Millea Holdings, Inc. (the "Company") hereby announces that it has revised the original forecasts for the Company and its wholly-owned subsidiaries, The Tokio Marine and Fire Insurance Company, Limited ("Tokio Marine") and The Nichido Fire and Marine Insurance Company, Limited ("Nichido Fire") for the six months ended September 30, 2004 (from April 1, 2004 to September 30, 2004), as provided below. For your reference, the Company's previously announced forecasts of business results for the year ending March 31, 2005 are also provided below.

1.Revised forecast of consolidated business results of the Company for the six months ended September 30, 2004

(Unit: Billion yen, %)

	Ordinary income	Ordinary profit	Net income
Original forecast (A) (*1)	1,500	65	30
Revised forecast (B)	1,390	8	-7
Difference (B)-(A)	-110	-57	-37
Rate of increase/decrease	-7.3 %	-87.7 %	-123.3 %
(Reference) Actual result for the six months ended September 30, 2003	1,383.2	100.2	59.5

(*1) Announced on May 28, 2004.

2.Revised forecasts of non-consolidated business results of Tokio Marine and Nichido Fire for the six months ended September 30, 2004

(a) Tokio Marine

(Unit: Billion yen, %)

	Net premiums written	Ordinary profit	Net income
Original forecast (A) (*2)	743	50	26
Revised forecast (B)	750	- 2.4	- 6
Difference (B)-(A)	7	- 52.4	- 32
Rate of increase/decrease	0.9 %	- 104.8 %	- 123.1 %
(Reference) Actual result for the six months ended September 30, 2003	742.3	74.7	42.8

(*2) Announced on May 21, 2004.

(b) Nichido Fire

(Unit: Billion yen, %)

	Net premiums written	Ordinary profit	Net income
Original forecast (A) (*3)	200	30	17
Revised forecast (B)	193	27	9
Difference (B)-(A)	- 7	- 3	- 8
Rate of increase/decrease	- 3.5 %	- 10.0 %	- 47.1 %
(Reference) Actual result for the six months ended September 30, 2003	200.3	21.3	13.4

(*3) Announced on May 21, 2004.

3.Principal reason for the revisions

The principal reason for the revisions is the recognition of net losses on numerous natural disasters such as typhoons in the amount of 79.8 billion yen. Claims paid and loss reserves established were significantly greater than initially expected.

4.(Reference) Forecast of business results for the fiscal year ending March 31, 2005

The negative impact of the natural disasters on the business results will be mitigated for the year ending March 31, 2005 as the Company's catastrophe reserve will be utilized by the end of the fiscal year with respect to the claims paid on these natural disasters. In addition, as we expect that interest and dividend income as well as investment income derived from sales of securities will improve, we expect that the business results for the fiscal year ending March 31, 2005 will not deviate significantly from our original forecasts. For your reference, following are the previously announced forecasts of business results for the year ending March 31, 2005.

Forecast of consolidated business results of the Company

(Unit: Billion yen, %)

	Ordinary income	Ordinary profit	Net income
Original forecast (*4)	3,000	130	60
(Reference) Actual result for the year ended March 31, 2004	2,775.7	191.7	111.4

(*4) Announced on May 28, 2004.
The sum of Tokio Marine and Nichido Fire's forecasts (*5)

(Unit: Billion yen, %)

	Net premiums written	Ordinary profit	Net income
Original forecast (*6)	1,905	157	80
(Reference) Actual result for the year ended March 31, 2004 (*7)	1,904.2	200.2	116.4

(*5) Tokio Marine & Nichido Fire Insurance Co., Ltd. is the successor of Tokio
Marine and Nichido Fire, which merged on October 1, 2004.
(*6) The sum of Tokio Marine's and Nichido Fire's forecasts, as announced on May 21, 2004.
(*7) The sum of Tokio Marine's and Nichido Fire's actual results.

For further information, please contact:

Mitsuru Muraki
Group Leader
Corporate Communications and Investors Relations Group
Millea Holdings, Inc.
Phone: 03-6212-3341

Satoshi Tsujigado
Group Leader
Business Management Dept.
Millea Holdings, Inc.
Phone: 03-6212-3344

Links to Group Companies

Revised forecasts of business results under Japanese GAAP