Tokio Marine Holdings, Inc. · TSE:8766
Tokio Marine — FY2024 Earnings Presentation
56 slides from Tokio Marine's earnings presentation, May 20, 2025
Slide 1: FY2024 Results and FY2025 Projections
FY2024 Results and FY2025 Projections May 20, 2025
Slide 2: Table of Contents
Table of Contents Highlight FY2025 Full Year Forecast – Key Messages ・・・・・・ 3 – Group (Adjusted Net Income) ・・・・・・ 30 – Executive Summary ・・・・・・ 4 – Japan P&C (TMNF) ・・・・・・ 31 – Natural Catastrophes ・・・・・・ 11 – Japan Life (TMNL) ・・・・・・ 36 – International ・・・・・・ 37 FY2024 Results Reference – Group (A
Slide 3: (Blank Page)
(Blank Page) Copyright (c) 2025 Tokio Marine Holdings, Inc. 2
Slide 4: Key Messages
Key Messages Adjusted net income (excluding capital gains from sales of business-related equities) rose to JPY608.9bn in FY2024, +JPY27.9bn vs full year projections released in February (the “Feb. projections” ) (+6% YoY) mainly due to the positive impact of JPY appreciation on Japan P&C results
Slide 5: Executive Summary: Top-Line
Executive Summary: Top-Line TBU Top-line results for FY2024 were in line with the Feb. projections and strong due to rate increases both domestically and internationally (Japan Life was behind the Feb. projections due to the additional block re-insurance in March 2025) We project solid top-line
Slide 6: Executive Summary: Adjusted Net Income FY2024 Results (Actual Basis)
Executive Summary: Adjusted Net Income FY2024 Results (Actual Basis) [Adjusted net income (incl. business-related equities)] JPY1.215tn (+JPY35.0bn vs Feb. projections, +JPY503.4bn YoY) [Adjusted net income (excl. business-related equities)] JPY608.9bn (+JPY27.9bn vs Feb. projections, +JPY33.0bn
Slide 7: Executive Summary: Adjusted Net Income FY2024 Results (Normalized basis)
Executive Summary: Adjusted Net Income FY2024 Results (Normalized basis) [Adjusted net income (incl. business-related equities)] JPY1.069tn*1 (-JPY2.0bn vs Feb. projections, +383.5bn YoY) [Adjusted net income (excl. business-related equities)] JPY679.0bn*1 (-JPY2.0bn vs Feb. projections, +82.5bn
Slide 8: Executive Summary: Adjusted Net Income FY2025 Projections
Executive Summary: Adjusted Net Income FY2025 Projections Adjusted net income (excluding capital gains from sale of business-related equities) is projected to be JPY700.0bn for FY2025 (+3% YoY on a normalized basis and +7% excl. FX). The growth is expected to be driven by continued strong performa
Slide 9: Executive Summary: Shareholder Returns
Executive Summary: Shareholder Returns FY2024 DPS is JPY172 (+40% YoY), an increase of +JPY10 from the Nov. projections, reflecting the upward revision of profit DPS for FY2025 is projected at JPY210 (+22% YoY), based on the moving average growth in the source of dividends, and we will continue
Slide 10: Executive Summary: Strong Capital Stock and Disciplined Capital Policy
Executive Summary: Strong Capital Stock and Disciplined Capital Policy (Share buyback) ESR*1as of March 31, 2025 is 149% Current plan for FY2025 share buyback is JPY220.0bn throughout the year, comprehensively considering the level required to boost EPS growth by 2%, the M&A pipeline and other f
Slide 11: Reduction of Business-Related Equities
Reduction of Business-Related Equities Sales of business-related equities in FY2024 were 1.5 times the original plan due to further sale acceleration, indicating significant progress towards achieving ”zero*1” business-related equities by the end of FY2029. (Expected sales for FY2025 are JPY600.0b
Slide 12: Natural Catastrophes
Natural Catastrophes FY2024 Results increased by +JPY6.7bn to JPY200.7bn vs. Feb. projections (before tax) The budgets for FY2025 is +JPY199.0bn (before tax) factoring in recent trends, etc. Net incurred losses relating to Nat Cats (business unit profit basis, billions of JPY) (1) (2) (3) FY20
Slide 13: FY2024 Results
FY2024 Results [Reference] FX Rate (USD / JPY） FY23 FY24 End of March JPY151.41 JPY149.52 （Japan） (-JPY17.88 from Mar. 31, 2023) (+JPY1.89 from Mar. 31, 2024) End of December JPY141.83 JPY158.18 （International） (-JPY9.13 from Dec. 31, 2022) (-JPY16.35 from Dec. 31, 2023) Copyright (c) 2025 Tokio Mar
Slide 14: Results: FY2024 Adjusted Net Income (Actual)
Group Japan Life Group Results: FY2024 Adjusted Net Income (Actual) Japan P&C International Strong performance by key international entities*1, rate increase and decrease of large losses in Japan P&C, and positive FX rate impact, despite -JPY49.5bn one-off effects (capital losses in North America,
Slide 15: Results: FY2024 Adjusted Net Income (Normalized)
Group Japan Life Group Results: FY2024 Adjusted Net Income (Normalized) Japan P&C International Strong performance by key international entities*1, rate increase and decrease of large losses in Japan P&C, and positive FX rate impact Adjusted net income increased +JPY383.5bn YoY due to accelerati
Slide 16: Japan P&C 1: TMNF Results
Group Japan Life Japan P&C 1: TMNF Results Japan P&C International Business unit profits decreased by -JPY11.0bn vs Nov. projections to JPY126.9bn due to increase in prior year lose reserves for liability insurance in North America and deterioration of L/R for auto, etc. despite decreased large lo
Slide 17: Japan P&C 2: TMNF Net Premiums Written
Group Japan Life Japan P&C 2: TMNF Net Premiums Written Japan P&C International Private insurance total achieved JPY2.328tn, slightly higher than Nov. projections due to increased revenue in specialty insurance, etc. Achieved +4.9% growth YoY due to rate / product revision effects in auto / fire
Slide 18: 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 exceeded Nov. projections by +JPY55.4bn mainly due to increase in prior year loss reserves for liability insurance in North America and deterioration of L/R for auto Increased by +JPY21.8bn YoY nota
Slide 19: Japan P&C 4: TMNF Combined Ratio
Group Japan Life Japan P&C 4: TMNF Combined Ratio Japan P&C International E/I loss ratio exceeded Nov. projections due to increase in net incurred losses. Expense ratio in line with Nov. projections. As a result, combined ratio exceeded Nov. projections Combined ratio dropped YoY mainly from low
Slide 20: 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 capital gains exceeded Nov. projections Increased YoY mainly due to increase in dividend income from overseas entities, increase in sales of business-related equities, and JPY appreciation, etc.
Slide 21: Japan Life: TMNL Results
Group Japan Life Japan Life: TMNL Results Japan P&C International Annualized premium of new business was below Nov. projections mainly due to lower sales of protection-oriented products Business unit profits exceeded Nov. projections mainly due to decrease in initial costs from a drop in top-lin
Slide 22: International 1: Net Premiums Written
Group Japan Life International 1: Net Premiums Written Japan P&C International In line with Nov. projections Increased by +6.6% YoY thanks to growth action plans (rate increases and underwriting expansion, etc.) (billions of JPY, except for %) FY2024 FY2023 FY2024 Projections Results Results (No
Slide 23: International 1: Net Premiums Written
Group Japan Life International 1: Net Premiums Written Japan P&C International [FY2024 Results] - North America（see pages 25-27 for details on the three main companies） PHLY: Increased due to strong rate increases (FY2024 results: +11%) and underwriting expansion DFG: Increased with robust underwrit
Slide 24: International 2: Business Unit Profits
Group Japan Life International 2: Business Unit Profits Japan P&C International In line with Feb. projections*1 Slightly decreased by -JPY8.5bn YoY mainly due to “one-off effects -JPY38.3bn (capital loss mainly due to CECL provisions for CRE loan c. -JPY56.0bn, Nat Cats +JPY12.5bn, FX effect bet
Slide 25: International 2: Business Unit Profits
Group Japan Life International 2: Business Unit Profits Japan P&C International [FY2024 Results] - North America (see pages 25-27 for details on the three main companies) PHLY: Decreased profits due to increase in Nat Cats, decrease in prior year loss reserves takedowns, and CECL provisions for CRE
Slide 26: 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) FY2023 FY2024 Results Results YoY (Ref.) As of end As of end YoY % (Excluding FX rates Dec. 2023 Dec. 2024 Change % FX effects *2) （USD/JPY） JPY 141.8 JPY 158.1 Net prem
Slide 27: 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) FY2023 FY2024 Results Results YoY (Ref.) As of end As of end YoY % (Excluding FX rates Dec. 2023 Dec. 2024 Change % FX effects *2) （USD/JPY） JPY 141.8 JPY 158.1 Net premi
Slide 28: International 5: TMHCC
Group Japan Life International 5: TMHCC Japan P&C International ■ Change in Major P/L Items (billions of JPY, except for % and pt) FY2023 FY2024 Results Results YoY (Ref.) As of end As of end YoY % (Excluding FX rates Dec. 2023 Dec. 2024 Change % FX effects *2) （USD/JPY） JPY 141.8 JPY 158.1 Net prem
Slide 29: (Blank Page)
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Slide 30: FY2025 Projections
FY2025 Projections [Reference] Assumptions used for FY2025 Projections FX Rate Nikkei Stock Average USD/JPY JPY149.52 JPY35,617 (Mar. 31, 2025) (Mar. 31, 2025) Copyright (c) 2025 Tokio Marine Holdings, Inc. 29
Slide 31: Group: Adjusted Net Income Projection (YoY Change)
Group Japan Life Group: Adjusted Net Income Projection (YoY Change) Japan P&C International Adjusted net income is projected to be JPY1.1tn (+3% YoY on a normalized basis, or 5% excluding FX) mainly thanks to auto rate increases and absence of prior year loss reserve development for liability insu
Slide 32: Japan P&C 1: TMNF Financial Projections
Group Japan Life Japan P&C 1: TMNF Financial Projections Japan P&C International Business unit profits are expected to increase by +JPY20.0bn YoY to JPY147.0bn mainly driven by absence of prior year loss reserve for liability insurance in North America and increased auto insurance rates, partly of
Slide 33: Japan P&C 2: TMNF Net Premiums Written
Group Japan Life Japan P&C 2: TMNF Net Premiums Written Japan P&C International Projected to increase by +4.1% mainly driven by the effect of rates and products revisions, and expansion of specialty insurance (billions of JPY, except for %) FY2024 Results FY2025 Projections YoY - Fire Change % R
Slide 34: Japan P&C 3: TMNF Net Incurred Losses
Group Japan Life Japan P&C 3: TMNF Net Incurred Losses Japan P&C International Projected to improve by -JPY6.6bn YoY mainly due to absence of prior year loss reserve for liability insurance in North America and decreases in Nat Cats, partly offset by reversal of decreases in large losses in the pr
Slide 35: Japan P&C 4: Combined Ratio (TMNF)
Group Japan Life Japan P&C 4: Combined Ratio (TMNF） Japan P&C International E/I loss ratio is projected to improve by -2.5pt to 62.0%, and Expense ratio is expected to increase by -0.1pt to 31.5% Combined ratio is projected to improve by -2.6pt to 93.5% - E/I loss ratio: Combined ratio (private
Slide 36: Japan P&C 5: TMNF Asset Management
Group Japan Life Japan P&C 5: TMNF Asset Management Japan P&C International Mainly due to decreases in dividends from overseas entities and business-related equities, and decreases in gains on sales of business-related equities, the net investment income and other is expected to decrease by -JPY49
Slide 37: Japan Life: TMNL Projections
Group Japan Life Japan Life: TMNL Projections Japan P&C International Annualized premium of New Business is projected to increase mainly through strengthening of consulting sales and expansion of the product lineup Business unit profits are projected to increase mainly driven by effects of accum
Slide 38: International 1: Net Premiums Written
Group Japan Life International 1: Net Premiums Written Japan P&C International The net premiums written increase by +4.1% through steady rate increases and business expansion while maintaining underwriting discipline (billions of JPY, except for %) FY2024 FY2025 Results Projections YoY *5 As of en
Slide 39: International 1: Net Premiums Written
Group Japan Life International 1: Net Premiums Written Japan P&C International [Major Factors of Change] - North America PHLY: Projected to increase mainly through steady rate increases while maintaining underwriting discipline DFG: Projected to increase mainly through rate increases in both P&C (ex
Slide 40: International 2: Business Unit Profits
Group Japan Life International 2: Business Unit Profits Japan P&C International Profits are projected to increase by +17.3% (excl. FX effects) through steady growth at key entities*, decreased capital losses in North America (c.+JPY59.0bn), and rebound of a deficit in Asian life insurance losses r
Slide 41: International 2: Business Unit Profits
Group Japan Life International 2: Business Unit Profits Japan P&C International [Major Factors of Change] - Major entities in North America（PHLY, DFG, and TMHCC） Despite absence of prior year loss reserves takedowns (c. –JPY25.0bn), projected to increase due to strong underwriting, decreased capital
Slide 42: Reference
Reference Copyright (c) 2025 Tokio Marine Holdings, Inc. 41
Slide 43: Business Unit Profit based P&L
Business Unit Profit based P&L Figures for each item are on a business unit profit basis and differ from financial accounting. Please refer to “Business Unit Profit based P&L” posted on our website for FY2023 results and YoY change. https://www.tokiomarinehd.com/en/ir/event/presentation/2024/ (Busin
Slide 44: Investment Performance by North American Entities
Investment Performance by North American Entities FY2024 investment performance was in line with the Feb. projections Income is expected to increase in FY2025 (+USD120mn vs. FY2024 Results), driven by growth in AUM. We have incorporated capital losses of -USD410mn (+USD380mn vs. FY2024 Results,
Slide 45: Update of CRE loans by LTV
Update of CRE loans by LTV FY2024 results were in line with the Feb. projections, with capital losses of -USD810mn (Provisions by LTV*1 also remained unchanged) Income is expected to decrease in FY2025 (-USD260mn vs. FY2024), due to the reduction in outstanding balance primarily from maturities*
Slide 46: ESR and its sensitivity
ESR and its sensitivity ESR as of Mar. 31, 2025 stood at 149% (or 143% after share buyback), mainly reflecting profit contributions in 2H, and accelerated sales of business-related equities ESR*1 ESR Sensitivity (based on parallel shift) March. 31, 2025 149% 147% 149% *2 ＋30% 150%（+1pt） Stock pric
Slide 47: 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 48: 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 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 Note: Factors positive to profit are shown with a plus sign FY2023 FY2024 YoY FY2025 YoY Results Results Change Projections Change Net income attributable to owners of the parent 695.8 1
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 FY2024 FY2025 YoY FY2024 FY2025 YoY Results Projections Change Results Projections Change Net assets(consolidated) 5,076.8 4,875.0 -201.8 Net income(consolidated) 1,055.2 930.0
Slide 51: Reconciliation of Business Unit Profits (FY2024 Results and FY2025 Projections)
Reconciliation of Business Unit Profits（FY2024 Results and FY2025 Projections） （billions of JPY） Japan P&C*1 （TMNF） Japan Life*1 FY2024 FY2025 FY2024 FY2025 YoY YoY Results Projections Results Projections Net income for accounting purposes 949.7 507.0 - 442.7 Net income for accounting purposes 4
Slide 52: TMNL Supplement on MCEV
TMNL Supplement on MCEV Breakdown of increase in MCEV*1 (billions of JPY) +72.2 -21.5 1,298.4 1,273.9 -26.2 Change in economic environment, etc. Shareholders’ Core MCEV dividends earnings*2 2023 2024 *3 Year-end MCEV 1,273.9 1,298.4 *4 MCEV earnings 50.6 *1: Figures are before review by an indepen
Slide 53: 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: Increase in overseas subsidiaries profit: circa ci
Slide 54: MEMO
MEMO Copyright (c) 2025 Tokio Marine Holdings, Inc. 53
Slide 55: MEMO
MEMO Copyright (c) 2025 Tokio Marine Holdings, Inc. 54
Slide 56: 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