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
I. FY2004 Interim Earnings Summary
(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
I. FY2004 Interim Earnings Summary
(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
I. FY2004 Interim Earnings Summary
■ 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
I. FY2004 Interim Earnings Summary
■ 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
I. FY2004 Interim Earnings Summary
■ 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
I. FY2004 Interim Earnings Summary
(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)
I. FY2004 Interim Earnings Summary
◆ 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
I. FY2004 Interim Earnings Summary
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
I. FY2004 Interim Earnings Summary
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
III. 2H Initiatives in Key Areas
■ 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
1. Securing Growth (2) Channel / Market Strategy1. Securing Growth (2) Channel / Market Strategy
15
III. 2H Initiatives in Key Areas
(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
1. Securing Growth (2) Channel / Market Strategy1. Securing Growth (2) Channel / Market Strategy
16
III. 2H Initiatives in Key Areas
◆ 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
III. 2H Initiatives in Key Areas
◆ 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
III. 2H Initiatives in Key Areas
■ 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
III. 2H Initiatives in Key Areas
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.