Tokio Marine Holdings, Inc. · TSE:8766
Tokio Marine — 3Q FY2025 Earnings Presentation
32 slides from Tokio Marine's earnings presentation, Feb 13, 2026
Slide 1: Overview of 3Q FY2025 Results and Upward Revision of Full-Year Projections
Overview of 3Q FY2025 Results and Upward Revision of Full-Year Projections February 13, 2026
Slide 2: Table of Contents
Table of Contents Highlight Reference – Key Messages ・・・・・・ 2 – Reference ・・・・・・ 22 – Executive Summary (3Q FY2025 Results, Full-Year Projections） ・・・・・・ 3 – Natural Catastrophes ・・・・・・ 6 3Q* FY2025 Results – Group (Adjusted Net Income) ・・・・・・・ 8 ◆ Abbreviations used in this material P&C : Property
Slide 3: Key Messages
Key Messages Adjusted net income in 3Q (excl. capital gains from sales of business- related equities) was steady, with a progress rate of 83% against the full- year projections announced in November 2025 (“November projections”). This was driven by strong underwriting performance for International
Slide 4: Executive Summary: Top-Line 3Q Results and Full-Year Projections
Executive Summary: Top-Line 3Q Results and Full-Year Projections TBU 3Q net premiums written (P&C premiums) made steady progress towards the Nov. projections, driven by solid rate increases and an expansion of underwriting both domestically and internationally. Life insurance premiums performed fa
Slide 5: Executive Summary: Adjusted Net Income 3Q Results (Actual Basis)
Executive Summary: Adjusted Net Income 3Q Results (Actual Basis) [Adjusted net income (incl. business-related equities)] JPY984.5bn (89% vs Nov. projections) [Adjusted net income (excl. business-related equities)] JPY557.7bn (83% vs Nov. projections) Steady progress against the Nov. projection
Slide 6: Executive Summary: Upward Revision of Full-Year Projections
Executive Summary: Upward Revision of Full-Year Projections Full-year projections (excl. business-related equities) on an actual basis are revised upward by +JPY80.0bn vs the Nov. projections to JPY752.0bn due to a decrease in domestic and overseas Nat Cats losses, a reduction in capital losses in
Slide 7: Natural Catastrophes
Natural Catastrophes 3Q Net incurred losses from Nat Cats declined by -JPY41.9bn YoY to JPY104.1bn (before tax) The full-year Nat Cats budget is JPY147.0bn (before tax), releasing -JPY52.0bn considering the current trend Net incurred losses relating to Nat Cats (business unit profit basis, bil
Slide 8: 3Q FY2025 Results
3Q FY2025 Results FX Rate (USD/JPY) [Reference] FY2024 FY2025 End of December JPY158.18 JPY156.56 (Japan) (JPY6.77 depreciation vs Mar. 31, 2024) (JPY7.04 depreciation vs Mar. 31, 2025) End of September JPY142.73 JPY148.88 (International) (JPY0.90 depreciation vs Dec. 31, 2023) (JPY9.30 appreciation
Slide 9: Group Results: Adjusted Net Income (Actual Basis) YoY Change
Group Japan Life Group Results: Adjusted Net Income (Actual Basis) YoY Change Japan P&C International Adjusted net income on an actual basis excluding capital gains from sales of business-related equities increased by +JPY85.2bn YoY, driven by decreased Nat Cats for Japan P&C, as well as strong un
Slide 10: Japan P&C 1: TMNF Results
Group Japan Life Japan P&C 1: TMNF Results Japan P&C International Business unit profit on an actual basis slightly exceeded the Nov. projections, despite the impact of increased provisions for foreign currency denominated loss reserves from JPY depreciation*1, while domestic Nat Cats were lower t
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 Progress was mostly in line with the Nov. projections at +4.6% YoY, driven by increased revenue from rate and product revisions in auto and fire insurance (billions of JPY, except for %) FY2025 [Progress towards Novemb
Slide 12: Japan P&C 3: TMNF Net Incurred Losses
Group Japan Life Japan P&C 3: TMNF Net Incurred Loses Japan P&C International Net incurred losses were lower than the Nov. projections due to a decrease in domestic Nat Cats, despite increased provision for foreign currency denominated loss reserves from JPY depreciation*1 (c. +JPY19.0bn*2) and de
Slide 13: Japan P&C 4: TMNF Combined Ratio
Group Japan Life Japan P&C 4: TMNF Combined Ratio Japan P&C International Combined ratio was in line with the Nov. projections due to lower-than-expected domestic Nat Cats, despite increased provision for foreign currency denominated loss reserves from JPY depreciation and deteriorating loss ratio
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 and Other exceeded the Nov. projections, driven by accelerated sales of business- related equities, etc. (billions of JPY) FY2025 FY2024 FY2025 Projections 3Q 3Q YoY (November Progress Results Results
Slide 15: Japan Life: TMNL Results
Group Japan Life Japan Life: TMNL Results Japan P&C International Annualized premium of new business tracked below the Nov. projections due to lower-than-expected sales caused by intensifying competition, etc. (Sales of new products remained steady) Business unit profits exceeded the Nov. projec
Slide 16: International 1: Net Premiums Written
Group Japan Life International 1: Net Premiums Written Japan P&C International Progressed steadily towards the Nov. projections YoY increase of +4.8% was driven by strong underwriting expansion at PHLY, DFG, and TMSR (Brazil) (billions of JPY, except for %) FY2025 FY2024 FY2025 Projections 3Q 3Q
Slide 17: International 1: Net Premiums Written
Group Japan Life International 1: Net Premiums Written Japan P&C International [3Q (Jan. – Sep.) Results] - North America (see pages 19-21 for details on the three main companies) PHLY: Continued strong performance due to rate increases (3Q results: +9.5%) and new businesses, etc. DFG: Continued
Slide 18: International 2: Business Unit Profits
Group Japan Life International 2: Business Unit Profits Japan P&C International 3Q results remained robust against the Nov. projections. Strong performance YoY at +JPY62.5bn was driven by robust underwriting at each entity, decreased capital losses in North America (c. +JPY30.0bn), and JPY depreci
Slide 19: International 2: Business Unit Profits
Group Japan Life International 2: Business Unit Profits Japan P&C International [3Q (Jan. – Sep.) Results] - North America (see pages 19-21 for details on the three main companies) PHLY: Momentum remains robust, underpinned by a consistently strong loss ratio DFG: Performance significantly excee
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 3Q 3Q YoY Results Results (Ref.) As of end As of end YoY % (Excluding FX rates Sep. 2024 Sep. 2025 Change % FX effects *2) （USD/JPY） JPY 142.7 JPY 148.9 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 3Q 3Q YoY Results Results (Ref.) As of end As of end YoY % (Excluding FX rates Sep. 2024 Sep. 2025 Change % FX effects *2) （USD/JPY） JPY 142.7 JPY 148.9 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 3Q 3Q YoY Results Results (Ref.) As of end As of end YoY % (Excluding FX rates Sep. 2024 Sep. 2025 Change % FX effects *2) （USD/JPY） JPY 142.7 JPY 148.9 N
Slide 23: Reference
Reference Copyright (c) 2026 Tokio Marine Holdings, Inc. 22
Slide 24: Investment Performance by North American Entities
Investment Performance by North American Entities 3Q (Jan.– Sep.) investment returns were in line with the Nov. projections Full-year investment returns are expected to be approx. USD3.41bn, an upward revision of +USD170mn from the Nov. projections, reflecting lower-than-expected capital losses
Slide 25: Update of CRE loans
Update of CRE loans 3Q (Jan.–Sep.) investment returns were in line with the Nov. projections Full-year investment returns are expected to be approx. USD730mn, an upward revision of +USD110mn from the Nov. projections, reflecting lower-than-expected capital losses from Oct. to Dec. (Market condit
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
Reconciliation of Adjusted Net Income (billions of JPY) • Reconciliation*1 Note: Factors positive to profit are shown with a plus sign FY2025 Projections FY2024 FY2025 November YoY Revised 3Q 3Q FY2024 Projection (b)-(a) Change (b) Results Results (a) Net income attributable to owners of the parent
Slide 29: Adjusted Net Assets / Adjusted ROE
Adjusted Net Assets / Adjusted ROE (billions of JPY) Adjusted Net Assets*1 Adjusted ROE FY2025 FY2025 FY2025 FY2025 FY2024 November FY2024 November Revised (b)-(a) Revised (b)-(a) Results Projections Results Projections (b) (b) (a) (a) Net assets Net income(consolidated) 1,055.2 910.0 1,020.0 11
Slide 30: Reconciliation of Business Unit Profits
Reconciliation of Business Unit Profits （billions of JPY） Japan P&C*1 （TMNF） Japan Life*1 FY2025 FY2025 FY2024 FY2025 FY2024 FY2025 Projections Projections 3Q 3Q YoY 3Q 3Q YoY (November (November Results Results Results Results projection) projection) Net income for accounting purposes 855.4 684
Slide 31: 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+JPY2.6bn Increase in overseas subsidiaries p
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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