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: 333-163336

For the month of December 2010.

NKSJ Holdings, Inc.

(Translation of registrant’s name into English)

26-1, Nishi-Shinjuku 1-chome

Shinjuku-ku, Tokyo 160-8338

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

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):

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):

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes No X

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

Information furnished on this form:

Table of Contents

1.	[English Translation]

Summary of Consolidated Financial Results for the six months ended September 30, 2010

2.	[English Translation]

Summary of Consolidated Financial Results for the six months ended September 30, 2010

(Supplementary Information)

3.	[English Summary]

Quarterly Securities Report for the Three Months Ended September 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.


	NKSJ Holdings, Inc.
Date: December 3, 2010
	By:	/S/ HIROHISA KURUMIDA
		Hirohisa Kurumida
		Manager of Corporate Legal Department

[Translation]

Summary of Consolidated Financial Results for the six months ended September 30, 2010

UNOFFICIAL TRANSLATION

This document is an unofficial English translation of the Japanese original.

November 19, 2010

NKSJ Holdings, Inc.

Summary of Consolidated Financial Results for the six months ended September 30, 2010

[under Japanese GAAP]


Company Name:		NKSJ Holdings, Inc.
Listed on:		Tokyo and Osaka Stock Exchange
Stock Code Number:		8630
URL:		http://www.nksj-hd.com/
Representative Director:		Masatoshi Sato, President & CEO
Contact:		Kazuhisa Tamura, Manager, Accounting Department

Scheduled date to file Quarterly Securities Report:

November 26, 2010

Scheduled date to start payment of dividends:

———

Supplementary information for quarterly financial statements:

Yes

Schedule for quarterly investor meeting:

Yes (for institutional investors and analysts)

Note) Any amounts less than one million yen are rounded down, unless otherwise noted.

1.	Consolidated Financial Results for the six months ended September 30, 2010 (April 1 to September 30, 2010)

(1)

Consolidated Results of Operations

Note) The percentages are changes from corresponding period of previous fiscal year.


	Ordinary income				Ordinary profit				Net income
	millions of yen		%		millions of yen		%		millions of yen		%
Six months ended September 30, 2010		1,329,799		—		38,888		—		24,116		—
Six months ended September 30, 2009		—		—		—		—		—		—


	Net income per share		Diluted net income per share
	yen		yen
Six months ended September 30, 2010		14.52		14.50
Six months ended September 30, 2009		—		—

(2)

Consolidated Financial Conditions


	Total assets		Total net assets		Equity ratio		Total net assets per share
	millions of yen		millions of yen		%		yen
As of September 30, 2010		9,026,824		1,122,876		12.4		673.01
As of March 31, 2010		—		—		—		—


Reference) Equity capital:	As of September 30, 2010	1,117,540 million yen
	As of March 31, 2010	— million yen

2.	Dividends


	Dividends per share
	First quarter-end		Second quarter-end		Third quarter-end		Fiscal year-end		Annual
	yen		yen		yen		yen		yen
Fiscal year ended March 31, 2010		—		—		—		—		—
Fiscal year ending March 31, 2011		—		—
Fiscal year ending March 31, 2011 (Forecast)						—		20.00		20.00

Note) Revision

to the forecasts for dividends during the second quarter: None

3.	Consolidated Forecasts for the fiscal year ending March 31, 2011 (April 1, 2010 to March 31, 2011)

Note) The percentages are changes from corresponding period of previous fiscal year.


	Ordinary income				Ordinary profit				Net income				Net income per share
	millions of yen		%		millions of yen		%		millions of yen		%		yen
Fiscal year ending March 31, 2011 (April 1, 2010 to March 31, 2011)		2,625,000		—		48,000		—		25,000		—		15.05

Note)

Revision to the forecasts for the fiscal year during the second quarter: Yes

Other

Note)

Please refer to “Other Information” on page 3 for details.

(1)	Changes in significant subsidiaries during the six months ended September 30, 2010: None

Note) The above shows changes in specified subsidiaries resulting in the change in the scope of consolidation during the six months ended September 30, 2010.

(2)	Changes in accounting policies, procedures and methods of presentation


Changes due to revisions to accounting standards:		None

‚ Changes due to other reasons:		None

Note)

The above shows changes which are shown in “Changes in significant accounting policies for the preparation of the interim consolidated financial statements”.

(3)	Number of shares outstanding (Common stock) :


		Total shares outstanding including treasury stock:

		As of September 30, 2010			1,661,409,178 shares

		As of March 31, 2010			— shares

		‚ Treasury stock:

		As of September 30, 2010			907,549 shares

		As of March 31, 2010			— shares

		ƒ Average number of shares outstanding:

		For the six months ended September 30, 2010			1,660,781,785 shares

		For the six months ended September 30, 2009			— shares

(Summary of Non-consolidated Financial Results)

1.	Non-consolidated Financial Results for the six months ended September 30, 2010 (April 1 to September 30, 2010)

(1)

Non-consolidated Results of Operations

Note) The percentages are changes from corresponding period of previous fiscal year.


	Operating income				Operating profit				Ordinary profit				Net income
	millions of yen		%		millions of yen		%		millions of yen		%		millions of yen		%
Six months ended September 30, 2010		2,423		—		1,187		—		478		—		476		—
Six months ended September 30, 2009		—		—		—		—		—		—		—		—


	Net income per share
	yen
Six months ended September 30, 2010		0.28
Six months ended September 30, 2009		—

(2)

Non-consolidated Financial Conditions


	Total assets		Total net assets		Equity ratio		Total net assets per share
	millions of yen		millions of yen		%		yen
As of September 30, 2010		881,652		879,217		99.5		528.06
As of March 31, 2010		—		—		—		—


Reference) Equity capital:	As of September 30, 2010	876,854 million yen
	As of March 31, 2010	— million yen

(Disclosure regarding the execution of the interim audit process)

This summary is outside the scope of the interim audit procedure which is required by “Financial Instruments and Exchange Act”. The interim audit process of the interim consolidated financial statements and the interim non-consolidated financial statements was not completed as of the date of the disclosure of this summary.

(Notes for using forecasted information etc.)

The forecasts included in this document are based on the currently available information and certain assumptions that we believe reasonable. Accordingly, the actual results may differ materially from those projected herein depending on various factors.

For assumptions underlying the forecasts and notes for using forecasted information, please refer to “Qualitative information related to the consolidated forecasts” on page 2 and “Note Regarding Forward-looking Statements” on page 21.

Non-consolidated forecasts for the fiscal year ending March 31, 2011 (April 1, 2010 to March 31, 2011) are not disclosed.

NKSJ Holdings, Inc. prepares the interim consolidated financial statements and the interim non-consolidated financial statements for the six months ended September 30, 2010, since it conducts business defined in the provision of Article 17-15 Paragraph 2 of the Cabinet Office Ordinance on Disclosure of Corporate Information, etc.

NKSJ Holdings, Inc. was established on April 1, 2010 as a holding company of Sompo Japan Insurance Inc. and NIPPONKOA Insurance Co., Ltd. This consolidated fiscal year is the first period, so there are no results for the fiscal year ended March 31, 2010 and the six months ended September 30, 2009.

Contents



1.	Qualitative Information related to the Consolidated Financial Results for the six months ended September 30, 2010		2
	(1)	Qualitative information related to the consolidated results of operations	2
	(2)	Qualitative information related to the consolidated financial conditions	2
	(3)	Qualitative information related to the consolidated forecasts	2

2.	Other Information		3
	(1)	Summary of changes in significant subsidiaries	3
	(2)	Summary of changes in accounting policies, procedures and methods of presentation	3

3.	Interim Consolidated Financial Statements		4
	(1)	Interim Consolidated Balance Sheets	4
	(2)	Interim Consolidated Statements of Income	5
	(3)	Interim Consolidated Statements of Changes in Net Assets	6
	(4)	Notes on Going-Concern Assumption	9
	(5)	Securities	9
	(6)	Derivatives Transactions	10

4.	Interim Financial Statements (Non-consolidated)		13
	(1)	Interim Balance Sheets (Non-consolidated)	13
	(2)	Interim Statements of Income (Non-consolidated)	14
	(3)	Interim Statements of Changes in Net Assets (Non-consolidated)	15
	(4)	Notes on Going-Concern Assumption	17

5.	Supplementary Information		18
	(1)	Summary of Results of Operations	18
	(2)	Premiums Written and Claims Paid by Lines of Business (Consolidated)	19
	(3)	Life Insurance Business (Consolidated)	20

Note Regarding Forward-looking Statements			21

1.	Qualitative Information related to the Consolidated Financial Results for the six months ended September 30, 2010

(1)	Qualitative information related to the consolidated results of operations

During the six months ended September 30, 2010, the Japanese economy continued facing severe difficulties, with high unemployment rate and growing risk of an economic downturn due to fluctuations in exchange rates and stock prices, even though corporate earnings and consumer spending improved because of recovery in overseas economies, mainly in Asia, and the effect of various fiscal stimulus measures.

Under such conditions, the consolidated results of operations for the six months ended September 30, 2010 are as follows.

1,261.3 billion yen of underwriting income, 63.2 billion yen of investment income and 5.1 billion yen of other ordinary income resulted in 1,329.7 billion yen of ordinary income. In contrast, 1,048.0 billion yen of underwriting expenses, 24.9 billion yen of investment expenses, 212.0 billion yen of operating, general and administrative expenses and 5.9 billion yen of other ordinary expenses resulted in 1,290.9 billion yen of ordinary expenses.

As a result, ordinary profit amounted to 38.8 billion yen. Net income after extraordinary items, net of total income taxes and non-controlling interests, resulted in 24.1 billion yen.

The information by reportable segments for the six months ended September 30, 2010 was as follows.

(a)

Property and casualty insurance business

In property and casualty insurance business, net premiums written amounted to 987.8 billion yen and net income amounted to 27.6 billion yen.

(b)

Life insurance business

In life insurance business, life insurance premiums written amounted to 108.9 billion yen and net loss amounted to 2.3 billion yen.

(2)	Qualitative information related to the consolidated financial conditions

As of September 30, 2010, the total assets amounted to 9,026.8 billion yen and the total net assets amounted to 1,122.8 billion yen.

(3)	Qualitative information related to the consolidated forecasts

We forecast 2,625.0 billion yen of consolidated ordinary income, 48.0 billion yen of consolidated ordinary profit and 25.0 billion yen of consolidated net profit for the fiscal year ending March 31, 2011. Our assumptions relating to insurance underwriting are based on an extrapolation from past trends, while we have allowed for 11.5 billion yen in net claims paid due to natural disasters. Our forecasts relating to asset investment performance assume that market interest rates, exchange rates and stock prices remain at or near their levels as of end-September 2010.

2.	Other Information

(1)	Summary of changes in significant subsidiaries

None.

(2)	Summary of changes in accounting policies, procedures and methods of presentation

NKSJ Holdings, Inc. is a sole parent company of Sompo Japan Insurance Inc. and NIPPONKOA Insurance Co., Ltd. established through share exchange on April 1, 2010. This consolidated fiscal year is the first period, so there is no change in accounting policies, procedures and methods of presentation.

3.	Interim Consolidated Financial Statements

(1)	Interim Consolidated Balance Sheets


	(Millions of yen)
	As of September 30, 2010
Assets:
Cash and deposits		270,872
Call loans		98,497
Receivables under resale agreements		82,982
Receivables under securities borrowing transactions		27,146
Monetary receivables bought		37,253
Money trusts		84,648
Securities		6,511,189
Loans		713,053
Tangible fixed assets		362,176
Intangible fixed assets		31,566
Other assets		571,200
Deferred tax assets		242,078
Allowance for possible loan losses		(5,839	)

Total assets		9,026,824

Liabilities:
Underwriting funds:		7,352,175
Reserve for outstanding losses and claims		993,986
Underwriting reserves		6,358,188
Bonds		128,000
Other liabilities		269,655
Reserve for retirement benefits		106,503
Reserve for retirement benefits to directors		113
Reserve for bonus payments		25,510
Reserves under the special laws:		21,336
Reserve for price fluctuation		21,336
Deferred tax liabilities		654

Total liabilities		7,903,947

Net assets:
Shareholders’ equity:
Common stock		100,045
Capital surplus		438,555
Retained earnings		335,209
Treasury stock		(527	)

Total shareholders’ equity		873,282

Valuation and translation adjustments:
Unrealized gains on securities available for sale, net of tax		266,889
Deferred gains on hedges		5,330
Foreign currency translation adjustments		(27,962	)

Total valuation and translation adjustments		244,258

Stock acquisition rights		2,362
Non-controlling interests		2,973

Total net assets		1,122,876

Total liabilities and net assets		9,026,824

(2)	Interim Consolidated Statements of Income


	(Millions of yen)
	Six months ended September 30, 2010 (April 1 to September 30, 2010)
Ordinary income:		1,329,799
Underwriting income:		1,261,384
Net premiums written		987,832
Deposits of premiums by policyholders		79,398
Interest and dividend income on deposits of premiums, etc.		30,061
Life insurance premiums written		108,905
Reversal of reserve for outstanding losses and claims		35,643
Reversal of underwriting reserves		16,454
Investment income:		63,222
Interest and dividend income		78,453
Investment gains on money trusts		896
Investment gains on trading securities		67
Gains on sales of securities		5,839
Transfer of interest and dividend income on deposits of premiums, etc.		(30,061	)
Other ordinary income		5,191
Ordinary expenses:		1,290,910
Underwriting expenses:		1,048,058
Net claims paid		607,279
Loss adjustment expenses		65,449
Net commissions and brokerage fees		176,065
Maturity refunds to policyholders		165,853
Life insurance claims paid		28,735
Investment expenses:		24,913
Investment losses on money trusts		581
Losses on sales of securities		2,201
Impairment losses on securities		6,827
Operating, general and administrative expenses		212,008
Other ordinary expenses:		5,929
Interest paid		3,619

Ordinary profit		38,888

Extraordinary gains:		2,015
Gains on disposal of fixed assets		79
Gains on negative goodwill		149
Other extraordinary gains		1,785
Extraordinary losses:		4,923
Losses on disposal of fixed assets		324
Impairment losses		662
Provision for reserves under the special laws:		2,843
Provision for reserve for price fluctuation		2,843
Other extraordinary losses		1,093

Income before income taxes and non-controlling interests		35,980

Income taxes		2,793
Deferred income taxes		9,250

Total income taxes		12,043

Income before non-controlling interests		23,936

Non-controlling interests		(180	)

Net income		24,116

(3)	Interim Consolidated Statements of Changes in Net Assets


	(Millions of yen)
	Six months ended September 30, 2010 (April 1 to September 30, 2010)
Shareholders’ equity:
Common stock:
Balance at the beginning of the period		70,000
Changes during the period
Issuance of new stocks—exercise of stock acquisition rights		45
Increase due to share exchange		30,000

Total changes during the period		30,045

Balance at the end of the period		100,045

Capital surplus:
Balance at the beginning of the period		24,229
Changes during the period
Issuance of new stocks—exercise of stock acquisition rights		45
Disposal of treasury stock		31
Increase due to share exchange		414,248

Total changes during the period		414,325

Balance at the end of the period		438,555

Retained earnings:
Balance at the beginning of the period		336,793
Changes during the period
Dividends		(25,700	)
Net income		24,116

Total changes during the period		(1,584	)

Balance at the end of the period		335,209

Treasury stock:
Balance at the beginning of the period		—
Changes during the period
Acquisition of treasury stock		(708	)
Disposal of treasury stock		180

Total changes during the period		(527	)

Balance at the end of the period		(527	)

Total shareholders’ equity:
Balance at the beginning of the period		431,023
Changes during the period
Issuance of new stocks—exercise of stock acquisition rights		91
Dividends		(25,700	)
Net income		24,116
Acquisition of treasury stock		(708	)
Disposal of treasury stock		212
Increase due to share exchange		444,248

Total changes during the period		442,259

Balance at the end of the period		873,282


	(Millions of yen)
	Six months ended September 30, 2010 (April 1 to September 30, 2010)
Valuation and translation adjustments:
Unrealized gains on securities available for sale, net of tax:
Balance at the beginning of the period		389,352
Changes during the period
Net changes in items other than shareholders’ equity		(122,463	)

Total changes during the period		(122,463	)

Balance at the end of the period		266,889

Deferred gains on hedges
Balance at the beginning of the period		—
Changes during the period
Net changes in items other than shareholders’ equity		5,330

Total changes during the period		5,330

Balance at the end of the period		5,330

Foreign currency translation adjustments:
Balance at the beginning of the period		(21,674	)
Changes during the period
Net changes in items other than shareholders’ equity		(6,287	)

Total changes during the period		(6,287	)

Balance at the end of the period		(27,962	)

Total valuation and translation adjustments:
Balance at the beginning of the period		367,678
Changes during the period
Net changes in items other than shareholders’ equity		(123,420	)

Total changes during the period		(123,420	)

Balance at the end of the period		244,258

Stock acquisition rights:
Balance at the beginning of the period		1,302
Changes during the period
Net changes in items other than shareholders’ equity		1,059

Total changes during the period		1,059

Balance at the end of the period		2,362

Non-controlling interests:
Balance at the beginning of the period		2,839
Changes during the period
Net changes in items other than shareholders’ equity		133

Total changes during the period		133

Balance at the end of the period		2,973


	(Millions of yen)
	Six months ended September 30, 2010 (April 1 to September 30, 2010)
Total net assets:
Balance at the beginning of the period		802,843
Changes during the period
Issuance of new stocks—exercise of stock acquisition rights		91
Dividends		(25,700	)
Net income		24,116
Acquisition of treasury stock		(708	)
Disposal of treasury stock		212
Increase due to share exchange		444,248
Net changes in items other than shareholders’ equity		(122,226	)

Total changes during the period		320,032

Balance at the end of the period		1,122,876

(4)	Notes on Going-Concern Assumption

None.

(5)	Securities

As of September 30, 2010

1.	Bonds held to maturity


	(Millions of yen)
	Carrying amount on balance sheet		Fair value		Unrealized gains (losses)
Securities whose fair value exceeds their carrying amount on balance sheet
Domestic bonds		1,074,635		1,153,057		78,421
Foreign securities		46,701		47,441		740

Subtotal		1,121,337		1,200,499		79,161

Securities whose fair value doesn’t exceed their carrying amount on balance sheet
Domestic bonds		2,291		2,227		(64	)
Foreign securities		24,336		24,203		(133	)

Subtotal		26,628		26,430		(197	)

Total		1,147,965		1,226,930		78,964

2.	Policy reserve matching bonds


	(Millions of yen)
	Carrying amount on balance sheet		Fair value		Unrealized gains (losses)
Securities whose fair value exceeds their carrying amount on balance sheet
Domestic bonds		12,079		12,872		792

Securities whose fair value doesn’t exceed their carrying amount on balance sheet
Domestic bonds		—		—		—

Total		12,079		12,872		792

3.	Securities available for sale


	(Millions of yen)
	Carrying amount on balance sheet		Cost		Unrealized gains (losses)
Securities whose carrying amount on balance sheet exceeds their cost
Domestic bonds		2,486,904		2,390,706		96,197
Domestic stocks		913,245		463,232		450,012
Foreign securities		524,338		487,609		36,728
Others		69,030		64,353		4,677

Subtotal		3,993,518		3,405,901		587,617

Securities whose carrying amount on balance sheet doesn’t exceed their cost
Domestic bonds		55,228		55,943		(715	)
Domestic stocks		576,687		675,493		(98,806	)
Foreign securities		540,011		607,468		(67,457	)
Others		34,100		35,298		(1,198	)

Subtotal		1,206,027		1,374,204		(168,177	)

Total		5,199,546		4,780,106		419,439

Notes)

1.	Securities available for sale, which are considered extremely difficult to figure out their fair value are not included in the above table.

2.	Certificate of deposit, which are classified as cash and deposits and beneficial interests in the loan trusts, which are classified as monetary receivables bought in the interim consolidated balance sheet, are included in “Others” above.

Impairment losses on securities available for sale which have readily determinable fair value amount to 6,401 million yen (domestic stocks: 5,123 million yen, foreign securities: 1,277 million yen). Impairment losses on securities available for sale which are considered extremely difficult to figure out their fair value amount to 413 million yen (domestic stocks: 317 million yen, foreign securities: 47 million yen, others: 48 million yen).

NKSJ Holdings, Inc. and its domestic consolidated subsidiaries recognize impairment losses on securities available for sale which have readily determinable fair value if fair value declines by 30% or more of their cost as of the interim balance sheet date, as a rule.

(6)	Derivatives Transactions

As of September 30, 2010

1.	Currency derivatives


	(Millions of yen)
	Notional amount		Due after 1 year of notional amount		Fair value			Unrealized gains (losses)
Over-the-counter transactions:
Forward foreign exchanges:
Short
EUR		66,892		—		(3,062	)		(3,062	)
USD		29,161		—		760			760
Long
TRY		19,956		—		281			281
USD		19,389		—		(53	)		(53	)

Total		—		—		(2,073	)		(2,073	)

Notes)

1.	Information on currency derivatives transactions other than the above-mentioned transactions is omitted because of no transactions.

2.	Calculation methods for the fair value

The fair value is calculated using forward exchange rate.

As for forward foreign exchanges transactions between foreign currency and the other foreign currency, the fair value is calculated using forward exchange rate of the other foreign currency and yen on the day of forward foreign exchanges transactions.

3.	Derivatives transactions to which hedge accounting is applied are excluded.

2.	Interest rate derivatives


	(Millions of yen)
	Notional amount		Due after 1 year of notional amount		Fair value		Unrealized gains (losses)
Over-the-counter transactions:
Interest rate swaps:
Receive fix / Pay float		15,000		—		63		63

Total		—		—		63		63

Notes)

1.	Information on interest rate derivatives transactions other than the above-mentioned transactions is omitted because of no transactions.

2.	Calculation methods for the fair value

The fair value is calculated by discounting future cash flow to the present value.

3.	Derivatives transactions to which hedge accounting is applied are excluded.

3.	Equity derivatives


	(Millions of yen)
	Notional amount			Due after 1 year of notional amount			Fair value			Unrealized gains (losses)
Market transactions:
Equity index futures:
Short		5,209			—			14			14
Equity index options:
Short
Call		5,417			—
		205	*		—	*		(6	)		199
Long
Put		4,400			—
		205	*		—	*		406			201

Total		—			—			414			414

Notes)

1.	Information on equity derivatives transactions other than the above-mentioned transactions is omitted because of no transactions.

2.	Calculation methods for the fair value

(1)

Equity index futures

The fair value is based on the closing price at major exchanges.

(2)

Equity index options

The fair value is based on the closing price at major exchanges.

3.	Amounts with an asterisk (*) represent the amount of the option premiums.

4.	Bond derivatives


	(Millions of yen)
	Notional amount		Due after 1 year of notional amount		Fair value		Unrealized gains (losses)
Market transactions:
Bond futures:
Long		1,500		—		3		3

Total		—		—		3		3

Notes)

1.	Information on bond derivatives transactions other than the above-mentioned transactions is omitted because of no transactions.

2.	Calculation methods for the fair value

The fair value is based on the closing price at major exchanges.

5.	Commodity derivatives

None.

Others


	(Millions of yen)
	Notional amount			Due after 1 year of notional amount			Fair value			Unrealized gains (losses)
Over-the-counter transactions:
Credit derivatives:
Short		7,000			7,000			18			18
Long		3,000			1,000			3			3
Weather derivatives:
Short		480			—
		28	*		—	*		(14	)		13
Earthquake derivatives:
Short		5,000			1,050
		141	*		21	*		(24	)		116
Long		3,555			3,033
		366	*		290	*		138			(227	)

Total		—			—			121			(75	)

Notes)

1.	Calculation methods for the fair value

(1)

Credit derivatives

The fair value is based on the price quoted by counterparties.

(2)

Weather derivatives

The fair value is calculated based on the contract term and the element of the contract.

(3)

Earthquake derivatives

The fair value is calculated based on the contract term and the element of the contract.

2.	Amounts with an asterisk (*) represent the amount of the option premiums.

4.	Interim Financial Statements (Non-consolidated)

(1)	Interim Balance Sheets (Non-consolidated)


	(Millions of yen)
	As of September 30, 2010
Assets:
Current assets:
Cash and bank deposits		2,269
Accounts receivable		240

Total current assets		2,509

Fixed assets:
Tangible fixed assets		275
Investments and other assets:
Investments in subsidiaries and affiliates		878,799
Others		67

Total investments and other assets		878,866

Total fixed assets		879,142

Total assets		881,652

Liabilities:
Current liabilities:
Short-term borrowings		2,200
Income taxes payable		7
Reserve for bonus payments		104
Others		123

Total current liabilities		2,435

Total liabilities		2,435

Net assets:
Shareholders’ equity:
Common stock		100,045
Capital surplus:
Capital reserves		25,045
Other capital surplus		751,814

Total capital surplus		776,859

Retained earnings:
Other retained earnings:
Retained earnings carried forward		476

Total retained earnings		476

Treasury stock		(527	)

Total shareholders’ equity		876,854

Stock acquisition rights		2,362

Total net assets		879,217

Total liabilities and net assets		881,652

(2)	Interim Statements of Income (Non-consolidated)


	(Millions of yen)
	Six months ended September 30, 2010 (April 1 to September 30, 2010)
Operating income:
Dividends received from subsidiaries and affiliates		1,200
Fees received from subsidiaries and affiliates		1,223

Total operating income		2,423

Operating expenses:
Operating, general and administrative expenses		1,235

Total operating expenses		1,235

Operating profit		1,187

Non-operating income		0
Non-operating expenses:
Amortization of establishment costs		704
Others		4

Total non-operating expenses		709

Ordinary profit		478

Income before income taxes		478

Income taxes		1

Total income taxes		1

Net income		476

(3)	Interim Statements of Changes in Net Assets (Non-consolidated)


	(Millions of yen)
	Six months ended September 30, 2010 (April 1 to September 30, 2010)
Shareholders’ equity:
Common stock:
Balance at the beginning of the period		—
Changes during the period
Issuance of new stocks—exercise of stock acquisition rights		45
Increase due to share exchange		100,000

Total changes during the period		100,045

Balance at the end of the period		100,045

Capital surplus:
Capital reserves
Balance at the beginning of the period		—
Changes during the period
Issuance of new stocks—exercise of stock acquisition rights		45
Increase due to share exchange		25,000

Total changes during the period		25,045

Balance at the end of the period		25,045

Other capital surplus:
Balance at the beginning of the period		—
Changes during the period
Disposal of treasury stock		31
Increase due to share exchange		751,782

Total changes during the period		751,814

Balance at the end of the period		751,814

Retained earnings:
Other retained earnings:
Retained earnings carried forward:
Balance at the beginning of the period		—
Changes during the period
Net income		476

Total changes during the period		476

Balance at the end of the period		476

Treasury stock:
Balance at the beginning of the period		—
Changes during the period
Acquisition of treasury stock		(708	)
Disposal of treasury stock		180

Total changes during the period		(527	)

Balance at the end of the period		(527	)


	(Millions of yen)
	Six months ended September 30, 2010 (April 1 to September 30, 2010)

Total shareholders’ equity:
Balance at the beginning of the period		—
Changes during the period
Issuance of new stocks—exercise of stock acquisition rights		91
Net income		476
Acquisition of treasury stock		(708	)
Disposal of treasury stock		212
Increase due to share exchange		876,782

Total changes during the period		876,854

Balance at the end of the period		876,854

Stock acquisition rights:
Balance at the beginning of the period		—
Changes during the period
Net changes in items other than shareholders’ equity		2,362

Total changes during the period		2,362

Balance at the end of the period		2,362

Total net assets:
Balance at the beginning of the period		—
Changes during the period
Issuance of new stocks—exercise of stock acquisition rights		91
Net income		476
Acquisition of treasury stock		(708	)
Disposal of treasury stock		212
Increase due to share exchange		876,782
Net changes in items other than shareholders’ equity		2,362

Total changes during the period		879,217

Balance at the end of the period		879,217

(4)	Notes on Going-Concern Assumption

None.

5.	Supplementary Information

(1)	Summary of Results of Operations


	(Millions of yen)
	Six months ended September 30, 2010 (April 1 to September 30, 2010)
Ordinary income and expenses:
Underwriting income:		1,261,384
Net premiums written		987,832
Deposits of premiums by policyholders		79,398
Life insurance premiums written		108,905
Underwriting expenses:		1,048,058
Net claims paid		607,279
Loss adjustment expenses		65,449
Net commissions and brokerage fees		176,065
Maturity refunds to policyholders		165,853
Life insurance claims paid		28,735

Investment income:		63,222
Interest and dividend income		78,453
Gains on sales of securities		5,839
Investment expenses:		24,913
Losses on sales of securities		2,201
Impairment losses on securities		6,827

Operating, general and administrative expenses		212,008

Other ordinary income and expenses		(737	)

Ordinary profit		38,888

Extraordinary gains and losses:
Extraordinary gains		2,015
Extraordinary losses		4,923

Net extraordinary losses		(2,908	)

Income before income taxes and non-controlling interests		35,980
Income taxes		2,793
Deferred income taxes		9,250
Total income taxes		12,043
Income before non-controlling interests		23,936
Non-controlling interests		(180	)

Net income		24,116

(2)	Premiums Written and Claims Paid by Lines of Business (Consolidated)

Direct premiums written (including deposits of premiums by policyholders)


	(Millions of yen)
	Six months ended September 30, 2010 (April 1 to September 30, 2010)
Business line	Amount		% of total amount		Rate of change
			%		%
Fire and allied insurance		175,867		15.5		—
Marine insurance		29,665		2.6		—
Personal accident insurance		151,217		13.4		—
Voluntary automobile insurance		491,237		43.4		—
Compulsory automobile liability insurance		130,407		11.5		—
Others		153,474		13.6		—

Total		1,131,870		100.0		—
Deposits of premiums by policyholders		79,398		7.0		—

Net premiums written
	(Millions of yen)
	Six months ended September 30, 2010 (April 1 to September 30, 2010)
Business line	Amount		% of total amount		Rate of change
			%		%
Fire and allied insurance		114,169		11.6		—
Marine insurance		23,893		2.4		—
Personal accident insurance		96,874		9.8		—
Voluntary automobile insurance		490,656		49.7		—
Compulsory automobile liability insurance		124,069		12.6		—
Others		138,170		14.0		—

Total		987,832		100.0		—

Net claims paid
	(Millions of yen)
	Six months ended September 30, 2010 (April 1 to September 30, 2010)
Business line	Amount		% of total amount		Rate of change
			%		%
Fire and allied insurance		48,136		7.9		—
Marine insurance		11,798		1.9		—
Personal accident insurance		50,343		8.3		—
Voluntary automobile insurance		299,816		49.4		—
Compulsory automobile liability insurance		114,290		18.8		—
Others		82,893		13.7		—

Total		607,279		100.0		—

Note to the above three tables:

The above figures represent amounts before offsetting internal transactions among consolidated segments.

(3)	Life Insurance Business (Consolidated)

Life insurance premiums


	(Millions of yen)
	Six months ended September 30, 2010 (April 1 to September 30, 2010)
	Amount		Rate of change
			%
Life insurance premiums		108,905		—

Note) The above figures represent amounts before offsetting internal transactions among consolidated segments.

Total amount of policies in force


	(Millions of yen)
	As of September 30, 2010
	Amount		Rate of change
			%
Individual insurance		15,902,856		—
Individual annuities		277,171		—
Group insurance		3,024,206		—
Group annuities		—		—

Notes)

1.	The above figures represent amounts before offsetting internal transactions among consolidated segments.

2.	Amount of “Individual annuities” represents the sum of annuity fund at the beginning of annuity payment of contracts before the beginning of annuity payment and policy reserves for the contracts after the beginning of annuity payment.

Total amount of new policies


	(Millions of yen)
	Six months ended September 30, 2010 (April 1 to September 30, 2010)
	Net increase by new policies and conversion		New policies		Net increase by conversion
Individual insurance		1,536,763		1,536,763		—
Individual annuities		6,580		6,580		—
Group insurance		17,702		17,702		—
Group annuities		—		—		—

Notes)

1.	The above figures represent amounts before offsetting internal transactions among consolidated segments.

2.	Amount of “Net increase by new policies and conversion” for “Individual annuities” represents the amount of annuity fund at the beginning of annuity payment.

Annualized premiums of new policies (individual insurance and individual annuities)


	(Millions of yen)
	Six months ended September 30, 2010 (April 1 to September 30, 2010)
	Amount		Rate of change
			%
Annualized premiums of new policies		18,031		—

Note) The above figures represent amounts before offsetting internal transactions among consolidated segments.

Note Regarding Forward-looking Statements

This document includes “forward-looking statements” that reflect the information in relation to the NKSJ Holdings, Inc. (“NKSJ”). 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 NKSJ in light of the information currently available to NKSJ, 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 NKSJ, as the case may be, to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. NKSJ does not undertake or will not undertake any obligation to publicly update any forward-looking statements after the date of this document. Investors are advised to consult any further disclosures by NKSJ in their subsequent domestic filings in Japan and filings with, or submissions to, the U.S. Securities Exchange Commission pursuant to the U.S. Securities Exchange Act of 1934.

The risks, uncertainties and other factors referred to above include, but are not limited to, those below. The risks, uncertainties and other factors are also referred to in our domestic Quarterly Securities Reports.

(1)	Effects of deterioration of economic and business conditions in Japan

(2)	Risk of intensification of competition in the property and casualty insurance business

(3)	Changes to laws, regulations, and systems

(4)	Natural catastrophe risks related to insurance products

(5)	Occurrence of losses exceeding projection

(6)	Reinsurance risk

(7)	Effects of declining stock price

(8)	Effects of fluctuation in interest rate

(9)	Credit risk

(10)	Effects of fluctuation in foreign exchange rate

(11)	Liquidity risk

(12)	Life insurance business risks

(13)	Overseas business risk

(14)	Non-insurance business risk

(15)	Credit rating downgrade

(16)	Business interruption risk in case of natural disasters, etc.

(17)	Information security risk

(18)	Reputational risk

(19)	System integration risk

(20)	Risk of failure to adequately realize business integration synergies

(21)	Risks related to merger of life insurance subsidiaries

(22)	Other risks

[English Translation]

Summary of Consolidated Financial Results for the six months ended September 30, 2010

(Supplementary Information)

UNOFFICIAL TRANSLATION

This document is an unofficial English translation of the Japanese original.

Summary of Consolidated Financial Results

for the six months ended September 30, 2010

Supplementary Information

November 19, 2010

NKSJ Holdings, Inc.

(Stock code number : 8630)

Summary of Consolidated Financial Results for the six months ended September 30, 2010

Supplementary Information Contents

1. Overview of Consolidated Financial Results for the six months ended September 30, 2010


NKSJ Holdings, Inc.
Overview of Consolidated Financial Results for the six months ended September 30, 2010			3
Summary of Results of Operations by Lines of Business Segments			3

Sompo Japan Insurance Inc. (Non-consolidated)
Overview of Financial Results for the six months ended September 30, 2010			4
Summary of Results of Operations			4
Premiums Written and Claims Paid by Lines of Business			5
Net Incurred Loss related to Natural Disasters (which occurred in the period)			6
Breakdown of Operating, General and Administrative Expenses and Loss Adjustment Expenses			6
Reserve for Outstanding Losses and Claims			6
Ordinary Underwriting Reserves			6
Catastrophic Loss Reserve			6

NIPPONKOA Insurance Co., Ltd. (Non-consolidated)
Overview of Financial Results for the six months ended September 30, 2010			7
Summary of Results of Operations			7
Premiums Written and Claims Paid by Lines of Business			8
Net Incurred Loss related to Natural Disasters (which occurred in the period)			9
Breakdown of Operating, General and Administrative Expenses and Loss Adjustment Expenses			9
Reserve for Outstanding Losses and Claims			9
Ordinary Underwriting Reserves			9
Catastrophic Loss Reserve			9

2. Forecasts for the fiscal year ending March 31, 2011 (April 1, 2010 to March 31, 2011)

NKSJ Holdings, Inc. (Consolidated)			10
Sompo Japan Insurance Inc. (Non-consolidated)			10
NIPPONKOA Insurance Co., Ltd. (Non-consolidated)			10

3. Overview of Business Results of Principal Consolidated Subsidiaries

Sompo Japan Insurance Inc. (Non-consolidated)			11
Interim Balance Sheets			11
Interim Statements of Income			12
Premiums Written and Claims Paid by Lines of Business			13
Solvency Margin Ratio			14
Exposure to Structured Finance (As of September 30, 2010)			15

NIPPONKOA Insurance Co., Ltd. (Non-consolidated)			19
Interim Balance Sheets			19
Interim Statements of Income			20
Premiums Written and Claims Paid by Lines of Business			21
Solvency Margin Ratio			22
Investments in the securitized paper and subprime loans (As of September 30, 2010)			23


SONPO 24 Insurance Co., Ltd. (Non-Consolidated)			24
Interim Balance Sheets			24
Interim Statements of Income			25
Premiums Written and Claims Paid by Lines of Business			26
Solvency Margin Ratio			27

Saison Automobile and Fire Insurance Company, Limited (Non-consolidated)			28
Interim Balance Sheets			28
Interim Statements of Income			29
Premiums Written and Claims Paid by Lines of Business			30
Solvency Margin Ratio			31

Sompo Japan Himawari Life Insurance Co., Ltd. (Non-consolidated)			32
Interim Balance Sheets			32
Interim Statements of Income			33
Major Business Results
(Total amount of policies in force and total amount of new policies, Annualized premiums)			34
Solvency Margin Ratio			35

NIPPONKOA Life Insurance Co., Ltd. (Non-consolidated)			36
Interim Balance Sheets			36
Interim Statements of Income			37
Major Business Results
(Total amount of policies in force and total amount of new policies, Annualized premiums)			38
Solvency Margin Ratio			39

Sompo Japan DIY Life Insurance Co., Ltd. (Non-consolidated)			40
Interim Balance Sheets			40
Interim Statements of Income			41
Major Business Results
(Total amount of policies in force and total amount of new policies, Annualized premiums)			42
Solvency Margin Ratio			43

Supplementary Explanation			44
Calculation of ratios			44
Solvency margin ratio			44

4. Supplementary Data about Financial Results for the six months ended September 30, 2010 at Press Conference

Sompo Japan Insurance Inc. (Non-consolidated)			45
NIPPONKOA Insurance Co., Ltd. (Non-consolidated)			48
Sompo Japan Insurance Inc. and NIPPONKOA Insurance Co., Ltd. (Combined)			51

Note Regarding Forward-looking Statements			52

1.	Overview of Consolidated Financial Results for the six months ended September 30, 2010

NKSJ Holdings, Inc.

Overview of Consolidated Financial Results for the six months ended September 30, 2010


			(Millions of yen)
			Six months ended September 30, 2010 (April 1 to September 30, 2010)
Ordinary income:	(1	)		1,329,799
Net premiums written	(2	)		987,832
Life insurance premiums written	(3	)		108,905
Ordinary profit	(4	)		38,888
Net income	(5	)		24,116


			(Millions of yen)
			Ordinary profit			Net income
Sompo Japan Insurance Inc. (Consolidated)	(6	)		22,216			15,355
+
NIPPONKOA Insurance Co., Ltd. (Consolidated)	(7	)		20,444			12,910
+
Consolidation adjustment	(8	)		(3,772	)		(4,148	)
=
NKSJ Holdings, Inc. (Consolidated)	(9	)		38,888			24,116

Note)

The transaction related to the establishment of NKSJ Holdings, Inc. is accounted for under the purchase method as accounting methods for business combination.

The major component of the above “Consolidation adjustment” is the amount of adjustments due to the application of the purchase method.

Summary of Results of Operations by Lines of Business Segments


			(Millions of yen)
			Property and casualty insurance business								Life insurance business			Others			Total
			Domestic property and casualty insurance business						Overseas property and casualty insurance business
					Sompo Japan		NIPPONKOA		Overseas property and casualty insurance business
Net premiums written	(10	)		972,875		643,682		316,583		14,957		—			—			987,832
Life insurance premiums written	(11	)		—		—		—		—		108,905			—			108,905
Ordinary profit	(12	)		41,929		25,331		17,584		496		(2,369	)		(1,167	)		38,888
Net income	(13	)		27,467		17,230		11,064		149		(2,379	)		(1,121	)		24,116

Note)

Ordinary profit and net income represent amounts after consolidation adjustments.

Sompo Japan Insurance Inc. (Non-consolidated)

Overview of Financial Results for the six months ended September 30, 2010

Summary of Results of Operations


			(Millions of yen)
			Six months ended September 30, 2009 (April 1 to September 30, 2009)			Six months ended September 30, 2010 (April 1 to September 30, 2010)			Increase (Decrease)			Rate of change
Ordinary income and expenses:
Underwriting income and expenses:
Direct premiums written (including deposits of premiums by policyholders)		(1)		727,313			737,131			9,817			1.3	%
Direct premiums written		(2)		673,086			677,684			4,598			0.7
(+) Net premiums written		(3)		641,665			643,682			2,017			0.3
(–) Net claims paid		(4)		440,894			399,085			(41,808	)		(9.5	)
(–) Loss adjustment expenses		(5)		38,347			46,843			8,496			22.2
(–) Net commissions and brokerage fees		(6)		107,227			107,566			339			0.3
(+) Deposits of premiums by policyholders		(7)		54,227			59,446			5,218			9.6
(+) Interest and dividend income on deposits of premiums, etc.		(8)		21,141			19,612			(1,529	)		(7.2	)
(–) Maturity refunds and dividends to policyholders		(9)		74,707			109,736			35,029			46.9
(–) Provision for reserve for outstanding losses and claims		(10)		(72,297	)		(33,344	)		38,953			—
(–) Provision for underwriting reserves		(11)		(10,780	)		(31,319	)		(20,538	)		—
(+) Other underwriting income and expenses		(12)		(7,102	)		(682	)		6,420			—
Gross underwriting margin		(13)		131,834			123,491			(8,342	)		(6.3	)

Operating, general and administrative expenses related to underwriting		(14)		111,925			107,074			(4,850	)		(4.3	)
Other income and expenses		(15)		(1,701	)		(2,243	)		(542	)		—
Underwriting profit		(16)		18,207			14,173			(4,034	)		(22.2	)

Investment income and expenses:
(+) Interest and dividend income		(17)		46,319			43,199			(3,120	)		(6.7	)
(+) Investment gains and losses on money trusts		(18)		(1,262	)		(414	)		848			—
(+) Gains and losses on sales of securities		(19)		1,216			1,456			240			19.8
(–) Impairment losses on securities		(20)		4,148			3,789			(359	)		(8.7	)
(+) Transfer of interest and dividend income on deposits of premiums, etc.		(21)		(21,141	)		(19,612	)		1,529			—
(+) Gains and losses on derivatives		(22)		7,329			7,044			(284	)		(3.9	)
(+) Other investment income and expenses		(23)		(9,066	)		(12,750	)		(3,684	)		—
Gross investment margin		(24)		19,245			15,133			(4,112	)		(21.4	)

(–) Operating, general and administrative expenses		(25)		118,006			112,706			(5,299	)		(4.5	)

(+) Other ordinary income and expenses		(26)		(934	)		(813	)		121			—

Ordinary profit		(27)		32,138			25,105			(7,033	)		(21.9	)

Extraordinary gains and losses:
(+) Extraordinary gains		(28)		15,205			3,129			(12,075	)		(79.4	)
(–) Extraordinary losses		(29)		3,156			2,392			(763	)		(24.2	)

Net extraordinary gains		(30)		12,049			737			(11,312	)		(93.9	)

Income before income taxes		(31)		44,188			25,842			(18,345	)		(41.5	)

(–) Income taxes		(32)		257			218			(39	)		(15.1	)
(–) Refunded income taxes for prior period		(33)		(733	)		—			733			—
(–) Deferred income taxes		(34)		13,948			7,309			(6,638	)		(47.6	)

Total income taxes		(35)		13,472			7,528			(5,944	)		(44.1	)

Net income		(36)		30,715			18,313			(12,401	)		(40.4	)


Underwriting result:
(+) Net premiums written		(37)		641,665			643,682			2,017			0.3

(–) Net claims paid		(38)		440,894			399,085			(41,808	)		(9.5	)

(–) Loss adjustment expenses		(39)		38,347			46,843			8,496			22.2

(–) Operating expenses:		(40)		219,152			214,641			(4,511	)		(2.1	)

Net commissions and brokerage fees		(41)		107,227			107,566			339			0.3
Operating, general and administrative expenses related to underwriting		(42)		111,925			107,074			(4,850	)		(4.3	)

Underwriting result		(43)		(56,728	)		(16,887	)		39,840			—

Ratios:
Net loss ratio	(%)	(44)		74.7			69.3			(5.4	)
Net expense ratio	(%)	(45)		34.2			33.3			(0.8	)
Underwriting result ratio	(%)	(46)		(8.8	)		(2.6	)		6.2

Sompo Japan Insurance Inc. (Non-consolidated)

Premiums Written and Claims Paid by Lines of Business

Direct premiums written (excluding deposits of premiums by policyholders)


	(Millions of yen)
	Six months ended September 30, 2009 (April 1 to September 30, 2009)								Six months ended September 30, 2010 (April 1 to September 30, 2010)
Business line	Amount		% of total amount			Rate of change			Amount		% of total amount			Rate of change
Fire and allied insurance		85,962		12.8	%		(1.3	)%		83,312		12.3	%		(3.1	)%
Marine insurance		14,498		2.2			(26.7	)		16,095		2.4			11.0
Personal accident insurance		68,055		10.1			(1.5	)		68,042		10.0			(0.0	)
Voluntary automobile insurance		321,841		47.8			(2.7	)		319,815		47.2			(0.6	)
Compulsory automobile liability insurance		88,480		13.1			(16.5	)		90,794		13.4			2.6
Others		94,248		14.0			(0.1	)		99,624		14.7			5.7

Total		673,086		100.0			(4.8	)		677,684		100.0			0.7
Deposits of premiums by policyholders		54,227		—			(26.7	)		59,446		—			9.6


Net premiums written
	(Millions of yen)
	Six months ended September 30, 2009 (April 1 to September 30, 2009)								Six months ended September 30, 2010 (April 1 to September 30, 2010)
Business line	Amount		% of total amount			Rate of change			Amount		% of total amount			Rate of change
Fire and allied insurance		67,676		10.5	%		(3.2	)%		67,519		10.5	%		(0.2	)%
Marine insurance		12,167		1.9			(27.5	)		12,939		2.0			6.3
Personal accident insurance		67,482		10.5			(1.6	)		67,788		10.5			0.5
Voluntary automobile insurance		322,609		50.3			(2.1	)		319,777		49.7			(0.9	)
Compulsory automobile liability insurance		82,320		12.8			(18.3	)		85,466		13.3			3.8
Others		89,407		13.9			0.1			90,191		14.0			0.9

Total		641,665		100.0			(4.9	)		643,682		100.0			0.3


Net claims paid
	(Millions of yen)
	Six months ended September 30, 2009 (April 1 to September 30, 2009)								Six months ended September 30, 2010 (April 1 to September 30, 2010)
Business line	Amount		Rate of change			Net loss ratio			Amount		Rate of change			Net loss ratio
Fire and allied insurance		28,980		1.5	%		44.5	%		27,943		(3.6	)%		43.3	%
Marine insurance		6,320		(12.6	)		56.5			7,448		17.8			61.2
Personal accident insurance		33,179		0.1			54.3			34,190		3.0			55.8
Voluntary automobile insurance		194,223		(2.0	)		67.6			190,544		(1.9	)		69.4
Compulsory automobile liability insurance		77,744		(4.7	)		101.8			78,071		0.4			98.8
Others		100,444		139.0			116.1			60,887		(39.4	)		71.8

Total		440,894		12.8			74.7			399,085		(9.5	)		69.3

Sompo Japan Insurance Inc. (Non-consolidated)

Net Incurred Loss related to Natural Disasters (which occurred in the period)


	(Millions of yen)
	Six months ended September 30, 2009						Six months ended September 30, 2010
	Net claims paid		Reserve for outstanding losses and claims		Net incurred loss		Net claims paid		Reserve for outstanding losses and claims		Net incurred loss
Fire and allied insurance		1,210		300		1,511		1,046		385		1,432
Voluntary automobile insurance		1,252		130		1,383		260		56		316
Others		66		44		110		97		14		111

Total		2,529		475		3,005		1,404		456		1,860

Notes)

1.	This table represents net claims paid and reserve for outstanding losses and claims related to natural disasters which occurred in the period.

2.	Net incurred loss = Net claims paid + Reserve for outstanding losses and claims

“Reserve for outstanding losses and claims” represents amounts deducting reinsurance recoverable on unpaid loss from direct insurance reserve for outstanding losses and claims.

Breakdown of Operating, General and Administrative Expenses and Loss Adjustment Expenses


	(Millions of yen)
	Six months ended September 30, 2009								Six months ended September 30, 2010
	Amount		Increase (Decrease)			Rate of change			Amount		Increase (Decrease)			Rate of change
						%								%
Personnel expenses		82,420		(1,993	)		(2.4	)		89,881		7,461			9.1
Non-personnel expenses		66,181		(3,211	)		(4.6	)		61,784		(4,397	)		(6.6	)
Others		7,751		(436	)		(5.3	)		7,884		132			1.7

Total		156,353		(5,641	)		(3.5	)		159,550		3,196			2.0

Reserve for Outstanding Losses and Claims


	(Millions of yen)
	Six months ended September 30, 2009					Six months ended September 30, 2010
	Balance		Change			Balance		Change
Fire and allied insurance		25,641		(6,962	)		25,359		(973	)
Marine insurance		12,244		(407	)		11,103		(729	)
Personal accident insurance		49,219		(1,417	)		54,333		691
Voluntary automobile insurance		298,650		4,073			305,687		3,628
Compulsory automobile liability insurance		55,775		(1,543	)		55,210		(608	)
Others		244,708		(66,040	)		202,763		(35,353	)

Total		686,240		(72,297	)		654,456		(33,344	)

Notes)

1.	“Balance” of financial guarantee insurance is included in “Others”.


Six months ended September 30, 2009:		75,127 million yen		Six months ended September 30, 2010:		47,260 million yen

2.	“Change” of financial guarantee insurance is included in “Others”.


Six months ended September 30, 2009:		(65,055) million yen		Six months ended September 30, 2010:		(33,404) million yen

Ordinary Underwriting Reserves


	(Millions of yen)
	Six months ended September 30, 2009					Six months ended September 30, 2010
	Balance		Change			Balance		Change
Fire and allied insurance		493,842		(6,806	)		489,156		(5,365	)
Marine insurance		10,477		557			9,412		636
Personal accident insurance		79,480		7,066			83,576		6,784
Voluntary automobile insurance		188,585		(1,825	)		185,107		1,555
Compulsory automobile liability insurance		405,704		(19,324	)		367,201		(19,413	)
Others		200,715		11,350			206,951		13,214

Total		1,378,806		(8,981	)		1,341,405		(2,588	)

Note)

This table excludes reserve for maturity refunds and reserve for dividends to policyholders of savings-type insurance and includes underwriting reserves of household earthquake and compulsory automobile liability insurance.

Catastrophic Loss Reserve


	(Millions of yen)
	Six months ended September 30, 2009								Six months ended September 30, 2010								Year ended March 31, 2010
	Reversal		Provision		Balance		Balance ratio		Reversal		Provision		Balance		Balance ratio		Balance		Balance ratio
							%								%				%
Fire and allied insurance		—		9,388		138,939		105.1		—		9,554		158,079		119.9		148,525		105.4
Marine insurance		—		454		25,795		106.0		280		474		26,425		102.1		26,231		110.5
Personal accident insurance		159		2,112		89,638		66.4		946		2,125		85,766		63.3		84,587		67.5
Voluntary automobile insurance		33,938		19,611		33,182		5.1		31,552		19,472		26,528		4.1		38,609		6.0
Others		1,168		6,072		92,605		51.8		741		6,113		102,105		56.6		96,733		60.2

Total		35,265		37,639		380,162		34.1		33,521		37,740		398,906		35.8		394,687		36.2

Note)

Balance ratio = Balance of catastrophic loss reserve / Net premiums written (excluding household earthquake and compulsory automobile liability insurance) × 100

As for the interim fiscal year, net premiums written are doubled for the calculation of balance ratio.

NIPPONKOA Insurance Co., Ltd. (Non-consolidated)

Overview of Financial Results for the six months ended September 30, 2010

Summary of Results of Operations


				(Millions of yen)
				Six months ended September 30, 2009 (April 1 to September 30, 2009)			Six months ended September 30, 2010 (April 1 to September 30, 2010)			Increase (Decrease)			Rate of change
Ordinary income and expenses:
Underwriting income and expenses:
Direct premiums written (including deposits of premiums by policyholders)		(1	)		353,205			353,189			(15	)		(0.0	)%
Direct premiums written		(2	)		335,424			333,562			(1,862	)		(0.6	)
(+) Net premiums written		(3	)		319,749			316,583			(3,165	)		(1.0	)
(–) Net claims paid		(4	)		194,075			194,837			762			0.4
(–) Loss adjustment expenses		(5	)		17,577			17,628			51			0.3
(–) Net commissions and brokerage fees		(6	)		54,069			52,746			(1,323	)		(2.4	)
(+) Deposits of premiums by policyholders		(7	)		17,780			19,627			1,846			10.4
(+) Interest and dividend income on deposits of premiums, etc.		(8	)		11,575			10,419			(1,155	)		(10.0	)
(–) Maturity refunds and dividends to policyholders		(9	)		58,508			55,661			(2,847	)		(4.9	)
(–) Reversal of reserve for outstanding losses and claims		(10	)		(10,649	)		(4,031	)		6,617			—
(–) Reversal of underwriting reserves		(11	)		(43,664	)		(42,272	)		1,391			—
(+) Other underwriting income and expenses		(12	)		(217	)		(1,039	)		(822	)		—
Gross underwriting margin		(13	)		78,970			71,021			(7,949	)		(10.1	)

Operating, general and administrative expenses related to underwriting		(14	)		59,015			59,118			103			0.2
Other income and expenses		(15	)		(1,382	)		(796	)		586			—
Underwriting profit		(16	)		18,573			11,107			(7,466	)		(40.2	)

Investment income and expenses:
(+) Interest and dividend income		(17	)		22,722			21,644			(1,077	)		(4.7	)
(+) Investment gains and losses on money trusts		(18	)		530			471			(58	)		(11.1	)
(+) Gains and losses on sales of securities		(19	)		5,130			1,784			(3,345	)		(65.2	)
(–) Impairment losses on securities		(20	)		363			1,177			813			223.5
(+) Transfer of interest and dividend income on deposits of premiums, etc.		(21	)		(11,575	)		(10,419	)		1,155			—
(+) Gains and losses on derivatives		(22	)		1,147			997			(150	)		(13.1	)
(+) Other investment income and expenses		(23	)		(3,324	)		(1,961	)		1,363			—
Gross investment margin		(24	)		14,266			11,339			(2,927	)		(20.5	)

(–) Operating, general and administrative expenses		(25	)		62,080			62,153			73			0.1

(+) Other ordinary income and expenses		(26	)		25			338			313			1,243.0

Ordinary profit		(27	)		31,182			20,546			(10,636	)		(34.1	)

Extraordinary gains and losses:
(+) Extraordinary gains		(28	)		169			600			431			254.9
(–) Extraordinary losses		(29	)		3,809			2,204			(1,605	)		(42.1	)

Net extraordinary losses		(30	)		(3,640	)		(1,603	)		2,036			—

Income before income taxes		(31	)		27,541			18,942			(8,599	)		(31.2	)

(–) Income taxes		(32	)		6,475			1,244			(5,231	)		(80.8	)
(–) Refunded income taxes for prior period		(33	)		—			—			—			—
(–) Deferred income taxes		(34	)		2,569			4,548			1,978			77.0

Total income taxes		(35	)		9,045			5,793			(3,252	)		(36.0	)

Net income		(36	)		18,496			13,148			(5,347	)		(28.9	)


Underwriting result:
(+) Net premiums written		(37	)		319,749			316,583			(3,165	)		(1.0	)

(–) Net claims paid		(38	)		194,075			194,837			762			0.4

(–) Loss adjustment expenses		(39	)		17,577			17,628			51			0.3

(–) Operating expenses:		(40	)		113,084			111,864			(1,219	)		(1.1	)

Net commissions and brokerage fees		(41	)		54,069			52,746			(1,323	)		(2.4	)
Operating, general and administrative expenses related to underwriting		(42	)		59,015			59,118			103			0.2

Underwriting result		(43	)		(4,987	)		(7,747	)		(2,759	)		—

Ratios:
Net loss ratio	(%)	(44	)		66.2			67.1			0.9
Net expense ratio	(%)	(45	)		35.4			35.3			(0.1	)
Underwriting result ratio	(%)	(46	)		(1.6	)		(2.4	)		(0.8	)

NIPPONKOA Insurance Co., Ltd. (Non-consolidated)

Premiums Written and Claims Paid by Lines of Business

Direct premiums written (excluding deposits of premiums by policyholders)


	(Millions of yen)
	Six months ended September 30, 2009 (April 1 to September 30, 2009)								Six months ended September 30, 2010 (April 1 to September 30, 2010)
Business line	Amount		% of total amount			Rate of change			Amount		% of total amount			Rate of change
Fire and allied insurance		55,255		16.5	%		(5.0	)%		55,550		16.7	%		0.5	%
Marine insurance		6,859		2.0			(30.4	)		7,410		2.2			8.0
Personal accident insurance		27,236		8.1			(5.5	)		26,810		8.0			(1.6	)
Voluntary automobile insurance		160,714		47.9			(1.8	)		158,024		47.4			(1.7	)
Compulsory automobile liability insurance		38,816		11.6			(15.1	)		39,452		11.8			1.6
Others		46,542		13.9			(3.7	)		46,314		13.9			(0.5	)

Total		335,424		100.0			(5.4	)		333,562		100.0			(0.6	)
Deposits of premiums by policyholders		17,780		—			(52.7	)		19,627		—			10.4


Net premiums written
	(Millions of yen)
	Six months ended September 30, 2009 (April 1 to September 30, 2009)								Six months ended September 30, 2010 (April 1 to September 30, 2010)
Business line	Amount		% of total amount			Rate of change			Amount		% of total amount			Rate of change
Fire and allied insurance		43,771		13.7	%		(5.5	)%		42,394		13.4	%		(3.1	)%
Marine insurance		6,646		2.1			(28.3	)		6,948		2.2			4.5
Personal accident insurance		27,583		8.6			(5.0	)		27,340		8.6			(0.9	)
Voluntary automobile insurance		160,451		50.2			(1.9	)		157,942		49.9			(1.6	)
Compulsory automobile liability insurance		37,132		11.6			(18.1	)		38,280		12.1			3.1
Others		44,164		13.8			(3.4	)		43,679		13.8			(1.1	)

Total		319,749		100.0			(5.7	)		316,583		100.0			(1.0	)


Net claims paid

	(Millions of yen)
	Six months ended September 30, 2009 (April 1 to September 30, 2009)								Six months ended September 30, 2010 (April 1 to September 30, 2010)
Business line	Amount		Rate of change			Net loss ratio			Amount		Rate of change			Net loss ratio
Fire and allied insurance		20,526		5.4	%		50.5	%		19,076		(7.1	)%		48.6	%
Marine insurance		3,398		3.8			53.4			2,930		(13.7	)		44.1
Personal accident insurance		15,323		(6.3	)		60.8			15,230		(0.6	)		60.7
Voluntary automobile insurance		97,268		0.4			66.4			101,635		4.5			70.5
Compulsory automobile liability insurance		35,612		(4.9	)		103.1			35,912		0.8			100.9
Others		21,945		(9.3	)		55.2			20,051		(8.6	)		51.0

Total		194,075		(1.8	)		66.2			194,837		0.4			67.1

NIPPONKOA Insurance Co., Ltd. (Non-consolidated)

Net Incurred Loss related to Natural Disasters (which occurred in the period)


	(Millions of yen)
	Six months ended September 30, 2009						Six months ended September 30, 2010
	Net claims paid		Reserve for outstanding losses and claims		Net incurred loss		Net claims paid		Reserve for outstanding losses and claims		Net incurred loss
Fire and allied insurance		1,426		810		2,236		1,312		413		1,725
Voluntary automobile insurance		564		58		623		124		17		141
Others		157		95		253		119		352		471

Total		2,148		964		3,113		1,557		782		2,339

Notes)

1.	This table represents net claims paid and reserve for outstanding losses and claims related to natural disasters which occurred in the period.

2.	Net incurred loss = Net claims paid + Reserve for outstanding losses and claims “Reserve for outstanding losses and claims” represents amounts deducting reinsurance recoverable on unpaid loss from direct insurance reserve for outstanding losses and claims.

Breakdown of Operating, General and Administrative Expenses and Loss Adjustment Expenses


	(Millions of yen)
	Six months ended September 30, 2009								Six months ended September 30, 2010
	Amount		Increase (Decrease)			Rate of change			Amount		Increase (Decrease)			Rate of change
Personnel expenses		42,587		1,178			2.8	%		44,369		1,781			4.2	%
Non-personnel expenses		33,122		(784	)		(2.3	)		31,469		(1,653	)		(5.0	)
Others		3,947		(179	)		(4.3	)		3,943		(3	)		(0.1	)

Total		79,657		214			0.3			79,782		124			0.2

Reserve for Outstanding Losses and Claims


	(Millions of yen)
	Six months ended September 30, 2009					Six months ended September 30, 2010
	Balance		Change			Balance		Change
Fire and allied insurance		22,628		(4,382	)		20,443		(1,768	)
Marine insurance		8,111		(467	)		5,262		(1,176	)
Personal accident insurance		20,398		(1,708	)		18,171		(1,092	)
Voluntary automobile insurance		134,642		(5,138	)		131,684		1,048
Compulsory automobile liability insurance		25,639		(663	)		25,526		(190	)
Others		60,956		1,711			62,752		(851	)

Total		272,377		(10,649	)		263,840		(4,031	)

Ordinary Underwriting Reserves


	(Millions of yen)
	Six months ended September 30, 2009					Six months ended September 30, 2010
	Balance		Change			Balance		Change
Fire and allied insurance		356,610		(4,627	)		358,455		(4,232	)
Marine insurance		5,339		(516	)		4,797		787
Personal accident insurance		30,521		1,842			31,041		2,144
Voluntary automobile insurance		91,896		(2,058	)		91,586		(109	)
Compulsory automobile liability insurance		186,223		(8,960	)		168,363		(8,763	)
Others		82,480		3,273			80,254		2,889

Total		753,071		(11,047	)		734,499		(7,284	)

Note)

Catastrophic Loss Reserve


	(Millions of yen)
	Six months ended September 30, 2009									Six months ended September 30, 2010									Year ended March 31, 2010
	Reversal		Provision		Balance		Balance ratio			Reversal		Provision		Balance		Balance ratio			Balance		Balance ratio
Fire and allied insurance		—		2,963		117,544		137.7	%		—		2,865		124,003		150.2	%		121,138		128.4	%
Marine insurance		—		305		18,941		142.5			301		307		19,035		137.0			19,028		141.1
Personal accident insurance		1,851		862		24,659		44.7			1,890		855		19,981		36.5			21,016		41.5
Voluntary automobile insurance		16,142		11,070		17,285		5.4			21,861		10,889		10,936		3.5			21,909		6.9
Others		294		2,119		50,200		56.8			394		2,107		53,214		60.9			51,501		64.6

Total		18,288		17,322		228,632		40.6			24,448		17,025		227,170

NKSJ Holdings, Inc. 6-K