We intend to change the corporate name and to appoint a new president of Skandia Life Insurance Company (Japan) Limited ("Skandia Japan") as outlined below, following the planned acquisition of all outstanding shares of Skandia Japan by our subsidiary, The Tokio Marine and Fire Insurance Company, Limited ("Tokio Marine").

These changes will be formally resolved at an extraordinary meeting of shareholders and a meeting of the board of directors of Skandia Japan to be held after the completion of the acquisition, which is scheduled around January / February 2004. The change in the corporate name will become effective subsequent to a systems reconfiguration relating to the name change.

Subsequent to the implementation of these changes, we plan to develop new products to meet our customers' needs with an expanded product line-up and endeavor to win the support and trust of our customers.

1. Change in the Corporate Name
    The new corporate name will be "Tokio Marine & Nichido Financial Life Insurance Co., 
    Ltd."
2. Appointment of a new President
    The new president will be Masaru Yamashita.
   (Current position: General Manager, Business Strategy Dept., Millea Holdings, Inc.) 

We intend to announce information regarding the details of the new organization in due course.

The acquisition of shares and the name change is subject to approval by the relevant authorities.