December 1, 2003

NIPPONKOA Insurance Co., Ltd.
President: Ken Matsuzawa       

NIPPONKOA Insurance Co., Ltd. (the "Company") hereby announces that the possibility has arisen that the Company may record a revaluation loss on its holding of Ashikaga Financial Group stocks.

On November 29, 2003 the Prime Minister of Japan recognized the Ashikaga Bank, Ltd. as being subject to the measure stipulated in the Article 102, paragraph 1, item 3 of the Deposit Insurance Law, and the Deposit Insurance Corporation of Japan decided to acquire equities of the Ashikaga Bank, Ltd. (i.e. to start the Special Crisis Management.) Consequently, the market value of Ashikaga Financial Group stock is expected to decline substantially.

The Company's holding of Ashikaga Financial Group stock is as follows:

Number of stocks: 28,561,497 shares
Book value: 3,856 million yen

The effect of this fact on the profit and loss of NIPPONKOA Insurance Co., Ltd. will be announced as soon as the details become clear.

Cautionary Statement
Estimates, projections, targets and other statements contained in this material that are not historical facts are forward-looking statements about the future performance and plans of NIPPONKOA Insurance Co., Ltd. (the "Company"). Such forward-looking statements are based on the Company's assumptions and beliefs in light of the information currently available to it. Therefore, those statements do not guarantee future performance, but involve risks and uncertainties. The Company cautions you that a number of important factors could cause actual results to differ materially from those contained in the forward-looking statements. Such factors include, but are not limited to, (1) general economic conditions in the Company's market, mainly Japan, (2) business conditions in the insurance industry, especially, increased competition, (3) fluctuation of exchange rates, and (4) the regulatory environment.