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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Tokio Marine Holdings, Inc.    8766   JP3910660004

TOKIO MARINE HOLDINGS, INC.

(8766)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsAnalyst Recommendations

Tokio Marine : Information about major subsidiaries' business results July to September (2Q)

11/19/2020 | 10:01am EST

Information of major subsidiaries' business results for the six months ended September 30, 2020

November 19, 2020

TOKIO MARINE HOLDINGS, INC.

(Securities Code Number 8766)

Page

1. Key figures of consolidated results

(1)

Tokio Marine Holdings, Inc. (consolidated)

1

(2)

Insurance premiums

1

(3)

Net income attributable to owners of the parent

1

2. Key figures of the domestic non-life insurance business

(1)

Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated)

2

(2)

Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated)

3

(3)

E.design Insurance Co., Ltd. (non-consolidated)

4

3. Key figures of the domestic life insurance business

5

4. Business forecasts for the fiscal year 2020 (April 1, 2020 to March 31, 2021)

(1)

Tokio Marine Holdings, Inc. (consolidated)

6

(2)

Insurance premiums

6

(3)

Net income attributable to owners of the parent

6

5. Dividend forecast (Tokio Marine Holdings, Inc.)

6

Financial statements

1. Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated)

(1)

Balance sheet

7

(2)

Statement of income

8

(3)

Underwriting

9

Direct premiums written excluding deposit premiums from policyholders

Net premiums written

Net claims paid

(4)

Investment

10

Interest and dividends

Gains (losses) on sales of securities, impairment losses on securities

Available-for-sale securities

2. Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated)

(1)

Balance sheet

11

(2)

Statement of income

12

(3)

Underwriting

13

Direct premiums written excluding deposit premiums from policyholders

Net premiums written

Net claims paid

(4)

Investment

14

Interest and dividends

Gains (losses) on sales of securities, impairment losses on securities

Available-for-sale securities

3. E.design Insurance Co., Ltd. (non-consolidated)

(1)

Balance sheet

15

(2)

Statement of income

16

Page

4. Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated)

(1)

Balance sheet

17

(2)

Statement of income

18

Breakdown of Ordinary profit (Core operating profit)

(3)

Underwriting (life)

20

Amount of policies

Annualized premiums

(4)

Investment (General account)

21

Interest and dividends

Gains (losses) on sales of securities, impairment losses on securities

Fair value information on securities (Securities with fair value other than trading securities)

Glossary of terminology

22

Supplementary information of business results for the six months ended September 30, 2020

Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated)

25

Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated)

28

1. Key figures of consolidated results

(1) Tokio Marine Holdings, Inc. (consolidated)

(Yen in millions)

Six months ended

Six months ended

Increase

Rate of change

September 30, 2019

September 30, 2020

(Decrease)

Ordinary income

2,743,021

2,743,719

697

0.0 %

Ordinary profit

147,485

109,167

(38,318)

(26.0)

Net income attributable to owners of the parent

116,611

62,393

(54,218)

(46.5)

(2) Insurance premiums

(Yen in millions)

Six months ended

Six months ended

Increase

Rate of change

September 30, 2019

September 30, 2020

(Decrease)

Insurance premiums

2,292,308

2,279,041

(13,266)

(0.6)%

Net premiums written (non-life)

1,807,364

1,809,579

2,214

0.1

Tokio Marine & Nichido

1,145,438

1,127,489

(17,948)

(1.6)

Nisshin Fire

76,717

74,401

(2,315)

(3.0)

Overseas subsidiaries

570,077

591,471

21,394

3.8

Others

15,130

16,216

1,085

7.2

Life insurance premiums

484,944

469,462

(15,481)

(3.2)

Tokio Marine & Nichido Life

305,880

285,647

(20,233)

(6.6)

Overseas subsidiaries

179,130

184,005

4,875

2.7

(3) Net income attributable to owners of the parent

(Yen in millions)

Six months ended

Six months ended

Increase

Rate of change

September 30, 2019

September 30, 2020

(Decrease)

Net income attributable to owners of the parent

116,611

62,393

(54,218)

(46.5)%

Tokio Marine & Nichido

41,547

62,973

21,426

51.6

Nisshin Fire

(2,546)

3,350

5,897

-

Tokio Marine & Nichido Life

13,254

22,382

9,128

68.9

Overseas subsidiaries (*)

105,961

32,841

(73,119)

(69.0)

Financial and other business subsidiaries (*)

1,937

2,969

1,032

53.3

Consolidation adjustment, etc.

(43,542)

(62,124)

(18,582)

-

(*)Figures have been changed in this document to exclude purchase method adjustments for amortization of intangible fixed assets and others.

1

2. Key figures of the domestic non-life insurance business

(1) Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated)

(Yen in millions)

Six months ended

Six months ended

Increase

September 30, 2019

September 30, 2020

(Decrease)

Key components of ordinary profit

() Net premiums written

1,145,438

1,127,489

(17,948)

() 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

Underwriting

() Operating and general administrative expenses on

133,481

126,487

(6,994)

underwriting

() Provision for (reversal of) outstanding claims

93,275

64,449

(28,826)

() Provision for (reversal of) underwriting reserves

97,687

93,812

(3,875)

Underwriting profit (loss)

(40,509)

(4,893)

35,616

() Interest and dividends

77,515

81,255

3,740

Investment and

() Gains (losses) on sales of securities

57,952

56,856

(1,095)

() Impairment losses on securities

2,544

2,949

405

other

() Gains (losses) on derivatives

(7,857)

(5,424)

2,433

Net investment income (loss) and other

83,528

95,795

12,266

Ordinary profit (loss)

45,476

93,934

48,458

() Extraordinary gains

3,548

22

(3,525)

() Extraordinary losses

3,252

14,316

11,063

Net income (loss)

41,547

62,973

21,426

Loss ratio (W/P basis)

56.2 %

55.1 %

(1.1)

Fire and allied lines

50.1

60.8

10.7

Voluntary automobile

59.1

52.9

(6.2)

Expense ratio (W/P basis)

29.9

30.3

0.4

Combined ratio (W/P basis)

86.1

85.4

(0.7)

Loss ratio (private sector, E/I basis)

66.4 %

60.1 %

(6.2)

Fire and allied lines

98.7

94.6

(4.1)

Voluntary automobile

61.0

51.8

(9.1)

Expense ratio (private sector)

31.3

31.2

(0.1)

Combined ratio (private sector)

97.7

91.3

(6.4)

Net incurred losses related to natural catastrophe

82,281

66,935

(15,346)

Fire and allied lines

72,067

58,906

(13,161)

Voluntary automobile

6,873

5,027

(1,845)

Increase (decrease) in catastrophe loss reserve

34,441

41,399

6,957

Fire and allied lines

10,011

15,681

5,669

Voluntary automobile

10,482

17,560

7,077

Balance of catastrophe loss reserve

1,001,112

942,026

(59,085)

Reservation ratio of catastrophe loss reserve

50.0 %

46.9 %

(3.0)

2

(2) Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated)

(Yen in millions)

Six months ended

Six months ended

Increase

September 30, 2019

September 30, 2020

(Decrease)

Key components of ordinary profit

() Net premiums written

76,717

74,401

(2,315)

() 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

Underwriting

() Operating and general administrative expenses on

11,717

11,106

(611)

underwriting

() Provision for (reversal of) outstanding claims

8,793

4,793

(3,999)

() Provision for (reversal of) underwriting reserves

5,813

2,732

(3,080)

Underwriting profit (loss)

(3,889)

2,134

6,024

() Interest and dividends

2,298

2,143

(154)

Investment and

() Gains (losses) on sales of securities

187

2,661

2,474

() Impairment losses on securities

388

99

(288)

other

() Gains (losses) on derivatives

(466)

(223)

243

Net investment income (loss) and other

618

3,589

2,970

Ordinary profit (loss)

(3,890)

5,207

9,097

() Extraordinary gains

469

1

(467)

() Extraordinary losses

2

564

562

Net income (loss)

(2,546)

3,350

5,897

Loss ratio (W/P basis)

53.5 %

54.0 %

0.5

Fire and allied lines

41.3

61.6

20.3

Voluntary automobile

54.1

49.6

(4.5)

Expense ratio (W/P basis)

32.8

33.2

0.3

Combined ratio (W/P basis)

86.4

87.2

0.8

Loss ratio (private sector, E/I basis)

66.8 %

58.8 %

(8.0)

Fire and allied lines

109.7

98.3

(11.4)

Voluntary automobile

57.4

47.7

(9.7)

Expense ratio (private sector)

33.8

33.4

(0.3)

Combined ratio (private sector)

100.6

92.2

(8.3)

Net incurred losses related to natural catastrophe

7,137

5,520

(1,617)

Fire and allied lines

6,751

4,988

(1,763)

Voluntary automobile

247

307

60

Increase (decrease) in catastrophe loss reserve

2,702

1,770

(931)

Fire and allied lines

785

93

(691)

Voluntary automobile

1,379

1,414

35

Balance of catastrophe loss reserve

62,839

58,904

(3,935)

Reservation ratio of catastrophe loss reserve

46.4 %

44.0 %

(2.4)

3

(3) E.design Insurance Co., Ltd. (non-consolidated)

(Yen in millions)

Six months ended

Six months ended

Increase

September 30, 2019

September 30, 2020

(Decrease)

Key components of ordinary profit

() Net premiums written

15,360

16,399

1,039

() Net claims paid

8,605

7,534

(1,070)

() Loss adjustment expenses

1,050

979

(71)

() Agency commissions and brokerage

216

171

(44)

Underwriting

() 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.

5. Dividend forecast (Tokio Marine Holdings, Inc.)

(Yen)

Actual results for

Fiscal year 2020

the fiscal year 2019

Declared

Forecasted

dividend

dividend

Ordinary dividends per share

190.00

200.00

Interim dividends

95.00

100.00

Year-end dividends

95.00

100.00

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.

14

E.design (non-consolidated)

3. E.design 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

44,877

87.16

44,065

81.89

(812)

Tangible fixed assets

214

0.42

195

0.36

(18)

Intangible fixed assets

0

0.00

5,456

10.14

5,456

Other assets

6,395

12.42

4,095

7.61

(2,300)

Allowance for doubtful accounts

(0)

(0.00)

(0)

(0.00)

(0)

Total assets

51,487

100.00

53,812

100.00

2,325

Liabilities

Insurance liabilities

37,722

73.26

37,630

69.93

(91)

Outstanding claims

18,715

17,654

(1,060)

Underwriting reserves

19,007

19,976

969

Other liabilities

5,949

11.56

5,009

9.31

(940)

Income taxes payable

118

478

359

Suspense receipts

3,828

3,124

(704)

Lease obligations

76

71

(5)

Asset retirement obligations

62

62

0

Other liabilities

1,863

1,271

(591)

Provision for retirement benefits

268

0.52

295

0.55

27

Provision for employees' bonus

147

0.29

156

0.29

8

Deferred tax liabilities

1

0.00

1

0.00

(0)

Total liabilities

44,089

85.63

43,093

80.08

(996)

Net assets

Share capital

29,303

56.91

29,303

54.46

-

Capital surplus

29,303

56.91

29,303

54.46

-

Additional paid-in capital

29,303

29,303

-

Retained earnings

(51,209)

(99.46)

(47,888)

(88.99)

3,321

Other retained earnings

(51,209)

(47,888)

3,321

Retained earnings carried forward

(51,209)

(47,888)

3,321

Total shareholders' equity

7,397

14.37

10,719

19.92

3,321

Total net assets

7,397

14.37

10,719

19.92

3,321

Total liabilities and net assets

51,487

100.00

53,812

100.00

2,325

15

E.design (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

15,701

17,464

1,762

Underwriting income

15,706

17,471

1,765

Net premiums written

15,360

16,399

1,039

Investment income on deposit premiums

9

10

0

Reversal of outstanding claims

-

1,060

1,060

Reversal of underwriting reserves

336

-

(336)

Investment income

(8)

(9)

(1)

Interest and dividends

1

1

(0)

Transfer of investment income on deposit premiums

(9)

(10)

(0)

Other ordinary income

3

2

(1)

Ordinary expenses

15,686

13,645

(2,040)

Underwriting expenses

10,628

9,655

(972)

Net claims paid

8,605

7,534

(1,070)

Loss adjustment expenses

1,050

979

(71)

Agency commissions and brokerage

216

171

(44)

Provision for outstanding claims

755

-

(755)

Provision for underwriting reserves

-

969

969

Operating and general administrative expenses

5,056

3,987

(1,069)

Other ordinary expenses

1

2

0

Interest expenses

0

1

1

Ordinary profit (loss)

15

3,818

3,803

Extraordinary gains

4

-

(4)

Other extraordinary gains

4

-

(4)

Extraordinary losses

7

0

(6)

Losses on disposal of fixed assets

7

0

(6)

Income (loss) before income taxes

12

3,817

3,805

Income taxes - current

6

496

490

Income taxes - deferred

(0)

(0)

(0)

Total income taxes

5

496

490

Net income (loss)

6

3,321

3,315

16

Tokio Marine & Nichido Life (non-consolidated)

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)

Net premiums written

11,454

22,475

11,274

-

(179)

Rate of change

4.7%

3.7%

(1.6%)

(5.3%)

(6.2%)

Total assets

94,673

91,926

94,232

2,305

(441)

Loss ratio

56.2%

65.2%

55.1%

(10.1%)

(1.1%)

Expense ratio

29.9%

30.8%

30.3%

(0.4%)

0.4%

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%

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%)

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%

Number of employees

17,326

17,077

17,358

281

32

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

  1. Expense ratio = (Agency commissions and brokerage + Operating and general administrative expenses on underwriting) / Net premiums written × 100
  2. Combined ratio = Loss ratio + Expense ratio
  3. 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)

Ordinary income

27,430

54,654

27,437

-

6

Net premiums written

18,073

35,983

18,095

-

22

Rate of change

(1.6%)

0.3%

0.1%

(0.2%)

1.7%

Life insurance premiums

4,849

9,819

4,694

-

(154)

Rate of change

(0.1%)

(6.8%)

(3.2%)

3.6%

(3.1%)

Ordinary profit

1,474

3,639

1,091

-

(383)

Net income attributable to

1,166

2,597

623

-

(542)

owners of the parent

25

Tokio Marine & Nichido

(non-consolidated)

2. Other information

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.

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.

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

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)

Net premiums written

767

1,488

744

-

(23)

Rate of change

4.5%

3.5%

(3.0%)

(6.5%)

(7.5%)

Total assets

3,984

3,817

3,935

117

(49)

Loss ratio

53.5%

64.8%

54.0%

(10.8%)

0.5%

Expense ratio

32.8%

33.4%

33.2%

(0.2%)

0.3%

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%)

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%)

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%

Number of employees

2,229

2,215

2,168

(47)

(61)

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

  1. Expense ratio = (Agency commissions and brokerage + Operating and general administrative expenses on underwriting) / Net premiums written × 100
  2. Combined ratio = Loss ratio + Expense ratio
  3. Underwriting profit margin = 1 - Combined ratio

28

Nisshin Fire

(non-consolidated)

2. Other information

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.

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)

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.

  • 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

0

0

0

0

Hull and cargo

0

0

0

0

Personal accident

-

-

-

-

Voluntary automobile

0

0

0

0

Compulsory automobile liability

62

61

50

50

Others

0

0

0

0

Total

63

62

50

51

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

50

55

53

39

Hull and cargo

0

0

0

0

Personal accident

0

0

0

0

Voluntary automobile

1

1

1

0

Compulsory automobile liability

65

67

46

57

Others

2

0

3

0

Total

119

125

105

98

30

Disclaimer

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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