Millea Holdings, Inc. (the "Company") hereby announces that it has revised the previous forecasts for the Company and its subsidiaries, The Tokio Marine and Fire Insurance Company, Limited ("Tokio Marine") and The Nichido Fire and Marine Insurance Company, Limited ("Nichido Fire") for the fiscal year ended March 31, 2004 (from April 1, 2003 to March 31, 2004) as follows.
1.Revised forecast of consolidated business results of the Company for the year ended March 31, 2004 (Unit: Billion yen)
| Ordinary income | Ordinary profit | Net income |
| Previous forecast (A) (*1) | 2,770 | 119 | 62 |
| Revised forecast (B) | 2,770 | 191 | 111 |
| Difference (B)-(A) | 0 | 72 | 49 |
Rate of
increase/decrease | 0.0% | 60.5% | 79.0% |
(*1)Announced on November 27, 2003.
2.Revised forecast of non-consolidated business results of Tokio Marine, a wholly owned subsidiary of the Company, for the year ended March 31, 2004 (Unit: Billion yen)
| Net premiums
written | Ordinary profit | Net income |
| Previous forecast (A) (*2) | 1,510 | 102 | 53 |
| Revised forecast (B) | 1,503 | 152 | 87 |
| Difference (B)-(A) | - 7 | 50 | 34 |
| Rate of increase/decrease | - 0.5% | 49.0% | 64.2% |
(*2) Announced on November 21, 2003.
3. Revised forecast of non-consolidated business results of Nichido Fire, a wholly owned subsidiary of the Company, for the year ended March 31, 2004 (Unit: Billion yen, %)
| Net premiums
written | Ordinary profit | Net income |
| Previous forecast (A) (*3) | 409 | 24 | 12 |
| Revised forecast (B) | 401 | 48 | 28 |
| Difference (B)-(A) | - 8 | 24 | 16 |
| Rate of increase/decrease | - 2.0% | 100.0% | 133.3% |
(*3) Announced on November 21, 2003.
4. Principal reasons for the revisions The principal reasons for the revisions are as follows: (a) the amounts of losses on natural disasters were smaller than initially expected; (b) gains on sales of securities were greater than initially expected, due to a rise in the level of equity prices and (c) reduction of costs was greater than initially expected.
