Millea Holdings, Inc. (the "Company") hereby announces that it has revised the original forecasts for the Company and 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, 2003 (from April 1, 2003 to September 30, 2003) as follows.
1.Revised forecast of consolidated business results of the Company for the six months ended September 30, 2003
(Unit: Billion yen)
| | Ordinary income | Ordinary profit | Net income |
| Original forecast (A) (*1) | 1,400 | 32 | 15 |
| Revised forecast (B) | 1,383 | 100 | 59 |
| Difference (B)-(A) | - 17 | 68 | 44 |
Rate of
increase/decrease | - 1.2 % | 212.5 % | 293.3 % |
(*1) Announced on May 29, 2003.
2.Revised forecast of non-consolidated business results of Tokio Marine, a wholly owned subsidiary of the Company, for the six months ended September 30, 2003
(Unit: Billion yen)
| | Net premiums
written | Ordinary profit | Net income |
| Original forecast (A) (*2) | 759 | 35 | 19 |
| Revised forecast (B) | 742 | 74 | 42 |
| Difference (B)-(A) | - 17 | 39 | 23 |
| Rate of increase/decrease | - 2.2 % | 111.4 % | 121.1 % |
(*2) Announced on May 19, 2003.
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, 2003
(Unit: Billion yen, %)
| | Net premiums
written | Ordinary profit | Net income |
| Original forecast (A) (*3) | 203 | 10 | 5 |
| Revised forecast (B) | 200 | 21 | 13 |
| Difference (B)-(A) | - 3 | 11 | 8 |
| Rate of increase/decrease | - 1.5 % | 110.0 % | 160.0 % |
(*3) Announced on May 19, 2003.
3. Principal reasons for the revisions
The principal reasons for the revisions are as follows; (a) gains on sales of securities were greater and impairment losses on securities were smaller than initially expected, due to a rise in equity prices; (b) the amount of reserve for outstanding claims was smaller than initially expected, mainly due to the impact of a stronger yen.
4. Forecast of business results for the fiscal year ending March 31, 2004
We intend to announce our forecast of the business results for the fiscal year ending March 31, 2004 when we announce the actual business results for the six months ended September 30, 2003.
The dates of the announcement of the results for the six months ended September 30, 2003 are as follows:
Consolidated results: November 27, 2003;
Non-consolidated results of insurance subsidiaries: November 21, 2003.
