MS&AD_en

16/22 　Overseas Business: As the No. 1 Insurance Group in Asia

• 00:22:01.4   Please turn to page 15. The page describes our operations in Asia, which the Group has prioritized in resource allocation. The Group launched a non-life insurance business in Asia early and has developed operations geared to local characteristics. The Group is ranked first in terms of direct premiums written in ASEAN and is one of the largest foreign non-life insurance companies in Asia in terms of its scale and network. We have been well received in each area in Asia. As shown in the graph in the lower right-hand corner, the expansion of Asia's non-life insurance market is easily outstripping real GDP growth. The Group's non-life insurance business in Asia has achieved high profitability despite a special factor in FY2011 - the Thai flooding - as shown in its combined ratio and ROE in the table in the upper right part of the page. From our operating base, we will continue to aggressively develop operations in the growing Asian market. The rate of increase in income, combined ratio, and ROE in each market in Asia are shown on page 31 in the Appendix Data section. Please refer to the page later.