Life Insurance Business Strategy

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1 Life Insurance Business Strategy November 27, 2003 Sukeaki Ohta President Tokio Marine & Nichido Life Insurance Co., Ltd.

2 Position of Life Business October 1, 2003 Tokio Marine &Nichido Life commenced its business (1) Core business at Millea Group (2) Customer-oriented operation (3) Swift integration of the former two companies and promotion of cross-selling (life and non-life products at agents)

3 Business Plan Quantitative Objectives (1) (1) (1) Profitability (embedded value value basis) basis) (Unit: bn) (Unit: bn) Effect of interest rate 16.7bn Effect of interest rate 5.8bn

4 Business Plan Quantitative Objectives (2) (2) (2) Growth Growth (annualized premium income income on on new new business, excluding annuity) (Unit: bn)

5 Business Plan Overview of Strategies (1) Promote cross-selling (2) Develop agents specialized in in life insurance (3) Promote bancassurance (4) Strengthen advertising (5) Others

6 Business Plan Current Situation of Distribution Channel Tokio Marine & Nichido Life No. of agents: 21,577 No. of Life Promoters: approx. 140 Cross-selling ratio: approx. 3% Non-life agents Life Partners: approx. 320 (approx. 10% of premium) Agents specialized in life insurance Customers

7 Business Plan Strategies Increase Life Promoters (sales support personnel) to approx. 500 Promote cross-selling Tokio Marine & Nichido Life (1) (2) (3) Non-life agents Life Partners(in-house sales personnel): Increase to approx. 500 Composition ratio: Increase to 15-20% of premium income Agents specialized in life insurance Launch a dual currency annuity product Develop bancassurance into one of the main channels Financial institutions Cross-selling LPs, etc. Bancassurance Customers Strengthen advertising

8 Business Plan Cross-selling (1) Promote cross-selling Increase Life Promoters Current status Approx. 140 Life Promoters as of the end of Sep (including Promoters at the former Nichido Life) Interim results for the 6 months ended Sep. 30, % Y on Y (at retail branch offices excluding Promoters: only + 4.8% Future Continuously increase no. of Promoters mainly at sub-branches specialized in life insurance Increase Life Promoters to approx. 500 in the near future Agents Non-life operations Shared operations Support for the non-life business Support for the shared operaitions Tokio Marine or Nichido Fire Life operations Support for the life business Tokio Marine &NichidoLife

9 Business Plan Agents Specialized in Life Insurance (2) (2) Develop agents specialized in in life insurance (a) Increase Life Partners (LPs) Increase current 320 to approx. 500 by the end of FY05 (b) Increase Life Pros New hires and/or having other insurers agents represent Tokio Marine & Nichido Life Established three Sub-branches specialized in Life Pros

10 Business Plan Bancassurance (3) Promote bancassurance a. Approx. 220 banks represent Tokio Marine & Nichido Life b. Launch a dual currency annuity product (US$ -denominated) Receive annuities in US$ Invest in U.S. bonds (higher-yield than JGBs) Death benefits are paid in the Japanese yen with a guaranteed minimum amount Guaranteed interest rates change every month but do not change after the inception of policy Cash value for surrenders fluctuates every month in accordance with interest rates prevalent in the market No representation of health conditions or occupation at the inception of policy

11 Business Plan Advertising (4) Strengthen advertising Improve brand and product recognition Provide support for cross-selling

12 Business Plan Other Strategies (5) Other strategies (a) Promote the sales of protection-type products Through consulting sales, promote the sales of protection-type products Current portfolio of in-force business b Asset management strategy Maintain strict ALM

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