<Summary of FY2009 results>
Net premiums written (NPW) decreased by 4.3% YOY mainly due to the substantial rate revision of CALI. (Without the effect of the rate revision of CALI, NPW would have decreased by 2.9% YOY.)
Meanwhile, underwriting profit amounted to 7.9 billion yen, a decrease of 81.9 billion yen YOY due to a reduction in expenses for renovation of the core system and a significant reduction in other corporate expenses.
Ordinary profit amounted to 147.4 billion yen, an increase of 77.7 billion yen YOY due mainly to a reversal of impairment losses on securities and monetary receivables bought due to the deteriorating market in FY2008 and an increase in gains on sale of securities.
Net income amounted to 94.4 billion yen, an increased of 23.3 billion yen due mainly to reversal of the price fluctuation reserve in line with impairment losses in FY2008
Net loss ratio improved by 0.6% to 62.2% YOY mainly due to fewer large claims. Net expense ratio also improved by 0.9% to 35.6% YOY mainly due to company-wide efforts to cut expenses substantially as well as a significant reduction in expenses related to renovation of the core system.
| | FY2005 | FY2006 | FY2007 | FY2008 | FY2009 | | Net premiums written | 1,892,754 | 1,928,061 | 1,912,180 | 1,813,412 | 1,736,082 |
| Major benchmark figures(non-consolidated) | (Unit: million yen) |
| Item | April 1,2005 - March 31,2006 | April 1, 2006 - March 31, 2007 | April 1, 2007 - March 31, 2008 | April 1, 2008 - March 31, 2009 | April 1, 2009 - March 31, 2010 | | Net premiums written | 1,892,754 | 1,928,061 | 1,912,180 | 1,813,412 | 1,736,082 | | (% change from prior term) | 0.5% | 1.9% | -0.8% | -5.2% | -4.3% | | Underwriting profit | 34,602 | 7,971 | 39,376 | 73,812 | 81,792 | | (% change from prior term) | 262.3% | -77.0% | 393.9% | 87.5% | 10.8% | | Ordinary profit | 166,080 | 156,332 | 183,974 | 69,624 | 147,401 | | (% change from prior term) | -5.2% | -5.9% | 17.7% | -62.2% | 111.7% | | Net income | 122,180 | 96,448 | 122,992 | 71,104 | 94,456 | | (% change from prior term) | 26.1% | -21.1% | 27.5% | -42.2% | 32.8% | | Loss ratio | 60.6% | 61.5% | 61.6% | 67.4% | 67.9% | | Expense ratio | 30.2% | 30.7% | 31.5% | 34.6% | 34.0% | | Interest and dividend income | 139,125 | 167,099 | 203,380 | 158,317 | 108,453 | | (% change from prior term) | 8.1% | 20.1% | 21.7% | -22.2% | -31.5% | | Return on assets under management (net income based) | 2.06% | 2.45% | 2.79% | 2.22% | 1.53% | | Common stock | 101,994 | 101,994 | 101,994 | 101,994 | 101,994 | | Stockholders`equity | 3,097,059 | 3,076,887 | 2,326,624 | 1,435,527 | 1,916,139 | | Total assets | 10,814,796 | 11,177,448 | 10,889,562 | 8,413,488 | 9,708,046 | | Capital ratio | 28.64% | 27.53% | 21.37% | 17.06% | 19.74% | | Solvency margin ratio | 1,083.9% | 1,098.2% | 957.8% | 696.8% | 852.6% | | Number of employees | 15,879 | 14,967 | 15,263 | 15,747 | 16,742 |
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