March 28, 2012
Tokio Marine Holdings, Inc.
Tokio Marine & Nichido Financial Life Insurance Co., Ltd.
Notice regarding Suspension of New Sales
by Tokio Marine & Nichido Financial Life
Tokio Marine & Nichido Financial Life Insurance Co., Ltd. (President: Takashi Yagi, hereinafter the "Company") today announced its decision to suspend new sales of all insurance products effective July 1, 2012.
With regard to policyholders' insurance contracts, there is no modification of the existing contract conditions. The Company will secure the policyholders' insurance contracts going forward and also continue to provide services associated with the contracts.
Since its commencement of operations in October 1996, the Company has mainly specialized in the sales of variable annuities insurance. However, as a result of careful review of its recent business environment, it has reached to the decision to suspend new sales of all products.
As of the end of December 2011, the Company has approximately 504 thousand in-force policies and total assets of approximately 2 trillion yen. The Company maintains sufficient claims paying abilities as demonstrated by its solvency margin ratio of 860.3%, as well as Insurance Claims Paying Ability of AA+ provided by Rating and Investment Information, Inc. ("R&I") as of March 28, 2012.
The Company, as a member of Tokio Marine Group having a solid capital base, will take all measures to secure its policyholders' insurance contracts.