Tokio Marine Holdings, Inc. · TSE:8766
Tokio Marine — Investor Day (November 2025)
112 slides from Tokio Marine's investor day presentation, Nov 26, 2025
Slide 1: Tokio Marine Group Business Strategy
Tokio Marine Group Business Strategy November 26, 2025 Copyright (c) 2025 Tokio Marine Holdings, Inc.
Slide 2: Table of Contents
Table of Contents Introduction ..................................................................... P. 3 Ⅰ. Profit Growth Track Record ....................................... P. 5 Ⅱ. Business Strategy International Business ............................................. P. 8 Japan P&C Business .....
Slide 3: Our Value Creation Story
Our Value Creation Story “Sustainability the Tokio Marine way,” powered by our people Our Purpose is to be there for our customers and society in their times of need. Employees who are passionate about achieving our Purpose contribute to solving the issues for our customers and society. This, in tur
Slide 4: Key Messages
Key Messages Our EPS growth result (5Y CAGR) was +19.9%*. The growth driver is our top-tier U/W profit and solid investment capabilities, which leverage our long-term and predictable insurance cashflows. Momentum remains robust, with FY2025 EPS remaining on track with the initial projections Nor
Slide 5: Top-tier EPS Growth (5Y Track Record)
I. Track Record Top-tier EPS Growth (5Y Track Record) Top-tier EPS growth was achieved while managing volatility, driven by the strong organic growth 5Y Track Record EPS Growth Global Peer Comparison*1 (2019-2024 CAGR) EPS 19.9% +19.9% + Growth +17.7% Adjusted Net +7.9% +8.1% +5.7% Income Growth +
Slide 6: Top-tier EPS Growth (Progress on the MTP)
I. Track Record Top-tier EPS Growth (Progress on the MTP) 2025 EPS is in line with the original projections. Steady progress towards FY2026 (MTP) target Progress on MTP*1 EPS Growth Global Peer Comparison*2 (JPY) Company Targets 23-26 CAGR 8 + % 23-25 or more CAGR +9% or more + 8% or more + 8.9% +
Slide 7: Major Business Unit Organic Growth (Progress on the MTP)
I. Track Record Major Business Unit Organic Growth (Progress on the MTP) Top-tier EPS growth (CAGR +8.0% or more) will be achieved with robust profit growth (CAGR +7% or more) Growth at core International and Japan P&C business remain robust, and we expect 2025 to be in line with our original pr
Slide 8: North America Business: Driver of International growth
II. Business Strategy - International - North America Brazil M&A North America Business : Driver of International growth with continued robust Organic Growth Potential North America business accounts for c. 90% of International Business Unit Profit, and achieved profit growth above peers, driven p
Slide 9: North America Business: Underwriting Portfolio
II. Business Strategy - International - North America Brazil M&A North America Business: Underwriting Portfolio North America underwriting has two core lines: Specialty P&C and Employee Benefits Leveraging the strong competitive advantage of our two core lines and a well-diversified portfolio th
Slide 10: Track record of profit growth over rate cycles
II. Business Strategy - International - North America Brazil M&A （Ref.）Track record of profit growth over rate cycles Our North America business has delivered sustained, stable profit growth over rate cycles, supported by the twin engines of disciplined underwriting and investment Left: Rate cycle
Slide 11: Specialty P&C Line: Organic Growth Potential
II. Business Strategy - International - North America Brazil M&A Specialty P&C Line: Organic Growth Potential The Specialty P&C strategy focuses on disciplined risk selection and strict bottom-line management, aiming to deliver steady profit growth while maintaining a competitive C/R Despite the
Slide 12: Employee Benefits Line: Organic Growth Potential
II. Business Strategy - International - North America Brazil M&A Employee Benefits Line: Organic Growth Potential The Employee Benefits strategy is to achieve stable profit growth by steadily expanding the top line while maintaining C/R at around 95% Performance has remained strong, driven by th
Slide 13: North America Investment: Organic Growth Potential
II. Business Strategy - International - North America Brazil M&A North America Investment: Organic Growth Potential North America Investment strategy is to achieve a high-income yield by leveraging our credit investment capabilities to invest the increasing AUM generated from our strong insurance
Slide 14: Brazil Business: Organic Growth Potential
II. Business Strategy - International - North America Brazil M&A Brazil Business: Organic Growth Potential Our Brazil strategy focuses on delivering steady profit growth by combining strong price competitiveness with superior profitability, enabled by disciplined underwriting and the effective use
Slide 15: Disciplined In / Out Strategy
II. Business Strategy - International - North America Brazil M&A Disciplined In / Out Strategy We maintain a disciplined In / Out strategy Due to softening cycle, we expect to see increased M&A transactions across all sizes of M&A We are currently focusing on bolt-on M&A as valuations for larg
Slide 16: Bolt-on M&A by PHLY
II. Business Strategy - International - North America Brazil M&A Re-post from Q2 Conference Bolt-on M&A by PHLY Call on Nov. 19, 2025 Acquired Ignyte Insurance’s U.S. collector vehicle (CV) business for USD615mn (approx. JPY94.7bn*1) The CV insurance market is anticipated to experience robust gr
Slide 17: Acquisition of Agrihedge in North America
II. Business Strategy - International - North America Brazil M&A Acquisition of “Agrihedge” in North America Acquire Agrihedge, a fee-based business engaged in providing a variety of solutions to agriculture and livestock operators (as insurance agency and derivatives brokerage), for USD970mn (c.
Slide 18: Japan P&C Business Organic Growth Capabilities
II. Business Strategy - Japan P&C - Underwriting Distribution Japan P&C Business Organic Growth Capabilities The Japanese P&C industry is transforming into a new competitive environment where traditional non-insurance competition (business-related equities, excessive cooperation regarding customer
Slide 19: Rate Increases
II. Business Strategy - Japan P&C - Underwriting Distribution Rate Increases We have strategically implemented aggressive rate increases in the Japanese market, which is now in the hardening cycle Current number of vehicles renewed is mostly in line with projections despite implementing signific
Slide 20: Progress in Structural Reform of Distribution
II. Business Strategy - Japan P&C - Underwriting Distribution Progress in Structural Reform of Distribution We aim to build customer-oriented, high-quality, and independent distribution through “Re-New“ We are making steady progress in eliminating the “two-tier structure” with all agents, with o
Slide 21: Portfolio Improvement Through Thorough Profitability Measures
II. Business Strategy - Japan P&C - Underwriting Distribution Portfolio Improvement Through Thorough Profitability Measures Identified unprofitable policies that may reduce ROR (Tier2 and 3 policies: approx. JPY80.0bn premiums) based on global-standard U/W strategy. The underwriting portfolio is s
Slide 22: Develop Diverse Distribution Channels (Tokio Marine Direct Insurance)
II. Business Strategy - Japan P&C - Underwriting Distribution Develop Diverse Distribution Channels (Tokio Marine Direct Insurance) In response to changes in customer behavior, to strengthen our business in the expanding direct market, the corporate name of our direct channel subsidiary (formerly
Slide 23: Use of AI / Data that Match Our Business Model
II. Business Strategy - Use of AI/Data - Use of AI / Data that Match Our Business Model AI/data utilization are highly compatible with advanced underwriting and operational efficiency. Within this context, we are driving initiatives tailored to each region’s business model (see P. 82 for details)
Slide 24: Status of Solutions Business
II. Business Strategy - Solutions - Status of Solutions Business We had been refining our solutions capabilities independently. In 2025, we acquired ID&E as the first step to drastically enhance our capabilities and expand our scale. We are currently implementing Post-Merger Integration These st
Slide 25: Progress of TMNF and ID&E Collaboration
II. Business Strategy - Solutions - Progress of TMNF and ID&E Collaboration Strategically identified target customers from TMNF’s client base and began a collaborative approach to propose ID&E’s solutions Beyond collaboration in private sector disaster prevention—which also contributes to insura
Slide 26: Raise ROE to the Level of Global Peers
III. Group Business Strategy ROE Improvement Shareholder Return Raise ROE to the level of Global Peers Our IFRS-based ROE is approx. 13%; We are ‘on the journey’ of raising ROE to the level of global peers Drivers for raising ROE are: (1) top-tier EPS growth, (2) transformation of business portf
Slide 27: 14th consecutive dividend increase
III. Group Business Strategy ROE Improvement Shareholder Return Re-post from Q2 Conference Strong DPS Growth with confidence Call on Nov. 19, 2025 FY2025 DPS is JPY211(YoY+23%), increased +JPY1 from the original plan ※ Even though gains from the sales of business-related equities will no longer be
Slide 28: Strong Capital Stock and Disciplined Capital Policy (Share Buyback)
III. Group Business Strategy ROE Improvement Shareholder Return Re-post from Q2 Conference Strong Capital Stock and Disciplined Capital Policy (Share Buyback) Call on Nov. 19, 2025 ESR*1 as of Sep. 30, 2025 at 155%*2 Share buyback for FY2025 will be increased to JPY240.0bn (+JPY20.0bn vs origina
Slide 29: Table of Contents (Reference 1)
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Table of Contents Group ・・・・・・・・・・・・ P. 30 Business Area Expansion・・・・ P. 75 International ・・・・・・・・・・・・ P. 38 Capital Policy ・・・・・・・・・・・・ P. 83 Japan P&C ・・・・・・・・・・・・ P. 54 ESG ・・・・・
Slide 30: KPI target (Group)
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy KPI target (Group) Mid-Term Plan FY2025 Projections (Normalized*Basis) （FY2024-FY2026） announced in May. 2024 November 2025 May 2025 (Ref.) FY2023-FY2026 FY2023-FY2025 FY2023-FY2025
Slide 31: KPI target (Business unit)
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy KPI target (Business unit) Mid-Term Plan FY2025 Projections (Normalized*1 Basis) （FY2024-FY2026） *KPI figures on this page excl. capital gains announced in May. 2024 November 2025 Ma
Slide 32: FY2025 Adjusted Net Income (Actual)
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Re-post from Q2 Conference FY2025 Adjusted Net Income (Actual) Call on Nov. 19, 2025 Full-year projections on an actual basis (excl. business-related equities) is revised downward
Slide 33: FY2025 Adjusted Net Income (Normalized)
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Re-post from Q2 Conference FY2025 Adjusted Net Income (Normalized*1) Call on Nov. 19, 2025 Full-year projections on a normalized basis is revised downward by -JPY20.0bn to JPY1.08t
Slide 34: Global Risk Diversification
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Global Risk Diversification We have achieved high profit growth by controlling risk through portfolio transformation based on global risk diversification strategy Profit Growth Far
Slide 35: Source of Organic Growth (Globally Integrated Group Management)
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Source of Organic Growth (Globally Integrated Group Management) Our “integrated group management” is evolving in its 10th year, establishing a framework where highly skilled profes
Slide 36: Source of Organic Growth (Group Synergies)
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Source of Organic Growth (Group Synergies) Synergies gained by leveraging group capabilities generate profits on a scale comparable to large-scale acquisitions (approx. USD531mn) R
Slide 37: Tokio Marine Group's Retention / Reinsurance Policy
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Tokio Marine Group’s Retention / Reinsurance Policy Our primary objective of reinsurance is to protect the balance sheet from capital events We implement flexible cycle managemen
Slide 38: Track record of In / Out Strategy
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Track record of In / Out Strategy Building a strong franchise by acquiring blue chip insurers with solid business model Driving optimization of business portfolio by determining
Slide 39: Track Record of Bolt-on M&A
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Track Record of Bolt-on M&A Room for bolt-on M&A based on in-depth understanding of mutual business Leverage the experience and expertise as our strength and steadily execute tra
Slide 40: Rate Cycle and M&A Opportunities
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Re-post from IR Conference Rate Cycle and M&A Opportunities on May 26, 2025 The market is cyclical, attractive opportunities increase when the market softens; we will remain dilige
Slide 41: Track Record of Rate Increases
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Track Record of Rate Increases Leveraged the competitive advantage built through strategic focus on niche markets and specialty insurance and carried out rate increases based on fo
Slide 42: Controlling Inflationary Impacts
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Controlling Inflationary Impacts In the North America business, inflationary impacts are properly controlled through proactive measures based on portfolio characteristics Percentag
Slide 43: Inflation Resilience (Social Inflation)
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Inflation Resilience (Social Inflation) PHLY Business Strength*1 Ability to avoid impact Ability to mitigate impact Disciplined underwriting Reduction of litigation Continued proac
Slide 44: Inflation Resilience (Medical / Wage Inflation)
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Inflation Resilience (Medical / Wage Inflation) Impact Existing New Initiatives Business Business Prior Year Loss Reserves Loss Cost Medical stop-loss Short-tail, and so any impact c
Slide 45: North America Business: C/R Comparison
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy North America Business: C/R Comparison North American business consistently deliver strong profitability through a well-diversified underwriting portfolio Highest C/R Volatility* L
Slide 46: Basic Information: PHLY
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy 【Basic Information】 PHLY Build competitive edge focusing on niche customer segments What’s PHLY Current Focus Results Focus on niche customer segments Latest bolt-on M&A（P.16）
Slide 47: Basic Information: DFG
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy 【Basic Information】 DFG Maintain U/W profit and expand investment income leveraging its strengths What’s DFG Current Focus Results Strength in employee benefits and Initiatives t
Slide 48: Basic Information: TMHCC
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy 【Basic Information】 TMHCC Global leader in specialty insurance with 50 years of deep technical expertise What’s TMHCC Current Focus Results Highly profitable and well- Latest bol
Slide 49: Basic Information: Pure
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy 【Basic Information】 Pure Specialty insurance group focused on the U.S. High Net Worth insurance market What’s Pure Current Focus Results Focus on HNW market with high Sustainable
Slide 50: Basic Information: TMK
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy 【Basic Information】 TMK Top Class Specialty Insurer in Lloyd's market What’s TMK Current Focus Results One of the largest underwriting Rebalance U/W portfolio Favorable combine
Slide 51: Basic Information: TMSR
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy 【Basic Information】 TMSR Highly competitive in the largest market in Latin America leveraging cutting-edge DX What’s TMSR Current Focus Results One of the top players in Auto Exp
Slide 52: Emerging Market Business
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Emerging Market Business Building “Pillars” with focus on regions with large market and strong expected growth ＜Our major P&C business network in emerging countries＞ India Thailand
Slide 53: International business performance by region
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy International business performance by region 2024 2025 Projection 2026 2024 2025 Projection Net Premiums Written (billions of JPY) Original Revised Changes Actual Plan *5 Applied FX
Slide 54: Changes in Competition Structure of Japan's P&C Insurance
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Changes in Environment Surrounding Japan’s P&C Insurance Industry Re-post from IR Conference and Turning Point of Business Model on May 26, 2025 Historically, the competition struc
Slide 55: Toward sustainable growth: Impacts of Re-New
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Quantitative Impacts and Potentials of TMNF’s “Re-New” Implementation of Re-New will be the turning-point for TMNF’s business model and profit growth Post-initiative E/R signific
Slide 56: [TMNF] Changes in Net Premiums Written for All Categories and C/R
Capital IV. Reference (1) Group International Japan P&C Japan Life Investment Business Area ESG Data Expansion Policy [TMNF] Changes in Net Premiums Written for All Categories and C/R Changes in net premiums written (all categories; billions of JPY) and C/R*1 Composition by category （private ins
Slide 57: [Progress to MTP] Auto insurance
Capital IV. Reference (1) Group International Japan P&C Japan Life Investment Business Area ESG Data Expansion Policy [Progress to MTP] Auto insurance Current MTP aims to achieve a stable C/R level below 95% In FY2025, +8.5% rate increase was implemented in October (C/R to fall below 95% in FY20
Slide 58: Auto Insurance Unit Price / Accident Frequency Trend
Capital IV. Reference (1) Group International Japan P&C Japan Life Investment Business Area ESG Data Expansion Policy Auto Insurance Unit Price / Accident Frequency Trend For FY2025, we expect approx. +6% unit price and approx. -1% accident frequency (YoY respectively) Unit price (vehicle/property
Slide 59: [TMNF] Changes in Auto Insurance C/R
Capital IV. Reference (1) Group International Japan P&C Japan Life Investment Business Area ESG Data Expansion Policy [TMNF] Changes in Auto Insurance C/R Changes in auto insurance C/R*1 (private insurance E/I basis) Auto insurance market share*3 （Based on FY2024 direct net premiums written) Inc
Slide 60: Progress of Automated Driving Technology
Capital IV. Reference (1) Group International Japan P&C Japan Life Investment Business Area ESG Data Expansion Policy Re-post from IR Conference Progress of Automated Driving Technology on May 26, 2025 Auto insurance market will gradually shrink due to the progress of automated driving technology,
Slide 61: [Progress to MTP] Fire Insurance
Capital IV. Reference (1) Group International Japan P&C Japan Life Investment Business Area ESG Data Expansion Policy [Progress to MTP] Fire Insurance Current MTP aims to achieve profitability commensurate to capital cost (RoR>7％, C/R 80％ range) in FY2026 through responsive rate / product revision
Slide 62: [TMNF] Changes in Fire Insurance C/R
Capital IV. Reference (1) Group International Japan P&C Japan Life Investment Business Area ESG Data Expansion Policy [TMNF] Changes in Fire Insurance C/R Changes in fire insurance C/R*1(private insurance E/I basis) Fire insurance market share*3 (Based on FY2024 direct net premiums written) 161.
Slide 63: (Ref.) Advantage of Our U/W Capabilities
Capital IV. Reference (1) Group International Japan P&C Japan Life Investment Business Area ESG Data Expansion Policy (Ref.) Advantage of Our U/W Capabilities We have consistently achieved a lower L/R than other insurers, as a result of global-standard, disciplined U/W strategy combined with excep
Slide 64: [Progress to MTP] Specialty Insurance
Capital IV. Reference (1) Group International Japan P&C Japan Life Investment Business Area ESG Data Expansion Policy [Progress to MTP] Specialty Insurance Current MTP aims to capture promising markets to achieve approx. +JPY7.0bn profit increase (approx. +JPY100.0bn premium increase) Top-line r
Slide 65: [Progress to MTP] Japan Life Top-Line
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy [Progress to MTP] Japan Life Top-Line Current MTP aims to achieve +5% or more (3Y CAGR) through business model reform Initiatives to establish the “consulting sales” system launc
Slide 66: [Progress to MTP] Japan Life Bottom-Line
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy [Progress to MTP] Japan Life Bottom-Line [Economic value basis (value of new business)] FY2025, expecting JPY47.0bn (-JPY3.0bn vs. original projections) mainly due to the change in
Slide 67: Improve Profitability and Accelerate Profit Contribution
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Improve Profitability and Accelerate Profit Contribution Plan to achieve sustainable growth with profits by strengthening consulting sales and expanding sales of profitable product
Slide 68: Capital efficiency
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Capital efficiency Capital efficiency remains among the highest in domestic peers both on economic value basis and financial accounting basis Core ROEV*1 (economic value basis, FY2
Slide 69: Diversification of Risk Control Methods (Block Reinsurance)
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Diversification of Risk Control Methods (Block Reinsurance) Interest rate risk control with ALM (comprehensive asset and liability management) Block reinsurance conducted first i
Slide 70: Group Asset Management Policy
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Group Asset Management Policy Maintain long-term, stable income based on ALM aligned with characteristics of insurance liabilities Investment Portfolio(End of Sep. 2025) Securing a
Slide 71: Strength of DFG's Investment
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Re-post from IR Conference Strength of DFG’s Investment on May 26, 2025 Specialized investment team and strong collaboration with outside asset managers enable establishment / exec
Slide 72: DFG Investment Track Record
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy DFG Investment Track Record DFG investment performance (investment income + realized gains / losses) remained positive during the collapse of Lehman Brothers (Great Financial Crisi
Slide 73: Investment Performance by North American Entities
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Re-post from Q2 Conference Investment Performance by North American Entities Call on Nov. 19, 2025 2Q Investment returns were in line with the plan Full-year investment returns a
Slide 74: Update of CRE loans
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Re-post from Q2 Conference Update of CRE loans Call on Nov. 19, 2025 2Q Investment returns exceeded the plan due to lower capital losses Full-year investment returns are expected
Slide 75: Unique Values We Offer in Disaster Resilience
Capital IV. Reference (1) Group International Japan P&C Japan Life Investment Business Area ESG Data Expansion Policy Re-post from IR Conference Unique Values We Offer in Disaster Resilience on May 26, 2025 Our capability to offer disaster prevention and mitigation solutions to avoid and minimize
Slide 76: Impacts of Our Preventative and Mitigation Solutions
Capital IV. Reference (1) Group International Japan P&C Japan Life Investment Business Area ESG Data Expansion Policy Re-post from IR Conference Impacts of Our Preventative and Mitigation Solutions on May 26, 2025 Offer prevention and mitigation solutions as a more effective way of utilizing insur
Slide 77: Growth Opportunity in Disaster Resilience
Capital IV. Reference (1) Group International Japan P&C Japan Life Investment Business Area ESG Data Expansion Policy Re-post from IR Conference Growth Opportunity in Disaster Resilience on May 26, 2025 Engineering consultation market in the disaster prevention and mitigation business is currently
Slide 78: Progress in Initiatives 1: Disaster Prevention and Mitigation Area
Capital IV. Reference (1) Group International Japan P&C Japan Life Investment Business Area ESG Data Expansion Policy Progress in Initiatives 1: Disaster Prevention and Mitigation Area Leveraging internal and external capabilities, including the CORE disaster prevention consortium, to deliver dive
Slide 79: Overview of Integrated Design & Engineering Holdings Co., Ltd.
Capital IV. Reference (1) Group International Japan P&C Japan Life Investment Business Area ESG Data Expansion Policy Overview of Integrated Design & Engineering Holdings Co., Ltd. Leading Japanese company in the engineering consulting industry with advanced technology and a stable business base
Slide 80: Progress in Initiatives 2: Mobility Area
Capital IV. Reference (1) Group International Japan P&C Japan Life Investment Business Area ESG Data Expansion Policy Progress in Initiatives 2: Mobility Area Promote development / deployment of new solutions utilizing IoT and data, as well as enhancement of existing solutions Established “Logis
Slide 81: Progress in Initiatives 3: Healthcare / Decarbonization Area
Capital IV. Reference (1) Group International Japan P&C Japan Life Investment Business Area ESG Data Expansion Policy Progress in Initiatives 3: Healthcare / Decarbonization Area Promote initiatives in each field to deliver solutions in healthcare, decarbonization, and pet healthcare Main Business
Slide 82: Initiatives on Use of AI / Data
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Initiatives on Use of AI / Data Promote the use of AI / data tailored to our business models in each region to create new value and improve efficiency in insurance operations Optim
Slide 83: Disciplined Capital Management
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Disciplined Capital Management Capital generated is allocated to risk-taking and business investment that will contribute to improving the ROE. In the absence of good opportunities
Slide 84: Reduction of Business-Related Equities
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Re-post from Q2 Conference Reduction of Business-Related Equities Call on Nov. 19, 2025 Steady progress towards achieving “zero*1” business-related equities by the end of FY2029. P
Slide 85: Reinvestment into Higher-ROR Businesses
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Reinvestment into Higher-ROR Businesses (Transformation of Business Portfolio) We will reinvest excess capital generated through the sales of business-related equities into core bu
Slide 86: Disciplined Capital Policy (ESR)
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Re-post from Q2 Conference Disciplined Capital Policy (ESR) Call on Nov. 19, 2025 ESR as of Sep. 30, 2025 stood at 155%, reflecting the profit contribution of 1H and accelerated sa
Slide 87: Achieve Further Growth through Flexible Capital Strategy
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Achieve Further Growth through Flexible Capital Strategy Use hybrid capital to realize further growth strategies including M&A Increase ROE on a long-term basis by maintaining ap
Slide 88: Examples of Recent Contributions to Resolution of Social Challenges
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Examples of Recent Contributions to Resolution of Social Challenges Since our founding, we have realized both “contribution to sustainable society” and “our company’s sustainable g
Slide 89: Challenge of Quantifying Social Value
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Re-post from IR Conference Challenge of Quantifying Social Value on May 26, 2025 We are making great efforts to quantitatively visualize the social value that we provide to society
Slide 90: Response to Climate Change
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Response to Climate Change We support society’s transition to decarbonization through engagement with our customers and the provision of products and services In addition to Mid-
Slide 91: Next-Generation Management Talent Development
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Next-Generation Management Talent Development TLI was launched in April 2023, offering a unique training program. Develop the Group leadership and talent Next-Generation Management
Slide 92: Initiatives for Promoting DE&I
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Re-post from IR Conference Initiatives for Promoting DE&I on May 26, 2025 In addition to accelerating initiatives to promote DE&I through empowerment of diverse employees and every
Slide 93: Governance Structure
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Governance Structure Hybrid organizational design with a Board of Directors that makes high-quality decisions by utilizing the knowledge and expertise of outside directors, and a N
Slide 94: Skill Matrix of Outside Directors and Auditors
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Re-post from IR Conference Skill Matrix of Outside Directors and Auditors on May 26, 2025 Achieve highly effective governance by incorporating the skills of a diverse range of outs
Slide 95: Executive Compensation
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Re-post from IR Conference Executive Compensation on May 26, 2025 Designed a remuneration system linked to business performance and stock price to incentivize Directors and Executi
Slide 96: Progress of TMNF's Business Improvement Plan
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Progress of TMNF’s Business Improvement Plan In May 2025, TMNF submitted the Business Improvement Plan to the supervisory authority related to the insurance premium- fixing inciden
Slide 97: Order Requiring TMNL to Submit a Report on Multi-Agency Broker Relationship Initiatives
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Order Requiring TMNL to Submit a Report on Multi-Agency Broker Relationship Initiatives Submitted the report on “Initiatives to build appropriate relationship with multi-agency bro
Slide 98: Natural Catastrophes
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Re-post from Q2 Conference Natural Catastrophes Call on Nov. 19, 2025 2Q Net incurred losses from Nat Cats declined by -JPY19.9bn YoY to JPY94.7bn (before tax) The full-year Nat
Slide 99: Impact of FX Rate Change on the Group's Financial Results
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Re-post from Q2 Conference Impact of FX Rate Change on the Group’s Financial Results Call on Nov. 19, 2025 Estimated impact of the JPY depreciation to USD by 1 yen*1 Impact on net
Slide 100: Tokio Marine Holdings Key Statistics
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Tokio Marine Holdings Key Statistics FY2025 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Projections Net income (billions of yen) 273.8 284.1 274.5 259.7 161.8 420.
Slide 101: Return to Shareholders
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Return to Shareholders FY2025 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 Projections Dividends per share 47 yen 53 yen 60 yen 63 yen 67 yen 85 yen 100 yen 123 yen
Slide 102: Definition of KPIs
Business Area Capital IV. Reference (1) Group International Japan P&C Japan Life Investment ESG Data Expansion Policy Re-post from Q2 Conference Definition of KPIs Call on Nov. 19, 2025 Definition of Adjusted Net Income / Adjusted Net Assets / Adjusted ROE Adjusted Provision for Provision for Provis
Slide 103: Impact of IFRS Implementation (Definition)
V. Reference (2) - IFRS・ICS - IFRS ICS Re-post from Q2 Conference Impact of IFRS Implementation (Definition) Call on Nov. 19, 2025 Adjusted Net Income and Adjusted ROE, the new KPIs post-IFRS implementation (from FY2026) are designed to reflect our capability accurately and emphasize comparability
Slide 104: Impact of IFRS Implementation (Adjusted Net Income)
V. Reference (2) - IFRS・ICS - IFRS ICS Re-post from Q2 Conference Impact of IFRS Implementation (Adjusted Net Income) Call on Nov. 19, 2025 IFRS Adjusted Net Income is raised compared to the current definition (excl. gains form sales of business-related equities) due to the impact of insurance lia
Slide 105: Impact of IFRS Implementation (Japan P&C)
V. Reference (2) - IFRS・ICS - IFRS ICS Re-post from Q2 Conference Impact of IFRS Implementation (Japan P&C) Call on Nov. 19, 2025 IFRS Adjusted Net Income for the Japan P&C Business will increase primarily due to the impact of insurance liabilities evaluated on the economic value basis (billions o
Slide 106: Impact of IFRS Implementation (Japan Life)
V. Reference (2) - IFRS・ICS - IFRS ICS Re-post from Q2 Conference Impact of IFRS Implementation (Japan Life) Call on Nov. 19, 2025 IFRS Adjusted Net Income for the Japan Life Business will increase primarily due to the impact of insurance liabilities evaluated on the economic value basis (billions
Slide 107: Impact of IFRS Implementation (International)
V. Reference (2) - IFRS・ICS - IFRS ICS Re-post from Q2 Conference Impact of IFRS Implementation (International) Call on Nov. 19, 2025 IFRS Adjusted Net Income for the International Business will increase primarily due to the definition changes excluding capital gains/losses (billions of JPY) FY202
Slide 108: Impact of IFRS Implementation (Net Assets)
V. Reference (2) - IFRS・ICS - IFRS ICS Re-post from Q2 Conference Impact of IFRS Implementation (Net Assets) Call on Nov. 19, 2025 (billions of JPY) <Net Assets> (Average Balance Basis) Approx. 7,400.0 +980.0 Approx. +140.0 Catastrophe loss 5,126.7 Balance difference of reserves, etc. Approx. +1,150
Slide 109: Impact of IFRS Implementation (Adjusted ROE)
V. Reference (2) - IFRS・ICS - IFRS ICS Re-post from Q2 Conference Impact of IFRS Implementation (Adjusted ROE) Call on Nov. 19, 2025 IFRS Adjusted ROE is impacted by the increase in Adjusted Net Income and Adjusted Net Assets, respectively FY2024 Actual 22.7 % 11.4 % 12.8 % Approx. Accounting Stan
Slide 110: Impact of ICS Implementation (ESR)
V. Reference (2) - IFRS・ICS - IFRS ICS Re-post from Q2 Conference Impact of ICS Implementation (ESR) Call on Nov. 19, 2025 ESR will be redefined along with the implementation of the new economic value-based solvency regulations*1 considering comparability with global peers and alignment with the n
Slide 111: Copyright (c) 2025 Tokio Marine Holdings, Inc.
Copyright (c) 2025 Tokio Marine Holdings, Inc.
Slide 112: Disclaimer
Disclaimer These presentation materials include business projections and forecasts relating to expected financial and operating results of Tokio Marine Holdings and certain of its affiliates in current and future periods. All such forward looking information is based on information and assumptions a