(－) Operating and general administrative expenses on
5,056
3,987
(1,069)
underwriting
(－) Provision for (reversal of) outstanding claims
755
(1,060)
(1,816)
(－) Provision for (reversal of) underwriting reserves
(336)
969
1,305
Underwriting profit (loss)
21
3,827
3,806
(＋) Interest and dividends
1
1
(0)
Investment and
(＋) Gains (losses) on sales of securities
-
-
-
(－) Impairment losses on securities
-
-
-
other
(＋) Gains (losses) on derivatives
-
-
-
Net investment income (loss) and other
(5)
(9)
(3)
Ordinary profit (loss)
15
3,818
3,803
(＋) Extraordinary gains
4
-
(4)
(－) Extraordinary losses
7
0
(6)
Net income (loss)
6
3,321
3,315
Loss ratio (W/P basis)
62.9 %
51.9 %
(10.9)
Fire and allied lines
-
-
-
Voluntary automobile
62.8
51.7
(11.1)
Expense ratio (W/P basis)
34.3
25.4
(9.0)
Combined ratio (W/P basis)
97.2
77.3
(19.9)
Loss ratio (private sector, E/I basis)
67.9 %
46.2 %
(21.8)
Fire and allied lines
-
-
-
Voluntary automobile
67.9
46.2
(21.8)
Expense ratio (private sector)
34.8
25.7
(9.1)
Combined ratio (private sector)
102.7
71.9
(30.9)
Net incurred losses related to natural catastrophe
210
61
(148)
Fire and allied lines
-
-
-
Voluntary automobile
210
61
(148)
Increase (decrease) in catastrophe loss reserve
(449)
521
971
Fire and allied lines
-
-
-
Voluntary automobile
(449)
521
971
Balance of catastrophe loss reserve
510
1,525
1,014
Reservation ratio of catastrophe loss reserve
1.7 %
4.7 %
3.0
4
3. Key figures of the domestic life insurance business
Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated)
(Yen in millions)
Six months ended
Six months ended
Increase
Rate of change
September 30, 2019
September 30, 2020
(Decrease)
Annualized premiums
Policies in force
844,978
826,430
(18,547)
(2.2)%
Individual insurance
700,751
688,215
(12,536)
(1.8)
Medical coverage, accelerated death benefits, etc.
197,748
208,735
10,986
5.6
Medical and cancer
168,772
178,502
9,730
5.8
Individual annuities
144,226
138,214
(6,011)
(4.2)
New policies
18,414
18,402
(12)
(0.1)
Individual insurance
18,414
18,402
(12)
(0.1)
Medical coverage, accelerated death benefits, etc.
10,954
9,830
(1,124)
(10.3)
Medical and cancer
9,056
8,614
(441)
(4.9)
Individual annuities
-
-
-
-
Net income (loss)
13,254
22,382
9,128
68.9
5
4. Business forecasts for the fiscal year 2020 (April 1, 2020 to March 31, 2021)
(1) Tokio Marine Holdings, Inc. (consolidated)
(Yen in millions)
Actual results for
Forecasts for the fiscal year 2020
Increase
(A) Previous
(B) Revised
(Decrease)
Rate of change
the fiscal year 2019
forecasts
forecasts
(B)-(A)
Insurance premiums
4,580,296
4,470,000
4,470,000
-
- %
Ordinary profit
363,945
265,000
310,000
45,000
17.0
Net income attributable to owners of the parent
259,763
175,000
200,000
25,000
14.3
(2) Insurance premiums
(Yen in millions)
Actual results for
Forecasts for the fiscal year 2020
Increase
(A) Previous
(B) Revised
(Decrease)
Rate of change
the fiscal year 2019
forecasts
forecasts
(B)-(A)
Insurance premiums
4,580,296
4,470,000
4,470,000
-
- %
Net premiums written (non-life)
3,598,396
3,560,000
3,550,000
(10,000)
(0.3)
Tokio Marine & Nichido
2,247,508
2,201,000
2,205,000
4,000
0.2
Nisshin Fire
148,850
148,700
146,800
(1,900)
(1.3)
Overseas subsidiaries
1,170,646
1,182,000
1,162,000
(20,000)
(1.7)
Others
31,390
28,300
36,200
7,900
27.9
Life
insurance premiums
981,900
910,000
920,000
10,000
1.1
Tokio Marine & Nichido Life
627,209
561,000
562,000
1,000
0.2
Overseas subsidiaries
354,956
349,000
357,000
8,000
2.3
(3) Net income attributable to owners of the parent
(Yen in millions)
Actual results for
Forecasts for the fiscal year 2020
Increase
(A) Previous
(B) Revised
(Decrease)
Rate of change
the fiscal year 2019
forecasts
forecasts
(B)-(A)
Net income attributable to owners of the parent
259,763
175,000
200,000
25,000
14.3 %
Tokio Marine & Nichido
169,966
159,000
155,000
(4,000)
(2.5)
Nisshin Fire
3,757
13,200
16,000
2,800
21.2
Tokio Marine & Nichido Life
34,259
41,000
47,000
6,000
14.6
Overseas subsidiaries
176,883
93,000
105,000
12,000
12.9
Financial and other business subsidiaries
3,175
4,400
5,200
800
18.2
Consolidation adjustment, etc.
(128,278)
(135,600)
(128,200)
7,400
-
(Key assumptions for business forecasts)
-Net incurred losses related to natural catastrophe that occur during the period are projected to be 80.0 billion yen for Tokio Marine & Nichido Fire Insurance Co., Ltd. and 6.5 billion yen for Nisshin Fire & Marine Insurance Co., Ltd.
-The Company assumes there will be no significant changes in interest rates, exchange rates and stock market conditions from those as of September 30, 2020.
The above forecasts are prepared based on business results for previous years, information available to the Company as of the release date of this document and certain assumptions. Actual results may significantly differ depending on various factors.
One-time dividend for the capital level adjustment(*)
35.00
35.00
-
(*)The Company resolved the one-time dividends aiming to implement flexible financial policies.
For the six months ended September 30, 2020, the Company resolved additional shareholder return of around 50.0 billion yen, which consists of one-time dividend for the capital level adjustment (total amount of 24.4 billion yen) and share repurchases (up to 25.6 billion yen).
6
Tokio Marine & Nichido (non-consolidated)
Financial statements
1. Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated)
(1) Balance sheet
(Yen in millions)
As of March 31, 2020
As of September 30, 2020
Increase
(Decrease)
Amount
Composition
Amount
Composition
ratio
ratio
Assets
%
%
Cash and bank deposits
329,921
3.59
345,201
3.66
15,279
Receivables under resale agreements
999
0.01
15,999
0.17
14,999
Monetary receivables bought
139,299
1.52
267,209
2.84
127,909
Money trusts
2,103
0.02
2,305
0.02
201
Securities
7,511,266
81.71
7,708,808
81.81
197,541
Loans
196,746
2.14
194,224
2.06
(2,522)
Tangible fixed assets
216,642
2.36
213,555
2.27
(3,086)
Intangible fixed assets
523
0.01
27,741
0.29
27,218
Other assets
790,596
8.60
644,254
6.84
(146,342)
Other assets
790,596
644,254
(146,342)
Prepaid pension costs
5,828
0.06
5,320
0.06
(508)
Customers' liabilities under acceptances and guarantees
2,114
0.02
1,997
0.02
(117)
Allowance for doubtful accounts
(3,350)
(0.04)
(3,373)
(0.04)
(22)
Total assets
9,192,693
100.00
9,423,244
100.00
230,551
Liabilities
Insurance liabilities
5,292,251
57.57
5,450,453
57.84
158,201
Outstanding claims
983,759
1,048,148
64,389
Underwriting reserves
4,308,492
4,402,305
93,812
Corporate bonds
210,100
2.29
200,000
2.12
(10,100)
Other liabilities
778,132
8.46
688,571
7.31
(89,561)
Income taxes payable
19,995
52,322
32,327
Lease obligations
3,647
3,323
(323)
Asset retirement obligations
3,426
3,449
22
Other liabilities
751,063
629,475
(121,588)
Provision for retirement benefits
211,402
2.30
212,753
2.26
1,350
Provision for employees' bonus
16,850
0.18
20,206
0.21
3,355
Reserves under special laws
102,874
1.12
105,917
1.12
3,042
Reserve for price fluctuation
102,874
105,917
3,042
Deferred tax liabilities
6,403
0.07
21,994
0.23
15,591
Acceptances and guarantees
2,114
0.02
1,997
0.02
(117)
Total liabilities
6,620,130
72.02
6,701,893
71.12
81,763
Net assets
Share capital
101,994
1.11
101,994
1.08
-
Capital surplus
135,434
1.47
135,434
1.44
-
Additional paid-in capital
123,521
123,521
-
Other capital surplus
11,913
11,913
-
Retained earnings
1,199,151
13.04
1,208,675
12.83
9,524
Surplus reserve
81,099
81,099
-
Other retained earnings
1,118,051
1,127,576
9,524
Reserve for special depreciation
5
5
-
Reserve for advanced depreciation of fixed assets
23,230
23,230
-
Special reserves
235,426
235,426
-
Retained earnings carried forward
859,390
868,914
9,524
Total shareholders' equity
1,436,580
15.63
1,446,104
15.35
9,524
Unrealized gains (losses) on available-for-sale securities
1,143,824
12.44
1,277,195
13.55
133,370
Deferred gains (losses) on hedge transactions
(7,842)
(0.09)
(1,949)
(0.02)
5,892
Total valuation and translation adjustments
1,135,982
12.36
1,275,245
13.53
139,263
Total net assets
2,572,562
27.98
2,721,350
28.88
148,788
Total liabilities and net assets
9,192,693
100.00
9,423,244
100.00
230,551
7
Tokio Marine & Nichido (non-consolidated)
(2) Statement of income
(Yen in millions)
Six months ended
Six months ended
Increase
September 30, 2019
September 30, 2020
( April 1, 2019 to
( April 1, 2020 to
(Decrease)
September 30, 2019 )
September 30, 2020 )
Ordinary income
1,327,413
1,316,094
(11,319)
Underwriting income
1,205,037
1,188,061
(16,976)
Net premiums written
1,145,438
1,127,489
(17,948)
Deposit premiums from policyholders
39,808
42,304
2,496
Investment income on deposit premiums
19,704
18,199
(1,504)
Investment income
116,768
122,380
5,611
Interest and dividends
77,515
81,255
3,740
Gains on money trusts
31
201
170
Gains on trading securities
-
26
26
Gains on sales of securities
58,646
58,631
(15)
Transfer of investment income on deposit premiums
(19,704)
(18,199)
1,504
Other ordinary income
5,607
5,652
44
Ordinary expenses
1,281,937
1,222,159
(59,777)
Underwriting expenses
1,109,608
1,063,435
(46,172)
Net claims paid
588,107
565,637
(22,470)
Loss adjustment expenses
56,109
55,774
(335)
Agency commissions and brokerage
208,856
215,471
6,615
Maturity refunds to policyholders
63,703
67,474
3,771
Provision for outstanding claims
93,275
64,449
(28,826)
Provision for underwriting reserves
97,687
93,812
(3,875)
Investment expenses
14,412
10,223
(4,188)
Losses on sales of securities
694
1,775
1,080
Impairment losses on securities
2,544
2,949
405
Operating and general administrative expenses
153,464
145,513
(7,950)
Other ordinary expenses
4,452
2,986
(1,466)
Interest expenses
4,205
2,799
(1,405)
Ordinary profit (loss)
45,476
93,934
48,458
Extraordinary gains
3,548
22
(3,525)
Gains on disposal of fixed assets
68
9
(58)
Gains on liquidation of subsidiaries and affiliates
-
13
13
Gains on sales of shares of subsidiaries and affiliates
3,479
-
(3,479)
Extraordinary losses
3,252
14,316
11,063
Losses on disposal of fixed assets
450
418
(31)
Impairment losses on fixed assets
18
-
(18)
Provision for reserves under special laws
2,783
3,042
259
Provision for reserve for price fluctuation
2,783
3,042
259
Impairment losses on shares of subsidiaries and affiliates
-
10,262
10,262
Losses on sales of shares of subsidiaries and affiliates
-
592
592
Income (loss) before income taxes
45,772
79,641
33,869
Income taxes - current
34,815
53,661
18,845
Income taxes - deferred
(30,590)
(36,993)
(6,402)
Total income taxes
4,224
16,667
12,443
Net income (loss)
41,547
62,973
21,426
8
Tokio Marine & Nichido
(non-consolidated)
(3) Underwriting
Direct premiums written excluding deposit premiums from policyholders
(Yen in millions)
Six months ended September 30, 2019
Six months ended September 30, 2020
( April 1, 2019 to September 30, 2019 )
( April 1, 2020 to September 30, 2020 )
Amount
Composition ratio
Rate of change
Amount
Composition ratio
Rate of change
%
%
%
%
Fire and allied lines
206,119
16.4
24.2
211,622
17.2
2.7
Hull and cargo
34,837
2.8
4.4
32,782
2.7
(5.9)
Personal accident
104,092
8.3
1.8
92,587
7.5
(11.1)
Voluntary automobile
537,614
42.9
0.9
548,747
44.7
2.1
Compulsory automobile liability
136,875
10.9
6.4
108,325
8.8
(20.9)
Others
233,818
18.7
1.7
234,297
19.1
0.2
Total
1,253,357
100.0
5.0
1,228,363
100.0
(2.0)
Deposit premiums from policyholders
39,808
-
(12.2)
42,304
-
6.3
Net premiums written
(Yen in millions)
Six months ended September 30, 2019
Six months ended September 30, 2020
( April 1, 2019 to September 30, 2019 )
( April 1, 2020 to September 30, 2020 )
Amount
Composition ratio
Rate of change
Amount
Composition ratio
Rate of change
%
%
%
%
Fire and allied lines
164,407
14.4
21.1
164,391
14.6
(0.0)
Hull and cargo
33,331
2.9
2.7
31,831
2.8
(4.5)
Personal accident
101,872
8.9
2.3
91,459
8.1
(10.2)
Voluntary automobile
536,382
46.8
0.9
546,848
48.5
2.0
Compulsory automobile liability
143,102
12.5
6.2
123,087
10.9
(14.0)
Others
166,341
14.5
3.8
169,871
15.1
2.1
Total
1,145,438
100.0
4.7
1,127,489
100.0
(1.6)
Net claims paid
(Yen in millions)
Six months ended September 30, 2019
Six months ended September 30, 2020
( April 1, 2019 to September 30, 2019 )
( April 1, 2020 to September 30, 2020 )
Amount
Rate of change
Loss ratio
Amount
Rate of change
Loss ratio
%
%
%
%
Fire and allied lines
78,253
(26.2)
50.1
96,353
23.1
60.8
Hull and cargo
18,928
9.4
60.0
18,883
(0.2)
62.4
Personal accident
42,665
7.7
46.5
39,524
(7.4)
48.2
Voluntary automobile
284,279
(2.2)
59.1
255,132
(10.3)
52.9
Compulsory automobile liability
94,933
(6.3)
72.6
81,062
(14.6)
72.5
Others
69,046
(0.5)
44.4
74,680
8.2
46.6
Total
588,107
(5.8)
56.2
565,637
(3.8)
55.1
(Note) Loss ratio is calculated on W/P basis.
9
Tokio Marine & Nichido (non-consolidated)
(4) Investment
Interest and dividends
(Yen in millions)
Six months ended
Six months ended
September 30, 2019
September 30, 2020
Increase
( April 1, 2019 to
( April 1, 2020 to
(Decrease)
September 30, 2019 )
September 30, 2020 )
Bank deposits
100
73
(27)
Receivables under resale agreements
0
1
1
Monetary receivables bought
59
110
50
Securities
71,834
75,362
3,527
Domestic debt securities
10,281
8,662
(1,618)
Domestic equity securities
37,176
30,928
(6,248)
Foreign securities
22,215
35,533
13,317
Others
2,160
237
(1,922)
Loans
695
1,098
402
Land and buildings
4,412
4,287
(124)
Others
413
322
(91)
Total
77,515
81,255
3,740
Gains (losses) on sales of securities, impairment losses on securities
(Yen in millions)
Six months ended
Six months ended
September 30, 2019
September 30, 2020
Increase
( April 1, 2019 to
( April 1, 2020 to
(Decrease)
September 30, 2019 )
September 30, 2020 )
Gains (losses)
Impairment losses
Gains (losses)
Impairment losses
Gains (losses)
Impairment losses
on sales
on securities
on sales
on securities
on sales
on securities
Domestic debt securities
2,999
-
(647)
-
(3,647)
-
Domestic equity securities
54,544
2,233
56,590
1,160
2,046
(1,072)
Foreign securities
408
310
913
1,788
505
1,478
Total
57,952
2,544
56,856
2,949
(1,095)
405
Available-for-sale securities
(Yen in millions)
As of March 31, 2020
As of September 30, 2020
Cost
Fair value shown
Unrealized
Cost
Fair value shown
Unrealized
on balance sheet
gains (losses)
on balance sheet
gains (losses)
Domestic debt securities
1,859,691
1,973,965
114,274
1,898,362
2,001,310
102,948
Domestic equity securities
451,839
1,921,435
1,469,596
436,323
2,050,525
1,614,202
Foreign securities
736,674
721,089
(15,585)
720,676
752,079
31,402
Others
158,589
159,032
443
288,019
288,793
774
Total
3,206,794
4,775,523
1,568,728
3,343,381
5,092,709
1,749,328
(Note) The table shows Available-for-sale securities with fair value, which includes Monetary receivables bought, etc. on the balance sheet.
10
Nisshin Fire (non-consolidated)
2. Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated)
(1) Balance sheet
(Yen in millions)
As of March 31, 2020
As of September 30, 2020
Increase
(Decrease)
Amount
Composition
Amount
Composition
ratio
ratio
Assets
%
%
Cash and bank deposits
49,049
12.85
79,484
20.20
30,434
Securities
248,914
65.20
231,503
58.83
(17,410)
Loans
179
0.05
171
0.04
(7)
Tangible fixed assets
29,041
7.61
28,356
7.21
(684)
Intangible fixed assets
91
0.02
783
0.20
691
Other assets
35,585
9.32
32,560
8.27
(3,024)
Other assets
35,585
32,560
(3,024)
Prepaid pension costs
1,601
0.42
1,601
0.41
(0)
Deferred tax assets
17,584
4.61
19,334
4.91
1,749
Allowance for doubtful accounts
(289)
(0.08)
(289)
(0.07)
(0)
Total assets
381,758
100.00
393,506
100.00
11,748
Liabilities
Insurance liabilities
284,589
74.55
292,116
74.23
7,526
Outstanding claims
46,048
50,841
4,793
Underwriting reserves
238,541
241,274
2,732
Other liabilities
16,764
4.39
15,537
3.95
(1,226)
Income taxes payable
2,195
3,840
1,644
Asset retirement obligations
10
11
0
Other liabilities
14,557
11,686
(2,871)
Provision for retirement benefits
3,782
0.99
4,113
1.05
331
Provision for employees' bonus
526
0.14
555
0.14
28
Reserves under special laws
1,732
0.45
1,834
0.47
102
Reserve for price fluctuation
1,732
1,834
102
Total liabilities
307,396
80.52
314,158
79.84
6,761
Net assets
Share capital
20,389
5.34
20,389
5.18
-
Capital surplus
15,518
4.07
15,518
3.94
-
Additional paid-in capital
12,620
12,620
-
Other capital surplus
2,898
2,898
-
Retained earnings
16,091
4.21
19,441
4.94
3,350
Surplus reserve
7,769
7,769
-
Other retained earnings
8,321
11,671
3,350
Reserve for advanced depreciation of fixed assets
1,670
1,670
-
Retained earnings carried forward
6,651
10,001
3,350
Total shareholders' equity
51,999
13.62
55,349
14.07
3,350
Unrealized gains (losses) on available-for-sale securities
22,362
5.86
23,998
6.10
1,635
Total valuation and translation adjustments
22,362
5.86
23,998
6.10
1,635
Total net assets
74,362
19.48
79,348
20.16
4,986
Total liabilities and net assets
381,758
100.00
393,506
100.00
11,748
11
Nisshin Fire (non-consolidated)
(2) Statement of income
(Yen in millions)
Six months ended
Six months ended
Increase
September 30, 2019
September 30, 2020
( April 1, 2019 to
( April 1, 2020 to
(Decrease)
September 30, 2019 )
September 30, 2020 )
Ordinary income
80,139
80,070
(68)
Underwriting income
78,363
75,950
(2,413)
Net premiums written
76,717
74,401
(2,315)
Deposit premiums from policyholders
777
744
(33)
Investment income on deposit premiums
865
798
(67)
Investment income
1,716
4,071
2,354
Interest and dividends
2,298
2,143
(154)
Gains on sales of securities
189
2,661
2,472
Transfer of investment income on deposit premiums
(865)
(798)
67
Other ordinary income
59
49
(9)
Ordinary expenses
84,029
74,863
(9,165)
Underwriting expenses
71,154
63,226
(7,928)
Net claims paid
36,101
35,419
(681)
Loss adjustment expenses
4,948
4,768
(179)
Agency commissions and brokerage
13,482
13,574
92
Maturity refunds to policyholders
1,900
1,852
(47)
Provision for outstanding claims
8,793
4,793
(3,999)
Provision for underwriting reserves
5,813
2,732
(3,080)
Investment expenses
861
347
(513)
Losses on sales of securities
2
0
(2)
Impairment losses on securities
388
99
(288)
Losses on derivatives
466
223
(243)
Operating and general administrative expenses
11,884
11,216
(667)
Other ordinary expenses
129
73
(55)
Ordinary profit (loss)
(3,890)
5,207
9,097
Extraordinary gains
469
1
(467)
Gains on disposal of fixed assets
0
1
0
Reversal of reserves under special laws
468
-
(468)
Reversal of reserve for price fluctuation
468
-
(468)
Extraordinary losses
2
564
562
Losses on disposal of fixed assets
2
5
2
Impairment losses on fixed assets
-
457
457
Provision for reserves under special laws
-
102
102
Provision for reserve for price fluctuation
-
102
102
Income (loss) before income taxes
(3,423)
4,644
8,067
Income taxes - current
1,436
3,575
2,138
Income taxes - deferred
(2,313)
(2,281)
32
Total income taxes
(876)
1,293
2,170
Net income (loss)
(2,546)
3,350
5,897
12
Nisshin Fire (non-consolidated)
(3) Underwriting
Direct premiums written excluding deposit premiums from policyholders
(Yen in millions)
Six months ended September 30, 2019
Six months ended September 30, 2020
( April 1, 2019 to September 30, 2019 )
( April 1, 2020 to September 30, 2020 )
Amount
Composition ratio
Rate of change
Amount
Composition ratio
Rate of change
%
%
%
%
Fire and allied lines
18,064
22.0
18.0
16,473
20.6
(8.8)
Hull and cargo
-
-
-
-
-
-
Personal accident
3,762
4.6
(4.3)
3,203
4.0
(14.9)
Voluntary automobile
43,111
52.4
0.7
44,254
55.4
2.7
Compulsory automobile liability
9,185
11.2
0.1
7,115
8.9
(22.5)
Others
8,128
9.9
12.3
8,789
11.0
8.1
Total
82,251
100.0
4.8
79,836
100.0
(2.9)
Deposit premiums from policyholders
777
-
(14.3)
744
-
(4.2)
Net premiums written
(Yen in millions)
Six months ended September 30, 2019
Six months ended September 30, 2020
( April 1, 2019 to September 30, 2019 )
( April 1, 2020 to September 30, 2020 )
Amount
Composition ratio
Rate of change
Amount
Composition ratio
Rate of change
%
%
%
%
Fire and allied lines
13,085
17.1
19.1
11,133
15.0
(14.9)
Hull and cargo
0
0.0
(68.6)
0
0.0
(92.7)
Personal accident
3,731
4.9
(4.3)
3,174
4.3
(14.9)
Voluntary automobile
43,001
56.1
0.6
44,102
59.3
2.6
Compulsory automobile liability
8,955
11.7
2.3
7,460
10.0
(16.7)
Others
7,943
10.4
12.3
8,530
11.5
7.4
Total
76,717
100.0
4.5
74,401
100.0
(3.0)
Net claims paid
(Yen in millions)
Six months ended September 30, 2019
Six months ended September 30, 2020
( April 1, 2019 to September 30, 2019 )
( April 1, 2020 to September 30, 2020 )
Amount
Rate of change
Loss ratio
Amount
Rate of change
Loss ratio
%
%
%
%
Fire and allied lines
5,131
(38.7)
41.3
6,571
28.1
61.6
Hull and cargo
1
(16.0)
926.6
0
(50.3)
10,403.1
Personal accident
1,604
(13.8)
48.4
1,365
(14.9)
48.9
Voluntary automobile
19,734
(4.7)
54.1
18,609
(5.7)
49.6
Compulsory automobile liability
6,181
(10.1)
75.7
5,077
(17.9)
76.1
Others
3,448
28.1
47.7
3,796
10.1
49.7
Total
36,101
(10.9)
53.5
35,419
(1.9)
54.0
(Note) Loss ratio is calculated on W/P basis.
13
Nisshin Fire (non-consolidated)
(4) Investment
Interest and dividends
(Yen in millions)
Six months ended
Six months ended
September 30, 2019
September 30, 2020
Increase
( April 1, 2019 to
( April 1, 2020 to
(Decrease)
September 30, 2019 )
September 30, 2020 )
Bank deposits
0
0
(0)
Securities
2,164
2,019
(144)
Domestic debt securities
1,086
1,011
(74)
Domestic equity securities
464
335
(129)
Foreign securities
613
672
59
Others
-
-
-
Loans
4
3
(0)
Land and buildings
129
121
(8)
Others
(0)
(0)
(0)
Total
2,298
2,143
(154)
Gains (losses) on sales of securities, impairment losses on securities
(Yen in millions)
Six months ended
Six months ended
September 30, 2019
September 30, 2020
Increase
( April 1, 2019 to
( April 1, 2020 to
(Decrease)
September 30, 2019 )
September 30, 2020 )
Gains (losses)
Impairment losses
Gains (losses)
Impairment losses
Gains (losses)
Impairment losses
on sales
on securities
on sales
on securities
on sales
on securities
Domestic debt securities
3
-
18
-
14
-
Domestic equity securities
183
388
2,462
99
2,279
(288)
Foreign securities
-
-
180
-
180
-
Others
-
-
-
-
-
-
Total
187
388
2,661
99
2,474
(288)
Available-for-sale securities
(Yen in millions)
As of March 31, 2020
As of September 30, 2020
Cost
Fair value shown
Unrealized
Cost
Fair value shown
Unrealized
on balance sheet
gains (losses)
on balance sheet
gains (losses)
Domestic debt securities
150,264
166,691
16,426
133,369
148,707
15,337
Domestic equity securities
19,073
34,487
15,413
17,707
32,686
14,978
Foreign securities
45,686
43,581
(2,105)
45,090
46,026
935
Others
-
-
-
-
-
-
Total
215,025
244,760
29,735
196,167
227,419
31,252
(Note) The table shows Available-for-sale securities with fair value, which includes Bank deposits on the balance sheet.
4. Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated)
(1) Balance sheet
(Yen in millions)
As of March 31, 2020
As of September 30, 2020
Increase
(Decrease)
Amount
Composition
Amount
Composition
ratio
ratio
Assets
%
%
Cash and bank deposits
119,013
1.29
94,943
1.00
(24,069)
Receivables under securities borrowing transactions
4,612
0.05
496
0.01
(4,116)
Securities
8,837,504
96.09
9,197,091
96.74
359,587
Domestic government bonds
7,823,712
8,065,037
241,325
Domestic municipal bonds
47,843
52,108
4,264
Domestic corporate bonds
414,668
481,139
66,470
Domestic equity securities
176
174
(1)
Foreign securities
449,600
475,362
25,761
Others
101,503
123,269
21,765
Loans
102,722
1.12
99,392
1.05
(3,329)
Policy loans
102,722
99,392
(3,329)
Tangible fixed assets
1,210
0.01
1,075
0.01
(135)
Intangible fixed assets
27
0.00
2,656
0.03
2,628
Agency accounts receivable
285
0.00
312
0.00
27
Reinsurance accounts receivable
1,329
0.01
1,046
0.01
(283)
Other assets
131,530
1.43
110,301
1.16
(21,228)
Other assets
131,530
110,301
(21,228)
Allowance for doubtful accounts
(762)
(0.01)
(643)
(0.01)
118
Total assets
9,197,474
100.00
9,506,672
100.00
309,197
Liabilities
Insurance liabilities
6,973,814
75.82
7,162,646
75.34
188,832
Outstanding claims
63,774
63,795
21
Underwriting reserves
6,831,767
7,025,627
193,859
Reserve for dividends to policyholders
78,272
73,223
(5,048)
Agency accounts payable
5,720
0.06
4,935
0.05
(785)
Reinsurance accounts payable
1,949
0.02
1,508
0.02
(441)
Other liabilities
1,788,891
19.45
1,898,259
19.97
109,368
Payables under securities lending transactions
1,620,178
1,744,144
123,966
Income taxes payable
9,054
6,246
(2,808)
Lease obligations
231
169
(61)
Other liabilities
159,426
147,698
(11,727)
Provision for retirement benefits
7,758
0.08
8,161
0.09
403
Reserves under special laws
13,464
0.15
15,250
0.16
1,786
Reserve for price fluctuation
13,464
15,250
1,786
Deferred tax liabilities
24,195
0.26
27,354
0.29
3,158
Total liabilities
8,815,794
95.85
9,118,117
95.91
302,322
Net assets
Share capital
55,000
0.60
55,000
0.58
-
Capital surplus
55,095
0.60
41,860
0.44
(13,235)
Additional paid-in capital
41,860
41,860
-
Other capital surplus
13,235
-
(13,235)
Retained earnings
66,909
0.73
84,128
0.88
17,218
Surplus reserve
13,140
13,140
-
Other retained earnings
53,769
70,988
17,218
Retained earnings carried forward
53,769
70,988
17,218
Total shareholders' equity
177,005
1.92
180,988
1.90
3,982
Unrealized gains (losses) on available-for-sale securities
192,200
2.09
194,602
2.05
2,401
Deferred gains (losses) on hedge transactions
12,474
0.14
12,964
0.14
490
Total valuation and translation adjustments
204,674
2.23
207,567
2.18
2,892
Total net assets
381,680
4.15
388,555
4.09
6,875
Total liabilities and net assets
9,197,474
100.00
9,506,672
100.00
309,197
17
Tokio Marine & Nichido Life (non-consolidated)
(2) Statement of income
(Yen in millions)
Six months ended
Six months ended
Increase
September 30, 2019
September 30, 2020
( April 1, 2019 to
( April 1, 2020 to
(Decrease)
September 30, 2019 )
September 30, 2020 )
Ordinary income
481,844
488,656
6,811
Insurance premiums and other
422,300
405,878
(16,422)
Insurance premiums
418,655
402,602
(16,052)
Investment income
57,872
80,395
22,522
Interest and dividends
50,537
54,421
3,884
Gains on sales of securities
3,949
458
(3,490)
Foreign exchange gains
-
611
611
Investment gains on separate accounts
3,261
24,755
21,493
Other ordinary income
1,670
2,381
710
Ordinary expenses
466,149
458,705
(7,443)
Insurance claims and other
197,289
201,560
4,271
Insurance claims
23,727
24,051
323
Annuity payments
30,879
29,181
(1,698)
Benefits
28,823
30,521
1,698
Surrender benefits
105,003
109,788
4,784
Other refunds
5,224
4,578
(646)
Provision for underwriting reserves and other
196,120
193,882
(2,237)
Provision for outstanding claims
3,735
21
(3,713)
Provision for underwriting reserves
192,384
193,859
1,475
Interest on reserve for dividends to policyholders
0
1
0
Investment expenses
9,323
4,019
(5,303)
Interest expenses
628
1,140
512
Losses on sales of securities
2
0
(1)
Losses on derivatives
3,574
2,877
(696)
Foreign exchange losses
5,118
-
(5,118)
Operating expenses
58,275
53,140
(5,135)
Other ordinary expenses
5,141
6,102
961
Ordinary profit (loss)
15,695
29,950
14,254
Extraordinary losses
1,463
1,789
325
Reversal of reserve for dividends to policyholders
4,435
3,436
(998)
Income (loss) before income taxes
18,667
31,598
12,930
Income taxes - current
5,324
7,181
1,856
Income taxes - deferred
88
2,033
1,945
Total income taxes
5,413
9,215
3,802
Net income (loss)
13,254
22,382
9,128
18
Breakdown of Ordinary profit (Core operating profit)
Tokio Marine & Nichido Life (non-consolidated)
(Yen in millions)
Six months ended
Six months ended
September 30, 2019
September 30, 2020
Increase
( April 1, 2019 to
( April 1, 2020 to
(Decrease)
September 30, 2019 )
September 30, 2020 )
Core operating profit
A
21,321
33,314
11,992
Capital gains
4,358
1,399
(2,958)
Gains on sales of securities
3,949
458
(3,490)
Foreign exchange gains
-
611
611
Other capital gains
408
329
(79)
Capital losses
9,731
4,150
(5,581)
Losses on sales of securities
2
0
(1)
Losses on derivatives
4,576
4,137
(439)
Foreign exchange losses
5,118
-
(5,118)
Other capital losses
34
12
(22)
Net capital gains (losses)
B
(5,373)
(2,750)
2,623
Core operating profit including net capital gains (losses)
A+B
15,948
30,563
14,615
Non-recurring gains
4
12
7
Decrease in specific allowance for doubtful accounts
4
12
7
Non-recurring losses
257
625
368
Provision for contingency reserves
257
625
368
Net non-recurring gains (losses)
C
(252)
(613)
(360)
Ordinary profit (loss)
A+B+C
15,695
29,950
14,254
19
Tokio Marine & Nichido Life (non-consolidated)
(3) Underwriting (life)
Amount of policies
Policies in force
(Number in thousands, yen in 100 millions)
As of March 31, 2020
As of September 30, 2020
Number of policies
Amount
Number of policies
Amount
% to
% to
% to
% to
March 31, 2019
March 31, 2019
March 31, 2020
March 31, 2020
Individual insurance
5,459
102.6
293,343
99.2
5,512
101.0
291,105
99.2
Individual annuities
512
96.1
21,468
94.0
503
98.3
20,989
97.8
Group insurance
-
-
21,950
96.9
-
-
21,337
97.2
Group annuities
-
-
31
98.6
-
-
31
98.5
New policies
(Number in thousands, yen in 100 millions)
Six months ended September 30, 2019
Six months ended September 30, 2020
( April 1, 2019 to September 30, 2019 )
( April 1, 2020 to September 30, 2020 )
Number of policies
Amount
Number of policies
Amount
% to
% to
% to
% to
September 30,
September 30,
September 30,
September 30,
2018
2018
2019
2019
Individual insurance
189
89.0
9,998
55.4
164
86.9
8,102
81.0
Individual annuities
-
-
-
-
-
-
-
-
Group insurance
-
-
113
257.7
-
-
72
63.6
Group annuities
-
-
-
-
-
-
-
-
Annualized premiums
Policies in force
(Yen in 100 millions)
As of March 31, 2020
As of September 30, 2020
% to March 31, 2019
% to March 31, 2020
Individual insurance
6,955
98.1
6,882
98.9
Individual annuities
1,416
95.2
1,382
97.5
Total
8,372
97.6
8,264
98.7
Medical coverage, accelerated
2,037
106.3
2,087
102.4
death benefits, etc.
Medical and cancer
1,737
106.2
1,785
102.7
New policies
(Yen in 100 millions)
Six months ended September 30, 2019
Six months ended September 30, 2020
( April 1, 2019 to September 30, 2019 )
( April 1, 2020 to September 30, 2020 )
% to September 30, 2018
% to September 30, 2019
Individual insurance
184
46.8
184
99.9
Individual annuities
-
-
-
-
Total
184
46.8
184
99.9
Medical coverage, accelerated
109
98.6
98
89.7
death benefits, etc.
Medical and cancer
90
97.5
86
95.1
20
Tokio Marine & Nichido Life (non-consolidated)
(4) Investment (General account)
Interest and dividends
(Yen in millions)
Six months ended
Six months ended
September 30, 2019
September 30, 2020
Increase
( April 1, 2019 to
( April 1, 2020 to
(Decrease)
September 30, 2019 )
September 30, 2020 )
Bank deposits
0
0
(0)
Call loans
-
-
-
Receivables under resale agreements
-
-
-
Receivables under securities borrowing
0
0
(0)
transactions
Monetary receivables bought
4
-
(4)
Securities
49,099
53,161
4,062
Domestic debt securities
43,231
47,805
4,573
Domestic equity securities
7
9
2
Foreign securities
5,860
5,346
(513)
Others
-
-
-
Loans
1,432
1,259
(172)
Land and buildings
-
-
-
Total
50,537
54,421
3,884
Gains (losses) on sales of securities, impairment losses on securities
(Yen in millions)
Six months ended
Six months ended
September 30, 2019
September 30, 2020
Increase
( April 1, 2019 to
( April 1, 2020 to
(Decrease)
September 30, 2019 )
September 30, 2020 )
Gains (losses)
Impairment
Gains (losses)
Impairment
Gains (losses)
Impairment
losses
losses
losses
on sales
on sales
on sales
on securities
on securities
on securities
Domestic debt securities
39
-
12
-
(27)
-
Domestic equity securities
-
-
-
-
-
-
Foreign securities
3,907
-
445
-
(3,461)
-
Others
-
-
-
-
-
-
Total
3,947
-
458
-
(3,489)
-
Fair value information on securities (Securities with fair value other than trading securities)
(Yen in millions)
As of March 31, 2020
As of September 30, 2020
Carrying
Fair value
Unrealized gains
Carrying
Fair value
Unrealized gains
amount
(losses)
amount
(losses)
Bonds held to maturity
4,928,251
5,801,992
873,740
4,957,537
5,686,497
728,959
Bonds earmarked for underwriting
1,859,815
1,870,691
10,876
2,174,640
2,100,373
(74,266)
reserves
Available-for-sale securities
1,556,095
1,816,532
260,437
1,550,877
1,807,067
256,189
Domestic debt securities
1,227,855
1,510,473
282,618
1,224,397
1,478,422
254,025
Domestic equity securities
31
70
39
31
69
37
Foreign securities
328,208
305,988
(22,219)
326,448
328,574
2,126
Total
Others
-
-
-
-
-
-
8,344,162
9,489,216
1,145,054
8,683,055
9,593,938
910,882
Domestic debt securities
8,003,606
9,169,384
1,165,778
8,344,259
9,251,631
907,371
Domestic equity securities
31
70
39
31
69
37
Foreign securities
340,524
319,761
(20,762)
338,764
342,238
3,473
Others
-
-
-
-
-
-
(Reference) Maturity schedule of securities
(Yen in millions)
As of September 30, 2020
Within
Over 10 years
1-3 years
3-5 years
5-7 years
7-10 years
(Including no
Total
1 year
fixed maturity)
Domestic government bonds
19,412
13,559
10,396
341,797
434,691
7,245,180
8,065,037
Domestic municipal bonds
-
-
-
-
-
52,108
52,108
Domestic corporate bonds
7,079
-
-
-
-
474,059
481,139
Domestic equity securities
―
―
―
―
―
174
174
Foreign securities
3,219
4,303
2,226
502
5,565
447,594
463,412
Others
-
-
-
-
-
-
-
Total
29,712
17,863
12,622
342,300
440,256
8,219,117
9,061,872
21
Glossary of terminology
【2. Key figures of the domestic non-life insurance business】
Underwriting profit (loss)
Underwriting profit (loss) = Underwriting income - (Underwriting expenses + Operating and general administrative expenses on underwriting) ± other miscellaneous income and expenses (*)
* Mainly consist of income taxes related to compulsory automobile liability insurance.
Net investment income (loss) and other
Net investment income (loss) and other = (Investment income - Investment expenses) + (Other ordinary income - Other ordinary expenses) - Operating and general administrative expenses other than underwriting
Loss ratio (W/P basis)
Loss ratio (W/P basis) = (Net claims paid + Loss adjustment expenses) / Net premiums written × 100
Expense ratio (W/P basis)
Expense ratio (W/P basis) = (Agency commissions and brokerage + Operating and general administrative expenses on underwriting) / Net premiums written × 100
Combined ratio (W/P basis)
Combined ratio (W/P basis) = Loss ratio (W/P basis) + Expense ratio (W/P basis)
Loss ratio (private sector (*1), E/I basis)
Loss ratio (private sector, E/I basis) = (Net claims paid + Outstanding claims as of the end of current period - Outstanding claims as of the end of previous fiscal year + Loss adjustment expenses) / Earned premiums (*2) × 100 *1 Excluding earthquake insurance under the Law concerning Earthquake Insurance and compulsory automobile
liability insurance.
*2 Earned premiums = Net premiums written - Unearned premiums as of the end of current period (*3) + Unearned premiums as of the end of previous fiscal year (*3)
*3 Unearned premiums are premiums corresponding to the remaining duration of insurance policies at the end of the period.
Expense ratio (private sector)
Expense ratio (private sector) = (Agency commissions and brokerage + Operating and general administrative expenses on underwriting) / Net premiums written × 100
Combined ratio (private sector)
Combined ratio (private sector) = Loss ratio (private sector, E/I basis) + Expense ratio (private sector)
22
Net incurred losses related to natural catastrophe (*1)
Sum of net claims paid and net outstanding claims (*2) related to natural catastrophe that occurred during the current period.
*1 Excluding the net incurred losses related to earthquake insurance under the Law concerning Earthquake Insurance. *2 Net of reinsurance recoverable.
Reservation ratio of catastrophe loss reserve
Reservation ratio of catastrophe loss reserve = Balance of catastrophe loss reserve / Net premiums written (*) × 100
* For the six months ended September 30, the amount of Net premiums written (excluding earthquake insurance under the Law concerning Earthquake Insurance and compulsory automobile liability insurance) is doubled in this calculation.
【3. Key figures of the domestic life insurance business】
Annualized premiums
Annualized premiums are amount of premiums per year calculated by dividing aggregate amount of premiums by the duration of insurance policies.
Medical coverage, accelerated death benefits, etc.
Medical coverage, accelerated death benefits, etc. includes coverage for medical expenses (e.g. hospitalization and operation), accelerated death benefits (e.g. specific diseases and nursing care) and exemption of obligation to pay insurance premiums excluding those caused by disability but including those caused by specific diseases, nursing care, etc.
【Underwriting (life)】
Amount of Policies in force
• Individual insurance and group insurance
Total amount of death benefits under policies in force at the end of the period.
Individual annuities
Individual annuities whose payments have not yet commenced: amount of funds for annuity payments that is expected to have accrued at the commencement of annuity payments.
Individual annuities whose payments have already commenced: amount of underwriting reserves.
Group annuities
Amount of underwriting reserves.
23
Amount of New policies
• Individual insurance and group insurance
Total amount of death benefits under new policies issued during the current period.
• Individual annuities
Amount of funds for annuity payments that is expected to have accrued at the commencement of annuity payments for new policies issued during the current period.
• Group annuities
First installment of premium payments.
24
Tokio Marine & Nichido (non-consolidated)
Supplementary information of business results for the six months ended September 30, 2020
1. Key figures
(Yen in 100 millions)
Six months ended
Fiscal year 2019 (B)
Six months ended
September 30, 2019 (A)
September 30, 2020 (C)
Increase (Decrease)
Increase (Decrease)
(C) - (B)
(C) - (A)
① Net premiums written
11,454
22,475
11,274
-
(179)
Rate of change
4.7%
3.7%
(1.6%)
(5.3%)
(6.2%)
② Total assets
94,673
91,926
94,232
2,305
(441)
③ Loss ratio
56.2%
65.2%
55.1%
(10.1%)
(1.1%)
④ Expense ratio
29.9%
30.8%
30.3%
(0.4%)
0.4%
⑤ Combined ratio
86.1%
96.0%
85.4%
(10.6%)
(0.7%)
Underwriting profit margin
13.9%
4.0%
14.6%
10.6%
0.7%
⑥ Voluntary automobile
・ Net premiums written
5,363
10,783
5,468
-
104
Rate of change
0.9%
1.2%
2.0%
0.7%
1.0%
・ Underwriting profit margin
11.1%
7.5%
18.0%
10.5%
6.9%
・ Loss ratio
59.1%
61.8%
52.9%
(8.9%)
(6.2%)
・ Expense ratio
29.8%
30.8%
29.2%
(1.6%)
(0.7%)
⑦ Fire and allied lines
・ Net premiums written
1,644
3,218
1,643
-
(0)
Rate of change
21.1%
14.2%
(0.0%)
(14.2%)
(21.1%)
・ Underwriting profit margin
13.1%
(22.7%)
1.5%
24.2%
(11.6%)
・ Loss ratio
50.1%
84.6%
60.8%
(23.8%)
10.7%
・ Expense ratio
36.9%
38.1%
37.7%
(0.4%)
0.8%
⑧ Number of employees
17,326
17,077
17,358
281
32
⑨ Number of agencies
49,053
48,339
47,716
(623)
(1,337)
(Note) 1. Loss ratio = (Net claims paid + Loss adjustment expenses) / Net premiums written × 100
Expense ratio = (Agency commissions and brokerage + Operating and general administrative expenses on underwriting) / Net premiums written × 100
Combined ratio = Loss ratio + Expense ratio
Underwriting profit margin = 1 - Combined ratio
Key figures from consolidated statement of income of Tokio Marine Holdings
(Yen in 100 millions)
Six months ended
Fiscal year 2019 (B)
Six months ended
September 30, 2019 (A)
September 30, 2020 (C)
Increase (Decrease)
Increase (Decrease)
(C) - (B)
(C) - (A)
① Ordinary income
27,430
54,654
27,437
-
6
② Net premiums written
18,073
35,983
18,095
-
22
Rate of change
(1.6%)
0.3%
0.1%
(0.2%)
1.7%
③ Life insurance premiums
4,849
9,819
4,694
-
(154)
Rate of change
(0.1%)
(6.8%)
(3.2%)
3.6%
(3.1%)
④ Ordinary profit
1,474
3,639
1,091
-
(383)
⑤ Net income attributable to
1,166
2,597
623
-
(542)
owners of the parent
25
Tokio Marine & Nichido
(non-consolidated)
2. Other information
① Impairment losses on securities
(Yen in 100 millions)
Six months ended
Fiscal year 2019
Six months ended
September 30, 2019
September 30, 2020
Domestic debt securities
-
-
-
Domestic equity securities
22
181
16
Foreign securities
3
124
115
Others
-
-
-
Total
25
306
132
･Rules for recognition of impairment
In principle, impairment loss on a security with fair value is recognized when the fair value is below its cost by 30% or more.
② Impairment losses on fixed assets
(Yen in 100 millions)
Six months ended
Fiscal year 2019
Six months ended
September 30, 2019
September 30, 2020
Land
0
3
-
Buildings
0
4
-
Others
-
-
-
Total
0
8
-
Unrealized gains (losses) on securities
(Yen in 100 millions)
As of September 30, 2019
As of March 31, 2020
As of September 30, 2020
Domestic debt securities
1,668
1,142
1,029
Domestic equity securities
17,475
14,695
16,142
Foreign securities
515
(155)
314
Others
7
4
7
Total
19,666
15,687
17,493
26
Tokio Marine & Nichido (non-consolidated)
Losses related to natural catastrophe
(Yen in 100 millions)
Six months ended
Fiscal year 2019
Six months ended
September 30, 2019
September 30, 2020
Direct claims paid
64
2,014
191
Net claims paid
63
1,387
191
Net outstanding claims (*)
759
237
478
(Note) Figures above represent losses caused by natural catastrophe that occurred during the period, excluding losses related to earthquake insurance under the Law concerning Earthquake Insurance.
* Net of reinsurance recoverable .
Catastrophe loss reserve
(Yen in 100 millions)
As of September 30, 2019
As of March 31, 2020
As of September 30, 2020
Balance
Reservation
Provision
Balance
Reservation
Provision
Balance
Reservation
Provision
ratio
ratio
ratio
Fire and allied lines
2,493
76.0%
100
1,977
61.6%
666
2,134
65.0%
156
Hull and cargo
1,283
192.5%
18
1,221
187.1%
16
1,229
193.2%
8
Personal accident
1,350
66.3%
32
1,278
71.4%
56
1,307
71.5%
29
Voluntary automobile
1,752
16.3%
172
1,466
13.6%
346
1,642
15.0%
175
Others
3,132
94.1%
91
3,061
93.9%
89
3,106
91.4%
44
Total
10,011
50.0%
413
9,006
45.7%
1,174
9,420
46.9%
414
(Note) 1. Reservation ratio = Balance of catastrophe loss reserve / Net premiums written (*) × 100
For the six months ended September 30, the amount of Net premiums written (excluding earthquake insurance under the Law concerning Earthquake Insurance and compulsory automobile liability insurance) is doubled in this calculation.
2.The figures in Provision are gross amounts before deducting reversals.
⑥ Reinsurance assumed
(Yen in 100 millions)
Six months ended September 30, 2019
Six months ended September 30, 2020
Reinsurance premiums
Reinsurance claims
Reinsurance premiums
Reinsurance claims
assumed
assumed
assumed
assumed
Fire and allied lines
343
235
405
153
Hull and cargo
145
71
178
93
Personal accident
1
0
2
-
Voluntary automobile
5
5
5
14
Compulsory automobile liability
1,051
949
867
810
Others
155
75
184
98
Total
1,702
1,336
1,645
1,171
⑦ Reinsurance ceded
(Yen in 100 millions)
Six months ended September 30, 2019
Six months ended September 30, 2020
Reinsurance premiums
Reinsurance claims
Reinsurance premiums
Reinsurance claims
ceded
recovered
ceded
recovered
Fire and allied lines
760
535
878
516
Hull and cargo
160
106
188
76
Personal accident
23
7
13
5
Voluntary automobile
18
42
24
43
Compulsory automobile liability
988
924
720
833
Others
830
297
829
341
Total
2,781
1,914
2,654
1,819
27
Nisshin Fire (non-consolidated)
Supplementary information of business results for the six months ended September 30, 2020
1. Key figures
(Yen in 100 millions)
Six months ended
Fiscal year 2019 (B)
Six months ended
Increase (Decrease)
Increase (Decrease)
September 30, 2019 (A)
September 30, 2020 (C)
(C) - (B)
(C) - (A)
① Net premiums written
767
1,488
744
-
(23)
Rate of change
4.5%
3.5%
(3.0%)
(6.5%)
(7.5%)
② Total assets
3,984
3,817
3,935
117
(49)
③ Loss ratio
53.5%
64.8%
54.0%
(10.8%)
0.5%
④ Expense ratio
32.8%
33.4%
33.2%
(0.2%)
0.3%
⑤ Combined ratio
86.4%
98.2%
87.2%
(11.0%)
0.8%
Underwriting profit margin
13.6%
1.8%
12.8%
11.0%
(0.8%)
⑥ Voluntary automobile
・ Net premiums written
430
861
441
-
11
Rate of change
0.6%
1.2%
2.6%
1.4%
1.9%
・ Underwriting profit margin
14.3%
10.3%
20.1%
9.8%
5.8%
・ Loss ratio
54.1%
57.9%
49.6%
(8.3%)
(4.5%)
・ Expense ratio
31.6%
31.8%
30.3%
(1.5%)
(1.2%)
⑦ Fire and allied lines
・ Net premiums written
130
240
111
-
(19)
Rate of change
19.1%
14.1%
(14.9%)
(29.1%)
(34.0%)
・ Underwriting profit margin
22.0%
(27.9%)
(1.7%)
26.3%
(23.6%)
・ Loss ratio
41.3%
89.1%
61.6%
(27.5%)
20.3%
・ Expense ratio
36.7%
38.8%
40.1%
1.3%
3.4%
⑧ Number of employees
2,229
2,215
2,168
(47)
(61)
⑨ Number of agencies
12,801
12,339
12,026
(313)
(775)
(Note) 1. Loss ratio = (Net claims paid + Loss adjustment expenses) / Net premiums written × 100
Expense ratio = (Agency commissions and brokerage + Operating and general administrative expenses on underwriting) / Net premiums written × 100
Combined ratio = Loss ratio + Expense ratio
Underwriting profit margin = 1 - Combined ratio
28
Nisshin Fire
(non-consolidated)
2. Other information
① Impairment losses on securities
(Yen in 100 millions)
Six months ended
Fiscal year 2019
Six months ended
September 30, 2019
September 30, 2020
Domestic debt securities
-
-
-
Domestic equity securities
3
12
0
Foreign securities
-
-
-
Others
-
-
-
Total
3
12
0
･Rules for recognition of impairment
In principle, impairment loss on a security with fair value is recognized when the fair value is below its cost by 30% or more.
② Impairment losses on fixed assets
(Yen in 100 millions)
Six months ended
Fiscal year 2019
Six months ended
September 30, 2019
September 30, 2020
Land
-
-
2
Buildings
-
-
2
Others
-
-
-
Total
-
-
4
Unrealized gains (losses) on securities
(Yen in 100 millions)
As of September 30, 2019
As of March 31, 2020
As of September 30, 2020
Domestic debt securities
198
164
153
Domestic equity securities
226
154
149
Foreign securities
17
(21)
9
Others
-
-
-
Total
442
297
312
29
Nisshin Fire (non-consolidated)
④ Losses related to natural catastrophe
(Yen in 100 millions)
Six months ended
Fiscal year 2019
Six months ended
September 30, 2019
September 30, 2020
Direct claims paid
3
163
14
Net claims paid
3
119
13
Net outstanding claims (*)
67
2
41
(Note) Figures above represent losses caused by natural catastrophe that occurred during the period, excluding losses related to earthquake insurance under the Law concerning Earthquake Insurance.
* Net of reinsurance recoverable.
Catastrophe loss reserve
(Yen in 100 millions)
As of September 30, 2019
As of March 31, 2020
As of September 30, 2020
Balance
Reservation
Provision
Balance
Reservation
Provision
Balance
Reservation
Provision
ratio
ratio
ratio
Fire and allied lines
137
52.8%
7
102
42.9%
73
103
46.7%
9
Hull and cargo
24
541,701.4%
-
0
3.0%
0
0
2.2%
0
Personal accident
65
88.4%
1
66
102.5%
2
67
106.9%
1
Voluntary automobile
268
31.2%
13
281
32.7%
27
296
33.6%
14
Others
132
83.1%
4
119
79.2%
3
121
71.1%
2
Total
628
46.4%
27
571
43.4%
106
589
44.0%
26
(Note) 1. Reservation ratio = Balance of catastrophe loss reserve / Net premiums written (*) × 100
For the six months ended September 30, the amount of Net premiums written (excluding earthquake insurance under the Law concerning Earthquake Insurance and compulsory automobile liability insurance) is doubled in this calculation.
2. The figures in Provision are gross amounts before deducting reversals.
Tokio Marine Holdings Inc. published this content on 17 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2020 15:00:08 UTC
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