Tokio Marine Holdings, Inc. · TSE:8766
Tokio Marine — Q1 FY2026 Earnings Presentation
28 slides from Tokio Marine's earnings presentation, Aug 12, 2026
Slide 1: Overview of FY2026 1Q Results
Overview of y FY2026 ‘1% Results August 12, 2026 > | v A . . * aoe WW Tokio Marine Holdings Inspiring Confidence. Accelerating Progress. \ TOKIO MARINE
Slide 2: Executive Summary: 26Q1 results mostly in line with plan
Executive Summary IFRS 26Q1 Results: Both the Top-line and Bottom-line were mostly in line with plan ■Total Business Volume*1 (billions of JPY) ■Adjusted Net Income (billions of JPY) Progress 28% 9,532.0 YoY+8% 950.0 -4% +12% (excl. FX -9%) (excl. FX +6%) 271.0 261.3 514 2,142.8 2,406.0 Adjusted EPS
Slide 3: FY2026 1Q Results (IFRS) contents and abbreviations
By Segments – 2026 1Q Results FY2026 1Q Results (IFRS) – Group ・・・・・・ P. 3 – International ・・・・・・ P. 4 – Japan（P&C） ・・・・・・ P. 10 （Life） ・・・・・・ P. 16 – Solution ・・・・・・ P. 20 [Reference] ◆Abbreviations used in this material FX Rate (USD/JPY) ➢P&C ：Property & Casualty (non-life insurance) FY2025 FY2026
Slide 4: Group: 1Q mostly in line with plan
By Segments – 2026 1Q Results IFRS Group : 1Q mostly in line with plan (Adjusted Net Income) ■Adjusted Net Income (billions of JPY) Progress 28% 950.0 -4% (excl. FX -9%) 271.0 +13.8 -17.3 -1.4 -4.7 261.3 See See See P.4-9 P.10-19 P.20 for details for details for details 25Q1 International Japan Solu
Slide 5: International: Strong NWP growth (Top-line)
By Segments – 2026 1Q Results IFRS International : Strong NWP growth, mostly in line with plan, (Top-line) while continuing to maintain underwriting discipline ■Net Premiums Written (billions of JPY) (Ref.) 2026E 25Q1 26Q1 YoY YoY (excl. FX） (excl. FX) +16.6% +11.5% International Total 801.4 934.7 3
Slide 6: International: Slightly ahead of plan (Bottom-line)
By Segments – 2026 1Q Results IFRS International : Slightly ahead of plan, supported by strong underwriting (Bottom-line) performance and investment income ■Adjusted Net Income (billions of JPY) ■C/R (%) Progress excl. FX 25.9% 634.0 YoY +9.6% +9.2% (excl. FX: +2.0%) (excl. FX: -2.1%) +3.1 -11.6 -0.
Slide 7: International: Insurance related profit
By Segments – 2026 1Q Results IFRS International : Mostly in line with plan, due to strong & disciplined (Insurance related) underwriting and high profitability (Ref.) (before tax, billions of JPY) 25Q1 26Q1 YoY 2026E Progress*1 (excl. FX) +20.2% International Total 111.0 133.4*2 24.7% 539.0 (+7.9%)
Slide 8: International: Combined ratio and Nat Cats impact
By Segments – 2026 1Q Results IFRS International : Mostly in line with plan, due to strong & disciplined (Insurance related) underwriting and high profitability C/R Nat Cats impact* (Ref.) (Ref.) 25Q1 26Q1 25Q1 26Q1 YoY 2026E YoY 2026E International Total 88.9% 88.8% -0.1pt 88.9% 1.6pt 0.9pt -0.7pt
Slide 9: International: Financial related profit/loss
By Segments – 2026 1Q Results IFRS International : Slightly ahead of plan, (Financial related) supported by robust investment income growth ■Financial Related Profit/Loss (Adjusted net income-basis, before tax, billions of JPY) Progress excl. FX 26.1% 371.0 - Net investment income YoY +0.8% +3.3% (e
Slide 10: International: Investment AUM and income gains
By Segments – 2026 1Q Results IFRS International : Both AUM and income gains in line with plan (Investment) ■Breakdown of AUM ■Main KPIs of North American Investment Portfolio ＜AUM*1＞ ＜AUM*1＞ ＜Income gains*2＞ ＜Duration＞ (trillions of yen) (trillions of yen) (billions of JPY) (years) ■Assets ■North A
Slide 11: Japan P&C: Top-line mostly in line with plan
By Segments – 2026 1Q Results IFRS Japan P&C : Mostly in line with plan while delivering solid business expansion (Top-line) ■Net Premiums Written (NWP) ■GWP remained mostly in line with plan, considering (Private Insurance total, billions of JPY) that the impact of rate increases in motor and other
Slide 12: Japan P&C: Behind plan due to large losses (Bottom-line)
By Segments – 2026 1Q Results IFRS Japan P&C : Behind plan, primarily due to large losses (Bottom-line) for liability insurance in North America ■Adjusted Net Income (billions of JPY) ■C/R (%) Progress 34.6% 223.0 YoY -5.0% -20.8% 97.5 -12.0 +2.1pt -9.7 ＋1.5 77.2 88.7 91.0 See 86.6 P.12,13 for See d
Slide 13: Japan P&C: Insurance related profit
By Segments – 2026 1Q Results IFRS Japan P&C : Behind plan, primarily due to large losses (Insurance related) for liability insurance in North America (Ref.) (Before tax, private insurance total, billions of JPY) 25Q1 26Q1 2026E YoY Progress Japan P&C Total 92.3 80.2 -13.1% 30.2% 266.0 Auto 24.9 27.
Slide 14: Japan P&C: Loss ratio and Nat Cats impact
By Segments – 2026 1Q Results IFRS Japan P&C : Behind plan, primarily due to large losses (Insurance related) for liability insurance in North America L/R Nat Cats Impact* (Ref.) (Ref.) 25Q1 26Q1 25Q1 26Q1 YoY 2026E YoY 2026E Japan P&C Total 59.3% 61.6% +2.2pt 63.7% 0.6pt 2.1pt +1.5pt 3.5pt Auto 62.
Slide 15: Japan P&C: Financial related profit/loss
By Segments – 2026 1Q Results IFRS Japan P&C : Mostly in line with plan excluding the impact of yen depreciation (Financial related) ■Financial Related Profit/Loss (Adjusted net income-basis, before tax, billions of JPY) Progress 51.8% 57.0 YoY-20.2% - Net investment income -24.9% Mostly in line wit
Slide 16: Japan P&C: Investment AUM and income gains
By Segments – 2026 1Q Results IFRS Japan P&C : AUM and income gains declined as planned, reflecting sales of (Investment) business-related equities ■Main KPIs of Investment Portfolio ＜AUM＞ <Income gains> ＜Duration*3＞ (trillions of JPY) （billions of JPY) (years) ■Assets ■Liabilities 123.0 6.9 6.7 6.0
Slide 17: Japan Life: ANP and new business CSM (Top-line)
By Segments – 2026 1Q Results IFRS Japan Life : ANP trending steadily. (Top-line) New business CSM mostly in line with plan ■ANP (Annualized Premium of New Policies, billions of JPY) 51.0 YoY+13.6% - Steady progress, driven by strong performance of regular premium variable insurance and single- +23.
Slide 18: Japan Life: Improved recurring earnings (Bottom-line)
By Segments – 2026 1Q Results IFRS Japan Life : Improved recurring earnings through block reinsurance, (Bottom-line) mostly in line with plan ■Adjusted Net Income (billions of JPY) Progress 26.2％ 82.0 +16.2% YoY+18.3％ - Insurance related profit/loss Insurance Higher CSM amortization following an inc
Slide 19: Japan Life: CSM accumulated mostly in line with plan
By Segments – 2026 1Q Results IFRS Japan Life : CSM accumulated mostly in line with plan （CSM） ■CSM (billions of JPY) 1,172.8 +6.4*2 1,149.7 +4.8*1 1,147.0 +11.7 -25.7 +23.0 CSM at New Interest Impact of CSM at end of CSM release CSM at end of business assumption 2026Q1 (profit end of 2026Q1 FY2025
Slide 20: Japan Life: Investment and interest rate risk control
By Segments – 2026 1Q Results IFRS Japan Life : Progressing in line with plan. (Investment) Interest rate risk control is maintained through ALM ■Key KPIs of Investment Portfolio (General account) ＜AUM＞ ＜Income gains＞ ＜Duration＞ (trillions of JPY) (billions of JPY) (years) ■Assets ■Liabilities 15 89
Slide 21: Solution: Behind plan due to ID&E fiscal year-end change
By Segments – 2026 1Q Results IFRS Solution : Behind plan due to ID&E’s change of fiscal year-end and the decrease in public-sector demand ■Revenue (billions of JPY) ■Adjusted Net Income (billions of JPY) Progress 8.7% 17.0 298.0 YoY+20.1% YoY+9.8% -49.6% 2.9 -3.3* -13.5% 82.8 71.6 +1.5 1.4 +0.3 25Q
Slide 22: Appendix
Appendix Appendix Copyright (c) 2026 Tokio Marine Holdings, Inc. 21
Slide 23: Natural Catastrophes Net Incurred Loss
Appendix IFRS Natural Catastrophes Net Incurred Loss ◼ Net incurred losses relating to Nat Cats (Adjusted net income basis, billions of JPY) FY2025 FY2026 FY2026 YoY Change*1 Before tax 1Q Results 1Q Results Budgets Japan P&C 4.0 14.7 +10.6 105.0 International 14.0 8.9 -5.0 95.0 Total 18.0 23.6 +5.6
Slide 24: Investment Performance by North American Entities
Appendix IFRS Investment Performance by North American Entities Investment Return*1 of Group Companies in North America (before tax, USD mn) FY2026 25Q1 Results 26Q1 Results Change FY2025 Results Full-Year Projections Investment Income*2 1,080 1,100 20 4,360 4,420 o/w Loans 400 370 -40 1,550 1,500 C
Slide 25: Update of CRE loans
Appendix IFRS Update of CRE loans Investment Return (Group basis, before tax, USD mn) FY2026 Full-Year 25Q1 Results 26Q1 Results Change FY2025 Results Projections Investment income*1 250 190 -60 870 760 Capital 60 0 -50 80 -80 (o/w ECL) 80 10 -80 220 (o/w Impairment loss) -40 0 40 -130 (o/w Realized
Slide 26: Impact of FX Rate Change on the Group's Financial Results
Appendix IFRS Impact of FX Rate Change on the Group’s Financial Results ◼ Impact on adjusted net income and applicable USD/JPY FX rate End of Mar. 2026 End of June 2026 End of Mar. 2027 FY2025 year-end spot rate Average rate for Apr-Jun : JPY159.6 JPY159.9 End-June spot rate : JPY162.4 FY2026 origin
Slide 27: Definitions of Various Indicators
Appendix Definitions of Various Indicators ■ Definition of Adjusted Net Income, Adjusted Net Asset and Adjusted ROE Adjusted Net Net Income ALM*3 and hedge related Capital Business investment related = - - - Income*1 (consolidated)*2 gains/losses gains/losses*4 gains/losses*5 Adjusted Net Net Assets
Slide 28: 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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