NEWS RELEASE. R&I Affirms Ratings: 3 Major P&C Insurance Groups. Rating and Investment Information, Inc. (R&I) has announced the following:

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1 May 14, 2014 R&I Affirms Ratings: 3 Major P&C Insurance Groups Rating and Investment Information, Inc. (R&I) has announced the following: SEC. COMPANY NAME CODE ---- Tokio Marine & Nichido Fire Insurance Co., Ltd Nisshin Fire and Marine Insurance Co., Ltd Tokio Marine Financial Solutions Ltd Mitsui Sumitomo Insurance Co., Ltd Aioi Nissay Dowa Insurance Co., Ltd Sompo Japan Insurance Inc Nipponkoa Insurance Co., Ltd Tokio Marine & Nichido Life Insurance Co., Ltd Tokio Marine & Nichido Financial Life Insurance Co., Ltd Mitsui Sumitomo Aioi Life Insurance Co., Ltd Mitsui Sumitomo Primary Life Insurance Co., Ltd NKSJ Himawari Life Insurance, Inc. * Please refer below for rated bonds, etc. RATIONALE: R&I has affirmed the ratings for the above-mentioned insurance and other companies held by Tokio Marine Holdings, Inc. (Sec. Code: 8766), MS&AD Insurance Group Holdings, Inc. (Sec. Code: 8725) and NKSJ Holdings, Inc. (Sec. Code: 8630) as a result of its review. The Rating Outlooks are all. The three insurance groups' risk resilience has been recovering, thanks to the strengthening of efforts focused on enterprise risk management (ERM), in addition to improvements in macro environment such as a rise in stock prices. Their earnings have however been under downward pressure over the past several years due to the materialization of catastrophic natural disaster risk including the heavy snow in February Meanwhile, the three groups have been working to improve earnings from auto insurance, the core of domestic P&C business, and to diversify and strengthen their earnings portfolio by promoting life insurance and overseas operations. Such efforts have been bearing fruit. The MS&AD Group has conducted reorganization by function, while the NKSJ Group will merge its two P&C insurance units. The two groups also integrated core IT systems for P&C operations, respectively. If they can achieve profitability improvement and business growth through cost synergies arising from those moves, the two-notch difference in creditworthiness between the two groups and the Tokio Marine Group will narrow, in R&I's view. The Tokio Marine Group's core company is rated at AA+ with a Rating Outlook, on par with Japan's sovereign rating and its Rating Outlook. If Japan's sovereign rating is downgraded, the rating for the core company will also be inevitably affected. If a catastrophic tail event such as the Nankai Trough earthquake occurs, the three groups are expected to face insurance payments, as well as large investment losses stemming from turmoil in the financial and capital markets. Assuming that their risk profiles are largely comprised of domestic natural disaster risk and equity risk, it would be difficult for them to maintain the current ratings. Tokio Marine & Nichido Fire Insurance Co., Ltd. Tokio Marine & Nichido Fire Insurance Co., Ltd. is the Tokio Marine Group's core company engaging in the P&C business, and its rating reflects the creditworthiness of the entire Group. The rate

2 of growth in insurance premiums is high thanks to the effects of premium rate revisions and the expansion of sales channels of Meiji Yasuda Life Insurance Co. Unlike the other two groups, the insurer has no burden of integrating core IT systems, and the Business Renovation Project it has pushed forward to reform product lines, administrative work, an agent management system, etc. is also bringing benefits to underwriting profitability. Although the Tokio Marine Group no longer ranks first in Japan in terms of net premiums written, R&I, for the foreseeable future, won't change its evaluation that the Group is the most competitive in the industry. The Group is diversifying operating regions and lines of business. As regards geographical expansion, it has embarked on insurance operations for non-japanese local clients in the U.S. and developed countries in Europe, in addition to Asia and other emerging markets, ahead of the other two groups. Its domestic life insurance business is also growing steadily. The reform of its business portfolio weighted towards domestic P&C operations is in progress. The Group's risk resilience is strong enough for the rating in the AA category and higher than that of the other two groups. Its earning capacity is improving, but the earning capacity of the domestic P&C business still has room for improvement, given the risks associated with that business. Nisshin Fire and Marine Insurance Co., Ltd. Nisshin Fire and Marine Insurance Co., Ltd., along with Tokio Marine & Nichido Fire, is responsible for the Group's domestic P&C business. The insurer operates on a unique business model under which it provides fine-tuned support for small and midsize independent P&C insurance agents and agents that sell insurance as a side business through measures that focus more on quality than quantity of agents. Despite its high importance for the Group as a P&C insurer focusing on the retail market, the rating for Nisshin Fire and Marine is one notch below that for Tokio Marine & Nichido Fire, the Group's core company, because of its limited contribution to Group profits. Although the size of earnings and risk buffer is not as large as those of other companies, the profitability of its mainstay auto insurance is solid. The stability of risk resilience is also high. Tokio Marine & Nichido Life Insurance Co., Ltd. Tokio Marine & Nichido Life Insurance Co., Ltd. is a core company of the Tokio Marine Group's life insurance business. The rating for the insurer reflects the creditworthiness of the entire Group. In addition to the strategy of cross-selling life and P&C insurance products by utilizing Tokio Marine & Nichido Fire's P&C insurance agent network, the insurer sells products through multi-channels, including insurance shops, financial institutions and Life Partners (i.e., captive sales representatives), leading to solid growth in policies in force. The insurer is enjoying brisk sales of "Premium Series" consisting mainly of living benefit products. R&I is paying attention to whether the insurer will be able to maintain and expand its customer base stably as competitors are cutting premium rates successively. Tokio Marine & Nichido Financial Life Insurance Co., Ltd. Tokio Marine & Nichido Financial Life Insurance Co., Ltd. plays a role in the Group's life insurance business as an insurer specializing in variable annuity sales through a bancassurance channel. Following the liberalization of individual annuity sales by banks in October 2002, the Japanese variable annuity market grew rapidly, but has been undergoing drastic changes in the competitive environment in the wake of disruptions in the global financial and capital markets since the latter half of FY2008 ended March While several competitors withdrew from or suspended variable annuity sales, the insurer has suspended the underwriting of new policies since July The insurer is scheduled to merge with Tokio Marine & Nichido Life, a wholly-owned subsidiary of Tokio Marine Holdings, Inc. and the core unit for the Tokio Marine Group's life insurance business, on October 1, The rating is on par with that for Tokio Marine & Nichido Life, a surviving company. Tokio Marine Financial Solutions Ltd. Tokio Marine Financial Solutions Ltd. (TMFS), a securities firm wholly owned by Tokio Marine & Nichido Fire, specializes in the derivative business. Its rating reflects the Group's explicit willingness to

3 support the company as evidenced by a credit support agreement, as well as TMFS' conservative risk management practices. Due to the characteristics of derivative business, its earnings base is susceptible to fluctuations in the interest rate, foreign exchange and commodity markets and trends of financial instruments, among other factors. In FY2012 ended March 2013, the insurer posted a loss of about 22 billion yen in its guarantee business for securitized products and subsequently transferred this business to its parent company. As a result, its risk profile has improved and its risk appetite has been controlled. At the same time, the insurer has worked to improve profits by slashing costs, for instance. The insurer can expect capital injections from its parent company as needed, suggesting that sufficient capital is ensured. Mitsui Sumitomo Insurance Co., Ltd. Aioi Nissay Dowa Insurance Co., Ltd. Mitsui Sumitomo Insurance Co., Ltd. (MSI) and Aioi Nissay Dowa Insurance Co., Ltd. (ANDI) are the MS&AD Group's core companies engaging in the P&C business. Their ratings reflect the creditworthiness of the entire Group. With a vast customer base in both personal and commercial lines, the MS&AD Group's P&C business commands the largest market share in Japan in terms of net premiums written. It has strength in commercial-line products, particularly for Mitsui and Sumitomo group companies, and also benefits from close ties with large shareholders, including Toyota Motor Corp. and Nippon Life Insurance Co. The Group's domestic life insurance business is growing steadily, and its earning capacity is high when measured on an economic value basis. The overseas insurance business has a strong presence in Asia, expanding investments in the field of life insurance as well as P&C insurance. R&I will keep an eye on future developments in the Group's business management, including whether investments in overseas insurance operations can yield a return that compensates for the risk taken as initially planned. The Group's risk resilience satisfies the requirements for the AA rating category. However, the earning capacity of the Group's domestic P&C business is not as good as the rating suggests. R&I will continue to pay attention to the outcome of premium rate hikes for auto insurance and other measures, as well as to how soon the Group is able to achieve cost synergies after the core systems integration and reap benefits from the reorganization by function. Mitsui Sumitomo Aioi Life Insurance Co., Ltd. Mitsui Sumitomo Aioi Life Insurance Co., Ltd. is a core company of the MS&AD Group's life insurance business. Its rating reflects the creditworthiness of the entire Group. In addition to the strategy of cross-selling life and P&C insurance products by utilizing MSI & ANDI's agent network, the insurer sells products through multi-channels, including life insurance agents, financial institutions and captive sales representatives. It is steadily increasing the number of policies in force with a focus on the sales of family income insurance and medical policies. Furthermore, as a result of the reorganization by function, the Group's long-term third-sector insurance policies will be provided by Mitsui Sumitomo Aioi Life alone. R&I thus expects the insurer to make certain contributions to Group profits in the medium and long term. Mitsui Sumitomo Primary Life Insurance Co., Ltd. Mitsui Sumitomo Primary Life Insurance Co., Ltd. is a core company of the MS&AD Group's life insurance business. Its rating reflects the creditworthiness of the entire Group. The company was launched as a joint venture with MetLife, a U.S.-based major insurance group. In April 2011, the joint venture was terminated and the company became a wholly-owned subsidiary of MS&AD Insurance Group Holdings, Inc. Specializing in the sales of asset-building-type products with a single premium payment such as individual annuities and whole life insurance through financial institutions, the insurer has one of the largest customer bases in the bancassurance industry. The diversification of the product portfolio as well as the sales channels is well underway. Because of its business characteristics, its products are susceptible to changes in the financial and capital markets as compared with

4 protection-oriented products. Even so, R&I believes the insurer will be able to maintain and expand the earnings base by increasing the number of policies in force steadily. Sompo Japan Insurance Inc. Nipponkoa Insurance Co., Ltd. Sompo Japan Insurance Inc. and Nipponkoa Insurance Co., Ltd. are the NKSJ Group's core companies engaging in the P&C business. Their ratings reflect the creditworthiness of the entire Group. The two insurers are steadily making preparations for their scheduled merger in September After the merger, the unified company would have the largest share in Japan's P&C insurance market on a stand-alone basis. The merger will have no impact on the ratings. The profitability of the NKSJ Group's domestic life insurance business is higher than that of the other two groups, and its contribution to Group profits is also large. The Group, which had lagged behind the rivals in overseas expansion through M&A, completed the acquisition of U.K.-based Canopius Group Ltd. R&I is paying attention to how the acquired business will be strengthened as a platform for the Group's overseas operations. The Group's overall risk resilience satisfies the requirements for the AA rating category. However, the earning capacity of its core domestic P&C business is not as good as the rating suggests. R&I will continue to pay attention to the outcome of premium rate hikes for auto insurance and other measures, as well as whether the Group is able to create synergies through the core systems integration and the merger of the two insurers in the near future. NKSJ Himawari Life Insurance, Inc. NKSJ Himawari Life Insurance, Inc. is a core company of the NKSJ Group's life insurance business. Its rating reflects the creditworthiness of the entire Group. In addition to the strategy of cross-selling life and P&C insurance products by utilizing Sompo Japan & Nipponkoa's agent network, the insurer sells products through multi-channels, including life insurance agents, financial institutions, tax accountants/public accountants and captive sales representatives. The number of policies in force, especially those of third-sector products, is growing steadily, as represented by "Kenko no Omamori", a medical insurance product which has been sold since August 2008 and achieved the sale of over 1,000,000 policies as of the end of March Although, in R&I's view, the insurer pursues an advantage in product and price competition from rivals, the risk-return balance is appropriately managed, and the insurer's contribution to Group profits is higher than that of its counterparts in the other two groups. The primary rating methodologies applied to this rating are provided at "Basic Methodologies for R&I's Credit Rating", "Shared Rating Approach for Financial Institutions, etc.", "Non-life Insurance (tentative, Japanese text only)", "Life Insurance", "Securities Firms", "R&I's Analytical Approach to Financial Groups", "R&I's Analytical Approach to Regulatory Capital Instruments and Financial Institutions, etc." and "Evaluation of Equity Credit Attributes of Hybrid Securities and Rating Perspectives". The methodologies are available at the web site listed below, together with other rating methodologies that are taken into consideration when assigning the rating. R&I RATINGS: Tokio Marine & Nichido Fire Insurance Co., Ltd.

5 Unsec. Str. Bonds No.4 Issue Date Maturity Date Issue Amount (mn) Sep 20, 2000 Sep 18, 2020 JPY 10,000 ISSUE LIMIT (mn): JPY 300,000 Nisshin Fire and Marine Insurance Co., Ltd. AA, Affirmed ISSUE LIMIT (mn): JPY 15,000 Tokio Marine & Nichido Life Insurance Co., Ltd. Tokio Marine & Nichido Financial Life Insurance Co., Ltd. Tokio Marine Financial Solutions Ltd. Mitsui Sumitomo Insurance Co., Ltd. Unsec. Str. Bonds No.5 Issue Date Maturity Date Issue Amount (mn) Jan 27, 2011 Jan 27, 2016 JPY 70,000

6 ISSUE LIMIT (mn): JPY 300,000 Aioi Nissay Dowa Insurance Co., Ltd. Unsec. Sub. Bonds No.1 Issue Date Maturity Date Issue Amount (mn) Sep 27, 2012 Sep 27, 2022 JPY 22,000 A+, Affirmed Unsec. Sub. Bonds No.2 Issue Date Maturity Date Issue Amount (mn) Sep 27, 2012 Sep 27, 2022 JPY 28,000 A+, Affirmed ISSUE LIMIT (mn): JPY 75,000 Mitsui Sumitomo Aioi Life Insurance Co., Ltd. Mitsui Sumitomo Primary Life Insurance Co., Ltd. Sompo Japan Insurance Inc. Unsec. Sub. Bonds No.1 Issue Date Maturity Date Issue Amount (mn) May 27, 2009 May 27, 2069 JPY 128,000 A, Affirmed ISSUE LIMIT (mn): JPY 100,000

7 Nipponkoa Insurance Co., Ltd. ISSUE LIMIT (mn): JPY 80,000 NKSJ Himawari Life Insurance, Inc.

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