Dividend Policy
・Current policy（FY08 or before）：
The basic concept is "Stable profit-sharing with shareholders" and we aim to increase the payout ratio to average of adjusted earnings up to 30%.
・New policy（FY09 or after）：
The basic concept of stable dividend will be maintained and the target range of payout ratio will be set at between 40% and 50% of core adjusted earnings.
*"Core adjusted earnings"=(Adjusted earnings) - (Increase in EV at life insurance business)
(The definition of "
Adjusted earnings")
Basic Policy on Share Repurchases (New Policy：（FY09 or after））
1 Establish the "capital strategy budget"
The amount calculated by multiplying "capitaｌ (*) by capital cost rate" is set as the maximum amount for "capital strategy budget". The actual budget will be determined by comprehensively considering the plans such as business investments for corresponding year and equity capital standards, etc.
"Capital (*)"=Equity capital + Catastrophe reserves + Contingency reserves + Reserves for price fluctuation (Current capital (*) : approx. 1,900 bn yen)
2 Establish share repurchases budget
The amount calculated by deducting "dividends to shareholders" from "capital strategy budget" will be utilized for "share repurchases".
