Tokio Marine Holdings, Inc. (the "Company", President: Shuzo Sumi) reached an agreement with the India-based financial services company “Edelweiss Capital Limited” (“ECL”) to establish a life insurance joint venture in India, named “Edelweiss Tokio Life Insurance Limited”. Through the establishment of the joint venture, the Company will be the only Japanese insurance group operating both property and casualty and life insurance businesses in India. The Company and ECL will cooperate to jointly approach the insurance authority in India (IRDA: Insurance Regulatory & Development Authority) to obtain a life insurance business license, targeting to start operations by January 2011.

In order to become a global top-tier insurance group, the Company has been seeking to increase the size and profitability of its international insurance business as a driving force of its mid-to-long-term growth strategy. In 2008, based on this strategy, the Company acquired Kiln Ltd., a major player in Lloyd's of London, and Philadelphia Consolidated Holding Corp., a leading mid-sized insurance group in the United States, whereby the Company established a strong presence in the U.S. and U.K. insurance markets and achieved significant expansion of the global portfolio of its international insurance business. Additionally, in emerging markets such as Asia and Brazil where the Company sees high mid-to-long term growth potential, the Company has actively pursued organic growth as well as M&A opportunities for its property and casualty and life insurance businesses.

India’s economy has been growing rapidly in recent years. The Indian insurance market is also expected to achieve long-term sustainable growth owing to an increasing workforce population and sustainable GDP growth. The Company had been interested in India’s promising insurance market since its opening to foreign insurers, and in 2000 became the first Japanese primary insurer to enter the market by establishing “IFFCO-TOKIO General Insurance Co., Ltd (ITGI)”, a joint venture property and casualty insurance company with IFFCO (Indian Farmers’ Fertilizer Cooperatives). Since then, seeking further opportunity for growth in emerging markets, the Company has been studying the feasibility of entering the life insurance business in India and has now reached an agreement with ECL to jointly operate the life insurance business in India.

The new company will contribute to the enhancement of size and profitability of Tokio Marine Group’s international insurance business as well as the sound growth of the Indian life insurance sector by providing high quality products and services that meet customer needs. Tokio Marine intends to support the operation of the new company with its strong insurance expertise, and ECL expects to contribute through its strong brand recognition and broad client base.

１．Overview of the Indian Life Insurance Sector

Market size	Approx. JPY 4 trillion (as of Mar 2008, industry total premium）
Compound annual growth rate	Approx. 26%（From April 2001 to March 2008, industry total premiums）
Number of life insurers （licensed）	23 companies（“Edelweiss Tokio Life Insurance Limited” not included）
Characteristics	Saving or investment type policies are the main products, commonly sold through an agency network

２．Overview of Life Insurance Joint Venture Company

Company name（planned）	Edelweiss Tokio Life Insurance Limited
Head office	Mumbai, Maharashtra State, India
Capital（initial）	5.5 Billion Rupees（Approx. 11 Billion Yen）
Shareholding ratio	Tokio Marine 26% (Indian regulatory limit for foreign insurers) ECL                74%
Start operation (planned)	January 2011
Business Strategy	Mainly offer saving or investment type products through an agency network in its initial period. Products and distribution channels will gradually be diversified in upcoming years.

３. Overview of Edelweiss Capital Limited

Established in 1995 as an investment bank. Since 2000, it has diversified its business in the wholesale financial services market and it has entered the retail business market in recent years.

Company name	Edelweiss Capital Limited
Scope of business	Investment banking (capital raising, M&A advisory), brokerage services (institutional equities, equity research), loans, asset management, etc.
Incorporation	1995
Head office	Mumbai, Maharashtra State, India
Representative	Chairman & CEO Rashesh Shah
Net assets	25.0 Billion Rupees（Approx. 50.0 Billion Yen）
Total income	9.0 Billion Rupees （Approx. 18.0 Billion Yen）
Net profit	1.8 Billion Rupees（Approx. 3.6 Billion Yen）
Number of employees	Approx. 1,300
Major shareholders	Sponsors（38%), Other employees (14%), Institutional shareholders (41%)         of which Govt. of Singapore Investment Corp (8.3%), Other shareholders (7%)