Fiscal 2008 Second Information Meeting November 27, 2008
Table of Contents Mitsui Sumitomo Insurance Group Holdings,Inc. Fiscal 2008 : First-Half Results Mitsui Sumitomo Insurance Group Holdings,Inc. Full-Year Result Forecast for FY2008 ■ Fiscal 2008 : First-Half Results ・ MSIG (Consolidated) 3 ・ MSI (Non-consolidated) 4 ・ MSI (Non-consolidated) : Premiums and Loss Ratios by Product Line 5 ・ MSI (Non-consolidated) : Company Expenses and Expense Ratio 6 ・ MSI (Non-consolidated) : Investment Performance 7 ・ MSI’s Overseas Subsidiaries 8 ・ Life Insurance Subsidiaries 9 ■ Full-Year Result Forecast for FY2008 ・ MSIG (Consolidated) 11 ・ MSI (Non-consolidated) 12 ・ MSI (Non-consolidated) : Premiums and Loss Ratios by Product Line 13 ・ MSI (Non-consolidated) : Company Expenses and Expense Ratio 14 ・ MSI (Non-consolidated) : Investment Performance 15 ・ MSI’s Overseas Subsidiaries 16 ・ Life Insurance Subsidiaries 17 ・ Special Note : Effects of the Current Financial Crisis on the Company’s Financial Results 18 1 Medium- Medium -term Management Plan term Management Plan New Challenge 10 New Challenge 10 ■ Medium-term Management Plan ■ Life Insurance Business ・ Transition of Amount of Policies ・ Strategy of MSIG Following the Rise 30 ・ Mitsui Sumitomo Kirameki Life Insurance of the Financial Crisis 31 21 ・ Mitsui Sumitomo MetLife Insurance ■ Risk Management 32 ■ Financial Services ・ Risk Management Structure Developed ・ Credit Derivatives 33 in Response to the Financial Crisis 22 ・ Reinsurance Ceded from US Monolines ■ Domestic Non-Life Insurance Business 34 ■ Capital Policy 35 (Mitsui Sumitomo Insurance) ■ Shareholder Return : ・ Improving Loss and Expense Ratios 23 ・ Measures to Balance Revenues and Policy and Track Record 36 ■ MSIG (Consolidated) Major Financial Expenses in Voluntary Auto 24 ・ Summary of AUM 25 Indicators 37 ・ Basic Policy of Investment 26 ・ Strategic Stock-Holdings 27 ■ Mitsui Direct General Insurance 28 ■ Overseas Business ・ Forecast of Overseas Revenues and 29 Net Income for Fiscal 2008 1
Mitsui Sumitomo Insurance Group Holdings, Inc. Fiscal 2008: First-Half Results Since this is the first fiscal period since establishment of the new company, figures for prior interim and full-year performance refer to MSI (on a consolidated basis). In some tables, the following abbreviations for Group company names have been used. ・ MSIG (= Mitsui Sumitomo Insurance Group Holdings, Inc.) ・ Mitsui Direct General (= Mitsui Direct General Insurance Co., Ltd.) ・ MSI Kirameki Life (= Mitsui Sumitomo Kirameki Life Insurance Co., Ltd.) ・ MSI MetLife (= Mitsui Sumitomo MetLife Insurance Co., Ltd.) Any statements about future plans, strategies, and performance of any of Mitsui Sumitomo Insurance Group Holdings, Inc. and its group companies contained in this material that are not historical facts are meant as, and should be considered as, forward-looking statements. These forward-looking statements are based on the assumptions and opinions of the Company in light of the information currently available to it. The Company wishes to caution readers that a number of uncertain factors could cause actual results to differ materially from those discussed in the forward-looking statements. Such factors include, but are not limited to, (1) general economic conditions in the markets where the Company and its group companies are operating, (2) competitive conditions in the insurance business, (3) fluctuations of foreign currency exchange rates, and (4) government regulations including changes in tax rates. 2
MSIG (Consolidated) MSIG (Consolidated) Key financial data (¥ bn) First half FY08 First half FY08 First half FY07 First half FY07 YoY change YoY change Growth rate Growth rate 759.4 -35.8 -4.5% Net premiums written Net premiums written 795.2 795.2 759.4 -35.8 -4.5% -5.2 -51.5 -111.4% Ordinary profit Ordinary profit 46.2 46.2 -5.2 -51.5 -111.4% Net income 30.5 12.3 -18.1 -59.4% Net income 30.5 12.3 -18.1 -59.4% ※ Net premiums written are exclusive of those on Modorich funds. Breakdown of net premiums written Breakdown of first-half net income (¥ bn) (¥ bn) First half FY08 First half FY08 First half FY08 First half FY08 First half First half First half First half FY07 FY07 FY07 FY07 YoY change YoY change YoY change YoY change Growth rate Growth rate MSI non consolidated 50.8 22.7 MSI non consolidated 28.0 28.0 50.8 22.7 MSI non-consolidated 666.5 642.4 -24.0 -3.6% MSI non-consolidated 666.5 642.4 -24.0 -3.6% Overseas subsidiaries Overseas subsidiaries 8.4 -26.8 -35.3 Overseas subsidiaries 116.0 102.8 -13.2 -11.4% 8.4 -26.8 -35.3 Overseas subsidiaries 116.0 102.8 -13.2 -11.4% 14.0 1.4 11.1% Mitsui Direct General -0.6 -0.4 -0.4 0.1 0.1 Mitsui Direct General Mitsui Direct General 12.6 12.6 14.0 1.4 11.1% Mitsui Direct General -0.6 MSI Kirameki Life 0 0 0 -0 -0 MSI Kirameki Life 0 MSI MetLife MSI MetLife -2.5 -2.5 -4.9 -4.9 -2.3 -2.3 Other Other 0.7 0.3 -0.4 0.7 0.3 -0.4 Consolidation adjustments,etc -3.5 -6.5 -3.0 Consolidation adjustments,etc -3.5 -6.5 -3.0 ※ Net income at subsidiaries is based on equity in earnings. 3 <Net premiums written> ▼ Net premiums written (consolidated basis) declined 4.5% or ¥35.8 bn YoY, to ¥759.4 bn. ▼ Breakdown of net premiums written (consolidated) ・ Net premiums written by MSI (non-consolidated) declined ¥24.0 bn YoY to ¥642.4 bn, due chiefly to the impact of a reduction in CALI premium rates. ・ Net premiums written by overseas subsidiaries totalled ¥102.8 bn, a decline of ¥13.2 bn YoY, reflecting the strength of the yen. The impact of the strong yen totalled ¥10.6 bn. ・ Mitsui Direct General enjoyed another first half of double-digit growth, posting an 11.1% rise in net premiums written to ¥14.0 bn. <First-half net income> ▼ First-half net income declined ¥18.1 bn YoY to ¥12.3 bn. ▼ Breakdown of first-half net income ・ Net income at MSI (non-consolidated) was up ¥22.7 bn YoY to ¥50.8 bn, due partly to an improved underwriting profit performance. ・ Net losses at overseas subsidiaries came to ¥26.8 bn, a ¥35.3 bn YoY decline, due chiefly to major losses on credit insurance operations following defaults of financial institutions in the United States and Europe. ・ Mitsui Direct General reduced its net loss, to ¥400 mn. ・ MSI Kirameki Life continues to build up its standard underwriting reserve. ・ MSI MetLife saw losses extend to ¥4.9 bn, a ¥2.3 bn deterioration YoY, due to increased net investment losses in a deteriorating investment environment. 3
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