Tokio Marine : Summary report July to September (2Q)

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the six months ended September 30, 2020

November 19, 2020

Company Name: Tokio Marine Holdings, Inc. (the "Company")Stock Exchange Listing: Tokyo

Securities Code Number: 8766

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

Representative: Satoru Komiya, President

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

Scheduled date to file Quarterly Securities Report: November 19, 2020

Scheduled date to commence dividend payments: December 11, 2020

Supplementary information for quarterly financial statements: Available

Quarterly IR Conference Call: To be held for analysts

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

1. Consolidated Business Results for the six months ended September 30, 2020 (April 1, 2020 to September 30, 2020)

(1) Consolidated Results of Operations

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

Ordinary income

Ordinary profit

Net income

attributable to owners of the parent

million yen

%

million yen

%

million yen

%

Six months ended September 30, 2020

2,743,719

0.0

109,167

(26.0)

62,393

(46.5)

Six months ended September 30, 2019

2,743,021

(0.9)

147,485

96.4

116,611

116.4

(Note) Comprehensive income:

Six months ended September 30, 2020

129,067

million yen

(19.3) %

Six months ended September 30, 2019

160,001

million yen

- %

Net income per share - Basic

Net income per share - Diluted

yen

yen

Six months ended September 30, 2020

89.38

89.32

Six months ended September 30, 2019

165.47

165.36

(2) Consolidated Financial Conditions

Total assets

Net assets

Ratio of equity capital to total assets

million yen

million yen

%

As of September 30, 2020

25,542,606

3,505,886

13.5

As of March 31, 2020

25,253,966

3,426,675

13.4

(Reference) Equity capital:

As of September 30, 2020

3,450,188

million yen

As of March 31, 2020

3,372,148

million yen

2. Dividends

Cash dividends per share

First quarter

Second quarter

Third quarter

Year-end

Annual total

yen

yen

yen

yen

yen

Fiscal year 2019

-

130.00

-

95.00

225.00

Fiscal year 2020

-

135.00

Fiscal year 2020 (Forecast)

-

100.00

235.00

(Note) 1.Revision to the latest dividend forecast: Yes

2.Fiscal year 2019

Breakdown for Annual total

Ordinary dividend

190 yen

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

35 yen

Fiscal year 2020 (Forecast) Breakdown for Annual total

Ordinary dividend

200 yen

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

35 yen

(*)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).

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

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

Ordinary profit

Net income

Net income per share - Basic

attributable to owners of the parent

million yen

%

million yen

%

yen

Fiscal year 2020

310,000

(14.8)

200,000

(23.0)

286.51

(Note) Revision to the latest Consolidated

Business Forecasts:

Yes

* Notes

1. Changes in significant subsidiaries during the six months ended September 30, 2020 (Changes in specified subsidiaries that resulted in a change in the scope of consolidation): None
2. Changes in accounting policies, changes in accounting estimates, and retrospective restatements
3. 1. Changes in accounting policies to reflect amendments of accounting standards: None
   2. Changes in accounting policies other than (a): None
   3. Changes in accounting estimates: None
   4. Retrospective restatements: None
4. Number of shares issued (common stock)
5. 1. Total number of shares issued including treasury stock

As of September 30, 2020	702,000,000 shares
As of March 31, 2020	702,000,000 shares
(b) Number of treasury stock held	3,942,673 shares
As of September 30, 2020
As of March 31, 2020	4,129,635 shares
(c) Average number of shares outstanding	698,047,999 shares
During the six months ended September 30, 2020
During the six months ended September 30, 2019	704,686,660 shares

*"Summary of Consolidated Business Results" is outside the scope of interim external audit.

*Notes concerning the business forecasts and other items

1. Business 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.
2. The Company prepared its consolidated interim financial statements for the six months ended September 30, 2020 since it is a "specific business company" defined in Article 17-15, paragraph 2 of the Cabinet Office Ordinance on Disclosure of Company Information.

Tokio Marine Holdings, Inc.

Contents of Appendix

1. Consolidated Financial Statements and Major Notes …………………………………………………………………………...	2
(1) Consolidated Balance Sheet ……………………………………………………………………………………………………	2
(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income …………………………………	3
(3) Consolidated Statement of Changes in Shareholders' Equity ………………………………………………………………….	5
(4) Notes regarding going concern assumption …………………………………………………………………………………...	7
2. Others …………………………………………………………………………………………………………………………	7
(1) Summary of Consolidated Business Results …………………………………………………………………………………	7
(2) Premiums written and claims paid by lines of business ……………………………………………………………………....	8
(3) Securities ……………………………………………………………………………………………………………………....	9

1

Tokio Marine Holdings, Inc.

1. Consolidated Financial Statements and Major Notes

1. Consolidated Balance Sheet

		(Yen in millions)
	As of March 31, 2020	As of September 30, 2020
Assets
Cash and bank deposits	820,873	951,250
Receivables under resale agreements	999	15,999
Receivables under securities borrowing transactions	4,612	496
Monetary receivables bought	1,363,752	1,480,185
Money trusts	2,103	2,305
Securities	17,875,998	18,413,283
Loans	1,524,100	1,566,181
Tangible fixed assets	315,216	309,550
Intangible fixed assets	1,101,306	1,071,968
Other assets	2,217,451	1,701,854
Net defined benefit assets	2,710	2,063
Deferred tax assets	33,888	38,903
Customers' liabilities under acceptances and guarantees	2,114	1,997
Allowance for doubtful accounts	(11,162)	(13,432)
Total assets	25,253,966	25,542,606
Liabilities
Insurance liabilities	17,222,596	17,704,752
Outstanding claims	2,995,636	3,117,507
Underwriting reserves	14,226,960	14,587,245
Corporate bonds	270,536	232,169
Other liabilities	3,628,726	3,410,241
Payables under securities lending transactions	1,620,178	1,744,144
Other liabilities	2,008,548	1,666,096
Net defined benefit liabilities	245,966	247,180
Provision for employees' bonus	70,698	53,139
Reserves under special laws	118,071	123,002
Reserve for price fluctuation	118,071	123,002
Deferred tax liabilities	239,668	240,438
Negative goodwill	28,911	23,797
Acceptances and guarantees	2,114	1,997
Total liabilities	21,827,291	22,036,719
Net assets
Shareholders' equity
Share capital	150,000	150,000
Retained earnings	1,800,292	1,808,239
Treasury stock	(23,210)	(22,155)
Total shareholders' equity	1,927,082	1,936,083
Accumulated other comprehensive income
Unrealized gains (losses) on available-for-sale securities	1,435,437	1,573,986
Deferred gains (losses) on hedge transactions	11,427	7,747
Foreign currency translation adjustments	8,042	(59,269)
Remeasurements of defined benefit plans	(9,840)	(8,359)
Total accumulated other comprehensive income	1,445,066	1,514,104
Stock acquisition rights	2,545	2,096
Non-controlling interests	51,980	53,602
Total net assets	3,426,675	3,505,886
Total liabilities and net assets	25,253,966	25,542,606

2

Tokio Marine Holdings, Inc.

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

(Consolidated Statement of Income)

		(Yen in millions)
	Six months ended	Six months ended
	September 30, 2019	September 30, 2020
	(April 1, 2019 to	(April 1, 2020 to
	September 30, 2019)	September 30, 2020)
Ordinary income	2,743,021	2,743,719
Underwriting income	2,355,144	2,345,267
Net premiums written	1,807,364	1,809,579
Deposit premiums from policyholders	40,585	43,049
Investment income on deposit premiums	20,579	19,008
Life insurance premiums	484,944	469,462
Investment income	329,415	337,542
Interest and dividends	256,373	242,069
Gains on money trusts	31	201
Gains on trading securities	16,379	-
Gains on sales of securities	71,396	78,736
Gains on redemption of securities	252	361
Investment gains on separate accounts	3,261	24,755
Transfer of investment income on deposit premiums	(20,579)	(19,008)
Other ordinary income	58,461	60,908
Amortization of negative goodwill	5,114	5,114
Ordinary expenses	2,595,536	2,634,552
Underwriting expenses	2,120,690	2,111,330
Net claims paid	899,663	898,935
Loss adjustment expenses	71,869	71,969
Agency commissions and brokerage	343,860	343,265
Maturity refunds to policyholders	65,603	69,326
Dividends to policyholders	16	3
Life insurance claims	222,736	195,022
Provision for outstanding claims	149,090	173,079
Provision for underwriting reserves	363,765	357,331
Investment expenses	32,430	69,980
Losses on trading securities	-	6,282
Losses on sales of securities	5,040	14,530
Impairment losses on securities	3,733	15,339
Losses on redemption of securities	186	265
Losses on derivatives	10,064	25,062
Operating and general administrative expenses	429,315	439,825
Other ordinary expenses	13,099	13,416
Interest expenses	9,034	6,822
Increase in allowance for doubtful accounts	469	2,752
Losses on bad debts	39	40
Equity in losses of affiliates	2,062	1,220
Ordinary profit	147,485	109,167

3

Tokio Marine Holdings, Inc.

		(Yen in millions)
	Six months ended	Six months ended
	September 30, 2019	September 30, 2020
	(April 1, 2019 to	(April 1, 2020 to
	September 30, 2019)	September 30, 2020)
Extraordinary gains	8,743	317
Gains on disposal of fixed assets	101	48
Gains on step acquisitions	4,283	-
Gains on sales of shares of subsidiaries and affiliates	4,322	255
Other extraordinary gains	36	13
Extraordinary losses	4,412	16,955
Losses on disposal of fixed assets	528	618
Impairment losses on fixed assets	112	551
Provision for reserves under special laws	3,771	4,931
Provision for reserve for price fluctuation	3,771	4,931
Other extraordinary losses	-	10,855
Income before income taxes and non-controlling interests	151,816	92,528
Income taxes - current	70,435	85,624
Income taxes - deferred	(36,553)	(54,505)
Total income taxes	33,881	31,119
Net income	117,934	61,409
Net income (loss) attributable to non-controlling interests	1,323	(983)
Net income attributable to owners of the parent	116,611	62,393

(Consolidated Statement of Comprehensive Income)

		(Yen in millions)
	Six months ended	Six months ended
	September 30, 2019	September 30, 2020
	(April 1, 2019 to	(April 1, 2020 to
	September 30, 2019)	September 30, 2020)
Net income	117,934	61,409
Other comprehensive income
Unrealized gains (losses) on available-for-sale securities	91,644	140,913
Deferred gains (losses) on hedge transactions	1,334	(3,680)
Foreign currency translation adjustments	(49,861)	(62,352)
Remeasurements of defined benefit plans	1,371	1,484
Share of other comprehensive income of affiliates accounted for	(2,422)	(8,708)
by the equity method
Total other comprehensive income	42,067	67,657
Total comprehensive income	160,001	129,067
Comprehensive income attributable to:
Owners of the parent	158,637	129,410
Non-controlling interests	1,364	(343)

4

Tokio Marine Holdings, Inc.

(3) Consolidated Statement of Changes in Shareholders' Equity

Six months ended September 30, 2019 (April 1, 2019 to September 30, 2019)

				(Yen in millions)
		Shareholders' equity
		Retained		Total
	Share capital	Treasury stock	shareholders'
	earnings
			equity

Beginning balance	150,000	1,742,188	(18,299)	1,873,889
Cumulative effects of
revision in accounting		(3,565)		(3,565)
standards for overseas
subsidiaries
Restated balance	150,000	1,738,622	(18,299)	1,870,323
Changes during the six months
Dividends		(63,590)		(63,590)
Net income attributable to		116,611		116,611
owners of the parent
Purchases of treasury stock			(25,091)	(25,091)
Disposal of treasury stock		(322)	1,061	739
Changes in the scope of		2,272		2,272
consolidation
Changes in equity resulted				-
from increase in capital of
consolidated subsidiaries
Others		(114)		(114)
Net changes in items other
than shareholders' equity
Total changes during the six	-	54,857	(24,030)	30,827
months
Ending balance	150,000	1,793,480	(42,330)	1,901,150
	Accumulated other comprehensive income
	Unrealized gains	Deferred gains	Foreign currency	Remeasurements	Stock	Non-controlling
	(losses) on	acquisition	Total net assets
	available-for-sale	(losses) on hedge	translation	of defined	rights	interests
	securities	transactions	adjustments	benefit plans
Beginning balance	1,676,369	9,472	24,892	(10,389)	2,479	27,027	3,603,741
Cumulative effects of
revision in accounting	3,565						-
standards for overseas
subsidiaries
Restated balance	1,679,935	9,472	24,892	(10,389)	2,479	27,027	3,603,741
Changes during the six months
Dividends							(63,590)
Net income attributable to							116,611
owners of the parent
Purchases of treasury stock							(25,091)
Disposal of treasury stock							739
Changes in the scope of							2,272
consolidation
Changes in equity resulted							-
from increase in capital of
consolidated subsidiaries
Others							(114)
Net changes in items other	91,976	1,895	(51,582)	1,370	(327)	1,079	44,412
than shareholders' equity
Total changes during the six	91,976	1,895	(51,582)	1,370	(327)	1,079	75,239
months
Ending balance	1,771,912	11,367	(26,689)	(9,018)	2,152	28,107	3,678,980

5

Tokio Marine Holdings, Inc.

Six months ended September 30, 2020 (April 1, 2020 to September 30, 2020)

				(Yen in millions)
		Shareholders' equity
		Retained		Total
	Share capital	Treasury stock	shareholders'
	earnings
			equity

Beginning balance	150,000	1,800,292	(23,210)	1,927,082
Cumulative effects of
revision in accounting				-
standards for overseas
subsidiaries
Restated balance	150,000	1,800,292	(23,210)	1,927,082
Changes during the six months
Dividends		(66,297)		(66,297)
Net income attributable to		62,393		62,393
owners of the parent
Purchases of treasury stock			(22)	(22)
Disposal of treasury stock		(292)	1,077	784
Changes in the scope of		12,257		12,257
consolidation
Changes in equity resulted		0		0
from increase in capital of
consolidated subsidiaries
Others		(113)		(113)
Net changes in items other
than shareholders' equity
Total changes during the six	-	7,946	1,054	9,001
months
Ending balance	150,000	1,808,239	(22,155)	1,936,083
	Accumulated other comprehensive income
	Unrealized gains	Deferred gains	Foreign currency	Remeasurements	Stock	Non-controlling
	(losses) on	acquisition	Total net assets
	available-for-sale	(losses) on hedge	translation	of defined	rights	interests
	securities	transactions	adjustments	benefit plans
Beginning balance	1,435,437	11,427	8,042	(9,840)	2,545	51,980	3,426,675
Cumulative effects of
revision in accounting							-
standards for overseas
subsidiaries
Restated balance	1,435,437	11,427	8,042	(9,840)	2,545	51,980	3,426,675
Changes during the six months
Dividends							(66,297)
Net income attributable to							62,393
owners of the parent
Purchases of treasury stock							(22)
Disposal of treasury stock							784
Changes in the scope of							12,257
consolidation
Changes in equity resulted							0
from increase in capital of
consolidated subsidiaries
Others							(113)
Net changes in items other	138,549	(3,680)	(67,311)	1,480	(449)	1,621	70,210
than shareholders' equity
Total changes during the six	138,549	(3,680)	(67,311)	1,480	(449)	1,621	79,211
months
Ending balance	1,573,986	7,747	(59,269)	(8,359)	2,096	53,602	3,505,886

6

Tokio Marine Holdings, Inc.

(4) Notes regarding going concern assumption

Not applicable.

2. Others

(1) Summary of Consolidated Business Results

				(Yen in millions)
	Six months ended	Six months ended
	September 30, 2019	September 30, 2020	Increase	Rate of change
	(April 1, 2019 to	(April 1, 2020 to	(Decrease)
	September 30, 2019)	September 30, 2020)
Ordinary income and expenses				%
Underwriting income	2,355,144	2,345,267	(9,876)	(0.4)
Net premiums written	1,807,364	1,809,579	2,214	0.1
Deposit premiums from policyholders	40,585	43,049	2,463	6.1
Life insurance premiums	484,944	469,462	(15,481)	(3.2)
Underwriting expenses	2,120,690	2,111,330	(9,360)	(0.4)
Net claims paid	899,663	898,935	(727)	(0.1)
Loss adjustment expenses	71,869	71,969	100	0.1
Agency commissions and brokerage	343,860	343,265	(594)	(0.2)
Maturity refunds to policyholders	65,603	69,326	3,723	5.7
Life insurance claims	222,736	195,022	(27,713)	(12.4)
Provision for outstanding claims	149,090	173,079	23,989	16.1
Provision for underwriting reserves	363,765	357,331	(6,434)	(1.8)
Investment income	329,415	337,542	8,126	2.5
Interest and dividends	256,373	242,069	(14,303)	(5.6)
Gains on money trusts	31	201	170	540.2
Gains on trading securities	16,379	-	(16,379)	(100.0)
Gains on sales of securities	71,396	78,736	7,340	10.3
Investment gains on separate accounts	3,261	24,755	21,493	659.0
Investment expenses	32,430	69,980	37,549	115.8
Losses on trading securities	-	6,282	6,282	-
Losses on sales of securities	5,040	14,530	9,490	188.3
Impairment losses on securities	3,733	15,339	11,605	310.8
Losses on derivatives	10,064	25,062	14,998	149.0
Operating and general administrative expenses	429,315	439,825	10,509	2.4
Other ordinary income and expenses	45,362	47,492	2,129	4.7
Equity in earnings (losses) of affiliates	(2,062)	(1,220)	841	-
Ordinary profit	147,485	109,167	(38,318)	(26.0)
Extraordinary gains and losses
Extraordinary gains	8,743	317	(8,426)	(96.4)
Extraordinary losses	4,412	16,955	12,543	284.3
Extraordinary gains (losses)	4,331	(16,638)	(20,969)	(484.2)
Income before income taxes and	151,816	92,528	(59,287)	(39.1)
non-controlling interests
Income taxes - current	70,435	85,624	15,189	21.6
Income taxes - deferred	(36,553)	(54,505)	(17,951)	-
Total income taxes	33,881	31,119	(2,762)	(8.2)
Net income	117,934	61,409	(56,525)	(47.9)
Net income (loss) attributable to non-controlling	1,323	(983)	(2,307)	(174.4)
interests
Net income attributable to owners of the parent	116,611	62,393	(54,218)	(46.5)

7

					Tokio Marine Holdings, Inc.
(2) Premiums written and claims paid by lines of business
Direct premiums written including deposit premiums from policyholders
						(Yen in millions)
	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	Rate of change	Amount	Composition	Rate of change
	ratio	ratio
		%	%		%	%
Fire and allied lines	356,818	17.5	16.1	397,153	19.1	11.3
Hull and cargo	70,969	3.5	8.4	74,730	3.6	5.3
Personal accident	161,141	7.9	(3.0)	153,540	7.4	(4.7)
Voluntary automobile	715,541	35.1	2.9	727,315	35.0	1.6
Compulsory automobile liability	146,060	7.2	6.0	115,441	5.6	(21.0)
Others	585,229	28.7	0.5	607,683	29.3	3.8
Total	2,035,763	100.0	4.2	2,075,864	100.0	2.0
Deposit premiums from policyholders	40,585	2.0	(12.2)	43,049	2.1	6.1

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

Net premiums written

						(Yen in millions)
	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	Rate of change	Amount	Composition	Rate of change
	ratio	ratio
		%	%		%	%
Fire and allied lines	278,580	15.4	(1.1)	290,600	16.1	4.3
Hull and cargo	59,678	3.3	0.2	63,423	3.5	6.3
Personal accident	119,541	6.6	(2.0)	109,856	6.1	(8.1)
Voluntary automobile	716,441	39.6	1.2	720,481	39.8	0.6
Compulsory automobile liability	152,263	8.4	6.0	130,740	7.2	(14.1)
Others	480,858	26.6	(7.9)	494,475	27.3	2.8
Total	1,807,364	100.0	(1.6)	1,809,579	100.0	0.1

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	Composition	Rate of change	Amount	Composition	Rate of change
	ratio	ratio
		%	%		%	%
Fire and allied lines	134,010	14.9	(27.6)	156,394	17.4	16.7
Hull and cargo	29,213	3.2	2.4	27,700	3.1	(5.2)
Personal accident	51,932	5.8	2.2	47,524	5.3	(8.5)
Voluntary automobile	383,034	42.6	(3.7)	355,708	39.6	(7.1)
Compulsory automobile liability	101,254	11.3	(6.5)	86,273	9.6	(14.8)
Others	200,217	22.3	2.7	225,334	25.1	12.5
Total	899,663	100.0	(6.8)	898,935	100.0	(0.1)

8

						Tokio Marine Holdings, Inc.
(3) Securities
1. Bonds held to maturity
								(Yen in millions)
		As of March 31, 2020		As of September 30, 2020
		Carrying amount	Fair value		Unrealized	Carrying amount	Fair value		Unrealized
		shown on		shown on
			gains (losses)		gains (losses)
		balance sheet			balance sheet
Those with fair value	Domestic debt securities	4,377,309	5,291,043		913,733	3,969,985	4,773,874		803,889
exceeding the	Foreign securities	41,434	45,557		4,123	51,588	56,341		4,753
carrying amount	Subtotal	4,418,744	5,336,600		917,856	4,021,573	4,830,216		808,642
Those with fair value	Domestic debt securities	673,813	648,663		(25,149)	1,103,372	1,042,245		(61,126)
not exceeding the	Foreign securities	223	223		-	600	588		(11)
carrying amount	Subtotal	674,036	648,886		(25,149)	1,103,972	1,042,833		(61,138)
Total		5,092,780	5,985,487		892,707	5,125,546	5,873,050		747,503
2. Bonds earmarked for underwriting reserves
								(Yen in millions)
		As of March 31, 2020		As of September 30, 2020
		Carrying amount	Fair value		Unrealized	Carrying amount	Fair value		Unrealized
		shown on		shown on
			gains (losses)		gains (losses)
		balance sheet			balance sheet
Those with fair value	Domestic debt securities	637,716	669,633		31,916	520,406	533,661		13,254
exceeding the
Subtotal	637,716	669,633		31,916	520,406	533,661		13,254
carrying amount
Those with fair value	Domestic debt securities	1,222,098	1,201,058		(21,040)	1,654,234	1,566,712		(87,521)
not exceeding the
Subtotal	1,222,098	1,201,058		(21,040)	1,654,234	1,566,712		(87,521)
carrying amount
Total		1,859,815	1,870,691		10,876	2,174,640	2,100,373		(74,266)
3. Available-for-sale securities
								(Yen in millions)
		As of March 31, 2020		As of September 30, 2020
		Fair value			Unrealized	Fair value			Unrealized
		shown on	Cost		shown on	Cost
			gains (losses)		gains (losses)
		balance sheet			balance sheet
	Domestic debt securities	3,186,381	2,769,396		416,984	3,202,380	2,826,959		375,421
Those with fair value	Domestic equity securities	1,881,839	459,550		1,422,288	2,039,623	471,638		1,567,984
Foreign securities	3,111,673	2,860,620		251,052	3,238,467	2,928,540		309,927
exceeding the cost
Others (Note 2)	570,597	530,410		40,186	508,227	458,879		49,347
	Subtotal	8,750,490	6,619,978		2,130,512	8,988,698	6,686,017		2,302,681
	Domestic debt securities	465,720	469,360		(3,639)	427,123	430,176		(3,052)
Those with fair value	Domestic equity securities	74,568	82,976		(8,408)	44,104	52,547		(8,443)
Foreign securities	1,395,451	1,475,784		(80,332)	1,371,834	1,407,782		(35,947)
not exceeding the cost
Others (Note 3)	818,409	833,475		(15,066)	998,748	1,055,881		(57,133)
	Subtotal	2,754,149	2,861,596		(107,447)	2,841,811	2,946,387		(104,576)
Total		11,504,640	9,481,575		2,023,065	11,830,509	9,632,405		2,198,104

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

1. "Others" includes items as follows:
2. • Foreign mortgage securities, etc. which are presented as Monetary receivables bought on the consolidated balance sheet As of March 31, 2020: fair value 560,000 million yen, cost 521,958 million yen, unrealized gains 38,041 million yen As of September 30, 2020: fair value 494,444 million yen, cost 447,302 million yen, unrealized gains 47,142 million yen
3. "Others" includes items as follows:
   -Negotiable certificates of deposit which are presented as Cash and bank deposits on the consolidated balance sheet As of March 31, 2020: fair value 9,353 million yen, cost 9,353 million yen
4. • 
     As of September 30, 2020: fair value 9,325 million yen, cost 9,325 million yen
   • Foreign mortgage securities, etc. which are presented as Monetary receivables bought on the consolidated balance sheet As of March 31, 2020: fair value 802,259 million yen, cost 816,814 million yen, unrealized losses (14,554) million yen
     As of September 30, 2020: fair value 984,933 million yen, cost 1,041,419 million yen, unrealized losses (56,485) million yen

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Tokio Marine Holdings, Inc.

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

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

Six months ended September 30, 2020: 17,941 million yen (Domestic equity securities 1,038 million yen, Foreign securities 13,417 million yen, Others 3,486 million yen)

-Available-for-sale securities whose fair value cannot be measured reliably Fiscal year 2019: 63 million yen (Domestic equity securities 63 million yen)

Six months ended September 30, 2020: 884 million yen (Domestic equity securities 148 million yen, Foreign securities 735 million yen)

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

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