Tokio Marine Holdings, Inc. · TSE:8766
Tokio Marine — Investor Presentation (May 2026)
100 slides from Tokio Marine's investor presentation, May 26, 2026
Slide 1: Tokio Marine Group Business Strategy
Tokio Marine Group Business Strategy May 26, 2026 Copyright (c) 2026 Tokio Marine Holdings, Inc.
Slide 2: Table of Contents
Table of Contents I. Our Strength......................................................................... P. 3 II. Where We Stand ................................................................. P. 5 III. Where We Are Going.......................................................... P.18 IV. Capital
Slide 3: Purpose-Driven Evolution
I. Our Strength 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 Busines
Slide 4: Group Management that Enhances Competitive Advantage
I. Our Strength 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 Profi
Slide 5: Our Value Creation Model
II. Where We Stand Value Creation Business Portfolio International Business Japan P&C Business AI Utilization Track Record 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 t
Slide 6: Employees Drive the Value Creation
II. Where We Stand Value Creation Business Portfolio International Business Japan P&C Business AI Utilization Track Record Employees Drive the Value Creation Our employees deliver value and strive to realize our purpose around the world, with satisfaction and pride. This is underscored by consistent
Slide 7: Strong Support from Customers
II. Where We Stand Value Creation Business Portfolio International Business Japan P&C Business AI Utilization Track Record Strong Support from Customers Achieved Net Promoter Score above industry average by sincerely supporting customers and contributing to the resolution of their issues. This, in t
Slide 8: Continue Generating Leading Total Shareholder Return (TSR)
II. Where We Stand Value Creation Business Portfolio International Business Japan P&C Business AI Utilization Track Record Continue Generating Leading Total Shareholder Return (TSR) Our corporate value has been steadily increasing due to the accumulated value creation. As a result, the TSR has also
Slide 9: Business Portfolio with Clear Competitive Advantage
II. Where We Stand Value Creation Business portfolio International Business Japan P&C Business AI Utilization Track Record Business Portfolio with Clear Competitive Advantage Established competitive advantage globally by adapting to market features, achieving profit growth that outperformed the mark
Slide 10: Superior North America Underwriting over Rate Cycles
II. Where We Stand Value Creation Business portfolio International Business Japan P&C Business AI Utilization Track Record Superior “North America Underwriting” over Rate Cycles Consistent growth in underwriting profit, surpassing peers, has been achieved through a disciplined underwriting strategy
Slide 11: Rate Cycle and M&A Opportunities
II. Where We Stand Value Creation Business portfolio International Business Japan P&C Business AI Utilization Track Record 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
Slide 12: Track Record of M&A
II. Where We Stand Value Creation Business portfolio International Business Japan P&C Business AI Utilization Track Record 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) <
Slide 13: Strong Performance of North America Investment Portfolio
II. Where We Stand Value Creation Business portfolio International Business Japan P&C Business AI Utilization Track Record Strong Performance of North America Investment Portfolio High investment returns driven by leveraging long-term, predictable insurance liabilities and DFG’s superior investment
Slide 14: Japan Market Continues to Grow, Generating Stable Profit
II. Where We Stand Value Creation Business portfolio International Business Japan P&C Business AI Utilization Track Record 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 substanti
Slide 15: Competitive Advantage of Our Underwriting
II. Where We Stand Value Creation Business portfolio International Business Japan P&C Business AI Utilization Track Record Competitive Advantage of Our Underwriting Underwriting capabilities will determine performance in Japan. Further profit growth can be achieved by refining the superior capabilit
Slide 16: Enhance Distribution
II. Where We Stand Value Creation Business portfolio International Business Japan P&C Business AI Utilization Track Record 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.
Slide 17: Our Competitive Advantage Continuously Refined by AI
II. Where We Stand Value Creation Business portfolio International Business Japan P&C Business AI Utilization Track Record 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 C
Slide 18: Our Unique Evolution
III. Where We Are Going Aspiration 2035 Growth Driver 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 a
Slide 19: Evolving Prominence Among Global Peers
III. Where We Are Going Aspiration 2035 Growth Driver 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-tier profit g
Slide 20: Continue to Pursue Risk Diversification and Expansion of Business Domains
III. Where We Are Going Aspiration 2035 Growth Driver 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 diversificatio
Slide 21: Expand Value Offering Areas through Solutions Business
III. Where We Are Going Aspiration 2035 Growth Driver 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 busine
Slide 22: Enhancing Investment Returns Through Group-Wide Investment Strategy
III. Where We Are Going Aspiration 2035 Growth Driver 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 risk-taking investment Ri
Slide 23: Strategic partnership with Berkshire Hathaway Group
III. Where We Are Going Aspiration 2035 Growth Driver 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 c
Slide 24: DPS Growth in line with Top-tier EPS Growth
IV. Capital Policy DPS Growth Share Buyback 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, an increase of +JPY
Slide 25: Strong Capital Stock and Disciplined Capital Policy (Share Buyback)
IV. Capital Policy DPS Growth Share Buyback 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. See P.79) FY2026 share buybacks are currently planned at JPY400.0bn* throughout th
Slide 26: Table of Contents (Reference)
Capital Ⅴ.V.Reference Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Table of Contents Group ・・・・・・・・・・・・ P. 27 Solution ・・・・・・・・・・・・ P. 68 International ・・・・・・・・・・・・ P. 34 AI ・・・・・・・・・・・・ P. 75 Japan P&C ・・・・・・・・・・・・ P. 47 Capital Policy ・・・・・・・・・・・・ P. 76
Slide 27: Current MTP KPI Targets (Group)
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Current MTP KPI Targets (Group) JGAAP Mid-term Plan FY2026 Projections FY2025 Results* (FY2024-FY2026) May 2024 November 2025 May 2025 (Reference) FY2023-FY2026 FY2023-FY2026 EPS Growth FY2023-FY2025
Slide 28: Current MTP KPI Target (Business Unit)
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 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 Novemb
Slide 29: ROE Track Record
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Re-post from Q4 conference call ROE Track Record on May 20, 2026 ■JGAAP (Previous definition)*1 ■IFRS (New definition) Adjusted Net Income Adjusted Net Income Adjusted Adjusted ＝ ＝ ROE Net Assets + R
Slide 30: Globally Integrated Group Management
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 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 captur
Slide 31: Group Synergies
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 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, Cal
Slide 32: Business Environment and Impact on TMHD
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 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
Slide 33: Tokio Marine Group's Retention / Reinsurance Policy
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 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
Slide 34: Track Record of In / Out Strategy
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 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 and non-co
Slide 35: Track Record of Bolt-on M&A
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 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
Slide 36: Controlling Inflationary Impacts
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Controlling Inflationary Impacts In the North America business, inflationary impacts are properly controlled through proactive measures based on portfolio characteristics. Percentage of reserve by in
Slide 37: Inflation Resilience (Social Inflation)
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 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 i
Slide 38: Inflation Resilience (Medical / Wage Inflation)
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Inflation Resilience (Medical / Wage Inflation) Impact Existing New Initiatives Business Business Prior Year Loss Reserves Loss Cost Medical stop-loss Short-tail, and so any impact can be recognized
Slide 39: Basic Information: PHLY
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 【Basic Information】 PHLY 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
Slide 40: Basic Information: DFG
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 【Basic Information】 DFG 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 profit
Slide 41: Basic Information: TMHCC
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 【Basic Information】 TMHCC 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 ◼ Expan
Slide 42: Basic Information: Pure
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 【Basic Information】 Pure Specialty insurance group focused on the U.S. High Net Worth insurance market. What’s Pure Current Focus Results ◼ Focus on HNW market with high ◼ Sustainable business expans
Slide 43: Basic Information: TMK
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 【Basic Information】 TMK 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 capaciti
Slide 44: Basic Information: TMSR
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 【Basic Information】 TMSR Highly competitive in the largest market in Latin America leveraging cutting-edge technologies. What’s TMSR Current Focus Results ◼ One of the top players in Auto ◼ Expanding
Slide 45: Emerging Market Business
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 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-TO
Slide 46: International business performance by region
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data International business performance by region IFRS NWP（bn of JPY） 2025 2026E YoY 2025 2026E (excl. FX） Applied FX rate Average during As of end-Mar. +11.5% the period 2026 International Total 3,373.2
Slide 47: Toward sustainable growth (TMNF Re-New)
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 【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。 ⚫ Pos
Slide 48: TMNF Changes in Net Premiums Written for All Categories and C/R
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 【TMNF】 Changes in Net Premiums Written for All Categories and C/R JGAAP ⚫ Changes in net premiums written (all categories; billions of JPY) and C/R*1 （private insurance E/I basis) ⚫ Composition by ca
Slide 49: Progress to MTP: Auto Insurance
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data [Progress to MTP] Auto Insurance JGAAP ⚫ Current MTP aims to achieve a stable C/R level below 95%. ⚫ For FY2025, C/R landed at 99.2%, mainly due to higher-than-expected unit price and accident freque
Slide 50: Auto Insurance Unit Price / Accident Frequency Trend
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Auto Insurance Unit Price / Accident Frequency Trend ⚫ For FY2026, the unit price is projected to grow approx. +6% YoY and accident frequency to remain flat (approx. ±0% YoY). ⚫ We will secure profit
Slide 51: TMNF Changes in Auto Insurance C/R
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 【TMNF】 Changes in Auto Insurance C/R JGAAP ⚫ Changes in auto insurance C/R*1(private insurance E/I basis) ⚫ Auto insurance market share*3 （Based on FY2024 direct net premiums written) incl. effects o
Slide 52: Progress of Automated Driving Technology
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Progress of Automated Driving Technology Auto insurance market will gradually shrink due to the progress of automated driving technology, but expectations for insurers as part of social infrastructur
Slide 53: Progress to MTP: Fire Insurance
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data [Progress to MTP] Fire Insurance JGAAP ⚫ Current MTP aims to achieve profitability commensurate to capital cost (RoR>7%, C/R 80% range) through responsive rate / product revisions over the years. ⚫ F
Slide 54: TMNF Changes in Fire Insurance C/R
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data [TMNF] Changes in Fire Insurance C/R JGAAP ⚫ Changes in fire insurance C/R*1,2(private insurance E/I basis) ⚫ Fire insurance market share*4 (Based on FY2024 direct net premiums written) 161.4% 129.9%
Slide 55: Progress to MTP: Specialty
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data [Progress to MTP] Specialty JGAAP ⚫ Current MTP aims to capture promising markets to achieve approx. +JPY7.0bn profit increase. ⚫ In FY2025, C/R landed at 91.6%, driven by profitability improvement m
Slide 56: E/R Improvement Through Structural Reform of Distribution
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data E/R Improvement Through Structural Reform of Distribution JGAAP ⚫ To achieve high-quality, self-sustaining distribution, we are working to establish a framework and commission structure that allows a
Slide 57: Strengthen Direct Channels to Meet Diversifying Customer Needs
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 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
Slide 58: Japan Life: Top-line
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Top-line ⚫ Current MTP aims to achieve +5% or more growth (3Y CAGR) through business model reform. ⚫ Although the environment remains challenging due to intensifying competition, we will significantl
Slide 59: Japan Life: Bottom-line
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Bottom-line IFRS Adjusted Net Income, which recognizes profits on a levelized basis based on an economic value-basis liabilities, is projected at JPY82.0bn in FY2026 (+JPY12.6bn YoY), primarily drive
Slide 60: Diversification of Risk Control Methods (Block Reinsurance)
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Diversification of Risk Control Methods (Block Reinsurance) ⚫ Interest rate risk control with ALM (comprehensive asset and liability management). ⚫ Block reinsurance has been conducted for diversific
Slide 61: Capital Efficiency
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Capital Efficiency Capital efficiency remains among the highest in domestic peers. Core ROEV*1 (economic value basis) Adjusted ROE*4（IFRS basis) ⚫ Limit the interest rate sensitivity of the denominat
Slide 62: Improve Profitability
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Improve Profitability ⚫ Achieve accumulation of new business CSM with profitability by expanding sales of products with high ROR. ⚫ Current core products have low interest rate risk and secure ROR (t
Slide 63: Group Asset Management Policy
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 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 As
Slide 64: Strength of DFG's Investment
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 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
Slide 65: DFG Investment Track Record
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data DFG Investment Track Record DFG investment performance (investment income + realized gains / losses) remained positive during the collapse of Lehman Brothers (Great Financial Crisis). <Investment Ret
Slide 66: Investment Performance by North American Entities
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Re-post from Q4 conference call Investment Performance by North American Entities on May 20, 2026 Investment Return*1 of Group Companies in North America（before tax, USD mn） JGAAP（Jan-Dec） IFRS（Apr-M
Slide 67: Update of CRE loans
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Re-post from Q4 conference call Update of CRE loans on May 20, 2026 Investment Return (Group basis, before tax, USD mn) JGAAP (Jan-Dec) JGAAP（Apr-Mar） YoY YoY Change ⑤FY2026 Change ①FY2024 ②FY2025 ③F
Slide 68: Solutions Business: Priority Areas
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data 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, su
Slide 69: Unique Values We Offer in Disaster Resilience
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Re-post from IR Conference Unique Values We Offer in Disaster Resilience on November 26, 2025 ⚫ Our capability to offer disaster prevention and mitigation solutions to avoid and minimize customer’s d
Slide 70: Impacts of Our Preventative and Mitigation Solutions
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Re-post from IR Conference Impacts of Our Preventative and Mitigation Solutions on November 26, 2025 ⚫ Offer prevention and mitigation solutions as a more effective way of utilizing insurance claim p
Slide 71: Growth Opportunity in Disaster Resilience
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Re-post from IR Conference Growth Opportunity in Disaster Resilience on November 26, 2025 ⚫ Engineering consultation market in the disaster prevention and mitigation business is currently centered on
Slide 72: Progress in Initiatives 1: Disaster Prevention and Mitigation
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Progress in Initiatives 1: Disaster Prevention and Mitigation ⚫ Leveraging capabilities, including the CORE disaster prevention consortium, to deliver diverse solutions. ⚫ With the addition of ID&E,
Slide 73: Progress in Initiatives 2: Mobility
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Progress in Initiatives 2: Mobility ⚫ Promote development / deployment of new solutions utilizing IoT and data, as well as enhancement of existing solutions. ⚫ Established “Logistics Consortium baton
Slide 74: Progress in Initiatives 3: Healthcare / Decarbonization / Pet Healthcare
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Progress in Initiatives 3: Healthcare / Decarbonization / Pet Healthcare Main Business Examples of actual solutions and initiatives Healthcare Supporting health management Health management support p
Slide 75: Initiatives on Use of AI
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Initiatives on Use of AI We continue to refine our competitive advantage by utilizing AI tailored to the feature of each market and business. Optimizing Optimize customer approach with “Market in Nav
Slide 76: Disciplined Capital Management
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Disciplined Capital Management ⚫ Capital generated is allocated to risk-taking and business investment that will contribute to improving the ROE. In the absence of good opportunities, share buybacks
Slide 77: Reduction of Business-Related Equities
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Re-post from Q4 conference call Reduction of Business-Related Equities on May 20, 2026 ⚫ Steady progress towards achieving “zero*1” business-related equities by the end of FY2029. ⚫ Sale for FY2025 w
Slide 78: Reinvestment into Higher-ROR Businesses
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Reinvestment into Higher-ROR Businesses (Transformation of Business Portfolio) ⚫ We will reinvest excess capital generated through the sales of business-related equities into core businesses with hig
Slide 79: Disciplined Capital Policy (ESR after ICS implementation)
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Re-post from Q4 conference call Disciplined Capital Policy (ESR after ICS implementation) on May 20, 2026 [Definition of New ESR] Confidence Level for Risk Amount Calculation: 99.5% VaR [ESR Target]
Slide 80: Achieve Further Growth through Flexible Capital Strategy
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Achieve Further Growth through Flexible Capital Strategy ⚫ Use hybrid capital to realize further growth strategies including M&A. ⚫ Increase ROE on a long-term basis by maintaining appropriate capita
Slide 81: Strengthening the Supervisory Function of the Board of Directors
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Strengthening the Supervisory Function of the Board of Directors (Transition to Company with Audit and Supervisory Committee from June 2026) ⚫ Currently, the Company adopts a hybrid governance struct
Slide 82: Governance Structure
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Governance Structure Subject to approval at the Annual General Meeting of Shareholders (AGM) in June 2026, outside directors will make up 53% of the Board (since June 2025, outside directors have mad
Slide 83: Skill Matrix of Outside Directors
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Skill Matrix of Outside Directors (Director candidates to be proposed at the AGM in June 2026) Achieve highly effective governance by incorporating the skills of a diverse range of outside directors
Slide 84: Independence Criteria for Outside Directors of TSE and TMHD
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Independence Criteria for Outside Directors of TSE and Independence Standards by TMHD Mr. Katanozaka and Mr. Shindo, outside directors from companies of which TMNF holds shares as business-related eq
Slide 85: Executive Compensation
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Executive Compensation ⚫ Designed a remuneration system linked to business performance and stock price to incentivize Directors and Executive Officers to drive sustainable growth. ⚫ Continue to revie
Slide 86: Progress of TMNF's Business Improvement Plan
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Progress of TMNF’s Business Improvement Plan ⚫ TMNF submitted business improvement plans to the JFSA in February 2024 and May 2025 related to the insurance premium- fixing incident (business improvem
Slide 87: Independent External Review of TMNF Business Improvement Plan
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Independent External Review of TMNF Business Improvement Plan ⚫ The progress of the business improvement plan is subject to regular review by external experts; the inaugural review occurred at the en
Slide 88: Report Submission Order for TMNL
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Report Submission Order for TMNL ⚫ In August 2025, TMNL received a report submission order from the Japan Financial Services Agency (JFSA) regarding “initiatives to build appropriate relationships wi
Slide 89: TMNL Management's Recognition of Issues Regarding the Report Submission Order
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data TMNL Management’s Recognition of Issues Regarding the Report Submission Order ⚫ The underlying issues at TMNL are fundamentally the same as the root causes of TMNF’s insurance premium-fixing incident
Slide 90: Implementation of Measures to Prevent Recurrence of Issues at TMNL
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Implementation of Measures to Prevent the Recurrence of Issues at TMNL in Response to the Report Submission Order ⚫ TMNL submitted a report to the JFSA in September 2025 in response to the report sub
Slide 91: Quantifying Social Value
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Quantifying Social Value ⚫ We are making great efforts to quantitatively visualize the social value that we provide to society and our customers through our insurance and solutions, such as preventin
Slide 92: Response to Climate Change
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Response to Climate Change ⚫ We support society’s transition to decarbonization through engagement with our customers and the provision of products and services. ⚫ In addition to Mid-Term Plan goals
Slide 93: Initiatives for Promoting DE&I
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Initiatives for Promoting DE&I In addition to accelerating initiatives to promote DE&I through empowerment of diverse employees and every global human resource, drive further growth of the Group by f
Slide 94: Natural Catastrophes Net Incurred Loss
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Re-post from Q4 conference call Natural Catastrophes Net Incurred Loss on May 20, 2026 ◼ Net incurred losses relating to Nat Cats (JGAAP: business unit profit basis / IFRS: adjusted net income basis,
Slide 95: Impact of FX Rate Change on the Group's Financial Results
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Re-post from Q4 conference call Impact of FX Rate Change on the Group’s Financial Results on May 20, 2026 ⚫ Impact on adjusted net income and applicable USD/JPY FX rate JGAAP End of Mar. 2024 End of
Slide 96: Tokio Marine Holdings Key Statistics
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Tokio Marine Holdings Key Statistics FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Net income (billions of yen) 273.8 284.1 274.5 259.7 161.8 420.4 374.6 695.8 1,055.2 980.4 S
Slide 97: Return to Shareholders
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Return to Shareholders FY2026 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Projections Dividends per share 53 yen 60 yen 63 yen 67 yen 85 yen 100 yen 123 yen 172 yen 218 yen 245 yen
Slide 98: Definition of KPIs
Capital V. Reference Group International Japan P&C Japan Life Investment Solution AI Policy ESG Data Re-post from Q4 conference call Definition of KPIs on May 20, 2026 Adjusted Net Income *1 JGAAP Provision for Provision for Provision for price Provision for Nat Cats Provision for Previous adjusted
Slide 99: Copyright (c) 2026 Tokio Marine Holdings, Inc.
Copyright (c) 2026 Tokio Marine Holdings, Inc.
Slide 100: 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
Tokio Marine Holdings — Investor Presentation (May 2026) on 6ix