Brief Explanation of FY2010 3Q Financial Results. 1. Consolidated Results of Tokio Marine Holdings

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1 Brief Explanation of FY2010 3Q Financial Results <Summary of FY2010 3Q Financial Results> 1. Consolidated Results of Tokio Marine Holdings (References: "Supplemental material for FY2010 3Q conference call") Ordinary Income - Net premiums written: 1,728.4 billion, down 1.6 billion or 0.1% YoY Tokio Marine & Nichido and Nisshin Fire recorded slight premium increases. Meanwhile, premiums from overseas subsidiaries declined overall on a consolidated basis, primarily due to the impact from the strong yen (premiums increased on a local currency basis.) - Life insurance premiums: billion, down 21.7 billion or 6.5% YoY Insurance premiums and other of Tokio Marine & Nichido Life: Steady growth in policies in force raised insurance premiums by 17.9 billion or 5.5% YoY. Insurance premiums and other of Tokio Marine & Nichido Financial Life: As a result of continuously taking a risk-restrictive sales in consideration of the financial market environment, new policies for variable annuity declined 22.8 billion or 17.4% YoY. (References: Non-consolidated life results do not add up to the consolidated results of life operations due to the difference in accounting format between life and non-life operations; the consolidated results are shown in the non-life format). - Insurance premiums of International insurance business (total of life and non-life)*: billion, up 3.6 billion or 0.9% YoY * Result for the overall International insurance business, including foreign branches of Tokio Marine & Nichido, equity method investees and non-consolidated companies. Excluding the effects of the strong yen, premiums increased by approximately 6% YoY. Changes by region: (Please refer to the table provided below.) Philadelphia Insurance Companies: A decrease of approximately 2% YoY, due to the appreciation of the yen against the US dollar, although premiums continued to grow by about 5% YoY in local currency despite the flat growth in the overall U.S. P&C market. Kiln: Premiums increased approximately 8% YoY in local currency although they were almost flat on a yen basis, owing to an expansion in underwriting by utilizing the capacity of the 100% owned Lloyd's Syndicate by the Tokio Marine Group. Reinsurance business (excluding Kiln): Premiums decreased 3% YoY on a yen basis, due to the effects of the appreciation of the yen and the softening of the market, although they increased approximately 5% YoY in local currency. Non-life insurance businesses in Asia: Premiums increased approximately 8% despite the effects of the strong yen. North America (excluding Philadelphia) and European subsidiaries: Premiums decreased 22% and 12% YoY respectively, due to the lower rates caused by increased competition especially in Japanese corporate businesses.

2 Life insurance business: Premiums surged approximately 31% YoY, supported by growth in new policies primarily in the Chinese life insurance business. Ordinary Profit - Ordinary profit: billion, up 53.1 billion or 32.0% YoY The increase was primarily due to the decline in funding of the foreign-currency denominated provision for outstanding claims due to the appreciation of the yen, greater gains from financial derivatives such as foreign exchange forwards due to the stronger yen, and the increase in gains on accelerated sales of businessrelated equities at TMNF. Gains or losses on investment in securitized instruments: Recorded total profits of 10.2 billion, including gains on valuation of CDS investments, due to the tightening of credit spreads and gains on redemptions or sales in ABS. Quarterly Net Income - Quarterly net income: billion, up 28.9 billion or 26.3% YoY The factor driving the increase was mostly the same as the factor that led to higher ordinary profit. 2. Non-Consolidated Results of Tokio Marine & Nichido (Reference: "Summary Report," pages 12 and 13) - Net premiums written: 1,304.0 billion, up 2.4 billion or 0.2% YoY Fire insurance: Total premiums including domestic and overseas decreased by 4.2% YoY, due to: (i) the reversal effect caused by changes in conditions and switches in inception dates from the original dates in the previous year for major contracts, and (ii) the sluggish U.S. economy. Marine insurance: Premiums increased 10.5% YoY, owing primarily to the considerable recovery in international trade and distribution although the appreciation of the yen was a declining factor. Auto insurance: Premiums increased 0.5% YoY, owing primarily to the higher unit price caused by revisions to products and rates in July 2009 and July Net loss ratio: 67.7%, -0.0 point change YoY Fire insurance: 41.3%, down 2.0 points, mainly due to the reversal effect of the payment of claims for typhoon No. 18 (Typhoon Megi) in the previous fiscal year. Marine insurance: 53.3%, down 15.4 points, due to the decrease in major accidents. Auto insurance: 71.1%, up 2.1 points, owing primarily to the increase in claim payments associated with the rise in frequency of accidents, covered by endorsements for damage to own vehicle and for property damage liability, that became remarkably apparent in the second quarter of the current fiscal year. - Business expenses and net expense ratio: Agency commissions and brokerage: billion, down 4.5 billion YoY Decline in average agency commission points Operating and general administrative expenses on underwriting: billion, up 3.0 billion YoY Personnel expenses: Up 5.6 billion, due to the reversal effect of the results in

3 FY2009 Non-Personnel expenses: Down 1.9 billion, owing primarily to the declines in IT-related expenses not associated with the Business Renovation Project and printing expenses Total expenses: billion, down 1.5 billion YoY Net expense ratio: 33.9%, an improvement of 0.2 points YoY - Provision for outstanding claims (private insurance basis): Reversal of 17.2 billion, down 7.4 billion YoY Decline in funding of foreign currency-denominated provision for outstanding claims due to the appreciation of the yen Provision for claims increased with the higher volume of major contracts in Other lines Bounce-back effect of the reversal of provision for outstanding claims in overseas in prior fiscal years Increase in provision for outstanding claims in auto insurance Current situation of auto insurance: The number of reported claims (frequency) has decreased slightly since October However, the unit costs of insurance payment jumped more than expected. Consequently, the result has not exactly been making the projected recovery. Given the severe cold wave and heavy snow continuing into the new year, the loss trend of the fourth quarter cannot be expected to improve significantly. - Provision for underwriting reserves: Reversal of 93.5 billion, down 4.8 billion YoY Of which, general underwriting reserve (private insurance basis): An increase in the provision of 4.5 billion, up 3.0 billion YoY Income for auto insurance and casualty insurance increased. Of which, catastrophe loss reserve: Reversal of 5.3 billion, up 18.6 billion YoY In addition to the increase in claims paid for auto insurance, the balance of catastrophe loss reserve exhausted in the third quarter of the current fiscal year. - Underwriting profit: 44.3 billion, down 30.2 billion YoY - Investment income (net): billion, up 98.3 billion YoY Income from interest and dividends: billion, up 28.3 billion YoY, mainly owing to increases in dividends on foreign stocks of overseas subsidiaries Gain and losses on sales of securities: 77.4 billion, up 35.4 billion YoY, due mainly to the accelerated sales of business-related equities Income from financial derivatives: 27.0 billion, up 15.6 billion YoY, owing to the posting of valuation gains from foreign exchange forwards and currency swaps due to the strong yen - Ordinary profit: billion, up 74.3 billion YoY - Quarterly net income: billion, up 51.3 billion YoY

4 3. Non-Consolidated Results of Nisshin Fire (Reference: "Summary Report," pages 16 and 17) - Net premiums written: billion, up 1.4 billion or 1.5% YoY Auto insurance: An increase of 2.6% YoY, supported primarily by the addition of contracts and the revision of premiums rates. - Net loss ratio: 65.4%, up 2.6 points YoY Auto insurance: Increase in insurance payments for automobile physical damage insurance and property damage insurance Fire insurance: Progress of payments of major accidents and natural disasters occurred in prior fiscal years - Net expense ratio: 37.1%, an improvement of 2.1 points Factors supporting the improvement include a considerable decrease in corporate expenses due to substantial reductions in personnel and non-personnel expenses as well as an increase in premium income. - Underwriting profit: Loss of 1.7 billion, down 2.3 billion YoY Increase in incurred losses - Investment income (net): 5.1 billion, up 0 billion YoY Income from financial derivatives increased due to the appreciation of the yen while sales of business-related equities decreased compared with the previous fiscal year. - Ordinary profit: 3.3 billion, down 2.1 billion YoY - Quarterly net income: 2.4 billion, down 1.0 billion YoY 4. Non-Consolidated Results of Tokio Marine & Nichido Life - Sales performance (Reference: "Summary Report" page 26) New policies (Individual insurance): In the first sector, despite the effects of the revision to "whole-life with long-term discounts insurance", "household term-life insurance" remained favorable and sales of the new product, "long-life supporting whole-life insurance" launched in November 2010, were also favorable. In the third sector, "medical mini" and "cancer treatment support insurance" continued to grow steadily in addition to the effects of starting to underwrite third sector lines of Super Insurance by Tokio Marine & Nichido Life. Number of new policies: up 10.3% YoY Annualized premiums of new policies: up 2.9% YoY Policies in force (Individual insurance): Number of policies: up 8.3% from the end of the previous fiscal year Annualized premiums of policies in force: up 4.9% from the end of the previous fiscal year

5 - Statement of income (Reference: "Summary Report" page 24) Insurance premiums and other: billion, up 17.9 billion or 5.5% YoY The stable growth was achieved in tandem with the higher volume of policies in force. Business expenses: 63.9 billion, up 4.1% YoY The rate of increase remained relatively low compared with the growth rate of premiums as non-personnel expenses were reduced despite the rise in agency commissions in line with the increase in premiums. Ordinary profit: 29.0 billion, up 9.2 billion YoY Quarterly net income: 11.4 billion, up 2.2 billion YoY 5. Non-Consolidated Results of Tokio Marine & Nichido Financial Life - Sales performance (Reference: "Summary Report" page 32): New policies (Individual annuities): "Number" and "Annualized premiums" declined by approximately 20% YoY The decrease was a result of continuously taking a risk-restrictive sales stance since the previous fiscal year in consideration of the financial market environment. - Statement of income (Reference: "Summary Report" page 30) Insurance premiums and others: billion, down 22.8 billion or 17.4% YoY Ordinary profit (loss): Loss of 3.2 billion, down 3.5 billion YoY Deterioration of Investment environment compared with the end of the previous fiscal year, increased the funding of reserve for minimum guarantee. Quarterly net income (loss): Loss of 3.2 billion, down 3.6 billion YoY 6. Non-Consolidated Results of E. design Insurance (Reference: "Summary Report" pages 19 22) 7. Earnings of International Insurance Business (References: "Supplemental material for FY2010 3Q conference call") - Quarterly net income: 41.7 billion, down 4.1 billion YoY - Adjusted earnings*: 44.5 billion, down 7.7 billion YoY * Includes quarterly net income of "international insurance business (life and non-life)" for financial accounting purposes as well as profits and losses of overseas branches of Tokio Marine and Nichido and equity method investees; valuing earnings of life insurance business at embedded value (EV); adjusting the differences between local accounting standards and consolidated accounting standards.

6 Due to the effects of the appreciation of the yen and natural catastrophe losses such as the earthquakes in Chile and New Zealand, adjusted earnings declined from the same period in the previous fiscal year when there were benign natural catastrophe losses. Adjusted earnings excluding the effects of the appreciation of the yen: 48.8 billion, down 4.6 billion YoY Changes by region: Philadelphia Insurance Companies: Adjusted earnings of 18.0 billion, down 0.5 billion or about 3% YoY The combined ratio remained favorable at around 89% as a result of maintaining disciplined underwriting despite and effects of natural disasters while the combined ratio of the entire U.S. P&C insurance market stood above 101%. Excluding the effects of the appreciation of the yen, an increase of approximately 5% YoY Kiln: Adjusted earnings of 8.4 billion, up 1.8 billion or 29% YoY due to the following factors, despite an increase in natural disasters; - Expansion of underwriting volume utilizing the capacity of the 100% owned Lloyd's Syndicate by the Group, - Rise in investment income, - Reversal effect from the foreign exchange loss recognized in the same period of the pervious fiscal year due to the weaker dollar against the pound sterling from the beginning of the fiscal year, Excluding the effects of the appreciation of the yen, an increase of approximately 40% YoY Combined ratio remained favorable at approximately 83% despite the effects of natural catastrophe losses. Reinsurance (excluding Kiln): Adjusted earnings of 8.9 billion, down 6.7 billion or about 43% YoY Adjusted earnings declined due to increases in natural catastrophe losses and softening of the market in comparison with the previous fiscal year when there were benign natural catastrophe losses Total combined ratio for the three reinsurance companies remained favorable at approximately 80%. Life insurance: Adjusted earnings of 2.5 billion, down 2.6 billion or 51% YoY Adjusted earnings declined, due primarily to the reversal effect of the substantial increase in EV in the same period of the previous fiscal year affected by the rise in share prices, although new policies showed steady growth in primary entities.

7 8. Business Projections for Full-Term FY2010 Tokio Marine Holdings, Inc. recorded net income for the third quarter of FY2010 totaling billion, which already exceeds the full-term FY2010 projection of billion. Meanwhile, at Tokio Marine & Nichido: The financial burden caused by the depletion of the balance of catastrophe loss reserve in auto insurance funded at the end of previous fiscal year will become most apparent in the fourth quarter. Uncertainties still remain in the loss trend for auto insurance in the fourth quarter. Foreign exchange rates are also expected to remain unstable going forward. In addition, Tokio Marine & Nichido Life plans on adding funding for underwriting reserve at the end of the fiscal year and net income for the company will decline from the results of the third quarter. Considering the above factors, we make no revisions to the consolidated business projections for the full-term FY2010 at the present. These information materials are prepared based on the currently available information for us and described subject to our predictions and forecasts carried out at the time of preparation. It must be noted that what is described therein does not guarantee our future business performance and carries certain risk of misjudgment or uncertainty. Accordingly, you are kindly requested to bear in mind that there may be a possibility of sizable divergence between the actual business performance in the future and that of our predictions or forecasts described therein.

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