Summary of FY2012 interim results
| | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | | 1H | 928.4 | 870.2 | 874.0 | 885.5 | 929.7 | | Full fiscal year | 1,813.4 | 1,736.0 | 1,742.7 | 1,783.0 | - |
Net premiums written increased by 5.0% YoY to 929.7 billion yen mainly due to revenue increases in i) fire insurance owing to the growing post-earthquake demand as well as rate hikes in commercial lines, and ii) auto and CALI, due to rate revisions.
| Expense ratio, loss ratio, combined ratio (All lines total) |
| | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 1H | | Expense ratio | 34.6% | 34.0% | 33.5% | 32.0% | 30.7% | | Loss ratio | 67.4% | 67.9% | 67.5% | 81.6% | 69.1% | | Combined ratio | 102.1% | 101.9% | 101.0% | 113.5% | 99.8% |
Net loss ratio: Improved by 18.6 points YoY to 69.1%, mainly due to revenue growth owing to product and rate revisions in auto, and a decrease in claims paid reflecting the reversal effect of the claims paid in FY2011 relating to the Great East Japan Earthquake.
Net expense ratio: Improved by 1.0 point YoY to 30.7% as a result of continuous efforts to reduce corporate expenses centering on non-personnel expenses, and the effect of an increase in net premiums written.
Combined ratio: As a result, the combined ratio totaling both ratios of the above was 99.8%, an improvement by 19.7 points YoY.
| | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 | | 1H | 20.6 | 56.3 | 93.5 | 92.0 | 44.7 | | Full fiscal year | 71.1 | 94.4 | 100.7 | 23.2 | - |
Underwriting profit decreased by 34.5 billion yen YoY to 19.9 billion yen, mainly due to a decrease in gains from reversal of catastrophe loss reserves, despite an increase in net premiums written and a decrease in incurred losses relating to natural catastrophes.
Net investment income decreased by 41.3 billion yen YoY to 40.1 billion yen, mainly due to a decrease in dividends from overseas subsidiaries and an increase in impairment losses on securities.
As a result, interim net income decreased by 47.2 billion yen YoY to 44.7 billion yen, despite extraordinary gains such as reversal of price fluctuation reserves.
| Major benchmark figures（non-consolidated） | （unit: million yen, unless otherwise specified）
| Fiscal Year | FY2008 | FY2009 | FY2010 | FY2011 | FY2012 1H | | Item | (April 1, 2008-March 31, 2009) | (April 1, 2009-March 31, 2010) | (April 1, 2010-March 31, 2011) | (April 1, 2011-March 31, 2012) | (April 1, 2012-September 30, 2012) | | Net premiums written | 1,813,412 | 1,736,082 | 1,742,746 | 1,783,009 | 929,706 | | (% change from prior term) | -5.2% | -4.3% | 0.4% | 2.3% | 5.0% | | Underwriting profit | 73,812 | 81,792 | -31,118 | -1,153 | 19,904 | | (% change from prior term) | 87.5% | 10.8% | -138.0% | - | -63.5% | | Ordinary profit | 69,624 | 147,401 | 145,754 | 212,120 | 52,700 | | (% change from prior term) | -62.2% | 111.7% | -1.1% | 45.5% | -59.1% | | Net income | 71,104 | 94,456 | 100,713 | 23,206 | 44,786 | | (% change from prior term) | -42.2% | 32.8% | 6.6% | -77.0% | -51.3% | | Loss ratio | 67.4% | 67.9% | 67.5% | 81.6% | 69.1% | | Expense ratio | 34.6% | 34.0% | 33.5% | 32.0% | 30.7% | | Interest and dividend income | 158,317 | 108,453 | 137,671 | 141,865 | 71,857 | | (% change from prior term) | -22.2% | -31.5% | 26.9% | 3.0% | -11.0% | | Return on assets under management (net income based) | 2.22% | 1.53% | 2.00% | 2.21% | - | | Common stock | 101,994 | 101,994 | 101,994 | 101,994 | 101,994 | | Stockholders' equity | 1,435,527 | 1,916,139 | 1,676,223 | 1,595,092 | 1,445,033 | | Total assets | 8,413,488 | 9,708,046 | 8,670,008 | 8,368,009 | 8,015,451 | | Capital ratio | 17.06% | 19.74% | 19.33% | 19.06% | 18.03% | | Solvency margin ratio | 696.8% | 852.6% | 603.4% | 629.7% | 617.9% | | Number of employees | 15,747 | 16,742 | 17,051 | 17,465 | 17,540 |
(Note) Solvency margin ratio after FY2010E is based on the new formula applied at the end of FY2011
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