 |
| August 8, 2003 |
|
Summary
of Consolidated Results of Operations
for the First Quarter Ended June 30, 2003
in the Fiscal Year Ending March 31, 2004 |
| 1. |
Basic Principles
of Preparation for Quarterly Results of Operations |
|
|
|
There are certain differences in recognition of net premius written
between the accouting method applied to the reporting quarter and
one applied to the previous year-end;
The primary difference is that, the quarterly results include premiums
on the "forward dated" policies which had been written in
the reporting quarter but would become valid later after the quarter
elapsed, whereas such premiums as at year-end are excluded by the
year-end accounting treatment. |
| 2. |
Summarized Business
Results for the First Quarter in FY2003
(Apr.1,2003 - Jun.30,2003) |
|
|
|
Note:
|
The amount which respectively represent less than the
relevant unit are descarded, and the ratios are rounded to the nearest
one-tenth, with five one-hundredths or more considered to be a full
tenth. The same applies hereunder. |
|
(1) |
Net Premiums Written |
|
|
First quarter
ended June 30, 2003
First quarter
ended June 30, 2002 |
| |
|
millions of yen |
|
|
% |
| * |
( |
359,439 )
356,882 |
* |
( |
10.1 )
9.9 |
| * |
( |
326,571 )
324,611 |
|
|
|
|
(cf.)For the year ended
March 31, 2003
|
|
|
|
Note: |
1. |
The figures stated in percentage represent increased
ratio of net premiums written compared to the first quarter in the
previous fiscal year. |
|
|
2. |
*The upper line of net premiums written in parenthesis
exclude of Good Result Return premiums ("GRR premiums")
of "ModoRich," for the purpose of easy comparison with other
non-life insurance companies. "ModoRich" is a unique automobile
insurance product developed by the Company which contains a special
clause of premium adjustment and refund at maturity. |
|
|
|
|
|
For the first quarter of fiscal 2003, net
premiums written increased to 359,439 million yen by 10.1% compared
to the first quarter of fiscal 2002, after adjusting the GRR premiums.
At the Company, the increased premiums were primarily due to the effect
of abolition of the reinsurance to the government related to compulsory
automobile liability insurances ("CALI"), and also premium
revenues rose in every lines of insurance compared to the previous
year's first quarter. In addition, the consolidated subsidiaries,
e.g. overseas subsidiaries in Europe and Asia, earned larger revenues.
Moreover, even after adjustment of the effect from abolition of reinsurance
to the government related to CALI and exclusion of the GRR premiums
of "ModoRich", net premiums written marked a 4.0% increase
compared to the previous year's first quarter. |
|
|
|
|
(2) |
Material Events Affecting the Group's Financial
Conditions and Results in the Quarter
There was nothing applicable here. |
| 3. |
Forecast Business
Results for the Fiscal Year Ending March 2004 |
|
|
|
There are no revisions to the business results forecasts for the
fiscal year ending March 31, 2004 at this point of time.
|
| excluding GRR premiums of
automobile insurance "ModoRich" |
|
Consolidated |
| Premiums
Received and Claims Paid by Lines of Insurance |
| Direct Premiums Written by Lines of Insurance (including
deposit premiums from policyholders) |
|
| (Million Yen) |
| |
First
Quarter
(Jun. 30, 2002) |
First
Quarter
(Jun. 30, 2003) |
(cf)
FY2002
(Mar. 31, 2003) |
| Lines of Insurance |
Amount |
Share (%) |
Amount |
Change (%) |
Share (%) |
Amount |
Change (%) |
Share (%) |
| Fire |
74,562 |
16.5 |
72,469 |
-2.8 |
14.9 |
273,450 |
3.4 |
16.1 |
| Marine |
18,214 |
4.1 |
19,183 |
5.3 |
4.0 |
69,699 |
3.9 |
4.1 |
| Personal Accident |
85,379 |
18.9 |
110,454 |
29.4 |
22.8 |
352,110 |
3.3 |
20.7 |
| Voluntary Automobile |
162,464 |
36.0 |
162,428 |
-0.0 |
33.5 |
593,996 |
0.0 |
34.9 |
| CALI |
55,044 |
12.2 |
55,666 |
1.1 |
11.5 |
181,560 |
21.1 |
10.7 |
| Other |
55,622 |
12.3 |
64,751 |
16.4 |
13.3 |
230,809 |
9.5 |
13.5 |
Total
(Deposit premiums from policyholders) |
451,288
( 72,028) |
100.0
(16.0) |
484,953
(92,470) |
7.5
( 28.4) |
100.0
(19.1) |
1,701,627
(306,757) |
4.6
(3.4) |
100.0
(18.0) |
|
| Net Premiums by Lines of Insurance |
|
| (Million Yen) |
| |
First Quarter
(Jun. 30, 2002) |
First Quarter
(Jun. 30, 2003) |
(cf) FY2002
(Mar. 31, 2003) |
| Lines of Insurance |
Amount |
Share (%) |
Amount |
Change (%) |
Share (%) |
Amount |
Change (%) |
Share (%) |
| Fire |
45,272 |
13.9 |
45,065 |
-0.5 |
12.5 |
170,821 |
2.4 |
12.9 |
| Marine |
12,447 |
3.8 |
13,985 |
12.4 |
3.9 |
57,502 |
6.9 |
4.4 |
| Personal Accident |
33,592 |
10.3 |
34,445 |
2.5 |
9.6 |
123,290 |
-1.1 |
9.3 |
| Voluntary Automobile |
161,691 |
49.5 |
161,679 |
-0.0 |
45.0 |
593,142 |
-0.1 |
45.0 |
| CALI |
22,585 |
6.9 |
45,858 |
103.0 |
12.8 |
165,034 |
82.3 |
12.5 |
| Other |
50,981 |
15.6 |
58,405 |
14.6 |
16.2 |
209,363 |
7.9 |
15.9 |
| Total |
326,571 |
100.0 |
359,439 |
10.1 |
100.0 |
1,319,154 |
7.8 |
100.0 |
(cf) Figures after excluding the effect of abolition of reinsurance
to government related to CALI. |
| CALI |
22,585 |
|
26,170 |
15.9 |
|
99,060 |
9.4 |
|
| Total |
326,571 |
|
339,751 |
4.0 |
|
1,253,181 |
2.4 |
|
| Net Claims Paid by Lines of Insurance |
|
| (Million Yen) |
|
|
First Quarter
(Jun. 30, 2002) |
First Quarter
(Jun. 30, 2003) |
(cf) FY2002
(Mar. 31, 2003) |
| Lines of Insurance |
Amount |
Share (%) |
Amount |
Change (%) |
Share (%) |
Amount |
Change (%) |
Share (%) |
| Fire |
12,891 |
8.8 |
14,930 |
15.8 |
9.5 |
57,051 |
9.4 |
8.8 |
| Marine |
5,003 |
3.4 |
7,263 |
45.2 |
4.6 |
25,870 |
-12.4 |
4.0 |
| Personal Accident |
11,702 |
7.9 |
12,430 |
6.2 |
7.9 |
50,643 |
-1.7 |
7.8 |
| Voluntary Automobile |
79,862 |
54.1 |
81,417 |
1.9 |
51.7 |
338,566 |
-1.0 |
52.4 |
| CALI |
14,507 |
9.8 |
17,380 |
19.8 |
11.0 |
60,948 |
7.9 |
9.4 |
| Other |
23,645 |
16.0 |
24,026 |
1.6 |
15.3 |
113,477 |
3.0 |
17.6 |
| Total |
147,612 |
100.0 |
157,448 |
6.7 |
100.0 |
646,557 |
0.7 |
100.0 |
(cf) Figures after excluding the effect of abolition of reinsurance
to government related to CALI. |
| CALI |
14,507 |
|
15,179 |
4.6 |
|
60,124 |
6.5 |
|
| Total |
147,612 |
|
155,247 |
5.2 |
|
645,733 |
0.6 |
|
|
Note:
|
1. The amounts stated above are before inter-line eliminations.
2. There are certain differences in recognition of premiums between
this quarter and the previous year-end; e.g. premiums on such "forward
dated" policies as had been written in an accounting period but
would became valid after the said period elapsed are included for
the quarter ended June 2003, but not for the previous year-end.
3. GRR premiums of the automobile insurance "ModoRich" excluded
from "Direct Premiums Written" and "Net Premiums"
are as below; |
|
|
First Quarter (Jun. 30), 2002
|
-1,959 million yen |
| First Quarter (Jun. 30), 2003 |
-2,557 million yen |
| Year ended March 31, 2003 |
-15,208 million yen |
|
|
|
4. Premiums or claims paid for fiscal 2001 as base to
obtain an annual increase and then its "Change"in % in the
column of "(cf) FY2002" are arithmetic sum of the corresponding
amounts of pre-merger Sumitomo Marine's first half in fiscal 2001
and the Company's full year of fiscal 2002. |
|
GRR premium: |
Good Result Return premium; see also 2 (1) Note 2 on
page 1. |
|
CALI:
|
compulsory automobile liability insurance; see also
2 (1) Net Premiums Written on page1. |
| (Million Yen) |
|
|
First Quarter
(as of June 30, 2002) |
First Quarter
(as of June 30, 2003) |
(cf) FY 2002
(as of March 31, 2003) |
| Item |
acquisition cost |
fair value |
difference |
acquisition cost |
fair value |
difference |
acquisition cost |
fair value |
difference |
| Domestic Bonds |
2,047,325 |
2,124,571 |
77,246 |
2,091,314 |
2,183,599 |
92,285 |
2,090,592 |
2,197,835 |
107,242 |
| Domestic Stocks |
932,327 |
1,768,577 |
836,250 |
850,683 |
1,537,382 |
686,698 |
855,358 |
1,356,803 |
501,444 |
| Foreign Securities |
761,322 |
821,960 |
60,637 |
828,572 |
938,408 |
109,835 |
730,929 |
822,169 |
91,240 |
| Others |
28,888 |
28,574 |
-313 |
71,701 |
75,608 |
3,907 |
64,714 |
63,920 |
-794 |
| Total |
3,769,863 |
4,743,684 |
973,820 |
3,842,271 |
4,734,999 |
892,727 |
3,741,594 |
4,440,728 |
699,133 |
|
|
Note:
|
1. The table set above is a summary of the marketable
"other securities", which are not classified as "securities
for trading purpose", "securities held to maturity"
or "stocks of subsidiaries and affiliates".
2. For acquisition cost, the amounts outstanding as of June 30, 2002
and 2003 are before amortization/accumulation and impairment whereas
those as of March 31, 2003 are after such adjustments have been made.
As to recognition of transactions, securities were accounted on a
trade date base as of June 30 and March 31, 2003 though they were
booked on a delivery date base as of June 30, 2002.
3. A fair value of secutrities is a market price quoted on the end
of each accounting period, or otherwise assumed similarly based on
the market and other relevant conditions at that point. |
| (Million Yen) |
| Type |
Transaction |
First Quarter
(as of June 30, 2002) |
First Quarter
(as of June 30, 2003) |
(cf ) FY 2002
(as of March 31, 2003) |
contract
amount |
fair
value |
unrealized
gain/loss |
contract
amount |
fair
value |
unrealized
gain/loss |
contract
amount |
fair
value |
unrealized
gain/loss |
| Currencies
|
Forward foreign exchange |
|
|
|
|
|
|
|
|
|
| Sold |
32,907 |
31,049 |
1,858 |
18,828 |
18,968 |
-139 |
- |
- |
- |
| Bought |
1,702 |
1,672 |
-30 |
5,110 |
5,125 |
15 |
- |
- |
- |
| Options |
|
|
|
|
|
|
|
|
|
| Sold |
10,075 |
128 |
-72 |
- |
- |
- |
- |
- |
- |
|
|
( 56 ) |
|
|
( - ) |
|
|
( - ) |
|
|
| Bought |
20,156 |
573 |
249 |
- |
- |
- |
- |
- |
- |
|
|
( 323 ) |
|
|
( - ) |
|
|
( - ) |
|
|
Interest
rates |
Options |
|
|
|
|
|
|
|
|
|
| Sold |
8,910 |
54 |
171 |
9,500 |
15 |
213 |
9,500 |
26 |
202 |
|
|
( 225 ) |
|
|
( 228 ) |
|
|
( 228 ) |
|
|
| Bought |
3,000 |
59 |
-136 |
3,500 |
17 |
-181 |
3,500 |
25 |
-173 |
|
|
( 196 ) |
|
|
( 198 ) |
|
|
( 198 ) |
|
|
| Swaps |
59,525 |
231 |
231 |
50,022 |
215 |
215 |
51,074 |
222 |
222 |
| Stocks
|
Stock price index options |
|
|
|
|
|
|
|
|
|
| Sold |
- |
- |
- |
877 |
28 |
1 |
- |
- |
- |
|
|
( - ) |
|
|
( 30 ) |
|
|
( - ) |
|
|
| Bought |
1,220 |
63 |
42 |
- |
- |
- |
- |
- |
- |
|
|
( 21 ) |
|
|
( - ) |
|
|
( - ) |
|
|
| Bonds |
OTC options |
|
|
|
|
|
|
|
|
|
| Sold |
13,876 |
0 |
20 |
7,830 |
103 |
-79 |
2,953 |
- |
7 |
|
|
( 20 ) |
|
|
( 24 ) |
|
|
( 7 ) |
|
|
| Credit |
Credit derivatives |
|
|
|
|
|
|
|
|
|
| Sold |
|
|
|
575,827 |
-5,455 |
-5,455 |
561,964 |
-7,391 |
-7,391 |
| Bought |
|
|
|
22,762 |
52 |
52 |
22,838 |
60 |
60 |
| Others |
Weather derivatives |
|
|
|
|
|
|
|
|
|
| Sold |
71 |
28 |
1 |
16 |
19 |
10 |
16 |
21 |
4 |
|
|
( 30 ) |
|
|
( 30 ) |
|
|
( 25 ) |
|
|
| Bought |
62 |
24 |
7 |
11 |
16 |
-3 |
0 |
1 |
0 |
|
|
( 17 ) |
|
|
( 19 ) |
|
|
( 0 ) |
|
|
| others |
- |
486 |
486 |
9 |
51 |
51 |
0 |
70 |
70 |
| Natural disaster derivatives
|
|
|
|
|
|
|
|
|
|
| Sold |
170 |
8 |
1 |
270 |
9 |
4 |
280 |
9 |
4 |
|
|
( 10 ) |
|
|
( 14 ) |
|
|
( 14 ) |
|
|
| Economic indicator options
|
|
|
|
|
|
|
|
|
|
| Sold |
493 |
2 |
22 |
0 |
1 |
1 |
0 |
3 |
- |
|
|
( 25 ) |
|
|
( 3 ) |
|
|
( 3 ) |
|
|
| Bought |
493 |
2 |
0 |
- |
- |
- |
- |
- |
- |
|
|
( 2 ) |
|
|
( - ) |
|
|
( - ) |
|
|
| Total |
152,666 |
34,386 |
2,851 |
694,566 |
19,171 |
-5,293 |
652,128 |
-6,952 |
-6,991 |
|
|
Note:
|
1. The figures stated in parenthesis represent the option
premiums.
2. Those contracts which are eligeble for the hedging accounting are
excluded from the valuation table shown above.
3. For recognition of contracts, the trade date base is applied to
those outstanding as of June 30 and March 31, 2003 while the settlement
date basis applied to as of June 30, 2002.
4. As to the fair value data of the credit derivatives outstanding
as of June 30, 2002 is not available because the mark-to-market valuation
of that kind of derivatives has been reported since the announcement
of the results for the half ended September 30, 2002. |
| excluding GRR premiums of
automobile insurance "ModoRich" |
|
Non-consolidated |
| Premiums
Received and Claims Paid by Lines of Insurance |
| Direct Premiums Written by Lines of Insurance (including
Deposit premiums from policyholders) |
|
| (Million Yen) |
|
|
First Quarter
(Jun. 30, 2002) |
First Quarter
(Jun. 30, 2003) |
(cf) FY2002
(Mar. 31, 2003) |
| Lines of Insurance |
Amount |
Share (%) |
Amount |
Change (%) |
Share (%) |
Amount |
Change (%) |
Share (%) |
| Fire |
68,031 |
15.8 |
64,504 |
-5.2 |
14.2 |
261,883 |
2.4 |
16.2 |
| Marine |
15,596 |
3.6 |
15,859 |
1.7 |
3.5 |
59,166 |
1.1 |
3.7 |
| Personal Accident |
85,178 |
19.8 |
110,240 |
29.4 |
24.2 |
351,398 |
3.3 |
21.7 |
| Voluntary Automobile |
158,013 |
36.8 |
158,445 |
0.3 |
34.8 |
581,640 |
-0.2 |
35.9 |
| CALI |
55,044 |
12.8 |
55,666 |
1.1 |
12.2 |
181,560 |
21.1 |
11.2 |
| Other |
48,096 |
11.2 |
50,645 |
5.3 |
11.1 |
182,541 |
-4.8 |
11.3 |
Total
(Deposit premiums from policyholders) |
429,961
(72,028) |
100.0
( 16.8) |
455,362
(92,470) |
5.9
( 28.4) |
100.0
( 20.3) |
1,618,190
( 306,757) |
2.5
( 3.4) |
100.0
( 19.0) |
|
| Net Premiums by Lines of Insurance |
|
| (Million Yen) |
|
|
First Quarter
(Jun. 30, 2002) |
First Quarter
(Jun. 30, 2003) |
(cf) FY2002
(Mar. 31, 2003) |
| Lines of Insurance |
Amount |
Share (%) |
Amount |
Change (%) |
Share (%) |
Amount |
Change (%) |
Share (%) |
| Fire |
39,539 |
12.9 |
39,802 |
0.7 |
11.8 |
166,317 |
2.9 |
13.3 |
| Marine |
11,368 |
3.7 |
11,959 |
5.2 |
3.6 |
52,506 |
5.4 |
4.2 |
| Personal Accident |
33,463 |
10.9 |
34,274 |
2.4 |
10.2 |
122,726 |
-1.2 |
9.8 |
| Voluntary Automobile |
157,084 |
51.2 |
157,508 |
0.3 |
46.8 |
579,490 |
-0.1 |
46.3 |
| CALI |
22,585 |
7.4 |
45,858 |
103.0 |
13.6 |
165,034 |
82.3 |
13.2 |
| Other |
42,457 |
13.9 |
47,252 |
11.3 |
14.0 |
164,445 |
-2.9 |
13.2 |
| Total |
306,498 |
100.0 |
336,655 |
9.8 |
100.0 |
1,250,521 |
6.4 |
100.0 |
(cf) Figures after excluding the effect of abolition of reinsurance
to government related to CALI. |
| CALI |
22,585 |
|
26,170 |
15.9 |
|
99,060 |
9.4 |
|
| Total |
306,498 |
|
316,967 |
3.4 |
|
1,184,547 |
0.8 |
|
| Net Claims Paid by Lines of Insurance |
|
| (Million Yen) |
|
|
First Quarter
(Jun. 30, 2002) |
First Quarter
(Jun. 30, 2003) |
(cf) FY2002
(Mar. 31, 2003) |
| Lines of Insurance |
Amount |
Share (%) |
Amount |
Change (%) |
Share (%) |
Amount |
Change (%) |
Share (%) |
| Fire |
11,729 |
8.3 |
13,362 |
13.9 |
8.8 |
53,094 |
7.4 |
8.6 |
| Marine |
4,627 |
3.3 |
6,910 |
49.3 |
4.6 |
23,901 |
-15.5 |
3.9 |
| Personal Accident |
11,630 |
8.2 |
12,352 |
6.2 |
8.1 |
50,308 |
-2.0 |
8.1 |
| Voluntary Automobile |
77,657 |
54.8 |
79,564 |
2.5 |
52.4 |
330,411 |
-1.3 |
53.2 |
| CALI |
14,507 |
10.2 |
17,380 |
19.8 |
11.4 |
60,948 |
7.9 |
9.8 |
| Other |
21,579 |
15.2 |
22,377 |
3.7 |
14.7 |
102,015 |
-0.8 |
16.4 |
| Total |
141,731 |
100.0 |
151,947 |
7.2 |
100.0 |
620,679 |
-0.4 |
100.0 |
(cf) Figures after excluding the effect of abolition of reinsurance
to government related to CALI. |
| CALI |
14,507 |
|
15,179 |
4.6 |
|
60,124 |
6.5 |
|
| Total |
141,731 |
|
149,745 |
5.7 |
|
619,855 |
-0.5 |
|
|
Note:
|
1. There are certain differences in recognition of premiums
between this quarter and the previous year-end; e.g. premiums on such
"forward dated" policies as had been written in an accounting
period but would became valid after the said period elapsed are included
for the quarter ended June 2003, but not for the previous year-end.
2. GRR premiums of the automobile insurance "ModoRich" excluded
from "Direct Premiums Written" and "Net Premiums"
are as below; |
|
|
First Quarter (Jun. 30), 2002
|
-1,959 million yen |
| First Quarter (Jun. 30), 2003 |
-2,557 million yen |
| Year ended March 31, 2003 |
-15,208 million yen |
|
|
|
3. Premiums or claims paid for fiscal 2001 as base to
obtain an annual increase and then its "Change"in % in the
column of "(cf) FY2002" are arithmetic sum of the corresponding
amounts of pre-merger Sumitomo Marine's first half in fiscal 2001
and the Company's full year of fiscal 2002. |
|
GRR premium: |
GRR Good Result Return premium; see also 2 (1) Note
2 on page 1. |
|
CALI:
|
compulsory automobile liability insurance; see also
2 (1) Net Premiums Written on page 1. |
|
