Tokio Marine Holdings, Inc. · TSE:8766

Tokio Marine — 2Q FY2025 Earnings Presentation

64 slides from Tokio Marine's earnings presentation, Nov 19, 2025

Slide 1: Overview of 2Q FY2025 Results and Full-Year Projections
Overview of 2Q FY2025 Results and Full-Year Projections November 19, 2025
Slide 2: Table of Contents
Table of Contents Highlight FY2025 Projections – Key Messages ・・・・・・ 3 – Group (Adjusted Net Income) ・・・・・・ 29 – Executive Summary ・・・・・・ 4 – Japan P&C (TMNF）・・・・・・ 31 – Natural Catastrophes ・・・・・・ 12 – Japan Life（TMNL）・・・・・・ 36 – International ・・・・・・ 37 2Q* FY2025 Results Reference – Group (Adjus
Slide 3: (Blank Page)
(Blank Page) Copyright (c) 2025 Tokio Marine Holdings, Inc. 2
Slide 4: Key Messages
Key Messages  2Q adjusted net income (excl. business-related equities) made steady progress at 52% vs. original projections. The results were driven by a decrease in Nat Cats and the steady impact of rate 2Q Results increases for Japan P&C, as well as strong underwriting performance for the Remain
Slide 5: Executive Summary: Top-Line
Executive Summary: Top-Line TBU  2Q net premiums written increased +4% YoY (excl. FX) driven by solid rate increases and an expansion of underwriting both domestically and internationally (slightly below original projections due to softening trend in some International lines). Life insurance premiu
Slide 6: Executive Summary: Adjusted Net Income 2Q Results (Actual Basis)
Executive Summary: Adjusted Net Income 2Q Results (Actual Basis)  [Adjusted net income (incl. business-related equities)] JPY755.0bn (69% vs original projections, *5Y average: 55%)  [Adjusted net income (excl. business-related equities) JPY367.2bn (52% vs original projections, *5Y average: 49%) 
Slide 7: Executive Summary: Adjusted Net Income FY2025 Full-Year Projections (Actual basis)
Executive Summary: Adjusted Net Income FY2025 Full-Year Projections (Actual basis)  [Adjusted Net Income (incl. business-related equities)] JPY1.11tn (+JPY10.0bn vs original projection)  [Adjusted Net Income (excl. business-related equities)] JPY672.0bn (-JPY28.0bn vs original projection)  Full-y
Slide 8: Executive Summary: Adjusted Net Income FY2025 Full-Year Projections (Normalized Basis)
Executive Summary: Adjusted Net Income FY2025 Full-Year Projections (Normalized Basis*)  [Adjusted Net Income (incl. business-related equities)] JPY1.08tn (-JPY20.0bn vs original projection)  [Adjusted Net Income (excl. business-related equities)] JPY680.0bn (-JPY20.0bn vs original projection)  R
Slide 9: Executive Summary: Shareholder Returns
Executive Summary: Shareholder Returns  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 of IFRS, DPS Growth in line with Top-tier EPS Grow
Slide 10: Executive Summary: Strong Capital Stock and Disciplined Capital Policy (Share Buyback)
Executive Summary: Strong Capital Stock and Disciplined Capital Policy (Share Buyback)  ESR*1 as of Sep. 30, 2025 at 155%  Share buyback for FY2025 will be increased to JPY240.0bn (+JPY20.0bn vs original announcement) comprehensively considering the level required to boost EPS growth by +2%, the M
Slide 11: Bolt-on M&A by PHLY
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 future, with favorable L/R, contributing to PHLY’s further profit growth *1: FX rate as of the end of
Slide 12: Reduction of Business-Related Equities
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 JPY660.0bn  Expect to reach approx. 20% of IFRS net assets by the end o
Slide 13: Natural Catastrophes
Natural Catastrophes  2Q Net incurred losses from Nat Cats declined by -JPY19.9bn YoY to JPY94.7bn (before tax)  The full-year Nat Cats budget is maintained at JPY199.0bn (before tax) in line with a conservative view  Net incurred losses relating to Nat Cats (business unit profit basis, billions
Slide 14: 2Q FY2025 Results
2Q FY2025 Results FX Rate (USD/JPY) [Reference] FY2024 FY2025 End of September JPY142.73 JPY148.88 (Japan) (JPY8.68 appreciation vs Mar. 31, 2024) (JPY0.64 appreciation vs Mar. 31, 2025) End of June JPY161.07 JPY144.81 (International) (JPY19.24 depreciation vs Dec. 31, 2023) (JPY13.37 appreciation v
Slide 15: Group Results: Adjusted Net Income (YoY Change) (Actual Basis)
Group Results: Adjusted Net Income (YoY Change) (Actual Basis) Japan P&C Group Japan Life International  Increased by +JPY8.1bn YoY excl. capital gains from sale of business-related equities, driven by decreased Nat Cats for Japan P&C, and strong underwriting performance and improved North American
Slide 16: Japan P&C 1: TMNF Results
Japan P&C 1: TMNF Results Group Japan P&C Japan Life International  Business unit profit on actual basis was JPY93.7bn. Progress was high at 63.8%, mainly due to the decrease in Nat Cats  Business unit profit excluding one-off effects (Nat Cats and FX) was JPY124.2bn, slightly above the original p
Slide 17: Japan P&C 2: TMNF Net Premiums Written
Japan P&C 2: TMNF Net Premiums Written Group Japan P&C Japan Life International  Progress of private insurance total was at +3.5% YoY, below original projections of +4.1%. However, full-year progress is in line with projections with, supported by auto rates increase and large volumes of renewals fo
Slide 18: Japan P&C 3: TMNF Net Incurred Losses
Japan P&C 3: TMNF Net Incurred Loses Group Japan P&C Japan Life International  Net incurred losses were lower than the original projections, mainly due to a decrease in domestic Nat Cats, despite an upward deviation of accident frequency in auto and increased large losses in specialty (billions of
Slide 19: Japan P&C 4: TMNF Combined Ratio
Japan P&C 4: TMNF Combined Ratio Group Japan P&C Japan Life International  E/I loss ratio and combined ratio were slightly below original projections mainly due to fewer domestic Nat Cats  Expense ratio was mostly in line with full-year projections Combined Ratio (Private insurance E/I basis) [Pro
Slide 20: Japan P&C 5: TMNF Asset Management
Japan P&C 5: TMNF Asset Management Group Japan P&C Japan Life International  Net investment income and other ordinary income and expenses exceeded original projections due to upswing in dividends from overseas entities and early progress in the sales of business-related equities (billions of JPY) F
Slide 21: Japan Life: TMNL Results
Japan Life: TMNL Results Group Japan P&C Japan Life International  Annualized premium of New Business is below original projections due to lower sales from intensified competition, but sale of new product launched in September is strong  Business unit profits exceeded original projections due to d
Slide 22: International 1: Net Premiums Written
International 1: Net Premiums Written Group Japan P&C Japan Life International  Exceeding the plan despite softening in some lines, driven by the robust underwriting from PHLY, DFG and TMSR (Brazil). (YoY increase of +4.6%) (billions of JPY, except for %) FY2024 FY2025 FY2025 2Q 2Q Original Results
Slide 23: International 1: Net Premiums Written
International 1: Net Premiums Written Group Japan P&C Japan Life International [Progress towards Original Projections] - North America (see pages 25-27 for details on the three main companies)  PHLY: Outperformed the plan due to strong rate increases (2Q results: +9.7%) and new businesses  DFG: Ou
Slide 24: International 2: Business Unit Profits
International 2: Business Unit Profits Group Japan P&C Japan Life International  Mostly in line with projections, despite the impact of LA wildfires (c. -JPY24.0bn) and FX effect between foreign currencies (c. -JPY16.0bn), mainly thanks to robust underwriting by PHLY, DFG and TMSR (Brazil), and low
Slide 25: International 2: Business Unit Profits
International 2: Business Unit Profits Group Japan P&C Japan Life International [Progress towards Original Projections] - North America (see pages 25-27 for details on the three main companies)  PHLY: Mostly in line with the plan despite the impact of LA wildfire, thanks to the robust underwriting
Slide 26: International 3: PHLY
International 3: PHLY Group Japan P&C Japan Life International ■ Changes in Major P/L Items (billions of JPY, except for % and pt) FY2024 FY2025 2Q 2Q YoY Results Results (Ref.) As of end As of end YoY % (Excluding FX rates Jun. 2024 Jun. 2025 Change % FX effects *2) （ USD/JPY） JPY 161.1 JPY 144.8 N
Slide 27: International 4: DFG
International 4: DFG Group Japan P&C Japan Life International ■ Changes in Major P/L Items (billions of JPY, except for % and pt) FY2024 FY2025 2Q 2Q YoY Results Results (Ref.) As of end As of end YoY % (Excluding FX rates Jun. 2024 Jun. 2025 Change % FX effects *2) （ USD/JPY） JPY 161.1 JPY 144.8 Ne
Slide 28: International 5: TMHCC
International 5: TMHCC Group Japan P&C Japan Life International ■ Changes in Major P/L Items (billions of JPY, except for % and pt) FY2024 FY2025 2Q 2Q YoY Results Results (Ref.) As of end As of end YoY % (Excluding FX rates Jun. 2024 Jun. 2025 Change % FX effects *2) （ USD/JPY） JPY 161.1 JPY 144.8
Slide 29: FY2025 Projections
FY2025 Projections [Reference] Assumptions used for FY2025 Projections FX Rate (USD/JPY) Nikkei Stock Average Original Projections (Mar. 31, 2025 rate and stock price) JPY149.52 JPY35,617 Current Projections (Sep. 30, 2025 rate and stock price） JPY148.88 JPY44,932 Copyright (c) 2025 Tokio Marine Hol
Slide 30: Group Results: FY2025 Adjusted Net Income (Actual)
Group Results: FY2025 Adjusted Net Income (Actual) Group Japan Life Japan P&C International  Full-year projections on an actual basis (excl. business-related equities) is revised downward by -JPY28.0bn. This is due to the FX impact between foreign currencies, profit decline in Asian life due to fal
Slide 31: Group Results: FY2025 Adjusted Net Income (Normalized)
Group Results: FY2025 Adjusted Net Income (Normalized*1) Group Japan Life Japan P&C International  Full-year projections on a normalized basis is revised downward by -JPY20.0bn to JPY1.08tn, due to profit decline in Asian life and increased advertising expenses at TMDI  Adjusted Net Income (billio
Slide 32: Japan P&C 1: TMNF Financial Projections
Japan P&C 1: TMNF Financial Projections Group Japan P&C Japan Life International  Business unit profit on an actual basis is projected at JPY152.0bn, +JPY5.0bn from the original projections due to higher revenue and lower hedging costs, despite the higher-than-expected frequency of accidents in aut
Slide 33: Japan P&C 2: TMNF Net Premiums Written
Japan P&C 2: TMNF Net Premiums Written Group Japan P&C Japan Life International  Largely remains flat for private insurance total at +JPY4.8bn vs. the original projections. Increase of +4.3% YoY projected [Major Factors of Changes] (billions of JPY, except for %) FY2025 Full-Year Projections - Fire
Slide 34: Japan P&C 3: TMNF Net Incurred Losses
Japan P&C 3: TMNF Net Incurred Losses Group Japan P&C Japan Life International  Projected at JPY1,503.3bn, +JPY17.6bn from the original projections, reflecting mainly higher-than-expected frequency of accidents in auto and increases large losses (billions of JPY, except for %) [Major Factors of Cha
Slide 35: Japan P&C 4: TMNF Combined Ratio
Japan P&C 4: TMNF Combined Ratio Group Japan P&C Japan Life International  E/I loss ratio is expected to rise by +0.4pt from the original projections to 62.4% due to an increase in net incurred losses  Expense ratio is expected to remain flat (-0.1pt from the original projections)  Due to the abo
Slide 36: Japan P&C 5: TMNF Asset Management
Japan P&C 5: TMNF Asset Management Group Japan P&C Japan Life International  Net investment income and other were revised upward from the original projections by +JPY167.7bn due to an increase in dividends from overseas entities, an increased capital gains from sales of business-related equities, e
Slide 37: Japan Life: TMNL Projections
Japan Life: TMNL Projections Group Japan P&C Japan Life International  Annualized premium of new business is expected to remain in line with the original projections, with higher sales of new products, etc., expected, despite lower-than-expected sales in 1H  Business unit profits are also expected
Slide 38: International 1: Net Premiums Written
International 1: Net Premiums Written Group Japan P&C Japan Life International  Maintain disciplined U/W amid softening in some lines of business beyond the original plan. Full-year projection excluding FX effects (local currency basis) is revised downward (+4.1% -> +3.6% YoY)  Full-year projectio
Slide 39: International 1: Net Premiums Written
International 1: Net Premiums Written Group Japan P&C Japan Life International [Major Factors of Changes] - North America  Full-year projections revised downward, reflecting softening in some lines of business (maintaining bottom-focused U/W), although underwriting results in North America are robu
Slide 40: International 2: Business Unit Profits
International 2: Business Unit Profits Group Japan P&C Japan Life International  Full-year projection is revised downwards by -JPY16.0bn to JPY461.0bn, due to FX impact between foreign currencies (c. -JPY16.0bn), profit decrease in Asian Life associated with lower SGD interest rates (c. -JPY16.0bn)
Slide 41: International 2: Business Unit Profits
International 2: Business Unit Profits Group Japan P&C Japan Life International [Major Factors of Changes] - North America  Despite the impact of the LA wildfires, both underwriting and investment income remained robust. But downward revision by -JPY7.0bn, reflecting the FX impacts between foreign
Slide 43: Investment Performance by North American Entities
Investment Performance by North American Entities  2Q Investment returns were in line with the plan  Full-year investment returns are expected to be approx. USD3.24bn, in line with the original projections Investment Return*1 of Group Companies in North America（before tax, USD mn） FY2025 FY2025 （R
Slide 44: Update of CRE loans
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 unchanged) Investment Return (Group basis、before tax, USD mn) FY2025 FY202
Slide 45: ESR and Sensitivity
ESR and Sensitivity  ESR as of Sep. 30, 2025 stood at 155%, reflecting the profit contribution of 1H and accelerated sales of business-related equities, etc. ESR*1 ESR Sensitivity (based on parallel shift) 149% 155%*2 Sep.30, 2025 155% +30% 155% (+0pt) Stock price -30% 155% (-0pt) Net asset Net +50
Slide 46: 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 47: 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 48: Reconciliation of Adjusted Net Income (FY2025 2Q Results)
Reconciliation of Adjusted Net Income (FY2025 2Q Results) • (billions of JPY) Reconciliation*1 FY2024 FY2025 Note: Factors positive to profit are shown with a plus sign YoY 2Q 2Q Change Results Results Net income attributable to owners of the parent 688.5 686.8 -1.6 (consolidated) *2 Provision for c
Slide 49: Reconciliation of Adjusted Net Income (FY2024 Results and FY2025 Projections)
Reconciliation of Adjusted Net Income (FY2024 Results and FY2025 Projections) • (billions of JPY) Reconciliation*1 FY2024 FY2025 FY2025 Projections Projections (b)-(a) Note: Factors positive to profit are shown with a plus sign Results Original(a) Revised(b) Net income attributable to owners of the
Slide 50: Adjusted Net Assets / ROE (FY2024 Results and FY2025 Projections)
Adjusted Net Assets / ROE (FY2024 Results and FY2025 Projections) （billions of JPY）  Adjusted Net Assets*1  Adjusted ROE FY2025 FY2025 FY2025 FY2025 FY2024 FY2024 Projections Projections (b)-(a) Projections Projections (b)-(a) Results Results Original(a) Revised(b) Original(a) Revised(b) Net asset
Slide 51: Reconciliation of Business Unit Profits
Reconciliation of Business Unit Profits （billions of JPY）  Japan P&C*1 （TMNF）  Japan Life*1 FY2024 FY2025 FY2025 FY2024 FY2025 FY2025 2Q 2Q YoY Projections 2Q 2Q YoY Projections Results Results (Revised) Results Results (Revised) Net income for accounting purposes 596.1 575.4 -20.6 653.0 Net incom
Slide 52: 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 53: Impact of IFRS Implementation (Definition)
Re-post from IFRS and ICS Implementation Impact of IFRS Implementation (Definition) Overview on Sep. 30, 2025  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 IF
Slide 54: Impact of IFRS Implementation (Adjusted Net Income)
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 value basis in Japan P&C / Life and the exclusion of
Slide 55: Impact of IFRS Implementation (Japan P&C)
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 Changes in Definition Actual Result Differences Appro
Slide 56: Impact of IFRS Implementation (Japan Life)
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 Standards Changes in Definition Differences Actual Result App
Slide 57: Impact of IFRS Implementation (International)
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 Changes in Definition Actual Result Approx. 540.0 428
Slide 58: Impact of IFRS Implementation (Net Assets)
Re-post from IFRS and ICS Implementation Impact of IFRS Implementation (Net Assets) Overview on Sep. 30, 2025 (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. goodwill and Approx. +1,150.0 intan
Slide 59: Impact of IFRS Implementation (Adjusted ROE)
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 % 12.8 % Approx. Accounting Standard Change in Definition Differences -11.3pt +2.5pt -2.1pt +1.0pt -2.2pt Excl. Unrealiz
Slide 60: Impact of ICS Implementation (ESR)
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 as an indicator of financial soundness, with a target
Slide 64: 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 — 2Q FY2025 Earnings Presentation on 6ix

Tokio Marine — 2Q FY2025 Earnings Presentation

Slide 1: Overview of 2Q FY2025 Results and Full-Year Projections

Slide 2: Table of Contents

Slide 3: (Blank Page)

Slide 4: Key Messages

Slide 5: Executive Summary: Top-Line

Slide 6: Executive Summary: Adjusted Net Income 2Q Results (Actual Basis)

Slide 7: Executive Summary: Adjusted Net Income FY2025 Full-Year Projections (Actual basis)

Slide 8: Executive Summary: Adjusted Net Income FY2025 Full-Year Projections (Normalized Basis)

Slide 9: Executive Summary: Shareholder Returns

Slide 10: Executive Summary: Strong Capital Stock and Disciplined Capital Policy (Share Buyback)

Slide 11: Bolt-on M&A by PHLY

Slide 12: Reduction of Business-Related Equities

Slide 13: Natural Catastrophes

Slide 14: 2Q FY2025 Results

Slide 15: Group Results: Adjusted Net Income (YoY Change) (Actual Basis)

Slide 16: Japan P&C 1: TMNF Results

Slide 17: Japan P&C 2: TMNF Net Premiums Written

Slide 18: Japan P&C 3: TMNF Net Incurred Losses

Slide 19: Japan P&C 4: TMNF Combined Ratio

Slide 20: Japan P&C 5: TMNF Asset Management

Slide 21: Japan Life: TMNL Results

Slide 22: International 1: Net Premiums Written

Slide 23: International 1: Net Premiums Written

Slide 24: International 2: Business Unit Profits

Slide 25: International 2: Business Unit Profits

Slide 26: International 3: PHLY

Slide 27: International 4: DFG

Slide 28: International 5: TMHCC

Slide 29: FY2025 Projections

Slide 30: Group Results: FY2025 Adjusted Net Income (Actual)

Slide 31: Group Results: FY2025 Adjusted Net Income (Normalized)

Slide 32: Japan P&C 1: TMNF Financial Projections

Slide 33: Japan P&C 2: TMNF Net Premiums Written

Slide 34: Japan P&C 3: TMNF Net Incurred Losses

Slide 35: Japan P&C 4: TMNF Combined Ratio

Slide 36: Japan P&C 5: TMNF Asset Management

Slide 37: Japan Life: TMNL Projections

Slide 38: International 1: Net Premiums Written

Slide 39: International 1: Net Premiums Written

Slide 40: International 2: Business Unit Profits

Slide 41: International 2: Business Unit Profits

Slide 42: Reference

Slide 43: Investment Performance by North American Entities

Slide 44: Update of CRE loans

Slide 45: ESR and Sensitivity

Slide 46: Definition of KPIs (1)

Slide 47: Definition of KPIs (2)

Slide 48: Reconciliation of Adjusted Net Income (FY2025 2Q Results)

Slide 49: Reconciliation of Adjusted Net Income (FY2024 Results and FY2025 Projections)

Slide 50: Adjusted Net Assets / ROE (FY2024 Results and FY2025 Projections)

Slide 51: Reconciliation of Business Unit Profits

Slide 52: Impact of FX Rate Change on the Group's Financial Results

Slide 53: Impact of IFRS Implementation (Definition)

Slide 54: Impact of IFRS Implementation (Adjusted Net Income)

Slide 55: Impact of IFRS Implementation (Japan P&C)

Slide 56: Impact of IFRS Implementation (Japan Life)

Slide 57: Impact of IFRS Implementation (International)

Slide 58: Impact of IFRS Implementation (Net Assets)

Slide 59: Impact of IFRS Implementation (Adjusted ROE)

Slide 60: Impact of ICS Implementation (ESR)

Slide 61: MEMO

Slide 62: MEMO

Slide 63: MEMO

Slide 64: Disclaimer