Millea Holdings, Inc. (the "Company", President: Kunio Ishihara) hereby announces the non-life business results of Millea Holdings group companies for the first quarter of the fiscal year ending March 31, 2003 (from April 1, 2002 to June 30, 2002).

The Company will continue to report its business results on a quarterly basis in order to disclose managerial information and will also endeavor to further enhance disclosure in the future. 

(Yen in millions, %)

Net Premiums Written First Quarter Year to Year (%) Fire 49,818 107.9 Marine 12,383 108.5 Personal Accident 43,492 100.9 Automobile 235,365 100.0 Compulsory Automobile Liability Insurance (CALI) 52,983 106.4 Others 57,667 113.0 Total 451,711 103.4

(Note) Net premiums written shown above are accounted for upon receipt of insurance premiums from policyholders. This recognition policy differs from those employed at the annual and semi-annual closings.

Company's comments:

The net premiums written for the first quarter of the fiscal year ending March 31, 2003 resulted in an increase of 3.4% from the same period of the previous fiscal year.

For Fire, Marine and Others, increasing prices for reinsurance due mainly to the terrorism incident in the U.S. and changes in the Company's retention policies to strengthen its financial basis contributed to a significant increase of premiums. For CALI, premiums increased due to the revision of premium standards in April 2002.

The breakdown of the above amount by each of the non-life subsidiaries is as follows. 

(Yen in millions, %)

Net Premiums Written Tokio Marine Nichido Fire First Quarter Year to Year (%) First Quarter Year to Year (%) Fire 32,102 113.2 17,716 99.4 Marine 11,870 108.3 513 112.0 Personal Accident 35,721 100.6 7,770 102.4 Automobile 181,472 100.7 53,893 97.9 CALI 44,046 108.5 8,936 97.1 Others 52,089 114.1 5,578 104.0 Total 357,303 104.7 94,408 98.9

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(Yen in millions, %)

Direct Premiums Written Millea Holdings Group Tokio Marine Nichido Fire First Quarter Year to Year (%) First Quarter Year to Year (%) First Quarter Year to Year (%) Fire 66,136 97.6 44,006 98.6 22,129 95.6 Marine 15,002 102.4 14,425 102.5 576 100.8 Personal Accident 45,143 101.8 37,256 101.6 7,887 102.9 Automobile 238,395 100.2 183,408 100.7 54,987 98.3 CALI 93,981 121.0 72,077 121.1 21,903 120.3 Others 59,853 108.4 53,740 108.6 6,113 106.3 Total 518,513 104.2 404,916 104.8 113,597 102.1 (Note 1) Direct premiums written shown above are accounted for upon receipt of insurance premiums from policyholders. This recognition policy differs from those employed at the annual and semi-annual closings. (Note 2) Net premiums written are derived by adjusting direct premiums written for reinsurance transactions.