The Tokio Marine and Fire Insurance Company, Limited ("Tokio Marine"), a wholly-owned subsidiary of Millea Holdings, Inc., has successfully completed the acquisition of all outstanding shares of Skandia Life Insurance Company (Japan) Limited ("Skandia Japan") today.

 

New directors and corporate auditors of Skandia Japan were appointed today, as set forth on the attached list, at the extraordinary shareholders meeting and the board of directors meeting of Skandia Japan.

As a result of the acquisition, Skandia Japan becomes a member of the Millea Group, which includes Tokio Marine, The Nichido Fire and Marine Insurance Company, Limited and Tokio Marine & Nichido Life Insurance Company, Limited. As a member of the Group, Skandia Japan intends to further strengthen its competitiveness in variable insurance and annuity products, its customer services, and financial soundness.

Skandia Japan plans to change its corporate name to "Tokio Marine & Nichido Financial Life Insurance Co., Ltd." around April of this year, subject to the approval of the relevant regulatory authorities.

Overview of Skandia Japan (* As of March 31, 2003)

Representative:	Masaru Yamashita, President and Representative Director
Location:	Hiroo Plaza, 5-6-6 Hiroo, Shibuya-ku, Tokyo
Description of business:	Life insurance business (Primary products: variable insurance and individual variable annuity)
Total assets:	JPY 101.4 billion (Separate account: JPY 94.9 billion) *
Paid-in capital:	JPY 15 billion *
Premium income:	JPY 161.7 billion *
Policies in force:	JPY 361.3 billion *
Employees:	134 *

Skandia Life Insurance Company (Japan) Limited
List of Directors and Corporate Auditors (As of February 2, 2004)

 

Title	Name	Other Primary Responsibility [Previous positions]
President, Representative Director	Masaru Yamashita	[General Manager, Business Strategy Dept. Millea Holdings, Inc.]
Director	Fumio Terashima	[General Manager, Business Strategy Dept. Millea Holdings, Inc.]
Director	Takashi Inamura	[General Manager, Business Strategy Dept. Millea Holdings, Inc.]
Director(Part-time)	Toshiaki Ichikawa	Senior Managing Director, Tokio Marine & Nichido Life Insurance Co., Ltd.
Director(Part-time)	Shuichi Inoue	General Manager, Financial Planning Dept. The Tokio Marine and Fire Insurance Co., Ltd.
Director(Part-time)	Kunihiko Fukao	General Manager, Business Strategy Dept. Millea Holdings, Inc.
Standing Corporate Auditor	Kyoichi Katsuda	[General Manager, Global Investment Dept. The Tokio Marine and Fire Insurance Co., Ltd.]
Corporate Auditor(Part-time)	Takehisa Kikuchi	Standing Corporate Auditor, Millea Holdings, Inc.
Corporate Auditor(Part-time)	Toshiki Ohashi	General Manager, Corporate Planning Dept. The Nichido Fire and Marine Insurance Co., Ltd.