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Annual Report 2011 Printed in Japan Corporate Communications and Investor Relations Dept ANNU A L REPO R T 2011 Annual Report 2011 For the Year Ended March 31, 2011 Corporate Communications and Investor Relations Dept. Yaesu First Financial Building, Yaesu 1-3-7, Chuo-ku, Tokyo, 103-0028 Japan Telephone: +81-3-6202-5268 Facsimile: +81-3-6202-6882 E-mail: [email protected] URL: http://www.ms-ad-hd.com/en/ir/index.html Printed in Japan Profile Company Data MS&AD Insurance Group was formed in April 2010 from the business integration of the Mitsui Sumitomo Insurance Group Holdings, Inc. (MSIG), Aioi Insurance Co., Ltd. (Aioi), and Nissay Dowa General Insurance Co., Ltd. (NDI) under the holding company MS&AD Insurance Group Holdings, Inc. (MS&AD Holdings). Stock and Shareholders MS&AD Insurance Group is continuing to integrate and reorganize affiliated operating companies as it pursues Group synergies to increase the quality of customer services and strengthen profitability and growth. Summary OF ISSUED SHARES (As of April 1, 2011) Amid these changes, in October 2010 the Group launched Aioi Nissay Dowa Insurance Co., Ltd. (ADI), and in April 2011 it CLASS OF STOCK Common stock converted MSI MetLife into a wholly owned subsidiary, re-launching it under the new name Mitsui Sumitomo Primary Life Insurance AUTHORIZED SHARES 900,000,000 shares Co., Ltd. (MSI Primary Life). In October 2011, the Group plans to launch Mitsui Sumitomo Aioi Life Insurance Co., Ltd. (MSI Aioi Life). ISSUED SHARES 633,291,754 shares Moving ahead, the Group will work to quickly build up its operating base and management resources. This will pave the way for the creation of a world-leading insurance and financial services group that seeks to achieve sustainable growth and to enhance enterprise value. Domestic Non-life Insurance Business Overseas Business SHAREHOLDING PROFILE (As of March 31, 2011) Mitsui Sumitomo Insurance Company, Ltd. 17.8 Ｏverseas subsidiaries BREAKDOWN BY SECTOR BREAKDOWN BY NUMBER OF SHARES HELD Aioi Nissay Dowa Insurance Company, Ltd. (Percentage of shares issued) (Percentage of all shareholders) Japanese Individuals Japanese Securities MS&AD Mitsui Direct General Insurance Company, Ltd. Domestic Life Insurance Business & Others Companies 10,000–99,999 100,000–999,999 Insurance Group Aioi Life Insurance 12.4% 2.2% 1.3% 0.4% Company, Ltd. One million Holdings, Inc. Foreign Other Japanese and over Companies Companies & (holding company) Domestic Life Insurance Business (slated to merge in October 2011) 1,000–9,999 0.1% 17.8% Individuals 35.9% 18.6% Mitsui Sumitomo Kirameki Life Insurance Company, Ltd. Financial Services Business Japanese Financial Mitsui Sumitomo Primary Life Insurance Company, Ltd. Risk-Related Business Institutions 31.7% 1–99 100–999 Notes: 26.3% 53.3% 1. MSI Kirameki Life and Aioi Life are scheduled to merge on October 1, 2011 to form Mitsui Sumitomo Aioi Life Insurance Co., Ltd. 2. Mitsui Sumitomo Primary Life Insurance Co., Ltd. (MSI Primary Life) is the new name of MSI MetLife, which was renamed after its conversion to a wholly owned subsidiary of MS&AD Holdings in April 2011. Aspirations for the MS&AD Insurance Group KEY Information FISCAL YEAR Apr. 1 to Mar. 31 of the following year To clarify what kind of business group MS&AD Insurance Group aspires to become, ANNUAL SHAREHOLDERS’ MeetING Within 3 months of the end of each fiscal year we have adopted the following Mission, Vision and Values: DATE OF RECORD FOR DIVIDENDS Sep. 30 for interim dividends Mar. 31 for year-end dividends To contribute to the development of a vibrant society and help secure a sound future for the earth, Our Mission CONTACT The Sumitomo Trust and Banking Co., Ltd., Stock Transfer Agency Dept. (Nikko-cho by bringing security and safety through the global insurance and financial services business. 1-10, Fuchu, Tokyo 183-8701 Japan) ADMINISTRATOR OF SHAREHOLDERS’ The Sumitomo Trust and Banking Co., Ltd. (Kitahama 4-5-33 Chuo-ku, Osaka, Japan) Our Vision To create a world-leading insurance and financial services group that REGISTry continues to seek sustainable growth and to enhance enterprise value. PLACE OF BUSINESS OF The Sumitomo Trust and Banking Co., Ltd., Stock Transfer Agency Dept. (Yaesu 2-3-1, ADMINISTRATOR OF SHAREHOLDERS’ Chuo-ku, Tokyo, Japan) REGISTry Our Values CUSTOMER FOCUSED INNOVATION We continuously strive to provide security and We listen to our stakeholders and achieve customer satisfaction. continuously seek ways to improve our work and business. INTEGRITY We are sincere, kind, fair and just in PROFESSIONALISM all our dealings with everyone. We make continuous efforts to improve our skills and proficiency to provide high-quality services. TEAMWORK We achieve mutual growth by respecting one another’s individuality and opinions, and by sharing knowledge and ideas. MS&AD Insurance Group Holdings, Inc. Annual Report 2011 105 Contents 1 Contents 2 Financial Highlights 3 To Our Shareholders and Investors 4 Message from the President 8 Feature: Impact of the Great East Japan Earthquake 10 Business Overview: MS&AD at a Glance Domestic Non-life Insurance Business 12 Mitsui Sumitomo Insurance Co., Ltd. 14 Aioi Nissay Dowa Insurance Co., Ltd. 16 Mitsui Direct General Insurance Co., Ltd. Domestic Life Insurance Business 17 Mitsui Sumitomo Aioi Life Insurance Co., Ltd. 19 Mitsui Sumitomo Primary Life Insurance Co., Ltd. Overseas Business 20 Mitsui Sumitomo Insurance Co., Ltd./ Aioi Nissay Dowa Insurance Co., Ltd. Financial Services and Risk-Related Businesses 22 Financial Services and Risk-Related Businesses 23 Management Information 41 Financial Section 95 Corporate Information In the presentation, the following abbreviations appear for company names. MS&AD, MS&AD Insurance Group The Group MS&AD Holdings, MS&AD Insurance Group Holdings, Inc. The holding company, or the Company MSIG Mitsui Sumitomo Insurance Group Holdings, Inc. MSI Mitsui Sumitomo Insurance Co., Ltd. Aioi Aioi Insurance Co., Ltd. NDI Nissay Dowa General Insurance Co., Ltd. ADI Aioi Nissay Dowa Insurance Co., Ltd. Mitsui Direct General Mitsui Direct General Insurance Co., Ltd. MSI Kirameki Life Mitsui Sumitomo Kirameki Life Insurance Co., Ltd. FORWARD-LOOKING statement Aioi Life Aioi Life Insurance Co., Ltd. This presentation contains future plans, strategies and earnings MSI Aioi Life Mitsui Sumitomo Aioi Life Insurance Co., Ltd. forecasts for MS&AD Insurance Group Holdings, Inc. and Group companies. They are based on information available to the MSI MetLife Mitsui Sumitomo MetLife Insurance Co., Ltd. Group at the present time. Investors are advised that actual MSI Primary Life Mitsui Sumitomo Primary Life Insurance Co., Ltd. results may differ substantially from our forecasts, for various reasons. Actual performance could be adversely affected by (1) The new company which will be formed on Oct 1, 2011 with the merger of Mitsui economic trends surrounding our business, (2) fierce competi- Sumitomo Kirameki Life Insurance Co., Ltd. and Aioi Life Insurance Co., Ltd., is tion within the insurance sector, (3) exchange-rate fluctuations, abbreviated as “MSI Aioi Life” in the presentation. and (4) changes in tax and other regulatory systems. MS&AD Insurance Group Holdings, Inc. Annual Report 2011 1 Financial Highlights Dollars Yen in millions in millions FY2006 FY2007 FY2008 FY2009 FY2010 FY2010 Ordinary income: ¥2,117,072 ¥2,137,603 ¥2,040,013 ¥1,962,689 ¥ 3,404,942 $ 41,023 Net premiums written 1,492,808 1,541,032 1,445,651 1,394,164 2,543,786 30,648 Ordinary profit (loss) 91,684 60,866 (13,044) 52,695 21,005 253 Net income 60,796 40,027 8,192 37,640 5,420 65 Comprehensive income (loss) — — — — (189,373) (2,282) Net assets 2,182,877 1,671,517 1,023,021 1,311,082 1,633,381 19,679 Total assets 9,011,652 8,397,718 7,440,709 7,519,625 11,445,003 137,892 Yen Dollars Net income per share Basic ¥ 42.82 ¥ 28.37 ¥ 19.45 ¥ 89.84 ¥ 8.68 $ 0.10 Net assets per share 1,536.71 1,178.48 2,411.70 3,143.32 2,597.19 31.29 Equity ratio 24.06% 19.71% 13.59% 17.35% 14.11% — Return on equity 2.90% 2.09% 0.61% 3.25% 0.37% — Price earnings ratio 34.54 35.50 116.97 28.88 218.06 — Dollars Yen in millions in millions Cash flows Cash flows from operating activities ¥ 227,417 ¥ 189,688 ¥ 38,612 ¥ (33,930) ¥ (59,339) $ (715) Cash flows from investing activities (220,522) (185,621) 94,495 52,741 89,783 1,082 Cash flows from financing activities (37,358) (329) 4,184 (104,320) 19,893 240 Cash and cash equivalents at the end of year 365,350 364,081 455,430 377,158 687,267 8,280 Number of employees 18,882 20,237 21,336 21,908 36,538 — KEY BUSINESS RESULTS OF THE THREE GROUP COMPANIES (SIMPLE SUM) Yen in millions FY2009 FY2010 Net premiums written ¥ 2,591,099 ¥ 2,519,022 Ordinary profit (loss) (52,914) 99,131 Net income (loss) (9,489) 57,340 Total assets 11,345,045 11,481,312 Notes: 1. U.S. dollar amounts in this table have been translated from yen, for convenience only, at the rate of ¥83=US$1. For details, see “1. Basis of presentation” in the “Basis of presentation” of the notes to consolidated financial statements. 2. Figures are a simple sum of the results for MSI Group Holdings (consolidated), Aioi Insurance (consolidated) and Nissay Dowa General Insurance (non-consolidated). 3. Figures are presented exclusive of the “Good Result Return (GRR)” premiums of MSI’s proprietary automobile insurance product “Modo-Rich,” which contains a special clause for premium adjustment and refund at maturity. 2 MS&AD Insurance Group Holdings, Inc. Annual Report 2011 To Our Shareholders and Investors We will create a world-leading insurance and financial services group that continues to seek sustainable growth and to enhance corporate value.
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