Tokio Marine : Summary report

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the fiscal year ended March 31, 2020

May 20, 2020

Company Name: Tokio Marine Holdings, Inc. (the "Company")

Stock Exchange Listing: Tokyo

Securities Code Number: 8766

(URL: https://www.tokiomarinehd.com/en/)

Representative: Satoru Komiya, President

Contact: Tetsuya Hirano, Corporate Planning Dept. (Tel: [phone])

Scheduled date of Ordinary General Meeting of Shareholders: June 29, 2020

Scheduled date to commence dividend payments: June 30, 2020

Scheduled date to file Securities Report: June 26, 2020

Supplementary information for financial statements: Available

IR Conference Call: To be held for analysts

(Note) All amounts are rounded down and all percentages are rounded.

1. Consolidated Business Results for the fiscal year 2019 (April 1, 2019 to March 31, 2020)

(1) Consolidated Results of Operations

(Note) Percentages represent changes from the previous fiscal year.

Ordinary income

Ordinary profit

Net income

attributable to owners of the parent

million yen

%

million yen

%

million yen

%

Fiscal year 2019

5,465,432

(0.2)

363,945

(12.6)

259,763

(5.4)

Fiscal year 2018

5,476,720

1.4

416,330

20.7

274,579

(3.4)

(Note) Comprehensive income:

2,737

(93.6) %

Fiscal year 2019

million yen

Fiscal year 2018

42,871

million yen

(91.4) %

Net income per share

Net income per share

Ratio of net income to

Ratio of ordinary

Ratio of ordinary

profit to ordinary

- Basic

- Diluted

equity capital

profit to total assets

income

yen

yen

%

%

%

Fiscal year 2019

369.74

369.45

7.5

1.5

6.7

Fiscal year 2018

383.01

382.69

7.4

1.8

7.6

(Reference) Equity in earnings (losses) of

affiliates:

Fiscal year 2019

(4,445)million yen

Fiscal year 2018

(3,310)million yen

(2) Consolidated Financial Conditions

Total assets

Net assets

Ratio of equity capital to

Net assets per share

total assets

million yen

million yen

%

yen

As of March 31, 2020

25,253,966

3,426,675

13.4

4,832.05

As of March 31, 2019

22,531,402

3,603,741

15.9

5,058.66

(Reference) Equity capital:

3,372,148

As of March 31, 2020

million yen

As of March 31, 2019

3,574,233

million yen

(3) Consolidated Cash Flows

Cash flows from

Cash flows from

Cash flows from

Cash and cash equivalents

operating activities

investing activities

financing activities

at end of year

million yen

million yen

million yen

million yen

Fiscal year 2019

997,623

(2,546,411)

1,543,105

1,021,167

Fiscal year 2018

945,437

(566,757)

(379,067)

1,023,342

2. Dividends

Cash dividends per share

Total amount

Ratio of cash

Ratio of cash

dividends to

dividends to

First quarter

Second

Third quarter

Year-end

Annual total

of annual

consolidated

consolidated

dividends

quarter

net income

net assets

yen

yen

yen

yen

yen

million yen

%

%

Fiscal year 2018

-

160.00

-

90.00

250.00

178,192

65.3

4.9

Fiscal year 2019

-

130.00

-

95.00

225.00

157,589

60.9

4.5

Fiscal year 2020 (Forecast)

-

100.00

-

100.00

200.00

(Note) 1. Fiscal year 2018

Breakdown for Annual total

Ordinary dividend

180 yen

One-time dividend

for the capital

level adjustment(*)

70 yen

2. Fiscal year 2019

Breakdown for Annual total

Ordinary dividend

190 yen

One-time dividend for the capital level adjustment(*)

35 yen

3. Fiscal year 2020 (Forecast)

Breakdown for Annual total

Ordinary dividend

200 yen

One-time dividend for the capital level adjustment(*)

-

(*)The Company resolved the one-time dividends aiming to implement flexible financial policies.

3. Consolidated Business Forecasts for the fiscal year 2020 (April 1, 2020 to March 31, 2021)

The Company's consolidated business forecasts for the fiscal year 2020 are undetermined, as there are difficulties in reasonably estimating the impacts caused by the spread of coronavirus disease 2019 (COVID-19) as of the release date of this document. The Company will disclose the business forecasts in a timely manner once a reasonable estimate becomes available.

* Notes

1. Changes in significant subsidiaries during the fiscal year 2019
   (Changes in specified subsidiaries that resulted in a change in the scope of consolidation): None
2. Changes in accounting policies, changes in accounting estimates, and retrospective restatements
3. 1. Changes in accounting policies to reflect amendments of accounting standards: None
   2. Changes in accounting policies other than (a): None
   3. Changes in accounting estimates: None
   4. Retrospective restatements: None
4. Number of shares issued (common stock)
5. 1. Total number of shares issued including treasury stock

As of March 31, 2020	702,000,000 shares
As of March 31, 2019	710,000,000 shares
(b) Number of treasury stock held	4,129,635 shares
As of March 31, 2020
As of March 31, 2019	3,443,216 shares
(c) Average number of shares outstanding	702,541,718 shares
During the fiscal year 2019
During the fiscal year 2018	716,886,595 shares

(Reference) Summary of Non-consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the fiscal year ended March 31, 2020

Non-consolidated Business Results for the fiscal year 2019 (April 1, 2019 to March 31, 2020)

(1) Non-consolidated Results of Operations

(Note) Percentages represent changes from the previous fiscal year.

	Operating income		Operating profit	Ordinary profit	Net income
	million yen		%		million yen	%	million yen		%	million yen	%
Fiscal year 2019	207,867		(30.7)		185,637	(34.2)	185,693		(34.1)	185,892	(33.2)
Fiscal year 2018	299,837		31.8		282,264	31.1	281,967		30.9	278,374	36.8
	Net income per share - Basic		Net income per share -
		Diluted
			yen			yen
Fiscal year 2019			264.59			264.38
Fiscal year 2018			388.30			387.98
(2) Non-consolidated Financial Conditions
	Total assets		Net assets	Ratio of equity capital to	Net assets per share
		total assets
			million yen			million yen			%		yen
As of March 31, 2020	2,389,910			2,384,250			99.7		3,412.81
As of March 31, 2019	2,409,066			2,403,369			99.7		3,398.01
(Reference) Equity capital:
As of March 31, 2020	2,381,704	million yen
As of March 31, 2019	2,400,889	million yen

• "Summary of Consolidated Business Results" is outside the scope of external audit.
• Notes concerning the business forecasts and other items

The Company's consolidated business forecasts for the fiscal year 2020 are undetermined, as there are difficulties in reasonably estimating the impacts caused by the spread of COVID-19 as of the release date of this document. The Company will disclose the business forecasts in a timely manner once a reasonable estimate becomes available.

For information on business forecasts, please refer to Appendix p.3.

Tokio Marine Holdings, Inc.

Contents of Appendix

1. Overview of Business results ………..………………………………………………………………………………………………	2
(1) Consolidated Results of Operations for the fiscal year 2019 ….……………………………………………………………………	2
(2) Consolidated Financial Conditions as of March 31, 2020 ……..……………………………………………………………………	2
(3) Consolidated Business Forecasts for the fiscal year 2020 ……..……………………………………………………………………	3
2. Basic Approach to the Selection of Accounting Standards …………………………………………………………………………	3
3. Consolidated Financial Statements and Major Notes ………………………………………………………………………………	4
(1) Consolidated Balance Sheet …………………………………………………………………………………………………………	4
(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ………………………………………	5
(3) Consolidated Statement of Changes in Shareholders' Equity ………………………………………………………………………	8

1. Consolidated Statement of Cash Flows …………………………………………………………………………………………… 10
2. Notes regarding going concern assumption ………………………………………………………………………………………… 12
3. Additional Information……………………………………………………………………………………………………………… 12
4. Notes to Consolidated Financial Statements ………………………………………………………………………………………. 13 Segment information ……………………………………………………………………………………………………………… 13 Per share information ……………………………………………………………………………………………………………… 14 Business Combinations and Other Matters………………………………………………………………………………………… 14 Subsequent events ………………………………………………………………………………………………………………… 15

4. Others ………………………………………………………………………………………………………………………………… 16

(1) Summary of Consolidated Business Results ……………………………………………………………………………………… 16

(2) Premiums written and claims paid by lines of business …………………………………………………………………………… 17

(3) Securities …………………………………………………………………………………………………………………………… 18

1

Tokio Marine Holdings, Inc.

1. Overview of Business results

(1) Consolidated Results of Operations for the fiscal year 2019

During the fiscal year 2019, despite some positive signs such as a lull in trade frictions between the U.S. and China in the second half, the world economy slowed dramatically towards the end of the fiscal year due to the global spread of coronavirus disease 2019 (COVID-19), and financial and capital markets became increasingly unstable.

In Japan, the economy experienced a significant downturn due to the spread of COVID-19, in addition to weak foreign demand and natural disasters.

Under these circumstances, as a result of our efforts to expand our business, which is centered on non-life insurance and life insurance, our consolidated results of operations for the fiscal year 2019 were as follows:

Ordinary income decreased by 11.2 billion yen to 5,465.4 billion yen from the previous fiscal year, the main components of which were Underwriting income of 4,701.9 billion yen and Investment income of 642.2 billion yen. Ordinary expenses increased by 41.0 billion yen to 5,101.4 billion yen from the previous fiscal year, the main components of which were Underwriting expenses of 4,096.2 billion yen, Investment expenses of 82.9 billion yen, and Operating and general administrative expenses of 892.7 billion yen.

As a result, Ordinary profit decreased by 52.3 billion yen to 363.9 billion yen from the previous fiscal year.

Net income attributable to owners of the parent, composed of Ordinary profit plus Extraordinary gains minus Extraordinary losses and Total income taxes, decreased by 14.8 billion yen to 259.7 billion yen from the previous fiscal year.

Results by our reportable segments are as follows:

In the Domestic non-life insurance business, Ordinary income decreased by 64.6 billion yen to 2,782.5 billion yen from the previous fiscal year. Ordinary profit decreased by 48.7 billion yen to 179.5 billion yen from the previous fiscal year.

In the Domestic life insurance business, Ordinary income decreased by 31.2 billion yen to 748.1 billion yen from the previous fiscal year. Ordinary profit increased by 11.5 billion yen to 51.8 billion yen from the previous fiscal year.

In the International insurance business, Ordinary income decreased by 80.8 billion yen to 1,891.2 billion yen from the previous fiscal year. Ordinary profit decreased by 16.1 billion yen to 125.4 billion yen from the previous fiscal year.

(2) Consolidated Financial Conditions as of March 31, 2020

As of March 31, 2020, consolidated total assets was 25,253.9 billion yen, an increase of 2,722.5 billion yen from that as of March 31, 2019, mainly due to an increase in securities held by our domestic life insurance company and the acquisition of Privilege Underwriters, Inc.

Cash flows for the fiscal year 2019 were as follows:

Net cash provided by operating activities increased by 52.1 billion yen to 997.6 billion yen compared to the previous fiscal year, mainly due to a decrease in paid claims. Net cash used in investing activities increased by 1,979.6 billion yen to 2,546.4 billion yen, mainly due to an increase in purchases of securities. Net cash provided by financing activities increased by 1,922.1 billion yen to 1,543.1 billion yen, mainly due to an increase in cash collateral under securities lending transactions for procurement of funds.

As a result, Cash and cash equivalents at end of year was 1,021.1 billion yen, a decrease of 2.1 billion yen from that as of March 31, 2019.

2

Tokio Marine Holdings, Inc.

(3) Consolidated Business Forecasts for the fiscal year 2020

The Company's consolidated business forecasts for the fiscal year 2020 are undetermined, as there are difficulties in reasonably estimating the impacts caused by the spread of COVID-19.

The main impacts on underwriting profit are predicted to be decrease in premium income due to downturn in economic activities as well as increase in incurred losses for insurance products such as specialty insurance mainly in our international insurance business. Our investment results could be negatively impacted by fluctuations in financial markets such as decrease in income yield resulting from lower interest rate, and recognition of impairment losses on financial assets caused by falls in stock prices and other factors.

While COVID-19 is predicted to impact both our underwriting profit and investment results, the business forecasts are currently undetermined, as there are difficulties in predicting the extent of the impact and when it subsides. The Company will disclose the business forecasts in a timely manner once a reasonable estimate becomes available.

2. Basic Approach to the Selection of Accounting Standards

To enhance international comparability of the Company's financial information and to unify accounting policies within the Group, the Company is considering adopting International Financial Reporting Standards ("IFRS") while conducting preparatory work. The Company will determine the timing of adoption based on the development of discussions surrounding IFRS17 "Insurance Contracts" and other factors.

3

Tokio Marine Holdings, Inc.

3. Consolidated Financial Statements and Major Notes

1. Consolidated Balance Sheet

		(Yen in millions)
	As of March 31, 2019	As of March 31, 2020
Assets
Cash and bank deposits	851,657	820,873
Receivables under resale agreements	999	999
Receivables under securities borrowing transactions	9,084	4,612
Monetary receivables bought	1,468,952	1,363,752
Money trusts	2,156	2,103
Securities	16,502,611	17,875,998
Loans	932,167	1,524,100
Tangible fixed assets	293,257	315,216
Land	134,594	133,825
Buildings	120,865	134,346
Construction in progress	651	4,206
Other tangible fixed assets	37,145	42,837
Intangible fixed assets	767,598	1,101,306
Software	39,810	43,992
Goodwill	411,681	533,432
Other intangible fixed assets	316,106	523,880
Other assets	1,664,969	2,217,451
Net defined benefit assets	17,515	2,710
Deferred tax assets	29,511	33,888
Customers' liabilities under acceptances and guarantees	2,230	2,114
Allowance for doubtful accounts	(11,308)	(11,162)
Total assets	22,531,402	25,253,966
Liabilities
Insurance liabilities	16,416,905	17,222,596
Outstanding claims	2,863,815	2,995,636
Underwriting reserves	13,553,090	14,226,960
Corporate bonds	57,514	270,536
Other liabilities	1,692,804	3,628,726
Payables under securities lending transactions	197,623	1,620,178
Other liabilities	1,495,180	2,008,548
Net defined benefit liabilities	254,430	245,966
Provision for employees' bonus	61,371	70,698
Reserves under special laws	108,457	118,071
Reserve for price fluctuation	108,457	118,071
Deferred tax liabilities	294,805	239,668
Negative goodwill	39,140	28,911
Acceptances and guarantees	2,230	2,114
Total liabilities	18,927,661	21,827,291
Net assets
Shareholders' equity
Share capital	150,000	150,000
Retained earnings	1,742,188	1,800,292
Treasury stock	(18,299)	(23,210)
Total shareholders' equity	1,873,889	1,927,082
Accumulated other comprehensive income
Unrealized gains (losses) on available-for-sale securities	1,676,369	1,435,437
Deferred gains (losses) on hedge transactions	9,472	11,427
Foreign currency translation adjustments	24,892	8,042
Remeasurements of defined benefit plans	(10,389)	(9,840)
Total accumulated other comprehensive income	1,700,344	1,445,066
Stock acquisition rights	2,479	2,545
Non-controlling interests	27,027	51,980
Total net assets	3,603,741	3,426,675
Total liabilities and net assets	22,531,402	25,253,966

4

Tokio Marine Holdings, Inc.

(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income

(Consolidated Statement of Income)

		(Yen in millions)
	Fiscal year 2018	Fiscal year 2019
	(April 1, 2018 to	(April 1, 2019 to
	March 31, 2019)	March 31, 2020)
Ordinary income	5,476,720	5,465,432
Underwriting income	4,769,640	4,701,979
Net premiums written	3,587,400	3,598,396
Deposit premiums from policyholders	80,592	77,041
Investment income on deposit premiums	42,624	39,466
Life insurance premiums	1,053,520	981,900
Other underwriting income	5,503	5,174
Investment income	589,247	642,214
Interest and dividends	492,962	513,041
Gains on money trusts	101	-
Gains on trading securities	6,708	18,016
Gains on sales of securities	121,973	142,625
Gains on redemption of securities	2,011	541
Other investment income	8,114	7,456
Transfer of investment income on deposit premiums	(42,624)	(39,466)
Other ordinary income	117,831	121,238
Amortization of negative goodwill	10,229	10,229
Other ordinary income	107,602	111,009
Ordinary expenses	5,060,389	5,101,486
Underwriting expenses	4,079,779	4,096,249
Net claims paid	2,109,949	2,057,707
Loss adjustment expenses	141,980	145,299
Agency commissions and brokerage	707,591	694,708
Maturity refunds to policyholders	164,761	158,337
Dividends to policyholders	28	18
Life insurance claims	492,276	412,721
Provision for outstanding claims	170,883	128,992
Provision for underwriting reserves	287,010	489,344
Other underwriting expenses	5,296	9,120
Investment expenses	90,259	82,938
Losses on money trusts	1,540	50
Losses on sales of securities	18,967	12,723
Impairment losses on securities	9,835	26,577
Losses on redemption of securities	1,081	772
Losses on derivatives	29,648	12,809
Investment losses on separate accounts	3,530	8,449
Other investment expenses	25,655	21,554
Operating and general administrative expenses	861,365	892,776
Other ordinary expenses	28,985	29,522
Interest expenses	17,039	18,940
Increase in allowance for doubtful accounts	-	808
Losses on bad debts	308	133
Equity in losses of affiliates	3,310	4,445
Amortization of deferred assets under Article 113 of the	3,826	-
Insurance Business Act
Other ordinary expenses	4,500	5,195
Ordinary profit	416,330	363,945

5

Tokio Marine Holdings, Inc.

			(Yen in millions)
	Fiscal year 2018		Fiscal year 2019
	(April 1, 2018 to		(April 1, 2019 to
	March 31, 2019)		March 31, 2020)
Extraordinary gains		5,011	9,695
Gains on disposal of fixed assets		1,352	173
Gains on step acquisitions		2,891	4,454
Gains on sales of investment in subsidiaries and affiliates		431	4,336
Other extraordinary gains		334	731
Extraordinary losses		35,607	19,513
Losses on disposal of fixed assets		1,908	1,941
Impairment losses on fixed assets		3,248	6,386
Provision for reserves under special laws		7,945	9,614
Provision for reserve for price fluctuation		7,945	9,614
Losses on advanced depreciation of real estates		-	0
Losses on sales of investment in subsidiaries and affiliates		22,504	209
Other extraordinary losses		-	1,359
Income before income taxes and non-controlling interests		385,733	354,127
Income taxes - current		119,450	118,662
Income taxes - deferred		(9,437)	(26,372)
Total income taxes		110,013	92,289
Net income		275,720	261,838
Net income attributable to non-controlling interests		1,140	2,074
Net income attributable to owners of the parent		274,579	259,763

6

Tokio Marine Holdings, Inc.

(Consolidated Statement of Comprehensive Income)

		(Yen in millions)
	Fiscal year 2018	Fiscal year 2019
	(April 1, 2018 to	(April 1, 2019 to
	March 31, 2019)	March 31, 2020)
Net income	275,720	261,838
Other comprehensive income
Unrealized gains (losses) on available-for-sale securities	(188,327)	(244,344)
Deferred gains (losses) on hedge transactions	(1,357)	1,394
Foreign currency translation adjustments	(49,377)	(13,968)
Remeasurements of defined benefit plans	9,676	544
Share of other comprehensive income of affiliates accounted for	(3,464)	(2,726)
by the equity method
Total other comprehensive income	(232,848)	(259,100)
Total comprehensive income	42,871	2,737
Comprehensive income attributable to:
Owners of the parent	43,133	(715)
Non-controlling interests	(262)	3,452

7

Tokio Marine Holdings, Inc.

(3) Consolidated Statement of Changes in Shareholders' Equity

Fiscal year 2018 (April 1, 2018 to March 31, 2019)

				(Yen in millions)
		Shareholders' equity
	Share capital	Retained	Treasury stock	Total
	shareholders'
	earnings
			equity
Beginning balance	150,000	1,837,908	(114,446)	1,873,461
Cumulative effects of
revision in accounting				-
standards for overseas
subsidiaries
Restated balance	150,000	1,837,908	(114,446)	1,873,461
Changes during the year
Dividends		(172,636)		(172,636)
Net income attributable to		274,579		274,579
owners of the parent
Purchases of treasury stock			(102,318)	(102,318)
Disposal of treasury stock		(475)	1,316	841
Cancellation of treasury stock		(197,149)	197,149	-
Changes in the scope of				-
consolidation
Changes in equity resulted		(9)		(9)
from increase in capital of
consolidated subsidiaries
Others		(28)		(28)
Net changes in items other
than shareholders' equity
Total changes during the year	-	(95,719)	96,147	427
Ending balance	150,000	1,742,188	(18,299)	1,873,889
	Accumulated other comprehensive income	Stock
	Unrealized gains	Deferred gains	Foreign currency	Remeasurements	Non-controlling
	acquisition	Total net assets
	(losses) on	(losses) on hedge	translation	of defined	rights	interests
	available-for-sale
	securities	transactions	adjustments	benefit plans
Beginning balance	1,864,865	10,829	76,081	(20,044)	2,552	27,789	3,835,536
Cumulative effects of
revision in accounting							-
standards for overseas
subsidiaries
Restated balance	1,864,865	10,829	76,081	(20,044)	2,552	27,789	3,835,536
Changes during the year
Dividends							(172,636)
Net income attributable to							274,579
owners of the parent
Purchases of treasury stock							(102,318)
Disposal of treasury stock							841
Cancellation of treasury stock							-
Changes in the scope of							-
consolidation
Changes in equity resulted							(9)
from increase in capital of
consolidated subsidiaries
Others							(28)
Net changes in items other	(188,495)	(1,357)	(51,189)	9,654	(72)	(762)	(232,222)
than shareholders' equity
Total changes during the year	(188,495)	(1,357)	(51,189)	9,654	(72)	(762)	(231,795)
Ending balance	1,676,369	9,472	24,892	(10,389)	2,479	27,027	3,603,741

8

Tokio Marine Holdings, Inc.

Fiscal year 2019 (April 1, 2019 to March 31, 2020)

				(Yen in millions)
		Shareholders' equity
	Share capital	Retained	Treasury stock	Total
	shareholders'
	earnings
			equity
Beginning balance	150,000	1,742,188	(18,299)	1,873,889
Cumulative effects of
revision in accounting		(3,565)		(3,565)
standards for overseas
subsidiaries
Restated balance	150,000	1,738,622	(18,299)	1,870,323
Changes during the year
Dividends		(154,882)		(154,882)
Net income attributable to		259,763		259,763
owners of the parent
Purchases of treasury stock			(50,940)	(50,940)
Disposal of treasury stock		(321)	1,066	744
Cancellation of treasury stock		(44,962)	44,962	-
Changes in the scope of		2,272		2,272
consolidation
Changes in equity resulted				-
from increase in capital of
consolidated subsidiaries
Others		(199)		(199)
Net changes in items other
than shareholders' equity
Total changes during the year	-	61,669	(4,910)	56,759
Ending balance	150,000	1,800,292	(23,210)	1,927,082
	Accumulated other comprehensive income	Stock
	Unrealized gains	Deferred gains	Foreign currency	Remeasurements	Non-controlling
	acquisition	Total net assets
	(losses) on	(losses) on hedge	translation	of defined	rights	interests
	available-for-sale
	securities	transactions	adjustments	benefit plans
Beginning balance	1,676,369	9,472	24,892	(10,389)	2,479	27,027	3,603,741
Cumulative effects of
revision in accounting	3,565						-
standards for overseas
subsidiaries
Restated balance	1,679,935	9,472	24,892	(10,389)	2,479	27,027	3,603,741
Changes during the year
Dividends							(154,882)
Net income attributable to							259,763
owners of the parent
Purchases of treasury stock							(50,940)
Disposal of treasury stock							744
Cancellation of treasury stock							-
Changes in the scope of							2,272
consolidation
Changes in equity resulted							-
from increase in capital of
consolidated subsidiaries
Others							(199)
Net changes in items other	(244,498)	1,955	(16,850)	548	66	24,953	(233,825)
than shareholders' equity
Total changes during the year	(244,498)	1,955	(16,850)	548	66	24,953	(177,066)
Ending balance	1,435,437	11,427	8,042	(9,840)	2,545	51,980	3,426,675

9

		Tokio Marine Holdings, Inc.
(4) Consolidated Statement of Cash Flows
		(Yen in millions)
	Fiscal year 2018	Fiscal year 2019
	(April 1, 2018 to	(April 1, 2019 to
	March 31, 2019)	March 31, 2020)
Cash flows from operating activities
Income before income taxes and non-controlling interests	385,733	354,127
Depreciation	59,732	60,921
Impairment losses on fixed assets	3,248	6,386
Amortization of goodwill	49,620	53,882
Amortization of negative goodwill	(10,229)	(10,229)
Increase (decrease) in outstanding claims	169,892	131,376
Increase (decrease) in underwriting reserves	449,262	626,117
Increase (decrease) in allowance for doubtful accounts	(783)	(113)
Increase (decrease) in net defined benefit liabilities	10,432	(3,801)
Increase (decrease) in provision for employees' bonus	(942)	7,865
Increase (decrease) in reserve for price fluctuation	7,945	9,614
Interest and dividends	(492,962)	(513,041)
Losses (gains) on securities	(83,807)	(129,888)
Interest expenses	17,039	18,940
Foreign exchange losses (gains)	9,721	5,579
Losses (gains) on tangible fixed assets	555	1,492
Equity in losses (earnings) of affiliates	3,310	4,445
Investment losses (gains) on separate accounts	3,530	8,449
Decrease (increase) in other assets (other than investing and	(77,912)	(128,944)
financing activities)
Increase (decrease) in other liabilities (other than investing and	74,269	90,636
financing activities)
Others	4,364	5,802
Subtotal	582,023	599,617
Interest and dividends received	484,471	519,238
Interest paid	(17,708)	(18,111)
Income taxes paid	(126,421)	(109,458)
Others	23,072	6,336
Net cash provided by (used in) operating activities (a)	945,437	997,623

10

Tokio Marine Holdings, Inc.

		(Yen in millions)
	Fiscal year 2018	Fiscal year 2019
	(April 1, 2018 to	(April 1, 2019 to
	March 31, 2019)	March 31, 2020)
Cash flows from investing activities
Net decrease (increase) in deposits	20,584	(3,122)
Purchases of monetary receivables bought	(909,156)	(420,129)
Proceeds from sales and redemption of monetary receivables	587,522	541,277
bought
Purchases of money trusts	(7,980)	-
Proceeds from sales of money trusts	16,518	-
Purchases of securities	(2,542,065)	(4,378,037)
Proceeds from sales and redemption of securities	2,352,648	2,664,749
Payments for issuance of loans	(550,340)	(871,923)
Proceeds from collection of loans	605,285	413,804
Changes in cash collateral under securities borrowing and lending	(65,653)	(120,106)
transactions
Others	(9,840)	(9,772)
Subtotal (b)	(502,475)	(2,183,260)
(a) + (b)	442,962	(1,185,636)
Purchases of tangible fixed assets	(23,910)	(24,709)
Proceeds from sales of tangible fixed assets	2,649	1,463
Purchases of shares of subsidiaries resulting in change in the	(56,325)	(340,897)
scope of consolidation
Sales of shares of subsidiaries resulting in change in the scope of	13,305	993
consolidation
Net cash provided by (used in) investing activities	(566,757)	(2,546,411)
Cash flows from financing activities
Proceeds from borrowings	20,535	24,320
Repayments of borrowings	(23,279)	(37,031)
Proceeds from issuance of short-term corporate bonds	4,999	9,999
Redemption of short-term corporate bonds	(5,000)	(10,000)
Proceeds from issuance of corporate bonds	-	198,783
Redemption of corporate bonds	(792)	-
Change in cash collateral under securities lending transactions	(98,780)	1,547,132
Purchases of treasury stock	(102,318)	(50,940)
Dividends paid	(172,397)	(154,799)
Dividends paid to non-controlling shareholders	(484)	(590)
Repayments to non-controlling shareholders	(206)	-
Others	(1,341)	16,231
Net cash provided by (used in) financing activities	(379,067)	1,543,105
Effect of exchange rate changes on cash and cash equivalents	(5,017)	3,022
Net increase (decrease) in cash and cash equivalents	(5,404)	(2,659)
Cash and cash equivalents at beginning of year	1,028,747	1,023,342
Increase in cash and cash equivalents due to newly consolidated	-	484
subsidiaries
Cash and cash equivalents at end of year	1,023,342	1,021,167

11

Tokio Marine Holdings, Inc.

(5) Notes regarding going concern assumption

Not applicable.

(6) Additional Information

Consolidated overseas subsidiaries that apply US GAAP have adopted Accounting Standards Update 2016-01: Recognition and Measurement of Financial Assets and Financial Liabilities (hereinafter referred to as "ASU 2016-01") issued by the Financial Accounting Standards Board from the beginning of the fiscal year 2019.

ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income or loss. In accordance with ASU 2016-01, the Company has recognized the changes in fair value for certain equity investments in net income or loss from the beginning of the fiscal year 2019, which were previously recognized in Other comprehensive income. The Company has reclassified Unrealized losses on available-for-sale securities (3,565 million yen) to Retained earnings at the beginning of the fiscal year 2019, and certain securities that were classified in Available-for-sale securities at the end of the fiscal year 2018 (65,355 million yen) have been included in Trading securities.

The impacts to Ordinary profit and Income before income taxes and non-controlling interests for the fiscal year 2019 are immaterial.

12

13

445

21,525

-

45,868

45,868

23,215

682

-

-

-

99,729

99,729

99,729

-

-

-

-

(4,445)

(4,445)

(4,445)

-

(2,251)

(1,012)

513,041

18,940

515,293

19,952

267,153

10,019

109,201

1,546

138,874

8,386

63

0

248

8,917

145

-

10,229

10,229

917

344

-

12,221

96

1,011

368

47,345

53,416

60,921

53,882

60,921

53,882

-

-

Other items Depreciation Amortization of goodwill Amortization of negative goodwill

Interest and dividends Interest expenses

Equity in earnings (losses) of affiliates

Investments in affiliates accounted for by the equity method

Increase in tangible and intangible fixed assets

(Note) 1. "Adjustments" are as follows:

(1) "Adjustments" for Ordinary income from external customers of (13,322) million yen includes the transfer of Gains on derivatives of 11,296 million yen. This is included in Ordinary income of International insurance segment, while it is included in Losses on derivatives in the consolidated statement of income.

(2) "Adjustments" for Segment assets of (102,060) million yen is mainly to eliminate intersegment transactions.

(3) "Adjustments" for Other items is to eliminate intersegment transactions.

2. Segment profit corresponds to Ordinary profit in the consolidated statement of income.

748,146

51,837

9,200,998

2,782,502

179,577

7,225,925

95,679

7,077

72,371

(52,141)

-

(102,060)

5,465,432

363,945

25,253,966

5,517,574

363,945

25,356,026

1,891,246

125,453

8,856,731

(38,819)

16

9,304

1,992

-

38,819

27,506

748,129

2,773,198

1,889,254

5,465,432

5,478,755

68,172

(13,322)

Ordinary income Ordinary income from external customers Ordinary income from transactions with other operating segments

Total

Segment profit Segment assets

Total

Domestic life insurance

Financial and other

International insurance

Domestic

non-life

insurance

Adjustments

(Note 1)

Reportable segments

(Yen in millions) Amounts shown on the consolidated financial statements (Note 2)

Fiscal year 2019 (April 1, 2019 to March 31, 2020)

273

18,337

1,654

-

16,330

36,595

36,595

-

112,394

112,394

112,394

-

-

-

-

-

-

(3,310)

(3,310)

(3,310)

-

(1,412)

(203)

259,740

7,494

101,421

1,185

133,133

8,563

492,962

17,039

494,374

17,243

79

0

248

8,917

145

-

917

10,229

10,229

311

-

11,052

96

1,178

368

47,189

49,154

59,732

49,620

59,732

49,620

-

-

Other items Depreciation Amortization of goodwill Amortization of negative goodwill

Interest and dividends Interest expenses

Equity in earnings (losses) of affiliates

Investments in affiliates accounted for by the equity method

Increase in tangible and intangible fixed assets

(Note) 1. "Adjustments" are as follows:

(1) "Adjustments" for Ordinary income from external customers of (175,837) million yen includes the transfer of Reversal of underwriting reserves of 170,995 million yen. This is included in Ordinary income of Domesticnon-lifeinsurance segment, while it is included in Provision for underwriting reserves in the consolidated statement of income.

(2) "Adjustments" for Segment profit of 22 million yen is mainly to eliminate intersegment transactions.

(3) "Adjustments" for Segment assets of (44,248) million yen is mainly to eliminate intersegment transactions.

(4) "Adjustments" for Other items is to eliminate intersegment transactions.

2. Segment profit corresponds to Ordinary profit in the consolidated statement of income.

779,378

40,270

7,385,957

2,847,118

228,364

7,837,423

92,156

6,069

71,736

(213,983)

22

(44,248)

1,972,049

141,604

7,280,533

5,476,720

416,330

22,531,402

5,690,703

416,308

22,575,650

27,316

(38,145)

86

8,903

1,839

38,145

-

(175,837)

779,292

2,838,214

1,970,210

5,652,557

5,476,720

64,839

Ordinary income Ordinary income from external customers Ordinary income from transactions with other operating segments

Total

Segment profit Segment assets

Total

Domestic life insurance

Financial and other

International insurance

Domestic

non-life

insurance

Adjustments

(Note 1)

Reportable segments

(Yen in millions) Amounts shown on the consolidated financial statements (Note 2)

(7) Notes to Consolidated Financial Statements(Segment information)

Fiscal year 2018 (April 1, 2018 to March 31, 2019)

Tokio Marine Holdings, Inc.

Tokio Marine Holdings, Inc.

(Per share information)

			(Yen)
		Fiscal year 2018	Fiscal year 2019
		(April 1, 2018 to March 31, 2019)	(April 1, 2019 to March 31, 2020)
Net assets per share	5,058.66	4,832.05
Net income per share - Basic	383.01	369.74
Net income per share - Diluted	382.69	369.45
(Note) Calculations of "Net income per share - Basic" and "Net income per share - Diluted" are based on the following figures.
		Fiscal year 2018	Fiscal year 2019
		(April 1, 2018 to March 31, 2019)	(April 1, 2019 to March 31, 2020)
Net income per share - Basic
Net income attributable to owners of parent (Yen in millions)	274,579	259,763
Amount not attributable to common shareholders (Yen in millions)	-	-
Net income attributable to owners of parent	274,579	259,763
related to common stock (Yen in millions)
Average number of shares outstanding (In thousand shares)	716,886	702,541
Net income per share - Diluted
Adjustment of net income attributable	-	-
to owners of parent (Yen in millions)
Increased number of common stock (In thousand shares)	601	565
	Increased number of stock acquisition rights (In thousand shares)	601	565

(Business Combinations and Other Matters)

Business combination by acquisition

The Company acquired 100% of the outstanding shares of Privilege Underwriters, Inc. ("Pure"), providing insurance products and services specialized in the U.S. High Net Worth insurance market through the Company's wholly owned subsidiary, HCC Insurance Holdings, Inc. ("HCC").

1. Outline of the business combination

1. Name of the acquiree Privilege Underwriters, Inc.
2. Business
   Holding company of a management company, an insurance company, etc.
3. Objective of the business combination
   The acquisition will allow Tokio Marine Group to enhance capital efficiency and realize sustainable profit growth by further expansion of our international business in both scale and profit as well as further diversification of our business portfolio, following the acquisition of the stable fee-based business with low capital intensity and with limited overlap and high degree of complementarity with our existing U.S. business.
4. Date of the business combination February 7, 2020
5. Form of the business combination
   Share purchase of which the consideration is cash
6. Company name after the business combination Privilege Underwriters, Inc.
7. Voting rights acquired through the business combination 100%
8. Primary reasons for determination of controlling company
   HCC is the controlling company, as HCC acquired 100% of voting rights of Pure.

1. Period for which the acquiree's operating results are included in the consolidated statement of income of the Company
   As the Company uses the acquiree's financial statements as of the date of the business combination for consolidation purposes, the acquiree's operating results are not included in the consolidated statement of income for the fiscal year 2019.

14

Tokio Marine Holdings, Inc.

3.	Acquisition cost and breakdown by class of consideration
	Consideration for Pure's shares acquired Cash	341,041 million yen
	Acquisition cost		341,041 million yen
4.	Description and amount of major acquisition-related cost
	Advisory fee and others	2,310 million yen

1. Amount, reason for recognition, period and method of amortization of goodwill

1. Amount of goodwill
   163,910 million yen
2. Reason for recognition of goodwill
   The acquisition cost of the acquiree, which was calculated by taking into account projections of the acquiree's future revenue as of the valuation date, exceeded the net amount of assets acquired and liabilities assumed, and the difference is recognized as goodwill.
3. Period and method of amortization of goodwill 15 years using thestraight-line method

1. Amount of assets acquired and liabilities assumed on the date of the business combination and its main components

Total assets:	372,980 million yen
Investment securities	53,300 million yen
Intangible fixed assets	244,249 million yen
Total liabilities:	158,805 million yen
Insurance liabilities	45,980 million yen
Deferred tax liabilities	66,409 million yen

7. Amounts allocated to intangible fixed assets other than goodwill, breakdown by component and weighted average amortization period by component

Total amount allocated to intangible fixed assets other than goodwill:	242,639 million yen
Policyholder Relationships	111,751 million yen (15 years)
Broker Relationships	96,412 million yen	(15 years)

1. Allocation of acquisition cost
   The Company provisionally accounted for the business combination based on relevant information available as of March 31, 2020, because the purchase price allocation has not been completed within a short period from the date of the business combination.
2. Approximate impact on the consolidated statement of income and its calculation methods, assuming that the business combination took place on the first day of the fiscal year 2019

Ordinary income	58,750 million yen
Ordinary profit	(31,772) million yen
Net income attributable to owners of the parent	(22,966) million yen
(Calculation methods for approximate impact)

These amounts of approximate impact represent the difference between the hypothetical amounts of Ordinary income, Ordinary profit and Net income attributable to owners of the parent calculated assuming that the business combination was completed at the beginning of the fiscal year 2019, and their corresponding amounts on consolidated statement of income of the Company for the fiscal year 2019. The amortized amount of intangible fixed assets (incl. goodwill) is included in the calculation by assuming that the entire intangible fixed assets arising from the business combination was recognized at the beginning of the fiscal year 2019.

These amounts of the approximate impact and its calculation methods have been unaudited.

(Subsequent events) Not applicable.

15

Tokio Marine Holdings, Inc.

4. Others

(1) Summary of Consolidated Business Results

				(Yen in millions)
	Fiscal year 2018	Fiscal year 2019	Increase
	( April 1, 2018 to	( April 1, 2019 to	Rate of change
	(Decrease)
	March 31, 2019 )	March 31, 2020 )
Ordinary income and expenses				%
Underwriting income	4,769,640	4,701,979	(67,661)	(1.4)
Net premiums written	3,587,400	3,598,396	10,995	0.3
Deposit premiums from policyholders	80,592	77,041	(3,551)	(4.4)
Life insurance premiums	1,053,520	981,900	(71,619)	(6.8)
Underwriting expenses	4,079,779	4,096,249	16,470	0.4
Net claims paid	2,109,949	2,057,707	(52,242)	(2.5)
Loss adjustment expenses	141,980	145,299	3,318	2.3
Agency commissions and brokerage	707,591	694,708	(12,883)	(1.8)
Maturity refunds to policyholders	164,761	158,337	(6,424)	(3.9)
Life insurance claims	492,276	412,721	(79,555)	(16.2)
Provision for outstanding claims	170,883	128,992	(41,890)	(24.5)
Provision for underwriting reserves	287,010	489,344	202,334	70.5
Investment income	589,247	642,214	52,967	9.0
Interest and dividends	492,962	513,041	20,079	4.1
Gains on money trusts	101	-	(101)	(100.0)
Gains on trading securities	6,708	18,016	11,308	168.6
Gains on sales of securities	121,973	142,625	20,651	16.9
Investment expenses	90,259	82,938	(7,321)	(8.1)
Losses on money trusts	1,540	50	(1,489)	(96.7)
Losses on sales of securities	18,967	12,723	(6,243)	(32.9)
Impairment losses on securities	9,835	26,577	16,741	170.2
Losses on derivatives	29,648	12,809	(16,839)	(56.8)
Investment losses on separate accounts	3,530	8,449	4,918	139.3
Operating and general administrative expenses	861,365	892,776	31,410	3.6
Other ordinary income and expenses	88,846	91,716	2,869	3.2
Equity in earnings (losses) of affiliates	(3,310)	(4,445)	(1,134)	-
Ordinary profit	416,330	363,945	(52,384)	(12.6)
Extraordinary gains and losses
Extraordinary gains	5,011	9,695	4,683	93.5
Extraordinary losses	35,607	19,513	(16,094)	(45.2)
Extraordinary gains (losses)	(30,596)	(9,818)	20,778	-
Income before income taxes and	385,733	354,127	(31,606)	(8.2)
non-controlling interests
Income taxes - current	119,450	118,662	(788)	(0.7)
Income taxes - deferred	(9,437)	(26,372)	(16,935)	-
Total income taxes	110,013	92,289	(17,723)	(16.1)
Net income	275,720	261,838	(13,882)	(5.0)
Net income attributable to non-controlling interests	1,140	2,074	933	81.8
Net income attributable to owners of the parent	274,579	259,763	(14,815)	(5.4)

16

					Tokio Marine Holdings, Inc.
(2) Premiums written and claims paid by lines of business
Direct premiums written including deposit premiums from policyholders
						(Yen in millions)
		Fiscal year 2018			Fiscal year 2019
	( April 1, 2018 to March 31, 2019 )	( April 1, 2019 to March 31, 2020 )
	Amount	Composition	Rate of change	Amount	Composition	Rate of change
	ratio	ratio
		%	%		%	%
Fire and allied lines	647,080	16.5	4.0	714,550	17.6	10.4
Hull and cargo	119,864	3.1	(2.4)	133,597	3.3	11.5
Personal accident	291,138	7.4	(4.6)	296,102	7.3	1.7
Voluntary automobile	1,414,645	36.1	0.2	1,450,761	35.6	2.6
Compulsory automobile liability	283,097	7.2	0.4	281,885	6.9	(0.4)
Others	1,161,482	29.7	5.0	1,194,195	29.3	2.8
Total	3,917,308	100.0	1.7	4,071,093	100.0	3.9
Deposit premiums from policyholders	80,592	2.1	(14.0)	77,041	1.9	(4.4)

(Note) Direct premiums written including deposit premiums from policyholders = Gross premiums written - Surrender benefits of direct policies - Other refunds of direct policies (including deposit premiums from policyholders)

Net premiums written

						(Yen in millions)
		Fiscal year 2018			Fiscal year 2019
	( April 1, 2018 to March 31, 2019 )	( April 1, 2019 to March 31, 2020 )
	Amount	Composition	Rate of change	Amount	Composition	Rate of change
	ratio	ratio
		%	%		%	%
Fire and allied lines	535,865	14.9	1.8	543,683	15.1	1.5
Hull and cargo	104,376	2.9	(2.1)	108,732	3.0	4.2
Personal accident	213,219	5.9	(0.3)	214,643	6.0	0.7
Voluntary automobile	1,437,427	40.1	(1.4)	1,450,451	40.3	0.9
Compulsory automobile liability	288,152	8.0	(4.3)	294,319	8.2	2.1
Others	1,008,359	28.1	5.1	986,565	27.4	(2.2)
Total	3,587,400	100.0	0.6	3,598,396	100.0	0.3

Net claims paid

						(Yen in millions)
		Fiscal year 2018			Fiscal year 2019
	( April 1, 2018 to March 31, 2019 )	( April 1, 2019 to March 31, 2020 )
	Amount	Composition	Rate of change	Amount	Composition	Rate of change
	ratio	ratio
		%	%		%	%
Fire and allied lines	470,973	22.3	52.5	386,383	18.8	(18.0)
Hull and cargo	61,229	2.9	3.0	67,606	3.3	10.4
Personal accident	101,079	4.8	(1.9)	103,924	5.1	2.8
Voluntary automobile	817,731	38.8	3.9	810,774	39.4	(0.9)
Compulsory automobile liability	215,209	10.2	(2.0)	203,048	9.9	(5.7)
Others	443,727	21.0	1.0	485,970	23.6	9.5
Total	2,109,949	100.0	10.1	2,057,707	100.0	(2.5)

17

								Tokio Marine Holdings, Inc.
(3) Securities
1. Trading securities										(Yen in millions)
				As of March 31, 2019		As of March 31, 2020
Unrealized gains (losses) included in income						51,208			31,176
2. Bonds held to maturity
										(Yen in millions)
		As of March 31, 2019			As of March 31, 2020
		Carrying amount				Unrealized	Carrying amount			Unrealized
		shown on		Fair value		shown on	Fair value
				gains (losses)		gains (losses)
		balance sheet				balance sheet
Those with fair value	Domestic debt securities	4,092,382		5,013,944		921,561	4,377,309	5,291,043		913,733
exceeding the	Foreign securities	20,973		21,496		522	41,434	45,557		4,123
carrying amount	Subtotal	4,113,356		5,035,440		922,083	4,418,744	5,336,600		917,856
Those with fair value	Domestic debt securities	541,476		508,118		(33,357)	673,813	648,663		(25,149)
not exceeding the	Foreign securities	19,236		18,882		(353)	223	223		-
carrying amount	Subtotal	560,712		527,000		(33,711)	674,036	648,886		(25,149)
Total		4,674,069		5,562,441		888,372	5,092,780	5,985,487		892,707
3. Bonds earmarked for underwriting reserves
										(Yen in millions)
		As of March 31, 2019			As of March 31, 2020
		Carrying amount				Unrealized	Carrying amount			Unrealized
		shown on		Fair value		shown on	Fair value
				gains (losses)		gains (losses)
		balance sheet				balance sheet
Those with fair value	Domestic debt securities	363,588		383,613		20,025	637,716	669,633		31,916
exceeding the	Foreign securities	8,595		8,768		173	-	-		-
carrying amount	Subtotal	372,183		392,382		20,198	637,716	669,633		31,916
Those with fair value	Domestic debt securities	-		-		-	1,222,098	1,201,058		(21,040)
not exceeding the	Foreign securities	4,846		4,768		(78)	-	-		-
carrying amount	Subtotal	4,846		4,768		(78)	1,222,098	1,201,058		(21,040)
Total		377,030		397,151		20,120	1,859,815	1,870,691		10,876
4. Available-for-sale securities
										(Yen in millions)
		As of March 31, 2019			As of March 31, 2020
		Fair value			Unrealized	Fair value			Unrealized
		shown on	Cost	shown on	Cost
		gains (losses)		gains (losses)
		balance sheet			balance sheet
	Domestic debt securities	3,763,498		3,302,105		461,392	3,186,381	2,769,396	416,984
Those with fair value	Domestic equity securities	2,344,866		554,813		1,790,052	1,881,839	459,550	1,422,288
Foreign securities	2,889,655		2,747,548		142,107	3,111,673	2,860,620	251,052
exceeding the cost
Others (Note 2)	322,892		296,171		26,720	570,597	530,410	40,186
	Subtotal	9,320,912		6,900,639		2,420,273	8,750,490	6,619,978	2,130,512
	Domestic debt securities	124,160		125,274		(1,114)	465,720	469,360	(3,639)
Those with fair value	Domestic equity securities	38,299		43,694		(5,394)	74,568	82,976	(8,408)
Foreign securities	1,436,148		1,485,964		(49,816)	1,395,451	1,475,784	(80,332)
not exceeding the cost
Others (Note 3)	1,169,115		1,202,673		(33,558)	818,409	833,475	(15,066)
	Subtotal	2,767,724		2,857,607		(89,883)	2,754,149	2,861,596	(107,447)
Total		12,088,637		9,758,246		2,330,390	11,504,640	9,481,575	2,023,065

(Note) 1. Available-for-sale securities whose fair value cannot be measured reliably are not included in the table above.

1. "Others" includes items as follows:
2. • Foreign mortgage securities, etc. which are presented as Monetary receivables bought on the consolidated balance sheet As of March 31, 2019: fair value 310,370 million yen, cost 285,081 million yen, unrealized gains 25,289 million yen As of March 31, 2020: fair value 560,000 million yen, cost 521,958 million yen, unrealized gains 38,041 million yen
3. "Others" includes items as follows:
   -Negotiable certificates of deposit which are presented as Cash and bank deposits on the consolidated balance sheet As of March 31, 2019: fair value 5,424 million yen, cost 5,424 million yen
4. • 
     As of March 31, 2020: fair value 9,353 million yen, cost 9,353 million yen
   • Foreign mortgage securities, etc. which are presented as Monetary receivables bought on the consolidated balance sheet As of March 31, 2019: fair value 1,157,090 million yen, cost 1,190,231 million yen, unrealized losses (33,141) million yen As of March 31, 2020: fair value 802,259 million yen, cost 816,814 million yen, unrealized losses (14,554) million yen

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Tokio Marine Holdings, Inc.

1. Bonds held to maturity that were sold None.
2. Bonds earmarked for underwriting reserves that were sold

						(Yen in millions)
		Fiscal year 2018			Fiscal year 2019
	(April 1, 2018 to March 31, 2019)	(April 1, 2019 to March 31, 2020)
	Sale proceeds	Gains on sale	Losses on sale	Sale proceeds	Gains on sale	Losses on sale
Domestic debt securities	2,279	103	-	1,659	108	-
Foreign securities	1,116	144	0	1,205	117	4
Total	3,395	247	0	2,865	226	4

7. Available-for-sale securities that were sold

						(Yen in millions)
		Fiscal year 2018			Fiscal year 2019
	(April 1, 2018 to March 31, 2019)	(April 1, 2019 to March 31, 2020)
	Sale proceeds	Gains on sale	Losses on sale	Sale proceeds	Gains on sale	Losses on sale
Domestic debt securities	276,180	2,526	1,214	1,011,952	21,003	1,750
Domestic equity securities	108,453	82,662	250	112,648	78,225	404
Foreign securities	1,042,227	35,438	17,502	819,478	43,169	10,564
Others	195,974	5,956	2,384	275,917	4,980	2,597
Total	1,622,835	126,584	21,351	2,219,997	147,379	15,315

(Note) "Others" includes items as follows:

-Negotiable certificates of deposit which are presented as Cash and bank deposits on the consolidated balance sheet Fiscal year 2018: proceeds 3,809 million yen

Fiscal year 2019: proceeds 34 million yen

-Foreign mortgage securities, etc. which are presented as Monetary receivables bought on the consolidated balance sheet Fiscal year 2018: proceeds 190,113 million yen, gains 4,858 million yen, losses 2,384 million yen

Fiscal year 2019: proceeds 275,883 million yen, gains 4,980 million yen, losses 2,597 million yen

8. Securities on which impairment losses were recognized Impairment losses were recognized as follows: -Available-for-sale securities with fair value

Fiscal year 2018: 11,018 million yen (Domestic equity securities 4,322 million yen, Foreign securities 5,294 million yen, Others 1,401 million yen)

Fiscal year 2019: 30,060 million yen (Domestic equity securities 21,460 million yen, Foreign securities 5,053 million yen, Others 3,546 million yen)

-Available-for-sale securities whose fair value cannot be measured reliably

Fiscal year 2018: 218 million yen (Domestic equity securities 108 million yen, Foreign securities 110 million yen)

Fiscal year 2019: 63 million yen (Domestic equity securities 63 million yen)

In principle, impairment loss on a security with fair value is recognized when the fair value is below its cost by 30％or more.

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