Summary of FY2011 1H results
| | FY2007 | FY2008 | FY2009 | FY2010 | FY2011 | | 1H | 958.9 | 928.4 | 870.2 | 874.0 | 885.5 | | Full fiscal year | 1,912.1 | 1,813.4 | 1,736.0 | 1,742.7 | - |
Net premiums written increased by 1.3% YoY to 885.5 billion yen mainly due to revenue increases in: i) fire insurance which saw favorable sales in both household and industrial sectors, and ii) automobile insurance and compulsory automobile liability insurance or "CALI" resulting from rate revisions.
| Expense ratio, Loss ratio, Combined ratio (All lines total) |
| | FY2007 | FY2008 | FY2009 | FY2010 | FY2011 1H | | Expense ratio | 31.5% | 34.6% | 34.0% | 33.5% | 31.7% | | Loss ratio | 61.6% | 67.4% | 67.9% | 67.5% | 87.8% | | Combined ratio | 93.1% | 102.1% | 101.9% | 101.0% | 119.4% |
Net loss ratio: Up by 21.0 points YoY to 87.8%, mainly due to a progress in claim payments centering on fire insurance related to the Great East Japan Earthquake, despite an improvement in auto insurance loss ratio due to the reversal effect of increased traffic volume in summer FY2010.
Net expense ratio: Improved by 2.5 points YoY to 31.7% as a result of the following factors: i) an increase in net premiums written, ii) a decrease in personnel expenses due to a decline of employees' bonuses, and iii) an decrease in non-personnel expenses due to a concentration of the timing of the start of live operations of new IT systems with large budget in 2H of FY2011.
Combined ratio: As a result, the combined ratio totaling both ratios of the above was 119.4%, up 18.5 points YoY.
| | FY2007 | FY2008 | FY2009 | FY2010 | FY2011 | | 1H | 62.7 | 20.6 | 56.3 | 93.5 | 92.0 | | Full fiscal year | 122.9 | 71.1 | 94.4 | 100.7 | - |
Underwriting profit increased by 19.0 billion yen YoY to 54.4 billion yen, primarily due to the release of catastrophe loss reserve and a decrease in business expenses despite an increase in incurred losses from typhoons and other natural disasters.
On the other hand, net investment income decreased by 30.3 billion yen YoY to 81.4 billion yen mainly due to a decrease in gains on sales of securities and lower dividends from overseas subsidiaries.
As a result, net interim income decreased to 92.0 billion yen, down 1.4 billion yen YoY.
| Major benchmark figures（non-consolidated） | （unit: million yen, unless otherwise specified）
| Fiscal Year | FY2007 | FY2008 | FY2009 | FY2010 | FY2011 1H | | Item | (April 1, 2007-March 31, 2008) | (April 1, 2008-March 31, 2009) | (April 1, 2009-March 31, 2010) | (April 1, 2010-March 31, 2011) | (April 1, 2011-September 30, 2011) | | Net premiums written | 1,912,180 | 1,813,412 | 1,736,082 | 1,742,746 | 885,578 | | (% change from prior term) | -0.8% | -5.2% | -4.3% | 0.4% | 1.3% | | Underwriting profit | 39,376 | 73,812 | 81,792 | -31,118 | 54,460 | | (% change from prior term) | 393.9% | 87.5% | 10.8% | -138.0% | 53.6% | | Ordinary profit | 183,974 | 69,624 | 147,401 | 145,754 | 128,897 | | (% change from prior term) | 17.7% | -62.2% | 111.7% | -1.1% | -3.6% | | Net income | 122,992 | 71,104 | 94,456 | 100,713 | 92,027 | | (% change from prior term) | 27.5% | -42.2% | 32.8% | 6.6% | -1.6% | | Loss ratio | 61.6% | 67.4% | 67.9% | 67.5% | 87.8% | | Expense ratio | 31.5% | 34.6% | 34.0% | 33.5% | 31.7% | | Interest and dividend income | 203,380 | 158,317 | 108,453 | 137,671 | 80,775 | | (% change from prior term) | 21.7% | -22.2% | -31.5% | 26.9% | -2.8% | | Return on assets under management (net income based) | 2.79% | 2.22% | 1.53% | 2.00% | - | | Common stock | 101,994 | 101,994 | 101,994 | 101,994 | 101,994 | | Stockholders' equity | 2,326,624 | 1,435,527 | 1,916,139 | 1,676,223 | 1,555,468 | | Total assets | 10,889,562 | 8,413,488 | 9,708,046 | 8,670,008 | 8,242,135 | | Capital ratio | 21.37% | 17.06% | 19.74% | 19.33% | 18.87% | | Solvency margin ratio | 957.8% | 696.8% | 852.6% | 823.8% | 852.7% | | Number of employees | 15,263 | 15,747 | 16,742 | 17,051 | 17,660 |
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