 |
| August 21, 2003 |
|
| Revised business
results forecast for the fiscal year ending March 31, 2004 |
| <Caution> |
| You will be deemed the primary recipients of corporate insider
information by virtue of the provision of Article 166 of the
Securities and Exchange Law and Article 30 of the Securities
and
Exchange Law Enforcement Order and will be subject to insider
tradingregulations under such Law and Order until the elapse
of
12 hours from the time when this press release was made (until
around 3:00a.m. on August 22, 2003, Tokyo time). |
| |
| Mitsui Sumitomo Insurance Co., Ltd. (MSI / President: Hiroyuki Uemura)
hereby announces that it has revised the original forecast of its
non-consolidated and consolidated business results for the fiscal
year ending March 31, 2004 that were publicized on May 19, 2003 and
May 29, 2003 respectively. |
| 1. |
Revised business
results forecast for the six months ending September 30, 2003 |
|
|
|
(1) |
Business results forecast on a non-consolidated basis |
|
|
|
Net premiums written
|
Ordinary profit |
Net income for
the interim period |
Original forecast (A)
|
(647.0)
644.0 |
31.0 |
18.0 |
| Revised forecast (B) |
(647.0)
644.0 |
97.0 |
60.0 |
| Difference (B-A) |
(-)
- |
66.0 |
42.0 |
| Rate of increase (%) |
(-)
- |
212.9% |
233.3% |
| Reference: Results for the corresponding six months
of the previous fiscal year (Apr. 1, 2002 to Sept. 30, 2002)
|
| Results |
(626.7)
619.5 |
449 |
29.9 |
|
|
|
| Note: |
For the purpose of easy comparison with other non-life insurance
companies, "Net premiums written" in parenthesis exclude
good result return premiums of MSI's unique Automobile Insurance
product "ModoRich", which contains a special clause
of premium adjustment and refund at maturity; the same applies
hereunder. |
|
|
|
|
|
|
Reason for the revision |
|
|
MSI applied to contribute a part of its equity holding to an ETF
(Exchange-traded fund) today. As a result, MSI expects gains on sales
of investment securities in the amount of 66 billion yen and revises
ordinary profit and net income for the six months ending September
30, 2003.
MSI contributes its equity holdings in the amount of approximately170
billion yen to ETF(TOPIX) managed by Nomura Asset Management Co.,
Ltd. |
|
|
|
|
(2) |
Business results forecast on a consolidated basis |
|
|
|
Ordinary income
|
Ordinary profit |
Net income for
the interim period |
Original forecast (A)
|
955.0 |
33.0 |
19.0 |
Revised forecast (B)
|
1,021.0 |
99.0
|
61.0 |
| Difference (B-A) |
66.0 |
66.0 |
42.0 |
| Rate of increase (%) |
6.9% |
200.0% |
221.1% |
| Reference: Results for the corresponding six months
of the previous fiscal year (Apr. 1, 2002 to Sept. 30, 2002) |
| Results |
950.3 |
44.6 |
29.5 |
|
|
|
|
|
|
Reason for the revision |
|
|
MSI revised its forecast of consolidated business results in accordance
with the aforementioned revision of the forecast of non-consolidated
business results. |
| 2. |
Revised business
results forecast for the fiscal year ending March 31, 2004 |
|
|
|
(1) |
Business results forecast on a non-consolidated basis |
|
|
|
Net premiums written |
Ordinary profit |
Net income |
| Original forecast (A) |
(1,297.0)
1,295.0
|
70.0 |
38.0 |
Revised forecast (B)
|
(1,297.0)
1,295.0 |
126.0
|
73.5 |
| Difference (B-A) |
(-)
- |
56.0 |
35.5 |
Rate of increase (%)
|
(-)
- |
80.0% |
93.4% |
| Reference: Results for the previous fiscal year
(Apr. 1, 2002 to Mar. 31, 2003) |
| Results |
(1,250.5)
1,235.3 |
47.6 |
32.3 |
|
|
|
|
|
|
Reason for the revision |
|
|
MSI revised its business results forecast for the fiscal year ending
March 31, 2004 due to the same reason for the aforementioned revision
of the business results forecast for the six months ending September
30, 2003.
Gains on sales of investment securities in the amount of approximately
10.0 billion yen(nothing for the six months ending September 30, 2003)
that were included in the original forecast are excluded from the
revised forecast. Therefore, the difference in ordinary profit amounted
to 56.0 billion yen and the difference in net income after tax amounted
to 35.5 billion yen. |
|
|
|
|
(2) |
Business results forecast on a consolidated basis |
|
|
|
Ordinary income
|
Ordinary profit |
Net income |
Original forecast (A)
|
1,930.0 |
75.0
|
41.0 |
Revised forecast (B)
|
1,986.0 |
131.0 |
76.5 |
| Difference (B-A) |
56.0 |
56.0
|
35.5 |
| Rate of increase (%) |
2.9% |
74.7% |
86.6% |
| Reference: Results for the previous fiscal year
(Apr. 1, 2002 to Mar. 31, 2003) |
| Results |
1,920.3 |
49.5 |
32.8 |
|
|
|
|
|
|
Reason for the revision |
|
|
MSI revised its forecast of consolidated business results in accordance
with the aforementioned revision of the forecast of non-consolidated
business results. |
|
