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[Translation]

SUMMARY OF FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED DECEMBER 31, 2013
February 14, 2014 Name of Listed Company: Stock Exchange Listing: Securities Code Number: URL: Representative: Contact:

MS&AD Insurance Group Holdings, Inc.

Tokyo Stock Exchange and Nagoya Stock Exchange 8725 http://www.ms-ad-hd.com Toshiaki Egashira, President Noriyuki Horie, Manager, Consolidated Accounting Section, Accounting Department Telephone: 03-6202-5273 Scheduled date to file the quarterly financial report: February 14, 2014 Scheduled date to commence dividend payments: Explanatory material for business results: Available IR Conference (for institutional investors and analysts): To be held (Note) Amounts of less than one million yen are truncated.

1. Consolidated Financial Highlights for the Nine Months Ended December 31, 2013 (April 1, 2013 to December 31, 2013) (Yen in millions) (1) Consolidated business performance
Ordinary income
Nine months ended December 31, 2013 Nine months ended December 31, 2012

Ordinary profit/(loss) 6.8 % 2.8 % 237,100 145,875 62.5 % % 495,654 166,164 (Yen)

Net income/(loss) 159,587 94,368 million million 198.3 69.1 % % % %

3,292,620 3,084,318

Percent figures represent changes from the corresponding period of the preceding year.

(Note) Comprehensive income/(loss)

For the nine months ended December 31, 2013: For the nine months ended December 31, 2012:

Net income/(loss) per share - Basic


Nine months ended December 31, 2013 Nine months ended December 31, 2012

Net income/(loss) per share - Diluted (Yen in millions)

257.05 151.74

(2) Consolidated financial conditions


Total assets
December 31, 2013 March 31, 2013

Net assets 2,448,395 2,021,625 2,424,882 1,999,579

Ratio of net assets less minority interests to total assets 14.4 12.6 million million (Yen) % %

16,895,806 15,914,663 As of December 31, 2013: As of March 31, 2013:

(Reference) Net assets less minority interests

2. Dividends
Dividends per share 1st quarter
Year ended March 31, 2013 Year ending March 31, 2014 Year ending March 31, 2014 (Forecast)

2nd quarter 27.00 28.00

3rd quarter -

4th quarter 27.00

Annual total 54.00

28.00

56.00

(Note) Revision of the latest announced dividends per share forecast: None

3. Consolidated Earnings Forecasts for the Year Ending March 31, 2014 (April 1, 2013 to March 31, 2014)
Ordinary profit
Year ending March 31, 2014

Net income 27.1 % 125,000 49.5 %

(Yen in millions) Net income per share (Yen) 201.41

191,000

Percent figures represent changes from the preceding year.

(Note) Revision of the latest announced earnings forecasts: None

* Notes (1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes in scope of consolidation): None (2) Adoption of special accounting methods allowed to be applied to quarterly consolidated financial statements: Yes
(Note) For details, please refer to "(1) Adoption of special accounting methods allowed to be applied to quarterly consolidated financial statements" on page 2 of the Appendix.

(3) Changes in accounting policies and accounting estimates and restatements


1. Changes in accounting policies due to revisions of accounting standards: None 2. Changes in accounting policies other than above: Yes 3. Changes in accounting estimates: None 4. Restatements: None (Note) For details, please refer to "(2) Changes in accounting policies and accounting estimates and restatements" on page 2 of the Appendix.

(4) Number of shares of issued stock (common stock)


1. Number of shares of issued stock (including treasury stock) As of December 31, 2013: As of March 31, 2013: 2. Number of shares of treasury stock As of December 31, 2013: As of March 31, 2013: 3. Average number of shares of outstanding stock For the nine months ended December 31, 2013: For the nine months ended December 31, 2012: 633,291,754 shares 633,291,754 shares 13,376,754 shares 11,403,482 shares 620,830,690 shares 621,898,129 shares

* Disclosure regarding the execution of the quarterly review process This report is outside the scope of the external auditor's quarterly review process required by "Financial Instruments and Exchange Act" but the review process for the quarterly financial statements under "Financial Instruments and Exchange Act" has been completed as of the disclosure date of the report. * Notes to the earnings forecasts Any earnings forecasts in this report have been made based on the information available to the Company as of the disclosure date of the report and certain assumptions, and therefore do not guarantee future performance. Actual results may differ substantially from these forecasts depending on various factors. The forecast of ordinary income is not disclosed due to difficulties in calculating reasonable forecast figures because ordinary income is highly susceptible to natural disasters and market conditions.

[Appendix]

Contents
Page

1. Qualitative Information on Business Results (1) Explanation for business performance 2 (2) Explanation for financial conditions 2 (3) Explanation for future forecast information including consolidated earnings forecasts 2

2. Notes to Summary of Financial Statements (1) Adoption of special accounting methods allowed to be applied to quarterly consolidated financial statements 2 (2) Changes in accounting policies and accounting estimates and restatements 2

3. Consolidated Financial Statements (1) Consolidated Balance Sheets 3 (2) Consolidated Statements of Income and Comprehensive Income 4 (3) Notes to Consolidated Financial Statements 6 (Notes to Going Concern Assumptions) 6 (Notes to Significant Changes in Shareholders' Equity) 6

Explanatory Material for Business Results 1. Summary of Consolidated Business Results 7 2. Non-Consolidated Business Results of Mitsui Sumitomo Insurance Co., Ltd. 10 3. Non-Consolidated Business Results of Aioi Nissay Dowa Insurance Co., Ltd. 14 4. Supplementary Information (1) Supplementary Information on Consolidated Business Results 18 (2) Summary of Business Results of Main Consolidated Subsidiaries 20

1.

Qualitative Information on Business Results (1) Explanation for business performance Although there still remains a domestic economic downside risk posed by uncertainties over the global economy, the Japanese economy has been on a gradual recovery trend during the nine months ended December 31, 2013 with an improvement in corporate earnings, a pickup in capital expenditures and a growth in consumer spending. In this business environment, the business performances of the Group for the nine months ended December 31, 2013 were as follows. Underwriting income was 2,694.3 billion (of which net premiums written were 2,105.4 billion), investment income was 591.4 billion and other ordinary income was 6.8 billion, resulting in total ordinary income of 3,292.6 billion. Ordinary expenses amounted to 3,055.5 billion. This breaks down into underwriting expenses of 2,611.7 billion (of which net claims paid were 1,245.9 billion), investment expenses of 27.6 billion, operating expenses and general and administrative expenses of 397.5 billion and other ordinary expenses of 18.5 billion. As a result, the Company posted an ordinary profit of 237.1 billion, marking an increase of 91.2 billion from the same period last year when a large number of impairment losses on securities were posted. After factoring in extraordinary income and losses, income taxes and other factors, net income of 159.5 billion was reported with an increase of 65.2 billion year on year. (2) Explanation for financial conditions As of December 31, 2013, total assets stood at 16,895.8 billion with an increase of 981.1 billion from March 31, 2013 mainly due to an increase in investments in securities stemming from a rise in stock prices, and net assets stood at 2,448.3 billion with an increase of 426.7 billion from March 31, 2013 mainly due to an increase in net unrealized gains on investments in securities. (3) Explanation for future forecast information including consolidated earnings forecasts The Company keeps the previously announced forecasts of ordinary profit of 191.0 billion and net income of 125.0 billion for the year ending March 31, 2014 unchanged.

2.

Notes to Summary of Financial Statements (1) Adoption of special accounting methods allowed to be applied to quarterly consolidated financial statements (Calculation of income tax expenses) The domestic consolidated companies calculate income tax expenses mainly by multiplying income before income taxes by the effective income tax rate, after adding or deducting the permanent difference if this amount is significant. (2) Changes in accounting policies and accounting estimates and restatements (Changes in accounting policies) As "Accounting Standard for Retirement Benefits" (ASBJ Statement No. 26, May 17, 2012, hereinafter referred to as the "Retirement Benefits Accounting Standard") and "Guidance on Accounting Standard for Retirement Benefits" (ASBJ Guidance No. 25, May 17, 2012, hereinafter referred to as the "Guidance on Retirement Benefits") became applicable from the start of the consolidated fiscal year commencing on or after April 1, 2013, the Company has adopted them since the first quarter of the current consolidated fiscal year (subject to the provisions set forth in Clause 35 of the Retirement Benefits Accounting Standard and Clause 67 of the Guidance on Retirement Benefits) and made changes in the method of attributing expected benefit to periods from the straight-line basis to the benefit formula basis after reviewing the calculation methods of retirement benefit obligations and service costs. In accordance with the transitional accounting treatments set forth in Clause 37 of the Retirement Benefits Accounting Standard, the Company has made adjustments to the beginning balance of the retained earnings for the nine months ended December 31, 2013 by factoring in the effects arising from the changes in the calculation methods of retirement benefit obligations and service costs. As a result, the beginning balance of the retained earnings for the nine months ended December 31, 2013 decreased by 30,261 million, and both ordinary profit and income before income taxes and minority interests for the nine months ended December 31, 2013 increased by 232 million.

3. Consolidated Financial Statements (1) Consolidated Balance Sheets


(Yen in millions) March 31, 2013 Assets Cash, deposits and savings Call loans Receivables under resale agreements Receivables under securities borrowing transactions Monetary claims bought Money trusts Investments in securities Loans Tangible fixed assets Intangible fixed assets Other assets Deferred tax assets Customers' liabilities under acceptances and guarantees Bad debt reserve Total assets Liabilities Policy liabilities: Outstanding claims Underwriting reserves Bonds issued Other liabilities Reserve for pension and retirement benefits Reserve for retirement benefits for officers Accrued bonuses for employees Reserves under the special laws: Reserve for price fluctuation Deferred tax liabilities Acceptances and guarantees Total liabilities Net assets Shareholders' equity: Common stock Capital surplus Retained earnings Treasury stock Total shareholders' equity Accumulated other comprehensive income/(loss): Net unrealized gains/(losses) on investments in securities Net deferred gains/(losses) on hedges Foreign currency translation adjustments Total accumulated other comprehensive income/(loss) Minority interests Total net assets Total liabilities and net assets 536,383 99,709 48,545 224,025 93,013 898,510 11,398,945 867,063 488,069 177,693 919,857 132,741 39,500 (9,394) 15,914,663 12,544,284 1,384,650 11,159,633 291,176 790,243 111,130 1,316 20,234 33,953 33,953 61,197 39,500 13,893,038 December 31, 2013 510,801 113,673 87,334 210,981 142,989 680,484 12,674,742 817,480 484,190 181,223 863,884 96,237 47,500 (15,717) 16,895,806 12,894,155 1,395,312 11,498,842 291,183 867,365 163,502 1,152 2,067 38,391 38,391 142,091 47,500 14,447,411

100,000 682,752 353,506 (24,823) 1,111,435 891,253 26,428 (29,539) 888,143 22,046 2,021,625 15,914,663

100,000 682,752 451,454 (29,887) 1,204,319 1,195,434 20,580 4,547 1,220,563 23,512 2,448,395 16,895,806

(2) Consolidated Statements of Income and Comprehensive Income (2 (Consolidated Statements of Income)
(Yen in millions) Nine months ended Nine months ended December 31, 2012 December 31, 2013 3,084,318 3,292,620 2,705,984 2,694,391 1,976,298 2,105,487 129,456 117,982 42,433 39,539 489,418 408,070 58,861 15,308 373,163 591,412 148,410 167,293 97,439 20,917 42,121 55,505 3,248 3,646 121,570 373,183 (42,433) (39,539) 5,170 6,815 2,938,443 3,055,519 2,476,838 2,611,764 1,303,454 1,245,984 100,854 106,352 382,123 413,616 307,277 252,466 152,623 259,737 226,450 329,489 78,279 27,649 36 15,163 7,696 3,593 61,324 3,907 371,871 397,594 11,949 18,510 5,894 6,186 (496) 145,875 237,100 1,486 2,053 1,213 2,053 272 272 3,489 7,676 2,459 2,766 1,030 471 4,437 4,437 143,872 231,477 48,305 70,286 95,567 161,191 1,198 1,604 94,368 159,587

Ordinary income: Underwriting income: Net premiums written Deposit premiums from policyholders Investment income on deposit premiums from policyholders Life insurance premiums Reversal of outstanding claims Investment income: Interest and dividends income Investment gains on money trusts Gains on sales of securities Gains on derivative transactions Investment gains on separate accounts Transfer of investment income on deposit premiums from policyholders Other ordinary income Ordinary expenses: Underwriting expenses: Net claims paid Loss adjustment expenses Commissions and collection expenses Maturity refunds to policyholders Life insurance claims Provision for underwriting reserves Investment expenses: Investment losses on money trusts Losses on sales of securities Impairment losses on securities Operating expenses and general and administrative expenses Other ordinary expenses: Interest expense Deferred expenses under Article 113 of the Insurance Business Act Ordinary profit/(loss) Extraordinary income: Gains on sales of fixed assets Reversal of reserves under the special law: Reversal of reserve for price fluctuation Extraordinary losses: Losses on sales of fixed assets Impairment losses on fixed assets Provision for reserves under the special law: Provision for reserve for price fluctuation Income/(loss) before income taxes and minority interests Income taxes Income/(loss) before minority interests Minority interests Net income/(loss)

(Consolidated Statements of Comprehensive Income)


(Yen in millions) Nine months ended Nine months ended December 31, 2012 December 31, 2013 95,567 161,191 60,571 4,034 6,372 (382) 70,596 166,164 164,908 1,255 304,219 (5,848) 37,079 (988) 334,462 495,654 493,021 2,632

Income/(loss) before minority interests Other comprehensive income/(loss): Net unrealized gains/(losses) on investments in securities Net deferred gains/(losses) on hedges Foreign currency translation adjustments Share of other comprehensive income/(loss) of equity method investments Total other comprehensive income/(loss) Total comprehensive income/(loss) Allocation: Comprehensive income/(loss) attributable to shareholders of the parent Comprehensive income/(loss) attributable to minority interests

(3) Notes to Consolidated Financial Statements


(Notes to Going Concern Assumptions)
Not applicable.

(Notes to Significant Changes in Shareholders' Equity)


Not applicable.

Explanatory Material for Business Results


1. Summary of Consolidated Business Results (1) Consolidated Business Performance
(Yen in 100 millions) Items Nine months ended December 31, 2012 Nine months ended December 31, 2013 Change Change ratio (%)

Ordinary income and expenses: Underwriting income: Net premiums written Deposit premiums from policyholders Life insurance premiums Reversal of outstanding claims Underwriting expenses: Net claims paid Loss adjustment expenses Commission and collection expenses Maturity refunds to policyholders Life insurance claims Provision for underwriting reserves Investment income: Interest and dividends income Investment gains on money trusts Gains on sales of securities Gains on derivative transactions Investment gains on separate accounts Investment expenses: Investment losses on money trusts Losses on sales of securities Impairment losses on securities Operating expenses and general and administrative expenses Other ordinary income and expenses: Gains/(losses) on equity method investments Deferred expenses under Article 113 of the Insurance Business Act Ordinary profit/(loss) Extraordinary income and losses: Extraordinary income Extraordinary losses Extraordinary income and losses Income/(loss) before income taxes and minority interests Income taxes Income/(loss) before minority interests Minority interests Net income/(loss)
28 29 30 31 32 33 34 35 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27

27,065 19,768 1,294 4,894 588 24,774 13,034 1,008 3,821 3,072 1,526 2,270 3,731 1,484 974 421 32 1,215 782 0 76 613 3,718 (67) (26) (4) 1,458 14 34 (20) 1,438 483 955 11 943

26,929 21,040 1,179 4,080 153 26,103 12,459 1,063 4,136 2,524 2,597 3,280 5,914 1,672 209 555 36 3,731 276 151 35 39 3,975 (116) (37) 2,371 20 76 (56) 2,314 702 1,611 16 1,595

(136) 1,271 (114) (813) (435) 1,328 (574) 54 314 (548) 1,071 1,009 2,182 188 (765) 133 3 2,516 (506) 151 (41) (574) 257 (49) (10) 4 912 5 41 (36) 876 219 656 4 652

(0.5) 6.4 (8.9) (16.6) (74.0) 5.4 (4.4) 5.5 8.2 (17.8) 70.2 44.5 58.5 12.7 (78.5) 31.8 12.3 207.0 (64.7)
41,530.5

(53.3) (93.6) 6.9 62.5 38.1 120.0 60.9 45.5 68.7 33.8 69.1

(Note) The figures in the above table are presented exclusive of Good Result Return premiums of Mitsui Sumitomo Insurance's proprietary automobile insurance product "ModoRich", which contains a special clause related to premium adjustment and refund at maturity.

(2) Breakdown of Results by Company (Net Premiums Written, Ordinary Profit and Net Income)
(Yen in 100 millions) Items Net premiums written Note 1 Mitsui Sumitomo Insurance Note 1 Aioi Nissay Dowa Insurance Mitsui Direct General Insurance Overseas insurance subsidiaries Ordinary profit/(loss) Mitsui Sumitomo Insurance Aioi Nissay Dowa Insurance 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Nine months ended December 31, 2012 19,768 9,801 8,295 257 1,412 1,458 851 274 943 605 147 4 20 185 118 0 (138) Nine months ended December 31, 2013 21,040 10,309 8,619 259 1,825 2,371 1,242 598 1,595 878 413 1 54 228 193 19 (192) Change 1,271 508 324 1 412 912 390 324 652 273 265 (3) 34 42 74 19 (53) Change ratio (%) 6.4 5.2 3.9 0.6 29.2 62.5 45.8 118.4 69.1 45.2 180.0 (77.1) 169.9 23.0 63.2 4,265.6 -

Net income/(loss) Mitsui Sumitomo Insurance Aioi Nissay Dowa Insurance Mitsui Direct General Insurance Mitsui Sumitomo Aioi Life Insurance Mitsui Sumitomo Primary Life Insurance Overseas insurance subsidiaries Others Consolidation adjustments and holding company

(Notes) 1. The figures in the above table are presented exclusive of Good Result Return premiums of Mitsui Sumitomo Insurance's proprietary automobile insurance product "ModoRich", which contains a special clause related to premium adjustment and refund at maturity. 2. Items 10 to 16 represent the net income or loss on a non-consolidated basis with taking into account the Companys ownership interests in its subsidiaries.

(3) Breakdown of Results of Overseas Insurance Subsidiaries by Region


(Yen in 100 millions) Nine months ended Items December 31, 2012 Net premiums written Asia Europe Americas Reinsurance Net income/(loss) Asia Europe Americas Reinsurance 1 2 3 4 5 6 7 8 9 10 1,412 690 374 207 140 118 64 6 5 41 Nine months ended December 31, 2013 1,825 892 508 270 153 193 76 40 12 63 Change 412 201 134 62 13 74 12 33 6 22 Change ratio (%) 29.2 29.3 35.9 30.3 9.3 63.2 19.8 488.1 117.7 53.2

(4) Summary of Results of Domestic Life Insurance Business


(Yen in 100 millions) Items Nine months ended December 31, 2012 Nine months ended December 31, 2013 Change Change ratio (%) Year ended March 31, 2013

Amount of new policies Mitsui Sumitomo Aioi Life Insurance Mitsui Sumitomo Primary Life Insurance Amount of policies in force Mitsui Sumitomo Aioi Life Insurance Mitsui Sumitomo Primary Life Insurance Annualized premiums for policies in force Mitsui Sumitomo Aioi Life Insurance Mitsui Sumitomo Primary Life Insurance 5 6 3,092 4,493 3,309 4,364 112 22 3.5 0.5 3,197 4,342 3 4 194,098 34,228 208,455 39,367 7,709 2,752 3.8 7.5 200,746 36,614 1 2 26,370 3,316 20,120 5,485 (6,249) 2,168 (23.7) 65.4 37,105 4,322

(Note) The figures in the above table represent the total sum of individual insurance and individual annuities.

2. Non-Consolidated Business Results of Mitsui Sumitomo Insurance Co., Ltd.


The figures in the tables below are presented exclusive of Good Result Return premiums of Mitsui Sumitomo Insurance's proprietary automobile insurance product "ModoRich", which contains a special clause related to premium adjustment and refund at maturity.

(1) Business Performance


(Yen in 100 millions) Nine months ended Nine months ended Items December 31, 2012 December 31, 2013 (+) (-) (-) (-) (-) Net premiums written Net claims paid Loss adjustment expenses Commissions and collection expenses Operating expenses and general and administrative expenses for underwriting Underwriting profit/(loss) before movements in reserves Movement in outstanding claims Movement in ordinary underwriting reserves Movement in catastrophe reserve Other Underwriting profit/(loss) (+) (-) Interest and dividends income Transfer of investment income on deposit premiums from policyholders Net interest and dividends income (item 12 - item 13) Gains/(losses) on sales of securities Impairment losses on securities Gains/(losses) on derivative transactions Other Investment profit/(loss) (+) Other ordinary profit/(loss) Ordinary profit/(loss) (+) Extraordinary income/(loss): Reserve for price fluctuation Income/(loss) before income taxes (-) Income taxes Net income/(loss) Net loss ratio Ratios Net expense ratio Combined ratio
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

Change

Change ratio %

9,801 6,620 563 1,712 1,452 (547) (490) (11) (552) 84 591 777 333 443 256 348 66 (92) 326 (66) 851 1 7 853 248 605 73.3 % 32.3 % 105.6 %

10,309 6,181 594 1,785 1,487 260 (143) 149 (78) 38 371 902 310 592 335 15 93 (19) 986 (115) 1,242 (25) (19) 1,216 338 878 65.7 % 31.8 % 97.5 %

508 (438) 31 73 35 807 347 160 473 (45) (220) 125 (23) 149 78 (333) 26 72 660 (49) 390 (27) (26) 363 89 273 (7.6) % (0.5) % (8.1) %

5.2 (6.6) 5.5 4.3 2.4 (53.9) (37.2) 16.2 (7.0) 33.6 30.8 (95.7) 39.3 202.2 45.8 (1,520.2) (353.5) 42.5 36.1 45.2

(-) (-) (-) (+)

(+) (-) (+) (+)

27 28 29

(Notes) 1. Net loss ratio = (net claims paid + loss adjustment expenses) / net premiums written x 100 2. Net expense ratio = (commissions and collection expenses + operating expenses and general and administrative expenses for underwriting) / net premiums written x 100 3. Combined ratio = net loss ratio + net expense ratio

(Reference) Business performance excluding residential earthquake insurance and CALI* Net premiums written Net loss ratio Ratios Net expense ratio Combined ratio
30 31 32 33

8,612 70.4 % 34.0 % 104.4 %

9,014 62.7 % 33.7 % 96.4 %

401 (7.7) % (0.3) % (8.0) %

4.7

* CALI stands for compulsory automobile liability insurance, and the same hereinafter.

10

Mitsui Sumitomo Insurance Co., Ltd. (Non-consolidated)


(2) Premiums written
(Yen in 100 millions) Net premiums written Nine months ended Nine months ended December 31, 2012 December 31, 2013 Amount Change ratio Amount Change ratio % % 1,518 1,335 (0.2) 13.7
400 1,058 4,433 1,180 1,393 9,801
Direct premiums written (excluding deposit premiums from policyholders)

Fire and allied Marine Personal accident Voluntary automobile CALI Other Total

Nine months ended December 31, 2012 Amount Change ratio % 1,878 8.0 522 1,108 4,452 1,134 1,508 10,604 1.6 2.7 3.9 4.8 4.5 4.5

Nine months ended December 31, 2013 Amount Change ratio % 2,038 8.5 583 1,123 4,581 1,274 1,594 11,196 11.7 1.4 2.9 12.3 5.7 5.6

0.4 2.7 3.7 9.4 3.4 3.5

431 1,068 4,561 1,289 1,439 10,309

7.8 0.9 2.9 9.2 3.3 5.2

(3) Net claims paid


Nine months ended December 31, 2012 Amount Change ratio Net loss ratio % % Fire and allied Marine Personal accident Voluntary automobile CALI Other
1,449 201 572 2,706 1,030 659

(28.2) (12.8) 0.9 (2.9) (0.6) (0.2)

111.0 53.9 60.4 68.2 95.2 50.3

(Yen in 100 millions) Nine months ended December 31, 2013 Change Amount Change ratio Net loss ratio % % % 1,077 (25.7) 73.2 (37.8) 239 596 2,590 1,022 654 18.8 4.1 (4.3) (0.8) (0.7) (6.6) 58.8 62.7 64.0 87.0 48.4 65.7 4.9 2.3 (4.2) (8.2) (1.9) (7.6)

Total 6,181 6,620 (9.3) 73.3 (Note) Net loss ratio = (net claims paid + loss adjustment expenses) / net premiums written x 100

(Reference) Incurred losses caused by natural disasters in Japan


Nine months ended December 31, 2012 Incurred losses Net claims paid Fire and allied Voluntary automobile Other 239 33 23 210 31 12

(Yen in 100 millions) Nine months ended December 31, 2013

Movement in Movement in outstanding Incurred losses Net claims paid outstanding claims claims 109 29 169 59 1 11 27 22 26 9 0 13

Total 145 296 254 42 219 74 (Note) The above table represents incurred losses caused by natural disasters in Japan during the period. Net claims paid including claims in previous years (excluding claims relating to the Great East Japan Earthquake) are 29.1 billion (24.1 billion in Fire and allied, 3.2 billion in Voluntary automobile and 1.7 billion in Other) during the nine months ended December 31, 2012 and 17.5 billion (13.0 billion in Fire and allied, 2.8 billion in Voluntary automobile and 1.6 billion in Other) during the nine months ended December 31, 2013.

(Reference) Incurred losses caused by flooding in Thailand


Nine months ended December 31, 2012 Incurred losses Net claims paid

(Yen in 100 millions) Nine months ended December 31, 2013

Movement in Movement in outstanding Incurred losses Net claims paid outstanding claims claims Incurred losses 271 (89) 517 (606) (148) (420) (Notes) 1. Movement in outstanding claims represents provision as a positive number and reversal as a negative number. 2. Incurred losses include influence of exchange rate fluctuations.

(4) Expenses
(Yen in 100 millions) Nine months ended December 31, 2012 Nine months ended December 31, 2013 Items Amount Change Change ratio Amount Change Change ratio % % 1,170 (6) 1 1,176 (14) (1.2) Personnel expenses (0.5) 887 74 2 812 (0) (0.0) Non-personnel expenses 9.2 97 3 3 93 (1) (1.8) Taxes and contributions 3.8 2,155 72 4 2,083 (16) (0.8) Total 3.5 (Note) Total = loss adjustment expenses + operating expenses and general and administrative expenses <Company expenses> <Expenses for underwriting> Items Nine months ended December 31, 2012 Amount Change Change ratio % 1,452 1,712 3,164 32.3 % (20) 51 30 (0.8) % (1.4) 3.1 1.0 (Yen in 100 millions) Nine months ended December 31, 2013 Amount Change Change ratio % 1,487 1,785 3,273 31.8 % 35 73 108 (0.5) % 2.4 4.3 3.4

Operating expenses and general and administrative expenses Commissions and collection expenses

5 6 7 8

Total Net expense ratio

11

Mitsui Sumitomo Insurance Co., Ltd. (Non-consolidated) (5) Catastrophe reserve


(Yen in 100 millions) March 31, 2013 Balance Reserve ratio % Fire and allied Marine Personal accident Voluntary automobile Other 1,110 667 650 189 1,388 59.4 124.4 45.5 3.2 76.3 72 189 19 211 136 19 33 146 78 1,036 687 611 146 1,446 51.4 119.4 43.0 2.4 75.4 Reversal December 31, 2013 Provision Balance Reserve ratio %

Total 4,006 34.7 492 413 3,928 32.7 (Note) Reserve ratio = catastrophe reserve / net premiums written (excluding premiums of residential earthquake insurance and CALI and Good Result Return premiums of the automobile insurance product "ModoRich") x 100 The calculation for the reserve ratio as of December 31, 2013 has been made using four thirds of the net premiums written for the nine months ended December 31, 2013 as a denominator.

(6) Investment assets


(Yen in 100 millions) March 31, 2013 Cash, deposits and savings Investments in securities Domestic bonds Stock Foreign securities Other securities Loans Land and buildings Total (Reference) Long-term investment assets 4,001 41,179 17,151 16,406 7,388 232 5,760 2,230 53,172 16,257 December 31, 2013 4,590 45,730 17,671 19,869 7,991 198 5,488 2,270 58,078 15,594 Change 588 4,550 520 3,462 602 (33) (272) 39 4,906 (662)

(7) Breakdown of interest and dividends income


(Yen in 100 millions) Nine months ended December 31, 2012 620 196 292 113 18 76 40 39 777 Nine months ended December 31, 2013 768 185 337 212 33 65 47 21 902 Change 148 (10) 45 98 15 (11) 7 (18) 125

Investments in securities Domestic bonds Stock Foreign securities Other securities Loans Land and buildings Other Total

12

Mitsui Sumitomo Insurance Co., Ltd. (Non-consolidated)

(8) Investments in securities


Unrealized gains and losses on investments in securities (Yen in 100 millions) December 31, 2013 Domestic bonds Stock Foreign securities Other securities Total Cost 16,877 6,983 2,893 1,523 28,278 Fair value 17,671 19,246 3,117 1,588 41,623 Difference 793 12,262 224 64 13,345 (Yen in 100 millions) March 31, 2013 Domestic bonds Stock Foreign securities Other securities Total Cost 16,045 7,124 2,388 1,071 26,631 Fair value 17,151 15,701 2,581 1,147 36,582 Difference 1,105 8,576 193 76 9,951 Change from March 31, 2013 (311) 3,685 31 (11) 3,393

(Notes) 1. The above tables describe available-for-sale securities with practically determinable fair value. 2. "Other securities" includes certificates of deposits included in Cash, deposits and savings and loan receivable trust beneficiary certificates and commercial papers included in Monetary claims bought on the balance sheets.

Gains and losses on sales of securities (Yen in 100 millions) Nine months ended December 31, 2012 Gains/(losses) Domestic bonds Stock Foreign securities Other securities Total 256 15 241 (0) Nine months ended December 31, 2013 Gains/(losses) 28 301 5 (0) 335 345

Gains 33 301 10 -

Losses 4 0 5 0 10

Impairment losses on securities (Yen in 100 millions) Nine months ended December 31, 2012 Domestic bonds Stock Foreign securities Other securities Total 0 346 1 0 348 6 4 4 15 Nine months ended December 31, 2013 Change (0) (339) 3 4 (333)

13

3. Non-Consolidated Business Results of Aioi Nissay Dowa Insurance Co., Ltd.


(1) Business Performance
(Yen in 100 millions)
Items

Nine months ended Nine months ended December 31, 2012 December 31, 2013 8,295 5,478 387 1,480 1,328 (380) (127) (145) (279) 52 224 450 153 297 70 163 (18) (128) 56 (7) 274 (11) 4 262 114 147 70.7 % 33.9 % 104.6 % 8,619 5,165 394 1,552 1,395 111 40 5 (20) 56 142 505 145 360 159 22 (8) (52) 436 19 598 (10) (12) 588 174 413 64.5 % 34.2 % 98.7 %

Change

Change ratio %

(+) (-) (-) (-) (-)

Net premiums written Net claims paid Loss adjustment expenses Commissions and collection expenses Operating expenses and general and administrative expenses for underwriting Underwriting profit/(loss) before movements in reserves Movement in outstanding claims Movement in ordinary underwriting reserves Movement in catastrophe reserve Other Underwriting profit/(loss)

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26

324 (312) 6 71 67 491 167 151 258 3 (82) 55 (8) 63 88 (141) 9 76 379 26 324 0 (17) 325 59 265 (6.2) % 0.3 % (5.9) %

3.9 (5.7) 1.7 4.9 5.1 7.4 (36.5) 12.2 (5.4) 21.3 124.5 (86.6) 667.2 118.4 (349.5) 124.0 52.0 180.0

(-) (-) (-) (+)

(+) (-)

(+) (-) (+) (+) (+)

Interest and dividends income Transfer of investment income on deposit premiums from policyholders Net interest and dividends income (item 12 - item 13) Gains/(losses) on sales of securities Impairment losses on securities Gains/(losses) on derivative transactions Other Investment profit/(loss) Other ordinary profit/(loss) Ordinary profit/(loss)

(+)

Extraordinary income/(loss): Reserve for price fluctuation Income/(loss) before income taxes

(-)

Income taxes Net income/(loss) Net loss ratio

27 28 29

Ratios Net expense ratio Combined ratio

(Notes) 1. Net loss ratio = (net claims paid + loss adjustment expenses) / net premiums written x 100 2. Net expense ratio = (commissions and collection expenses + operating expenses and general and administrative expenses for underwriting) / net premiums written x 100 3. Combined ratio = net loss ratio + net expense ratio

(Reference) Business performance excluding residential earthquake insurance and CALI Net premiums written Net loss ratio Ratios Net expense ratio Combined ratio
30 31 32 33

7,142 67.3 % 35.4 % 102.7 %

7,392 61.1 % 36.1 % 97.2 %

250 (6.2) % 0.7 % (5.5) %

3.5

14

Aioi Nissay Dowa Insurance Co., Ltd. (Non-consolidated)


(2) Premiums written
(Yen in 100 millions) Net premiums written Nine months ended Nine months ended December 31, 2012 December 31, 2013 Amount Change ratio Amount Change ratio % % 997 935 4.8 6.7
70 553 4,839 1,147 749 8,295
Direct premiums written (excluding deposit premiums from policyholders)

Fire and allied Marine Personal accident Voluntary automobile CALI Other Total

Nine months ended December 31, 2012 Amount Change ratio % 1,425 7.3 71 582 4,749 1,228 968 9,026 1.7 (0.8) 2.1 2.3 (4.4) 2.0

Nine months ended December 31, 2013 Amount Change ratio % 1,504 5.5 75 585 4,842 1,359 949 9,317 5.3 0.6 1.9 10.6 (1.9) 3.2

9.1 (0.4) 2.0 6.8 0.0 2.6

83 561 4,968 1,222 786 8,619

17.6 1.4 2.7 6.6 5.0 3.9

(3) Net claims paid


Nine months ended December 31, 2012 Amount Change ratio Net loss ratio % % Fire and allied Marine Personal accident Voluntary automobile CALI Other
772 37 263 2,986 972 445

(44.1) 8.2 (2.5) (2.1) (0.1) (8.9)

85.0 55.5 50.9 66.6 92.1 62.4

(Yen in 100 millions) Nine months ended December 31, 2013 Change Amount Change ratio Net loss ratio % % % 606 (21.5) 63.1 (21.9) 42 257 2,888 956 414 15.3 (2.5) (3.3) (1.7) (6.9) (5.7) 53.6 48.9 63.0 85.3 55.7 64.5 (1.9) (2.0) (3.6) (6.8) (6.7) (6.2)

Total 5,165 5,478 (11.7) 70.7 (Note) Net loss ratio = (net claims paid + loss adjustment expenses) / net premiums written x 100

(Reference) Incurred losses caused by natural disasters in Japan


Nine months ended December 31, 2012 Incurred losses Net claims paid Fire and allied Voluntary automobile Other 177 34 7 160 33 5

(Yen in 100 millions) Nine months ended December 31, 2013

Movement in Movement in outstanding Incurred losses Net claims paid outstanding claims claims 82 16 103 21 1 1 27 7 26 3 0 4

Total 112 219 199 19 139 26 (Note) The above table represents incurred losses caused by natural disasters in Japan during the period. Net claims paid including claims in previous years (excluding claims relating to the Great East Japan Earthquake) are 21.6 billion (17.5 billion in Fire and allied, 3.3 billion in Voluntary automobile and 0.7 billion in Other) during the nine months ended December 31, 2012 and 12.4 billion (9.2 billion in Fire and allied, 2.8 billion in Voluntary automobile and 0.4 billion in Other) during the nine months ended December 31, 2013.

(Reference) Incurred losses caused by flooding in Thailand


Nine months ended December 31, 2012 Incurred losses Net claims paid

(Yen in 100 millions) Nine months ended December 31, 2013

Movement in Movement in outstanding Incurred losses Net claims paid outstanding claims claims Incurred losses 31 (23) 61 (84) (18) (49) (Notes) 1. Movement in outstanding claims represents provision as a positive number and reversal as a negative number. 2. Incurred losses include influence of exchange rate fluctuations.

(4) Expenses
(Yen in 100 millions) Nine months ended December 31, 2012 Nine months ended December 31, 2013 Items Amount Change Change ratio Amount Change Change ratio % % 4 1 909 (48) (5.0) Personnel expenses 913 0.5 64 2 779 (47) (5.8) Non-personnel expenses 843 8.3 3 3 82 (3) (4.0) Taxes and contributions 86 4.4 72 4 1,771 (99) (5.3) Total 1,843 4.1 (Note) Total = loss adjustment expenses + operating expenses and general and administrative expenses <Company expenses> <Expenses for underwriting> Items Nine months ended December 31, 2012 Amount Change Change ratio % 1,328 1,480 2,809 33.9 % (84) 41 (42) (1.4) % (6.0) 2.9 (1.5) (Yen in 100 millions) Nine months ended December 31, 2013 Amount Change Change ratio % 1,395 1,552 2,948 34.2 % 67 71 139 0.3 % 5.1 4.9 5.0

Operating expenses and general and administrative expenses Commissions and collection expenses

5 6 7 8

Total Net expense ratio

15

Aioi Nissay Dowa Insurance Co., Ltd. (Non-consolidated) (5) Catastrophe reserve
(Yen in 100 millions) March 31, 2013 Balance Reserve ratio % Fire and allied Marine Personal accident Voluntary automobile Other 1,096 133 566 207 496 87.3 139.1 78.7 3.2 50.8 207 16 98 79 3 17 160 40 1,077 137 584 160 520 81.3 123.8 78.1 2.4 49.6 Reversal December 31, 2013 Provision Balance Reserve ratio %

Total 2,500 26.3 323 302 2,479 25.2 (Note) Reserve ratio = catastrophe reserve / net premiums written (excluding premiums of residential earthquake insurance and CALI) x 100 The calculation for the reserve ratio as of December 31, 2013 has been made using four thirds of the net premiums written for the nine months ended December 31, 2013 as a denominator.

(6) Investment assets


(Yen in 100 millions) March 31, 2013 Cash, deposits and savings Investments in securities Domestic bonds Stock Foreign securities Other securities Loans Land and buildings Total (Reference) Long-term investment assets 950 22,927 9,505 6,620 6,396 405 2,466 1,755 28,099 6,114 December 31, 2013 1,182 24,276 9,550 7,545 6,755 424 2,242 1,714 29,416 5,797 Change 231 1,348 45 924 359 19 (223) (40) 1,316 (317)

(7) Breakdown of interest and dividends income


(Yen in 100 millions) Nine months ended December 31, 2012 377 69 139 149 19 33 36 3 450 Nine months ended December 31, 2013 439 78 160 188 11 27 34 4 505 Change 61 8 21 39 (7) (6) (1) 0 55

Investments in securities Domestic bonds Stock Foreign securities Other securities Loans Land and buildings Other Total

16

Aioi Nissay Dowa Insurance Co., Ltd. (Non-consolidated) (8) Investments in securities

Unrealized gains and losses on investments in securities (Yen in 100 millions) December 31, 2013 Domestic bonds Stock Foreign securities Other securities Total Cost 9,254 4,316 5,974 257 19,802 Fair value 9,550 7,268 6,284 323 23,426 Difference 295 2,952 310 65 3,623 (Yen in 100 millions) March 31, 2013 Domestic bonds Stock Foreign securities Other securities Total Cost 9,121 4,377 5,738 308 19,546 Fair value 9,505 6,327 5,961 336 22,130 Difference 383 1,949 223 27 2,584 Change from March 31, 2013 (87) 1,002 87 37 1,039

(Notes) 1. The above tables describe available-for-sale securities with practically determinable fair value. 2. "Other securities" includes certificates of deposits included in Cash, deposits and savings and loan receivable trust beneficiary certificates included in Monetary claims bought on the balance sheets.

Gains and losses on sales of securities (Yen in 100 millions) Nine months ended December 31, 2012 Gains/(losses) Domestic bonds Stock Foreign securities Other securities Total 70 31 22 17 159 Nine months ended December 31, 2013 Gains/(losses) 12 118 28 169

Gains 12 122 35 -

Losses 0 4 6 10

Impairment losses on securities (Yen in 100 millions) Nine months ended December 31, 2012 Domestic bonds Stock Foreign securities Other securities Total 163 156 7 22 16 5 Nine months ended December 31, 2013 Change (139) (2) (141)

17

4. Supplementary Information (1) Supplementary Information on Consolidated Business Results (a) Premiums Written and Net Claims Paid by Line of Insurance
Direct Premiums Written by Line of Insurance (including Deposit premiums from policyholders) (Yen in millions) Nine months ended Nine months ended December 31, 2013 December 31, 2012 Change Change Share Share Amount Amount ratio ratio Lines of Insurance % % % % Fire and allied 408,912 17.8 6.3 441,756 18.2 8.0 Marine 81,453 3.6 0.7 92,677 3.8 13.8 Personal accident 271,387 11.8 (2.4) 266,610 11.0 (1.8) Voluntary automobile 996,801 43.5 2.9 1,036,324 42.7 4.0 236,360 3.5 263,460 11.5 10.3 10.8 CALI 298,324 13.0 1.7 327,975 13.5 9.9 Other

Total: Deposit premiums from policyholders

2,293,239 129,456

100.0 5.6

2.6 (6.7)

2,428,804 117,982

100.0 4.9

5.9 (8.9)

(Reference) Direct Premiums Written excluding Good Result Return premiums of the automobile insurance product "ModoRich"

Voluntary Automobile Total

997,395 2,293,833

2.7 2.6

1,034,877 2,427,358

3.8 5.8

Net Premiums Written by Line of Insurance Nine months ended December 31, 2012 Change Share Amount ratio % % 258,579 13.1 2.0 65,469 3.3 (2.0) 167,274 8.5 1.6 1,002,753 50.7 2.8 233,101 8.1 11.8 249,120 12.6 1.8 1,976,298 1,003,347 1,976,892 100.0 2.9 2.6 2.8 (Yen in millions) Nine months ended December 31, 2013 Change Share Amount ratio % % 291,508 13.8 12.7 74,009 3.5 13.0 170,672 8.1 2.0 1,046,483 49.7 4.4 251,596 7.9 12.0 271,217 12.9 8.9 2,105,487 1,045,036 2,104,040 100.0 6.5 4.2 6.4

Lines of Insurance Fire and allied Marine Personal accident Voluntary automobile CALI Other Total Voluntary automobile Total Net Claims Paid by Line of Insurance

(Reference) Net Premiums Written excluding Good Result Return premiums of the automobile insurance product "ModoRich"

Lines of Insurance Fire and allied Marine Personal accident Voluntary automobile CALI Other Total

Nine months ended December 31, 2012 Change Share Amount ratio % % 237,738 18.2 (32.4) 31,382 2.4 (11.0) 85,546 6.6 (0.2) 619,138 47.5 (2.2) 200,649 (0.4) 15.4 128,998 9.9 (14.9) 1,303,454 100.0 (10.6)

(Yen in millions) Nine months ended December 31, 2013 Change Share Amount ratio % % 183,156 14.7 (23.0) 37,740 3.0 20.3 87,688 7.0 2.5 604,995 48.6 (2.3) 198,229 (1.2) 15.9 134,173 10.8 4.0 1,245,984 100.0 (4.4)

(Note) The figures in the above tables include elimination of intersegment transactions.

18

(b) Available-for-Sale Securities


(Yen in millions)

March 31, 2013


Items Cost Domestic Bonds Stock Foreign Securities Other Securities Total 3,913,187 1,243,047 1,190,967 142,278 6,489,481 Carrying amount 4,145,642 2,208,611 1,271,389 151,116 7,776,760 Difference 232,454 965,564 80,421 8,838 1,287,278 Cost 4,062,583 1,213,659 1,368,546 183,713 6,828,502

December 31, 2013


Carrying amount 4,236,701 2,652,686 1,460,010 195,369 8,544,767 Difference 174,118 1,439,026 91,464 11,655 1,716,265

March 31, 2013

December 31, 2013

1. Available-for-sale securities without practically determinable fair 1. Available-for-sale securities without practically determinable fair value are not included in the above table. value are not included in the above table. 2. "Other Securities" includes certificates of deposit included in Cash, deposits and savings, and commercial papers and loan receivable trust beneficiary certificates included in Monetary claims bought on the consolidated balance sheet. 2. "Other Securities" includes certificates of deposit included in Cash, deposits and savings, and commercial papers and loan receivable trust beneficiary certificates included in Monetary claims bought on the consolidated balance sheet.

3. The Company and its consolidated subsidiaries recognized 3. The Company and its consolidated subsidiaries recognized impairment losses of 34,030 million on Available-for-sale impairment losses of 890 million on Available-for-sale securities securities with practically determinable fair value (comprised of with practically determinable fair value (comprised of 758 32,608 million on Stock, 1,422 million on Foreign securities and million on Stock and 132 million on Foreign securities). 0 million on Other securities) . In principle, the Company and its domestic consolidated In principle, the Company and its domestic consolidated subsidiaries recognize impairment losses on securities with subsidiaries recognize impairment losses on securities with practically determinable fair value if the fair value declines by practically determinable fair value if the fair value declines by 30% or more from the cost. 30% or more from the cost.

19

(2) Summary of Business Results of Main Consolidated Subsidiaries (a) Mitsui Sumitomo Insurance Co., Ltd. (Non-consolidated)
Non-Consolidated Balance Sheets
(Yen in millions) Items March 31, 2013 December 31, 2013

(Assets) Cash, deposits and savings Call loans Receivables under resale agreements Monetary claims bought Money trusts Investments in securities Loans Tangible fixed assets Intangible fixed assets Other assets Customers' liabilities under acceptances and guarantees Bad debt reserve Total assets (Liabilities) Policy liabilities: Outstanding claims Underwriting reserves Bonds issued Other liabilities: Income taxes payable Lease obligations Asset retirement obligations Other liabilities Reserve for pension and retirement benefits Reserve for retirement benefits for officers Accrued bonuses for employees Reserves under the special laws: Reserve for price fluctuation Deferred tax liabilities Acceptances and guarantees Total liabilities (Net assets) Common stock Capital surplus Retained earnings Total shareholders' equity Net unrealized gains/(losses) on investments in securities Net deferred gains/(losses) on hedges Total valuation and translation adjustments Total net assets Total liabilities and net assets

188,886 69,000 48,545 83,966 9,978 4,117,917 576,032 241,916 43,316 487,529 39,825 (5,500) 5,901,413

126,933 98,000 87,334 135,994 10,789 4,573,017 548,819 240,510 42,646 399,272 48,206 (11,837) 6,299,686

3,981,659 643,869 3,337,789 241,176 298,674 4,652 2,064 5,128 286,829 87,390 1,257 10,588 5,151 5,151 43,610 39,825 4,709,334

3,909,602 629,546 3,280,056 241,183 366,942 33,030 1,974 5,154 326,783 142,404 1,100 252 7,086 7,086 129,399 48,206 4,846,179

139,595 93,107 244,565 477,268 688,381 26,428 714,810 1,192,079 5,901,413

139,595 93,107 270,143 502,846 930,079 20,580 950,660 1,453,507 6,299,686

20

Mitsui Sumitomo Insurance Co., Ltd. (Non-consolidated)

Non-Consolidated Statements of Income


Items Ordinary income: Underwriting income: Net premiums written Deposit premiums from policyholders Investment income on deposit premiums from policyholders Reversal of outstanding claims Reversal of underwriting reserves Investment income: Interest and dividends income Investment gains on money trusts Gains on sales of securities Gains on derivative transactions Transfer of investment income on deposit premiums from policyholders Other ordinary income Ordinary expenses: Underwriting expenses: Net claims paid Loss adjustment expenses Commissions and collection expenses Maturity refunds to policyholders Investment expenses: Investment losses on money trusts Losses on sales of securities Impairment losses on securities Operating expenses and general and administrative expenses Other ordinary expenses: Interest expense Ordinary profit Extraordinary income Extraordinary losses Income before income taxes Income taxes Net income Nine months ended December 31, 2012 1,395,434 1,313,256 979,529 94,669 33,354 49,086 152,505 80,199 77,730 54 27,456 6,693 (33,354) 1,978 1,310,240 1,109,818 662,013 56,335 171,223 219,108 42,422 36 1,800 34,858 151,986 6,012 5,432 85,193 1,630 1,449 85,373 24,868 60,505 (Yen in millions) Nine months ended December 31, 2013 1,333,606 1,223,080 1,032,383 87,461 31,017 14,323 57,733 108,438 90,294 613 34,564 9,321 (31,017) 2,087 1,209,366 1,037,565 618,127 59,454 178,562 180,584 3,905 1,009 1,511 156,077 11,817 5,288 124,239 1,535 4,094 121,680 33,847 87,833

21

Mitsui Sumitomo Insurance Co., Ltd. (Non-consolidated)

Non-Consolidated Solvency Margin Ratio


Insurance companies running their business in Japan calculate the non-consolidated solvency margin ratio pursuant to the provisions of Articles 86 and 87 of the Insurance Business Act Enforcement Regulations and Public Notice No. 50 issued by the Ministry of Finance in 1996. While insurance companies set aside reserves to provide for payments of insurance claims should an insured event occur, they are also required to maintain sufficient funds to pay out in an event outside the normal range of estimates such as a major catastrophe and a significant drop in the value of their assets. The non-consolidated solvency margin ratio, or item (C) in each of the tables below, which is calculated in accordance with the Insurance Business Act, is the ratio of "solvency margin of insurance companies calculated based on their capital and other reserves", or (A) the total amount of solvency margin, to "risks exceeding the normal range of estimates", or (B) the total amount of risks. The non-consolidated solvency margin ratio is one of the objective indicators used by the insurance regulatory authorities to supervise insurance companies. A non-consolidated solvency margin ratio of 200% or over indicates adequate ability to satisfy insurance claims and other payment requirements.

(Yen in millions) March 31, 2013 (A) Total amount of solvency margin Total net assets Reserve for price fluctuation Contingency reserve Catastrophe reserve General bad debt reserve Net unrealized gains/(losses) on investments in securities (prior to tax effect deductions) Net unrealized gains/(losses) on land Excess of policyholders' contract deposits (a) Subordinated debts, ( R 1etc. R 2(b) ) 2 ( R 3 R 4) 2 R 5 R 6 Amount excluded from the margin, out of (a) and (b) Deductions Others (B) Total amount of risks General insurance risk (R1) Insurance risk of third sector insurance contracts (R2) Assumed interest rate risk (R3) Asset management risk (R4) Business administration risk (R5) Catastrophe risk (R6) (C) Solvency margin ratio
[(A) / {(B) x 1/2}] x 100 1,958,579 462,870 5,151 412,208 1,093 896,469 33,406 106,191 43,152 84,341 673,800 111,582 20,420 499,540 15,167 126,834 581.3% 19,745 569,209 16,734 135,690 617.5% 43,152 102,389 751,953 112,094 106,191 404,876 1,372 1,208,068 32,333 -

December 31, 2013


2,322,011 502,846 7,086 -

(Note) The non-consolidated solvency margin ratio for December 31, 2013 is calculated by partially applying the simplified method where components such as the catastrophe risk (R6) are calculated based on the data used for September 30, 2013.

22

(b) Aioi Nissay Dowa Insurance Co., Ltd. (Non-consolidated)


Non-Consolidated Balance Sheets
(Yen in millions) Items March 31, 2013 December 31, 2013

(Assets) Cash, deposits and savings Monetary claims bought Money trusts Investments in securities Loans Tangible fixed assets Intangible fixed assets Other assets Deferred tax assets Customers' liabilities under acceptances and guarantees Bad debt reserve Total assets (Liabilities) Policy liabilities: Outstanding claims Underwriting reserves Bonds issued Other liabilities: Income taxes payable Lease obligations Asset retirement obligations Other liabilities Reserve for pension and retirement benefits Accrued bonuses for employees Reserves under the special laws: Reserve for price fluctuation Acceptances and guarantees Total liabilities (Net assets) Common stock Capital surplus Retained earnings Total shareholders' equity Net unrealized gains/(losses) on investments in securities Total valuation and translation adjustments Total net assets Total liabilities and net assets

92,013 977 2,128 2,292,734 246,684 185,771 29,971 280,099 106,449 2,500 (2,479) 3,236,851

115,215 678 2,361 2,427,632 224,299 183,281 34,093 258,444 71,412 2,500 (2,217) 3,317,702

2,422,522 473,220 1,949,302 50,000 182,421 2,630 212 528 179,050 19,313 6,064 1,624 1,624 2,500 2,684,446

2,393,839 477,224 1,916,614 50,000 192,328 17,328 353 555 174,090 16,118 191 2,852 2,852 2,500 2,657,830

100,005 81,210 191,575 372,790 179,614 179,614 552,405 3,236,851

100,005 81,210 225,646 406,861 253,009 253,009 659,871 3,317,702

23

Aioi Nissay Dowa Insurance Co., Ltd. (Non-consolidated)

Non-Consolidated Statements of Income


Items Ordinary income: Underwriting income: Net premiums written Deposit premiums from policyholders Investment income on deposit premiums from policyholders Reversal of outstanding claims Reversal of underwriting reserves Investment income: Interest and dividends income Investment gains on money trusts Gains on sales of securities Transfer of investment income on deposit premiums from policyholders Other ordinary income Ordinary expenses: Underwriting expenses: Net claims paid Loss adjustment expenses Commissions and collection expenses Maturity refunds to policyholders Provision for outstanding claims Investment expenses: Losses on sales of securities Impairment losses on securities Losses on derivative transactions Operating expenses and general and administrative expenses Other ordinary expenses: Interest expense Ordinary profit Extraordinary income Extraordinary losses Income before income taxes Income taxes Net income Nine months ended December 31, 2012 1,022,938 979,711 829,504 34,786 15,362 12,756 84,949 41,232 45,084 0 10,749 (15,362) 1,994 995,516 824,483 547,851 38,754 148,084 88,169 30,947 3,664 16,390 1,833 138,359 1,725 198 27,422 811 1,964 26,270 11,497 14,772 (Yen in millions) Nine months ended December 31, 2013 999,612 944,052 861,987 30,520 14,531 32,687 53,300 50,587 0 16,985 (14,531) 2,258 939,719 788,820 516,570 39,419 155,277 71,882 4,003 5,151 1,080 2,203 868 144,968 778 569 59,893 881 1,936 58,838 17,481 41,356

24

Aioi Nissay Dowa Insurance Co., Ltd. (Non-consolidated)

Non-Consolidated Solvency Margin Ratio


(Yen in millions) March 31, 2013 (A) Total amount of solvency margin Total net assets Reserve for price fluctuation Contingency reserve Catastrophe reserve General bad debt reserve Net unrealized gains/(losses) on investments in securities (prior to tax effect deductions) Net unrealized gains/(losses) on land Excess of policyholders' contract deposits (a) Subordinated debts, etc. (b) Amount excluded from the margin, out of (a) and (b) Deductions ( R1 R 2) 2 ( R 3 R 4) 2 R 5 R 6 Others (B) Total amount of risks General insurance risk (R1) Insurance risk of third sector insurance contracts (R2) Assumed interest rate risk (R3) Asset management risk (R4) Business administration risk (R5) Catastrophe risk (R6) (C) Solvency margin ratio
[(A) / {(B) x 1/2}] x 100 965,962 365,590 1,624 693 257,920 379 233,054 2,719 50,000 11,403 65,383 297,599 102,694 10,421 169,412 7,314 83,193 649.1% 10,154 189,164 7,042 50,038 796.7% 9,944 83,169 281,322 102,743 50,000 -

December 31, 2013


1,120,729 406,861 2,852 693 256,287 397 328,327 2,083 -

(Note) The non-consolidated solvency margin ratio for December 31, 2013 is calculated by partially applying the simplified method where components such as the catastrophe risk (R6) are calculated based on the data used for September 30, 2013.

25

(c) Mitsui Direct General Insurance Co., Ltd. (Non-consolidated)


Non-Consolidated Balance Sheets
(Yen in millions) Items March 31, 2013 December 31, 2013

(Assets) Cash, deposits and savings Investments in securities Tangible fixed assets Intangible fixed assets Other assets Bad debt reserve Total assets (Liabilities) Policy liabilities: Outstanding claims Underwriting reserves Other liabilities: Income taxes payable Asset retirement obligations Other liabilities Accrued bonuses for employees Reserves under the special laws: Reserve for price fluctuation Deferred tax liabilities Total liabilities (Net assets) Common stock Capital surplus Retained earnings Total shareholders' equity Net unrealized gains/(losses) on investments in securities Total valuation and translation adjustments Total net assets Total liabilities and net assets

3,541 33,674 308 1,960 6,115 (3) 45,596

2,371 35,372 235 1,612 5,674 (3) 45,263

33,135 13,593 19,541 1,092 135 12 945 209 27 27 51 34,516

33,273 14,785 18,488 773 44 12 715 31 31 19 34,097

32,600 2,500 (24,286) 10,813 267 267 11,080 45,596

32,600 2,500 (24,133) 10,966 198 198 11,165 45,263

26

Mitsui Direct General Insurance Co., Ltd. (Non-consolidated)

Non-Consolidated Statements of Income


Items Ordinary income: Underwriting income: Net premiums written Investment income on deposit premiums from policyholders Reversal of outstanding claims Reversal of underwriting reserves Investment income: Interest and dividends income Transfer of investment income on deposit premiums from policyholders Other ordinary income Ordinary expenses: Underwriting expenses: Net claims paid Loss adjustment expenses Commissions and collection expenses Provision for outstanding claims Investment expenses Operating expenses and general and administrative expenses Other ordinary expenses Ordinary profit Extraordinary income Extraordinary losses Income before income taxes Income taxes - current Total income taxes Net income Nine months ended December 31, 2012 26,912 26,794 25,785 10 243 755 116 126 (10) 2 26,210 21,129 19,224 1,758 146 5,080 0 701 4 697 28 28 668 (Yen in millions) Nine months ended December 31, 2013 27,120 27,012 25,947 11 1,053 102 113 (11) 6 26,933 21,580 18,443 1,804 140 1,191 5,351 1 186 13 173 20 20 153

27

Mitsui Direct General Insurance Co., Ltd. (Non-consolidated)

Non-Consolidated Solvency Margin Ratio


(Yen in millions) March 31, 2013 (A) Total amount of solvency margin Total net assets Reserve for price fluctuation Contingency reserve Catastrophe reserve General bad debt reserve Net unrealized gains/(losses) on investments in securities (prior to tax effect deductions) Net unrealized gains/(losses) on land Excess of policyholders' contract deposits (a) Subordinated debts, etc. (b) Amount excluded from the margin, out of (a) and (b) Deductions Others (B) Total amount of risks ( R 1 R 2 ) 2 ( R 3 R 4 ) 2 R 5 R 6 General insurance risk (R1) Insurance risk of third sector insurance contracts (R2) Assumed interest rate risk (R3) Asset management risk (R4) Business administration risk (R5) Catastrophe risk (R6) (C) Solvency margin ratio
[(A) / {(B) x 1/2}] x 100 12,324 10,813 27 0 1,133 0 349 5,740 5,233 0 511 181 300 429.4% 0 533 182 300 421.4% 5,743 5,233 -

December 31, 2013


12,101 10,966 31 0 843 1 259 -

(Note) The non-consolidated solvency margin ratio for December 31, 2013 is calculated by partially applying the simplified method to components such as the assumed interest rate risk (R3).

28

(d) Mitsui Sumitomo Aioi Life Insurance Co., Ltd. (Non-consolidated)


Non-Consolidated Balance Sheets
(Yen in millions) Items March 31, 2013 December 31, 2013

(Assets) Cash, deposits and savings Call loans Receivables under securities borrowing transactions Investments in securities Loans Tangible fixed assets Intangible fixed assets Due from agencies Reinsurance accounts receivable Other assets Bad debt reserve Total assets (Liabilities) Policy liabilities: Outstanding claims Policy reserves Reserve for dividends to policyholders Due to agencies Reinsurance accounts payable Other liabilities: Payables under securities lending transactions Income taxes payable Lease obligations Asset retirement obligations Other liabilities Reserve for pension and retirement benefits Reserve for retirement benefits for officers Reserves under the special laws: Reserve for price fluctuation Deferred tax liabilities Total liabilities (Net assets) Common stock Capital surplus Retained earnings Total shareholders' equity Net unrealized gains/(losses) on investments in securities Total valuation and translation adjustments Total net assets Total liabilities and net assets

23,815 707 224,025 2,102,671 47,656 2,224 3,297 274 265 31,428 (102) 2,436,264

22,525 110 210,981 2,230,533 48,754 1,694 4,258 143 77 34,280 (83) 2,553,274

2,045,655 19,423 2,019,481 6,750 5,854 213 234,383 224,733 315 1,010 174 8,149 1,437 59 3,406 3,406 13,010 2,304,020

2,188,863 20,011 2,161,812 7,040 4,018 208 220,106 211,085 2,967 823 178 5,051 1,541 52 3,778 3,778 8,100 2,426,670

35,500 43,688 (15,672) 63,515 68,727 68,727 132,243 2,436,264

35,500 43,688 (10,162) 69,025 57,578 57,578 126,603 2,553,274

29

Mitsui Sumitomo Aioi Life Insurance Co., Ltd. (Non-consolidated)

Non-Consolidated Statements of Income


Items Ordinary income: Insurance premiums and others: Insurance premiums Investment income: Interest and dividends income Gains on sales of securities Other ordinary income Ordinary expenses: Insurance claims and others: Insurance claims Annuity payments Benefits Surrender benefits Other refunds Provision for policy reserves and others: Provision for outstanding claims Provision for policy reserves Provision for interest portion of reserve for dividends to policyholders Investment expenses: Interest expense Losses on sales of securities Impairment losses on securities Operating expenses Other ordinary expenses Ordinary profit Extraordinary income Extraordinary losses Provision for reserve for dividends to policyholders Income before income taxes Income taxes Net income Nine months ended December 31, 2012 334,548 302,089 301,557 30,382 25,449 4,921 2,076 326,927 122,494 31,904 6,475 8,223 73,464 1,633 144,028 364 143,661 2 2,238 227 1,497 486 53,047 5,118 7,621 1 329 3,868 3,424 1,413 2,010 (Yen in millions) Nine months ended December 31, 2013 335,624 304,105 303,887 30,720 27,549 3,153 798 322,827 121,812 31,675 7,357 8,766 71,342 1,695 142,919 588 142,330 0 951 211 713 51,914 5,230 12,796 2 401 3,875 8,522 3,095 5,427

30

Mitsui Sumitomo Aioi Life Insurance Co., Ltd. (Non-consolidated)

Business Results
Amount of Policies in Force and New Policies
(1) Policies in force
March 31, 2013 Number of policies (in thousands) 2,262 183 (Yen in millions) December 31, 2013 Number of policies Amount (in thousands) 2,354 20,057,841 186 787,690 5,093,510 405

Amount 19,317,482 757,139 5,165,629 429

Individual insurance Individual annuities Group insurance Group annuities

(Notes) 1. The amounts of individual annuities represent the total sum of (a) the funds to be held at the time annuity payments are to commence for the policies for which annuity payments have not yet commenced and (b) the policy reserves for the policies for which annuity payments have commenced. 2. The amounts of group annuities represent the policy reserves.

(2) New policies


Nine months ended December 31, 2012
Number of policies (in thousands) Amount Net increase by conversion Number of policies (in thousands)

(Yen in millions) Nine months ended December 31, 2013


Amount Net increase by conversion

New policies

New policies

Individual insurance Individual annuities Group insurance Group annuities

231 11

2,577,706 59,304 691,598 -

2,577,706 59,304 691,598 -

194 8

1,947,093 64,995 54,513 -

1,947,093 64,995 54,513 -

(Note) The amounts of individual annuities represent the funds to be held at the time annuity payments are to commence.

Annualized Premiums
(1) Policies in force
March 31, 2013 Individual insurance Individual annuities Total: Medical coverage, living benefits, etc. 277,088 42,614 319,703 55,196 (Yen in millions) December 31, 2013 286,989 44,007 330,996 58,888 (Yen in millions) Nine months ended December 31, 2013 27,208 3,298 30,506 7,042

(2) New policies


Nine months ended December 31, 2012 29,695 3,324 33,020 4,901

Individual insurance Individual annuities Total: Medical coverage, living benefits, etc.

(Notes) 1. An annualized premium is the annual total of premiums that is obtained by multiplying the amount of a single payment with the number of payments per year in accordance with the premium payment method. An annualized premium for a single-payment policy is the premium divided by the number of years of coverage. 2. "Medical coverage, living benefits, etc." represents the portion of annualized premiums that corresponds to medical coverage benefits (for hospitalization, surgeries, etc.), living benefits (for specified diseases, nursing care, etc.) and premium waiver benefits (excluding those for disability, but including those for specified diseases, nursing care, etc.).

31

Mitsui Sumitomo Aioi Life Insurance Co., Ltd. (Non-consolidated)

Non-Consolidated Business Performance


(Yen in millions) Nine months ended December 31, 2012 Fundamental revenues: Insurance premiums and others Fundamental expenses Fundamental profit Capital gains/(losses) Non-recurring gains/(losses) Ordinary profit Extraordinary income Extraordinary losses Provision for reserve for dividends to policyholders Income taxes Net income 329,628 302,089 323,655 5,973 2,933 (1,286) 7,621 1 329 3,868 1,413 2,010 Nine months ended December 31, 2013 332,477 304,105 320,871 11,605 2,434 (1,243) 12,796 2 401 3,875 3,095 5,427 Change 2,848 2,015 (2,783) 5,632 (499) 42 5,175 1 71 6 1,682 3,416

Non-Consolidated Solvency Margin Ratio


(Yen in millions) March 31, 2013 (A) Total amount of solvency margin Total capital Reserve for price fluctuation Contingency reserve General bad debt reserve Net unrealized gains/(losses) on investments in securities x 90% Net unrealized gains/(losses) on land x 85% Excess of continued Zillmerized reserve (a) Subordinated debts, etc. (b) Amount excluded from the margin, out of (a) and (b) Brought in capital Deductions Others (B) Total amount of risks
( R1 R8 ) 2 ( R 2 R3 R7 ) 2 R 4

December 31, 2013 267,109 69,025 3,778 23,036 14 74,810 126,963 (30,821) 302 42,346 14,133 5,688 2,953 32,577 1,660 1,261.5%

267,498 63,515 3,406 21,800 39 89,295 121,422 (32,340) 359 40,845 13,818 4,913 2,922 31,567 1,596 1,309.8%

Insurance risk (R1) Insurance risk of third sector insurance contracts (R8) Assumed interest rate risk (R2) Asset management risk (R3) Minimum guarantee risk (R7) Business administration risk (R4) (C) Solvency margin ratio [(A) / {(B) x 1/2}] x 100

32

(e) Mitsui Sumitomo Primary Life Insurance Co., Ltd. (Non-consolidated)


Non-Consolidated Balance Sheets
(Yen in millions) Items March 31, 2013 December 31, 2013

(Assets) Cash, deposits and savings Call loans Money trusts Investments in securities Loans Tangible fixed assets Intangible fixed assets Reinsurance accounts receivable Other assets Deferred tax assets Total assets (Liabilities) Policy liabilities: Outstanding claims Policy reserves Due to agencies Reinsurance accounts payable Other liabilities: Income taxes payable Lease obligations Asset retirement obligations Other liabilities Reserves under the special laws: Reserve for price fluctuation Total liabilities (Net assets) Common stock Capital surplus Retained earnings Total shareholders' equity Net unrealized gains/(losses) on investments in securities Total valuation and translation adjustments Total net assets Total liabilities and net assets

37,291 30,002 886,301 2,777,814 529 1,099 4,042 90 5,489 22,914 3,765,574

39,502 15,563 667,203 3,277,442 458 950 4,017 249 30,615 22,995 4,058,998

3,645,909 12,942 3,632,967 2,858 1,732 20,045 12,829 839 123 6,253 23,743 23,743 3,694,290

3,914,498 10,378 3,904,120 7,132 2,534 16,272 718 124 15,429 24,643 24,643 3,965,081

41,060 24,735 4,740 70,535 748 748 71,284 3,765,574

41,060 24,735 27,554 93,349 566 566 93,916 4,058,998

33

Mitsui Sumitomo Primary Life Insurance Co., Ltd. (Non-consolidated)

Non-Consolidated Statements of Income


Items Ordinary income: Insurance premiums and others: Insurance premiums Investment income: Interest and dividends income Investment gains on money trusts Gains on sales of securities Investment gains on separate accounts Other ordinary income: Reversal of outstanding claims Ordinary expenses: Insurance claims and others: Insurance claims Annuity payments Benefits Surrender benefits Other refunds Provision for policy reserves and others: Provision for outstanding claims Provision for policy reserves Investment expenses: Interest expense Losses on derivative transactions Operating expenses Other ordinary expenses Ordinary profit Extraordinary income Extraordinary losses Income before income taxes Income taxes Net income Nine months ended December 31, 2012 570,760 349,989 344,033 219,424 245 97,384 121,570 1,346 542,194 194,442 32,792 32,499 47,048 63,474 766 317,187 2,736 314,451 438 0 28,396 1,728 28,566 662 27,903 9,355 18,547 900 34,510 11,696 22,814 (Yen in millions) Nine months ended December 31, 2013 962,298 571,840 569,418 385,959 2,928 5,140 0 373,183 4,498 2,564 926,886 609,703 38,103 38,469 137,806 372,361 1,368 271,152 271,152 864 0 389 40,633 4,532 35,411 -

34

Mitsui Sumitomo Primary Life Insurance Co., Ltd. (Non-consolidated)

Business Results
Amount of Policies in Force and New Policies
(1) Policies in force
March 31, 2013 Number of policies (in thousands) 67 413 (Yen in millions) December 31, 2013 Number of policies Amount (in thousands) 137 839,913 374 3,096,821 -

Amount 465,049 3,196,405

Individual insurance Individual annuities Group insurance Group annuities

(Note) The amounts of individual annuities represent the total sum of (a) the funds to be held at the time annuity payments are to commence (the premium reserves in the case of individual variable annuities) for the policies for which annuity payments have not yet commenced and (b) the policy reserves for the policies for which annuity payments have commenced.

(2) New policies


Nine months ended December 31, 2012
Number of policies (in thousands) Amount Net increase by conversion Number of policies (in thousands)

(Yen in millions) Nine months ended December 31, 2013


Amount Net increase by conversion

New policies

New policies

Individual insurance Individual annuities Group insurance Group annuities

44 17

235,541 96,076 -

235,541 96,076

80 19

427,833 120,672 -

427,833 120,672

(Note) The amounts of individual annuities represent the funds to be held at the time annuity payments are to commence (the premium reserves at the time of enrollment in the case of individual variable annuities).

Annualized Premiums
(1) Policies in force
March 31, 2013 Individual insurance Individual annuities Total: Medical coverage, living benefits, etc. 31,509 402,731 434,240 104 (Yen in millions) December 31, 2013 55,462 381,002 436,465 117 (Yen in millions) Nine months ended December 31, 2013 28,229 92,199 120,428 -

(2) New policies


Nine months ended December 31, 2012 14,989 72,003 86,992

Individual insurance Individual annuities Total: Medical coverage, living benefits, etc.

(Notes) 1. An annualized premium is the annual total of premiums that is obtained by multiplying the amount of a single payment with the number of payments per year in accordance with the premium payment method. An annualized premium for a single-payment policy is the premium divided by the number of years of coverage. 2. "Medical coverage, living benefits, etc." represents the portion of annualized premiums that corresponds to medical coverage benefits (for hospitalization, surgeries, etc.), living benefits (for specified diseases, nursing care, etc.) and premium waiver benefits (excluding those for disability, but including those for specified diseases, nursing care, etc.).

35

Mitsui Sumitomo Primary Life Insurance Co., Ltd. (Non-consolidated)

Non-Consolidated Business Performance


(Yen in millions) Nine months ended December 31, 2012 Fundamental revenues: Insurance premiums and others Fundamental expenses Fundamental profit Capital gains/(losses) Non-recurring gains/(losses) Ordinary profit Extraordinary income Extraordinary losses Provision for reserve for dividends to policyholders Income taxes Net income 559,511 349,989 536,243 23,268 11,248 (5,951) 28,566 662 9,355 18,547 11,696 22,814 Nine months ended December 31, 2013 981,553 571,840 934,422 47,130 (3,934) (7,784) 35,411 900 2,341 4,266 Change 422,041 221,850 398,179 23,862 (15,183) (1,833) 6,845 238 -

Non-Consolidated Solvency Margin Ratio


(Yen in millions) March 31, 2013 (A) Total amount of solvency margin Total capital Reserve for price fluctuation Contingency reserve General bad debt reserve Net unrealized gains/(losses) on investments in securities x 90% Net unrealized gains/(losses) on land x 85% Excess of continued Zillmerized reserve (a) Subordinated debts, etc. (b) Amount excluded from the margin, out of (a) and (b) Brought in capital Deductions Others (B) Total amount of risks
( R1 R8 ) 2 ( R 2 R3 R7 ) 2 R 4

December 31, 2013 330,371 93,349 24,643 54,507 736 144,882 12,252 62,109 51 13 21,318 26,120 13,451 1,219 1,063.8%

267,510 70,535 23,743 46,722 973 123,427 2,107 60,516 53 16 15,199 22,753 21,375 1,187 884.0%

Insurance risk (R1) Insurance risk of third sector insurance contracts (R8) Assumed interest rate risk (R2) Asset management risk (R3) Minimum guarantee risk (R7) Business administration risk (R4) (C) Solvency margin ratio [(A) / {(B) x 1/2}] x 100

36