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Tokio Marine & Nichido

Nisshin Fire

Nisshin Fire

Tokio Marine & Nichido Life

Tokio Marine & Nichido Financial Life

Tokio Marine Millea SAST

Philadelphia Insurance Companies

Delphi Financial Group, Inc.

Kiln Group

August 2, 2002

Subject: Revised forecast of consolidated business results for the fiscal year ending March 31, 2003

Millea Holdings, Inc. (the "Company") hereby announces that it has revised the original forecast of its consolidated business results for the fiscal year ending March 31, 2003 (from April 1, 2002 to March 31, 2003) as follows. The original forecast was made public on May 29, 2002.

 

1. Revised forecast of consolidated business results for the fiscal year ending March 31, 2003

(1) Forecast of business results for the six months ending September 30, 2002

(Billion yen)
  Ordinary income Ordinary profit Net income
Original forecast (A) 1,265 54 30
Revised forecast (B) 1,330 109 65
Difference (B-A) 65 55 35
Rate of increase/(decrease) 5.1% 101.9 % 116.7 %

(2) Forecast of business results for the fiscal year ending March 31, 2003

(Billion yen)
  Ordinary income Ordinary profit Net income
Original forecast (A) 2,630 110 65
Revised forecast (B) 2,695 165 100
Difference (B-A) 65 55 35
Rate of increase/(decrease) 2.5% 50.0% 53.8%

2. Reasons for the revision

(1)The Tokio Marine and Fire Insurance Company, Limited (Tokio Marine), a wholly owned subsidiary of the Company, applied to contribute a part of its equity holding to an ETF (Exchange-traded fund) (*1) (*2) today. As a result, Tokio Marine expects gains on sales of investment securities in the amount of 97.8 billion yen.

(2)In addition to the abovementioned gains on sales of securities, the Company also took the following factors into consideration in revising its forecast of consolidated business results:

(a)Gains on sales of securities in the amount of approximately 30 billion yen that were included in the original forecast are excluded in the revised forecast.

(b)The Company intends to start fair value accounting of credit derivatives for the fiscal year ending March 31, 2003. Losses in the amount of approximately 10 billion yen are expected as a result of this accounting change.

3. Revised forecast of non-consolidated business results of Tokio Marine for the fiscal year ending March 31, 2003

(1) Forecast of business results for the six months ending September 30, 2002

(Billion yen)
  Net premiums written Ordinary profit Net income
Original forecast (A) (*) 690 43 25
Revised forecast (B) 690 98 60
Difference (B-A) - 55 35
Rate of increase/(decrease) - 127.9 % 140.0 %
(*) Announced on May 20, 2002.

(2) Forecast of business results for the fiscal year ending March 31, 2003

(Billion yen)
  Net premiums written Ordinary profit Net income
Original forecast (A) (*) 1,452 85 50
Revised forecast (B) 1,452 140 85
Difference (B-A) - 55 35
Rate of increase/(decrease) - 64.7% 70.0%
(*) Announced on May 20, 2002.
Notes:
(*1) ETFs (Exchange-traded funds) are listed investment trusts designed to reflect the movements of stock indexes. ETFs made their debut in Japan in July 2001. They are generally expected to attract individual investors by sharing the following characteristics;
(a)Investors can trade real time during the trading hours of stock markets.
(b)Risks are lower than those of investments in individual stocks due to risk diversification.
(c)Lower costs compared to ordinary investment trusts.
(*2) Tokio Marine will contribute equity in the amount of approximately 200 billion yen to the "Listed Index Fund TOPIX" managed by Nikko Asset Management Co., Ltd.