Tokio Marine Holdings, Inc. · TSE:8766
Tokio Marine — Investor Day (December 2025)
60 slides from Tokio Marine's investor day presentation, Dec 2, 2025
Slide 1: Tokio Marine Presents Annual Investor Day in New York
Tokio Marine Presents Annual Investor Day in New York December 2, 2025 DFG CEO PHLY CEO TMHCC CEO TMNF President CEO/CCO CFO Co-Head of International Don Sherman John Glomb Susan Rivera Hiroaki Shirota Masahiro Koike Kenji Okada Kit Yamamoto Brad Irick (Remote) Copyright (c) 2025 Tokio Marine Holdin
Slide 2: Table of Contents
Table of Contents Ⅰ. CEO Message P. 3 Ⅱ. Japan P&C & Solutions Business Strategy P. 7 Ⅲ. International Business Strategy P. 14 Ⅳ. Reference P. 27 ◆Abbreviations used in this material P&C : Property & Casualty (Nonlife insurance) PHLY ：Philadelphia TMHD : Tokio Marine Holdings DFG ：Delphi Financial G
Slide 3: Our Value Creation Story
I. CEO Message 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 societ
Slide 4: Top-tier EPS Growth (5Y Track Record)
I. CEO Message 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 +1
Slide 5: Top-tier EPS Growth (Progress on the MTP)
I. CEO Message 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 8% or more CAGR +9% or more + +8.9% +7~
Slide 6: Raise ROE to the Level of Global Peers
I. CEO Message 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 portfolio including sales of business-related equities
Slide 7: Japan P&C: Progress on the MTP
II. Japan P&C & Solu- tions Business Strategy Overview U/W Capability Distribution Reform Solutions Japan P&C: 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 rob
Slide 8: Japan P&C Business Organic Growth Capabilities
II. Japan P&C & Solu- tions Business Strategy Overview U/W Capability Distribution Reform Solutions 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, ex
Slide 9: Rate Increases
II. Japan P&C & Solu- tions Business Strategy Overview U/W Capability Distribution Reform Solutions 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 pro
Slide 10: Progress in Structural Reform of Distribution
II. Japan P&C & Solu- tions Business Strategy Overview U/W Capability Distribution Reform Solutions 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-t
Slide 11: Portfolio Improvement Through Thorough Profitability Measures
II. Japan P&C & Solu- tions Business Strategy Overview U/W Capability Distribution Reform Solutions 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 str
Slide 12: Develop Diverse Distribution Channels (Tokio Marine Direct Insurance)
II. Japan P&C & Solu- tions Business Strategy Overview U/W Capability Distribution Reform Solutions 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 ou
Slide 13: Status of Solutions Business
II. Japan P&C & Solu- tions Business Strategy Overview U/W Capability Distribution Reform 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.
Slide 14: International: Progress on the MTP
III. International US business Business Strategy US U/W PHLY TMHCC US Investment DFG M&A Overview International: 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 r
Slide 15: North America Business: Driver of International Growth
III. International US business Business Strategy US U/W PHLY TMHCC US Investment DFG M&A Overview 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 pr
Slide 16: North America Business: Underwriting Portfolio
III. International US business Business Strategy US U/W PHLY TMHCC US Investment DFG M&A Overview 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 an
Slide 17: Track Record of Profit Growth Over Rate Cycles
III. International US business Business Strategy US U/W PHLY TMHCC US Investment DFG M&A Overview （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 underwritin
Slide 18: Specialty P&C Line: Organic Growth Potential
III. International US business Business Strategy US U/W PHLY TMHCC US Investment DFG M&A Overview 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 maintainin
Slide 19: Employee Benefits Line: Organic Growth Potential
III. International US business Business Strategy US U/W PHLY TMHCC US Investment DFG M&A Overview 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
Slide 20: PHLY Update
III. International US business Business Strategy US U/W PHLY TMHCC US Investment DFG M&A Overview PHLY Update 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.21） High renewal ratio at rate increa
Slide 21: Bolt-on M&A by PHLY
III. International US business Business Strategy US U/W PHLY TMHCC US Investment DFG M&A Overview Bolt-on M&A by PHLY 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 growth in the futu
Slide 22: TMHCC Update
III. International US business Business Strategy US U/W PHLY TMHCC US Investment DFG M&A Overview 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 Expansion of Biz-line
Slide 23: Acquisition of Agrihedge in North America
III. International US business Business Strategy US U/W PHLY TMHCC US Investment DFG M&A Overview 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 derivati
Slide 24: North America Investment: Organic Growth Potential
III. International US business Business Strategy US U/W PHLY TMHCC US Investment DFG M&A Overview 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 gen
Slide 25: DFG Update
III. International US business Business Strategy US U/W PHLY TMHCC US Investment DFG M&A Overview 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 Combine
Slide 26: Disciplined In / Out Strategy
III. International US business Business Strategy US U/W PHLY TMHCC US Investment TMHCC M&A Overview 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
Slide 27: Key Messages (FY2025 Interim IR Conference)
Ⅳ. Reference Group Japan P&C International Investment Key Messages (FY2025 Interim IR Conference on Nov. 26, 2025) 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 cas
Slide 28: 14th Consecutive Dividend Increase
Ⅳ. Reference Group Japan P&C International Investment Strong DPS Growth with confidence 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 included in Adjusted Net Income after the implementation o
Slide 29: Strong Capital Stock and Disciplined Capital Policy (Share Buyback)
Ⅳ. Reference Group Japan P&C International Investment Strong Capital Stock and Disciplined Capital Policy (Share Buyback) ESR*1 as of Sep. 30, 2025 at 155%*2 Share buyback for FY2025 will be increased to JPY240.0bn (+JPY20.0bn vs original announcement) comprehensively considering the level requi
Slide 30: Use of AI / Data that Match Our Business Model
Ⅳ. Reference Group Japan P&C International Investment 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 For examp
Slide 31: Source of Organic Growth (Globally Integrated Group Management)
Ⅳ. Reference Group Japan P&C International Investment 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 preferable risks
Slide 32: Source of Organic Growth (Group Synergies)
Ⅳ. Reference Group Japan P&C International Investment Source of Organic Growth (Group Synergies) Synergies gained by leveraging group capabilities generate profits on a scale comparable to large-scale acquisitions (approx. USD531mn) Revenue synergy (Direct Written Premium) (USD mn, Calculated as o
Slide 33: Impact of IFRS Implementation (Definition)
Ⅳ. Reference Group Japan P&C International Investment Impact of IFRS Implementation (Definition) Adjusted Net Income and Adjusted ROE, the new KPIs post-IFRS implementation (from FY2026) are designed to reflect our capability accurately and emphasize comparability with global peers IFRS Adjusted N
Slide 34: Impact of IFRS Implementation (Adjusted Net Income)
Ⅳ. Reference Group Japan P&C International Investment Impact of IFRS Implementation (Adjusted Net Income) 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 liabilities evaluated on the economic
Slide 35: Impact of IFRS Implementation (Japan P&C)
Ⅳ. Reference Group Japan P&C International Investment Impact of IFRS Implementation (Japan P&C) 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 of JPY) FY2024 Accounting Standards
Slide 36: Impact of IFRS Implementation (Japan Life)
Ⅳ. Reference Group Japan P&C International Investment Impact of IFRS Implementation (Japan Life) 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 of JPY) FY2024 Accounting Standar
Slide 37: Impact of IFRS Implementation (International)
Ⅳ. Reference Group Japan P&C International Investment Impact of IFRS Implementation (International) IFRS Adjusted Net Income for the International Business will increase primarily due to the definition changes excluding capital gains/losses (billions of JPY) FY2024 Accounting Standards Differences
Slide 38: Impact of IFRS Implementation (Net Assets)
Ⅳ. Reference Group Japan P&C International Investment Impact of IFRS Implementation (Net Assets) (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. +1,150.0 goodwill and intangible assets
Slide 39: Impact of IFRS Implementation (Adjusted ROE)
Ⅳ. Reference Group Japan P&C International Investment Impact of IFRS Implementation (Adjusted ROE) IFRS Adjusted ROE is impacted by the increase in Adjusted Net Income and Adjusted Net Assets, respectively FY2024 Actual 22.7 % 11.4 % Approx. 12.8 % Accounting Standard Change in Definition Differen
Slide 40: Impact of ICS Implementation (ESR)
Ⅳ. Reference Group Japan P&C International Investment Impact of ICS Implementation (ESR) 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 new regulations*2 ESR is defined
Slide 41: Quantitative Impacts and Potentials of TMNF's Re-New
Ⅳ. Reference Group Japan P&C Japan グループ Japan Life P&C International International 資産運用 Investment 領域拡大 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 significantly below 30
Slide 42: [Progress to MTP] Auto Insurance
Ⅳ. Reference Group Japan P&C Japan グループ Japan Life P&C International International 資産運用 Investment 領域拡大 [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 FY2026). However,
Slide 43: [Progress to MTP] Fire Insurance
Ⅳ. Reference Group Japan P&C Japan グループ Japan Life P&C International International 資産運用 Investment 領域拡大 [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 revisions over the yea
Slide 44: (Ref.) Advantage of Our U/W Capabilities
Ⅳ. Reference Group Japan P&C Japan グループ Japan Life P&C International International 資産運用 Investment 領域拡大 (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 exceptional field U
Slide 45: [Progress to MTP] Specialty Insurance
Ⅳ. Reference Group Japan P&C Japan グループ Japan Life P&C International International 資産運用 Investment 領域拡大 [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 revenue in FY20
Slide 46: Progress of TMNF and ID&E Collaboration
Ⅳ. Reference Group Japan P&C Japan グループ Japan Life P&C International International 資産運用 Investment 領域拡大 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
Slide 47: Track Record of Bolt-on M&A
Reference Ⅳ.Ⅲ. Reference Group Japan P&C International Investment 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 High success rate : In-depth understanding
Slide 48: Rate Cycle and M&A Opportunities
Reference Ⅳ.Ⅲ. Reference Group Japan P&C International Investment 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% 60,000
Slide 49: Controlling Inflationary Impacts
Reference Ⅳ.Ⅲ. Reference Group Japan P&C International Investment Controlling Inflationary Impacts In the North America business, inflationary impacts are properly controlled through proactive measures based on portfolio characteristics Percentage of reserve by inflation type for the North America
Slide 50: Inflation Resilience (Social Inflation)
Reference Ⅳ.Ⅲ. Reference Group Japan P&C International Investment Inflation Resilience (Social Inflation) PHLY Business Strength*1 Ability to avoid impact Ability to mitigate impact Disciplined underwriting Reduction of litigation Continued proactive actions to identify policies with Assembled a
Slide 51: Inflation Resilience (Medical / Wage Inflation)
Reference Ⅳ.Ⅲ. Reference Group Japan P&C International Investment Inflation Resilience (Medical / Wage Inflation) Impact Existing New Initiatives Business Prior Year Loss Reserves Business Loss Cost Medical stop-loss Short-tail, and so any impact can be recognized and accounted Continued rate incr
Slide 52: North America Business: C/R Comparison
Reference Ⅳ.Ⅲ. Reference Group Japan P&C International Investment North America Business: C/R Comparison North American business consistently deliver strong profitability through a well-diversified underwriting portfolio Highest C/R Volatility* Lowest 88% Lowest Chubb WRB 90% Progressive 92% C/R 5
Slide 53: Emerging Market Business
Reference Ⅳ.Ⅲ. Reference Group Japan P&C International Investment 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 54: Group Asset Management Policy
Reference Ⅳ.Ⅲ. Reference Group Japan P&C International Investment 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 stable yield <Group income yield> 6.5% Assets other
Slide 55: Update of CRE Loans
Reference Ⅳ.Ⅲ. Reference Group Japan P&C International Investment Update of CRE loans 2Q Investment returns exceeded the plan due to lower capital losses Full-year investment returns are expected to be approx. USD620mn, an upward revision of +USD180mn (Market conditions remain generally unchange
Slide 56: Reduction of Business-Related Equities
Reference Ⅳ.Ⅲ. Reference Group Japan P&C International Investment Reduction of Business-Related Equities Steady progress towards achieving “zero*1” business-related equities by the end of FY2029. Planned sale for full-year FY2025 is revised upwards from original projections by +JPY60.0bn to JPY660
Slide 57: MEMO
MEMO Copyright (c) 2025 Tokio Marine Holdings, Inc. 57
Slide 58: MEMO
MEMO Copyright (c) 2025 Tokio Marine Holdings, Inc. 58
Slide 59: Copyright (c) 2025 Tokio Marine Holdings, Inc.
Copyright (c) 2025 Tokio Marine Holdings, Inc.
Slide 60: 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