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MS&AD INSURANCE GROUP HOLDINGS, INC.

(8725)
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MS& Insurance : Explanatory Material for Business Results for the Year Ended March 31, 2021

05/20/2021 | 01:32am EDT

[Attachment]

Explanatory Material for Business Results for the Year Ended March 31, 2021

May 20, 2021

MS&AD Insurance Group Holdings, Inc.

This document has been translated from the Japanese original solely for reference purposes, and the Japanese original shall prevail if any discrepancy is identified.

Contents

1.

Summary of Consolidated Business Results ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

Page

1

(1)

Consolidated Business Results

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

1

(2)

Business Results of Domestic Non-Life Insurance Subsidiaries (Simple Sum of Two Main

Consolidated Subsidiaries) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

2

(3)

Business Results of Domestic Life Insurance Subsidiaries ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

3

(4)

Business Results of Overseas Insurance Subsidiaries ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

4

2.

Non-Consolidated Business Results of Mitsui Sumitomo Insurance Co., Ltd. ・・・・・・・・・・・

5

3.

Non-Consolidated Business Results of Aioi Nissay Dowa Insurance Co., Ltd. ・・・・・・・・・・・

10

4.

Earnings Forecasts

(1)

Consolidated Business Results

・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・

15

(2)

Domestic Non-Life Insurance Subsidiaries (Two Main Consolidated Subsidiaries) ・・・・・・・・・・・・・・

16

[Supplementary Information]

1.

Supplementary Information on Consolidated Business Results ・・・・・・・・・・・・・・・・・・・・・・・

17

  1. Consolidated Business Results
  2. Premiums Written and Net Claims Paid by Line of Insurance
  3. Investments in Securities

2.

Summary of Business Results of Main Consolidated Subsidiaries ・・・・・・・・・・・・・・・・・・・・

20

(1)

Mitsui Sumitomo Insurance Co., Ltd. (Non-consolidated)

(2)

Aioi Nissay Dowa Insurance Co., Ltd. (Non-consolidated)

(3)

Mitsui Direct General Insurance Co., Ltd. (Non-consolidated)

(4)

Mitsui Sumitomo Aioi Life Insurance Co., Ltd. (Non-consolidated)

(5)

Mitsui Sumitomo Primary Life Insurance Co., Ltd. (Non-consolidated)

3.

Supplementary Information on Business Results

for the Year Ended March 31, 2021 for Press Conference ・・・・・・・・・・・・・・・・・・・・・・・・・・

40

  1. Mitsui Sumitomo Insurance Co., Ltd. (Non-consolidated)
  2. Aioi Nissay Dowa Insurance Co., Ltd. (Non-consolidated)

1. Summary of Consolidated Business Results

(1) Consolidated Business Results

(Yen in 100 millions)

Items

Year ended

Year ended

Change

Change ratio

March 31, 2020

March 31, 2021

%

Net premiums written (non-life insurance)

1

35,737

35,009

(727)

(2.0)

Mitsui Sumitomo Insurance

2

15,479

15,595

116

0.8

Aioi Nissay Dowa Insurance

3

12,767

12,814

46

0.4

Simple sum

4

28,247

28,409

162

0.6

Mitsui Direct General Insurance

5

363

364

1

0.3

Overseas insurance subsidiaries

6

7,119

6,235

(883)

(12.4)

Insurance premiums (domestic life insurance)

7

13,934

12,973

(960)

(6.9)

Mitsui Sumitomo Aioi Life Insurance

8

5,212

5,119

(93)

(1.8)

Mitsui Sumitomo Primary Life Insurance

9

8,721

7,854

(867)

(9.9)

Ordinary profit

10

1,577

3,065

1,488

94.4

Net income attributable to owners of the parent

11

1,430

1,443

13

1.0

Mitsui Sumitomo Insurance

12

940

922

(18)

(2.0)

Aioi Nissay Dowa Insurance

13

447

216

(231)

(51.7)

Simple sum

14

1,388

1,138

(250)

(18.0)

Mitsui Direct General Insurance

15

1

8

7

514.4

Mitsui Sumitomo Aioi Life Insurance

16

75

119

44

58.8

Mitsui Sumitomo Primary Life Insurance

17

203

431

228

112.3

Overseas insurance subsidiaries

18

361

(31)

(393)

(108.8)

Others, consolidation adjustments, etc.

19

(599)

(221)

377

-

One-time amortization of goodwill related to an affiliate

20

(366)

-

366

-

Provision/reversal of reserve for losses on sales of shares

21

(169)

81

250

-

of subsidiaries and associates

(Note) Items 12 to 18 represent the net income or loss on a non-consolidated basis after taking into account the Company's ownership interests in

its subsidiaries.

(Supplement 1) Incurred Losses Caused by the Spread of COVID-19

(Yen in 100 millions)

Items

Year ended

March 31, 2021

Total

22

658

Mitsui Sumitomo Insurance

23

52

Aioi Nissay Dowa Insurance

24

167

Overseas insurance subsidiaries

25

438

(Note) The amounts include incurred losses of profit insurance (fire and allied insurance), guarantee and credit insurance, and event cancellation insurance, etc.

(Supplement 2) Incurred Losses Caused by Natural Disasters in Japan, Excluding Residential Earthquake Insurance, of Two Main Consolidated Domestic Non-Life Insurance Subsidiaries

(Yen in 100 millions)

Items

Year ended

Year ended

Change

March 31, 2020

March 31, 2021

Total

26

1,305

711

(593)

Mitsui Sumitomo Insurance

27

711

427

(283)

Aioi Nissay Dowa Insurance

28

594

283

(310)

(Supplement 3) Incurred Losses Caused by Overseas Natural Disasters

(Yen in 100 millions)

Items

Year ended

Year ended

Change

March 31, 2020

March 31, 2021

Total

29

197

537

340

Aioi Nissay Dowa Insurance

30

84

165

80

Overseas insurance subsidiaries (MS Amlin)

31

112

230

118

Other subsidiaries

32

-

21

21

Consolidation adjustments

33

-

120

120

(Notes) 1. The scope of aggregation for overseas natural disasters is determined on the basis of internal management.

2. Consolidation adjustments are the amounts of additional entries related to North American winter storm in February 2021 which occurred at overseas insurance subsidiaries (fiscal year end: December 31) in the first quarter of 2021.

1

(2) Business Results of Domestic Non-Life Insurance Subsidiaries (Simple Sum of Two Main Consolidated Subsidiaries)

The figures in the tables below are presented as simple sum of Mitsui Sumitomo Insurance Co., Ltd. and Aioi Nissay Dowa Insurance Co., Ltd.

(Yen in 100 millions)

Items

Year ended

Year ended

Change

Change ratio

March 31, 2020

March 31, 2021

%

(+)

Net premiums written

1

28,247

28,409

162

0.6

(-)

Net claims paid

2

16,133

15,153

(979)

(6.1)

(-)

Loss adjustment expenses

3

1,573

1,682

108

6.9

(-)

Commissions and collection expenses

4

5,301

5,531

230

4.4

(-)

Operating expenses and general and

5

4,056

4,050

(6)

(0.2)

administrative expenses for underwriting

Underwriting profit before

6

1,182

1,991

809

68.5

movements in reserves

(-)

Movement in outstanding claims

7

(224)

569

793

-

(-)

Movement in ordinary underwriting reserves

8

1,068

833

(235)

(22.0)

(+)

Other

9

80

178

98

123.1

Underwriting profit before

10

418

767

349

83.5

movement in catastrophe reserve

(-)

Movement in catastrophe reserve

11

333

653

319

95.9

Underwriting profit

12

84

114

29

34.8

(+)

Interest and dividends income

13

1,613

1,537

(75)

(4.7)

(-)

Transfer of investment income on deposit

14

452

417

(34)

(7.6)

premiums from policyholders

Net interest and dividends income

15

1,160

1,119

(41)

(3.5)

(item 13 - item 14)

(+)

Gains/(losses) on sales of securities

16

859

672

(187)

(21.8)

(-)

Impairment losses on securities

17

319

18

(300)

(94.2)

(+)

Other

18

(208)

(111)

97

-

Investment profit

19

1,492

1,662

169

11.4

(+)

Other ordinary profit/(loss)

20

(99)

(135)

(35)

-

Ordinary profit

21

1,477

1,640

163

11.1

(+)

Extraordinary income/(losses):

22

(1,463)

(70)

1,393

-

Gains/(losses) on reserve for price fluctuation

23

402

(59)

(462)

(114.7)

Losses on valuation of shares of subsidiaries

24

(1,863)

-

1,863

-

and associates

Income before income taxes

25

13

1,570

1,557

11,397.0

(-)

Income taxes

26

(1,374)

432

1,807

-

Net income

27

1,388

1,138

(250)

(18.0)

Net loss ratio

Note 1

28

62.7

%

59.3

%

(3.4) %

Ratios

Net expense ratio

Note 2

29

33.1

%

33.7

%

0.6

%

Combined ratio

Note 3

30

95.8

%

93.0

%

(2.8) %

Incurred losses (including loss adjustment expenses) Note 4, 5

31

14,991

15,091

99

0.7

EI loss ratio

Note 4, 6

32

61.7

%

60.5

%

(1.2) %

(Notes) 1. Net loss ratio = (net claims paid + loss adjustment expenses) / net premiums written x 100

  1. Net expense ratio = (commissions and collection expenses + operating expenses and general and administrative expenses for underwriting) / net premiums written x 100
  2. Combined ratio = net loss ratio + net expense ratio
  3. The calculation is exclusive of residential earthquake insurance and CALI*.
    * CALI stands for compulsory automobile liability insurance, and the same hereinafter.
  4. Incurred losses (including loss adjustment expenses) = net claims paid + loss adjustment expenses + movement in outstanding claims
  5. EI loss ratio = incurred losses (including loss adjustment expenses) / earned premiums x 100
    Earned premiums are calculated based on unearned premiums (excluding underwriting reserves for natural disasters), premium reserve, etc.

2

  1. Business Results of Domestic Life Insurance Subsidiaries 1. Mitsui Sumitomo Aioi Life Insurance Co., Ltd.

(Yen in 100 millions)

Items

Year ended

Year ended

Change

Change ratio

March 31, 2020

March 31, 2021

Amount of new policies(Note)

1

20,684

17,690

(2,994)

(14.5)

%

Annualized premiums of

2

293

262

(31)

(10.6)

%

new policies

Amount of policies in force(Note)

3

244,580

242,669

(1,910)

(0.8)

%

Annualized premiums for

4

4,481

4,479

(1)

(0.0)

%

policies in force

Insurance premiums

5

5,212

5,119

(93)

(1.8)

%

Ordinary profit

6

186

256

69

37.3

%

Extraordinary income/(losses)

7

(9)

(14)

(4)

-

Net income

8

75

119

44

58.8

%

(Note) The figures represent the total sum of individual insurance and individual annuities.

2. Mitsui Sumitomo Primary Life Insurance Co., Ltd.

(Yen in 100 millions)

Items

Year ended

Year ended

Change

Change ratio

March 31, 2020

March 31, 2021

Amount of new policies(Note)

1

8,827

7,882

(944)

(10.7)

%

Amount of policies in force(Note)

2

65,140

65,958

818

1.3

%

Insurance premiums

3

8,721

7,854

(867)

(9.9)

%

Ordinary profit

4

314

1,600

1,286

408.9

%

Extraordinary income/(losses)

5

(35)

(1,005)

(970)

-

Net income

6

203

431

228

112.3

%

(Note) The figures represent the total sum of individual insurance and individual annuities.

3

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

MS&AD Insurance Group Holdings Inc. published this content on 20 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 May 2021 05:31:02 UTC.


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