Tokio Marine Holdings, Inc. · TSE:8766
Tokio Marine — Q1 FY2025 Earnings Presentation
32 slides from Tokio Marine's earnings presentation, Aug 7, 2025
Slide 1: Overview of 1Q FY2025 Results
Overview of 1Q FY2025 Results August 7, 2025
Slide 2: Table of Contents
Table of Contents Highlights Reference – Key Messages ・・・・・・ 3 – Reference ・・・・・・ 22 – Executive Summary ・・・・・・ 4 1Q FY2025 Results – Group (Adjusted Net Income) ・・・・・ 7 ◆ Abbreviations used in this material P&C ︓Property & Casualty (non-life insurance) – Natural Catastrophes ・・・・・・ 8 TMNF : Tokio
Slide 3: (Blank Page)
(Blank Page) Copyright (c) 2025 Tokio Marine Holdings, Inc. 2
Slide 4: Key Messages: Steady Performance towards FY2025
Key Messages Progress rate of adjusted net income excluding capital gains from the sales of business- related equities was 33%, well above the initial projection. It reflected the impact of the JPY appreciation (+JPY9.3bn) on Japan P&C and the robust performance of the International business.(c. +
Slide 5: Executive Summary: Top-Line
Executive Summary: Top-Line TBU Net premiums written made steady progress vs projections, rising +4% YoY (+5% excl. FX) primarily due to the impact of rate increases in Japan and International business Life insurance premium increased by +5% YoY (+7% excl. FX). 1Q progress is generally in line w
Slide 6: Executive Summary: Progress Toward Full-Year Projections (Adjusted Net Income)
Executive Summary: Progress Toward Full-Year Projections (Adjusted Net Income) Progress rate of adjusted net income (excl. capital gains from the sales of business-related equities) was 33% vs the projections, reflecting the impact of FX (+JPY9.3bn) on Japan P&C business and robust performance of
Slide 7: 1Q FY2025 Results
1Q FY2025 Results [Reference] FX Rate（USD/JPY） FY2024 FY2025 End of June JPY161.07 JPY144.81 （Japan） (-JPY9.66 from Mar. 31, 2024) （+JPY4.71 from Mar. 31, 2025） End of March JPY151.41 JPY149.52 （International） (-JPY9.58 from Dec. 31, 2023) （+JPY8.66 from Dec. 31, 2024） Copyright (c) 2025 Tokio Marin
Slide 8: Group Results: Adjusted Net Income (YoY Change)
Group Japan Life Group Results: Adjusted Net Income (YoY Change) Japan P&C International Significantly increased by +JPY266.5bn YoY mainly due to the rise in capital gains from the sales of business-related equities Increase of +JPY64.8bn excl. capital gains from the sales of business-related eq
Slide 9: Natural Catastrophes
Group Japan Life Natural Catastrophes Japan P&C International Net incurred losses relating to Nat Cats in the 1Q declined by JPY15.4bn YoY to JPY52.7bn (before-tax) Decreased for Japan P&C by JPY50.0bn YoY due to reversal of the impact of hail damage in Hyogo (JPY49.5bn*1). Increased for Interna
Slide 10: Japan P&C 1: TMNF Results
Group Japan Life Japan P&C 1: TMNF Results Japan P&C International The progress rate for business unit profit excluding one-off impacts*1 is 30.3%, which is below the past 5-year average of 39.8%. This is mainly due to the increase in auto accident frequency and the positive effects of the October
Slide 11: Japan P&C 2: TMNF Net Premiums Written
Group Japan Life Japan P&C 2: TMNF Net Premiums Written Japan P&C International Steady +5.0% YoY increase is in line with projections (FY2025 projection is +4.1%) Top line growth was driven mainly by the materialization of the effects of past rate/product revisions, primarily for auto and fire (
Slide 12: Japan P&C 3: TMNF Net Incurred Losses
Group Japan Life Japan P&C 3: TMNF Net Incurred Losses Japan P&C International Progress below FY2025 projections with the decrease in provisions for foreign currency denominated reserves due to JPY appreciation (-JPY11.5bn, before tax) and minimal Nat Cats Slightly exceeded FY2025 projections, e
Slide 13: Japan P&C 4: TMNF Combined Ratio
Group Japan Life Japan P&C 4: TMNF Combined Ratio Japan P&C International E/I loss ratio and combined ratio below FY2025 projections due to a decrease in net incurred losses Expense ratio progressed well against the projections for both admin expense and agency commission ratios [Progress toward
Slide 14: Japan P&C 5: TMNF Asset Management
Group Japan Life Japan P&C 5: TMNF Asset Management Japan P&C International Net investment income mostly in line with expectations despite the early progress in the sales of business-related equities and upswing in dividends from overseas entities (billions of JPY) FY2024 FY2025 FY2025 1Q 1Q YoY P
Slide 15: Japan Life: TMNL Results
Group Japan Life Japan Life: TMNL Results Japan P&C International Annualized premium of new business was below FY2025 projections due to lower sales of regular premium variable life insurance. Expecting increased sale towards the fiscal year end with launch of new products scheduled from 2Q Busi
Slide 16: International 1: Net Premiums Written
Group Japan Life International 1: Net Premiums Written Japan P&C International Although rate cycles differ by each business line, progress mostly in line with FY2025 projections, driven by the robust underwriting and rate increases by PHLY and DFG. (YoY increase of +4.3%) (billions of JPY, except
Slide 17: International 1: Net Premiums Written
Group Japan Life International 1: Net Premiums Written Japan P&C International [Progress towards FY2025 projections] - North America (see pages 19-21 for details on the three main companies) PHLY: Outperformed the plan due to robust rate increase (1Q results: +9.7%) and new businesses, etc. DFG:
Slide 18: International 2: Business Unit Profits
Group Japan Life International 2: Business Unit Profits Japan P&C International Mostly steady as planned, despite the impact of LA wildfires (-JPY27.4bn) and FX effect between foreign currencies (c. -JPY6.0bn), mainly thanks to strong underwriting by DFG and TMSR, lower-than-plan capital losses in
Slide 19: International 2: Business Unit Profits
Group Japan Life International 2: Business Unit Profits Japan P&C International [Progress towards FY2025 projections] - North America (see pages 19-21 for details on the three main companies) PHLY: Progress below the plan due to the impact of LA wildfire (in line with projections) despite robust p
Slide 20: International 3: PHLY
Group Japan Life International 3: PHLY Japan P&C International ■ Changes in Major P/L Items (billions of JPY, except for % and pt) FY2024 FY2025 1Q 1Q YoY Results Results (Ref.) As of end As of end YoY % (Excluding FX rates Mar. 2024 Mar. 2025 Change % FX effects *2) （USD/JPY） JPY 151.4 JPY 149.5 Ne
Slide 21: International 4: DFG
Group Japan Life International 4: DFG Japan P&C International ■ Changes in Major P/L Items (billions of JPY, except for % and pt) FY2024 FY2025 1Q 1Q YoY Results Results (Ref.) As of end As of end YoY % (Excluding FX rates Mar. 2024 Mar. 2025 Change % FX effects *2) （USD/JPY） JPY 151.4 JPY 149.5 Net
Slide 22: International 5: TMHCC
Group Japan Life International 5: TMHCC Japan P&C International ■ Changes in Major P/L Items (billions of JPY, except for % and pt) FY2024 FY2025 1Q 1Q YoY Results Results (Ref.) As of end As of end YoY % (Excluding FX rates Mar. 2024 Mar. 2025 Change % FX effects *2) （USD/JPY） JPY 151.4 JPY 149.5 N
Slide 23: Reference
Reference Copyright (c) 2025 Tokio Marine Holdings, Inc. 22
Slide 24: Investment Performance by North American Entities
Investment Performance by North American Entities Investment returns for 1Q slightly exceeded the plan The performance for 1H (Jan. – Jun.) remains marginally above the plan. However, due to ongoing market uncertainty, we will implement investment strategies and monitoring accordingly Investment
Slide 25: Update of CRE loans
Update of CRE loans 1Q total returns exceeded the plan, driven by higher-than-expected income and capital gains While market and portfolio conditions remain broadly unchanged in 1H (Jan. – Jun.), a significant recovery in the market is unlikely in the near term We will continue to monitor clos
Slide 26: Definition of KPIs (1)
Definition of KPIs (1) Adjusted Net Income (Group total) Business Unit Profits Enhancing transparency and comparability / Creating long-term corporate value Linking with shareholder return For the Group total, “Adjusted Net Income” For each business domain, “Business Unit based on financial acco
Slide 27: Definition of KPIs (2)
Definition of KPIs (2) Definition of Adjusted Net Income / Adjusted Net Assets / Adjusted ROE Adjusted Provision for Provision for Provision for price Provision for Nat Cats Provision for Net Net Income underwriting + underwriting result for = + catastrophe loss + contingency + fluctuation + Income*
Slide 28: Reconciliation of Adjusted Net Income: 1Q FY2025 Results
Reconciliation of Adjusted Net Income: 1Q FY2025 Results • (billions of JPY) Reconciliation*1 FY2024 FY2025 YoY FY2025 Note: Factors positive to profit are shown with a plus sign 1Q 1Q Change Projections Results Results Net income attributable to owners of the parent 197.3 466.8 269.5 930.0 (consoli
Slide 29: Reconciliation of Business Unit Profits: 1Q FY2025 Results
Reconciliation of Business Unit Profits: 1Q FY2025 Results （billions of JPY） Japan P&C*1 （TMNF） Japan Life*1 FY2024 FY2025 FY2024 FY2025 FY2025 FY2025 1Q 1Q YoY 1Q 1Q YoY Projections Projections Results Results Results Results Net income for accounting purposes 164.1 430.6 266.5 507.0 Net income
Slide 30: Impact of FX Rate Change on the Group's Financial Results
Impact of FX Rate Change on the Group’s Financial Results Estimated impact of the JPY depreciation to USD by 1 yen*1 Impact on net income on financial accounting basis*2 Impact on adjusted net income*2 Increase in overseas subsidiaries profit: circa Increase in overseas subsidiaries profit: ci
Slide 31: MEMO
MEMO Copyright (c) 2025 Tokio Marine Holdings, Inc. 30
Slide 32: 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
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