FORM 6-K

U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

Commission File Number: 333-150010

For the Month of August, 2010

MS&AD Insurance Group Holdings, Inc.

(Translation of registrant’s name into English)

3-7, Yaesu 1-chome,
Chuo-ku, Tokyo 103-0028, Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.


Form 20-F x		Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): o

Information furnished on this form:

Table of Contents


1.		[English Translation]

~~Notice~~Summary ~~Regarding~~of ~~Repurchase~~Financial ofStatements for the ~~Company’s~~Three ~~Own~~Months ~~Shares~~Ended June 30, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	MS&AD Insurance Group Holdings, Inc.
Date: August 12, 2010	By:	/s/ Yasuaki Tamai
Date: August 27, 2010	By:	/s/ Yasuaki Tamai
		Yasuaki Tamai
		General Manager General Administration Dept.

[English Translation]

SUMMARY OF FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED JUNE 30, 2010

August 12, 2010

Notice Regarding Repurchase of the Company’s Own Shares


Name of Listed Company:		MS&AD Insurance Group Holdings, Inc.
Securities Code No.:		8725
Stock Exchanges:		Tokyo, Osaka, Nagoya
URL:		http://www.ms-ad-hd.com
Representative:		Toshiaki Egashira, President
Contact:		Keisuke Kawamoto, Manager, Consolidated Accounting Section, Accounting Department
		Telephone : (03)-6202-5273
Date of filing of Quarterly Financial Report:		August 13, 2010
Date of starting payment of dividends:		—

(~~Repurchase~~Note) ofAmounts ~~company’s~~are ~~own share according to the articles of incorporation pursuant to Article 165,~~truncated. ~~Paragraph 2 of the Companies Act of Japan)~~

~~MS&AD Insurance Group Holdings, Inc~~1. ~~hereby~~Consolidated ~~announces~~Business ~~that~~Results ~~pursuant~~for ~~to Article 156 of~~ the ~~Companies~~ ~~Act~~three ofmonths ~~Japan~~ended ~~as modified by the provision of Article~~June ~~165~~30, ~~Paragraph 3~~2010 ~~of the same Act~~(April 1, ~~the~~ ~~Company~~2010 ~~resolved~~to ~~the repurchase of the Company’s own shares at the meeting of the Board of Directors held on August~~June 1230, 2010~~, as follows:~~)

(1.) ~~Contents~~Results of ~~Repurchase~~Consolidated Operations (Yen in millions)

(1) Type of shares to be repurchased:


	Ordinary income				Ordinary profit				Net income
Three months ended June 30, 2010		856,213	59.9	%		47,206	2.3	%		41,381	28.6	%
Three months ended June 30, 2009		535,332	1.5	%		46,165	39.1	%		32,179	36.9	%

~~Shares~~ Percent offigures ~~common~~represent ~~stock~~changes ofin comparison with the ~~Company~~corresponding period of preceding fiscal year.

(2Yen) ~~Total number of shares to be repurchased:~~

7,000,000 shares (Maximum)


			Net income per
	Net income per share		share-Diluted
Three months ended June 30, 2010		66.00		—
Three months ended June 30, 2009		76.74		—

(~~Approximately~~2) ~~1.1%~~Consolidated ofFinancial ~~the~~Conditions ~~shares~~(Yen ~~issued~~in millions)

(3) Aggregate amount of repurchase price:


								Net assets
					Net assets less minority			less minority interests
	Total assets		Net assets		interests to Total assets			per share (Yen)
As of June 30, 2010		11,387,055		1,699,292		14.8	%		2,697.15
As of March 31, 2010		7,519,625		1,311,082		17.3	%		3,143.32

JPY 10,000,000,000 (Maximum)


(Reference) Net assets less minority interests:	As of June 30, 2010:	¥1,690,854 million
	As of March 31, 2010:	¥1,304,332 million

~~(4)~~2. ~~Period of repurchase:~~Dividends

From August 13, 2010 to September 22, 2010


	Dividend per share (Yen)
(Record Date)	First Quarter-end		Second Quarter-end		Third Quarter-end		Year-end		Annual
Year ended March 31, 2010		—		27.00		—		27.00		54.00
Year ending March 31, 2011		—
Year ending March 31, 2011 (Forecast)				27.00		—		27.00		54.00

(~~Reference~~Note) Changes in the dividend per share forecast for the fiscal year ending March 31, 2011, during the first quarter: None

~~Status~~3. ofForecast for the ~~Company’s~~current ~~own~~period ~~shares~~(April as1, at2010 ~~July~~to March 31, ~~2010:~~2011)-Consolidated (Yen in millions)

(a) Number of outstanding shares:


	Ordinary income				Ordinary profit				Net income				Net income per share(Yen)
Six months ending September 30, 2010		1,660,000	63.4	%		56,000	(31.9	)%		32,000	(43.7	)%		51.04
Year ending March 31, 2011		3,330,000	69.7	%		86,000	63.2	%		51,000	35.5	%		81.34

~~626,901,745~~ Percent ~~shares~~figures represent changes in comparison with the corresponding period of preceding fiscal year.

(bNote) ~~Number~~Changes ofin ~~shares~~the ~~held~~forecast asfor ~~treasury~~the ~~shares~~fiscal year ending March 31, 2011 and the six months ending September 30, 2010, during the firstquarter: None

6,390,009 shares

2. Reason for Repurchase

The Company’s capital policy is, among other things, to conduct repurchase of its own shares continuously and as opportunities arise, seeking improved capital efficiency, with due consideration to the Company’s state of capital and earnings as well as market condition. Based on this policy, the Company intends to improve shareholders value through conducting the repurchase of its own shares.

(Reference)

Repurchase of the Company’s own shares (since its incorporation on April 1, 2008)

		Number of shares	Aggregate amount
	Period of repurchase	(to be) repurchased	of repurchase price
FY 2008	From Feb. 16, 2009 to Mar. 24, 2009	1,851,400	JPY 3,999 million
FY 2009	From Feb. 15, 2010 to Mar. 24, 2010	4,329,200	JPY 9,999 million
As resolved	From Aug. 13, 2010 to Sep. 22, 2010	7,000,000(maximum)	JPY 10,000 million(maximum)

— End —

4. Other information

(1)	Significant changes in scope of consolidation during the period: Yes


Increase	4	(Aioi Insurance Company, Limited, Nissay Dowa General Insurance Company, Limited, Aioi Life Insurance Company, Limited, Aioi Motor and General Insurance Company of Europe Limited)
Decrease	0

(2)	Application of simplified accounting method or accounting procedure specific to the preparation of quarterly consolidated financial statements: Yes

(3)	Changes in accounting principle, procedure and presentation preparing the quarterly consolidated financial statements

1. Changes due to revision of accounting standard: Yes

2. Changes due to other than above: None

(4)	The number of shares outstanding (Common stock)

1. The number of shares outstanding (including treasury stock)


As of June 30, 2010:		633,291,754 shares
As of March 31, 2010:		421,320,739 shares

2. The number of treasury stock


As of June 30, 2010:		6,389,924 shares
As of March 31, 2010:		6,367,110 shares

3. The average number of shares outstanding


For the three months ended June 30, 2010:		626,908,911 shares
For the three months ended June 30, 2009:		419,296,574 shares

*Disclosure regarding the execution of the quarterly review process

This report is outside the scope of the external auditor’s quarterly review procedure which is required by “Financial Instruments and Exchange Act”. Therefore, the quarterly review process has not been completed as of the disclosure of this report.

*Notification

The financial forecasts were based upon currently available information and contain many elements of uncertainty. Actual results may differ from the forecasts due to changes in the business environment.

1. Qualitative Information on Current Quarterly Financial Statements

(1) Qualitative Information on Consolidated Operating Results

During three months ended June 30, 2010, the Japanese economy saw improvements in corporate profitability, as well as trend of recovery in production and individual consumption. However, overall conditions remained severe, such as continuous tendency to fall in consumer prices and high unemployment rate.

Under the management conditions, business results of the Group for the three months ended June 30, 2010, were as follows:

As a result of underwriting income of 796.6 billion yen (including net premiums written of 653.8 billion yen), investment income of 55.0 billion yen, and other ordinary income of 4.4 billion yen, ordinary income reached 856.2 billion yen. Ordinary expenses were 809.0 billion yen, including underwriting expenses of 667.0 billion yen (including net claims paid of 390.5 billion yen), investment expenses of 15.3 billion yen, operating expenses and general and administrative expenses of 125.6 billion yen, and other ordinary expenses of 0.9 billion yen.

As a result, ordinary profit increased by 1.0 billion yen compared to the same period in the previous year, to 47.2 billion yen. Net income for the period, obtained by adding/deducting extraordinary income, extraordinary losses, income taxes, etc. to ordinary profit, increased by 9.2 billion yen over the same period in the previous year, to 41.3 billion yen.

(2) Qualitative Information on Consolidated Financial Condition

Total assets as of June 30, 2010 increased by 3,867.4 billion yen versus the end of the previous consolidated accounting year to 11,387.0 billion yen due to reasons such as Aioi Insurance Co., Ltd. and Nissay Dowa General Insurance Co., Ltd. etc. became consolidated subsidiaries of the Company. Net assets increased by 388.2 billion yen versus the end of the previous year, to 1,699.2 billion yen, reflecting the increase of capital surplus after share exchanges with Aioi Insurance Co., Ltd. and Nissay Dowa General Insurance Co., Ltd.

(3) Qualitative Information on Consolidated Earnings Forecasts

Though net income for the three months ended June 30, 2010 exceeds the forecast for the six months ending September 30, 2010, released on May 20, 2010, there will be no changes in forecasts for the six months ending September 30, 2010, and for FY 2010, since results as a whole still remain inside the range of the forecasts.

2. Other Information

(1) Summary of Significant Changes in Scope of Consolidation

Details of changes occurred during the period in “Specified Subsidiaries” (Tokutei Kogaisha) affecting scope of consolidation are as follows (4 new companies):


		Paid-in	Principal	Percentage of
Name of Company	Location	Capital	Business	Voting Rights
(Consolidated Subsidiary) Aioi Insurance Co., Ltd.	Shibuya-ku, Tokyo	100,005 million yen	Non-life Insurance		100.0	%

Nissay Dowa General Insurance Co., Ltd.	Osaka-shi, Osaka	47,328 million yen	Non-life Insurance		100.0	%

Aioi Life Insurance Co., Ltd.	Shibuya-ku, Tokyo	30,000 million yen	Life Insurance		100.0 (100.0	% %)

Aioi Motor and General Insurance Company of Europe Limited	London, U.K.	UK£ 169,300 thousand	Non-life Insurance		100.0 (100.0	% %)

(Note)

The percentage in parentheses in the percentage of voting rights column shows the percentage of voting rights for indirect holdings.

(2) Summary of Simplified Accounting Method or Accounting Procedure Specific to Preparation of Quarterly Consolidated Financial Statements

(Simplified Accounting Method)

Evaluation of Recoverability of Deferred Tax Assets

The evaluation of recoverability of deferred tax assets is based on the future performance estimates and tax planning used at the end of the previous fiscal year with respect to some companies within the scope of consolidation.

(Accounting Procedure Specific to Preparation of Quarterly Consolidated Financial Statements)

Calculation of Tax Expenses

Tax expenses for domestic companies within the scope of consolidation are mostly calculated by multiplying the before-tax quarterly net profits (adjusted if non-temporary differences are significant) with the statutory tax rate. The amount of income tax adjustments is included under “Income taxes”.

(3) Summary of Changes in Accounting Principle, Procedure, and Presentation

(i) Application of “Accounting Standard for Asset Retirement Obligations”

“Accounting Standard for Asset Retirement Obligations” (ASBJ Statement No.18, March 31, 2008) and “Guidance on Accounting Standard for Asset Retirement Obligations” (ASBJ Guidance No.21, March 31, 2008) are applied from the current quarterly consolidated accounting period.

As a result of application of the rules, ordinary profit and income before income taxes decreased by 85 million yen and 2,401 million yen, respectively. Changes in asset retirement obligations due to application of the rules was 5,992 million yen.

(ii) Application of “Accounting Standard for Business Combinations” and related rules

“Accounting Standard for Business Combinations” (ASBJ Statement No.21, December 26, 2008), “Accounting Standard for Consolidated Financial Statements” (ASBJ Statements No.22, December 26, 2008), “Partial amendments to Accounting Standard for Research and Development Costs” (ASBJ Statement No.23, December 26, 2008), “Accounting Standard for Business Divestitures” (ASBJ Statement No.7, December 26, 2008), “Accounting Standard for Equity Method of Accounting for Investments” (ASBJ Statement No.16, December 26, 2008), and “Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures” (ASBJ Guidance No.10, December 26, 2008) are applied from the current quarterly consolidated accounting period.

3. Consolidated Financial Statements


(1) Consolidated Balance Sheets


		(Yen in millions)


	As of June 30, 2010			As of March 31, 2010
Items	Amount			Amount
(Assets)
Cash deposits and savings		468,683			313,389
Call loans		53,300			33,700
Securities bought under resale agreements		29,793			15,998
Monetary claims bought		136,496			108,158
Money trusts		13,796			10,592
Investments in securities		7,860,882			5,497,537
Loans		1,113,874			749,524
Tangible fixed assets		505,134			255,039
Intangible fixed assets		117,502			78,967
Other assets		811,509			459,454
Deferred tax assets		282,381			6,411
Customers’ liabilities for acceptances and guarantees		3,000			—
Bad debts reserve		(9,298	)		(9,149	)

Total assets		11,387,055			7,519,625

(Liabilities)
Underwriting funds:		9,107,715			5,781,233
Outstanding claims		1,192,176			753,784
Underwriting reserves		7,915,539			5,027,448
Debentures		94,971			94,969
Other liabilities		359,019			198,587
Reserve for pension and retirement benefits		106,471			82,424
Reserve for pension and retirement benefits for officers and operating officers		2,018			2,092
Accrued bonuses for employees		993			12,713
Reserve under the special law:		4,659			4,302
Reserve for price fluctuation		4,659			4,302
Deferred tax liabilities		8,913			32,221
Liabilities under acceptances and guarantees		3,000			—

Total liabilities		9,687,762			6,208,542

(Net assets)
Shareholders’ equity:
Common stock		100,000			100,000
Capital surplus		682,755			132,690
Retained earnings		561,320			541,520
Treasury stock		(14,746	)		(14,687	)
Total shareholders’ equity		1,329,329			759,522
Valuation and translation adjustments:
Unrealized gains on investments, net of tax		389,715			582,980
Deferred hedge gains (losses), net of tax		10,763			2,138
Foreign currency translation adjustments		(38,953	)		(40,309	)
Total valuation and translation adjustments		361,524			544,809
Minority interests		8,437			6,750

Total net assets		1,699,292			1,311,082

Total liabilities and net assets		11,387,055			7,519,625

(2) Consolidated Statements of Income

(Yen in millions)


	Three months ended			Three months ended
	June 30, 2009			June 30, 2010
Items	Amount			Amount
Ordinary income and expenses:
Ordinary income:		535,332			856,213
Underwriting income:		480,188			796,673
Net premiums written		354,435			653,841
Deposit premiums from policyholders		34,585			60,036
Investment income on deposit premiums from policyholders		13,951			16,815
Life insurance premiums		28,597			53,710
Reversal of outstanding claims		30,584			5,887
Reversal of underwriting reserves		17,278			4,793
Investment income:		50,739			55,085
Interest and dividends received		42,551			60,067
Investment gains on money trusts		390			16
Gains on sale of securities		3,251			7,362
Gains on derivative transactions		15,895			2,834
Transfer of investment income on deposit premiums from policyholders		(13,951	)		(16,815	)
Other ordinary income		4,404			4,454

Ordinary expenses:		489,166			809,007
Underwriting expenses:		399,060			667,096
Net claims paid		244,562			390,571
Loss adjustment expenses		19,355			33,007
Commission and collection expenses		61,613			120,185
Maturity refunds to policyholders		64,175			105,143
Life insurance claims		8,790			13,353
Investment expenses:		15,270			15,309
Investment losses on money trusts		88			227
Losses on trading securities		—			1
Losses on sale of securities		3,050			882
Losses on devaluation of securities		9,884			9,049
Operating expenses and general and administrative expenses		71,372			125,671
Other ordinary expenses:		3,462			929
Interest paid		620			330

Ordinary profit		46,165			47,206

Extraordinary income and losses:
Extraordinary income:		2,337			17,618
Gains on sale of fixed assets		232			85
Gain on negative goodwill		—			13,543
Reversal of reserve under the special law		2,104			3,989
Reversal of reserve for price fluctuation		2,104			3,989
Extraordinary losses:		511			15,162
Losses on sale of fixed assets		475			296
Impairment losses on fixed assets		35			361
Losses on reduction of real estate		—			6
Other extraordinary losses		—			14,496

Income before income taxes		47,991			49,663
Income taxes		29,269			7,905
Refund of income taxes for prior periods		(13,947	)		—
Income before minority interests		—			41,758
Minority Interests		490			376

Net income		32,179			41,381

(3) Notes regarding Going Concern Assumptions

Not Applicable

(2) Notes on Significant Changes in Shareholders’ Equity

The Company executed share exchanges between Aioi Insurance Co., Ltd. and Nissay Dowa General Insurance Co., Ltd. on April 1, 2010, in which the Company became the wholly owning parent company and Aioi Insurance Co., Ltd. and Nissay Dowa General Insurance Co., Ltd. became wholly owned subsidiaries.

As a result of the share exchanges, capital surplus increased by 550,065 million yen for the three months ended June 30, 2010 to 682,755 million yen as of June 30, 2010.

4. Other Information

Figures for three months ended June 30, 2009 are simple summations of Mitsui Sumitomo Insurance Group Holdings, Inc. (Consolidated), Aioi Insurance Co., Ltd. (Consolidated), and Nissay Dowa General Insurance Co., Ltd. (Non-Consolidated).

(1) Summary of Consolidated Results of Operations

(Yen in millions)


	(Reference)
Items	Three months ended June 30, 2009			Three months ended June 30, 2010		Change			Change Ratio(%)
Ordinary Income and Expenses:
Underwriting income:		802,286			796,673		(5,612	)		(0.7	)
Net premiums written		634,447			653,841		19,393			3.1
Deposit premiums from policyholders		49,490			60,036		10,545			21.3
Life insurance premiums		46,139			53,710		7,571			16.4
Underwriting expenses:		668,614			667,096		(1,518	)		(0.2	)
Net claims paid		410,465			390,571		(19,894	)		(4.8	)
Loss adjustment expenses		33,088			33,007		(81	)		(0.2	)
Commission and collection expenses		114,726			120,185		5,459			4.8
Maturity refunds to policyholders		92,430			105,143		12,712			13.8
Life insurance claims		12,694			13,353		659			5.2

Investment income:		76,634			55,085		(21,548	)		(28.1	)
Interest and dividends received		64,824			60,067		(4,756	)		(7.3	)
Gains on sale of securities		6,580			7,362		781			11.9
Gains on derivative transactions		21,511			2,834		(18,677	)		(86.8	)
Investment expenses:		19,449			15,309		(4,140	)		(21.3	)
Losses on sale of securities		5,224			882		(4,341	)		(83.1	)
Losses on devaluation of securities		11,349			9,049		(2,299	)		(20.3	)
Losses on derivative transactions		213			—		(213	)		(100.0	)

Operating expenses and general and administrative expenses		124,895			125,671		776			0.6

Other ordinary income and expenses		1,334			3,525		2,190			164.2
Net income and losses from equity method investments		3,413			1,736		(1,676	)		(49.1	)

Ordinary profit		67,295			47,206		(20,088	)		(29.9	)

Extraordinary Income and Losses:
Extraordinary income		2,358			17,618		15,260			646.9
Extraordinary losses		1,678			15,162		13,483			803.5

Extraordinary income and losses		680			2,456		1,776			260.9

Income before income taxes		67,976			49,663		(18,312	)		(26.9	)
Income taxes		35,842			7,905		(27,937	)		(77.9	)
Refund of income taxes for prior periods		(13,947	)		—		13,947			—
Minority interests		475			376		(98	)		(20.7	)
Net income		45,606			41,381		(4,225	)		(9.3	)

<Excluding the Good Result Return (GRR) premiums of the automobile insurance “ModoRich.”>
Net premiums written		635,468			653,460		17,992			2.8

(Note)

(2) Premiums and Claims Paid by Lines of Insurance

Direct Premiums Written by Lines of Insurance
(including Deposit premiums from policyholders)

(Yen in millions)


	(Reference)
	Three months ended							Three months ended
	June 30, 2009							June 30, 2010
			Share		Change					Share		Change
Lines of Insurance	Amount		%		%			Amount		%		%
Fire and Allied		124,954		16.6		(2.2	)		125,708		16.2		0.6
Marine		29,133		3.9		(19.4	)		29,166		3.8		0.1
Personal Accident		93,882		12.5		(9.0	)		105,359		13.6		12.2
Voluntary Automobile		320,242		42.6		(2.5	)		328,744		42.5		2.7
Compulsory Automobile Liability		72,903		9.7		(27.0	)		75,081		9.7		3.0
Other		110,815		14.7		(0.9	)		110,148		14.2		(0.6	)

Total		751,931		100.0		(6.8	)		774,210		100.0		3.0
Deposit premiums from policyholders		49,490		6.6		(17.1	)		60,036		7.8		21.3


<Excluding the GRR premiums of the automobile insurance “ModoRich.”>
Voluntary Automobile		321,263				(2.3	)		328,364				2.2

Total		752,952				(6.8	)		773,829				2.8

Net Premiums by Lines of Insurance

(Yen in millions)


	(Reference)
	Three months ended							Three months ended
	June 30, 2009							June 30, 2010
			Share		Change					Share		Change
Lines of Insurance	Amount		%		%			Amount		%		%
Fire and Allied		80,711		12.7		(2.2	)		83,736		12.8		3.7
Marine		21,782		3.5		(25.4	)		23,716		3.6		8.9
Personal Accident		55,285		8.7		(2.7	)		56,518		8.7		2.2
Voluntary Automobile		318,672		50.2		(2.3	)		332,028		50.8		4.2
Compulsory Automobile Liability		62,299		9.8		(25.0	)		64,728		9.9		3.9
Other		95,696		15.1		(2.3	)		93,112		14.2		(2.7	)

Total		634,447		100.0		(6.1	)		653,841		100.0		3.1


<Excluding the GRR premiums of the automobile insurance “ModoRich.”>
Voluntary Automobile		319,693				(2.1	)		331,648				3.7

Total		635,468				(6.0	)		653,460				2.8

Net Claims Paid by Lines of Insurance

(Yen in millions)


	(Reference)
	Three months ended							Three months ended
	June 30, 2009							June 30, 2010
			Share		Change					Share		Change
Lines of Insurance	Amount		%		%			Amount		%		%
Fire and Allied		34,018		8.3		(2.3	)		34,638		8.9		1.8
Marine		10,252		2.5		(2.9	)		10,932		2.8		6.6
Personal Accident		27,523		6.7		3.8			28,355		7.2		3.0
Voluntary Automobile		189,975		46.3		2.5			202,952		52.0		6.8
Compulsory Automobile Liability		64,627		15.7		(1.5	)		65,071		16.7		0.7
Other		84,067		20.5		52.9			48,621		12.4		(42.2	)

Total		410,465		100.0		8.7			390,571		100.0		(4.8	)

(Note) Any figures are amounts after the off-set of intersegment transactions.

(3) Securities (Marketable securities available for sale)

(Yen in millions)


	As of June 30, 2010							As of March 31, 2010
	Acquisition							Acquisition
Items	cost		Fair value		Difference			cost		Fair value		Difference
Domestic Bonds		3,018,495		3,142,269		123,774			2,181,328		2,233,370		52,042
Domestic Stocks		1,407,274		1,942,165		534,891			774,863		1,621,574		846,711
Foreign Securities		1,598,152		1,561,524		(36,627	)		910,717		923,353		12,635
Others		270,207		265,733		(4,474	)		98,937		104,839		5,901

Total		6,294,129		6,911,693		617,564			3,965,846		4,883,138		917,291


As of June 30, 2010		As of March 31, 2010
1. Others include certificate of deposit represented as cash deposits and savings, commercial papers and beneficiary claims on loan trusts represented as monetary claims bought in the consolidated balance sheets.		1. Others include beneficiary claims on loan trusts represented as monetary claims bought in the consolidated balance sheets.
2. Impairment losses of marketable securities available for sale amount to 8,933 million yen; 7,678 million yen for domestic stocks and 1,255 million yen for foreign securities.		2. Impairment losses of marketable securities available for sale amount to 4,841 million yen; 2,287 million yen for domestic stocks and 2,553 million yen for foreign securities.
The Company and its domestic consolidated subsidiaries in principle recognize impairment losses on marketable securities if the fair value is declined by more than 30% of their cost or amortized cost.		The Company and its domestic consolidated subsidiaries in principle recognize impairment losses on marketable securities if the fair value is declined by more than 30% of their cost or amortized cost.

(Reference) Investment Conditions of Securitized Instruments

Managerial basis

There are no US subprime loan instruments in the Investments/loans amount.

(Yen in 100 millions)


	As of June 30, 2010							As of March 31, 2010
	Amount of							Amount of
	investments							investments
	and loans					Losses on		and loans					Losses on
	(Note 1)					Devaluation /		(Note 1)					Devaluation /
	(Amount in		Valuation			Gains or		(Amount in		Valuation			Gains or
	Consolidated		Difference			losses on		Consolidated		Difference			losses on
	Balance		(Unrealized			Sales, etc.		Balance		(Unrealized			Sales, etc.
Category	Sheet)		losses/gains)			(Note 2)		Sheet)		losses/gains)			(Note 2)
(1)RMBS		(Note 3) 1,342		49			1		1,311		18			—
Japan		1,309		48			1		1,282		18			—
Overseas		32		0			0		28		0			—
(2)ABS-CDO		—		—			0		2		0			—
AAA		—		—			—		—		—			—
AA		—		—			—		—		—			—
A		—		—			—		—		—			—
BBB or below		—		—			0		2		0			—
(3)CDO		112		1			1		115		2			(2	)
CLO		112		1			1		115		1			(2	)
AAA		100		1			—		115		1			(2	)
AA		—		—			—		—		—			—
A		—		—			—		—		—			—
BBB or below		11		(0	)		1		—		—			—
CBO		0		(0	)		—		0		(0	)		—
AAA		—		—			—		—		—			—
AA		—		—			—		—		—			—
A		—		—			—		—		—			—
BBB or below		0		(0	)		—		0		(0	)		—
Synthetic CDO		0		0			—		0		0			(0	)
AAA		—		—			—		—		—			—
AA		—		—			—		—		—			—
A		—		—			—		—		—			—
BBB or below		0		0			—		0		0			(0	)
(4)CMBS		159		(7	)		0		140		(7	)		—
Japan		155		(7	)		0		140		(7	)		—
Overseas		4		0			—		—		—			—
(5)Other ABS		32		(0	)		—		—		—			—
Japan		1		0			—		—		—			—
Overseas		30		(0	)		—		—		—			—
(6)ABCP		2		—			—		16		—			—
Portion composed by MS&AD Insurance Group		2		—			—		16		—			—
(7)SIV instruments		0		(0	)		—		—		—			—
Portion composed by MS&AD Insurance Group		—		—			—		—		—			—
(8)LBO Loan		118		(Note 4) —			1		121		(Note 4) —			(0	)
Japan		118		—			1		121		—			(0	)
Overseas		—		—			—		—		—			—

Total		1,769		43			4		1,709		13			(3	)


(Note 1)		The above investments appear in the consolidated balance sheet as monetary claims bought, investments in securities, and loans.

(Note 2)		Losses on Devaluation / Gains or losses on Sales, etc. are for the three months ended June 30, 2010.

(Note 3)		Breakdown of credit ratings: AAA (131.6 billion yen), AA (1.9 billion yen), BBB or below (0.6 billion yen)

(Note 4)		Loans are recognized at the book values, so for the LBO loans the valuation differences are not shown.

(Note 5)		The figures of Mitsui Sumitomo MetLife Insurance Co., Ltd., accounted for under the equity method, are not included in the above table.

[Glossary]

w		Synthetic CDO: Synthetic Collateralized Debt Obligations

w		ABCP: Asset-Backed Commercial Paper

w		ABS: Asset-Backed Securities

w		ABS-CDO: CDOs backed by asset-backed securities

w		CBO: Collateralized Bond Obligation

w		CDO: Collateralized Debt Obligation

w		CLO: Collateralized Loan Obligation

w		CMBS: Commercial Mortgage-Backed Securities

w		LBO Loan: Leveraged Buyout Loan

w		RMBS: Residential Mortgage-Backed Securities

w		SIV: Structured Investment Vehicle

[Overview of Business Results of MS&AD Insurance Group Holdings, Inc.]

The figures in “Three months June 30, 2009” and “Year ended March 31, 2010” are simple summations of “Mitsui Sumitomo Insurance Group Holdings (Consolidated)”, “Aioi Insurance(Consolidated)” and “Nissay Dowa General Insurance(Non-Consolidated)”.

1. Summary of Consolidated Business Results for the Three Months ended June 30, 2010
(Net Premiums Written, Ordinary Profit , Net Income or Loss)

(Yen in hundred millions)


		Three months ended			Three months ended						Change Ratio			Year ended
		June 30, 2009			June 30, 2010			Change			(%)			March 31, 2010
Net Premiums Written Note 1	(1)		6,354			6,534			179			2.8			25,190

Mitsui Sumitomo Insurance	(2)		3,050			3,124			74			2.4			12,037
Aioi Insurance	(3)		1,971			2,028			57			2.9			7,940
Nissay Dowa General Insurance	(4)		768			755			(13	)		(1.7	)		3,126
Mitsui Direct General Insurance	(5)		80			81			1			1.8			324
Overseas Non-Life Insurance Subsidiaries	(6)		484			544			59			12.4			1,761

Ordinary Profit	(7)		672			472			(200	)		(29.9	)		991

Mitsui Sumitomo Insurance	(8)		412			269			(143	)		(34.7	)		357
Aioi Insurance	(9)		171			20			(151	)		(88.2	)		373
Nissay Dowa General Insurance	(10)		39			53			14			37.4			100

Net Income (Loss)	(11)		456			413			(42	)		(9.3	)		573

Mitsui Sumitomo Insurance	(12)		294			192			(101	)		(34.6	)		254
Aioi Insurance	(13)		108			(13	)		(122	)		(112.6	)		181
Nissei Dowa General Insurance	(14)		28			11			(16	)		(59.2	)		30
Mitsui Direct General Insurance	(15)		1			6			5			337.1			(6	)
Mitsui Sumitomo Kirameki Life Insurance	(16)		0			0			(0	)		(82.9	)		0
Aioi Life Insurance	(17)		5			0			(5	)		(92.4	)		13
Mitsui Sumitomo MetLife Insurance	(18)		33			16			(17	)		(51.6	)		44
Overseas Non-Life Insurance Subsidiaries	(19)		51			47			(4	)		(8.6	)		172
Other	(20)		(0	)		0			1			—			6
Consolidation Adjustment/Holding Company	(21)		(68	)		151			220			—			(123	)

(1) Breakdown of Overseas Non-Life Insurance Subsidiaries

(Yen in hundred millions)


		Three months ended		Three months ended					Change Ratio			Year ended
		June 30, 2009		June 30, 2010		Change			(%)			March 31 2010
Net Premiums Written	(1)		484		544		59			12.4			1,761

Asia	(2)		164		198		33			20.4			655
Europe	(3)		184		180		(3	)		(2.2	)		647
Americas	(4)		67		77		10			15.0			249
Reinsurance	(5)		67		87		20			29.8			208

Net Income (Loss)	(6)		51		47		(4	)		(8.6	)		172

Asia	(7)		23		20		(3	)		(13.7	)		90
Europe	(8)		7		0		(7	)		(99.8	)		(18	)
Americas	(9)		1		6		4			242.8			19
Reinsurance	(10)		18		20		1			8.9			80

(2) Status of Life Insurance Subsidiaries

(Yen in hundred millions)


		Three months ended		Three months ended					Change Ratio			Year ended
		June 30, 2009		June 30, 2010		Change			(%)			March 31, 2010
Amount of New Policies						From the year-earlier period			From the year-earlier period
Mitsui Sumitomo Kirameki Life Insurance	(1)		3,693		3,763		69			1.9			15,872
Aioi Life Insurance	(2)		2,544		2,310		(234	)		(9.2	)		10,594
Subtotal amount	(3)		6,238		6,073		(164	)		(2.6	)		26,466
Mitsui Sumitomo MetLife Insurance	(4)		1,258		572		(685	)		(54.5	)		4,081
Amount of Policies in Force						From the previous year			From the previous year
Mitsui Sumitomo Kirameki Life Insurance	(5)		90,792		95,577		1,130			1.2			94,447
Aioi Life Insurance	(6)		54,743		59,411		978			1.7			58,433
Subtotal amount	(7)		145,536		154,988		2,108			1.4			152,880
Mitsui Sumitomo MetLife Insurance	(8)		28,022		28,862		(2,513	)		(8.0	)		31,375
Annualized Premiums for Policies in Force						From the previous year			From the previous year
Mitsui Sumitomo Kirameki Life Insurance	(9)		1,929		1,950		4			0.2			1,945
Aioi Life Insurance	(10)		713		742		6			0.9			735
Subtotal amount	(11)		2,643		2,692		11			0.4			2,681
Mitsui Sumitomo MetLife Insurance	(12)		5,415		4,842		(474	)		(8.9	)		5,317


(Note)		Above figures show the total of individual insurance and individual annuities.

2. Overviews of Major Consolidated Subsidiaries

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

Summary of Non-consolidated Results of Operations

(Yen in millions)


	Three months ended			Three months ended						Change Ratio
	June 30, 2009			June 30, 2010			Change			(%)
Direct premiums written (including Deposit premiums from policyholders):		364,348			381,561			17,212			4.7
Direct premiums written		329,763			338,045			8,281			2.5

Underwriting income:		390,309			407,534			17,224			4.4
Net premiums written		303,986			312,834			8,848			2.9
Deposit premiums from policyholders		34,585			43,515			8,930			25.8
Underwriting expenses:		325,346			344,073			18,727			5.8
Net claims paid		188,520			194,045			5,525			2.9
Loss adjustment expenses		17,958			17,982			23			0.1
Commission and collection expenses		53,160			55,569			2,409			4.5
Maturity refunds to policyholders		64,175			75,319			11,143			17.4

Investment income:		45,997			27,390			(18,607	)		(40.5	)
Interest and dividends received		40,155			33,669			(6,486	)		(16.2	)
Gains on sale of securities		1,993			4,129			2,135			107.1
Gains on derivative transactions		15,833			1,928			(13,905	)		(87.8	)
Investment expenses:		13,644			10,792			(2,852	)		(20.9	)
Losses on sale of securities		2,425			206			(2,218	)		(91.5	)
Losses on devaluation of securities		9,196			6,728			(2,468	)		(26.8	)

Operating expenses and general and administrative expenses:		53,580			53,474			(105	)		(0.2	)
Operating expenses and general and administrative expenses for underwriting		50,798			50,632			(165)			(0.3	)

Other ordinary income and expenses		(2,501	)		325			2,827			—

Ordinary profit:		41,234			26,909			(14,324	)		(34.7	)
Underwriting profit		14,830			13,056			(1,773	)		(12.0	)

Extraordinary income		2,389			2,356			(32	)		(1.4	)
Extraordinary losses		484			3,440			2,956			610.7

Extraordinary income and losses		1,905			(1,083	)		(2,988	)		(156.9	)

Income before income taxes		43,139			25,826			(17,313	)		(40.1	)
Income taxes		27,648			6,585			(21,062	)		(76.2	)
Refund of income taxes for prior periods		(13,947	)		—			13,947			—
Net income		29,439			19,240			(10,198	)		(34.6	)

Net loss ratio		67.9	%		67.8	%
Net expense ratio		34.2			33.9


<Excluding the Good Result Return (GRR) premiums of the automobile insurance “ModoRich.”>
Direct premiums written (including Deposit premiums from policyholders)		365,369			381,180			15,810			4.3	%
Direct premiums written		330,784			337,664			6,880			2.1
Net premiums written		305,006			312,454			7,447			2.4

Net loss ratio		67.7	%		67.9	%
Net expense ratio		34.1			34.0

(Note)

1.		Underwriting profit = Underwriting income - (Underwriting expenses + Operating Expenses and General and Administrative Expenses on underwriting) ± Other income and expenses

		Other income and expenses include income taxes for automobile liability insurance etc.

2.		Net Loss Ratio = (Net Claims Paid + Loss Adjustment Expenses) / Net Premiums Written * 100

3.		Net Expense Ratio = (Commission and Collection Expenses + Operating Expenses and General and Administrative Expenses on Underwriting) / Net Premiums Written * 100

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

Premiums and Claims Paid by Lines of Insurance

Direct Premiums Written by Lines of Insurance (excluding Deposit premiums from policyholders)

(Yen in millions)


	(Reference)
	Three months ended June 30, 2009							Three months ended June 30, 2010
			Share		Change					Share		Change
Lines of Insurance	Amount		%		%			Amount		%		%

Fire and Allied		53,017		16.1		(1.7	)		53,730		15.9		1.3
Marine		18,666		5.7		(19.3	)		18,812		5.6		0.8
Personal Accident		35,947		10.9		(1.2	)		37,204		11.0		3.5
Voluntary Automobile		136,355		41.3		(2.9	)		141,556		41.9		3.8
Compulsory Automobile Liability		32,557		9.9		(27.3	)		33,943		10.0		4.3
Other		53,218		16.1		(0.9	)		52,798		15.6		(0.8	)

Total		329,763		100.0		(6.4	)		338,045		100.0		2.5
Deposit premiums from policyholders		34,585				(19.7	)		43,515				25.8


<Excluding the GRR premiums of the automobile insurance “ModoRich.”>
Voluntary Automobile		137,376				(2.5	)		141,175				2.8

Total		330,784				(6.3	)		337,664				2.1

Net Premiums by Lines of Insurance

(Yen in millions)


	(Reference)
	Three months ended June 30, 2009							Three months ended June 30, 2010
			Share		Change					Share		Change
Lines of Insurance	Amount		%		%			Amount		%		%

Fire and Allied		39,332		13.0		(2.6	)		41,058		13.1		4.4
Marine		13,479		4.4		(24.4	)		14,041		4.5		4.2
Personal Accident		34,626		11.4		(1.2	)		35,766		11.4		3.3
Voluntary Automobile		135,821		44.7		(3.1	)		141,480		45.2		4.2
Compulsory Automobile Liability		30,490		10.0		(24.7	)		31,537		10.1		3.4
Other		50,235		16.5		(1.6	)		48,951		15.7		(2.6	)

Total		303,986		100.0		(6.5	)		312,834		100.0		2.9


<Excluding the GRR premiums of the automobile insurance “ModoRich.”>
Voluntary Automobile		136,842				(2.8	)		141,099				3.1

Total		305,006				(6.3	)		312,454				2.4

Net Claims Paid by Lines of Insurance

(Yen in millions)


	(Reference)
	Three months ended June 30, 2009							Three months ended June 30, 2010
			Change			Net loss				Change			Net loss
Lines of Insurance	Amount		%			ratio %		Amount		%			ratio %

Fire and Allied		16,265		(2.6	)		43.9		16,668		2.5			42.9
Marine		6,252		(5.1	)		49.8		6,992		11.8			53.0
Personal Accident		17,707		3.1			57.0		18,600		5.0			57.8
Voluntary Automobile		85,096		0.2			70.3		89,998		5.8			71.0
Compulsory Automobile Liability		33,424		(1.4	)		118.0		33,630		0.6			115.0
Other		29,772		4.1			62.3		28,155		(5.4	)		60.6

Total		188,520		0.4			67.9		194,045		2.9			67.8


<Excluding the GRR premiums of the automobile insurance “ModoRich.”>
Voluntary Automobile		85,096		0.2			69.8		89,998		5.8			71.1

Total		188,520		0.4			67.7		194,045		2.9			67.9

Note:

Net loss ratio is calculated using the sum of net claims paid and loss adjustment expenses.

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

Solvency Margin Ratio

Domestic insurance companies calculate solvency margin ratio based on Ministry of Finance Notification No. 50, dated 1996 and on Articles 86 and 87 of the Ordinance for Enforcement of the Insurance Business Law.

Insurance companies provide for reserves to cover payment of insurance claims for covered risks. However, it is essential to maintain sufficient capacity to enable payment even when risks exceeding those normally foreseen occur, such as the occurrence of a major disaster or a large decline in the price of assets held by the insurance company.

It is the solvency margin ratio ((C) in the table below) that serves as an indicator of the capacity to pay the “Total amount of risk” ((B) in the table below), which expresses risks exceeding those normally foreseen, with capital, reserves, and other funds held by the insurance company (namely, the total amount for the solvency margin ((A) in the table below). This ratio is calculated based on the Insurance Business Law and other related laws.

The solvency margin ratio is one objective measure used by administrative authorities in monitoring insurance companies.

The company is deemed to have sufficient capacity to pay insurance claims and other expenses if the ratio is 200% or higher.

(Yen in millions)


	As of June 30, 2010			As of March 31, 2010
(A) Total amount of solvency margin		2,069,213			2,241,511
Total net assets		640,836			621,596
Reserve for price fluctuation		668			2,689
Contingency reserve		239			233
Catastrophe reserve		577,366			583,635
General bad debts reserve		1,326			1,338
Net unrealized gains/losses on securities (Prior to tax effect deductions)		604,555			799,409
Net unrealized gains/losses on land		73,017			72,972
Excess of policyholders’ contract deposits		—			—
Subordinated debts, etc.		—			—
Deductions		35,083			35,583
Others		206,287			195,220
(B) Total amount of risks		509,149			534,040
General insurance risk (R₁)		73,472			73,498
Third sector insurance risk (R₂)		23			23
Assumed interest risk (R₃)		6,376			6,426
Asset management risk (R₄)		265,052			289,698
Business administration risk (R₅)		11,232			11,736
Catastrophe risk (R₆)		216,713			217,188
(C) Solvency margin ratio [(A)/{(B)×1/2}]×100		812.8	%		839.4	%

(Note)

Solvency margin ratio as of June 30, 2010 is calculated partially using simplified methods such as catastrophe risk part of which data is as of March 31, 2010.

(Aioi Insurance Co., Ltd., non-consolidated)

Summary of Non-consolidated Results of Operations

(Yen in millions)


	Three months ended			Three months ended						Change Ratio
	June 30, 2009			June 30, 2010			Change			(%)
Direct premiums written (including Deposit premiums from policyholders):		222,465			225,187			2,721			1.2
Direct premiums written		211,279			212,083			804			0.4

Underwriting income:		221,968			228,971			7,003			3.2
Net premiums written		197,188			202,894			5,706			2.9
Deposit premiums from policyholders		11,186			13,103			1,916			17.1
Reversal of outstanding claims		407			1,918			1,511			370.6
Reversal of underwriting reserves		8,166			5,689			(2,476	)		(30.3	)
Underwriting expenses:		183,409			193,756			10,346			5.6
Net claims paid		116,568			120,439			3,871			3.3
Loss adjustment expenses		9,511			9,243			(268	)		(2.8	)
Commission and collection expenses		36,038			38,158			2,120			5.9
Maturity refunds to policyholders		20,631			22,996			2,365			11.5

Investment income:		17,227			11,095			(6,131	)		(35.6	)
Interest and dividends received		13,403			11,704			(1,699	)		(12.7	)
Gains on sale of securities		1,790			1,920			129			7.2
Gains on derivative transactions		5,616			1,642			(3,974	)		(70.8	)
Investment expenses:		2,425			8,701			6,275			258.8
Losses on sale of securities		829			9			(820	)		(98.9	)
Losses on devaluation of securities		1,296			7,692			6,396			493.4

Operating expenses and general and administrative expenses:		36,678			36,421			(257	)		(0.7	)
Operating expenses and general and administrative expenses for underwriting		34,384			34,189			(194	)		(0.6	)

Other ordinary income and expenses		455			837			382			84.0

Ordinary profit:		17,137			2,025			(15,111	)		(88.2	)
Underwriting profit		3,723			1,869			(1,854	)		(49.8	)

Extraordinary income		21			2,236			2,215			—
Extraordinary losses		694			7,262			6,567			945.3

Extraordinary income and losses		(673	)		(5,025	)		(4,352	)		—

Income (loss) before income taxes		16,463			(3,000	)		(19,463	)		(118.2	)
Income taxes		5,593			(1,634	)		(7,228	)		(129.2	)
Net income (loss)		10,869			(1,365	)		(12,235	)		(112.6	)

Net loss ratio		63.9	%		63.9	%
Net expense ratio		35.7			35.7

(Note)

1.		Underwriting profit = Underwriting income - (Underwriting expenses + Operating Expenses and General and Administrative Expenses on underwriting) ± Other income and expenses

		Other income and expenses include income taxes for automobile liability insurance etc.

2.		Net Loss Ratio = (Net Claims Paid + Loss Adjustment Expenses) / Net Premiums Written * 100

3.		Net Expense Ratio = (Commission and Collection Expenses + Operating Expenses and General and Administrative Expenses on Underwriting) / Net Premiums Written * 100

(Aioi Insurance Co., Ltd., non-consolidated)

Premiums and Claims Paid by Lines of Insurance

Direct Premiums Written by Lines of Insurance (excluding Deposit premiums from policyholders)

(Yen in millions)


	(Reference)
	Three months ended June 30, 2009							Three months ended June 30, 2010
			Share		Change					Share		Change
Lines of Insurance	Amount		%		%			Amount		%		%

Fire and Allied		29,039		13.8		(1.5	)		29,039		13.7		(0.0	)
Marine		1,003		0.5		(35.6	)		1,161		0.5		15.7
Personal Accident		12,522		5.9		(2.6	)		12,247		5.8		(2.2	)
Voluntary Automobile		116,473		55.1		(1.7	)		117,296		55.3		0.7
Compulsory Automobile Liability		31,230		14.8		(29.2	)		32,346		15.3		3.6
Other		21,009		9.9		(2.6	)		19,991		9.4		(4.8	)

Total		211,279		100.0		(7.3	)		212,083		100.0		0.4
Deposit premiums from policyholders		11,186				(9.6	)		13,103				17.1

Net Premiums by Lines of Insurance

(Yen in millions)


	(Reference)
	Three months ended June 30, 2009							Three months ended June 30, 2010
			Share		Change					Share		Change
Lines of Insurance	Amount		%		%			Amount		%		%

Fire and Allied		21,294		10.8		(2.3	)		22,869		11.3		7.4
Marine		860		0.4		(38.7	)		953		0.5		10.9
Personal Accident		11,608		5.9		(3.0	)		11,479		5.7		(1.1	)
Voluntary Automobile		118,203		60.0		(1.7	)		122,968		60.6		4.0
Compulsory Automobile Liability		24,898		12.6		(25.8	)		26,048		12.8		4.6
Other		20,322		10.3		0.9			18,574		9.1		(8.6	)

Total		197,188		100.0		(5.7	)		202,894		100.0		2.9

Net Claims Paid by Lines of Insurance

(Yen in millions)


	(Reference)
	Three months ended June 30, 2009							Three months ended June 30, 2010
			Change			Net loss				Change			Net loss
Lines of Insurance	Amount		%			ratio %		Amount		%			ratio %

Fire and Allied		8,004		5.4			39.7		9,200		15.0			42.3
Marine		571		(21.4	)		68.8		628		10.0			71.2
Personal Accident		5,163		3.6			48.0		5,197		0.7			48.4
Voluntary Automobile		66,936		5.9			61.7		71,282		6.5			62.4
Compulsory Automobile Liability		24,430		(1.5	)		106.2		24,645		0.9			103.0
Other		11,462		(15.9	)		59.7		9,484		(17.3	)		54.7

Total		116,568		1.4			63.9		120,439		3.3			63.9

(Note)

Net loss ratio is calculated using the sum of net claims paid and loss adjustment expenses.

(Aioi Insurance Co., Ltd., non-consolidated)

Solvency Margin Ratio

(Yen in millions)


	As of June 30, 2010			As of March 31, 2010
(A) Total amount of solvency margin		654,594			723,308
Total net assets		328,754			330,119
Reserve for price fluctuation		324			2,541
Contingency reserve		517			517
Catastrophe reserve		263,584			265,157
General bad debts reserve		383			397
Net unrealized gains/losses on securities (Prior to tax effect deductions)		(5,377	)		50,434
Net unrealized gains/losses on land		10,351			10,178
Excess of policyholders’ contract deposits		—			—
Subordinated debts, etc.		—			—
Deductions		29,441			27,004
Others		85,498			90,966
(B) Total amount of risks		185,526			191,355
General insurance risk (R₁)		46,634			46,635
Third sector insurance risk (R₂)		—			—
Assumed interest risk (R₃)		2,288			2,307
Asset management risk (R₄)		79,134			86,127
Business administration risk (R₅)		4,308			4,440
Catastrophe risk (R₆)		87,385			86,937
(C) Solvency margin ratio [(A)/{(B)x1/2}]x100		705.6	%		755.9	%

(Note)

Solvency margin ratio as of June 30, 2010 is calculated partially using simplified methods such as catastrophe risk part of which data is as of March 31, 2010.

(Nissay Dowa General Insurance Co., Ltd., non-consolidated)

Summary of Non-consolidated Results of Operations

(Yen in millions)


	Three months ended			Three months ended						Change Ratio
	June 30, 2009			June 30, 2010			Change			(%)
Direct premiums written (including Deposit premiums from policyholders):		95,589			94,832			(757	)		(0.8	)
Direct premiums written		91,870			91,414			(456	)		(0.5	)

Underwriting income:		84,811			88,092			3,280			3.9
Net premiums written		76,814			75,501			(1,312	)		(1.7	)
Deposit premiums from policyholders		3,718			3,417			(301	)		(8.1	)
Underwriting expenses:		72,019			74,549			2,529			3.5
Net claims paid		46,647			47,472			824			1.8
Loss adjustment expenses		4,054			4,209			154			3.8
Commission and collection expenses		13,655			13,505			(150	)		(1.1	)
Maturity refunds to policyholders		7,623			6,828			(795	)		(10.4	)

Investment income:		6,649			8,568			1,918			28.9
Interest and dividends received		6,792			6,698			(94	)		(1.4	)
Gains on sale of securities		1,536			3,676			2,140			139.3
Investment expenses:		1,753			3,040			1,286			73.4
Losses on sale of securities		1,344			1,781			437			32.5
Losses on devaluation of securities		169			227			58			34.4
Losses on derivative transactions		213			607			394			184.5

Operating expenses and general and administrative expenses:		13,495			13,874			378			2.8
Operating expenses and general and administrative expenses for underwriting		12,544			12,892			347			2.8

Other ordinary income and expenses		(276	)		182			459			—

Ordinary profit:		3,915			5,379			1,463			37.4
Underwriting profit		485			1,680			1,195			246.3

Extraordinary income		0			5			5			—
Extraordinary losses		450			4,390			3,940			873.7

Extraordinary income and losses		(450	)		(4,385	)		(3,934	)		—

Income before income taxes		3,464			994			(2,470	)		(71.3	)
Income taxes		613			(169	)		(782	)		(127.6	)
Net income		2,851			1,163			(1,688	)		(59.2	)

Net loss ratio		66.0	%		68.5	%
Net expense ratio		34.1			35.0

(Note)

1.		Underwriting profit = Underwriting income – (Underwriting expenses + Operating Expenses and General and Administrative Expenses on underwriting) ± Other income and expenses

		Other income and expenses include income taxes for automobile liability insurance etc.

2.		Net Loss Ratio = (Net Claims Paid + Loss Adjustment Expenses) / Net Premiums Written * 100

3.		Net Expense Ratio = (Commission and Collection Expenses + Operating Expenses and General and Administrative Expenses on Underwriting) / Net Premiums Written * 100

(Nissay Dowa General Insurance Co., Ltd., non-consolidated)

Premiums and Claims Paid by Lines of Insurance

Direct Premiums Written by Lines of Insurance (excluding Deposit premiums from policyholders)

(Yen in millions)


	(Reference)
	Three months ended June 30, 2009							Three months ended June 30, 2010
			Share		Change					Share		Change
Lines of Insurance	Amount		%		%			Amount		%		%

Fire and Allied		15,150		16.5		9.8			12,875		14.1		(15.0	)
Marine		1,426		1.5		(20.7	)		1,567		1.7		9.8
Personal Accident		8,074		8.8		(0.7	)		7,850		8.6		(2.8	)
Voluntary Automobile		41,209		44.9		0.2			42,169		46.1		2.3
Compulsory Automobile Liability		9,115		9.9		(17.1	)		8,791		9.6		(3.6	)
Other		16,893		18.4		29.6			18,159		19.9		7.5

Total		91,870		100.0		3.4			91,414		100.0		(0.5	)
Deposit premiums from policyholders		3,718				(12.0	)		3,417				(8.1	)

Net Premiums by Lines of Insurance

(Yen in millions)


	(Reference)
	Three months ended June 30, 2009							Three months ended June 30, 2010
			Share		Change					Share		Change
Lines of Insurance	Amount		%		%			Amount		%		%

Fire and Allied		9,936		12.9		3.5			8,075		10.7		(18.7	)
Marine		998		1.3		(10.9	)		1,095		1.4		9.7
Personal Accident		7,655		10.0		(1.2	)		7,491		9.9		(2.1	)
Voluntary Automobile		41,082		53.5		0.1			41,951		55.6		2.1
Compulsory Automobile Liability		6,865		8.9		(23.3	)		7,073		9.4		3.0
Other		10,276		13.4		5.5			9,814		13.0		(4.5	)

Total		76,814		100.0		(1.8	)		75,501		100.0		(1.7	)

Net Claims Paid by Lines of Insurance

(Yen in millions)


	(Reference)
	Three months ended June 30, 2009							Three months ended June 30, 2010
			Change			Net loss				Change			Net loss
Lines of Insurance	Amount		%			ratio %		Amount		%			ratio %

Fire and Allied		4,030		5.1			42.3		4,209		4.4			54.3
Marine		923		21.7			96.3		726		(21.4	)		69.6
Personal Accident		4,069		9.6			57.8		3,943		(3.1	)		57.2
Voluntary Automobile		25,079		0.0			67.4		26,942		7.4			70.6
Compulsory Automobile Liability		6,721		(2.4	)		107.0		6,728		0.1			105.1
Other		5,823		8.7			59.0		4,921		(15.5	)		52.8

Total		46,647		2.3			66.0		47,472		1.8			68.5

(Note)

Net loss ratio is calculated using the sum of net claims paid and loss adjustment expenses.

(Nissay Dowa General Insurance Co., Ltd., non-consolidated)

Solvency Margin Ratio


		(Yen in millions)


	As of June 30, 2010			As of March 31, 2010
(A) Total amount of solvency margin		374,984			413,014
Total net assets		154,620			153,456
Reserve for price fluctuation		1,409			1,246
Contingency reserve		184			185
Catastrophe reserve		132,098			135,158
General bad debts reserve		77			84
Net unrealized gains/losses on securities (Prior to tax effect deductions)		33,242			67,559
Net unrealized gains/losses on land		18,401			18,243
Excess of policyholders’ contract deposits		—			—
Subordinated debts, etc.		—			—
Deductions		—			—
Others		34,949			37,080
(B) Total amount of risks		89,436			91,622
General insurance risk (R₁)		19,977			19,973
Third sector insurance risk (R₂)		0			0
Assumed interest risk (R₃)		1,038			1,038
Asset management risk (R₄)		33,598			36,722
Business administration risk (R₅)		2,040			2,090
Catastrophe risk (R₆)		47,409			46,813
(C) Solvency margin ratio [(A)/{(B)×1/2}]×100		838.5	%		901.5	%

(Note)

Solvency margin ratio as of June 30, 2010 is calculated partially using simplified methods such as catastrophe risk part of which data is as of March 31, 2010.

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

Summary of Non-consolidated Results of Operations


		(Yen in millions)


	Three months ended			Three months ended						Change Ratio
	June 30, 2009			June 30, 2010			Change			(%)
Direct premiums written (including Deposit premiums from policyholders):		8,029			8,155			126			1.6
Direct premiums written		8,029			8,155			126			1.6

Underwriting income:		8,031			8,998			966			12.0
Net premiums written		8,028			8,176			147			1.8
Underwriting expenses:		5,808			6,275			467			8.0
Net claims paid		4,732			5,689			957			20.2
Loss adjustment expenses		497			520			23			4.6
Commission and collection expenses		71			64			(6	)		(9.0	)

Investment income:		47			53			6			14.3
Interest and dividends received		49			56			7			14.8
Gains on sale of securities		0			—			(0	)		(100.0	)
Investment expenses		—			—			—			—

Operating expenses and general and administrative expenses:		2,028			1,827			(201	)		(9.9	)
Operating expenses and general and administrative expenses for underwriting		2,028			1,827			(201	)		(9.9	)

Other ordinary income and expenses		0			0			(0	)		(9.9	)

Ordinary profit:		242			949			707			292.0
Underwriting profit		194			895			700			359.8

Extraordinary income		0			0			0			50.1
Extraordinary losses		0			3			2			305.6

Extraordinary income and losses		(0	)		(3	)		(2	)		—

Income before income taxes		241			946			704			291.5
Income taxes — current		3			3			(0	)		(0.3	)
Total income taxes		3			3			(0	)		(0.3	)
Net income		238			943			704			295.7

Net loss ratio		65.1	%		76.0	%
Net expense ratio		26.2			23.1

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

Premiums and Claims Paid by Lines of Insurance

Direct Premiums Written by Lines of Insurance (excluding Deposit premiums from policyholders)

(Yen in millions)


	(Reference)
	Three months ended June 30, 2009						Three months ended June 30, 2010
			Share		Change				Share		Change
Lines of Insurance	Amount		%		%		Amount		%		%

Fire and Allied		—		—		—		—		—		—
Marine		—		—		—		—		—		—
Personal Accident		30		0.4		73.9		35		0.4		16.4
Voluntary Automobile		7,999		99.6		13.7		8,120		99.6		1.5
Compulsory Automobile Liability		—		—		—		—		—		—
Other		—		—		—		—		—		—

Total		8,029		100.0		13.8		8,155		100.0		1.6
Deposit premiums from policyholders		—				—		—				—

Net Premiums by Lines of Insurance

(Yen in millions)


	(Reference)
	Three months ended June 30, 2009							Three months ended June 30, 2010
			Share		Change					Share		Change
Lines of Insurance	Amount		%		%			Amount		%		%

Fire and Allied		—		—		—			—		—		—
Marine		—		—		—			—		—		—
Personal Accident		30		0.4		73.9			35		0.4		16.4
Voluntary Automobile		7,952		99.1		13.7			8,072		98.7		1.5
Compulsory Automobile Liability		45		0.5		(7.9	)		69		0.9		52.3
Other		—		—		—			—		—		—

Total		8,028		100.0		13.7			8,176		100.0		1.8

Net Claims Paid by Lines of Insurance

(Yen in millions)


	(Reference)
	Three months ended June 30, 2009						Three months ended June 30, 2010
			Change		Net loss				Change		Net loss
Lines of Insurance	Amount		%		ratio %		Amount		%		ratio %

Fire and Allied		—		—		—		—		—		—
Marine		—		—		—		—		—		—
Personal Accident		10		48.6		48.3		12		19.9		44.2
Voluntary Automobile		4,670		20.2		64.9		5,610		20.1		75.9
Compulsory Automobile Liability		51		21.8		112.5		66		30.7		96.5
Other		—		—		—		—		—		—

Total		4,732		20.3		65.1		5,689		20.2		76.0

(Note)

Net loss ratio is calculated using the sum of net claims paid and loss adjustment expenses.

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

Solvency Margin Ratio

(Yen in millions)


	As of June 30, 2010			As of March 31, 2010
(A) Total amount of solvency margin		11,081			10,738
Total net assets		10,453			9,510
Reserve for price fluctuation		14			13
Contingency reserve		0			0
Catastrophe reserve		268			1,033
General bad debts reserve		0			0
Net unrealized gains/losses on securities (Prior to tax effect deductions)		344			180
Net unrealized gains/losses on land		—			—
Excess of policyholders’ contract deposits		—			—
Subordinated debts, etc.		—			—
Deductions		—			—
Others		—			—
(B) Total amount of risks		3,206			3,206
General insurance risk (R₁)		2,798			2,798
Third sector insurance risk (R₂)		—			—
Assumed interest risk (R₃)		0			0
Asset management risk (R₄)		223			219
Business administration risk (R₅)		99			99
Catastrophe risk (R₆)		300			300
(C) Solvency margin ratio [(A)/{(B)×1/2}]×100		691.1	%		669.8	%

(Note)

Solvency margin ratio as of June 30, 2010 is calculated partially using simplified methods as for Assumed interest risk(R₃) etc.

(Mitsui Sumitomo Kirameki Life Insurance Co., Ltd., non-consolidated)

Results for the Three Months Ended June 30, 2010

Amount of In-Force and New Policies

(1) Amount of In-Force Policies


	As of June 30, 2010				As of March 31, 2010
	No. of policies (thousand)		Amount (¥ million)		No. of policies (thousand)		Amount (¥ million)
Individual Insurance		1,163		9,240,748		1,131		9,129,287
Individual Annuities		68		316,966		67		315,415
Group Insurance		—		2,697,046		—		2,699,819
Group Annuities		—		—		—		—


(Note)		The amount in individual annuities is the sum of the funds to be held at the time annuity payments are to commence (or, insurance premium reserve, in the case of an individual variable annuity) for an annuity for which payments have not yet commenced, and the amount of policy reserve for an annuity for which payments have commenced.

(2) Amount of New Policies


	Three months ended June 30, 2009								Three months ended June 30, 2010
							Net increase								Net increase
	No. of policies		Amount		New policies		by conversion		No. of policies		Amount		New policies		by conversion
	(thousand)		(¥ million)		(¥ million)		(¥ million)		(thousand)		(¥ million)		(¥ million)		(¥ million)
Individual Insurance		46		361,410		361,410		—		54		366,765		366,765		—
Individual Annuities		1		7,970		7,970		—		1		9,560		9,560		—
Group Insurance		—		12,712		12,712		—		—		10,416		10,416		—
Group Annuities		—		—		—		—		—		—		—		—


(Note)		The amount of individual annuities is the funds to be held at the time annuity payments are to commence (or, insurance premium reserve at the time of enrollment, in the case of an individual variable annuity).

Annualized Premiums


(1) Amount of In-Force Policies		(Yen in millions)


	As of			As of
	June 30, 2010			March 31, 2010
Individual Insurance		176,261			175,780
Individual Annuities		18,798			18,800
Total		195,060			194,580
(Medical coverage, living benefits, etc.)		(35,139	)		(33,795	)


(2) Amount of New Policies		(Yen in millions)


	Three months ended			Three months ended
	June 30, 2009			June 30, 2010
Individual Insurance		5,880			6,104
Individual Annuities		488			529
Total		6,369			6,634
(Medical coverage, living benefits, etc.)		(1,608	)		(2,046	)


(Note)	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.” shows 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.)

(Mitsui Sumitomo Kirameki Life Insurance Co., Ltd., non-consolidated)

Selected Results of Operations

(Yen in millions)


	Three months ended		Three months ended
	June 30, 2009		June 30, 2010		Change
Insurance premiums and other		52,722		54,606		1,884
Investment income		5,242		5,210		(32	)
Insurance claims and other		32,915		30,569		(2,345	)
Investment expenses		4		165		161

Total Assets

(Yen in millions)


	As of June 30, 2010		As of March 31, 2010
Total assets		1,174,771		1,148,341

Solvency Margin Ratio

(Yen in millions)


	As of June 30, 2010			As of March 31, 2010
(A) Total amount of solvency margin		135,337			124,409
Total capital		49,095			49,086
Reserve for price fluctuation		1,661			1,600
Contingency reserve		10,061			9,870
General bad debts reserve		13			14
Net unrealized gains/losses on securities×90%		21,780			12,195
Net unrealized gains/losses on land×85%		—			—
Excess of continued Zillmerized reserve		51,306			50,246
Brought in capital		—			—
Subordinated debt, etc.		—			—
Deductions		—			—
Others		1,418			1,396
(B) Total amount of risks		11,951			11,682
Insurance risk (R₁)		6,661			6,604
Third sector insurance risk (R₈)		1,924			1,814
Assumed interest risk (R₂)		671			666
Asset management risk (R₃)		7,162			6,962
Business administration risk (R₄)		328			320
Minimum guarantee risk (R₇)		—			—
(C) Solvency margin ratio
[(A)/{(B)×1/2}]×100		2,264.8	%		2,129.7	%

(Aioi Life Insurance Co., Ltd., non-consolidated)

Results for the Three Months Ended June 30, 2010

Amount of In-Force and New Policies

(1) Amount of In-Force Policies


	As of June 30, 2010				As of March 31, 2010
	No. of policies (thousand)		Amount (¥ million)		No. of policies (thousand)		Amount (¥ million)
Individual Insurance		511		5,670,560		498		5,577,308
Individual Annuities		77		270,602		75		265,997
Group Insurance		—		2,349,613		—		2,322,437
Group Annuities		—		471		—		477


(Note)		The amount in individual annuities is the sum of the funds to be held at the time annuity payments are to commence (or, insurance premium reserve, in the case of an individual variable annuity) for an annuity for which payments have not yet commenced, and the amount of policy reserve for an annuity for which payments have commenced.

(2) Amount of New Policies


	Three months ended June 30, 2009								Three months ended June 30, 2010
							Net increase								Net increase
	No. of policies		Amount		New policies		by conversion		No. of policies		Amount		New policies		by conversion
	(thousand)		(¥ million)		(¥ million)		(¥ million)		(thousand)		(¥ million)		(¥ million)		(¥ million)
Individual Insurance		18		247,633		247,633		—		20		221,987		221,987		—
Individual Annuities		2		6,843		6,843		—		2		9,055		9,055		—
Group Insurance		—		5,650		5,650		—		—		1,636		1,636		—
Group Annuities		—		—		—		—		—		—		—		—


(Note)		The amount of individual annuities is the funds to be held at the time annuity payments are to commence (or, insurance premium reserve at the time of enrollment, in the case of an individual variable annuity).

Annualized Premiums


(1) Amount of In-Force Policies		(Yen in millions)


	As of June 30, 2010			As of March 31, 2010
Individual Insurance		58,926			58,519
Individual Annuities		15,288			15,029
Total		74,215			73,548
(Medical coverage, living benefits, etc.)		(7,314	)		(7,336	)


(2) Amount of New Policies		(Yen in millions)


	Three months ended			Three months ended
	June 30, 2009			June 30, 2010
Individual Insurance		1,875			1,768
Individual Annuities		448			522
Total		2,324			2,291
(Medical coverage, living benefits, etc.)		(168	)		(117	)


(Note)	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.” shows 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.)

(Aioi Life Insurance Co., Ltd., non-consolidated)

Selected Results of Operations

(Yen in millions)


	Three months ended		Three months ended
	June 30, 2009		June 30, 2010		Change
Insurance premiums and other		23,947		26,027		2,079
Investment income		1,993		2,312		318
Insurance claims and other		9,898		10,029		131
Investment expenses		54		184		129

Total Assets

(Yen in millions)


	As of June 30, 2010		As of March 31, 2010
Total assets		482,073		467,966

Solvency Margin Ratio

(Yen in millions)


	As of June 30, 2010			As of March 31, 2010
(A) Total amount of solvency margin		79,928			74,227
Total capital		32,611			32,617
Reserve for price fluctuation		582			558
Contingency reserve		7,275			7,142
General bad debts reserve		0			—
Net unrealized gains/losses on securities×90%		6,537			1,759
Net unrealized gains/losses on land×85%		—			—
Excess of continued Zillmerized reserve		30,461			29,722
Brought in capital		—			—
Subordinated debt, etc.		—			—
Deductions		—			—
Others		2,459			2,427
(B) Total amount of risks		7,564			7,443
Insurance risk (R₁)		4,662			4,594
Third sector insurance risk (R₈)		1,112			1,092
Assumed interest risk (R₂)		232			230
Asset management risk (R₃)		4,326			4,250
Business administration risk (R₄)		206			203
Minimum guarantee risk (R₇)		—			—
(C) Solvency margin ratio [(A)/{(B)×1/2}]×100		2,113.1	%		1,994.3	%

(Mitsui Sumitomo MetLife Insurance Co., Ltd., non-consolidated)

Results for the Three Months Ended June 30, 2010

Amount of In-Force and New Policies

(1) Amount of In-Force Policies


	As of June 30, 2010				As of March 31, 2010
	No. of policies (thousand)		Amount (¥ million)		No. of policies (thousand)		Amount (¥ million)
Individual Insurance		9		112,397		9		114,009
Individual Annuities		394		2,773,826		387		3,023,577
Group Insurance		—		—		—		—
Group Annuities		—		—		—		—

(Note)

The amount in individual annuities is the sum of the funds to be held at the time annuity payments are to commence (or, insurance premium reserve, in the case of an individual variable annuity) for an annuity for which payments have not yet commenced, and the amount of policy reserve for an annuity for which payments have commenced.

(2) Amount of New Policies


	Three months ended June 30, 2009								Three months ended June 30, 2010
							Net increase								Net increase
	No. of policies		Amount		New policies		by conversion		No. of policies		Amount		New policies		by conversion
	(thousand)		(¥ million)		(¥ million)		(¥ million)		(thousand)		(¥ million)		(¥ million)		(¥ million)
Individual Insurance		0		525		525		—		0		242		242		—
Individual Annuities		19		125,310		125,310		—		10		56,999		56,999		—
Group Insurance		—		—		—		—		—		—		—		—
Group Annuities		—		—		—		—		—		—		—		—

(Note)

The amount of individual annuities is the funds to be held at the time annuity payments are to commence (or, insurance premium reserve at the time of enrollment, in the case of an individual variable annuity).

Annualized Premiums


(1) Amount of In-Force Policies		(Yen in millions)


	As of June 30, 2010			As of March 31, 2010
Individual Insurance		9,448			9,578
Individual Annuities		474,817			522,135
Total		484,266			531,714
(Medical coverage, living benefits, etc.)		(88	)		( 103	)


(2) Amount of New Policies		(Yen in millions)


	Three months ended June 30, 2009			Three months ended June 30, 2010
Individual Insurance		44			24
Individual Annuities		70,034			26,207
Total		70,079			26,231
(Medical coverage, living benefits, etc.)		(0	)		(—	)

(Note)	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.” shows 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.)

(Mitsui Sumitomo MetLife Insurance Co., Ltd., non-consolidated)

Selected Results of Operations

(Yen in millions)


	Three months ended		Three months ended
	June 30, 2009		June 30, 2010		Change
Insurance premiums and other		137,588		57,482		(80,105	)
Investment income		232,752		3		(232,748	)
Insurance claims and other		29,134		51,676		22,541
Investment expenses		113		242,005		241,891

Total Assets

(Yen in millions)


	As of June 30, 2010		As of March 31, 2010
Total assets		2,874,587		3,116,508
Separate account balance		2,349,285		2,586,618

Solvency Margin Ratio

(Yen in millions)


	As of June 30, 2010			As of March 31, 2010
(A) Total amount of solvency margin		164,715			174,313
Total capital		38,683			35,408
Reserve for price fluctuation		801			682
Contingency reserve		14,490			13,930
General bad debts reserve		—			—
Net unrealized gains/losses on securities×90%		211			(23	)
Net unrealized gains/losses on land×85%		—			—
Excess of continued Zillmerized reserve		110,528			123,314
Subordinated debt, etc.		—			1,000
Deductions		—			—
Others		—			—
(B) Total amount of risks		33,912			32,949
Insurance risk (R₁)		36			17
Third sector insurance risk (R₈)		19			20
Assumed interest risk (R₂)		2,622			2,747
Asset management risk (R₃)		10,524			9,386
Business administration risk (R₄)		989			960
Minimum guarantee risk (R₇)		19,776			19,854
(C) Solvency margin ratio [(A)/{(B)×1/2}]×100		971.4	%		1,058.0	%

3. Financial Statements for Major Consolidated Subsidiaries

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

Non-consolidated Balance Sheets

(Yen in millions)


	As of June 30, 2010			As of March 31, 2010 (Summarized balance sheet for the previous business year)
Items	Amount			Amount
(Assets)
Cash deposits and savings		121,324			183,387
Call loans		35,500			33,700
Securities bought under resale agreements		25,993			15,998
Monetary claims bought		125,825			102,027
Money trusts		10,314			10,524
Investments in securities		4,096,520			4,327,376
Loans		716,708			718,587
Tangible fixed assets		239,448			239,336
Intangible fixed assets		7,732			7,465
Other assets		342,969			337,004
Deferred tax assets		43,888			—
Customers’ liabilities under acceptances and guarantees		4,082			4,577
Bad debts reserve		(7,720	)		(8,004	)

Total assets		5,762,588			5,971,982

(Liabilities)
Underwriting funds:		4,337,438			4,386,065
Outstanding claims		520,451			540,188
Underwriting reserves		3,816,986			3,845,876
Bonds		94,971			94,969
Other liabilities:		161,467			155,581
Income tax payable		7,272			9,969
Lease obligations		902			964
Asset retirement obligations		5,148			—
Other liabilities		148,144			144,647
Reserve for pension and retirement benefits		81,136			81,009
Reserve for pension and retirement benefits for officers and operating officers		1,911			2,003
Accrued bonuses for employees		77			10,375
Reserve under the special law:		668			2,689
Reserve for price fluctuation		668			2,689
Deferred tax liabilities		—			29,397
Liabilities under acceptances and guarantees		4,082			4,577
Total liabilities		4,681,754			4,766,667

(Net assets)
Common stock		139,595			139,595
Capital surplus		93,107			93,107
Retained earnings		408,133			402,893
Total shareholders’ equity		640,836			635,596
Unrealized gains on investments, net of tax		429,234			567,580
Deferred hedge gains (losses), net of tax		10,763			2,138
Total valuation and translation adjustment		439,997			569,718
Total net assets		1,080,834			1,205,315

Total liabilities and net assets		5,762,588			5,971,982

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

Non-consolidated Statements of Income

(Yen in millions)


	Three months ended			Three months ended
	June 30, 2009			June 30, 2010
Items	Amount			Amount
Ordinary income:		437,277			435,743
Underwriting income:		390,309			407,534
Net premiums written		303,986			312,834
Deposit premiums from policyholders		34,585			43,515
Investment income on deposit premiums from policyholders		13,948			12,979
Reversal of outstanding claims		—			9,284
Reversal of underwriting reserves		37,647			28,889
Investment income:		45,997			27,390
Interest and dividends received		40,155			33,669
Investment gains on money trusts		390			16
Gains on sale of securities		1,993			4,129
Gains on derivative transactions		15,833			1,928
Transfer of investment income on deposit premiums from policyholders		(13,948	)		(12,979	)
Other ordinary income		969			818

Ordinary expenses:		396,042			408,833
Underwriting expenses:		325,346			344,073
Net claims paid		188,520			194,045
Loss adjustment expenses		17,958			17,982
Commission and collection expenses		53,160			55,569
Maturity refunds to policyholders		64,175			75,319
Provision for outstanding claims		1,221			—
Investment expenses:		13,644			10,792
Investment losses on money trusts		88			227
Losses on sale of securities		2,425			206
Losses on devaluation of securities		9,196			6,728
Operating expenses and general and administrative expenses		53,580			53,474
Other ordinary expenses:		3,470			492
Interest paid		621			414

Ordinary profit		41,234			26,909

Extraordinary income:		2,389			2,356
Extraordinary losses:		484			3,440

Income before income taxes		43,139			25,826
Income taxes		27,648			6,585
Refund of income taxes for prior periods		(13,947	)		—

Net income		29,439			19,240

(Aioi Insurance Co., Ltd., non-consolidated)

Non-consolidated Balance Sheets

(Yen in millions)


	As of June 30, 2010			As of March 31, 2010 (Summarized balance sheet for the previous business year)
Items	Amount			Amount
(Assets)
Cash deposits and savings		161,100			176,629
Monetary claims bought		3,871			14,094
Money trusts		3,413			4,604
Investments in securities		1,318,284			1,386,289
Loans		318,135			324,158
Tangible fixed assets		148,296			147,982
Intangible fixed assets		4,197			4,525
Other assets		227,864			219,970
Deferred tax assets		166,020			143,849
Customers’ liabilities under acceptances and guarantees		3,000			3,000
Bad debts reserve		(1,674	)		(1,811	)

Total assets		2,352,510			2,423,293

(Liabilities)
Underwriting funds:		1,910,005			1,917,613
Outstanding claims		310,941			312,860
Underwriting reserves		1,599,063			1,604,752
Other liabilities:		93,215			102,529
Income tax payable		980			1,790
Lease obligations		109			130
Asset retirement obligations		429			—
Other liabilities		91,696			100,608
Reserve for pension and retirement benefits		20,417			19,893
Reserve for pension and retirement benefits for officers and operating officers		—			84
Accrued bonuses for employees		229			4,362
Reserve under the special law:		324			2,541
Reserve for price fluctuation		324			2,541
Liabilities under acceptances and guarantees		3,000			3,000

Total liabilities		2,027,192			2,050,024

(Net assets)
Common stock		100,005			100,005
Capital surplus		44,081			44,097
Retained earnings		184,667			201,321
Treasury stock		—			(7,963	)
Total shareholders’ equity		328,754			337,460
Unrealized gains on investments, net of tax		(3,435	)		35,808
Total valuation and translation adjustments		(3,435	)		35,808

Total net assets		325,318			373,268

Total liabilities and net assets		2,352,510			2,423,293

(Aioi Insurance Co., Ltd., non-consolidated)

Non-consolidated Statements of Income

(Yen in millions)


	Three months ended			Three months ended
	June 30, 2009			June 30, 2010
Items	Amount			Amount
Ordinary income:		239,799			240,970
Underwriting income:		221,968			228,971
Net premiums written		197,188			202,894
Deposit premiums from policyholders		11,186			13,103
Investment income on deposit premiums from policyholders		4,942			4,335
Reversal of outstanding claims		407			1,918
Reversal of underwriting reserves		8,166			5,689
Investment income:		17,227			11,095
Interest and dividends received		13,403			11,704
Investment gains on money trusts		660			0
Gains on sale of securities		1,790			1,920
Gains on derivative transactions		5,616			1,642
Transfer of investment income on deposit premiums from policyholders		(4,942	)		(4,335	)
Other ordinary income		603			903

Ordinary expenses:		222,662			238,945
Underwriting expenses:		183,409			193,756
Net claims paid		116,568			120,439
Loss adjustment expenses		9,511			9,243
Commission and collection expenses		36,038			38,158
Maturity refunds to policyholders		20,631			22,996
Investment expenses:		2,425			8,701
Investment losses on money trusts		1			1
Losses on sale of securities		829			9
Losses on devaluation of securities		1,296			7,692
Operating expenses and general and administrative expenses		36,678			36,421
Other ordinary expenses:		148			66
Interest paid		0			0

Ordinary profit		17,137			2,025

Extraordinary income:		21			2,236
Extraordinary losses:		694			7,262

Income (loss) before income taxes		16,463			(3,000	)
Income taxes — current		85			—
Income taxes — deferred		5,508			—
Total income taxes / Income taxes		5,593			(1,634	)

Net income (loss)		10,869			(1,365	)

(Nissay Dowa General Insurance Co., Ltd., non-consolidated)

Non-consolidated Balance Sheets

(Yen in millions)


	As of June 30, 2010			As of March 31, 2010 (Summarized balance sheet for the previous business year)
Items	Amount			Amount
(Assets)
Cash deposits and savings		25,848			28,378
Call loans		17,800			17,900
Investments in securities		795,358			836,761
Loans		36,150			36,621
Tangible fixed assets		57,254			56,945
Intangible fixed assets		234			234
Other assets		95,421			83,480
Deferred tax assets		60,634			46,850
Bad debts reserve		(815	)		(907	)
Investment loss reserve		—			(2	)

Total assets		1,087,887			1,106,262

(Liabilities)
Underwriting funds:		865,445			870,632
Outstanding claims		129,710			127,557
Underwriting reserves		735,734			743,074
Other liabilities:		42,280			28,965
Income taxes payable		371			928
Asset retirement obligations		676			—
Other liabilities		41,232			28,037
Reserve for pension and retirement benefits		549			416
Accrued bonuses for employees		—			579
Reserve under the special law:		1,409			1,246
Reserve for price fluctuation		1,409			1,246

Total liabilities		909,683			901,840

(Net assets)
Common stock		47,328			47,328
Capital surplus		40,303			40,307
Retained earnings		66,987			73,805
Treasury stock		—			(4,948	)
Total shareholders’ equity		154,620			156,493
Unrealized gains on investments, net of tax		23,583			47,929
Total valuation and translation adjustments		23,583			47,929

Total net assets		178,203			204,422

Total liabilities and net assets		1,087,887			1,106,262

(Nissay Dowa General Insurance Co., Ltd., non-consolidated)

Non-consolidated Statements of Income

(Yen in millions)


	Three months ended			Three months ended
	June 30, 2009			June 30, 2010
Items	Amount			Amount
Ordinary income:		91,683			96,927
Underwriting income:		84,811			88,092
Net premiums written		76,814			75,501
Deposit premiums from policyholders		3,718			3,417
Investment income on deposit premiums from policyholders		2,047			1,828
Reversal of outstanding claims		1,081			—
Reversal of underwriting reserves		1,046			7,340
Investment income:		6,649			8,568
Interest and dividends received		6,792			6,698
Gains on sale of securities		1,536			3,676
Transfer of investment income on deposit premiums from policyholders		(2,047	)		(1,828	)
Other ordinary income		222			266

Ordinary expenses:		87,767			91,547
Underwriting expenses:		72,019			74,549
Net claims paid		46,647			47,472
Loss adjustment expenses		4,054			4,209
Commission and collection expenses		13,655			13,505
Maturity refunds to policyholders		7,623			6,828
Provision for outstanding claims		—			2,152
Investment expenses:		1,753			3,040
Losses on sale of securities		1,344			1,781
Losses on devaluation of securities		169			227
Losses on derivative transactions		213			607
Operating expenses and general and administrative expenses		13,495			13,874
Other ordinary expenses:		499			84
Interest paid		0			—

Ordinary profit		3,915			5,379

Extraordinary income:		0			5
Extraordinary losses:		450			4,390

Income before income taxes		3,464			994
Income taxes — current		1,227			—
Income taxes — deferred		(614	)		—
Total income taxes / Income taxes		613			(169	)

Net income		2,851			1,163

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

Non-consolidated Balance Sheets

(Yen in millions)


				As of March 31, 2010
				(Summarized balance sheet
	As of June 30, 2010			for the previous business year)
Items	Amount			Amount
(Assets)
Cash deposits and savings		3,104			3,080
Investments in securities		33,901			33,467
Tangible fixed assets		152			153
Intangible fixed assets		1,778			2,004
Other assets		4,454			4,790
Bad debts reserve		(1	)		(1	)

Total assets		43,390			43,494

(Liabilities)
Underwriting funds:		31,779			32,598
Outstanding claims		13,479			13,496
Underwriting reserves		18,300			19,102
Other liabilities:		759			955
Income taxes payable		46			107
Asset retirement obligations		10			—
Other liabilities		703			848
Accrued bonuses for employees		—			215
Reserve under the special law:		14			13
Reserve for price fluctuation		14			13
Deferred tax liabilities		138			72
Total liabilities		32,692			33,856

(Net assets)
Common stock		32,600			32,600
Capital surplus		2,500			2,500
Retained earnings		(24,646	)		(25,589	)
Total shareholders’ equity		10,453			9,510
Unrealized gains on investments, net of tax		244			128
Total valuation and translation adjustments		244			128
Total net assets		10,697			9,638

Total liabilities and net assets		43,390			43,494

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

Non-consolidated Statements of Income

(Yen in millions)


	Three months ended			Three months ended
	June 30, 2009			June 30, 2010
Items	Amount			Amount
Ordinary income:		8,079			9,052
Underwriting income:		8,031			8,998
Net premiums written		8,028			8,176
Investment income on deposit premiums from policyholders		3			3
Reversal of outstanding claims		—			16
Reversal of underwriting reserves		—			802
Investment income:		47			53
Interest and dividends received		49			56
Gains on sale of securities		0			—
Transfer of investment income on deposit premiums from policyholders		(3	)		(3	)
Other ordinary income		0			0

Ordinary expenses:		7,837			8,102
Underwriting expenses:		5,808			6,275
Net claims paid		4,732			5,689
Loss adjustment expenses		497			520
Commission and collection expenses		71			64
Provision for outstanding claims		504			—
Provision for underwriting reserves		2			—
Investment expenses:		—			—
Operating expenses and general and administrative expenses		2,028			1,827
Other ordinary expenses:		0			0

Ordinary profit		242			949

Extraordinary income:		0			0
Extraordinary losses:		0			3

Income before income taxes		241			946
Income taxes — current		3			3
Total income taxes		3			3

Net income		238			943

(Mitsui Sumitomo Kirameki Life Insurance Co., Ltd., non-consolidated)

Non-consolidated Balance Sheets

(Yen in millions)


	As of June 30, 2010			As of March 31, 2010 (Summarized balance sheet for the previous business year)
Items	Amount			Amount
(Assets)
Cash deposits and savings		9,373			13,056
Investments in securities		1,113,584			1,083,096
Loans		30,692			30,899
Tangible fixed assets		1,505			1,413
Intangible fixed assets		1,452			1,480
Agencies receivable		73			62
Reinsurance receivable		3			112
Other assets		18,201			17,962
Deferred tax assets		—			344
Bad debts reserve		(115	)		(86	)

Total assets		1,174,771			1,148,341

(Liabilities)
Underwriting funds:		1,099,301			1,082,224
Outstanding claims		11,098			11,642
Underwriting reserves		1,085,726			1,068,346
Reserve for dividends to policyholders		2,476			2,235
Agencies payable		1,852			1,869
Reinsurance payable		57			131
Other liabilities:		3,245			4,213
Income tax payable		172			26
Lease obligations		560			587
Asset retirement obligations		117			—
Other liabilities		2,394			3,599
Reserve for pension and retirement benefits		514			475
Reserve for pension and retirement benefits for officers and operating officers		85			88
Reserve under the special law:		1,661			1,600
Reserve for price fluctuation		1,661			1,600
Deferred tax liabilities		3,505			—
Total liabilities		1,110,223			1,090,603

(Net assets)
Common stock		35,500			35,500
Capital surplus		13,214			13,214
Retained earnings		381			371
Total shareholders’ equity		49,095			49,086
Unrealized gains on investments, net of tax		15,451			8,651
Total valuation and translation adjustments		15,451			8,651
Total net assets		64,547			57,738

Total liabilities and net assets		1,174,771			1,148,341

(Mitsui Sumitomo Kirameki Life Insurance Co., Ltd., non-consolidated)

Non-consolidated Statements of Income

(Yen in millions)


	Three months ended			Three months ended
	June 30, 2009			June 30, 2010
Items	Amount			Amount
Ordinary income:		58,491			60,427
Insurance premiums and other:		52,722			54,606
Insurance premiums		52,713			54,589
Investment income:		5,242			5,210
Interest and dividends received		4,866			5,158
Gains on sale of securities		376			51
Other ordinary income		526			610
Reversal of outstanding claims		295			543

Ordinary expenses:		57,382			58,994
Insurance claims and other:		32,915			30,569
Insurance claims		6,811			7,212
Annuity payments		661			856
Benefits		1,326			1,543
Surrender benefits		23,830			20,482
Other refunds		173			368
Provision for underwriting reserves and other:		14,767			17,379
Provision for underwriting reserves		14,767			17,379
Provision of interest portion of reserves for dividends to policyholders		0			0
Investment expenses:		4			165
Interest paid		2			6
Losses on devaluation of securities		—			128
Operating expenses:		9,025			10,032
Other ordinary expenses:		668			846

Ordinary profit		1,108			1,432

Extraordinary income:		—			1
Extraordinary losses:		60			450

Provision for reserve for dividends to policyholders		884			821
Income before income taxes		162			162
Income taxes — current		(155	)		—
Income taxes — deferred		263			—
Total income taxes / Income taxes		107			153

Net income		55			9

(Aioi Life Insurance Co., Ltd., non-consolidated)

Non-consolidated Balance Sheets

(Yen in millions)


	As of June 30, 2010			As of March 31, 2010 (Summarized balance sheet for the previous business year)
Items	Amount			Amount
(Assets)
Cash deposits and savings		3,963			5,167
Securities bought under resale agreements		3,799			1,999
Investments in securities		447,700			432,680
Loans		12,513			12,570
Tangible fixed assets		235			218
Intangible fixed assets		1,852			1,964
Agencies receivable		60			10
Reinsurance receivable		883			827
Other assets		8,945			8,438
Deferred tax assets		2,167			4,089
Bad debts reserve		(49	)		(0	)

Total assets		482,073			467,966

(Liabilities)
Underwriting funds:		441,503			429,603
Outstanding claims		3,465			3,085
Underwriting reserves		434,600			422,823
Reserve for dividends to policyholders		3,437			3,694
Agencies payable		1,004			1,145
Reinsurance payable		222			198
Other liabilities:		1,221			2,362
Income tax payable		67			1,196
Asset retirement obligations		9			—
Other liabilities		1,145			1,165
Reserve for pension and retirement benefits		221			206
Reserve for pension and retirement benefits for officers and operating officers		21			27
Reserve under the special law:		582			558
Reserve for price fluctuation		582			558
Total liabilities		444,777			434,101

(Net assets)
Common stock		30,000			30,000
Capital surplus		473			473
Retained earnings		2,188			2,143
Total shareholders’ equity		32,662			32,617
Unrealized gains on investments, net of tax		4,633			1,247
Total valuation and translation adjustments		4,633			1,247
Total net assets		37,295			33,864

Total liabilities and net assets		482,073			467,966

(Aioi Life Insurance Co., Ltd., non-consolidated)

Non-consolidated Statements of Income

(Yen in millions)


	Three months ended		Three months ended
	June 30, 2009		June 30, 2010
Items	Amount		Amount
Ordinary income:		26,056		28,374
Insurance premiums and other:		23,947		26,027
Insurance premiums		23,171		25,618
Investment income:		1,993		2,312
Interest and dividends received		1,993		2,279
Gains on sale of securities		—		33
Other ordinary income		115		34
Reversal of outstanding claims		68		—

Ordinary expenses:		24,399		27,468
Insurance claims and other:		9,898		10,029
Insurance claims		2,739		2,997
Annuity payments		144		209
Benefits		1,024		908
Surrender benefits		5,519		5,503
Other refunds		69		69
Provision for underwriting reserves and other:		9,598		12,157
Provision for outstanding claims		—		380
Provision for underwriting reserves		9,597		11,777
Provision of interest portion of reserves for dividends to policyholders		0		0
Investment expenses:		54		184
Interest paid		0		0
Operating expenses:		4,544		4,772
Other ordinary expenses:		302		324

Ordinary profit		1,657		905

Extraordinary income:		0		—
Extraordinary losses:		21		134

Provision for reserve for dividends to policyholders		676		710
Income before income taxes		960		61
Income taxes — current		7		—
Income taxes — deferred		357		—
Total income taxes / Income taxes		364		16

Net income		596		45

(Mitsui Sumitomo MetLife Insurance Co., Ltd., non-consolidated)

Non-consolidated Balance Sheets

(Yen in millions)


	As of June 30, 2010			As of March 31, 2010 (Summarized balance sheet for the previous business year)
Items	Amount			Amount
(Assets)
Cash deposits and savings		14,420			18,831
Money trusts		485,054			484,441
Investments in securities		2,347,133			2,582,629
Loans		672			638
Tangible fixed assets		744			660
Intangible fixed assets		690			618
Reinsurance receivable		415			708
Other assets		8,356			8,921
Deferred tax assets		17,099			19,057

Total assets		2,874,587			3,116,508

(Liabilities)
Underwriting funds:		2,822,651			3,068,340
Outstanding claims		6,892			6,913
Underwriting reserves		2,815,758			3,061,426
Agencies payable		841			1,611
Reinsurance payable		1,397			1,468
Other liabilities:		10,060			9,012
Income tax payable		2			8
Lease obligations		216			232
Asset retirement obligations		189			—
Other liabilities		9,652			8,771
Reserve under the special law:		801			682
Reserve for price fluctuation		801			682
Total liabilities		2,835,753			3,081,115

(Net assets)
Common stock		41,060			41,060
Capital surplus		24,735			24,735
Retained earnings		(27,111	)		(30,386	)
Total shareholders’ equity		38,683			35,408
Unrealized gains on investments, net of tax		149			(14	)
Total valuation and translation adjustments		149			(14	)
Total net assets		38,833			35,393

Total liabilities and net assets		2,874,587			3,116,508

(Mitsui Sumitomo MetLife Insurance Co., Ltd., non-consolidated)

Non-consolidated Statements of Income

(Yen in millions)


	Three months ended		Three months ended
	June 30, 2009		June 30, 2010
Items	Amount		Amount
Ordinary income:		371,432		304,307
Insurance premiums and other:		137,588		57,482
Insurance premiums		135,902		55,978
Investment income:		232,752		3
Interest and dividends received		6		3
Investment gains on money trusts		23,390		—
Gains on separate accounts		208,878		—
Other ordinary income		1,091		246,821
Reversal of underwriting reserves		—		245,668

Ordinary expenses:		360,706		298,980
Insurance claims and other:		29,134		51,676
Insurance claims		8,597		9,487
Annuity payments		6,420		8,903
Benefits		1,756		7,836
Surrender benefits		7,108		18,864
Other refunds		495		664
Provision for underwriting reserves and other:		318,504		—
Provision for outstanding claims		89		—
Provision for underwriting reserves		318,415		—
Investment expenses:		113		242,005
Interest paid		16		11
Investment losses on money trusts		—		31,989
Losses on separate accounts		—		209,653
Operating expenses:		10,305		5,031
Other ordinary expenses:		2,648		267
Amortization of deferred assets under Article 113 of Insurance Business Law		2,123		—

Ordinary profit		10,725		5,327

Extraordinary income:		—		—
Extraordinary losses:		108		184

Income before income taxes		10,616		5,142
Income taxes — current		2		2
Income taxes — deferred		3,849		1,864
Total income taxes		3,851		1,867

Net income		6,765		3,275

Note Regarding Forward-looking Statements

This document includes “forward-looking statements” that reflect the plans and expectations of MS&AD Insurance Group Holdings, Inc. (the “Company”) with respect to its business and results of operations. To the extent that statements in this document do not relate to historical or current facts, they constitute forward-looking statements. These forward-looking statements are based on the current assumptions and beliefs of the Company in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause the actual results, performance, achievements or financial position of the Company to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements after the date of this document. Investors are advised to consult any further disclosures by the Company in its subsequent domestic filings in Japan and filings with the U.S. Securities and Exchange Commission.

The risks, uncertainties and other factors referred to above include, but are not limited to: (1) economic conditions in Japan, the United States, Europe and China; (2) the extent of competition faced by the Company from Japan’s other major non-life insurance companies and new entrants in the Japanese non-life insurance market; (3) the extent of further deregulation of the Japanese insurance industry; (4) occurrence of natural disasters in Japan and elsewhere; (5) occurrence of losses the type or magnitude of which could not be foreseen at the time of writing the insurance policies covering such losses; (6) the price and availability of reinsurance; and (7) the performance of the Company’s investments.

Net premiums written exclude Good Result Return premiums of Mitsui Sumitomo Insurance’s proprietary auto insurance product “Modorich” which contains a special clause related to premium adjustment and refund at maturity.

Figures in 12 through 20 are prior to consolidation adjustments (the Company’s equity)

Filing Compare · MS&AD Insurance Group Holdings, Inc.