Delphi Financial Group Inc : Delphi Financial Announces Receipt of Regulatory Clearances and Expected Closing Date

Delphi Financial Group, Inc. (Delphi) (NYSE:DFG) announced today that the Financial Services Agency of Japan has approved the merger contemplated by the previously announced Agreement and Plan of Merger dated December 21, 2011, among Delphi, Tokio Marine Holdings, Inc. (TMHD) and TM Investment (Delaware) Inc., a wholly-owned subsidiary of TMHD. The closing of the merger, which remains subject to the satisfaction of other customary closing conditions, is expected to occur on May 15, 2012.

Upon the closing of the merger, Delphi's Class A stockholders will receive $43.875 per share in cash in addition to a one-time special dividend of $1.00 per share in cash. The special dividend, which is contingent upon the closing of the merger, is payable to Delphi stockholders of record immediately prior to the effective time of the merger. The effective time of the merger is expected to occur on May 15, 2012. Payment of the special dividend is expected to occur on the business day following the closing of the merger.

About Delphi Financial Group, Inc.:

Delphi Financial Group, Inc. is a financial services company focused on specialty insurance and insurance-related businesses. Delphi is a leader in managing all aspects of employee absence to enhance the productivity of its clients and provides the related group insurance coverages: long-term and short-term disability, life, excess workers' compensation for self-insured employers, large casualty programs including large deductible workers' compensation, travel accident, dental and limited benefit health insurance. Delphi's asset accumulation business emphasizes individual annuity products. Delphi's common stock is listed on the New York Stock Exchange under the symbol DFG and its corporate website address is www.delphifin.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements in this communication may constitute "forward-looking statements." Actual results could differ materially from those projected or forecast in the forward-looking statements. The factors that could cause actual results to differ materially include those referred to in filings of Delphi Financial Group, Inc. ("Delphi") with the U.S. Securities and Exchange Commission, as well as the following: operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the announcement of the transaction; the retention of certain key employees at Delphi; the conditions to the completion of the proposed transaction may not be satisfied; the parties may not be able to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction. Tokio Marine Holdings, Inc. and Delphi assume no obligation, and expressly disclaim any obligation, to update the information in this communication, except as otherwise required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

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Delphi Financial Group, Inc.
Bernard J. Kilkelly, Vice President-Investor Relations
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Brunswick Group LLC
Steve Lipin
Gemma Hart
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