Tokio Marine Holdings, Inc. · TSE:8766
Tokio Marine — Investor Day (July 2026)
45 slides from Tokio Marine's investor day presentation, Jul 9, 2026
Slide 1: Tokio Marine Presents Annual Investor Day in London
Tokio Marine Presents Annual Investor Day in London July 9, 2026 Co-Head of International Head of Japan CFO CEO/CCO PHLY CEO DFG CEO TMHCC CEO TMK CEO Kit Yamamoto Brad Irick Hiroaki Shirota Yoshinari Endo Masahiro Koike John Glomb Don Sherman Susan Rivera Matthew Shaw Copyright (c) 2026 Tokio Marin
Slide 2: Table of Contents
Table of Contents Ⅰ. CEO Message ............................ P. 3 Ⅱ. International Business ............................ P. 8 Ⅲ. Japan P&C Business ............................ P. 15 Ⅳ. Solutions Business ............................ P. 17 Ⅴ. Reference ............................ P. 19 [The Story
Slide 3: Purpose-Driven Evolution
I. CEO Message Purpose-Driven Evolution We have created new values as the industry leader, driven by our purpose: “To be there for our customers and society in their times of need.” Entities that share our values have joined the Group, enhancing our value creation over time. Trends of Total Business
Slide 4: Group Management that Enhances Competitive Advantage
I. CEO Message Group Management that Enhances Competitive Advantage The Federated model (decentralized and collaborative group management), which strengthens the ownership and accountability of each group company, is accelerating our value creation (profit growth). Strength of Federated Model Profit
Slide 5: Our Unique Evolution
I. CEO Message Our Unique Evolution As a global Group shaped by our Japanese origins and strengthened by our international expansion, we are there for our customers and society, protecting them at all times, committed to realizing a future of safety, security and happiness. We have formulated Aspira
Slide 6: Strategic partnership with Berkshire Hathaway Group
I. CEO Message Strategic partnership with Berkshire Hathaway Group Announced in March 2026, our partnership with Berkshire Hathaway, which is based on an alignment of culture and values, serves as a strategic catalyst, driving sustained mid to long term value creation and accelerating our growth tra
Slide 7: Business Portfolio with Clear Competitive Advantage
I. CEO Message Business Portfolio with Clear Competitive Advantage Established competitive advantage globally by adapting to market features, achieving profit growth that outperformed the market. Market Features • World's largest and growing insurance market Market Features • Stable market with top
Slide 8: Superior North America Underwriting over Rate Cycles
IV. International U/W Investment M&A PHLY DFG TMHCC TMK Superior “North America Underwriting” over Rate Cycles Consistent growth in underwriting profit, surpassing peers, has been achieved through a disciplined underwriting strategy and a diversified portfolio that remains resilient through market c
Slide 9: Strong Performance of North America Investment Portfolio
IV. International U/W Investment M&A PHLY DFG TMHCC TMK Strong Performance of North America Investment Portfolio High investment returns driven by leveraging long-term, predictable insurance liabilities and DFG’s superior investment capabilities. Growing income ＝ AUM expansion, driven by underwritin
Slide 10: Track Record of M&A
IV. International U/W Investment M&A PHLY DFG TMHCC TMK Track Record of M&A Our stringent acquisition criteria have driven our strong M&A track record, delivering an ROI of 27.3%. In (M&A/new establishment) Out (divestment/run-off) <ROI for large-scale M&A*1> Cost of Capital 27.3% Highland*2 Guam ＞
Slide 11: PHLY Update
IV. International U/W Investment M&A PHLY DFG TMHCC TMK 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 High renewal ratio at rate increase Auto • Acquired an agency business handling
Slide 12: DFG Update
IV. International U/W Investment M&A PHLY DFG TMHCC TMK 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 Combined ratio retirement products / services
Slide 13: TMHCC Update
IV. International U/W Investment M&A PHLY DFG TMHCC TMK 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&A Expansion of Biz-line and strong balanced business portfolio •
Slide 14: TMK Update
IV. International U/W Investment M&A PHLY DFG TMHCC TMK TMK Update Top Class Specialty Insurer in Lloyd's market. What’s TMK Current Focus Results One of the largest underwriting Rebalance U/W portfolio Favorable combined ratio capacities in Lloyd’s market Focus on growing Lloyd’s specialty
Slide 15: Japan Market Continues to Grow, Generating Stable Profit
II. Japan P&C Japan Market Continues to Grow, Generating Stable Profit Japan is a steadily expanding market, where the top three companies dominate roughly 90% of the market. It has substantial growth potential as specialty insurance penetration remains low and rates are rising due to inflation. Sta
Slide 16: Competitive Advantage of Our Underwriting
II. Japan P&C Competitive Advantage of Our Underwriting Underwriting capabilities will determine performance in Japan. Further profit growth can be achieved by refining the superior capabilities we already hold over other Japanese P&C companies. Superior capabilities Track record Introduce/offer cut
Slide 17: Expand Value Offering Areas through Solutions Business
III. Solutions Expand Value Offering Areas through Solutions Business “Insurance + Solutions” is our unique business model. Expand areas where we can offer value, such as disaster prevention and mitigation, to drive growth of both insurance and solutions businesses. (Achieve profit growth and improv
Slide 18: Current MTP KPI Targets (Group)
V. Reference Group International Japan P&C Solutions Investment Current MTP KPI Targets (Group) JGAAP Mid-term Plan FY2026 Projections FY2025 Results* (FY2024-FY2026) May 2024 November 2025 May 2025 (Reference) EPS Growth FY2023-FY2026 FY2023-FY2026 FY2023-FY2025 (incl. sales of biz-related CAGR+8%
Slide 19: Current MTP KPI Target (Business Unit)
V. Reference Group International Japan P&C Solutions Investment Current MTP KPI Target (Business Unit) JGAAP Mid-term business plan FY2026 Projections FY2025 Results*1 *KPIs on this page exclude capital (FY2024-FY2026) gains from sale of business- May 2024 November 2025 related equities Adjusted Net
Slide 20: Evolving Prominence Among Global Peers
V. Reference Group International Japan P&C Solutions Investment Evolving Prominence Among Global Peers Continue to achieve top-tier profit growth and raise ROE to the level of global peers, including through effective use of capital and strategic partnership with Berkshire Hathaway. Continue top-tie
Slide 21: Our Value Creation Model
V. Reference Group International Japan P&C Solutions Investment Our Value Creation Model Employees who are passionate about achieving our Purpose contribute to solving the issues for our customers and society. This, in turn, contributes to the company’s sustainable profit growth, which is then retur
Slide 22: Globally Integrated Group Management
V. Reference Group International Japan P&C Solutions Investment Globally Integrated Group Management Our “integrated group management” is evolving in its 11th year, establishing a framework where highly skilled professionals can thrive and are empowered to capture preferable risks in line with our r
Slide 23: Group Synergies
V. Reference Group International Japan P&C Solutions Investment Group Synergies Synergies gained by leveraging group capabilities generate profits on a scale comparable to large- scale acquisitions (USD461mn). Revenue synergy (Direct Written Premium) (USD mn, Calculated as of Dec. 31 each year) Inve
Slide 24: Business Environment and Impact on TMHD
V. Reference Group International Japan P&C Solutions Investment Business Environment and Impact on TMHD In a volatile business environment, continue to achieve profit growth by implementing appropriate strategies. Business environment Impact on FY2026 (before tax) Initiatives and expected risks Prov
Slide 25: Tokio Marine Group's Retention / Reinsurance Policy
V. Reference Group International Japan P&C Solutions Investment Tokio Marine Group’s Retention / Reinsurance Policy Our primary objective of reinsurance is to protect the balance sheet from capital events. We implement ongoing flexible cycle management based on economic rationale for the earnings
Slide 26: Our Competitive Advantage Continuously Refined by AI
V. Reference Group International Japan P&C Solutions Investment Our Competitive Advantage Continuously Refined by AI We are promoting AI adoption tailored to the needs of each market and business and driving R&D through “AI-HUB”, the Group CoE, to deepen our competitive advantage. Further refinement
Slide 27: Continue to Pursue Risk Diversification and Expansion of Business Domains
V. Reference Group International Japan P&C Solutions Investment Continue to Pursue Risk Diversification and Expansion of Business Domains Improve ROE by achieving profit growth while enhancing capital efficiency through incorporating risks that have low correlation with existing businesses Risk dive
Slide 28: DPS Growth in line with Top-tier EPS Growth
V. Reference Group International Japan P&C Solutions Investment DPS Growth in line with Top-tier EPS Growth 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,
Slide 29: Strong Capital Stock and Disciplined Capital Policy (Share Buyback)
V. Reference Group International Japan P&C Solutions Investment Strong Capital Stock and Disciplined Capital Policy (Share Buyback) ESR*1 as of Mar. 31, 2026 remained strong at 268%. (Based on the new definition after ICS implementation.) FY2026 share buybacks are currently planned at JPY400.0bn* th
Slide 30: Rate Cycle and M&A Opportunities
V. Reference Group Japan P&CInternational グループ Japan Life Japan P&C資産運用 International 領域拡大 Solutions Investment Rate Cycle and M&A Opportunities The current rate cycle has entered the early stage of a softening phase, leading to an increase in M&A activity. Rate cycle*1 (left axis) Total transaction
Slide 31: Track Record of In / Out Strategy
V. Reference Group Japan P&CInternational グループ Japan Life Japan P&C資産運用 International 領域拡大 Solutions Investment Track Record of In / Out Strategy Building a strong portfolio by acquiring blue chip insurers with solid business models. Driving optimization of business portfolio by determining core
Slide 32: Track Record of Bolt-on M&A
V. Reference Group Japan P&CInternational グループ Japan Life Japan P&C資産運用 International 領域拡大 Solutions 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 transact
Slide 33: Quantitative Impacts and Potentials of Re-New
V.Ⅲ Reference . Reference Group International Japan P&C Solutions Investment 【TMNF】 Quantitative Impacts and Potentials of “Re-New” JGAAP Implementation of Re-New will be the turning-point for TMNF’s business model and profit growth. Re-New実行は、TMNFビジネスモデル・利益成⾧の変曲点となる。 Post-initiative E/R signi
Slide 34: Enhance Distribution
V.Ⅲ Reference . Reference Group International Japan P&C Solutions Investment Enhance Distribution By building a high-quality distribution model through the most appropriate channel for each customer segment, we will expand the breadth of value delivery. As a result, under the next Mid-Term Business
Slide 35: Strengthen Direct Channels to Meet Diversifying Customer Needs
V.Ⅲ Reference . Reference Group International Japan P&C Solutions Investment Strengthen Direct Channels to Meet Diversifying Customer Needs Our direct channel subsidiary (formerly E.design Insurance) was renamed “Tokio Marine Direct Insurance (TMDI)” (announced in July 2025). Since then, we have
Slide 36: Solutions Business Priority Areas
V.Ⅲ Reference . Reference Group International Japan P&C Solutions Investment Solutions Business Approach to Expand value provided to customers and society by addressing risk reduction and resolution in both pre- and post-risk areas. Value Creation By providing solutions, support accident preventio
Slide 37: Growth Opportunity in the Disaster Prevention and Mitigation area
V.Ⅲ Reference . Reference Group International Japan P&C Solutions Investment Growth Opportunity in the Disaster Prevention and Mitigation area Engineering consultation market in the disaster prevention and mitigation business is currently centered on public sector (ID&E has the top market share of
Slide 38: Initiatives in the Disaster Prevention and Mitigation area
V.Ⅲ Reference . Reference Group International Japan P&C Solutions Investment Initiatives in the Disaster Prevention and Mitigation area Leveraging capabilities, including the CORE disaster prevention consortium, to deliver diverse solutions. With the addition of ID&E, which possesses advanced te
Slide 39: Group Asset Management Policy
V.Ⅲ Reference . Reference Group International Japan P&C Solutions Investment Group Asset Management Policy Maintain long-term, stable income based on ALM aligned with characteristics of insurance liabilities. Investment Portfolio (End of Mar. 2026*) Securing a stable yield Assets other than Domestic
Slide 40: Enhancing Investment Returns Through Group-Wide Investment Strategy
V.Ⅲ Reference . Reference Group International Japan P&C Solutions Investment Enhancing Investment Returns Through Group-Wide Investment Strategy By leveraging group-wide expertise to design and implement optimal local investment strategies, we will further enhance investment returns. Expansion of ri
Slide 41: Reduction of Business-Related Equities
V.Ⅲ Reference . Reference Group International Japan P&C Solutions Investment 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. Pl
Slide 42: MEMO
MEMO Copyright (c) 2026 Tokio Marine Holdings, Inc. 42
Slide 43: MEMO
MEMO Copyright (c) 2026 Tokio Marine Holdings, Inc. 43
Slide 44: Copyright (c) 2026 Tokio Marine Holdings, Inc.
Copyright (c) 2026 Tokio Marine Holdings, Inc.
Slide 45: 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