November 17, 2017

Name of Listed Company:

MS&AD Insurance Group Holdings, Inc.

Name of Representative:

Yasuyoshi Karasawa, President & CEO

(Securities Code: 8725, Tokyo Stock Exchange and Nagoya Stock Exchange)

Contact:

Corporate Communications and Investor Relations Dept.

http://www.ms-ad-hd.com/en/ir/contact/index.html

Notice Regarding Revision of Consolidated Earnings Forecasts for the Year Ending March 31, 2018

MS&AD Insurance Group Holdings Inc. (President & CEO: Yasuyoshi Karasawa, " the Company") hereby revises its consolidated earnings forecasts for the year ending March 31, 2018, previously announced on May 19, 2017, as below.

  1. Revision of consolidated earnings forecasts for the year ending March 31, 2018 (1) Consolidated earnings forecasts

    (Yen in billions)

    Ordinary profit

    Net Income

    Net income

    per share (Yen)

    Forecasts previously announced (A)

    345.0

    245.0

    413.56

    Forecasts as revised (B)

    238.0

    145.0

    244.82

    Difference (B-A)

    -107.0

    -100.0

    -

    Ratio of difference

    -31.0%

    -40.8%

    -

    (Reference) Results for the previous fiscal year

    352.6

    210.4

    350.94

  2. Reasons for revising earnings forecasts

    Ordinary profit and net income are both being revised downward from previously forecast figures primarily due to the following reasons:

  3. estimated incurred losses due to overseas catastrophes including hurricanes in North America and domestic natural catastrophes exceeded preliminary estimates.

  4. gains on the change of shares associated with the merger of Max Life Insurance are no longer anticipated as the proposed merger agreement has been called off.

  5. Major factors in this revision of consolidated earnings forecasts (Yen in billions)

    The amount factored in previous earnings forecasts

    The amount factored in these earnings forecasts

    Increase

    /Decrease

    Overseas natural catastrophes, hurricanes and others (C)

    -25.5

    -105.0

    -79.5

    Domestic natural catastrophes (D)

    -50.0

    -67.0

    -17.0

    Gains on the change of shares associated with the merger of Max Life Insurance (E)

    21.0

    -

    -21.0

    Total (C+D+E) (after-tax impact)

    -54.5

    (-38.0)

    -172.0

    (-138.0)

    -117.5

    (-100.0)

    Out of 105.0 billion yen of incurred losses associated with hurricanes in North America and other overseas natural catastrophes, total incurred losses for hurricanes Harvey, Irma and Maria and earthquakes in Mexico reflected in FY2017 1st half-year results are 87.4 billion yen.

    Revised earnings forecasts for the year ending March 31, 2018 of Mitsui Sumitomo Insurance Co., Ltd. (on a non-consolidated basis)

    (Yen in billions)

    Net premiums written

    Ordinary profit

    Net income

    Forecasts previously announced (A)

    1,488.0

    225.0

    166.0

    Forecasts as revised (B)

    1,493.0

    230.0

    172.0

    Difference (B-A)

    5.0

    5.0

    6.0

    Ratio of difference

    0.3%

    2.2%

    3.6%

    (Reference) Results for the previous fiscal year

    1,469.6

    215.5

    164.5

    (Note) Net premiums written exclude Good Result Return premiums of Mitsui Sumitomo Insurance's proprietary automobile insurance product "ModoRich", which contains a special clause related to premium adjustment and refund at maturity.

    Revised earnings forecasts for the year ending March 31, 2018 of Aioi Nissay Dowa Insurance Co., Ltd. (on a non-consolidated basis)

    (Yen in billions)

    Net premiums written

    Ordinary profit

    Net income

    Forecasts previously announced (A)

    1,219.0

    70.0

    49.0

    Forecasts as revised (B)

    1,222.0

    46.0

    30.0

    Difference (B-A)

    3.0

    -24.0

    -19.0

    Ratio of difference

    0.2 %

    -34.3%

    -38.8%

    (Reference) Results for the previous year

    1,200.5

    75.1

    50.3

    (Note) The non-consolidated figures in the above table are those before the purchase method adjustments.

    Revised earnings forecasts for the year ending March 31, 2018 of overseas subsidiaries

    (Yen in billions)

    Net premiums written

    Net income

    Forecasts previously announced (A)

    700.0

    45.0

    Forecasts as revised (B)

    692.0

    -41.0

    Difference (B-A)

    -8.0

    -86.0

    Ratio of difference

    -1.1 %

    -191.1%

    (Reference) Results for the previous year

    693.1

    24.0

    (Note) Net income shows net income attributable to owners of the parent (the Company)

    * Any earnings forecasts in this announcement have been made based on the information available to the Company as of the announcement date and certain assumptions, and therefore actual results may differ from these forecasts depending on various factors in future.

    - End -

MS&AD Insurance Group Holdings Inc. published this content on 17 November 2017 and is solely responsible for the information contained herein.
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