Tokio Marine Holdings, Inc. · TSE:8766
Tokio Marine — Investor Presentation (September 2026)
19 slides from Tokio Marine's investor presentation, Sep 4, 2026
Slide 1: Underwriting Strategy and Capabilities in the Japan P&C Insurance Market
Tokio Marine Insights: Underwriting Strategy and Capabilities in the Japan P&C Insurance Market September 4, 2026
Slide 2: Table of Contents
Table of Contents 1. Underwriting Capabilities of TMNF (Tokio Marine & Nichido Fire Insurance) 2. Profit Growth through Disciplined Underwriting 3. Deploying Underwriting Capabilities in Growth Markets 4. Retention and Reinsurance Strategies Supporting Profit Growth 5. Conclusion Copyright (c) 2026
Slide 3: Structural Change in Japan P&C Market and the Significance of Underwriting
1. Underwriting Capabilities of TMNF Structural Change in Japan P&C Market and the Significance of Underwriting Changes of Risk Environment in Japan Changes of Market Environment in Japan ✓ Intensifying Nat Cats ✓ Elimination of business-related equities and excessive cooperation regarding customers
Slide 4: Underwriting Strategy and Capabilities of TMNF
1. Underwriting Capabilities of TMNF Underwriting Strategy and Capabilities of TMNF ⚫ The core of our underwriting (UW) capabilities lies in our expertise in risk assessment and pricing, as well as our product development capabilities ⚫ Those strengths are supported by “pooling and leveraging global
Slide 5: Global Integrated Management Supporting Group UW
1. Underwriting Capabilities of TMNF Global Integrated Management Supporting Group UW Build a structure for pursuing sustainable profit growth by pooling superior underwriting expertise globally and leveraging it across each entity Top management leveraging UW expertise Pooling Group expertise Co-CR
Slide 6: Global Integrated Management Supporting Group UW (Cyber Risk Initiative)
1. Underwriting Capabilities of TMNF Global Integrated Management Supporting Group UW (Cyber Risk Initiative) ⚫ Cyber risks are borderless and continuously changing as both offensive and defensive technologies evolve rapidly ⚫ We build an UW framework that flexibly incorporates the latest domestic a
Slide 7: Fire Insurance (1) Profitability and UW initiatives
2. Profit Growth with Disciplined Underwriting Fire Insurance (1) Profitability and UW initiatives ⚫ Fire insurance achieved profitability commensurate with the cost of capital in FY2025 through granular pricing and underwriting tailored to the underlying risk profile ⚫ Continue these initiatives wh
Slide 8: Fire Insurance (2) Enhancing UW and Driving profitability improvement
2. Profit Growth with Disciplined Underwriting Fire Insurance (2) Enhancing UW and Driving profitability improvement ⚫ Sales and UW departments work as one team to improve profitability while retaining policy ⚫ Steady profitability improvement in Japan, even amid global market softening Enhancing UW
Slide 9: Fire Insurance (3) Expand into Growth Areas
2. Profit Growth with Disciplined Underwriting Fire Insurance (3) Expand into Growth Areas ⚫ Leverage the Group's collective strengths to enhance UW in growth areas such as data centers ⚫ Differentiate through integrated proposals combining insurance and solutions, leveraging the Group’s strengths D
Slide 10: Liability Insurance (1) UW Portfolio on North American Liability
2. Profit Growth with Disciplined Underwriting Liability Insurance (1) UW Portfolio on North American Liability ⚫ Proven track record of underwriting overseas risks as Japanese companies expanded overseas businesses ⚫ For North American liability, we mainly cover excess layers of large loss claims (
Slide 11: Liability Insurance (2) Measures and Progress on North American Liability
2. Profit Growth with Disciplined Underwriting Liability Insurance (2) Measures and Progress on North American Liability ⚫ Reflecting external environment changes, we launched profit improvement measures in 2023 ⚫ Maintain and expand profitability through rate increases and capacity control Measure
Slide 12: Liability Insurance (3) Outlook for Our Retained Policies
2. Profit Growth with Disciplined Underwriting Liability Insurance (3) Outlook for Our Retained Policies The impact of policies written before measures will remain for some time, given the long settlement period of liability claims Feature of liability risk: Long-tail Trends in the Number of Acciden
Slide 13: Portfolio Transformation: Expanding Specialty Insurance
3. Deploying Underwriting Capabilities in Growth Markets Portfolio Transformation: Expanding Specialty Insurance ⚫ Penetration of specialty insurance remains low, providing significant growth opportunities ⚫ Capture the growing market opportunities created by increasingly diverse and complex social
Slide 14: Cyber Risk: Delivering Value through Integrated Insurance and Solutions
3. Deploying Underwriting Capabilities in Growth Markets Cyber Risk: Delivering Value through Integrated Insurance and Pre- & Post- Incident Solutions ⚫ Strengthen corporate security by providing integrated insurance and pre- & post-incident solutions ⚫ Share and leverage insights across these three
Slide 15: Enhance UW with Global Collaboration (1) Event Cancellation and Credit Insurance
3. Deploying Underwriting Capabilities in Growth Markets Enhance UW with Global Collaboration (1) Event Cancellation Insurance and Credit Insurance Event Cancellation Insurance Credit Insurance ✓ Leverage TMHCC’s competitiveness as the global ✓ Cultivate access to quality overseas policies leader in
Slide 16: Enhance UW with Global Collaboration (2) M&A Insurance / GX area
3. Deploying Underwriting Capabilities in Growth Markets Enhance UW with Global Collaboration (2) M&A Insurance (W&I insurance) / GX area M&A Insurance (W&I Insurance) GX Area ✓ Japan M&A market expansion from corporate ✓ GX industry is expected to continue growing, growth investment and business su
Slide 17: Group-integrated Retention/Reinsurance Strategy Supports UW Profit Growth
4. Retention/Reinsurance Strategies Support Profit Growth Group-integrated Retention/Reinsurance Strategy Supports UW Profit Growth ⚫ Build a foundation that supports profit growth with Group-integrated retention/reinsurance strategy ⚫ In addition, enhance long-term stable reinsurance capacity via W
Slide 18: Sustainable Growth with UW Capability Development
5. Conclusion Sustainable Growth with UW Capability Development ⚫ Steady results for top and bottom lines achieved through profit improvement with disciplined underwriting and capturing new risks and market opportunities ⚫ TMNF will refine underwriting to provide optimal products and services that a
Slide 19: 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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