Company Presentation · 12/6/2004 · 2. Premium Income (2) Premium Result Last year’s domestic operating result maintained Higher income in all classes, except motor Increase

6 December 2004

For the attention of our Investors / Analysts

(including FY2004 Interim Earnings)

Company Presentation

I. FY2004 Interim Earnings Summary 　　　　　　　　　　　　　　　　

FY2004 Interim Earnings Data　　　　　　　　　　　　　　　　　　　　　　　　　

Data (Attachment)

1. Key Points2. Premium Income3. Claims4. Catastrophe Reserves5. Operating Expenses6. Asset Management7. CapitalRef: Fortress Re aviation reinsurance data8. Aioi Life - Key Points of Interim Performance

III. 2H Initiatives in Key Areas1. Securing growth2. Enhancing productivity/efficiency3. Expanding group income

CONTENTS

P1P2P3P5P6 P7P8P9P10

P12P17P18

II. FY2004 Earnings Forecast　　　　　　　　　　　　　　　1. Key Points 　P11

I. FY2004 Interim Earnings SummaryI. FY2004 Interim Earnings Summary

1. Key Points1. Key Points

1

I. FY2004 Interim Earnings Summary

(Billion yen, %)

NB: The net loss ratio includes loss adjusting expenses

[Lower line excludes special factors]

◆ Net profit posted in first half, offsetting the impact of major natural disasters and the early adoption of fixed asset impairment accountingNB: Excl. special factors = excl. the impact of abolition of the state CALI reinsurance scheme and Fortress Re issue

Change +/- %419.2 416.3 -2.8 -0.7382.5 380.7 -1.8 -0.5222.3 230.4 8.0 3.6200.3 197.6 -2.6 -1.3138.0 134.2 -3.8 -2.8137.8 134.2 -3.6 -2.6

13.2 -9.2 -22.5 -170.114.0 19.2 5.1 36.6

23.0 7.2 -15.8 -68.7

-1.6 1.5 -Extraordinary Profit 0.7 9.4 8.7 -Extraordinary Loss 2.3 9.5 7.1 298.2

9.0 5.1 -3.9 -43.457.5 59.6 2.1P57.3 56.6 -0.7P32.9 32.2 -0.7P36.0 35.3 -0.7P90.4 91.9 1.5P93.3 91.8 -1.5P

30 Sep2003

30 Sep2004

Net Premiums

Net Claims

Net Operating Expenses

Underwriting ProfitAsset Management Profit/Loss

Ordinary Profit

Combined ratio

Extraordinary Profit/Loss

Interim Net Profit

Net loss ratio

Net expense ratio

2. Premium Income (1) Premiums by Class2. Premium Income (1) Premiums by Class

2


(Billion yen, %)[Excl. special factors]

■ Net Premiums by Class

(* operating result basis)

FireLong-term fire +¥900MNReduction in outwardR/I premiums +¥1.7BN

P.A. 3rd Sector +¥900MNSavings-type P.A. -¥500MN

MotorDownturn in unit prices -¥5.8BN*Reduction in overseasinward R/I premiums -¥2.4BN

Other Liability +¥1.6BN　

Amount +/- % Amount Change +/- %Fire 39.4 0.8 41.7 2.3 6.0

Marine 2.5 0.8 2.5 0.0 2.8P.A. 24.9 -5.3 25.2 0.2 1.1

Motor 238.7 -2.6 231.4 -7.2 -3.0CALI 44.0 4.0 44.4 0.4 1.0Other 32.8 -7.5 35.1 2.3 7.0

TOTAL 382.5 -2.1 380.7 -1.8 -0.5

Class30-Sep-03 30-Sep-04

2. Premium Income (2) Premium Result2. Premium Income (2) Premium Result

◆ Last year’s domestic operating result maintained

◆ Higher income in all classes, except motor

◆ Increase in number of cars insured, but

significant impact from fall in unit prices

3


(Billion yen, %)■ Operating Result by Class ■ Operating Result by Channel

◆ Solid increase in Toyota Group and Motorincome

◆Smaller reduction in income in the prochannel

Amount +/- % Amount Change +/- %Fire 42.2 4.2 43.6 1.4 3.5

Marine 4.3 0.8 4.4 0.1 0.2P.A. 20.7 1.5 22.3 1.6 5.4

Motor 237.9 -1.9 233.3 -4.6 -1.9CALI 70.2 1.4 70.6 0.4 0.6Other 35.3 -5.0 36.9 1.6 4.3

TOTAL 410.8 -0.8 411.2 0.4 0.0

Class30-Sep-03 30-Sep-04

Amount +/- % Amount Change +/- %

147.3 -2.1 145.1 -2.1 -1.4

81.6 0.6 82.2 0.7 0.8

84.2 5.5 86.7 2.5 2.9

Toyota Gp outlets 74.0 3.9 74.6 0.6 0.8

o/w Toyota Gp cos 10.1 17.8 12.1 2.0 19.9

15.0 -11.2 13.7 -1.2 -8.2

42.6 0.7 42.6 0.0 0.1

14.8 -7.0 14.9 0.1 0.5

o/w bancassurance 2.4 34.8 2.1 -0.3 -11.7

25.5 -8.9 26.0 0.5 1.8

410.8 -0.8 411.2 0.4 0.0

Financial

Other

TOTAL

Motor

Other dealers

Corporates

Toyota Group

Channel30-Sep-03 30-Sep-04

Pro

(Billion yen, %)

3. Claims3. Claims

4


■ Net Claims / Loss Ratio Trend

(Japan; excl. loss adjusting costs)

◆ 0.7-point improvement in overall loss ratio due to reduction in overseas inward reinsurance contracts etc.

■ Natural Disasters(Billion yen)

◆1.4-point deterioration due to the impact of major natural disasters, but only a 0.4-point rise excluding this impact, i.e. the ratio remains stable

■Motor E/I Loss Ratio

(Billion yen, %)[Excl. special factors]

57.6

54.6 54.8 54.4

55.8

54.8

50.0

52.0

54.0

56.0

58.0

60.0（%）

Excl. majornatural disasters

30/9/2002 FY2002 30/9/2003 FY2003 30/9/2004

Claims Paid Loss ratio Claims paid Loss ratio +/- %Fire 16.8 44.7 16.8 42.4 - 2.3P

Marine 2.1 90.1 1.2 50.9 -39.2PP.A. 8.5 39.2 8.0 35.5 - 3.7P

Motor 125.5 57.2 126.2 59.2 2.0PCALI 25.1 65.8 23.6 61.8 - 4.0POther 22.0 73.0 21.5 65.3 -7.7P

TOTAL 200.3 57.3 197.6 56.6 - 0.7P

30-Sep-03 30-Sep-04Direct Net

30.7 21.1Claims paid 6.5 6.3

Outstanding loss reserve 24.1 14.7

30-Sep-04

Incurred Loss

82.6%

138.6%

90.7% 88.9%96.6%100.9%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

IOI Co. A Co. B Co. C Co. D Co. E

20.2% 24.1% 22.6%15.4%

21.7% 17.6%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

54.8%64.2% 59.1% 55.4%

43.4% 48.5%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

4. Catastrophe Reserves4. Catastrophe Reserves

5


■ Reserves by Class

■ Reserve Ratio by Class: Comparison with Competitors

◆ Rise in reserve ratio across all classes, excl. P.A.◆ Reserve transfer rate for fire amended

to 5.8% (raised from 3.8% last FY)

(Billion yen, %)

◆ The reserve ratios for fire, motor and P.A. – weighted highly within premium income –stand comparison with the other classes◆ The outwardly low overall reserve ratio is due to the high weighting of motor

Fire Motor P.A.

　　(30/9/2004)

IOI Co. A Co. B Co. C Co. D Co. E IOI Co. A Co. B Co. C Co. D Co. E

Amount Ratio Amount Ratio +/- %Fire 65.5 79.7 67.8 82.6 2.9P

Marine 3.3 64.2 3.4 66.5 2.3PP.A. 26.9 54.9 27.7 54.8 -0.1P

Motor 84.2 17.9 93.3 20.2 2.3POther 14.0 19.2 15.4 21.0 1.8P

31-Mar-04 30-Sep-04

5. Operating Expenses5. Operating Expenses

6


■ Operating Expense Reduction(Billion yen, %)[Excl. special factors]

◆ ¥3.6BN YoY reduction in net operating expenses thanks to ongoing efforts to achieve efficiencies　◆ Net expense ratio has also steadily fallenYoY, offsetting the impact of lower premiumsNB: Non-personnel expenses include donations/burden charges/taxes

38.7 35.1 34.8

33.331.8 30.2

35.3

37.6

36.0

0

10

20

30

40

50

60

70

80

30/9/2002 30/9/2003 30/9/200434.0

34.5

35.0

35.5

36.0

36.5

37.0

37.5

38.0Non-personnelPersonnelNet expense ratio

Steady fall inexpense

ratio(Billion yen) （%）

Change +/- %

35.1 34.8 -0.2 -0.8

31.8 30.2 -1.5 -4.9

66.9 65.1 -1.8 -2.8

70.9 69.1 -1.7 -2.5

137.8 134.2 -3.6 -2.6

36.0% 35.3% -0.7PNet expense ratio

30 Sep2004

Net operating costs

30 Sep2003

Personnel

Non-Personnel

SG&A expenses relatingto underwritingCommissions andcollection costs

6. Asset Management6. Asset Management

7

■ Asset Management Profit/Loss


(Billion yen)

■ Early Adoption of Fixed Asset Impairment Accounting

(Billion yen)< Impairment losses by asset group >◆ Early adoption from this term with

a view to ensuring asset soundness

◆ ¥8.4BN in impairment losses posted

as extraordinary loss

◆ ¥5.1BN YoY improvement in profit on assets managed◆ ¥2.4BN improvement in interest/

dividend income, in spite of continued low-interest environment◆ ¥6.4BN increase in realized gains

on marketable securities due to the sale of strategic holdings etc.

30 Sep2003

30 Sep2004

Change

14.0 19.2 5.1Interest and dividend income 19.1 21.5 2.4

Gain on sale of marketable securities 3.5 9.9 6.4Valuation gain on marketable securities 1.1 1.3 0.2

Other profit/loss on assets managed 3.1 -0.5 -3.7Transfer to profit, incl. reserve premiums -10.6 -10.3 0.2

Asset management profit/loss

Land BuildingsRental assets 4.7 3.2

Idle and other assets 0.2 0.1TOTAL 5.0 3.4

7. Capital7. Capital

8

(Billion yen)

■ Unrealised Gains/Losses on Securities

■ Reduction of Strategic Shareholdings (Book value basis)(Billion yen)

(Billion yen)


◆ Solvency margin fell by only

17.8 points, in spite of lower

unrealised stock profits, and

remains at an adequate level

◆ Lower unrealised profits onstrategic shareholdings

■ Solvency Margin

◆Sale of strategic share-holdings promoted in 2H witha view to achieving the targetof ¥40BN in sale value

NB: Reduction and Balance figures are after adjustment for impairment

ChangeTotal assets 2,569.9 2,597.8 2,564.4 -33.4

Equity capital 375.4 446.8 414.1 -32.6Catastrophe reserves 198.0 194.2 207.6 13.4

Solvency margin 798.8% 910.1% 892.3% -17.8P

FY200330 Sep2003

30 Sep2004

ChangeGvt & Corp Bonds 2.4 3.6 2.2 -1.3

Shares 139.7 223.8 172.3 -51.5Overseas securities -16.3 -14.9 -7.4 7.5

Other 0.1 5.7 1.3 -4.3TOTAL 126.0 218.3 168.5 -49.8

30 Sep2003

30 Sep2004

FY2003

30 Sep2003

FY200330 Sep2004

Reduction 29.5 96.8 3.7

Balance 435.3 368.9 365.2

■ Claims Payments(Billion yen)

0

141

61

10

10

20

30

40

Jan 2001 Jan 2002 Jan 2003 Jan 2004

　¥BN　　　 FY2001　　 FY 2002　　 FY2003　　　 FY2004　　　　FY2005

Claims estimate

Inward R/I contracts

◆An international auditor regularly examines claims estimates　◆ Steady progress on claims payments◆ Settlement agreed with Fortress Reand its Directors　○ ¥8.5BN in settlement booked as

extraordinary profit

Ref: Fortress Re Aviation Reinsurance DataRef: Fortress Re Aviation Reinsurance Data

9


FY2001 FY2002 FY200330 Sep2004

Claims Paid 32.2 36.2 38.9 16.1Outstanding

Reserve116.7 88.4 61.6 52.9

10

8. Aioi Life - Key Points of Interim Performance8. Aioi Life - Key Points of Interim Performance


　　　　　　　　　　　　　　　　　　　　　　　　　　　

New personal policiesNew personal policies

Personal policies in forcePersonal policies in force

Premium and other income

Asset management profitClaims and other payments

Asset management costs

Total Assets

29,628(Units: million yen, %)

29,7401,617 1,8929,148 9,961

1 73

180,412 210,846

111274813

71

　30,433 　16.9

－

8.917.00.4

30 Sep2003

New policy totalPersonal / pensionsGroup / group pensions

Policies in force

Personal / pensionsGroup / group pensions

30 Sep2004 Change +/- %

402.0 113.2 28.2367.0

34.9448.1

67.13,945.4 4,493.73,201.9 3,617.2

743.4 876.5

81.032.1

548.3415.2133.0

13.913.017.9

(Units: billion yen, %)

515.3

92.022.1

NB: Real 1H net profit if no increase had been made: ¥955MN

Solvency Margin % 1,951.9 1,891.7 -60.2P

335.1367.0

448.1

250

300

350

400

450

500

FY200230 Sep

FY200330 Sep

FY200430 Sep

(Billion yen)+22.1% YoY

+13.0% YoY

2,916.0

3,201.9

3,617.2

2,000

2,500

3,000

3,500

4,000

FY2002Sep

FY2003Sep

FY2004Sep

(Billion yen)

◆ Reserves increased by ¥950MN in order toachieve statutory level

■ Steady growth in policies in force

II. FY2004 Earnings ForecastII. FY2004 Earnings Forecast

11

II. FY2004 Earnings Forecast1. Key Points1. Key Points [Lower line excludes special factors]

(Billion yen, %)

NB: The net loss ratio includes loss adjusting expenses

◆ Draw-down of catastrophe reserves absorbs the impact of major natural disasters, ensuring an estimated ¥17.0bn in net profit for the period

Change +/- %836.5 828.0 -8.5 -1.0758.2 758.3 0.0 0.0471.4 501.9 30.4 6.4417.3 432.1 14.7 3.5279.8 274.9 -4.9 -1.8279.5 274.8 -4.7 -1.7

13.0 1.5 -11.5 -88.541.5 32.0 -9.5 -23.0

45.3 27.0 -18.3 -40.4

27.3 17.0 -10.3 -37.860.8 65.0 4.2P59.9 61.8 1.9P33.5 33.2 -0.3P36.9 36.2 -0.7P94.3 98.2 3.9P96.8 98.1 1.3P

FY2003 FY2004Est

Net Premiums

Net Claims

Net Operating Expenses

Underwriting ProfitAsset Management Profit/Loss

Ordinary Profit

Combined ratio

Net Profit for the period

Net loss ratio

Net expense ratio

　 III. 2H Initiatives in Key Areas 　　 III. 2H Initiatives in Key Areas 　

1. Securing Growth (1) Product Strategy1. Securing Growth (1) Product StrategyIII. 2H Initiatives in Key Areas

12

(1) Motor insurance strategy

Expanded coverage- Speedy accident resolution -

Expanded coverage- Speedy accident resolution -

Personal accident compensation rider for pedestrians etc. (Oct 2004)< Pays out for the portion of fault attributable to the

victim = aids the vulnerable party >

Personal accident compensation rider for pedestrians etc. (Oct 2004)< Pays out for the portion of fault attributable to the

victim = aids the vulnerable party >

Sector first

Packaging of various riders according to need

- Supports agency sales growth -

Packaging of various riders according to need

- Supports agency sales growth -

New fixed plan ‘Top Run Easy’ (Oct 2004)< Rider package, simplified renewal, cashless >

New fixed plan ‘Top Run Easy’ (Oct 2004)< Rider package, simplified renewal, cashless >

New

◆New customers gained as a result of further coverage enhancements

◆Unit prices boosted by switching existing customers to Top Run and adding riders

A step ahead in motor insuranceIncrease in motor insurance income achievedby encouraging existing customers to switchand by gaining new customers

1. Securing Growth (1) Product Strategy1. Securing Growth (1) Product Strategy

■ Expanded sales of personal insurance, primarily Health Comprehensive Insurance Health Club

III. 2H Initiatives in Key Areas

(2) Personal insurance strategy

Pro Corp/Fin Dealers Motor

Personal insurance saleschannel expansion

Support/guidance fromPersonal Insurance Specialists

Introductionof QLIC staff

■ All-out promotion of ‘Platform products’ in order to strengthen multi-product sales(3) Platform strategy

Home Comprehensive

Traders Comprehensive

Construction Comprehensive

Personal market

Small-mid co. market

Construction market

Transportationmarket

◆ Highest level of coverage for the transportation sector

◆ Introduction of discount system, reflecting ‘safety’, ‘environment’

◆◆ Highest level of coverage for the Highest level of coverage for the transportation sectortransportation sector

◆◆ Introduction of discount system, reflecting Introduction of discount system, reflecting ‘‘safetysafety’’, , ‘‘environmentenvironment’’

TransportationComprehensive

(Dec 2004)

TransportationComprehensive

(Dec 2004)

New

Change +/- %¥1.1BN 5.4%

3rd Sector ¥800MN 21.8%

Personal insurance

30-Sep-04

Change IncreaseHome Comp ¥400MN 8.6%

Traders Comp ¥200MN 54.5%

Construction Comp ¥400MN 21.1%

30-Sep-04

13

1. Securing Growth (2) Channel / Market Strategy1. Securing Growth (2) Channel / Market Strategy

14


■ Further efforts to boost revenues(1) Toyota market strategy

◆Proactive proposals on reorganizing Toyota sales channel　◆Acceleration of insurance business enhancement activities◆Utilization of dealer ranking system and follow-up

programme

◆Steady share building in Toyota Group property/group insurance markets

◆Expanded selling of ‘long-term fire insurance withhousing loan’ for Toyota Home customers

Product development with ToyotaProduct development with Toyota

Support to outlets to raise incomeSupport to outlets to raise income

Expand business with Group companiesExpand business with Group companies■ Expansion of business with groupsales outlets promoted

Telematics/ITS-supported motor insurance ‘P A Y D’

Life cover for TS CUBIC CARD members ‘Zutto Luck’ New■ Steady growth in sales of jointly

developed products

* Sales commenced Jul 2003

30 Sep2003

30 Sep2004

Increase

Group sales outlets ¥74.0BN ¥74.6BN 0.8%Group cos. ¥10.1BN ¥12.1BN 19.9%

TOTAL ¥84.2BN ¥86.7BN 2.9%

Policies Premiums Policies Premiums IncreaseConvini Plan 23,000 ¥2.4BN 25,000 ¥2.6BN 6.4%

Nagaraku Plan* 3,000 ¥300MN 10,000 ¥1.0BN 212.0%

30-Sep-03 30-Sep-04

FY2001 FY2002 FY200330 Sep2004

New partner outlets 98 80 96 48New outlets (IOI coinsurer) 19 10 8 5

New outlets (IOI leader) 4 1 2 2

◆Develop products allied to Toyota’s advanced technology, financing operations

■ Shift in the handling of ‘fire insurance with housing loan’ from banks to the housingindustry, where contact with the customer occurs at an earlier stage

　 Increase in revenues achieved by promoting alliances with the housing industry channel andregional financial institutions, where IOI has a significant share

‘Bancassurance’ channel

◆Weak housing loan growth　results in negative YoY

sales growth

◆ Alliances with regional financialinstitutions

　○ ‘Housing industry seminars’ heldjointly with financial institutions, thereby cultivating the housingindustry

◆ Steady increase inrevenues offsets banc-

assurancedecrease　


15


(2) Strategy for ‘fire insurance with housing loan’ market

◆ Cultivation of regional financial institutionsbased on unique IOI strategy　

○ Tie-up with housing industry channel○ Positive responses from regional fin. institutions‘Small Loan Credit Insurance for Small/Mid-size Companies’ provided○ Life: promotion of ‘non-selective pensions’, ‘Group Credit Life Insurance with CancerBenefit’　

Regional InfoNetwork

‘Housing industry’ channel

0

20

40

60

80

100

30/9/2003 30/9/2004

¥2.4BN ¥2.1BN

0

20

40

60

80

100

30/9/2003 30/9/2004

¥6.5BN

¥8.0BN

　


16


◆ Cultivate small-midsize business/retiree market by expanding sales channels / strengtheningproduct features (utilizing alliances) and through the regional information network

(3) Small-midsize business market strategy

Core MarketsChannel Gateway

Retirees

Small-M

idsize Businesses

IOI

AXALife

NomuraSecurities Gp

＋

Existing channel

Existing products/services/features

Featuretie-up

Sales tie-upExpand sales channel

Strengthen features

401k

Sales staff6,000 Chamber of

Commerce・ CCI

＋

IOI Club

IOI Club (Inc)

Regional Info N

etwork

● IOI insurance products● Toyota Asset Inv. Trust● Nomura Asset Inv. Trust● Other financial products

2. Enhancing Productivity/Efficiency2. Enhancing Productivity/Efficiency

Mobile POS system

< Trial < Trial ⇒⇒ RollRoll--Out >Out >

Contracting agency

17

Dedicated agencysystem‘IONOS’

Web-based agencysystem‘I-BROAD’

Pro sales section

Sales centre

◆ Reform sales outlets

Cooperating　agency

◆ Reform channel structure

Non-independent agent

　■ Drastically enhance productivity/efficiency through reform of the business structure


◆ Administrative reform

Outsource corp.administration

Umbrellaagency

Bring in

Administrativepromotion centre

‘Tri-Function’Sales Structure

◆ Equip agency system

IONOS

Boost sales pow

er / streamline costs

Boost sales pow

er / streamline costs

Dedicated salesguidance

Dedicated admin.guidance

Dedicatedmanagement

Direct accounting

Cashless

Daily settlement

New

Paperless30-Sep-04 FY2004 Target

Contracting 1,495 2,000Cooperating 103 250

Umbrella 9 50

Oct 2004 FY2004 TargetPro sales sections 5 11Admin prom center 6 14Sales centers/teams 66 78

3. Expanding Group Income (1) Aggressive Expansion of Overseas Business3. Expanding Group Income (1) Aggressive Expansion of Overseas Business

Thai

ChinaEUR

Jan 2005: launch of Aioi Motor and General Insurance Company of Europe- Promote F&I business and general insurance aimed at Japanese companies -

FY2004: 5-office structure (open 2 offices)FY2005: Establish direct business structure through new branches

Investment in local non-life insurer; reorganization into Bangkok Aioi in Jan 2005, promoting F&I business

AUS


■ Toyota global strategy and associated F&I business developing smoothly　　　　　　■ Strengthen the F&I operation in the Asian market and invest opportunistically in China

18

◆ Local direct premium income

Promote F&I business in alliance with IAGIAG: Australia’s leading general insurance company

2004年度2003年度(Billion yen)

30 Sep 31/3 Target30 Sep 31 MarFY2003 FY2004

11.6

24.0

14.8

28.0

0

510

15

20

2530

35

Enhance customer service and strengthen measures to prevent lapses/cancellationsEnhance customer service and strengthen measures to prevent lapses/cancellations

Expand line-up of unique products to meet needs of customers/channelsExpand line-up of unique products to meet needs of customers/channels

● Feb 2004: Launch of ‘Group Credit Life Insurance with Cancer Benefit’ for financial institutions　

● Jun 2004: Launch of package product ‘New Income Guarantee Insurance Just One’ combining income andmedical guarantee

● Nov 2004: Launch of ‘Zutto Luck’ dedicated credit card payment product for TS CUBIC CARD members

● Strengthen policy retention structure through establishment of Customer Service Centre (Apr 2004)

　Full-scale roll-out of ‘Direct Policy Amendment Service’

■ Accelerate increase in statutoryreserves

■ Grow Embedded Value

3. Expanding Group Income (2) Life Insurance Business3. Expanding Group Income (2) Life Insurance Business

New policy total(Personal/Pensions)

Policies in forcePersonal/pensionsGroup/gp pensions

448.1

3,617.2876.4

4,493.6

970.0

3,920.0850.0

4,780.0

Sep 2004 FY2004


19

New

(Billion yen)

Contact Point for Enquiries

Ebisu 1-28-1, Shibuya-ku, Tokyo 150-8488

Tel: +81 (3) 5789-7135

Fax: +81 (3) 5489-6465E-mail：[email protected]

Corporate Planning Division – IR Group

This presentation contains statements relating to future performance, which entail certain risks and uncertainties.

You should bear in mind that future performance, management policy or strategy could be subject to alteration or fluctuation due to changes in the external environment.

Documents

Company Presentation · 12/6/2004 · 2. Premium Income (2) Premium Result Last year’s domestic operating result maintained Higher income in all classes, except motor Increase