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May 18, 2012

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc.

under Japanese GAAP for the Year Ended March 31, 2012

(URL: http://www.tokiomarinehd.com/)

Representative: Shuzo Sumi President

Contact: Shusuke Kasahara

Scheduled date of ordinary general meeting of shareholders: June 25, 2012

Scheduled date for starting payment of dividends: June 26, 2012

Scheduled date for filing the securities report (Yuka Shouken Houkokusho): June 25, 2012

(Note) All amounts are truncated and all ratios are rounded.

1. Consolidated Business Results for the Year ended March 31, 2012 (April 1, 2011 to March 31, 2012)

(1) Consolidated Results of Operations (Note) Ratios reflect changes from the previous fiscal year.

Ordinary income Ordinary profit Net income

million yen % million yen % million yen %

Year ended March 31, 2012 26.7

Year ended March 31, 2011 -37.8

(Note) Comprehensive income:

Year ended March 31, 2012 -10,558 million yen

Year ended March 31, 2011 -196,554 million yen

Net income per share -

Basic


Diluted

yen yen % % %

Year ended March 31, 2012 0.3 1.0 4.7Year ended March 31, 2011 3.5 0.7 3.8

(Reference purpose only) Equity in earnings (losses) of affiliates:

Year ended March 31, 2012 685 million yenYear ended March 31, 2011 2,343 million yen

(2) Consolidated Financial Conditions

Total assets Net assets Net assets per share

As of March 31, 2012As of March 31, 2011

(Reference purpose only) Equity capital:

As of March 31, 2012 1,839,604 million yen

As of March 31, 2011 1,886,544 million yen

(3) Consolidated Cash Flows

Year ended March 31, 2012


2. Dividends

Annual

total

yen yen yen yen yen million yen % %

Year ended March 31, 2011 50.00 38,597 54.1 1.9

Year ended March 31, 2012 50.00 38,346 639.4 2.1

Year ending March 31, 2013

(forecast)55.00 - 40.2 -

IR Conference: To be held (for analysts)

Ratio of

cash

dividends to

consolidated

net assets

Total

amount of

annual

dividends

25.00

3,415,984

25.00

27.50

11.4 2,460.21

million yen

Cash dividends per share

Third quarter

-

yen

2,398.66

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

Securities Code Number: 8766 Head Office: Tokyo, Japan

6,001

3,288,605 71,924

Supplementary information for financial statements: Available

Ratio of equity to total assets

%

11.3

7.82 7.8192.4392.49

Corporate Planning Dept., Tokio Marine Holdings, Inc. Phone: 03-5223-3212

160,3243.9

Ratio of ordinary profit

to total assets

-7.9

Ratio of ordinary profit to

ordinary income

-91.7

-44.0

Ratio of net income

to equity

126,587

million yen

First quarter

Cash flows from financingactivities

Cash flows from operatingactivities

101,089

183,579

-200,542

Cash flows frominvesting activities

-97,121

million yen

Cash and cash equivalents at end of fiscal year

- 27.50

million yen

-

Second quarter

- 25.00

72,429

-25.00

16,528,644 1,904,47716,338,460

million yen million yen

1,857,465

1,092,680

1,120,399

Ratio of

cash

dividends to

consolidated

net income

-224,723

Year-end

-



3. Consolidated Business Forecast for the year ending March 31, 2013 (April 1, 2012 to March 31, 2013)

(Note) Ratios reflect changes from the previous fiscal year.

For the year ending March 31,

2013

*Notes

(1) Significant changes with respect to the subsidiaries of the Company (changes in Specified Subsidiaries (“tokutei kogaisha”) that resulted in a change

in the scope of consolidation) during the fiscal year ended March 31, 2012: None

(a) Changes in accounting policies to reflect amendments of accounting standards and related matters: Yes(b) Changes in accounting policies other than (a): None

(3) Number of shares issued (common share)

(a) Total number of the shares issued (including treasury shares)

As of March 31, 2012 804,524,375 shares


(b) Number of treasury shares held



(c) Average number of shares outstanding

During the year ended March 31, 2012 766,914,145 shares

During the year ended March 31, 2011 777,623,260 shares

(Reference purpose only) Summary of Non-consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP

for the Year Ended March 31, 2012

1. Non-consolidated Business Results for the Year ended March 31, 2012 (April 1, 2011 to March 31, 2012)

(1) Non-consolidated Results of Operations (Note) Ratios reflect changes from the previous fiscal year.

Operating income Operating profit Net income

% % % %

Year ended March 31, 2012 -34.3 -36.1 -36.1 -22.6

Year ended March 31, 2011 295.4 354.4 353.4 -



(2) Non-consolidated Financial Conditions

Total assets Net assets Net assets per share

%

As of March 31, 2012


(Reference purpose only) Equity capital:

As of March 31, 2012 million yen

As of March 31, 2011 million yen

Ordinary profit Net income



Diluted

83,955 77,699

80.92

103.10

80.98

103.16


Basic

million yenmillion yen

Ordinary profit

165,000

80,226

million yen

(Note) Please see "Changes in significant matters related to consolidated financial statements" on page 14 of the Appendix for details.

127,806

62,110

million yen %

1,649.5

77,747

(d) Retrospective restatements: None

%

2.9 105,000

(c) Changes in accounting estimates: None

million yen

3,234.16

million yen

Net income per share

121,630 121,621

(2) Changes in accounting policies, changes in accounting estimates, and retrospective restatements

2,482,926

2,480,024

yen yen

2,481,451

136.90

yen

yen

3,265.092,506,933

Ratio of equity to total assets

99.9

99.9

2,504,091

2,505,690



2. Non-consolidated Business Forecast for the year ending March 31, 2013 (April 1, 2012 to March 31, 2013)

(Note) Ratios reflect changes from the previous fiscal year.

Operating income

% % %

For the year ending March 31,

2013-40.4 -44.7 -30.8

*Notes concerning the business forecast and other items

Net income per share

This “Summary of Consolidated Business Results” is outside the scope of the external auditor’s annual audit procedure required by the Financial Instruments

and Exchange Act. The audit process has not been completed as of the date of the disclosure in the “Summary of Consolidated Business Results”.

Any business forecasts contained in this document are based on information available to the Company as of the date of this document and certain assumptions,

and actual results may materially differ from the forecasts depending upon various factors. For key assumptions for the business forecasts and other related

information, please refer to "Business Results" on page 2 of the Appendix.

50,000 43,000 43,000

*Disclosure regarding the execution of the audit process

56.06


Ordinary profit

yen

Net income

million yen



Contents of Appendix

1. Business results ························································································································ 2(1) Analysis on business results···································································································· 2

(2) Analysis on financial condition ······························································································ 3

2. Management Policies················································································································ 5

(1) Management policies ·············································································································· 5

(2) Targeted management indices································································································· 5

(3) Medium- to long- term business strategies and issues facing Tokio Marine Group··············· 6

3. Consolidated Financial Statements··························································································· 8

(1) Consolidated Balance Sheet···································································································· 8

(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income·9

(3) Consolidated Statement of Changes in Shareholders' Equity ··············································· 11

(4) Consolidated Statement of Cash Flows ················································································ 13

(5) Notes regarding going concern assumption·········································································· 14

(6) Changes in significant matters related to consolidated financial statements ························ 14

(7) Additional information·········································································································· 14

(8) Notes to consolidated financial statements··········································································· 15

Segment information··············································································································· 15

Per share information ·············································································································· 16

Business combinations and other matters················································································ 17

Subsequent events ··················································································································· 20

4. Others ····································································································································· 21

(1) Summary of Consolidated Business Results for the Fiscal Year ended March 31, 2012······ 21

(2) Premiums written and claims paid by lines of insurance······················································ 22

(3) Securities······························································································································· 23

(4) Information on derivatives···································································································· 26

1



1. Business results

(1) Analysis on business results

(a) Consolidated results of operations for the fiscal year ended March 31, 2012

During the fiscal year ended March 31, 2012, higher capital and consumer spending and other positive factors contributed to a gradual recovery in the U.S. economy, whereas Europeaneconomies weakened owing to sovereign debt problems, the most prominent being those of Greece. In developing nations economic growth slowed as a result of tighter monetary policies

and other factors.

In Japan, the economy gradually improved despite the presence of negative factors such as theeffects of the Great East Japan Earthquake, supply-chain disruptions resulting from theearthquake and the strength of the yen against other currencies.

Under these conditions, as a result of our efforts to improve performance centered on our

property and casualty and life insurance businesses, our operating results for the year endedMarch 31, 2012 were as follows:

Compared to the fiscal year ended March 31, 2011, ordinary income increased by 127.3 billionyen to 3,415.9 billion yen, the main components of which were 2,978.1 billion yen inunderwriting income and 372.9 billion yen in investment income. Compared to the fiscal year ended March 31, 2011, ordinary expenses increased by 93.6 billion yen to 3,255.6 billion yen,the main components of which were underwriting expenses of 2,698.3 billion yen, investmentexpenses of 38.1 billion yen, and operating and general administrative expenses of 515.5 billionyen.

As a result, ordinary profit increased by 33.7 billion yen to 160.3 billion yen. Net income,

composed of ordinary profit plus extraordinary gains minus extraordinary losses and totalincome taxes, decreased by 65.9 billion yen to 6.0 billion yen.

Results from our reporting segments are as follows.

In the domestic property and casualty insurance business, ordinary income was 2,663.3 billionyen, an increase of 237.5 billion yen from the fiscal year ended March 31, 2011. Ordinary profit composed of ordinary income minus ordinary expenses (including 1,442.3 billion yen of net claims paid and other) was 205.7 billion yen, an increase of 101.1 billion yen from the fiscal

year ended March 31, 2011.

In the domestic life insurance business, ordinary income was 430.2 billion yen, a decrease of 11.9 billion yen from the fiscal year ended March 31, 2011. Ordinary profit composed of ordinary income minus ordinary expenses (including 131.7 billion yen of life insurance claimsand other) was 7.5 billion yen, an increase of 0.3 billion yen from the fiscal year ended March31, 2011.

In the overseas insurance business, ordinary income was 530.2 billion yen, a decrease of 9.6 billion yen from the fiscal year ended March 31, 2011. Ordinary profit/loss composed of ordinary income minus ordinary expenses (including 217.7 billion yen of net claims paid andother) was ordinary loss of 54.6 billion yen, a decrease of 69.1 billion yen from the fiscal year

ended March 31, 2011.

2



(b) Consolidated business forecast for the fiscal year ending March 31, 2013

Our consolidated business forecast for the fiscal year ending March 31, 2013 is 165.0 billion

yen in ordinary profit and 105.0 billion yen in net income. Our forecast is primarily based onthe following assumptions.

- With regard to net premiums written and life insurance premiums, we expect 2,490.0 billionyen and 430.0 billion yen respectively, based on our own projections taking intoconsideration the results of previous years.

- As for net incurred claims related to natural disasters, based on our prior experience we

expect 30.0 billion yen by Tokio Marine & Nichido Fire Insurance Co., Ltd. ("Tokio Marine& Nichido") and 3.0 billion yen by Nisshin Fire & Marine Insurance Co., Ltd.

- With regard to interest rates, exchange rates and equity market conditions, we assume there

will not be significant changes from market rates and conditions as of March 31, 2012.

The forecast described above is based on the information available to the Company as of thedate of this document and the assumptions above. The actual results may materially differ from the forecast depending upon various factors.

(2) Analysis on financial condition

As of March 31, 2012, consolidated total assets were 16,338.4 billion yen. This represents adecrease of 190.1 billion yen, which was partly attributable to a decrease in investment assetsdue to decreased security borrowing transaction.

Cash flows for the fiscal year ended March 31, 2012 were as follows:

Net cash provided by operating activities was 72.4 billion yen, a decrease of 111.1 billion yen

compared to the fiscal year ended March 31, 2011, due partly to an increase in claims paid. Net cash used in investing activities decreased by 103.4 billion yen to 200.5 billion yen, mainlyas a result of a decrease in payables under security lending transactions. Due mainly to anincrease in proceeds from borrowing, net cash provided by financing activities increased by325.8 billion yen to 101.0 billion yen.

As a result, the balance of cash and cash equivalents was 1,092.6 billion yen, a decrease of 27.7 billion yen from the fiscal year ended March 31, 2011.

3



The capital ratios and market-value basis capital ratios are shown below.(%)

Fiscal year ended

March 31,2008

Fiscal year ended

March 31,2009

Fiscal year ended

March 31,2010

Fiscal year ended

March 31,2011

Fiscal year ended

March 31,2012

Capital ratios 14.8 10.7 12.6 11.4 11.3

Market-value basis

capital ratios17.1 12.4 12.0 10.3 10.7

Note 1. The “capital ratio” is defined by (“equity capital” / “total assets”) x 100.

Note 2. The “market-value basis capital ratio” is defined by (“market capitalization” / “total assets”)x 100.

Note 3. As Tokio Marine Group’s main business is the insurance business, "Cash flow andinterest-bearing liabilities ratio" and "Interest coverage ratio" are not stated.

4



2. Management Policies

(1) Management policies

In November 2003, the Company formulated the “Tokio Marine Group Corporate Philosophy”

to be upheld by all officers and employees of the Group.

“Tokio Marine Group Corporate Philosophy”

Tokio Marine Group is committed to the continuous enhancement of corporate value, with

customer trust at the base of all of its activities.

- By providing customers with the highest quality products and services, we will spread safety

and security to all around us.

- For fulfilling our responsibility to shareholders, we will pursue global development of sound,growing and profitable businesses.

- For promoting the creativity of each and every employee, we will foster a corporate culture

which encourages free and open communications.

- While demonstrating responsible management as a good corporate citizen, we will make a

positive contribution to society.

(2) Targeted management indices

As target indices to present business results of the overall Group, the Company adopts “adjustedearnings” and “adjusted return on equity (ROE) ”. For the fiscal year ending March 31, 2013,

the Company expects approximately 165.0 billion yen in adjusted earnings and 5.8% as an

adjusted ROE.

(Note) In order to capture and enhance the corporate value of Tokio Marine Group, targeted earnings and the ROE are

based on “adjusted earnings”, which are calculated as follows:

• Adjusted ROE = Adjusted earnings / Adjusted capital (average balance basis)

• Adjusted Earnings*1 = Total of adjusted earnings for each business segment described below

(a) Property and casualty insurance business

Adjusted earnings = Net income determined following financial accounting principles + Provision for

catastrophe reserve, etc.*2 + Provision for price fluctuation *2 – Gains (losses) from sales or valuations of

ALM bonds and interest rate swaps*3 – Gains (losses) from sales or valuations of stocks and properties –

Extraordinary gains/losses, valuation allowances and others

(b) Life insurance business*4

Adjusted earnings = Increase in embedded value*5 during the fiscal year – Capital transactions, such as

capital increase

(c) Other businesses

Net income determined following financial accounting principles

• Adjusted Capital*1 = Total of adjusted capital of each business segment described below

(a) Property and casualty insurance business

Adjusted capital = Capital determined following financial accounting principles + Catastrophe reserve,etc. + Price fluctuation reserve

5



(b) Life insurance business

Adjusted capital = Embedded value

(c) Other businesses

Net assets determined following financial accounting principles

*1 After tax

*2 Reversals are subtracted

*3 ALM: asset liability management

Fluctuations in the market value of liabilities of ALM is excluded

*4 Calculation are based on (c) above for life insurance companies in certain regions (overhead costs incurred by

the head office are deducted from profits)

*5 Embedded value: An indexed value in which the net present value of profits to be gained from premiums

written is added to the net asset value

The adjusted earnings and the adjusted ROE above for the fiscal year ending March 31, 2013 were announced in the

press release dated May 18, 2012.

(3) Medium- to long-term business strategies and issues facing Tokio Marine Group

In order for Tokio Marine Group to maintain sustainable growth in the current challenging

business environment, we think it essential that we provide quality products and services

offering value which customers can appreciate, so that we will attract more customers and

strengthen our corporate structure, which can improve our global competitiveness.

In “Innovation and Execution 2014”, Tokio Marine Group aims to steadily build on its prior

efforts and push to fulfill our medium- to long-term business vision of becoming a “global

insurance group maintaining growth by offering quality that customers select”.

6



(Strategies in our core businesses)

[Domestic property and casualty insurance business]

To improve the profitability of our mainstay auto insurance we aim to revise our coverage andpremiums, and further curtail operating expenses. We also plan to comprehensively improve

our points of contact with customers in order to steadily maintain our competitive advantage.

Through these efforts, we aim to achieve industry-leading growth and a business structure that

can maintain a combined ratio* of about 95%.

[Domestic life insurance business]

We will use our Group strength of property and casualty insurance representative channels to

cross-market and further promote consulting product sales. We will also target sustainable

growth by expanding the market through the introduction of new products and other efforts.

[Overseas insurance business]

We intend to achieve stable and high profitability through operations centering on PhiladelphiaConsolidated Holding Corp., Kiln Group Limited and reinsurance companies, our core overseas

firms. We are working for a successful management integration with Delphi Financial Group

Inc., while actively pursuing business expansion in Asia, Brazil and other emerging economies

to ensure future growth. We plan to continue our investments in new businesses which may

improve our capital efficiency.

[Financial and other business]

In the course of developing its financial services business, the Group will focus on fee-based

asset management businesses offering high capital efficiency. In its general businesses, the

Group will use its risk management and certain other businesses to foster synergies within the

Group and contribute to our overall growth and profitability.

* Combined ratio is a profitability indicator for the property and casualty insurance businesses that is

calculated as a percentage by using premiums-written as the denominator and claims-paid plus expenses

as the numerator. A 100% combined ratio means balanced income and expenditure, and a combined

ratio below 100% indicates more profitable underwriting.

7



3. Consolidated Financial Statements

(1) Consolidated Balance Sheet

(Yen in millions)

(Assets)

398,488 405,432

207,541 128,391

121,967 304,931

30,725 58,753

1,080,670 863,794

14,056 3,163

12,173,088 12,229,159

482,899 424,743

313,760 303,819

Land 144,590 144,356

Buildings 139,144 137,455

Construction in progress 6,604 1,818

Other tangible fixed assets 23,421 20,189

344,479 320,145

Software 4,841 4,786Goodwill 258,022 243,091

Other intangible fixed assets 81,616 72,266

1,160,925 1,066,905

149,030 174,201

72,547 74,359

-21,536 -19,340

16,528,644 16,338,460

(Liabilities)

11,868,495 11,822,090

Outstanding claims 1,363,211 1,444,219

Underwriting reserves 10,505,284 10,377,870

125,079 111,140

2,144,469 2,051,509

1,375,838 1,142,039

Other liabilities 768,631 909,470

166,199 175,094

18 25

22,424 24,381

65,855 70,137

Price fluctuation reserve 65,855 70,137

37,864 41,291

121,213 110,964

72,547 74,35914,624,167 14,480,995

(Net assets)

Shareholders' equity

Share capital 150,000 150,000

Retained earnings 1,135,510 1,104,810

Treasury shares -109,749 -109,418

Total shareholders' equity 1,175,760 1,145,391

822,481 828,245

16,483 22,780

-128,181 -156,812

710,783 694,213

1,426 1,598

16,506 16,261

1,904,477 1,857,465

16,528,644 16,338,460

As of March 31, 2011 As of March 31, 2012

Total net assets

Share acquisition rights

Non-controlling interests

Corporate bonds

Retirement benefit obligations

Acceptances and guarantees

Insurance liabilities

Other liabilities

Total liabilities and net assets

Tangible fixed assets

Intangible fixed assets

Negative goodwill

Total liabilities

Other assets

Total assets

Deferred tax assets

Customers' liabilities under acceptances and

guarantees

Allowance for doubtful accounts

Provision for employees' bonus

Reserve under the special law

Deferred tax liabilities

Payables under security lending transactions

Retirement benefit obligations for directors and corporate

auditors

Loans

Cash and bank deposits

Call loans

Monetary receivables bought

Money trusts

Securities

Receivables under resale agreements

Receivables under security borrowing transactions

Accumulated other comprehensive income

Total accumulated other comprehensive income

Unrealized gains on securities, net of taxes

Deferred gains/losses on hedge transactions

Foreign currency translation adjustments

8



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

(Consolidated Statement of Income)

(Yen in millions)

3,288,605 3,415,984

2,874,082 2,978,100

2,272,117 2,324,492

125,301 141,640

64,997 60,800

405,361 344,550

- 100,727

6,304 5,888

347,757 372,910

219,951 226,291

46 289

11,737 3,608

137,446 139,434

1,222 292

30,405 -

- 52,693

11,945 11,100

-64,997 -60,800

66,766 64,974

Amortization of negative goodwill 10,250 10,250

2,343 68554,172 54,038

3,162,018 3,255,660

2,512,937 2,698,374

1,339,724 1,660,040

93,749 97,130

448,444 445,605

273,929 256,028

509 765

166,253 155,113

176,563 78,014

7,016 -

6,744 5,676

105,798 38,197

75 295

13,694 18,253

24,559 10,172

4,635 3,220

- 1,998

28,282 -

34,550 4,257

534,487 515,563

12,660 9,375

4,502 2,839

729 -

149 56

Amortization of deferred assets under Article 113 of

the Insurance Business Law1,061 1,659

6,217 4,820

-3,865 -5,850

126,587 160,324

5,360 4,9012,980 3,132

Gains on negative goodwill 55 57

76 -

2,247 1,712

24,263 11,962

4,253 2,542

5,390 1,364

- 2,762

- 113

4,454 4,282

Provision for price fluctuation 4,454 4,282

3,029 -

7,135 897

107,684 153,263

59,752 72,931-25,538 73,935

34,213 146,866

73,470 6,397

1,546 395

71,924 6,001 Net income

Other underwriting income

Income taxes - deferred

Total income taxes

Income before non-controlling interests


Other extraordinary losses

Income before income taxes and non-controlling interests

Income taxes - current

Losses on step acquisitions

Losses on changes in equity of subsidiaries and affiliates

Provision under the special law

Effect of initial application of Accounting Standard for

Asset Retirement Obligations

Extraordinary gainsGains on disposal of fixed assets

Gains on changes in equity of subsidiaries and affiliates

Other extraordinary gains

Extraordinary losses

Losses on disposal of fixed assets

Impairment losses on fixed assets

Other ordinary expenses

Deferred expenses under Article 113 of the Insurance

Business Law

Ordinary profit

Other ordinary expenses

Interest expenses

Increase in allowance for doubtful accounts

Losses on bad debts

Losses on derivatives

Investment losses on separate accounts

Other investment expenses

Operating and general administrative expenses

Losses on money trusts

Losses on sales of securities

Impairment losses on securities

Losses on redemption of securities

Provision for outstanding claims

Provision for underwriting reserves

Other underwriting expenses

Investment expenses

Agency commissions and brokerage

Maturity refunds to policyholders

Dividends to policyholders

Life insurance claims

Ordinary expenses

Underwriting expenses

Net claims paid

Loss adjustment expenses

Transfer of investment income on deposit premiums

Other ordinary income

Equity in earnings of affiliatesOther ordinary income

Gains on redemption of securities

Gains on derivatives

Investment gains on separate accounts

Other investment income

Interest and dividends

Gains on money trusts

Gains on trading securities

Gains on sales of securities

Life insurance premiums

Reversal of underwriting reserves

Investment income

Underwriting income

Net premiums written

Deposit premiums from policyholders

Investment income on deposit premiums

Year ended March 31, 2011 Year ended March 31, 2012

Ordinary income

9



(Consolidated Statement of Comprehensive Income)

(Yen in millions)

73,470 6,397

Other comprehensive income

-215,287 6,733

3,782 6,297

-57,488 -31,495

-1,031 1,508

Total other comprehensive income -270,024 -16,955

Total comprehensive income -196,554 -10,558

(Split between)

-197,550 -10,032

996 -526



Unrealized gains on securities, net of taxes

Comprehensive income attributable to non-controlling

interests


Foreign currency translation adjustments

Share of other comprehensive income of affiliates accounted

for by the equity method

Comprehensive income attributable to owners of the parent

10



(3) Consolidated Statement of Changes in Shareholders' Equity

(Yen in millions)

Shareholders' equityShare capital

Beginning balance 150,000 150,000

Changes during the year

Total changes during the year - -

Ending balance 150,000 150,000

Retained earnings

Beginning balance 1,098,403 1,135,510

Changes in accounting policies applied to foreign affiliates 6,264 -


Dividends -39,904 -38,343

Net income 71,924 6,001

-70 -30

- 2,089

Changes in the scope of equity method -799 -88

Others (Note) -307 -327

30,841 -30,699

Ending balance 1,135,510 1,104,810

Treasury shares

Beginning balance -59,481 -109,749


Repurchase of treasury shares -50,587 -38

319 368

-50,267 330

Ending balance -109,749 -109,418

Total shareholders' equity




Dividends -39,904 -38,343

Net income 71,924 6,001


249 338

- 2,089-799 -88


-19,425 -30,369

Ending balance 1,175,760 1,145,391

Accumulated other comprehensive income

Unrealized gains on securities, net of tax

Beginning balance 1,037,168 822,481


Net changes in items other than shareholders ' equity -214,686 5,763

Total changes during the year -214,686 5,763





Net changes in items other than shareholders ' equity 3,782 6,297

Total changes during the year 3,782 6,297


Disposition of treasury shares

Changes in the scope of consolidationChanges in the scope of equity method

Total changes during the year

Changes in the scope of consolidation






11



(Yen in millions)

Foreign currency translation adjustmentsBeginning balance -69,825 -128,181


Net changes in items other than shareholders ' equity -58,355 -28,631

Total changes during the year -58,355 -28,631

Ending balance -128,181 -156,812

Share acquisition rights



Net changes in items other than shareholders' equity 324 171

Total changes during the year 324 171





Net changes in items other than shareholders' equity 1,778 -244

Total changes during the year 1,778 -244


Total net assets




Dividends -39,904 -38,343

Net income 71,924 6,001


Disposition of treasury shares 249 338

- 2,089

Changes in the scope of equity method -799 -88


Net changes in items other than shareholders' equity -267,157 -16,642

Total changes during the year -286,582 -47,012

Ending balance 1,904,477 1,857,465

(Note) “Others” consisted mainly of reclassification adjustments of tax effects initially appraised in accordance with accounting policies adopted by foreign

consolidated subsidiaries.


Changes in the scope of consolidation

12



(4) Consolidated Statement of Cash Flows(Yen in millions)

I Cash flows from operating activities

Income before income taxes and non-controlling interests 107,684 153,263

Depreciation 31,058 30,033

Impairment losses on fixed assets 5,390 1,364

Amortization of goodwill 16,580 16,719

Amortization of negative goodwill -10,250 -10,250

Gains on negative goodwill -55 -57

Increase in outstanding claims 178,182 78,970

Increase/decrease in underwriting reserves 4,162 -103,533

Decrease in allowance for doubtful accounts -3,688 -1,937

Increase in retirement benefit obligations 6,160 7,193

Increase in retirement benefit obligations for directors and corporate auditors 5 7

Increase/decrease in provision for employees' bonus -1,942 1,900

Decrease in provision for demolition of fixed assets -1,603 -

Increase in price fluctuation reserve 4,454 4,282

Interest and dividends -219,951 -226,291

Net gains on securities -105,010 -111,213

Interest expenses 4,502 2,839

Foreign exchange losses 24,772 2,435

Gains/losses on tangible fixed assets (negative) 2,830 -547

Equity in earnings of affiliates -2,343 -685

Investment gains/losses on separate accounts (negative) 28,282 -52,693

Increase/decrease in other assets (other than investing and financing activities) (negative) -22,161 74,863

Increase in other liabilities (other than investing and financing activities) 22,140 17,080

Others 2,932 -3,486

Sub-total 72,131 -119,741

Interest and dividends received 214,487 229,473

Interest paid -4,671 -2,920

Income taxes paid -102,649 -38,498

Others 4,281 4,115

Net cash provided by operating activities 183,579 72,429

II Cash flows from investing activities

Net increase in deposit (negative) 23,177 -146,996

Purchases of monetary receivables bought -807,992 -341,959

Proceeds from sales and redemption of monetary receivables bought 984,746 560,155

Increase in money trusts -3,000 -

Decrease in money trusts 692 10,887Purchases of securities -3,480,949 -2,940,037

Proceeds from sales and redemption of securities 3,394,623 2,962,968

New loans -200,828 -183,064

Proceeds from collection of loans 261,983 240,412

Change in cash collateral under security lending transactions -251,372 -335,223

Others -3,570 -2,095

II (a) Sub-total -82,490 -174,953

( Ⅰ ＋ Ⅱ(a) ） 101,088 -102,524

Purchases of tangible fixed assets -24,235 -21,341

Proceeds from sales of tangible fixed assets 9,604 6,911

Payments related to acquisition of consolidated subsidiaries - -10,983

Payments to acquire equity of subsidiaries - -175

Net cash used in investing activities -97,121 -200,542

III Cash flows from financing activities

Proceeds from borrowing 50,000 170,000Repayments of borrowing -167,908 -88,703

Proceeds from issuance of short-term corporate bonds 9,999 -

Redemption of short-term corporate bonds -10,000 -

Proceeds from issuance of corporate bonds 271 100

Redemption of corporate bonds -53,361 -13,857

Change in cash collateral under security lending transactions 38,658 73,396

Repurchases of treasury share -50,587 -38

Dividends paid -39,848 -38,302

Dividends paid to non-controlling interests -249 -588

Proceeds from paid-up share capital from non-controlling interests 1,140 1,079

Others -2,837 -1,995

Net cash provided by/used in financing activities -224,723 101,089

Ⅳ Effect of exchange rate changes on cash and cash equivalents -10,220 -6,562

Ⅴ Net increase in cash and cash equivalents -148,485 -33,586

Ⅵ Cash and cash equivalents at beginning of year 1,268,885 1,120,399

VII Net increase in cash and cash equivalents due to newly consolidated subsidiaries - 4,231

VIII Net increase in cash and cash equivalents due to merger with non-consolidated subsidiaries - 1,635

IX Cash and cash equivalents at end of year 1,120,399 1,092,680

Year ended

March 31, 2012

Year ended

March 31, 2011

13



(5) Notes regarding going concern assumption

Not applicable.

(6) Changes in significant matters related to consolidated financial statements

(Changes in accounting policies resulting from revisions of accounting standards or other policies)

The Company has started to apply "Accounting Standard for Earnings Per Share" (ASBJ

Statement No.2, June 30, 2010) and "Guidance on Accounting Standard for Earnings Per Share"(ASBJ Guidance No.4, June 30, 2010) from the fiscal year beginning on April 1, 2011.

The Company has changed its method of calculating diluted net income per share. Under the

new method, for share option rights which vest after a specified period of service, the fair valueamount of the share options for service expected to be provided in the future is included in the proceeds assumed to be received when options are exercised.

The effect of the adoption of the aforementioned accounting standard is described in "Per share

information" on page 16 of the Appendix.

(7) Additional Information

(Effects of changes in the corporate income tax rate)

Following the promulgation of the “Act for Partial Amendment of the Income Tax Act, etc. for the Purpose of Creating a Taxation System Responding to Changes in Economic and SocialStructures” (Act No. 114, 2011) and the “Act on Special Measures for Securing Financial

Resources Necessary to Implement Measures for Reconstruction following the Great East JapanEarthquake” (Act No. 117, 2011) on December 2, 2011, the corporate income tax rate will belowered and a special restoration surtax will be imposed from the fiscal year beginning on April1, 2012.

As a result of this change, deferred tax assets (net of deferred tax liabilities) decreased by 16.1 billion yen and unrealized gains on securities, net of taxes increased by 62.5 billion yen. Also,income before income taxes and non-controlling interests increased by 15.4 billion yen and netincome decreased by 64.5 billion yen.

Statutory effective tax rates applied to the Company and Tokio Marine & Nichido FireInsurance Co., Ltd. are as follows:a. Tax rates applied to the Company;- Before the change : 40.7%- Fiscal years beginning between April 1, 2012 and April 1, 2014 : 38.0%- Fiscal years beginning on and after April 1, 2015 : 35.6%

b. Tax rates applied to Tokio Marine & Nichido Fire Insurance Co., Ltd.- Before the change : 36.1%- Fiscal years beginning between April 1, 2012 and April 1, 2014 : 33.2%- Fiscal years beginning on and after April 1, 2015 : 30.7%

14



(8) Notes to consolidated financial statements

Segment information


Domestic

property and

casualty

insurance

Domestic

life

insurance

Overseas

insurance

Financial

and other Total

Ordinary income

2,418,883 441,960 539,732 47,002 3,447,578 -158,973 3,288,605

6,897 275 175 23,862 31,211 -31,211 -

Total 2,425,781 442,235 539,908 70,864 3,478,789 -190,184 3,288,605

104,576 7,129 14,453 2,098 128,257 -1,670 126,587

Segment assets 8,218,061 6,036,083 1,950,366 350,536 16,555,048 -26,403 16,528,644

Other items

Depreciation 18,409 342 11,936 370 31,058 - 31,058

Amortization of goodwill 283 - 16,296 - 16,580 - 16,580

8,917 248 918 165 10,250 - 10,250

Interest and dividends 114,428 63,444 43,133 175 221,182 -1,230 219,951

Interest paid 2,992 857 195 556 4,601 -99 4,502

- - 2,343 - 2,343 - 2,343

- - 22,936 - 22,936 - 22,936

22,087 577 7,108 204 29,978 -25 29,953

(Note)

1. Descriptions of "Adjustments" are as follows:

2. "Segment profit" is reconciled to "Ordinary profit" in the consolidated statement of income.


Domestic

property and

casualty

insurance

Domestic

life

insurance

Overseas

insurance

Financial

and other Total

Ordinary income

2,656,923 430,157 530,060 44,186 3,661,326 -245,341 3,415,984

6,429 122 187 24,922 31,662 -31,662 -

Total 2,663,352 430,280 530,247 69,109 3,692,989 -277,004 3,415,984

205,737 7,523 -54,653 1,715 160,323 0 160,324

Segment assets 7,834,483 6,162,382 2,055,259 312,368 16,364,492 -26,032 16,338,460Other items

Depreciation 18,300 422 10,833 477 30,033 - 30,033

Amortization of goodwill 283 - 16,435 - 16,719 - 16,719

8,917 248 919 165 10,250 - 10,250

Interest and dividends 120,340 63,461 43,480 156 227,438 -1,146 226,291

Interest paid 1,793 782 16 311 2,903 -64 2,839

- - 685 - 685 - 685

- - 15,610 - 15,610 - 15,610

10,379 401 4,045 8,752 23,579 -36 23,542

(Note)

1. Descriptions of "Adjustments" are as follows:

2. "Segment profit" is reconciled to "Ordinary profit" in the consolidated statement of income.

(3) "Adjustments" for "Segment assets" of -26,032 million yen is the elimination of inter-segment transactions.

(4) "Adjustments" for "Other items" is the elimination of inter-segment transactions.

"Provision for underwriting reserves" of 175,337 million yen. This item is included in "Ordinary expenses" of "Domestic life insurance"

segment, while in the consolidated statement of income this amount is included in "Reversal of underwriting reserves" within

(2) "Adjustments" for "Segment profit" of 0 million yen is the elimination of inter-segment transactions.

"Ordinary income".

Investments in affiliates accounted for by the

equity method

Increase in tangible and intangible fixed assets

(1) The major component of "Adjustments" for "Ordinary income from external customers" amounted to -245,341 million yen is the transfer of

Segment profit

Amortization of negative goodwill

Equity in earnings of affiliates

Ordinary income from external customers

Ordinary income from transactions with other

operating segments

(Yen in millions)

Reportable segments

Adjustments

(Note 1)

Amounts

shown on the

consolidated

financial

statements

(Note 2)

(Yen in millions)

(3) "Adjustments" for "Segment assets" of -26,403 million yen is the elimination of inter-segment transactions.

(4) "Adjustments" for "Other items" is the elimination of inter-segment transactions.

"Ordinary expenses".

Adjustments

(Note 1)

Amounts

shown on the

consolidated

financial

statements

(Note 2)

Reportable segments

(1) The major component of "Adjustments" for "Ordinary income from external customers" amounted to -158,973 million yen is the transfer of

"Reversal of underwriting reserves" of 157,291 million yen. This item is included in "Ordinary income" of "Domestic property and casualty

insurance" segment, while in the consolidated statement of income this amount is included in "Provision for underwriting reserves" within

(2) "Adjustments" for "Segment profit" of -1,670 million yen is the elimination of inter-segment transactions.

Ordinary income from external customers

Ordinary income from transactions with other

operating segments

Increase in tangible and intangible fixed assets

Equity in earnings of affiliates

Amortization of negative goodwill

Investments in affiliates accounted for by the

equity method

Segment profit

15



Per share information

(Yen)

Net assets per share

Net income per share - Basic

Net income per share - Diluted

(Changes in accounting policies)

Net income per share - Basic

Net income (Yen in millions)

Average number of shares outstanding (In thousand shares)

Net income per share - Diluted

Adjustment of net income (Yen in millions)

Increase in number of common shares (In thousand shares)

[Number of share acquisition rights (In thousand shares)]

71,924

487 593

－

766,914

－

487

2,460.21

92.49

－

6,001

7.82

7.81

The Company has started to apply "Accounting Standard for Earnings Per Share" (ASBJ Statement No.2, June 30, 2010) and "Guidance on

Accounting Standard for Earnings Per Share" (ASBJ Guidance No.4, June 30, 2010) from the fiscal year beginning on April 1, 2011.

Without application of the standard and guidance above, diluted net income per share for the fiscal year ended March 31, 2011 was 92.42 yen.

－

777,623

593

6,001



(Note) Calculation of "Net income per share - Basic" and "Net income per share - Diluted" is based on the following figures.

2,398.66

92.43

Net income not attributable

to common shareholders (Yen in millions)

The Company has changed its method of calculating diluted net income per share. Under the new method, for share option rights which vest

after a specified period of service, the fair value amount of the share options for service expected to be provided in the future is included in the

proceeds assumed to be received when options are exercised.

Net income attributable

to common shareholders (Yen in millions)71,924

16



Business combinations and other matters

1. Business combination by acquisitionOn November 29, 2011, the Company acquired 50% of the issued shares of First Insurance

Company of Hawaii, Ltd. (“FICOH”) and made it a wholly owned subsidiary through Tokio Marine

& Nichido, a subsidiary of the Company. The acquired shares of FICOH were previously owned

by CNA Financial Corporation, a major insurance group in the U.S., through its subsidiary The

Continental Insurance Company.

(1) Outline of the business combination

a. Name of the acquiree

First Insurance Company of Hawaii, Ltd.

b. Business

Property and casualty insurance

c. Business combination objectives

Tokio Marine Group is seeking further growth in both earnings and scale in the U.S. insurance

market, by combining FICOH's high profile and strong brand with Tokio Marine Group’s

strengths of superior financial ratings and underwriting capacity and back-office support

capabilities.

d. Date of the business combination November 29, 2011

e. Form of the business combination

Acquisition of shares by cash

f. Voting rights acquired through the business combination

Voting rights held immediately prior to the business combination 50%

Additional voting rights acquired on the date of the business combination 50%

Voting rights after the acquisition 100%

(2) Period for which the acquiree’s operating results are included in the consolidated statement of

income of the Company

The deemed acquisition date is December 31, 2011. Prior to the date, the acquiree’s operating

results were accounted as equity in earnings of affiliates.

(3) Acquisition cost and its detail

Fair value as of the date of the business combination of FICOH

shares held immediately prior to the business combination 12,723 million yen

Fair value of additional FICOH shares acquired on the date of 12,723 million yen

17



business combination

Direct costs of the acquisition 61 million yen

Acquisition cost 25,507 million yen

(4) Difference between the acquisition cost and the total cost of each transaction in the acquisition

Acquisition cost 25,507 million yen

Total cost of each transaction in the acquisition 28,269 million yen

Loss on step acquisition -2,762 million yen

(5) Amount, reason for recognition, method and period of amortization of goodwill

a. Amount of goodwill

1,653 million yen

b. Reason for recognition of goodwill

The acquisition cost of the acquiree, which was calculated by taking into account projections of

the acquiree’s future revenue as of the valuation date, exceeded the net amounts of assets

acquired and liabilities assumed.

c. Period and method of amortization of goodwill

2 years using the straight line method

(6) Assets and liabilities assumed on the date of the business combination and their main

components

ItemAmount

(Yen in millions)Item

Amount

(Yen in millions)

Total assets 53,215 Total liabilities 29,361

(Securities) 44,166 (Insurance liabilities) 27,304

(7) Approximate impact on the consolidated statement of income, assuming that the business

combination took place at the beginning of the fiscal year ended March 31, 2012

Ordinary income: 12,994 million yen; ordinary profit: 109 million yen; net income: -225 million

yen.

These amounts represent the difference between the actual figures and the estimates of the

figures for ordinary income, ordinary profit and net income calculated based on the assumption

that the business combination was completed at the beginning of the fiscal year ended March 31,

2012. The amount of goodwill amortization was calculated assuming that the goodwill

recognized at the time of the business combination was recognized at the beginning of the fiscal

year ended March 31, 2012.

18



2. Subsequent event related to a business combination

On May 15, 2012, through Tokio Marine & Nichido, a subsidiary of the Company, the Company

acquired 100% of the issued shares of Delphi Financial Group, Inc., a U.S. life and property andcasualty insurance group.

(1) Business combination objectives

Tokio Marine Group is: (i) seeking further growth in both the earnings and scale of its overseas

businesses; (ii) creating a more diverse business portfolio; and (iii) establishing new business

opportunities through synergies with Philadelphia Consolidated Holding Corp. and other current

U.S. operations.

(2) Outline of the business combination

a. Name of the acquiree

Delphi Financial Group, Inc.

b. Location

Wilmington, Delaware U.S.A.

c. Business

Insurance group holding company

d. Premium and fee income (for the year ended December 31, 2011)

1,564 million U.S. dollars (equivalent to 128,564 million yen*)

e. Total assets (as of December 31, 2011)

8,634 million U.S. dollars (equivalent to 709,661 million yen*)

(3) Acquisition cost

213,570 million yen

Direct costs of the acquisition are not included in the above since the amount has not been fixed.

(4) Financing of the acquisition cost

Outside loans

(5) Method and process of acquisition

Reverse triangular merger under laws concerning business combination in the U.S.

*Note: U.S. dollars were calculated in Japanese yen based on the exchange rate as at the end of March 2012.

19



Subsequent events

1. On April 25, 2012, Tokio Marine & Nichido Fire Insurance Co., Ltd., a subsidiary of theCompany, entered a loan agreement in connection with the acquisition of Delphi Financial Group,

Inc., a U.S. life and property and casualty insurance group, as detailed below.

(1) Lender: The Bank of Tokyo-Mitsubishi UFJ, Ltd.

(2) Loan amount: Approximately 100 billion yen, of which approximately 60 billion yen will come

from the Japan Bank for International Cooperation's U.S. dollar-denominated fund created in

response to yen appreciation.

(3) Repayment date: May 23, 2017

(4) Collateral or guarantee: None

2. At the board of directors meeting on May 18, 2012, the Company resolved to cancel treasury

shares, pursuant to the provisions of Article 178 of the Companies Act.

(1) Class of shares to be canceled: Common shares

(2) Number of shares to be canceled: 35,000,000 shares

(3) Total number of issued shares after cancellation: 769,524,375 shares

(4) Scheduled date of cancellation: June 29, 2012

20



4. Others

(1) Summary of Consolidated Business Results for the Fiscal Year Ended March 31, 2012

(Yen in millions, except for %)

Ordinary income and expenses

2,874,082 2,978,100 104,018 3.6 Net premiums written 2,272,117 2,324,492 52,375 2.3

125,301 141,640 16,338 13.0

Life insurance premiums 405,361 344,550 -60,810 -15.0

Reversal of underwriting reserves - 100,727 100,727 -

2,512,937 2,698,374 185,437 7.4

Net claims paid 1,339,724 1,660,040 320,315 23.9

Loss adjustment expenses 93,749 97,130 3,380 3.6

Agency commissions and brokerage 448,444 445,605 -2,839 -0.6

Maturity refunds to policyholders 273,929 256,028 -17,901 -6.5

Life insurance claims 166,253 155,113 -11,140 -6.7

Provision for outstanding claims 176,563 78,014 -98,548 -55.8

Provision for underwriting reserves 7,016 - -7,016 -100.0

347,757 372,910 25,152 7.2

Interest and dividends 219,951 226,291 6,340 2.9

Gains on sales of securities 137,446 139,434 1,987 1.4

105,798 38,197 -67,601 -63.9

Losses on sales of securities 13,694 18,253 4,559 33.3

Impairment losses on securities 24,559 10,172 -14,387 -58.6

534,487 515,563 -18,923 -3.5

54,105 55,598 1,492 2.8

Equity in earnings (losses) of affiliates 2,343 685 -1,657 -70.8

-3,865 -5,850 -1,985 -

126,587 160,324 33,736 26.7

Extraordinary gains and losses

5,360 4,901 -458 -8.5

24,263 11,962 -12,300 -50.7

-18,902 -7,060 11,842 -

107,684 153,263 45,579 42.3

59,752 72,931 13,178 22.1

-25,538 73,935 99,474 -

34,213 146,866 112,652 329.3

73,470 6,397 -67,073 -91.3

1,546 395 -1,150 -74.4

71,924 6,001 -65,922 -91.7

Deposit premiums from policyholders

Income taxes - deferred

Underwriting income

Investment expenses

Operating and general administrative

expenses

Deferred expenses under Article 113 of the

Insurance Business Law

Net income

Ordinary profit

Extraordinary losses

Extraordinary gains and losses



Income taxes - current

Total income taxes

Income before income taxes and non-controlling

interests

Extraordinary gains

Rate of change (%)

Other ordinary income and expenses

Year ended

March 31, 2011

Year ended

March 31, 2012

Increase or decrease

by comparison

Underwriting expenses

Investment income

21



Direct premiums written including deposit premiums from policyholders (Yen in millions, except for %)

Amounts Amounts

Fire and allied lines 441,311 17.8 -7.6 458,999 17.8 4.0

Hull and cargo 97,508 3.9 2.7 102,571 4.0 5.2

Personal accident 277,128 11.2 -0.7 296,619 11.5 7.0

Voluntary automobile 1,013,141 41.0 0.0 1,028,394 39.9 1.5

Compulsory automobile liability 220,106 8.9 1.1 244,754 9.5 11.2

Others 424,387 17.2 -1.4 443,708 17.2 4.6

Total 2,473,584 100.0 -1.6 2,575,048 100.0 4.1

(Deposit premiums from policyholders) 125,301 5.1 -9.5 141,640 5.5 13.0

Net premiums written (Yen in millions, except for %)

Amounts Amounts


Hull and cargo 85,509 3.8 2.1 87,504 3.8 2.3

Personal accident 171,497 7.5 0.9 172,846 7.4 0.8

Voluntary automobile 1,013,178 44.6 0.4 1,030,673 44.3 1.7

Compulsory automobile liability 235,226 10.4 2.8 251,298 10.8 6.8

Others 370,616 16.3 -2.6 373,602 16.1 0.8

Total 2,272,117 100.0 -0.9 2,324,492 100.0 2.3

Net claims paid (Yen in millions, except for %)

Amounts Amounts


Hull and cargo 44,549 3.3 -10.5 48,784 2.9 9.5

Personal accident 90,192 6.7 0.3 88,327 5.3 -2.1

Voluntary automobile 655,722 48.9 2.5 658,728 39.7 0.5

Compulsory automobile liability 234,344 17.5 0.4 234,074 14.1 -0.1

Others 164,163 12.3 -4.1 167,992 10.1 2.3

Total 1,339,724 100.0 -0.4 1,660,040 100.0 23.9

(2) Premiums written and claims paid by lines of insurance


Composition ratio(%)

Rate of change(%)

Composition ratio(%)

Rate of change(%)


Composition ratio

(%)

Rate of change

(%)

Composition ratio

(%)

Rate of change

(%)

Note: Amounts are after elimination of inter-segment transactions.


Composition ratio

(%)

Rate of change

(%)

Composition ratio

(%)

Rate of change

(%)

22



(3) Securities

1. Trading Securities (Yen in millions)


2,475,184 -151,479 2,439,308 -80,050

(Note)

2. Bonds held to maturity (Yen in millions)

Domestic debt

securities938,400 987,243 48,843 1,981,764 2,087,380 105,616

Foreign securities 17,338 17,758 419 17,411 17,982 570

Subtotal 955,739 1,005,002 49,262 1,999,176 2,105,362 106,186

Domestic debt

securities1,061,657 1,009,174 -52,482 280,908 269,587 -11,320

Foreign securities 5,973 5,677 -296 1,947 1,830 -117

Subtotal 1,067,630 1,014,852 -52,778 282,855 271,418 -11,437

Total 2,023,370 2,019,854 -3,516 2,282,032 2,376,781 94,749

3. Bonds earmarked for underwriting reserves (Yen in millions)

Domestic debt

securities 115,358 120,185 4,826 118,109 123,919 5,810

Foreign securities 126,119 132,707 6,587 101,082 109,308 8,226

Subtotal 241,478 252,892 11,413 219,191 233,227 14,036

Domestic debt

securities4,930 4,854 -76 1,283 1,267 -15

Foreign securities 8,805 8,416 -389 1,307 1,276 -30

Subtotal 13,735 13,270 -465 2,590 2,544 -46

Total 255,214 266,162 10,948 221,781 235,771 13,990



The amount of negotiable certificates of deposit (carrying amount on the

consolidated balance sheet: 1,525 million yen; valuation differences recognized on

the consolidated statement of income: 0 million yen), which is presented as "Cash

and bank deposits" on the consolidated balance sheet, is included in the table

above.

Those with fair

value exceeding

the carrying

amount

Carrying amount

shown on

balance sheet

Fair value

Type



Difference

Carrying amount

shown on

balance sheet

Type

The amount of negotiable certificates of deposit (carrying amount on the

consolidated balance sheet: 8,116 million yen; valuation differences recognized

on the consolidated statement of income: 103 million yen), which is presented as

"Cash and bank deposits" on the consolidated balance sheet, is included in the

table above. The amount of foreign-mortgage securities (carrying amount on the

consolidated balance sheet: 831 million yen; valuation differences recognized on

the consolidated statement of income: 23 million yen), which is presented as

"Monetary receivables bought", is also included.



Valuation

differences

recognized on

statement of

income

Carrying amount

shown on

balance sheet

Valuation

differences

recognized on

statement of

income

Trading Securities

Those with fair

value not

exceeding the

carrying amount

Type

Those with fair value exceeding

the carrying

amount

Those with fair

value not

exceeding the

carrying amount

Difference

Carrying amount

shown on

balance sheet

Fair value

Difference

Carrying amount

shown on

balance sheet

Fair value


Carrying amount

shown on

balance sheet

Fair value Difference

23



4. Other securities (available for sale) (Yen in millions)


Domestic debt

securities2,957,002 2,869,720 87,282 3,554,207 3,415,792 138,415

Domestic equity

securities1,977,933 754,891 1,223,042 1,730,937 685,965 1,044,971


Others (Note 2) 132,629 119,370 13,258 132,178 125,096 7,082

Subtotal 5,837,835 4,435,416 1,402,418 6,285,780 5,018,061 1,267,718

Domestic debt

securities811,212 838,390 -27,178 366,535 374,139 -7,604

Domestic equity

securities160,000 182,007 -22,007 125,393 141,650 -16,257

Foreign securities 420,279 452,512 -32,233 322,050 343,242 -21,192

Others (Note 3) 1,034,865 1,039,801 -4,936 787,909 789,847 -1,938

Subtotal 2,426,357 2,512,712 -86,355 1,601,887 1,648,880 -46,992

Total 8,264,192 6,948,129 1,316,063 7,887,668 6,666,942 1,220,725

(Note)

1 1

2 2

3 3

"Others" includes the amount of foreign-mortgage and other securities (carrying

amount on the consolidated balance sheet: 127,311 million yen; cost: 114,860

million yen; difference: 12,451 million yen), which is presented as "Monetary

receivables bought" on the consolidated balance sheet.

"Others" includes the amount of negotiable certificates of deposit (carrying

amount on the consolidated balance sheet: 260 million yen; cost: 257 million

yen; difference: 2 million yen), which is presented as "Cash and bank deposits"

on the consolidated balance sheet and the amount of foreign-mortgage and other

securities (carrying amount on the consolidated balance sheet: 124,572 million

yen; cost: 118,444 million yen; difference: 6,127 million yen), which is

presented as "Monetary receivables bought" on the consolidated balance sheet.



million yen), which is presented as "Cash and bank deposits" in the consolidated

balance sheet and the amount of commercial paper, etc. (carrying amount on the

consolidated balance sheet: 953,358 million yen; cost: 957,489 million yen;

difference: -4,131 million yen), which is presented as "Monetary receivables

bought" on the consolidated balance sheet.



million yen; difference: -2 million yen) which is presented as "Cash and bank

deposits" on the consolidated balance sheet and the amount of commercial

paper, etc. (carrying amount on the consolidated balance sheet: 738,390 million

yen; cost: 739,754 million yen; difference: -1,363 million yen), which is



Other securities for which it is difficult to ascertain fair value are not included in

the table above.

Other securities for which it is difficult to ascertain fair value are not included in

the table above.

Those with

carrying amount

not exceeding

the cost

Carrying amount

shown on

balance sheet

Difference

Those with

carrying amountexceeding the

cost

Type Carrying amount

shown on

balance sheet

Cost Difference Cost

24



5. Bonds held to maturity that were sold

None.

6. Bonds earmarked for underwriting reserves that were sold (Yen in millions)

Domestic debt

securities4,160 207 0 6,722 366 0

Foreign securities 6,007 - 1,016 8,717 50 1,627

Total 10,167 207 1,016 15,440 416 1,628

7. Other securities (available for sale) that were sold (Yen in millions)

Domestic debt

securities843,203 15,782 5,225 751,000 18,076 5,067

Domestic equity

securities194,972 108,982 2,771 217,504 114,051 5,879


Others 145,928 6,684 6,630 128,906 8,774 596

Total 1,598,726 143,411 18,724 1,479,446 147,683 17,155

(Note)

8. Securities for which impairment losses were recognized


Impairment losses amounting to 7,701 million yen (domestic debt securities: 249

million yen; domestic equity securities: 5,972 million yen; foreign securities: 1,472

million yen; others: 6 million yen) were recognized for "Other securities (available

for sale)" with fair value, and 2,478 million yen (domestic equity securities: 932

million yen; foreign securities: 481 million yen; others: 1,064 million yen) were

recognized for "Other securities (available for sale)" for which are difficult to

ascertain fair value.

In principle, an impairment loss is recognized if the fair value of a security has

declined by 30% or more compared to its book value as of March 31, 2012.


Impairment losses amounting to 23,085 million yen (domestic equity securities:

20,973 million yen; foreign securities: 2,106 million yen; others: 4 million yen)

were recognized for "Other securities (available for sale)" with fair value, and 1,479

million yen (domestic debt securities: 9 million yen; domestic equity securities: 666

million yen; foreign securities: 186 million yen; others: 616 million yen) were

recognized for "Other securities (available for sale)" for which are difficult to

ascertain fair value.

In principle, an impairment loss is recognized if the fair value of a security has

declined by 30% or more compared to its book value as of March 31, 2011.


"Others" includes the amount of negotiable certificates of deposit (sale proceeds:

35,099 million yen), which is presented as "Cash and bank deposits" and the amount

of foreign-mortgage and other securities (sale proceeds: 88,895 million yen; gains on

sale: 8,671 million yen; losses on sale: 530 million yen), which is presented as

"Monetary receivables bought" on the consolidated balance sheet.


"Others" includes the amount of negotiable certificates of deposit (sale proceeds:

31,719 million yen), which is presented as "Cash and bank deposits" and the

amount of foreign-mortgage and other securities (sale proceeds: 110,550 million

yen; gains on sale: 6,172 million yen; losses on sale: 6,045 million yen), which is


Gains on sale Losses on sale

Type


Type

Gains on sale Losses on saleSale proceeds


Sale proceeds


Gains on saleSale proceeds Losses on sale

Gains on sale Losses on saleSale proceeds

25



(4) Information on derivatives

1. Derivatives to which hedge accounting is not applied

(1) Foreign currency-related instruments

(Yen in millions)


Over 1 year Over 1 year

Over-the-counter transactions

Foreign exchange forwards

176,344 - -1,706 -1,706 174,253 - -4,154 -4,154

29,882 - -1,031 -1,031 30,452 - -376 -376

4,890 - -94 -94 2,283 - -143 -143

6,724 - -380 -380 7,805 - -512 -512

5,122 - -178 -178 6,306 - -527 -527

- - - - 1,756 - -42 -42

- - - - 421 - -9 -9

- - - - 125 - -0 -0

- - - - 1,613 - 15 15

8,164 - 226 226 33,719 - 691 69113,079 - 583 583 7,085 - 489 489

2,695 - 68 68 13 - 0 0

9,846 - 563 563 3,741 - -5 -5

- - - - 6 - -0 -0

- - - - 6,569 - 154 154

- - - - 1,692 - 19 19

- - - - 19,597 - -224 -224

- - - - 814 - -49 -49

Currency swaps

Pay Foreign/ Rec. Yen

413,478 244,677 13,753 13,753 327,606 255,329 11,194 11,194

3,818 2,481 798 798 30 - 14 14

447 447 17 17 236 236 13 13

Pay Yen/ Rec. Foreign

157,060 116,203 -25,031 -25,031 166,528 144,528 -22,582 -22,582

2,481 2,481 -741 -741 - - - -

434 434 -14 -14 241 241 -11 -11

Pay Foreign/ Rec. Foreign

616 - 60 60 - - - -

Currency options

Short

USD 44,812 31,939 46,639 36,179

4,936 4,120 4,198 738 4,631 3,955 3,311 1,320

USD 49,758 36,078 43,567 35,568

5,022 4,007 7,503 -2,481 4,622 3,949 6,027 -1,405

Long

USD 42,666 29,252 47,857 33,165

3,521 2,567 2,821 -699 3,950 2,961 2,289 -1,661

USD 45,681 30,572 54,074 38,757

3,443 2,588 9,105 5,662 4,035 3,199 9,633 5,597

― ―10,524 -9,884

― ―5,213 -12,196

(Note)

to present values.

2. The fair value of currency options is measured using option-pricing model.

3. For option contracts, option premiums are shown below the respective principal amount.

Type

THB

JPY

THB

USD

EUR

SGD

“Principal amount” as shown in the tables is the nominal contract amount or notional principal amount of derivative transactions.

The amount itself does not represent the market or credit risk of such derivative transactions.

AUD

GBP

Principal

amount

Unrealized

gains or losses

GBP

JPY

CAD

AUD

Call

EUR

Non-deliverable forwards

KRW

AUD

1. The fair value of foreign exchange forwards, non-deliverable forwards and currency swaps is measured by discounting estimated future cash flows

Principal

amountFair value

Unrealized

gains or losses

EUR

Short

USD

Fair value

HKD

SGD

Short

USD

NZD

Total

Long

USD

EUR

Put

Pay USD/ Rec. SGD

Call

Put

AUD

26



(2) Interest rate-related instruments

(Yen in millions)



Market transactions

Interest rate futures

Short 15,883 - -4 -4 775 - 0 0

Long 160,000 - 1 1 159,489 - -3 -3Over-the-counter transactions

Interest rate options

Short

37,231 25,000 56,728 53,528

595 434 53 542 511 446 31 479

13,000 12,000 12,000 12,000

445 393 1,182 -736 393 393 1,427 -1,033

Long

4,500 - 4,500 -

36 - 0 -36 36 - 0 -36

16,000 12,000 14,000 10,000

394 285 487 93 394 285 611 217

Interest rate swaps3,227,382 2,450,231 128,951 128,951 2,718,755 2,150,323 150,211 150,211

3,708,935 2,579,326 -111,307 -111,307 3,009,978 2,270,428 -131,827 -131,827

384,298 372,152 3,313 3,313 370,597 362,645 3,206 3,206

43,655 43,655 237 237 43,629 43,629 1,633 1,633

― ―22,913 21,052

― ―25,291 22,846

(Note)

1. The fair value of interest rate futures is based on the closing prices in principal markets.

2. The fair value of interest rate options is measured using option-pricing model.

3. For option contracts, option premiums at the inception are shown below the respective principal amount.

4. The fair value of interest rate swaps is measured by discounting estimated future cash flows at interest rates

at the end of the period or based on the indications obtained from the counterparty financial institution.

Cap

Swaption

Principal

amountFair value

Unrealized

gains or losses

Rec. fix/Pay fix

Total

Rec. fix/Pay float

Swaption

Rec. float/ Pay float

Rec. float/Pay fix

Type

Cap

Unrealized

gains or losses

Principal

amountFair value

27



(3) Equity-related instruments

(Yen in millions)



Market transactions

Equity index futures

Short 15,688 - -158 -158 10,768 - -104 -104

Long 2,452 - -1 -1 1,463 - -27 -27


Equity index options

Long

Put 17,624 12,982 12,982 9,154

4,260 3,159 7,698 3,438 3,159 2,241 5,654 2,494

― ―7,538 3,278

― ―5,522 2,362

(Note)

1. The fair value of equity index futures is based on the closing prices in principal markets.

2. The fair value of equity index options is based on indications obtained from counterparties.


(4) Bond-related instruments(Yen in millions)



Market transactions

Bond futures

Short 11,300 - -52 -52 11,681 - -113 -113

Long - - - - 581 - 0 0

Short

Put - - 7,279 -

- - - - 18 - 3 14

Long

Put - - 7,351 -

- - - - 47 - 26 -21

― ―-52 -52

― ―-82 -119

(Note)


Fair valueUnrealized

gains or losses

Principal

amountFair value

Unrealized

gains or losses

Principal

amount

Principal

amount

Unrealized

gains or losses

TypeFair value

Unrealized

gains or losses

Bond futures options


2. The fair value of bond futures options is based on indications obtained from counterparties.

1. The fair value of bond futures is based on the closing prices in principal markets.

Principal

amount

Total

TypeFair value

Total

28



(5) Credit-related instruments

(Yen in millions)




Credit derivatives

Sell protection 199,719 156,491 -8,088 -8,088 58,467 43,129 -3,143 -3,143

Buy protection 35,423 34,923 -59 -59 - - - -

― ―-8,147 -8,147

― ―-3,143 -3,143

(Note)

The fair value of credit derivatives is measured using internal valuation model.

(6) Commodity-related instruments

(Yen in millions)




Commodity options

Short

Cap 76 - - -

12 - 2 9 - - - -

Long

Cap 76 - - -

10 - 2 -7 - - - -

Commodity swaps

Rec. fixed price/ Pay commodity indices 15,990 15,533 -6,292 -6,292 11,799 11,575 -4,987 -4,987

Rec. Commodity indices/ Pay fixed price 17,280 16,775 5,368 5,368 12,707 12,459 4,371 4,371

Rec. Commodity indices/ Pay variable indices 6,582 6,170 -416 -416 4,583 4,370 -426 -426

― ―

-1,336 -1,339

― ―

-1,042 -1,042

(Note)1. The fair value of commodity options and commodity swaps is measured using internal valuation model.


(7) Others

(Yen in millions)




Index basket options

Long 166,478 166,478 264,893 264,893

10,098 10,098 30,488 20,389 14,995 14,995 24,883 9,887

Natural disaster derivatives

Short 12,216 386 13,686 268

869 9 630 239 1,139 4 755 383

Long 28,815 - 31,078 -

3,847 - 2,188 -1,658 4,855 - 3,458 -1,397

Weather derivatives

Short 115 - 88 -

3 - 1 1 2 - 2 -0

Others

Short 123 123 123 123

6 6 6 - 6 6 6 -

― ―33,316 18,972

― ―29,107 8,873

(Note)

Type

Type

Principal

amount

Unrealized

gains or lossesFair value

Type

Principal

amount

Unrealized

gains or losses

Principal

amountFair value

Principal

amountFair value

Unrealized

gains or losses

Fair valueUnrealized

gains or losses

Unrealized

gains or losses

Fair valuePrincipal

amountFair value

5. Option premiums at the inception are shown below the respective principal amount.

Total

Total

Total

1. The fair value of index basket options is based on indications obtained from counterparties.

2. The fair value of natural disaster derivatives is measured using internal valuation models or based on options premiums.

3. The fair value of weather derivatives is measured considering weather conditions, terms of contracts and other components.4. The fair value of others is based on option premiums.

Unrealized

gains or losses

Principal

amount

29



2. Derivative transactions to which hedge transaction is applied

(1) Foreign currency-related instruments

(Yen in millions)


Deferred hedge

- - - 102,911 - 3,914

Currency swaps

Pay Yen/ Rec. Foreign Borrowing

5,000 5,000 -154 5,000 5,000 -114

Fair value hedge


Other securities 76,179 - -515 83,228 - -1,330

(available 49,758 - -2,242 29,233 - -601

for sale) 14,220 - -382 - - -

2,586 - -30 2,459 - -119

Currency swaps

Pay Foreign/ Rec. Yen Other securities(available 7,578 7,578 1,758 - - -

for sale) 16,824 16,824 -588 - - -


Short

USD 10,000 - (Note 2) 10,002 - (Note 2)

AUD 5,002 - 5,000 -

― ―-2,156

― ―1,749

(Note)

1. The fair value of foreign exchange forwards and currency swaps is measured by discounting estimated future cash flows .

(2) Interest rate-related instruments

(Yen in millions)


Deferred hedge

Interest rate swaps Insurance liabilities

431,100 405,100 17,751 270,800 253,100 14,786

― ―17,751

― ―14,786

(Note)

Principal amount Fair value

CAD

Hedge items


Total

Assignment accounting

Principal amount

The fair value of interest rate swaps is measured by discounting estimated future cash flows at interest rates at the end of the period.


Hedge items

Bank deposits


Principal amount Fair valueFair value

Total

GBP

USD

AUD

EUR

Short

USD

Type

Rec. fix/Pay float

USD

Fair value

USD

Forecast

transactions in

foreign currency

2. The fair value of foreign exchange forwards which is integrally accounted with hedged items is included in the fair value of bank deposits.

TypePrincipal amount


Long

FY2011 Summary Report_e

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