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May 21, 2008
Millea Holdings, Inc.
President: Shuzo Sumi TSE code number: 8766 FY2008 Business Forecasts of Millea Holdings, Inc. (Adjusted Earnings Basis)
Millea Holdings, Inc. (the “Company”) has announced the business forecasts of the Millea Group on an adjusted earnings basis for the fiscal year ending March 31, 2009 (“FY2008”).
In the fiscal year ended March 31, 2008 (“FY2007”), the total adjusted earnings of the Millea Group were 143.2 billion yen, falling below the 164.1 billion yen forecasted amount that was announced in November 2007. This was partially due to the adverse impact on Tokio Marine & Nichido Financial Life Insurance Co., Ltd. of the unfavorable market environment while overseas insurance businesses demonstrated robust performances during FY2007, particularly in the reinsurance business. The Company expects to achieve 146.5 billion yen in total adjusted earnings in FY2008. In the domestic property and casualty insurance business, the Company anticipates 75.7 billion yen in adjusted earnings, partially due to the costs of the “Business Renovation Project” of Tokio Marine & Nichido Fire Insurance Co., Ltd. In the domestic life insurance business, the Company anticipates 37.7 billion yen in adjusted earnings, as sales of variable annuity insurance are expected to rebound. In the overseas insurance business, the Company anticipates 31.7 billion yen in adjusted earnings, partially due to the acquisition of Kiln Ltd.  * “FY2008 Mid-term Plan” shows the figures in the mid-term plan established in November 2005 and revised in November 2007. * In order to capture and enhance the corporate value of the Millea Group, “adjusted earnings” is used to determine earnings and ROE (see Appendix 2 for details). * Overhead costs for overseas operations are charged to the overseas insurance business. * See Appendix 1 for business performance indices for major business segments. Appendix 1
Business Performance Indices for Major Business Segments 1. Domestic property and casualty insurance business Indices for Tokio Marine & Nichido and Nisshin Fire are as follows:  2. Domestic life insurance business Indices for Tokio Marine & Nichido Life and Tokio Marine & Nichido Financial Life are as follows:  * Annualized premiums for new policies are derived by dividing the aggregate amount of premiums (lump-sum premiums for single payment policies) by the duration of insurance policies to show the notional amount of premiums per year. 3. Overseas insurance business Indices for the overseas insurance business are as follows:  * Net premiums written are calculated taking into account the ratio of respective equity interest of the Millea Group in each local subsidiary. 
Appendix 2
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