Tokio Marine Holdings, Inc. · TSE:8766
Tokio Marine — FY2025 Earnings Presentation
56 slides from Tokio Marine's earnings presentation, May 20, 2026
Slide 1: Overview of FY2025 Results and FY2026 Projections
Overview of E¥2025 Results j y PY2026 //i\\\| ~ —" 7 A> ® WwW Tokio Marine Holdings Inspiring Confidence. Accelerating Progress. N TOKIO MARINE
Slide 2: Core KPI: Strong EPS growth. ROE not yet best-in-class
Executive Summary JGAAP IFRS Core KPI: Strong EPS growth. ROE not yet best-in-class ■ Adjusted EPS (JPY) ■ Adjusted ROE (%) Under IFRS (new definition), while profit is growing, the ROE level remains flat due to the impact of an increase in adjusted net assets associated with the sales of business-r
Slide 3: 2025 Results: Steady top-line growth, solid bottom-line results
Executive Summary JGAAP 2025 Results: Steady top-line growth, solid bottom-line results ■Top-line*1(billions of JPY) ■Adjusted Net Income (billions of JPY) Capital gains from sales of biz-related equities <Actual> <Normalized*2> +1% -1% -3% 6,520.0 1,215.0 1,204.8 1,230.0 5,891.9 5,943.5 1,069.0 1,0
Slide 4: 2026 Forecasts: Business performance remains strong
Executive Summary IFRS 2026 Forecasts: Business performance remains strong ■Total Business Volume*1(billions of JPY) ■Adjusted Net Income (billions of JPY) +8% +8% 9,532.0 881.5 950.0 8,798.2 2025 2026E 2025 2026E 2025 2026E YoY 2025 2026E YoY Group 8,798.2 9,532.0 +8% Group 881.5 950.0 +8% of which
Slide 5: Capital Strategy: Disciplined and sustainable expansion of shareholder returns
Executive Summary Capital Strategy: Disciplined and sustainable expansion of shareholder returns ■DPS (JPY) ■ Share Buyback ■ESR (%) 15th consecutive dividend increase +12% -29pt FY2026: 218 245 297 (+7 vs Nov. projections) JPY400.0*bn 268 *: Excludes share buyback intended to offset the dilution of
Slide 6: Changes in Disclosed Metrics
Changes in Disclosed Metrics ～FY2025 FY2026～ ■Accounting Standard JGAAP IFRS ■Fiscal Year（FX Rates） Apr. to Mar. Apr. to Mar. Japan （Quarterly spot rate） （Quarterly spot rate） Jan. to Dec. Apr. to Mar. International （Quarterly spot rate） （Average rate） ■Profit KPI Adjusted Net Income Group （Previous
Slide 7: By Segments – 2025 Results (JGAAP)
By Segments – 2025 Results FY2025 Results (JGAAP) – Group ・・・P. 7 – International ・・・P. 9 – Japan P&C (TMNF) ・・・P. 16 – Japan Life (TMNL) ・・・P. 21 ◆ Abbreviations used in this material ➢P&C ：Property & Casualty (non-life insurance) ➢TMNF ：Tokio Marine & Nichido Fire Insurance ➢NF ：Nisshin Fire & Mar
Slide 8: Group Results: FY2025 Adjusted Net Income (Actual)
Group Results: FY2025 Adjusted Net Income (Actual) JGAAP ⚫ Excluding capital gains from the sales of business-related equities, adjusted net income increased by JPY102.7bn YoY, as strong underwriting performance in International, rate increases in Japan P&C, and one-off effects of +JPY146.1bn (capit
Slide 9: Group Results: FY2025 Adjusted Net Income (Normalized)
Group Results: FY2025 Adjusted Net Income (Normalized) JGAAP ⚫ Despite the strong underwriting performance in International and rate increases in Japan P&C, adjusted net income decreased by JPY33.4bn YoY due to the increase in reserve provision related to Greensill litigation in Australia and negati
Slide 10: International 1: Net Premiums Written
International 1: Net Premiums Written JGAAP ⚫ Mostly in line with Nov. projections ⚫ YoY increase of +4.6% was driven by strong underwriting expansion at PHLY, DFG, and TMSR (Brazil) (billions of JPY, except for %) *5 FY2025 *5 FY2024 FY2025 Projections Results Results (November YoY projection) (Ref
Slide 11: International 1: Net Premiums Written
International 1: Net Premiums Written JGAAP [FY2025 Results] - North America (see pages 13-15 for details on the three main companies) PHLY: Increased due to strong rate increases (FY2025 results: +9.3%) and expansion of new businesses DFG: Increased due to strong underwriting for P&C (excess WC) an
Slide 12: International 2: Business Unit Profits
International 2: Business Unit Profits JGAAP ⚫ Decreased vs Feb. projections* at -JPY50.1bn due to factors such as increase in reserve provision relating to the Greensill litigation in Australia ⚫ Increased YoY by +JPY45.5bn, driven by strong underwriting at North America entities (c. +JPY21.0bn) an
Slide 13: International 2: Business Unit Profits
International 2: Business Unit Profits JGAAP [FY2025 Results] - North America (see pages 13-15 for details on the three main companies) PHLY: Record profit driven by strong underwriting, etc. DFG: Increased, driven by strong underwriting, investment income, and decrease in capital losses, etc. TMHCC
Slide 14: International 3: PHLY
JGAAP International 3: PHLY ■ Changes in Major P/L Items (billions of JPY, except for % and pt) FY2024 FY2025 Results Results YoY (Ref.) As of end As of end YoY % (Excluding FX rates Dec. 2024 Dec. 2025 *2 Change % FX effects ) （USD/JPY） JPY 158.1 JPY 156.5 Net premiums written 656.0 698.6 42.5 6.5%
Slide 15: International 4: DFG
JGAAP International 4: DFG ■ Changes in Major P/L Items <The reason why the sum of income gain/loss and capital gain/loss is not equal to net investment income/loss> • This is because there are other ordinary income/losses that are not included in the left table • The majority of Other Operating Gai
Slide 16: International 5: TMHCC
JGAAP International 5: TMHCC ■ Changes in Major P/L Items and pt) (billions of JPY, except for % and pt) FY2024 FY2025 Results Results YoY (Ref.) As of end As of end YoY % (Excluding FX rates Dec. 2024 Dec. 2025 *2 Change % FX effects ) （USD/JPY） JPY 158.1 JPY 156.5 Net premiums written 905.6 919.7
Slide 17: Japan P&C 1: TMNF Results
Japan P&C 1: TMNF Results JGAAP ⚫ Business unit profit exceeded Nov. projections by +JPY21.2bn to JPY173.2bn, driven by the decrease in Nat Cats and increased investment income, despite the increase in loss cost for auto and the impact of increased provisions for foreign currency-denominated loss re
Slide 18: Japan P&C 2: TMNF Net Premiums Written
Japan P&C-Life 2: TMNF Net Premiums Written JGAAP ⚫ Slightly below Nov. projections at JPY2,402.5bn (private insurance total), due to lower-than-expected specialty insurance revenue, etc. ⚫ Achieved +3.2% growth YoY due to rate / product revision effects in auto / fire insurance, etc. (billions of J
Slide 19: Japan P&C 3: TMNF Net Incurred Losses
Japan P&C 3: TMNF Net Incurred Losses JGAAP ⚫ Net incurred losses exceeded Nov. projections by +JPY36.6bn mainly due to increase in prior year loss reserves for Greensill litigation in Australia despite the decrease in Nat Cats payments ⚫ Increased by +JPY47.6bn YoY notably from increase in foreign
Slide 20: Japan P&C 4: TMNF Combined Ratio
Japan P&C 4: TMNF Combined Ratio JGAAP ⚫ E/I loss ratio exceeded Nov. projections due to increase in net incurred losses. Expense ratio in line with Nov. projections. As a result, combined ratio exceeded Nov. projections ⚫ Combined ratio dropped YoY from lower E/I loss ratio with decrease in domesti
Slide 21: Japan P&C 5: TMNF Asset Management
Japan P&C 5: TMNF Asset Management JGAAP ⚫ Net investment income and capital gains exceeded Nov. projections ⚫ Decreased YoY by -JPY184.8bn mainly due to decrease in dividend income from overseas entities, and decrease in sales of business-related equities, etc. (billions of JPY) FY2025 FY2024 Resul
Slide 22: Japan Life: TMNL Results
Japan Life: TMNL Results JGAAP ⚫ Annualized premium of new business was below Nov. projections mainly due to lower sales caused by intensified competition ⚫ Business unit profits exceeded Nov. projections due to decrease in initial costs from a drop in top-line, etc. (billions of JPY) FY2025 [Result
Slide 23: By Segments – 2026 Forecasts: FY2026 Projections (IFRS)
By Segments – 2026 Forecasts FY2026 Projections (IFRS) – Group ・・・ P. 23 – International ・・・ P. 25 – Japan P&C ・・・ P. 30 – Japan Life ・・・ P. 35 – Solutions ・・・ P. 39 [Reference] FX Rate (USD/JPY) FY2025 Results FY2026 Projections JPY150.66 JPY159.88 (Average rate) (as of Mar. 31, 2026) Copyright (c)
Slide 24: Group: Performance remains strong across business units
By Segments – 2026 Forecasts IFRS Group : Performance remains strong across business units （Adjusted Net Income) ■ Adjusted Net Income (billions of JPY) +8％ +0.9 +2.8 +9.2 950.0 +55.4 881.5 See See 711.6 See P.30-38 P.39 P.25-29 for details for details for details Ref. 2025* International Japan Solu
Slide 25: Group: Increase supported by growing profits
By Segments – 2026 Forecasts IFRS Group : Increase supported by growing profits (Adjusted Net Assets ) ■Adjusted Net Assets (billions of JPY) +830.0 +270.0 -840.0 7,183.2 7,441.0 5,617.2 Ref. End of Net Income of Gains from the Shareholder End of End of Mar. 2026 Mar. 2026* Financial sales of busine
Slide 26: International: Increase by +4.7% (Excl. FX), while maintaining underwriting discipline
By Segments – 2026 Forecasts IFRS International : Increase by +4.7% (Excl. FX), while maintaining (Top-line) underwriting discipline ■ Net Premiums Written (billions of JPY) +11.5% 2025 2026E YoY (excl. FX: +4.7％) (excl. FX） +11.5% International Total 3,373.2 3,762.0 3,762.0 (+4.7%) 3,373.2 North Am
Slide 27: International: Increase by +2.0% (Excl. FX), driven by robust underwriting
By Segments – 2026 Forecasts IFRS International : Increase by +2.0% (Excl. FX), driven primarily by (Bottom-Line) robust underwriting ■Adjusted Net Income (billions of JPY) ■C/R (％) +9.6% (Excl. FX +2.0％) -1.4pt 634.0 93.7 90.3 88.9 578.5 +2.7 -63.1 473.9 +115.8 See P.28 for See details P.27 for det
Slide 28: International: C/R remains approx. 90% across regions
By Segments – 2026 Forecasts IFRS International : C/R remains approx. 90% across regions, （Insurance related) sustaining high profitability Insurance related profit/loss C/R Nat Cats impact* (before tax, billions of JPY ) YoY 2025 2026E 2025 2026E YoY 2025 2026E YoY (excl. FX) +27.3% International T
Slide 29: International: Financial related profit continues to grow
By Segments – 2026 Forecasts IFRS International : Despite the tightening credit spread, investment income (Financial related) continues to grow, driven primarily by an increase in AUM ■Financial Related Profit/Loss (Adjusted net income-basis, before tax, billions of JPY) +0.8% (Excl. FX -5.3％) - Net
Slide 30: International: North American investment returns projected to grow
By Segments – 2026 Forecasts IFRS International : North American investment returns are projected to grow, (Investment) driven by higher AUM ■Breakdown of AUM ■Main KPIs of North American Investment Portfolio <AUM*1> <AUM*1> <Income gains*2> <Duration> (trillions of yen) (trillions of yen) (billions
Slide 31: Japan P&C: Solid business expansion
By Segments – 2026 Forecasts IFRS Japan P&C : Solid business expansion (Top-line) ■ Net Premiums Written (NWP) ■ GWP is expected to increase due to steady (Private Insurance total, billions of JPY) rate increases, etc. GWP: +4.4% - Auto -1.1% Increase with effects of rate increases in Oct. 2025 and
Slide 32: Japan P&C: Decrease due to lower dividends from equity sales
By Segments – 2026 Forecasts IFRS Japan P&C : Decrease due to lower dividends as a result of sales of (Bottom-line) business-related equities, etc., despite solid Insurance related profit ■ Adjusted Net Income (billions of JPY) ■ C/R (private insurance total, %) -5.0% +0.1pt 234.7 223.0 93.5 171.2 +
Slide 33: Japan P&C: Increase by +3.6%, driven by robust underwriting
By Segments – 2026 Forecasts IFRS Japan P&C : Increase by +3.6%, driven primarily by robust underwriting (Insurance related) (Before tax, private insurance total, billions of JPY) Insurance related profit/loss L/R Impact of Nat Cats* 2025 2026E YoY 2025 2026E YoY 2025 2026E YoY Japan P&C Total 256.8
Slide 34: Japan P&C: Decreased due to decrease in dividends
By Segments – 2026 Forecasts IFRS Japan P&C : Decreased due to decrease in dividends as a result of sales of (Financial related) business-related equities ■Financial Related Profit/Loss (Adjusted net income-basis, before tax, billions of JPY) -20.2% - Net investment income 71.3 Decrease in dividends
Slide 35: Japan P&C: AUM and dividend income expected to decrease
By Segments – 2026 Forecasts IFRS Japan P&C : AUM and dividend income are expected to decrease due to (Investment) the sales of business-related equities ■Main KPIs of Investment Portfolio <AUM> (trillions of JPY) <Income gains> (billions of JPY) <Duration*2> (years) ■Assets ■Liabilities 6.9 6.7 5.8
Slide 36: Japan Life: ANP to increase, but new business CSM to decline
By Segments – 2026 Forecasts IFRS Japan Life : ANP to increase, but new business CSM to decline due to (Top-line) higher acquisition costs ■ANP (Annualized Premium of New Policies, billions of JPY) +13.6% Revenue is expected to increase through the expansion of the product lineup and the acceleratio
Slide 37: Japan Life: Expect earnings increase due to block reinsurance
By Segments – 2026 Forecasts IFRS Japan Life : Expect earnings increase due to the impact of block reinsurance (Bottom-line) ■ Adjusted Net Income (billions of JPY) - Insurance related profit/loss +18.3% Earnings are expected to increase, driven by steady CSM amortization from in-force Insurance rel
Slide 38: Japan Life: CSM to increase mainly due to block reinsurance
By Segments – 2026 Forecasts IFRS Japan Life : CSM to increase mainly due to block reinsurance (CSM) ■CSM (Ref. 2025 results, billions of JPY) 1,242.2 -88.9 +128.4 +19.3 1,149.7 1,117.9 -92.4 +65.4 +124.3 CSM at New New block Impact of CSM at end of CSM release Interest CSM at beginning of business
Slide 39: Japan Life: Income gains to increase
By Segments – 2026 Forecasts IFRS Japan Life : Income gains to increase. (Investment) Interest rate risk control is maintained through ALM ■Key KPIs of Investment Portfolio (general account) <AUM> (trillions of JPY) ＜Income gains＞ (billions of JPY) ＜Duration＞ (years) ■Assets ■Liabilities 5.3 5.4 86.
Slide 40: Solution: Revenue and adjusted net income both to increase
By Segments – 2026 Forecasts IFRS : Revenue and adjusted net income both to increase, mainly Solution driven by revenue growth and profit expansion in ID&E ■Revenue (billions of JPY) ■Adjusted Net Income (billions of JPY) +20.1％ +9.8% 17.0 14.1 0.8 -0.8 298.0 271.2 2.9 2025 ID&E TMAM Other 2026E 202
Slide 41: Appendix
Appendix Appendix Copyright (c) 2026 Tokio Marine Holdings, Inc. 40
Slide 42: ROE Track Record
Appendix JGAAP IFRS ROE Track Record ■JGAAP (Previous definition)*1 ■IFRS (New definition) Adjusted Net Income Adjusted Net Income Adjusted Adjusted ＝ ＝ ROE Net Assets + Reserves - Goodwill and other intangible ROE Net Assets - Unrealized Gain/Losses fixed assets 14.0％ 13.1％ 12.9％ 13.0％ 12.6％ 11.7％
Slide 43: Dividends
Appendix Dividends ⚫ After the implementation of IFRS, dividends will be based on the 3-year average of IFRS Adjusted Net Income, with a payout ratio of 50% as the general principle ⚫ FY2026 DPS will be JPY245, an increase of +JPY27 (YoY+12.4%), taking into account that FY2026 is a transition period
Slide 44: ESR and its sensitivity
Appendix ESR and its sensitivity Confidence Level for Risk Amount Calculation: 99.5% VaR [ESR Target] 190% or higher [Definition of New ESR] Restricted Capital: Not deducted Emphasis on comparability with global peers and alignment with the new economic value-based solvency regulations*1,*2 Under th
Slide 45: Natural Catastrophes Net Incurred Loss
Appendix JGAAP IFRS Natural Catastrophes Net Incurred Loss ◼ Net incurred losses relating to Nat Cats (JGAAP: business unit profit basis / IFRS: adjusted net income basis, billions of JPY) FY2025 FY2025 FY2026 FY2024 FY2025 FY2025 YoY Feb. Original Original YoY Results Results Results Change*2 Proje
Slide 46: Investment Performance by North American Entities
Appendix JGAAP IFRS Investment Performance by North American Entities Investment Return*1 of Group Companies in North America (before tax, USD mn) JGAAP（Jan-Dec） IFRS（Apr-Mar） ②FY2025 YoY YoY Change ⑤FY2026 ①FY2024 Full-Year ③FY2025 Change ④FY2025 Change (③-②) Full-Year Results Projections Results (
Slide 47: Update of CRE loans
Appendix JGAAP Update of CRE loans Investment Return (Group basis, before tax, USD mn) JGAAP (Jan-Dec) JGAAP（Apr-Mar） YoY YoY Change FY2026 ①FY2024 ②FY2025 ③FY2025 Change FY2025 Change Ful-Year (③-②) Full-Year Results Results (③-①) Results Projection (Feb) Projection Investment income*1 960 640 640
Slide 48: Reduction of Business-Related Equities
Appendix Reduction of Business-Related Equities ⚫ Steady progress towards achieving “zero*1” business-related equities by the end of FY2029 ⚫ Sale for FY2025 was increased by +JPY145.6bn from original projections to +JPY745.6bn. Planned sale for FY2026 is JPY430.0bn ⚫ 24.5% of IFRS net assets as of
Slide 49: Impact of FX Rate Change on the Group's Financial Results
Appendix JGAAP IFRS Impact of FX Rate Change on the Group’s Financial Results ⚫ Impact on adjusted net income and applicable USD/JPY FX rate JGAAP End of Mar. 2024 End of Dec End of Mar. 2025 End of Dec. End of Mar. 2026 JPY151.4 JPY158.1 JPY149.5 JPY156.5 JPY159.9 International JPY1.6 appreciation
Slide 50: Reconciliation of Adjusted Net Income
Appendix JGAAP Reconciliation of Adjusted Net Income *: For IFRS based reconciliation, see “Supplemental data of Group (IFRS)” on our website. • Reconciliation*1 Note: Factors positive to profit are shown with a plus sign FY2024 FY2025 YoY (billions of JPY) Results Results Change Net income attribut
Slide 51: Reconciliation of Business Unit Profits (FY2025 Results)
Appendix JGAAP Reconciliation of Business Unit Profits (FY2025 Results) *: For IFRS based reconciliation, see “Supplemental data of Group (IFRS)” on our website. (billions of JPY) ⚫ Japan P&C*1 （TMNF） ⚫ Japan Life*1 FY2024 FY2025 YoY FY2024 FY2025 Results Results YoY Results Results Net income for a
Slide 52: Adjusted Net Assets / Adjusted ROE
Appendix JGAAP Adjusted Net Assets / Adjusted ROE *: For IFRS based reconciliation, see “Supplemental data of Group (IFRS)” on our website. (billions of JPY) ⚫ Adjusted Net Assets*1 ⚫ Adjusted ROE FY2024 FY2025 YoY FY2024 FY2025 YoY Results Results Change Results Results Change Net assets 5,076.8 5,
Slide 53: (Ref.) JGAAP FY2026 Projections
Appendix JGAAP (Ref.) JGAAP FY2026 Projections ◼ Adjusted Net Income (billions of JPY) YoY Change +24.3 (excl. business-related equities +154.3) International*2 Japan P&C*2,3 Japan Life*2 Other*2,3 +110.0 +57.0 -24.4 -118.2 Other One-off effects*1 (excl. business-related equities) 1,204.8 -169.2 FX
Slide 54: IFRS Implementation: New KPI Definition
Appendix IFRS Implementation: New KPI Definition IFRS Adjusted Net Income = IFRS Net Income - Capital Gains/Losses - ALM & Hedge-Related Gains/Losses - Business Investment Related Gains/Losses Key Differences <Accounting Standards> <Changes in Definition> Gains/losses from sales of business- Capital
Slide 55: Definitions of Various Indicators (Comparison of Previous and New)
Appendix Definitions of Various Indicators (Comparison of Previous and New) Adjusted Net Income *1 JGAAP Provision for Provision for Provision for price Provision for Nat Cats Provision for Previous adjusted net Income catastrophe loss contingency fluctuation underwriting underwriting result for = +
Slide 56: 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