Tokio Marine Holdings　News Release

Agreement to Acquire Delphi Financial Group

Wed, 21 Dec 2011 07:00:00 GMT

Revised forecasts of consolidated business results of Tokio Marine Holdings, Inc. under Japanese GAAP for the fiscal year ending March 31, 2012

Mon, 05 Dec 2011 05:13:24 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 fiscal year ending March 31, 2012 ("FY 2011"), previously announced on November 18, 2011, as detailed below.

1. Revised forecasts for FY 2011

	Ordinary income (million yen)	Ordinary profit (million yen)	Net income (million yen)	Net income per share (yen)
Previous forecast*1 (A)	3,500,000	140,000	90,000	117.35
Revised forecast (B)	3,500,000	140,000	10,000	13.03
Difference (B)-(A)	-	-	-80,000	-
Rate of increase (decrease) (%)	-	-	(88.9)	-
(Reference) Actual results for the fiscal year ended March 31, 2011	3,288,605	126,587	71,924	92.49

Note 1: Announced on November 18, 2011.

2. Explanation of revisions

The net income forecast was revised downward due to the expected reversal of deferred tax assets owing to the newly promulgated laws related to decrease in corporate tax rate.

(Reference)
Set forth below are details of the revised forecasts of non-consolidated business results of Tokio Marine & Nichido Fire Insurance Co., Ltd. under Japanese GAAP for the fiscal year ending March 31, 2012.

	Net premiums written (million yen)	Ordinary profit (million yen)	Net income (million yen)
Previous forecast*2 (A)	1,763,000	176,000	73,000
Revised forecast (B)	1,763,000	176,000	6,000
Difference (B)-(A)	-	-	-67,000
Rate of increase (decrease) (%)	-	-	(91.8)
(Reference) Actual results for the fiscal year ended March 31, 2011	1,742,746	145,754	100,713

Note 2:

Included in page 6 of "Information about major subsidiaries' business results for the six months ended September 30, 2011" announced on November 18, 2011.

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the six months ended September 30, 2011

Fri, 18 Nov 2011 06:20:10 GMT

Revised forecasts of consolidated business results of Tokio Marine Holdings, Inc. under Japanese GAAP for the fiscal year ending March 31, 2012

Fri, 18 Nov 2011 06:20:09 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 fiscal year ending March 31, 2012 ("FY2011"), previously announced on May 19, 2011, as detailed below.

1. Revised forecasts for FY 2011

	Ordinary income (million yen)	Ordinary profit (million yen)	Net income (million yen)	Net income per share (yen)
Original forecast*1 (A)	3,350,000	220,000	145,000	189.09
Revised forecast*2 (B)	3,500,000	140,000	90,000	117.35
Difference (B)-(A)	150,000	-80,000	-55,000	-
Rate of increase (decrease) (%)	4.5	(36.4)	(37.9)	-
(Reference) Actual results for the fiscal year ended March 31, 2011	3,288,605	126,587	71,924	92.49

(Notes)

*1:	Announced on May 19, 2011.
*2:	Does not include the expected effects of legislation currently being considered by the Diet to decrease the corporate tax rate. If the legislation is passed then approximately 80 billion yen of deferred tax assets are expected to be reversed and net income is expected to be 10 billion yen.

2. Explanation of revisions

The ordinary profit and net income forecasts were revised downward primarily due to expected losses related to floods in Thailand.*3

*Note 3:

The extent of the expected losses is currently under survey and thus difficult to reasonably estimate at this point in time. As of the date of this announcement, the expected net incurred loss is estimated to be approximately 100 billion yen, however, the actual net incurred loss may materially differ depending on how the situation develops.

(Reference) Set forth below are details of the revised forecasts of non-consolidated business results of Tokio Marine & Nichido Fire Insurance Co., Ltd. under Japanese GAAP for the fiscal year ending March 31, 2012.

	Net premiums written (million yen)	Ordinary profit (million yen)	Net income (million yen)
Original forecast*4 (A)	1,743,000	173,000	122,000
Revised forecast*5 (B)	1,763,000	176,000	73,000
Difference (B)-(A)	20,000	3,000	-49,000
Rate of increase (decrease) (%)	1.1	1.7	(40.2)
(Reference) Actual results for the fiscal year ended March 31, 2011	1,742,746	145,754	100,713

(Notes)

*4:	Included in page 6 of "Information about major subsidiaries' business results for the year ended March 31, 2011" announced on May 19, 2011.
*5:	Does not include the expected effects of legislation currently being considered by the Diet to decrease the corporate tax rate. If the legislation is passed then approximately 67 billion yen of deferred tax assets are expected to be reversed and net income is expected to be 6 billion yen.

Revised forecasts of Tokio Marine Group’s business results on an Adjusted Earnings Basis for the fiscal year ending March 31, 2012

Fri, 18 Nov 2011 06:20:08 GMT

Tokio Marine Holdings, Inc. (the “Company“) has revised its FY2011 business forecasts for the fiscal year ending March 31, 2012 (“FY2011“) for the Tokio Marine Group (the “Group“), originally announced on May 19, 2011, to reflect the Group's recent business performance. The Company has revised the Group's total adjusted earnings forecast for FY2011 downward by 112.0 billion yen to 16.0 billion yen.

In the domestic property and casualty insurance business segment, the Company has revised its original forecast downward by 14.0 billion yen to 21.0 billion yen, as expected insurance payments owing to typhoons are projected to exceed the expected gains owing to the appreciation of the yen against other currencies, which has contributed to a reduction in the yen amounts needed to be set aside as reserves.

In the domestic life insurance business segment, the Company has revised its original forecast downward by 14.0 billion yen to 24.0 billion yen, owing to deterioration in domestic and overseas financial markets.

In the overseas insurance business segment, the Company has revised its original forecast downward by 83.0 billion yen to an adjusted loss of 31.0 billion yen, owing to a tornado and hurricane Irene in the United States, flooding in Thailand.

With respect to its financial and other business segment, the Company has revised its original forecast downward by 1.0 billion yen to 2.0 billion yen.

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:

The business forecasts described above are based on information available to the Company as of the date of this document. Actual results may materially differ from the forecasts.

Revised forecasts of consolidated business results of Tokio Marine Holdings, Inc. under Japanese GAAP for the six months ended September 30, 2011

Fri, 04 Nov 2011 10:29:00 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, 2011 ("FY 2011 Interim"), previously announced on May 19, 2011, as detailed below.

1. Revised forecasts for FY 2011 Interim

	Ordinary income (million yen)	Ordinary profit (million yen)	Net income (million yen)	Net income per share (yen)
Original forecast*1 (A)	1,700,000	150,000	95,000	123.88
Revised forecast (B)	1,890,000	119,000	79,000	103.01
Difference (B)-(A)	190,000	-31,000	-16,000	-
Rate of increase (decrease) (%)	11.2	(20.7)	(16.8)	-
(Reference) Actual results for the six months ended September 30, 2010	1,722,576	148,155	95,236	121.50

*Note 1: Announced on May 19, 2011.

2. Explanation of revisions

The ordinary income forecast was revised upward primarily because Tokio Marine Financial Life Insurance Co., Ltd. expects to account for a reversal of underwriting reserves.*2
The ordinary profit and net income forecasts were revised downward primarily because of expected losses, related to natural disasters, by overseas consolidated subsidiaries.*3

The Company's business forecasts for the fiscal year ending March 31, 2012 are now being prepared. Details are scheduled to be announced on November 18, 2011, along with the Company's business results for the six months ended September 30, 2011.

(Notes)

*2:	The reversal of underwriting reserves will not affect either ordinary profit or net income since the amount to be accounted for will be equivalent to expected losses on separate account primarily owing to the deterioration of domestic stock market.
*3:	The expected major impact is from losses related to a number of tornadoes which occurred in the United States in April and May 2011. However, expected losses related to Hurricane Irene, which hit the East Coast of the United States in August 2011, are not included in the revised forecasts.

	Net premiums written (million yen)	Ordinary profit (million yen)	Net income (million yen)
Original forecast*4 (A)	869,000	135,000	95,000
Revised forecast (B)	880,000	128,000	92,000
Difference (B)-(A)	11,000	-7,000	-3,000
Rate of increase (decrease) (%)	1.3	(5.2)	(3.2)
(Reference) Actual results for the six months ended September 30, 2010	874,028	133,683	93,508

*Note 4:

Included in page 6 of "Information about major subsidiaries' business results for the year ended March 31, 2011" announced on May 19, 2011.

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the three months ended June 30, 2011

Thu, 11 Aug 2011 06:30:03 GMT

Agreement to acquire First Insurance Company of Hawaii, Limited, a U.S. P&C insurance company

Thu, 11 Aug 2011 06:30:00 GMT

Tokio Marine Holdings, Inc. ("TMHD") (President: Shuzo Sumi) announced an agreement to acquire 50% of the outstanding shares of First Insurance Company of Hawaii ("FICOH") (Headquarters in Hawaii, U.S.) currently owned by a major U.S. Insurance group, CNA Financial Corporation ("CNA") (Headquarters in Illinois, U.S.) through its wholly owned subsidiary, Tokio Marine & Nichido Fire Insurance Co., Ltd. ("TMNF") (hereinafter "the Acquisition"). The Acquisition is subject to approval of both the U.S. and Japanese regulatory authorities.

FICOH is an insurance group engaged in property and casualty insurance business, and TMNF currently holds 50% of the outstanding shares. Subsequent to the Acquisition, TMHD will own 100% of the outstanding shares and FICOH will become a TMHD's wholly owned subsidiary from TMHD's affiliate company.
The Acquisition price is $165 million (approximately ￥12.9 billion) and it will be financed through the utilization of TMNF's cash on hand.

Exchange rate used in this document is of 77.85 yen per dollar (exchange rate as of July 29, 2011)

1. Objectives of the Acquisition

(1)	Tokio Marine Group has been seeking continuous expansion of its international insurance business as a driving force for its mid- to long-term growth strategy through organic growth as well as M&A to become a global top-tier insurer.
(2)	In the U.S., which is the largest insurance market in the world, TMHD acquired Philadelphia Insurance Companies in December, 2008 and resolved to establish Tokio Marine North America ("TMNA") in May 2011 to manage all U.S. business entities of Tokio Marine group to achieve further business growth. Shared Service Company ("SSC") will be established to provide certain back-office services to Tokio Marine entities in the U.S.
(3)	TMHD has been reviewing further acquisition opportunities as we view expanding our U.S. business through M&A as one of the most important strategic agenda, and we reached an agreement with CNA upon the Acquisition to make FICOH a wholly-owned subsidiary of Tokio Marine group.
(4)	FICOH is the oldest (established in 1911) and the second largest P&C Insurance company in Hawaii in terms of premium volume. FICOH is also one of the best known insurers locally with a strong brand recognition. TMNF and FICOH started their partnership in 1974, and FICOH has been TMNF's business site in Hawaii since 1999(). () 1989: TMNF acquired 40% of FICOH's outstanding shares. 1999: TMNF raised its shares to 50% and merged its Honolulu branch with FICOH.
(5)	Tokio Marine group will seek further growth in both revenue and profits scale in U.S. insurance market by combining FICOH's high profile and strong brand name with Tokio Marine group's strengths such as superior financial ratings, underwriting capacity and support on back-office functions to be provided by TMNA and SSC.

2. Overview of the affiliate company (FICOH) which is to be a subsidiary

(1)Name of the company	First Insurance Company of Hawaii, Ltd.
(2)Location	1100 Ward Avenue Honolulu,　HI 96814
(3)Name of the president	Allen B. Uyeda
(4)Main Business	P&C Insurance
(5)Capital	US$ 4,272,840 (as of December 31 2010)
(6)Establishment	1982 (Originally established under the name "Home Insurance Company of Hawaii" in 1911)
(7)Major Share Holder and Investment Rate	The Continental Insurance Company (CIC)() : 50%, TMNF: 50% () A subsidiary of CNA
(8)TMHD's relationship with the company	Capital TMHD's wholly owned subsidiary, TMNF holds 50% of the outstanding shares. Management 2 employees from TMNF are concurrently on the board of FICOH. Business TMHD's partners/affiliates/subsidiaries have reinsurance business with FICOH.
(9)FICOH's consolidated financial results of past 3 years (in thousand US$)

Fiscal year	December, 2008	December, 2009	December, 2010
Gross Written Premium	189,546	175,639	176,599
Net Written Premium	146,613	134,380	135,415
Net Income after tax	21,301	32,590	32,444
Total asset	643,018	680,131	680,540
Net asset	235,543	286,728	311,560
Combined ratio (*)	87.4%	80.3%	78.9%

(*) P&C financial index in percentage calculated by (incurred claim amount + expense) / premium. 100% means break even, and the more the figure is below 100%, the higher is the underwriting profit.

3. Overview of the seller of the shares (CNA)

(1)Name of the company	CNA Financial Corporation
(2)Location	333 South Wabash Avenue Chicago, IL 60604
(3)Name of the president	Thomas F. Motamed
(4)Type of business	Holding insurance company
(5)Establishment	1967
(6)Net assets	US$ 11,524 (in millions as of December 31 2010)
(7)Total assets	US$ 55,331 (in millions as of December 31 2010)
(8)TMHD's relationship with the company	Capital There is no capital relationship between TMHD and CNA, and TMHD's partner/affiliate company/subsidiary and CNA's partner/affiliate company/subsidiary. Management There is no personnel relationship between TMHD and CNA, and TMHD's partner/affiliate company/subsidiary and CNA's partner/affiliate company/subsidiary. Business There is no business relationship between TMHD and CNA, and between TMHD's partner/affiliate company/subsidiary and CNA's partner/affiliate company/subsidiary. Related party status CNA is not a related party of TMHD. CNA's partner/affiliate company/subsidiary is not a related party of TMHD's partner/affiliate company/subsidiary.

4. Number of shares to be acquired, price of the shares, and status of the shares before and after the Acquisition

(1)Number of the shares held before the Acquisition	35,607 shares (Number of voting rights: 35,607) (Ownership percentage: 50%)
(2)Number of the shares to be acquired	35,607 shares (Number of voting rights: 35,607) (Percentage in outstanding shares: 50%) (Acquisition price: US$ 165 million)
(3)Number of the shares after the Acquisition	71,214 shares (Number of voting rights： 71,214) (Ownership percentage: 100%)

5. Schedule

(1)Corporate resolution	August 11, 2011
(2)Date of delivery	TBD (The Acquisition is subject to approval of both the U.S and Japanese regulatory authorities.)

6. Future Prospects
There is no revision in the TMHD's forecasted consolidated financial result of FY2012 due to the Acquisition as the expected financial impact is deemed to be limited.

Corrections to the "Information about major subsidiaries' business results for the year ended March 31, 2011"

Fri, 29 Jul 2011 00:43:28 GMT

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

Tue, 12 Jul 2011 08:00:58 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 (*), in accordance with the resolution of the Board of Directors dated June 27, 2011.

(*) Directors (including non-members of the board) of the Company, directors (including non-members of the board) of Tokio Marine & Nichido Fire Insurance Co., Ltd., directors (including non-members of the board) of Nisshin Fire & Marine Insurance Co., Ltd., directors of Tokio Marine & Nichido Life Insurance Co., Ltd. and directors (including non-member of the board) of Tokio Marine & Nichido Financial Life Insurance Co., Ltd.

1. Name of the Stock Acquisition Rights

July 2011 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

219,500 yen for each Stock Acquisition Right.
(2,195 yen for each stock.)

3. Date of allotment of the Stock Acquisition Rights

July 12, 2011.

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

July 12, 2011.

Tokio Marine Holdings News Release

Agreement to Acquire Delphi Financial Group

Revised forecasts of consolidated business results of Tokio Marine Holdings, Inc. under Japanese GAAP for the fiscal year ending March 31, 2012

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the six months ended September 30, 2011

Revised forecasts of consolidated business results of Tokio Marine Holdings, Inc. under Japanese GAAP for the fiscal year ending March 31, 2012

Revised forecasts of Tokio Marine Group’s business results on an Adjusted Earnings Basis for the fiscal year ending March 31, 2012

Revised forecasts of consolidated business results of Tokio Marine Holdings, Inc. under Japanese GAAP for the six months ended September 30, 2011

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the three months ended June 30, 2011

Agreement to acquire First Insurance Company of Hawaii, Limited, a U.S. P&C insurance company

Corrections to the "Information about major subsidiaries' business results for the year ended March 31, 2011"

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

Tokio Marine Holdings　News Release