Tokio Marine Holdings　News Release

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the nine months ended December 31, 2009

Fri, 12 Feb 2010 06:30:31 GMT

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the six months ended September 30, 2009

Thu, 19 Nov 2009 06:30:03 GMT

Revised forecasts of business results of Tokio Marine Group for the fiscal year ending March 31, 2010 (“FY2009”) (Adjusted Earnings Basis)

Thu, 19 Nov 2009 06:30:02 GMT

Tokio Marine Holdings, Inc. (the “Company”) has revised its FY2009 business forecasts for the Tokio Marine Group (the “Group”), originally announced on May 20, 2009, to reflect recent business performance.

The Company expects the Group’s total adjusted earnings for FY2009 to remain 106.0 billion yen.

In the domestic property and casualty insurance business segment, the Company has revised its original forecast downward by 15.0 billion yen to 23.0 billion yen, as investment returns on managed assets are expected to decrease due to deterioration in domestic and overseas financial markets.

In the domestic life insurance business segment, the Company has revised its original forecast upward by 15.0 billion yen to 36.0 billion yen due to the favorable impact of higher prevailing prices in the domestic stock market on the variable annuity insurance business.

In the overseas insurance business segment, the Company has revised its original forecast upward by 1.0 billion yen to 54.0 billion yen, in expectation of decreased claim payouts on its reinsurance business.

With respect to its financial and other business segment, the Company expects an adjusted loss of 70.0 billion yen, which is almost the same as its original forecast.

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:

3. Overseas insurance business
Indices for the overseas insurance business are as follows:

Corrections to the "Information about major subsidiaries' business results for the year ended March 31, 2009" and the "Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the three months ended June 30, 2009"

Thu, 19 Nov 2009 06:30:01 GMT

Revised forecasts of consolidated business results of Tokio Marine Holdings, Inc. under Japanese GAAP for the six months ended September 30, 2009

Fri, 06 Nov 2009 06:30:00 GMT

Tokio Marine Holdings, Inc. (the "Company") announced today that it has revised the forecasts of its consolidated business results under Japanese GAAP for the six months ended September 30, 2009 ("FY 2009 Interim "), originally announced on May 20, 2009 as detailed below.

1. Revised forecasts for FY2009 Interim

	Ordinary income (million yen)	Ordinary profit (million yen)	Net income (million yen)	Net income per share (yen)
Original forecast* (A)	1,660,000	60,000	40,000	50.78
Revised forecast (B)	1,870,000	104,000	71,000	90.15
Difference (B)-(A)	210,000	44,000	31,000	-
Rate of increase (decrease) (%)	12.7	73.3	77.5	-
(Reference) Actual results for the six months ended September 30, 2008	1,959,233	14,126	18,054	22.54

*Note: Announced on May 20, 2009.

2. Explanation of revisions

The upward revision of forecast ordinary income is due primarily to an expected increase in gains on separate account in Tokio Marine & Nichido Financial Life Insurance Co., Ltd. owing to the domestic stock market recovery. The forecast increase, however, will not affect either ordinary profit or net income since an equivalent amount is accounted for as a provision for underwriting reserves.
The upward revision of forecast ordinary profit and of net income is mainly due to expected decreases of provisions for outstanding claims in Tokio Marine & Nichido Fire Insurance Co., Ltd. as a result of the appreciation of the Japanese yen against US Dollars and lower-than-expected catastrophe losses** incurred through September 2009.
**Note: Losses from Typhoon No. 18 incurred in October 2009 will not be included in the Company's business results for the six months ended September 30, 2009.

The Company’s business forecasts for the fiscal year ending March 31, 2010 are scheduled to be announced on November 19, 2009, along with its business results for the six months ended September 30, 2009.

(Reference) Set forth below are details of the revised forecasts of non-consolidated business results under Japanese GAAP for the six months ended September 30, 2009 of Tokio Marine & Nichido Fire Insurance Co., Ltd., a wholly owned subsidiary of the Company.

	Net premiums written (million yen)	Ordinary profit (million yen)	Net income (million yen)
Original forecast*** (A)	900,000	50,000	35,000
Revised forecast (B)	870,000	81,000	56,000
Difference (B)-(A)	-30,000	31,000	21,000
Rate of increase (decrease) (%)	(3.3)	62.0	60.0
(Reference) Actual results for the six months ended September 30, 2008	928,476	18,748	20,613

***Note: Included in page 5 of "Information about major subsidiaries' business results for the year ended March 31, 2009" announced on May 20, 2009.

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the three months ended June 30, 2009

Tue, 11 Aug 2009 06:30:00 GMT

Amount to be paid for stock acquisition rights pursuant to the stock option compensation plan

Tue, 14 Jul 2009 09:00:00 GMT

Tokio Marine Holdings, Inc. (the "Company") announced today the amount to be paid for the stock acquisition rights that will be allotted to the Company's and its major subsidiaries' directors and corporate auditors (*), in accordance with the resolution of the Board of Directors dated June 29, 2009.
(*) Directors (including non-members of the board) and corporate auditors of the Company, directors (including non-members of the board) and corporate auditors of Tokio Marine & Nichido Fire Insurance Co., Ltd., directors (including non-members of the board) and corporate auditors of Nisshin Fire & Marine Insurance Co., Ltd., directors and corporate auditors of Tokio Marine & Nichido Life Insurance Co., Ltd. and directors (including non-member of the board) and corporate auditors of Tokio Marine & Nichido Financial Life Insurance Co., Ltd.

1. Name of the Stock Acquisition Rights

July 2009 Tokio Marine Holdings Stock Acquisition Rights (stock option scheme under a stock-linked compensation plan) (the "Stock Acquisition Rights")

2. Amount to be paid for the Stock Acquisition Rights

237,600 yen for each Stock Acquisition Right.
(2,376 yen for each stock.)

3. Date of allotment of the Stock Acquisition Rights

July 14, 2009.

4. Date of payment of consideration in exchange of the Stock Acquisition Rights

July 14, 2009.

Implementation of Business Improvement Plan of Tokio Marine & Nichido

Mon, 13 Jul 2009 06:12:10 GMT

Allotment of stock acquisition rights pursuant to a stock option compensation plan

Mon, 29 Jun 2009 07:00:00 GMT

The Board of Directors of Tokio Marine Holdings, Inc. (the "Company") announced that it has resolved today to issue stock acquisition rights to the Company's and its major subsidiaries' directors and corporate auditors (collectively referred to as the "Directors and Corporate Auditors")(*), in accordance with Article 238, paragraphs 1 and 2 and Article 240 of the Companies Act, in order to strengthen the correlation between compensation for Directors and Corporate Auditors and share price and business results of the Company and to cause Directors and Corporate Auditors to share with shareholders the merits and the risks of share price fluctuation.
(*) Directors (including non-member of the board) and corporate auditors of the Company, directors (including non-member of the board) and corporate auditors of Tokio Marine & Nichido Fire Insurance Co., Ltd. ("Tokio Marine & Nichido"), directors (including non-members of the board) and corporate auditors of Nisshin Fire & Marine Insurance Co., Ltd. ("Nisshin Fire"), directors and corporate auditors of Tokio Marine & Nichido Life Insurance Co., Ltd. ("Tokio Marine & Nichido Life") and directors (including non-member of the board) and corporate auditors of Tokio Marine & Nichido Financial Life Insurance Co., Ltd. ("Tokio Marine & Nichido Financial Life")

1. Name of the Stock Acquisition Rights

July 2009 Tokio Marine Holdings Stock Acquisition Rights (stock option scheme under a stock-linked compensation plan) (the "Stock Acquisition Rights").

2. Total number of the Stock Acquisition Rights

2,133 stock acquisition rights.

The above is expected number of the allotment. If the total number of the Stock Acquisition Rights to be allotted is less than expected, such as in the case where applications are not made as expected, total number of allotment of Stock Acquisition Rights will be reduced accordingly.

3. Class and number of shares to be issued upon exercise of the Stock Acquisition Rights

The shares to be issued upon the exercise of the Stock Acquisition Rights shall be the common stock of the Company. The number of shares to be issued upon exercise of each Stock Acquisition Right shall be 100.

Regardless of the above, if the Company conducts a stock split (including an allotment of the Company’s common stock without receipt of monetary consideration) or a stock consolidation, the Company shall adjust the number of shares to be issued upon exercise of each Stock Acquisition Right in accordance with the following equation.

Number of shares after the adjustment = Number of shares before the adjustment x stock split or stock consolidation ratio

Other than the above, if an inevitable need arises after the date of allotment, the Company shall adjust the number of shares to be issued upon exercise of each Stock Acquisition Right as appropriate and to the extent reasonable.

Fractional number less than one share after the adjustment shall be truncated.

If the number of shares is to be adjusted, the Company shall give notification or a public notice of the proposed adjustment to the holders of the Stock Acquisition Rights appearing on the register of the Stock Acquisition Rights on the date preceding the date of the adjustment of the number of shares. Should the Company be unable to give such notification or public notice on the date preceding the date of the adjustment, the Company shall give such notification or a public notice as soon as practically possible.

4. Amount to be paid upon exercise of the Stock Acquisition Rights

The amount payable to the Company upon exercise of the Stock Acquisition Rights shall be determined by multiplying one (1) yen, the per-share exercise price, by the number of common shares to be issued upon exercise of such Stock Acquisition Rights.

5. Exercise period of the Stock Acquisition Rights

The exercise period of the Stock Acquisition Rights shall be from July 15, 2009 through July 14, 2039.

6. Matters concerning the amount of capital and capital reserve increase resulting from the issuance of the shares upon exercise of the Stock Acquisition Rights

(i) The amount of capital increase resulting from the issuance of shares upon exercise of the Stock Acquisition Rights shall be the amount obtained by multiplying the maximum limit of capital increase, as calculated in accordance with the provisions of Article 17, paragraph 1 of the Company Accounting Regulation, by 0.5, and any fraction of less than one (1) yen arising as a result of such calculation shall be rounded up to the nearest one (1) yen.

(ii) The amount of capital reserve increase resulting from the issuance of shares upon exercise of the Stock Acquisition Rights shall be the amount obtained by deducting the capital to be increased, as provided in (i) above, from the maximum limit of capital increase, as also provided in (i) above.

7. Restriction on transfer of the Stock Acquisition Rights

Any transfer of the Stock Acquisition Rights requires the approval of the Board of Directors of the Company.

8. Conditions regarding the acquisition of the Stock Acquisition Rights

The Company shall be able to acquire the Stock Acquisition Rights without any consideration on the day which shall be determined by the Board of Directors, if any of the following items (i), (ii), (iii), (iv) or (v) is approved by shareholders in a general meeting of shareholders, or where a shareholder approval in a general meeting of shareholders is not necessary, when approved by the Board of Directors.

(i) Approval of a merger contract pursuant to which the Company shall be a dissolving company;

(ii) Approval of an agreement or a plan for corporate split pursuant to which the Company shall be a split company;

(iii) Approval of a share exchange agreement or a share transfer plan where the Company shall become a wholly-owned subsidiary of another company;

(iv) Approval of an amendment of the Company's Articles of Incorporation so that any acquisition by transfer of shares issued by the Company shall require approval of the Company; or

(v) Approval of an amendment of the Company's Articles of Incorporation that would require an approval of the Company for an acquisition by transfer of shares issued upon exercise of the Stock Acquisition Rights, or that would allow the Company to acquire all such shares with the approval by shareholders in a general meeting of shareholders.

9. Policy regarding cancellation of the Stock Acquisition Rights in the event of reorganization and issuance of stock acquisition rights of a subject company of reorganization

If the Company conducts a merger (but only when the Company is the dissolving company), company split, share exchange or share transfer (hereinafter collectively the "corporate reorganization"), the Company shall grant the persons holding the Stock Acquisition Rights existing immediately before the effectiveness of the corporate reorganization (hereinafter the "existing Stock Acquisition Rights") stock acquisition rights of the joint stock company as stipulated in Article 236, paragraph 1, subparagraph 8, items (a) to (e) (hereinafter the "subject company") of the Companies Act in accordance with the following conditions. In such event, the existing Stock Acquisition Rights shall be cancelled and the stock acquisition rights of the subject company shall be newly issued. This only applies in cases where such grant of stock acquisition rights is stipulated in the applicable merger contract, statutory consolidation contract, company split contract, share exchange contract or share transfer plan.

(i) The number of the stock acquisition rights of the subject company to be granted

The number of the stock acquisition rights of the subject company to be granted shall be the same as the number of existing Stock Acquisition Rights.

(ii) The class of shares of the subject company to be issued upon exercise of the stock acquisition rights

Common stock of the subject company.

(iii) The number of shares of the subject company to be issued upon exercise of the stock acquisition rights

It shall be determined following Item 3 above, considering the terms and conditions of the company reorganization.

(iv) Amount to be paid upon exercise of the stock acquisition rights

The amount payable to the Company upon exercise of the stock acquisition rights shall be determined by multiplying one (1) yen, the per-share exercise price of the subject company, by the number of shares of the subject company to be issued upon exercise of such stock acquisition rights as determined in accordance with (iii) above.

(v) Exercise period of the stock acquisition rights

The exercise period of the stock acquisition rights shall begin on the date of commencement of the exercise period stipulated in Item 5 above or the effective date of the corporate reorganization, whichever is later, and end on the closing date of the exercise period stipulated in Item 5 above.

(vi) Matters concerning the amount of capital and capital reserve increase resulting from the issuance of the shares upon exercise of the stock acquisition rights

Shall be determined in accordance with Item 6 above.

(vii) Restriction on the transfer of the stock acquisition rights

Any transfer of the stock acquisition rights requires the approval of the Board of Directors of the subject company.

(viii) Conditions regarding the acquisition of the stock acquisition rights

Shall be determined in accordance with Item 8 above.

(ix) Additional conditions for the exercise of the stock acquisition rights

Shall be determined in accordance with Item 11 below.

10. Treatment of fractional shares upon exercise of the Stock Acquisition Rights

If fractional portions of shares are to be allotted upon exercise of the Stock Acquisition Rights, they shall be disregarded.

11. Additional conditions for the exercise of the Stock Acquisition Rights

The Stock Acquisition Rights held by any of the Directors and Corporate Auditors that he or she received in his or her capacity as a director (including a non-member of the board) or a corporate auditor of the relevant entity may only be exercised after he or she has retired from any position as a director (including a non-member of the board) or corporate auditor of such entity.

12. Calculation of the amount to be paid for allotment of the Stock Acquisition Rights

The amount to be paid for allotment of the Stock Acquisition Rights shall be the option price per share calculated based on the following formula, multiplied by the number of shares to be issued upon exercise of the Stock Acquisition Rights.

In this formula,

(i) C = option price per share

(ii) S = share price: the closing price of the regular trading of Company's common stock on the Tokyo Stock Exchange on July 14, 2009 (or the standard price on the following trading day if there is no closing price on July 14, 2009) minus present value of the aggregate amount of expected dividends that will be paid over the period of the expected duration.

(iii) X = exercise price: 1 yen

(iv) T = expected duration: 3 years

(v) σ= volatility: computed based on the closing price of the regular trading on each trading day of the Company's common stock from July 15, 2006 to July 14, 2009

(vi) r = risk-free interest rate: the interest rate on Japanese government bonds with remaining period corresponding to the expected duration

(vii) N (.) = cumulative distribution function of the standard normal distribution

Note 1: The option price to be calculated as described above is a fair value of the Stock Acquisition Rights. Accordingly, the issuance of the Stock Acquisition Rights is not an issuance of shares with favorable terms.

Note 2: The Stock Acquisition Rights are allotted to directors (including non-member of the board) and corporate Auditors of the Company by offsetting their monetary remuneration claims against the Company and their obligations to pay for the allotment of the Stock Acquisition Rights. In respect of the directors (including non-member of the board) and corporate auditors of Tokio Marine & Nichido, Nisshin Fire, Tokio Marine & Nichido Life and Tokio Marine & Nichido Financial Life, such offset described above shall be conducted after the Company assumes from Tokio Marine & Nichido, Nisshin Fire, Tokio Marine & Nichido Life and Tokio Marine & Nichido Financial Life the monetary remuneration claims held by the directors (including non-member of the board) and corporate auditors against Tokio Marine & Nichido, Nisshin Fire, Tokio Marine & Nichido Life and Tokio Marine & Nichido Financial Life.

13. Date of allotment of the Stock Acquisition Rights

Date of allotment of the Stock Acquisition Rights shall be July 14, 2009.

14. Date of payment of consideration in exchange of the Stock Acquisition Rights

Date of payment of consideration in exchange of the Stock Acquisition Rights shall be July 14, 2009.

15. Persons that will be allotted with the Stock Acquisition Rights

Persons that will be allotted with the Stock Acquisition Rights	Number of persons	Number of the Stock Acquisition Rights to be allotted
Directors (including non-member of the board) and corporate auditors of the Company	21	366
Directors (including non-member of the board) and corporate auditors of Tokio Marine & Nichido	45	1,273
Directors (including non-member of the board) and corporate auditors of Nisshin Fire	18	314
Directors and corporate auditors of Tokio Marine & Nichido Life	6	124
Directors (including non-member of the board) and corporate auditors of Tokio Marine & Nichido Financial Life	6	56
Total	96	2,133

(Note) Since some directors and corporate auditors of the Company and its major subsidiaries hold concurrent offices in more than one of these companies, the actual number of the persons to be allotted with the Stock Acquisition Rights is 88.

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the year ended March 31, 2009

Tue, 26 May 2009 10:55:25 GMT

Tokio Marine Holdings News Release