary losses amounted to 15.1 billion yen, a deterioration of 194.1 billion yen year-on-year.
Net income dropped by 85.6 billion yen, but we still maintained a positive bottom line of 23.1 billion yen because some of those losses were offset using the price fluctuation reserve at Tokio Marine and Nichido and Nisshin Fire.
| | FY2004 | FY2005 | FY2006 | FY2007 | FY2008 | | Net income | 67,604 | 89,960 | 93,014 | 108,766 | 23,141 |
| Major benchmark figures(consolidated) | (Unit:million yen) |
| Item | April 1, 2004 - March 31, 2005 | April 1, 2005 - March 31, 2006 | April 1, 2006-March 31, 2007 | April 1, 2007-March 31, 2008 | April 1, 2008-March 31, 2009 | | Ordinary income | 2,899,467 | 3,999,984 | 4,218,557 | 3,710,066 | 3,503,102 | | Net premiums written | 1,925,081 | 1,978,664 | 2,148,683 | 2,245,135 | 2,134,243 | | Ordinary profit | 139,999 | 136,563 | 168,042 | 179,071 | -15,128 | | Net income | 67,604 | 89,960 | 93,014 | 108,766 | 23,141 | | Stockholders` equity | 2,305,243 | 3,209,849 | 3,410,707 | 2,579,339 | 1,639,514 | | Total assets | 11,624,496 | 14,260,020 | 17,226,952 | 17,283,242 | 15,247,223 | | Stockholders` equity per share (yen) | 1,340,336.54 | 1,910,092.71 | 4,127.60 | 3,195.45 | 2,066.92 | | Net income per share (yen) | 38,618.19 | 52,980.59 | 112.10 | 133.54 | 29.13 | | Capital ratio | 19.83% | 22.51% | 19.73% | 14.83% | 10.68% | | Return on equity | 2.93% | 3.26% | 2.82% | 3.65% | 1.10% | | Price earnings ratio | 40.4 | 43.98 | 38.89 | 27.56 | 82.22 | | Cash flows from operating activities | 385,740 | 899,584 | 1,367,717 | 822,143 | 527,964 | | Cash flows from investing activities | -75,449 | -1,082,442 | -986,389 | -433,857 | -1,693,745 | | Cash flows from financing activities | -144,902 | -45,030 | -51,018 | -66,404 | 104,189 | | Cash and cash equivalents at year end | 1,476,879 | 1,277,127 | 1,670,006 | 1,988,696 | 877,551 | | Number of employees | 18,910 | 19,761 | 23,280 | 24,959 | 28,063 |
| Major benchmark figures (non-consolidated) | (Unit:million yen) |
| Item | April 1, 2004 - March 31, 2005 | April 1, 2005 - March 31, 2006 | April 1, 2006-March 31, 2007 | April 1, 2007-March 31, 2008 | April 1, 2008-March 31, 2009 | | Ordinary income | 113,490 | 143,103 | 297,763 | 74,702 | 136,570 | | Ordinary profit | 111,270 | 140,489 | 294,447 | 69,971 | 130,494 | | Net income | 110,585 | 138,457 | 292,838 | 70,385 | 117,197 | | Common stock | 150,000 | 150,000 | 150,000 | 150,000 | 150,000 | | Number of shares outstanding | 1,727,048.75 | 1,687,048.75 | 824,524,375 | 804,524,375 | 804,524,375 | | Stockholders`equity | 2,316,761 | 2,365,401 | 2,555,860 | 2,504,261 | 2,528,510 | | Total assets | 2,317,486 | 2,366,696 | 2,557,287 | 2,505,334 | 2,530,333 | | Stockholders`equity per share (yen) | 1,347,033.30 | 1,407,585.46 | 3,103.86 | 3,120.84 | 3,209.47 | | Dividend per share (yen) | 11,000 | 15,000 | 36 | 48 | 48 | | ( Interim dividend per share included in the above ) | (-) | (-) | 15 | 18 | 24 | | Net income per share (yen) | 63,170.59 | 81,541.70 | 352.92 | 86.41 | 147.53 | | Capital ratio | 99.97% | 99.95% | 99.93% | 99.93% | 99.89% | | Return on equity | 4.76% | 5.91% | 11.90% | 2.78% | 4.66% | | Price earnings ratio | 24.7 | 28.57 | 12.35 | 42.59 | 16.23 | | Payout ratio | 17.41% | 18.40% | 10.20% | 55.55% | 32.54% | | Number of employees | 126 | 174 | 305 | 382 | 370 |
*Tokio Marine Holdings, Inc. conducted a split of its shares of common stock (one to 500 split) effective as of September 30, 2006.
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