MS&AD_en

15/22 　Overseas Business: Review of FY2012 1H Results and Full Year Forecasts

Next, let me explain overseas operations. Please turn to page 14 to see results in overseas business. The upper table shows net premiums written, and the lower table shows net income. Each table includes the results for the first half of FY2012 and full-year forecasts by segment. In the first half of FY2012, net premiums written in overseas business rose ￥5.8 billion from a year ago, and net income increased ￥15.1 billion. Net premiums written rose, driven by strong performance in Asia. The increase in net income includes the effect of a decrease in incurred losses associated with the Thai flooding. We revised the forecast of net premiums written downward from the initial forecast, considering mainly exchange rates and weak sales in South America. In contrast, we revised the net income forecast up ￥4.2 billion, taking a reduction in incurred losses from the Thai flooding into consideration.