Millea Holdings, Inc. (the "Company") hereby announces that it has revised the previous forecasts for 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 six months ended September 30, 2002 (from April 1, 2002 to September 30, 2002) as follows.
1. Revised forecast of non-consolidated business results of Tokio Marine, a wholly owned subsidiary of the Company, for the six months ended September 30, 2002 | (Unit: Billion yen, %) | | Net premiums written | Ordinary profit | Net income | | Previous forecast (A) (*1) | 690 | 98 | 60 | | Revised forecast (B) | 713 | 120 | 78.5 | | Difference (B)-(A) | 23 | 22 | 18.5 | | Rate of increase/(decrease) | 3.3 % | 22.4 % | 30.8 % | (*1) Announced on August 2, 2002. |
2. Revised forecast of non-consolidated business results of Nichido Fire, a wholly owned subsidiary of the Company, for the six months ended September 30, 2002 | (Unit: Billion yen, %) | | Net premiums written | Ordinary profit | Net income | | Previous forecast (A) (*2) | 196 | 8 | 4 | | Revised forecast (B) | 190 | 16 | 10 | | Difference (B)-(A) | (6) | 8 | 6 | | Rate of increase/(decrease) | (3.1 %) | 100.0 % | 150.0 % | (*2) Announced on May 20, 2002. |
3. Principal reasons for the revisions
The revisions are principally due to the fact that the amounts of losses on natural disasters and losses on impaired assets for the six months ended September 30, 2002 were less than initially expected for both Tokio Marine and Nichido Fire.
4. Forecast of business results for the fiscal year ending March 31, 2003
We intend to announce our forecast of the non-consolidated business results of Tokio Marine and Nichido Fire for the fiscal year ending March 31, 2003 when we announce the actual non-consolidated business results of those companies for the six months ended September 30, 2002.
