November 4,
2004
Revised Forecast of Financial Results
for the First Half of Fiscal 2004 |
To
whom it may concern:
NIPPONKOA Insurance Co., Ltd.
President: Ken Matsuzawa
NIPPONKOA Insurance Co., Ltd. ( the Company ) has revised its forecast of non-consolidated financial results for the first
half of fiscal 2004 (from April 1, 2004 to September 30, 2004), published on May 21, 2004,
and its forecast of consolidated financial results for the same period, published on May
28, 2004.
- Revised Forecast of Non-consolidated Financial Results for the First Half of Fiscal 2004
(From April 1, 2004 to September 30, 2004)
<Reason for the Revision >
Following the spate of typhoons, net incurred claims for natural
disasters are expected to amount to a little over 32 billion yen. Primarily for this
reason, the Company has revised its forecast of ordinary profit and net income downward
for the first half year.
* Starting from this new forecast (B), premiums from postdated
contracts (the contracts for which the insurance term has not yet commenced as of the end
of September 2004) are excluded from net premiums written for the first half year.
Consequently, the basis for net premiums written for the new forecast is different from
those of the actual results for the first half of FY2003 and the previous forecast for the
first half of FY2004 (A). For this reason, the rate of growth for the revised forecast is
calculated based upon a comparison with the net premium written for the first half of
FY2003, similarly excluding postdated contracts (the figure placed in a bracket in the
table).
- Revised Forecast of Consolidated Financial Results for the First Half of Fiscal 2004
(From April 1, 2004 to September 30, 2004)
<Reason for the Revision >
Primarily due to the revision of the forecast of non-consolidated
financial results as described above in 1., the Company has revised its forecast of
consolidated financial results correspondingly.
(Reference) Revised Forecast of Full Fiscal 2004
The Company has revised its
forecast of non-consolidated financial results for the full fiscal 2004 (from April 1,
2004 to March 31, 2005), published on May 21, 2004, and its forecast of consolidated
financial results for the same period, published on May 28, 2004.
As for the results of the full fiscal 2004, we expect a reversal of
catastrophe reserve in line with the payment of natural disaster claims which were
outstanding as of September 30, 2004, and an increase in realized gain on the sale of
securities. Therefore, a change of forecast figures is expected to be small.
(1) Revised Forecast of Non-consolidated Financial Results for the Full Fiscal
2004 (From April 1, 2004 to March 31, 2005)
(2) Revised Forecast of
Consolidated Financial Results for the Full Fiscal 2004 (From April 1, 2004 to March 31,
2005)
Cautionary Statement
Estimates, projections, targets and other statements contained in this
material are not historical facts, but 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. Therefore, these statements do not guarantee future performance, but instead
involve risks and uncertainties. The Company further 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.
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