November 19, 2008
Tokio Marine Holdings, Inc.
President: Shuzo Sumi
TSE code number: 8766
Revised forecasts of business results of Tokio Marine Holdings, Inc. under Japanese GAAP for the fiscal year ending March 31, 2009
Tokio Marine Holdings, Inc. (the "Company") announced today that it has revised the forecasts of business results under Japanese GAAP for the fiscal year ending March 31, 2009 (from April 1, 2008 to March 31, 2009, "FY2008") originally announced on May 21, 2008 as detailed below.
１．Revised forecasts for FY2008
(1) Revised forecasts of consolidated business results of the Company for FY2008
(2) Revised forecasts of non-consolidated business results of the Company for FY2008
2. Explanation of revisions
(a) Revision of consolidated business forecasts
The downward revision of forecasted ordinary income is due to the projected decrease in sales of individual annuity insurance offered by Tokio Marine & Nichido Financial Life Insurance Co., Ltd., a consolidated subsidiary of the Company. The downward revision of forecasted ordinary profit and forecasted net income is due to an increase in impairment losses on securities expected as a result of both domestic and overseas financial market conditions arising since the end of September 2008, as well as the downturn in overseas insurance and financial businesses expected from the decline in actual business results of those businesses for the six months ended September 30, 2008.
(b) Revision of non-consolidated business forecasts
The downward revision of non-consolidated business forecasts is due to a projected decrease in the dividends expected to be received by the Company from Tokio Marine & Nichido Fire Insurance Co., Ltd. ("Tokio Marine & Nichido"), a consolidated subsidiary of the Company. The decrease is in line with the Company's expected decrease in capital needs.
Below are the details of the revised forecasts of non-consolidated business results under Japanese GAAP for FY2008 of Tokio Marine & Nichido, a wholly-owned subsidiary of the Company.
for the year ended March 31, 2008" announced on May 21, 2008.