February 17, 2003

To whom it may concern:

NIPPONKOA Insurance Co., Ltd.
President: Ken Matsuzawa

Notice of Buy Order to Repurchase Own Shares through ToSTNeT-2

We hereby inform you that NIPPONKOA Insurance Co., Ltd. has decided the specific method to repurchase its own shares pursuant to the provisions of Article 210 of the Commercial Code of Japan as follows:

1. Repurchase Method

At 8:45 a.m. on February 18, 2003, NIPPONKOA Insurance Co., Ltd. will place a buy order on ToSTNeT-2 of the Tokyo Stock Exchange at Yen 435 per share, the closing price on February 17, 2003. (No other transaction systems or times will be involved.) The buy order will be limited to 8:45.

2. Details of Repurchase

(1) Type of shares to be repurchased:
               Common stock of NIPPONKOA Insurance Co., Ltd.
(2) Number of shares to be repurchased:
              10,000,000 shares
(Note 1) No change will be made in the number of shares to be repurchased.
However, some or all of the number of shares specified in the buy order may not be repurchased depending on the market conditions and other factors.
(Note 2) The specified number of shares will be repurchased on the basis of corresponding sell orders.

3. Announcement of Results of Repurchase
   The results of the repurchase will be announced after the close of repurchase time of 8:45 a.m. on February 18, 2003.

(Reference)
1. Contents of the resolution of the Annual General Meeting of Shareholders held on June 27, 2002

(1) Type of shares to be repurchased:
               Common stock of NIPPONKOA Insurance Co., Ltd.

(2)Total number of shares authorized for repurchase:
              (Not exceeding) 80 million shares

(3)Total cost of shares authorized for repurchase:
              (Not exceeding) 40 billion yen

2.Number and cost of stocks repurchased up to February 17, 2003 :

        (1) Aggregate number of shares repurchased: Nil

        (2) Aggregate acquisition cost: Nil