October 5, 2007
Millea Holdings, Inc.
President: Shuzo Sumi
TSE code number: 8766
Millea Holdings to liquidate its subsidiary
Millea Holdings, Inc. (the "Company") announced today that it has resolved to transfer the business of The Tokio Marine and Fire Insurance Company (Singapore) Pte. Limited ("TMS") to TM Asia Insurance Singapore Ltd. ("TMAIS") by the end of June 2008, and to liquidate TMS within 2009.
1. Reason for liquidation
Millea Group currently owns two property and casualty insurance companies in Singapore (TMS and TMAIS) as a result of the acquisition of Asia General Holdings Limited ("AGH") in 2006. The Company determined to consolidate these two companies in order to increase operational efficiency. In accordance with Singaporean law, the consolidation will be consummated by way of transfer of TMS's business to TMAIS followed by the liquidation of TMS. Since the consolidation will take place between the Company's consolidated subsidiaries, impact on the Company's business forecast is expected to be minimal.
2. Profile of TMS
Address: 6 Shenton Way #23-08, DBS Building, Tower Two, Singapore 068809
Principal Officer: Hiroshi Saito
Capital Stock: SGD 25 million
Major Shareholders and Shareholdings Percentages: Tokio Marine Asia Pte. Ltd., a wholly-owned subsidiary of the Company, is the sole shareholder (100%) of TMS.
(For reference purposes: Profile of TMAIS)
Address: 80 Anson Road #09-00, Fuji Xerox Towers, Singapore 079907
Principal Officer: Ko Shimizu
Capital Stock: SGD 100 million
Major Shareholders and Shareholdings Percentages: AGH is the sole shareholder (100%) of TMAIS. Tokio Marine and Nichido Fire Insurance Co., Ltd., a wholly-owned subsidiary of the Company, holds 92.39% of the shares of AGH.
3. Recent business results and the financial condition of TMS and TMAIS
（Yen in Millions, SGD 1 = JPY 77.59 as of September 28, 2007）
(For reference purposes: TMS and TMAIS's position among property and casualty insurers in Singapore in 2006, Source: The Monetary Authority of Singapore)
(TMS) Gross premiums written: 6.4 billion yen, Market share: 2.7% (10th in Singapore)
(TMAIS) Gross premiums written: 5.6 billion yen, Market share: 2.4% (13th in Singapore)
(Sum of TMS and TMAIS) Gross premiums written: 12 billion yen, Market share: 5.1% (6th in Singapore)
By the end of June 2008: Completion of the transfer of TMS's business to TMAIS
By the end of 2009: Liquidation of TMS