Tokio Marine Holdings, Inc. · TSE:8766
Tokio Marine — Investor Day (July 2025)
44 slides from Tokio Marine's investor day presentation, Jul 8, 2025
Slide 1: Tokio Marine Presents Annual Investor Day in New York
Tokio Marine Presents Annual Investor Day in New York July 8, 2025 DFG CEO PHLY CEO TMHCC CEO CEO/CCO CFO Co-Head of International Don Sherman John Glomb Susan Rivera Masahiro Koike Kenji Okada Kit Yamamoto Brad Irick Copyright (c) 2025 Tokio Marine Holdings, Inc.
Slide 2: Table of Contents
Table of Contents I. CEO Remarks ....................................................................... P. 3 II. International Business Strategy ....................................... P. 8 III. Reference ........................................................................... P. 20 ◆ Abbreviati
Slide 3: Top-tier EPS Growth (Progress on the MTP)
I. CEO Remarks Integrated ROE EPS Growth Group Mgmt Improvement Top-tier EPS Growth (Progress on the MTP) Our EPS growth is top-tier with steady progress toward our current MTP Our EPS Growth*1 EPS Growth Global Peer Comparison*1,2 Progress on the MTP Each Company’s Targets (Yen) 23-26 CAGR + % 8
Slide 4: Top-tier EPS Growth (Track Record)
I. CEO Remarks Integrated ROE EPS Growth Group Mgmt Improvement Top-tier EPS Growth (Track Record) Our EPS growth is top-tier driven by the robust organic growth capability EPS Growth Track Record (Breakdown) EPS Growth Global Peer Comparison （2019-2024 CAGR） EPS Growth +19.9％ + 19.9% +17.7% Adjus
Slide 5: Source of Organic Growth (Globally Integrated Group Management)
I. CEO Remarks Integrated ROE EPS Growth Group Mgmt Improvement Source of Organic Growth (Globally Integrated Group Management) Our “integrated group management” is evolving in its 10th year, establishing a framework where highly skilled professionals can thrive and are empowered to capture prefer
Slide 6: Our Two Unique ROE Growth Drivers Not Found in Global Peers
I. CEO Remarks Integrated ROE EPS Growth Group Mgmt Improvement Our Two Unique ROE Growth Drivers Not Found in Global Peers Reinvesting capital generated through sale of business-related equities into core businesses with higher ROR will raise our ROE Our solutions business, with its low capital
Slide 7: Reinvestment into Higher-ROR Businesses (Transformation of Business Portfolio)
I. CEO Remarks Integrated ROE EPS Growth Group Mgmt Improvement Reinvestment into Higher-ROR Businesses (Transformation of Business Portfolio) Adjusted Net Income Adjusted Net Income Net Asset Value*1 / Adjusted Net Assets*1 / Risk / Risk 2025 Projection 2025 Projection March 31, 2025 Adjusted ROE R
Slide 8: Globally Diversified Business Mix
II. International North America North America Business Strategy Overview U/W Investment DFG PHLY TMHCC M&A Globally Diversified Business Mix Tokio Marine is a truly global company, rooted in Japan. Approx. 70% of profit is generated from our international business Core Business Mix (FY2025 Project
Slide 9: Progress to Current MTP
II. International North America North America Business Strategy Overview U/W Investment DFG PHLY TMHCC M&A Progress to Current MTP While progress of overall international business has been affected by the increase in capital loss in North America, underwriting profit is above the MTP <Business Uni
Slide 10: North American Business: Organic Growth Potential
II. International North America North America Business Strategy Overview U/W Investment DFG PHLY TMHCC M&A North American Business: Organic Growth Potential North American Business derives its high profitability primarily from both U/W and asset management Both Specialty P&C and Employee Benefit
Slide 11: Organic Growth Potential (Underwriting (1): Specialty P&C Line)
II. International North America North America Business Strategy Overview U/W Investment DFG PHLY TMHCC M&A Organic Growth Potential (Underwriting (1): Specialty P&C Line) The Specialty P&C line*1 achieves higher profit growth than Peers by leveraging disciplined underwriting strategy in each produ
Slide 12: Organic Growth Potential (Underwriting (2): Employee Benefits Line)
II. International North America North America Business Strategy Overview U/W Investment DFG PHLY TMHCC M&A Organic Growth Potential (Underwriting (2): Employee Benefits Line) The Employee Benefits line*1 steadily expands the top line while maintaining C/R at around 95% Underwriting profit*2 Top li
Slide 13: Controlling Inflationary Impacts
II. International North America North America Business Strategy Overview U/W Investment DFG PHLY TMHCC M&A Controlling Inflationary Impacts In the North American business, inflationary impacts are properly controlled through proactive measures based on portfolio characteristics Percentage of reser
Slide 14: Impacts of LA Wildfires (Resilience to Nat Cats)
II. International North America North America Business Strategy Overview U/W Investment DFG PHLY TMHCC M&A Impacts of LA Wildfires (Resilience to Nat Cats) Strict control of Nat Cat exposure and excellent risk selection in North America contained the impacts of LA wildfires at a relatively low lev
Slide 15: Organic Growth Potential (Investment)
II. International North America North America Business Strategy Overview U/W Investment DFG PHLY TMHCC M&A Organic Growth Potential (Investment) Investment income remains strong on the back of an increase in long-term and predictable insurance cash flows supported by strong business expansion and
Slide 16: DFG Update
II. International North America North America Business Strategy Overview U/W Investment DFG PHLY TMHCC M&A DFG Update Maintain U/W profit and expand investment income leveraging its strengths What’s DFG Current Focus Results Strength in employee benefits and Initiatives to improve profitability
Slide 17: PHLY Update
II. International North America North America Business Strategy Overview U/W Investment DFG PHLY TMHCC M&A PHLY Update Build competitive edge focusing on niche customer segments What’s PHLY Current Focus Results Focus on niche customer segments Steady profit growth High renewal ratio at rate i
Slide 18: TMHCC Update
II. International North America North America Business Strategy Overview U/W Investment DFG PHLY TMHCC M&A TMHCC Update Global leader in specialty insurance with 50 years of deep technical expertise What’s TMHCC Current Focus Results Highly profitable and well- Latest bolt-on M&As Stable profi
Slide 19: Disciplined In/Out Strategy
II. International North America North America Business Strategy Overview U/W Investment DFG PHLY TMHCC M&A Disciplined In/Out Strategy ROI of our large-scale M&As is 21.2%. Successful track record makes Tokio Marine an acquirer of choice, as we look to future M&A opportunities The discipline of
Slide 20: Key messages (FY2025 Conference on May 26, 2025)
III. Reference Group International Investment Solutions Governance Key messages (FY2025 Conference on May 26, 2025) Most recent EPS growth (results) was +19.9%* (5Y CAGR). The main driver is core business profit growth (5Y CAGR of +18.0％*) centered on organic growth. We will continue to deliver ro
Slide 21: Volatility of EPS Growth (Track Record)
III. Reference Group International Investment Solutions Governance Volatility of EPS Growth (Track Record) We aim to achieve high EPS growth while managing volatility. Our track record demonstrates that we have been successful in this, and we expect to replicate the strategy in the future. Going f
Slide 22: Source of Organic Growth (Group Synergies)
III. Reference Group International Investment Solutions Governance Source of Organic Growth (Group Synergies) Synergies gained by leveraging group capabilities generate profits on a scale comparable to large-scale acquisitions (approx. USD604mn) Revenue synergy (Direct Written Premium) Revenue (US
Slide 23: Reduction of Business-Related Equities
III. Reference Group International Investment Solutions Governance Reduction of Business-Related Equities Sales of business-related equities in FY2024 were 1.5 times the original plan due to further sale acceleration, indicating significant progress towards achieving ”zero*1” business-related equi
Slide 24: Strong DPS Growth with Confidence
III. Reference Group International Investment Solutions Governance Strong DPS Growth with Confidence We maintain a high-confidence in the trajectory of DPS growth being in line with strong EPS growth (This policy is stated to be unchanged after the introduction of IFRS/ICS) 14th consecutive divide
Slide 25: Strong Capital Stock and Disciplined Capital Policy (Share Buyback)
III. Reference Group International Investment Solutions Governance Strong Capital Stock and Disciplined Capital Policy (Share Buyback) ESR*1 as of March 31, 2025 is 149%. Current plan for FY2025 share buyback is JPY220.0bn throughout the year, comprehensively considering the level required to boos
Slide 26: Review of Indicators for Introduction of IFRS / ICS
III. Reference Group International Investment Solutions Governance Review of Indicators for Introduction of IFRS / ICS IFRS / ICS to be introduced at the end of FY2025 Considering the impact of the introduction and comparability with peers (who revised various KPI indicators upon introduction of
Slide 27: Track Record of In / Out Strategy
III. Reference Group International Investment Solutions Governance 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 core and non-core businesses 2000 2007 2012 2015 20
Slide 28: Track Record of Bolt-on M&A
III. Reference Group International Investment Solutions Governance 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 transactions Advantages High success rate : In-depth u
Slide 29: Rate Cycle and M&A Opportunities
III. Reference Group International Investment Solutions Governance Rate Cycle and M&A Opportunities The market is cyclical, attractive opportunities increase when the market softens; we will remain diligent and patient Rate cycle*1 (left axis) Total transaction amount*2 (right axis) （M$） 15% 60,00
Slide 30: Emerging Market Business
III. Reference Group International Investment Solutions Governance 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 Brazil IFFCO-TOKIO General Tokio Marine Safety
Slide 31: Inflation Resilience (Social Inflation)
III. Reference Group International Investment Solutions Governance Inflation Resilience (Social Inflation) PHLY Business Strength*1 Ability to avoid impact Ability to mitigate impact Disciplined underwriting Robust portfolio Continued proactive actions to identify policies with Continued reducti
Slide 32: Inflation Resilience (Medical / Wage Inflation)
III. Reference Group International Investment Solutions Governance Inflation Resilience (Medical / Wage Inflation) Impact Existing New Initiatives Business Prior Year Loss Reserves Business Loss Cost Medical stop-loss Short-tail with limited prior year reserve impact Continued rate increases, if (
Slide 33: Group Asset Management Policy
III. Reference Group International Investment Solutions Governance Group Asset Management Policy Maintain long-term, stable income based on ALM aligned with characteristics of insurance liabilities Investment Portfolio (End of Mar. 2025) Securing a stable yield Assets other than Investment <Group
Slide 34: Strength of DFG's Investment
III. Reference Group International Investment Solutions Governance Strength of DFG’s Investment Specialized investment team and strong collaboration with outside asset managers enable establishment / execution of investment strategies corresponding to the investment environment, realizing higher r
Slide 35: Investment Performance by North American Entities
III. Reference Group International Investment Solutions Governance Investment Performance by North American Entities FY2024 investment performance was in line with the Feb. projections Income is expected to increase in FY2025 (+USD120mn vs. FY2024 Results), driven by growth in AUM. We have incor
Slide 36: Update of CRE loans by LTV
III. Reference Group International Investment Solutions Governance Update of CRE loans by LTV FY2024 results were in line with the Feb. projections, with capital losses of -USD810mn (Provisions by LTV*1 also remained unchanged) Income is expected to decrease in FY2025 (-USD260mn vs. FY2024), due
Slide 37: Market Environment and Growth Opportunities
III. Reference Group International Investment Solutions Governance Market Environment and Growth Opportunities With the diversification and increasing complexity of risks, the resulting expansion of global economic losses and protection gaps makes insurance an inherent growth industry. In addition
Slide 38: Unique Values We Offer in Disaster Resilience
III. Reference Group International Investment Solutions Governance Unique Values We Offer in Disaster Resilience Our capability to offer disaster prevention and mitigation solutions to avoid and minimize customer’s damage in the event of a disaster has improved exponentially Offer highly effecti
Slide 39: Impacts of Our Preventative and Mitigation Solutions
III. Reference Group International Investment Solutions Governance Impacts of Our Preventative and Mitigation Solutions Offer prevention and mitigation solutions as a more effective way of utilizing insurance claim payment in a disaster. We can “Build Back Better” so that similar damage will no lo
Slide 40: Growth Opportunity in Disaster Resilience
III. Reference Group International Investment Solutions Governance Growth Opportunity in Disaster Resilience Engineering consultation market in the disaster prevention and mitigation business is currently centered on public sector (ID&E has the top market share of c. 10%). Going forward, the priva
Slide 41: Enhancement of Group-Level Governance
III. Reference Group International Investment Solutions Governance Enhancement of Group-Level Governance The Group Audit Committee is leading initiatives such as “Revisit Common Sense” and “Share Lessons Learnt”. Concrete measures, formulated based on discussions by the Group Audit Committee, are
Slide 42: MEMO
MEMO Copyright (c) 2025 Tokio Marine Holdings, Inc. 42
Slide 43: Copyright (c) 2025 Tokio Marine Holdings, Inc.
Copyright (c) 2025 Tokio Marine Holdings, Inc.
Slide 44: 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