Millea Holdings, Inc., ("Millea Holdings"; President: Kunio Ishihara), The Tokio Marine Life Insurance Company, Limited ("Tokio Marine Life"; President: Sukeaki Ohta) and The Nichido Life Insurance Company, Limited ("Nichido Life"; President: Tetsuyuki Saijo) announced today the proposed merger of Tokio Marine Life and Nichido Life. The companies intend for Tokio Marine Life and Nichido Life to merge on October 1, 2003 and commence operations as a new life insurance company, subject to the approval of the relevant regulatory authorities.

1. Profile of the New Company 
   1. Merger date: October 1, 2003 (tentative)
   2. Name (trade name): Tokio Marine & Nichido Life Insurance Co., Ltd. 
                                         ("Tokio Marine & Nichido Life")
                                        Tokio Marine Life will be the surviving company.
   3. President: President: Sukeaki Ohta (currently President of Tokio Marine 
                                          Life) (tentative) 


2. Purpose of the Merger 

Since their foundation in 1996, Tokio Marine Life and Nichido Life have expanded their life insurance business mainly by "cross-selling" of products through their respective distribution networks of insurance agents. The two companies share the same characteristics in distribution channels, sales methods, products and IT systems and other infrastructure. By merging Tokio Marine Life and Nichido Life, the companies intend to work more closely with the property and casualty insurance companies of the group in managing their operations and aim to increase productivity and efficiency.