Tokio Marine : Financial document (2Q FY2025 Information about major subsidiaries business results e)

November 19, 2025

(Securities Code Number 8766)

1. Key figures of consolidated results

   1. Tokio Marine Holdings, Inc. (consolidated) 1

   2. Insurance premiums 1

   3. Net income attributable to owners of the parent 1

2. Key figures of the domestic non-life insurance business

   1. Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated) 2

   2. Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated) 3

   3. Tokio Marine Direct Insurance Co., Ltd. (non-consolidated) 4

3. Key figures of the domestic life insurance business 5

4. Business forecasts for the fiscal year 2025 (April 1, 2025 to March 31, 2026)

   1. Tokio Marine Holdings, Inc. (consolidated) 6

   2. Insurance premiums 6

   3. Net income attributable to owners of the parent 6

5. Dividend forecast (Tokio Marine Holdings, Inc.) 6

Financial statements

1. Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated)

   1. Balance sheet 7

   2. Statement of income 8

   3. Underwriting 9

      Direct premiums written excluding deposit premiums from policyholders Net premiums written

      Net claims paid

   4. Investment 10

      Interest and dividends

      Gains (losses) on sales of securities, Impairment losses on securities Available-for-sale securities

2. Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated)

   1. Balance sheet 11

   2. Statement of income 12

   3. Underwriting 13

      Direct premiums written excluding deposit premiums from policyholders Net premiums written

      Net claims paid

   4. Investment 14

      Interest and dividends

      Gains (losses) on sales of securities, Impairment losses on securities Available-for-sale securities

3. Tokio Marine Direct Insurance Co., Ltd. (non-consolidated)

   1. Balance sheet 15

   2. Statement of income 16

4. Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated)

   1. Balance sheet 17

   2. Statement of income 18

      Breakdown of Ordinary profit (Core operating profit)

   3. Underwriting (life) 20

      Amount of policies Annualized premiums

   4. Investment (General account) 21

      Interest and dividends

      Gains (losses) on sales of securities, Impairment losses on securities

      Fair value information on securities (Securities other than trading securities)

      Glossary of terminology 22

      Supplementary information of business results for the six months ended September 30, 2025

      • Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated) 24

      • Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated) 27

(Note) Tokio Marine Direct Insurance Co., Ltd. has changed its name from E.design Insurance Co., Ltd., effective from October 1, 2025.

1. Key figures of consolidated results

   1. Tokio Marine Holdings, Inc. (consolidated)

      	Six months ended September 30, 2024	Six months ended September 30, 2025	Increase (Decrease)	Rate of change
      Ordinary income	4,342,147	4,367,813	25,665	0.6 %
      Ordinary profit	937,946	880,281	(57,665)	(6.1)
      Net income attributable to owners of the parent	688,500	686,835	(1,664)	(0.2)

      (Yen in millions)

      			Six months ended September 30, 2024	Six months ended September 30, 2025	Increase (Decrease)	Rate of change
      Insurance premiums			3,078,579	3,022,060	(56,518)	(1.8)%
      	Net premiums written (non-life)		2,697,943	2,685,894	(12,049)	(0.4)
      		Tokio Marine & Nichido	1,276,689	1,320,063	43,374	3.4
      		Nisshin Fire	82,943	82,831	(112)	(0.1)
      		Overseas subsidiaries	1,324,332	1,267,144	(57,188)	(4.3)
      		Others	13,978	15,855	1,877	13.4
      	Life insurance premiums		380,635	336,166	(44,468)	(11.7)
      		Tokio Marine & Nichido Life	(5,623)	(28,357)	(22,733)	-
      		Overseas subsidiaries	386,570	364,834	(21,735)	(5.6)

   2. Insurance premiums

   3. Net income attributable to owners of the parent

   (Yen in millions)

   (Yen in millions)

   		Six months ended September 30, 2024	Six months ended September 30, 2025	Increase (Decrease)	Rate of change
   Net income attributable to owners of the parent		688,500	686,835	(1,664)	(0.2)%
   	Tokio Marine & Nichido	596,187	575,488	(20,699)	(3.5)
   	Nisshin Fire	(3,118)	383	3,502	-
   	Tokio Marine & Nichido Life	13,560	31,315	17,754	130.9
   	Overseas subsidiaries	263,707	249,478	(14,229)	(5.4)
   	Solution and other business subsidiaries	2,798	3,432	633	22.6
   	Consolidation adjustment, etc.	(184,635)	(173,262)	11,373	-

   (Note) Effective from the current fiscal year, the former "Financial and other business subsidiaries" has been renamed to "Solution and other business subsidiaries". This change does not affect the classification or figures.

2. Key figures of the domestic non-life insurance business

   (1) Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated)

   (Yen in millions)

   		Six months ended September 30, 2024	Six months ended September 30, 2025	Increase (Decrease)
   Key components of ordinary profit
   Underwriting	(＋) Net premiums written	1,276,689	1,320,063	43,374
   	(－) Net claims paid	717,988	713,510	(4,478)
   	(－) Loss adjustment expenses	70,553	72,399	1,845
   	(－) Agency commissions and brokerage	248,150	247,547	(602)
   	Operating and general administrative expenses on (－) underwriting	157,432	160,957	3,525
   	(－) Provision for (reversal of) outstanding claims	34,209	34,456	246
   	(－) Provision for (reversal of) underwriting reserves	(34,645)	5,630	40,276
   	Underwriting profit (loss)	54,885	69,938	15,052
   Investment and other	(＋) Interest and dividends	204,466	202,124	(2,342)
   	(＋) Gains (losses) on sales of securities	548,664	521,856	(26,807)
   	(－) Impairment losses on securities	35	-	(35)
   	(＋) Gains (losses) on derivatives	(19,698)	(35,202)	(15,503)
   	Net investment income (loss) and other	690,935	657,036	(33,898)
   Ordinary profit (loss)		745,594	728,965	(16,629)
   (＋) Extraordinary gains		52	59	7
   (－) Extraordinary losses		5,711	4,354	(1,356)
   Net income (loss)		596,187	575,488	(20,699)
   Loss ratio (private sector, E/I basis)		63.2 %	61.6 %	(1.6)
   	Fire and allied lines	50.4	44.5	(5.9)
   	Voluntary automobile	71.5	69.0	(2.6)
   Expense ratio (private sector)		31.4	30.8	(0.5)
   Combined ratio (private sector)		94.6	92.5	(2.1)
   Net incurred losses related to natural catastrophe		81,734	38,084	(43,649)
   	Fire and allied lines	37,427	22,992	(14,434)
   	Voluntary automobile	43,261	14,120	(29,141)
   Increase (decrease) in catastrophe loss reserve		(7,745)	4,928	12,673
   	Fire and allied lines	24,169	24,720	551
   	Voluntary automobile	(31,772)	(30,756)	1,016
   Balance of catastrophe loss reserve		1,036,682	1,032,392	(4,290)
   Reservation ratio of catastrophe loss reserve		43.9 %	42.2 %	(1.6)

   		Six months ended September 30, 2024	Six months ended September 30, 2025	Increase (Decrease)
   Key components of ordinary profit
   Underwriting	(＋) Net premiums written	82,943	82,831	(112)
   	(－) Net claims paid	42,523	44,165	1,642
   	(－) Loss adjustment expenses	5,513	5,519	6
   	(－) Agency commissions and brokerage	15,793	15,907	113
   	Operating and general administrative expenses on (－) underwriting	12,918	13,810	892
   	(－) Provision for (reversal of) outstanding claims	2,676	2,077	(598)
   	(－) Provision for (reversal of) underwriting reserves	7,020	2,662	(4,358)
   	Underwriting profit (loss)	(3,839)	(1,593)	2,246
   Investment and other	(＋) Interest and dividends	3,565	3,533	(31)
   	(＋) Gains (losses) on sales of securities	500	513	13
   	(－) Impairment losses on securities	-	-	-
   	(＋) Gains (losses) on derivatives	(2,392)	(1,774)	618
   	Net investment income (loss) and other	783	1,359	576
   Ordinary profit (loss)		(2,943)	(107)	2,836
   (＋) Extraordinary gains		982	655	(326)
   (－) Extraordinary losses		1,698	31	(1,666)
   Net income (loss)		(3,118)	383	3,502
   Loss ratio (private sector, E/I basis)		64.5 %	62.4 %	(2.1)
   	Fire and allied lines	68.6	60.7	(7.9)
   	Voluntary automobile	63.6	63.7	0.1
   Expense ratio (private sector)		34.1	35.6	1.5
   Combined ratio (private sector)		98.6	98.0	(0.6)
   Net incurred losses related to natural catastrophe		2,381	2,019	(361)
   	Fire and allied lines	1,699	1,618	(80)
   	Voluntary automobile	591	321	(270)
   Increase (decrease) in catastrophe loss reserve		2,863	2,446	(417)
   	Fire and allied lines	2,025	1,724	(301)
   	Voluntary automobile	790	222	(568)
   Balance of catastrophe loss reserve		54,083	57,484	3,401
   Reservation ratio of catastrophe loss reserve		34.7 %	37.0 %	2.2

   		Six months ended September 30, 2024	Six months ended September 30, 2025	Increase (Decrease)
   Key components of ordinary profit
   Underwriting	(＋) Net premiums written	14,142	16,248	2,106
   	(－) Net claims paid	9,339	10,363	1,023
   	(－) Loss adjustment expenses	1,828	1,921	93
   	(－) Agency commissions and brokerage	234	282	47
   	Operating and general administrative expenses on (－) underwriting	5,564	6,482	918
   	(－) Provision for (reversal of) outstanding claims	(68)	(19)	49
   	(－) Provision for (reversal of) underwriting reserves	(399)	208	608
   	Underwriting profit (loss)	(2,343)	(2,977)	(634)
   Investment and other	(＋) Interest and dividends	0	36	36
   	(＋) Gains (losses) on sales of securities	-	-	-
   	(－) Impairment losses on securities	-	-	-
   	(＋) Gains (losses) on derivatives	-	-	-
   	Net investment income (loss) and other	(14)	27	42
   Ordinary profit (loss)		(2,358)	(2,950)	(592)
   (＋) Extraordinary gains		-	-	-
   (－) Extraordinary losses		0	7	7
   Net income (loss)		(2,364)	(435)	1,928
   Loss ratio (private sector, E/I basis)		78.3 %	78.3 %	(0.0)
   	Fire and allied lines	-	-	-
   	Voluntary automobile	78.3	78.3	(0.0)
   Expense ratio (private sector)		41.3	41.8	0.6
   Combined ratio (private sector)		119.6	120.1	0.6
   Net incurred losses related to natural catastrophe		401	245	(155)
   	Fire and allied lines	-	-	-
   	Voluntary automobile	401	245	(155)
   Increase (decrease) in catastrophe loss reserve		(419)	(417)	2
   	Fire and allied lines	-	-	-
   	Voluntary automobile	(419)	(417)	2
   Balance of catastrophe loss reserve		452	520	67
   Reservation ratio of catastrophe loss reserve		1.6 %	1.6 %	0.0

3. Key figures of the domestic life insurance business

   Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated)

   (Yen in millions)

   					Six months ended September 30, 2024	Six months ended September 30, 2025	Increase (Decrease)	Rate of change
   Annualized premiums
   	Policies in force				771,002	751,271	(19,731)	(2.6)%
   		Individual insurance			667,005	651,552	(15,452)	(2.3)
   			Medical coverage, accelerated death benefits, etc.		246,848	249,015	2,167	0.9
   				Medical and cancer	200,629	200,786	157	0.1
   		Individual annuities			103,997	99,718	(4,278)	(4.1)
   	New policies				22,257	18,990	(3,267)	(14.7)
   		Individual insurance			22,257	18,990	(3,267)	(14.7)
   			Medical coverage, accelerated death benefits, etc.		8,321	6,905	(1,416)	(17.0)
   				Medical and cancer	5,393	4,546	(846)	(15.7)
   		Individual annuities			-	-	-	-
   Net income (loss)					13,560	31,315	17,754	130.9

4. Business forecasts for the fiscal year 2025 (April 1, 2025 to March 31, 2026)

   	Actual results for the fiscal year 2024	Forecasts for the fiscal year 2025		Increase (Decrease) (B)-(A)	Rate of change
   		(A) Original forecasts at the beginning of the year	(B) Revised forecasts
   Insurance premiums	5,891,954	6,300,000	6,320,000	20,000	0.3 %
   Ordinary profit	1,460,007	1,270,000	1,230,000	(40,000)	(3.1)
   Net income attributable to owners of the parent	1,055,276	930,000	910,000	(20,000)	(2.2)

   1. Tokio Marine Holdings, Inc. (consolidated)

      			Actual results for the fiscal year 2024	Forecasts for the fiscal year 2025		Increase (Decrease) (B)-(A)	Rate of change
      				(A) Original forecasts at the beginning of the year	(B) Revised forecasts
      Insurance premiums			5,891,954	6,300,000	6,320,000	20,000	0.3 %
      	Net premiums written (non-life)		5,305,182	5,450,000	5,430,000	(20,000)	(0.4)
      		Tokio Marine & Nichido	2,518,823	2,619,000	2,621,000	2,000	0.1
      		Nisshin Fire	158,266	161,000	162,000	1,000	0.6
      		Overseas subsidiaries	2,598,918	2,638,000	2,609,000	(29,000)	(1.1)
      		Others	29,174	32,000	38,000	6,000	18.8
      	Life insurance premiums		586,772	850,000	890,000	40,000	4.7
      		Tokio Marine & Nichido Life	(168,313)	136,000	143,000	7,000	5.1
      		Overseas subsidiaries	755,631	718,000	750,000	32,000	4.5

   2. Insurance premiums

   3. Net income attributable to owners of the parent

   (Yen in millions)

   (Yen in millions)

   (Yen in millions)

   		Actual results for the fiscal year 2024	Forecasts for the fiscal year 2025		Increase (Decrease) (B)-(A)	Rate of change
   			(A) Original forecasts at the beginning of the year	(B) Revised forecasts
   Net income attributable to owners of the parent		1,055,276	930,000	910,000	(20,000)	(2.2)%
   	Tokio Marine & Nichido	949,719	507,000	653,000	146,000	28.8
   	Nisshin Fire	(1,017)	2,000	5,400	3,400	170.0
   	Tokio Marine & Nichido Life	48,238	41,000	11,000	(30,000)	(73.2)
   	Overseas subsidiaries	455,369	506,000	487,000	(19,000)	(3.8)
   	Solution and other business subsidiaries	6,083	14,000	15,000	1,000	7.1
   	Consolidation adjustment, etc.	(403,117)	(140,000)	(261,400)	(121,400)	-

   (Note) Effective from the current fiscal year, the former "Financial and other business subsidiaries" has been renamed to "Solution and other business subsidiaries". This change does not affect the classification or figures.

5. Dividend forecast (Tokio Marine Holdings, Inc.)

(Yen)

Financial statements

1. Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated)

   1. Balance sheet

      (Yen in millions)

      	As of March 31, 2025		As of September 30, 2025		Increase (Decrease)
      	Amount	Composition ratio	Amount	Composition ratio
      Assets		%		%
      Cash and bank deposits	327,279	3.35	358,320	3.60	31,040
      Receivables under resale agreements	299,812	3.06	-	-	(299,812)
      Monetary receivables bought	115,659	1.18	645,511	6.49	529,851
      Money trusts	7	0.00	7	0.00	0
      Securities	7,461,229	76.27	7,092,106	71.27	(369,123)
      Loans	386,053	3.95	492,342	4.95	106,289
      Tangible fixed assets	209,158	2.14	225,744	2.27	16,585
      Intangible fixed assets	184,415	1.89	189,727	1.91	5,311
      Other assets	761,448	7.78	830,242	8.34	68,794
      Prepaid pension costs	5,760	0.06	6,712	0.07	952
      Deferred tax assets	33,607	0.34	112,671	1.13	79,064
      Customers' liabilities under acceptances and guarantees	1,528	0.02	1,410	0.01	(117)
      Allowance for doubtful accounts	(3,697)	(0.04)	(4,136)	(0.04)	(438)
      Total assets	9,782,260	100.00	9,950,660	100.00	168,400
      Liabilities
      Insurance liabilities	5,396,396	55.17	5,436,483	54.63	40,087
      Outstanding claims	1,357,976		1,392,432		34,456
      Underwriting reserves	4,038,419		4,044,050		5,630
      Corporate bonds	200,000	2.04	200,000	2.01	-
      Other liabilities	632,323	6.46	526,048	5.29	(106,274)
      Income taxes payable	176,710		118,530		(58,180)
      Lease obligations	1,610		1,683		73
      Asset retirement obligations	3,334		3,327		(6)
      Other liabilities	450,667		402,506		(48,160)
      Provision for retirement benefits	202,131	2.07	199,636	2.01	(2,495)
      Provision for employees' bonus	20,581	0.21	25,234	0.25	4,653
      Reserves under special laws	120,462	1.23	123,636	1.24	3,173
      Reserve for price fluctuation	120,462		123,636		3,173
      Acceptances and guarantees	1,528	0.02	1,410	0.01	(117)
      Total liabilities	6,573,423	67.20	6,512,450	65.45	(60,972)
      Net assets
      Share capital	101,994	1.04	101,994	1.03	-
      Capital surplus	135,434	1.38	135,434	1.36	-
      Additional paid-in capital	123,521		123,521		-
      Other capital surplus	11,913		11,913		-
      Retained earnings	1,711,544	17.50	2,133,178	21.44	421,634
      Surplus reserve	81,099		81,099		-
      Other retained earnings	1,630,444		2,052,079		421,634
      Reserve for advanced depreciation of fixed assets	21,237		21,237		-
      Special reserves	235,426		235,426		-
      Retained earnings carried forward	1,373,780		1,795,415		421,634
      Total shareholders' equity	1,948,973	19.92	2,370,607	23.82	421,634
      Unrealized gains (losses) on available-for-sale securities	1,298,987	13.28	1,104,332	11.10	(194,655)
      Deferred gains (losses) on hedge transactions	(39,123)	(0.40)	(36,729)	(0.37)	2,393
      Total valuation and translation adjustments	1,259,864	12.88	1,067,602	10.73	(192,261)
      Total net assets	3,208,837	32.80	3,438,210	34.55	229,372
      Total liabilities and net assets	9,782,260	100.00	9,950,660	100.00	168,400

   2. Statement of income

      (Yen in millions)

      	Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )	Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )	Increase (Decrease)
      Ordinary income	2,096,413	2,094,865	(1,548)
      Underwriting income	1,348,239	1,366,500	18,261
      Net premiums written	1,276,689	1,320,063	43,374
      Deposit premiums from policyholders	22,664	32,082	9,418
      Investment income on deposit premiums	14,230	14,294	63
      Reversal of underwriting reserves	34,645	-	(34,645)
      Investment income	742,762	722,742	(20,020)
      Interest and dividends	204,466	202,124	(2,342)
      Gains on money trusts	0	0	0
      Gains on sales of securities	551,638	522,358	(29,280)
      Transfer of investment income on deposit premiums	(14,230)	(14,294)	(63)
      Other ordinary income	5,412	5,622	210
      Ordinary expenses	1,350,819	1,365,900	15,081
      Underwriting expenses	1,136,147	1,133,614	(2,533)
      Net claims paid	717,988	713,510	(4,478)
      Loss adjustment expenses	70,553	72,399	1,845
      Agency commissions and brokerage	248,150	247,547	(602)
      Maturity refunds to policyholders	60,853	59,677	(1,175)
      Provision for outstanding claims	34,209	34,456	246
      Provision for underwriting reserves	-	5,630	5,630
      Investment expenses	28,929	36,177	7,248
      Losses on sales of securities	2,974	501	(2,472)
      Impairment losses on securities	35	-	(35)
      Operating and general administrative expenses	184,411	193,810	9,398
      Other ordinary expenses	1,330	2,297	967
      Interest expenses	1,241	1,364	122
      Ordinary profit (loss)	745,594	728,965	(16,629)
      Extraordinary gains	52	59	7
      Gains on disposal of fixed assets	52	59	7
      Extraordinary losses	5,711	4,354	(1,356)
      Losses on disposal of fixed assets	2,311	1,180	(1,130)
      Impairment losses on fixed assets	188	-	(188)
      Provision for reserves under special laws	3,211	3,173	(37)
      Provision for reserve for price fluctuation	3,211	3,173	(37)
      Income (loss) before income taxes	739,936	724,670	(15,265)
      Income taxes - current	157,225	152,590	(4,634)
      Income taxes - deferred	(13,476)	(3,408)	10,068
      Total income taxes	143,748	149,182	5,433
      Net income (loss)	596,187	575,488	(20,699)

   3. Underwriting

      	Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )			Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )
      	Amount	Composition ratio	Rate of change	Amount	Composition ratio	Rate of change
      Fire and allied lines Hull and cargo Personal accident Voluntary automobile Compulsory automobile liability Others	273,523 48,038 114,370 582,109 93,915 268,050	% 19.8 3.5 8.3 42.2 6.8 19.4	% 19.1 2.5 2.4 3.1 (0.5) 1.7	282,910 48,018 117,086 606,533 94,158 264,389	% 20.0 3.4 8.3 42.9 6.7 18.7	% 3.4 (0.0) 2.4 4.2 0.3 (1.4)
      Total Deposit premiums from policyholders	1,380,007 22,664	100.0 -	5.3 (15.6)	1,413,098 32,082	100.0 -	2.4 41.6

      Direct premiums written excluding deposit premiums from policyholders

      	Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )			Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )
      	Amount	Composition ratio	Rate of change	Amount	Composition ratio	Rate of change
      		%	%		%	%
      Fire and allied lines	237,000	18.6	17.2	243,657	18.5	2.8
      Hull and cargo	48,281	3.8	10.6	47,972	3.6	(0.6)
      Personal accident	112,334	8.8	2.4	114,515	8.7	1.9
      Voluntary automobile	580,276	45.5	3.1	605,024	45.8	4.3
      Compulsory automobile liability	95,510	7.5	(8.7)	97,997	7.4	2.6
      Others	203,285	15.9	2.8	210,895	16.0	3.7
      Total	1,276,689	100.0	4.6	1,320,063	100.0	3.4

      Net premiums written

      	Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )			Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )
      	Amount	Rate of change	Loss ratio	Amount	Rate of change	Loss ratio
      		%	%		%	%
      Fire and allied lines	104,910	(2.8)	46.7	95,099	(9.4)	41.3
      Hull and cargo	23,730	3.5	51.9	29,417	24.0	63.9
      Personal accident	51,793	10.0	51.9	52,011	0.4	51.1
      Voluntary automobile	347,465	7.7	67.1	360,731	3.8	66.9
      Compulsory automobile liability	76,923	1.2	90.1	74,881	(2.7)	85.4
      Others	113,165	14.2	58.8	101,368	(10.4)	51.2
      Total	717,988	6.2	61.8	713,510	(0.6)	59.5

      Net claims paid

      (Note) Loss ratio is calculated on W/P basis.

      (Yen in millions)

      (Yen in millions)

      (Yen in millions)

   4. Investment

   		Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )	Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )	Increase (Decrease)
   Bank deposits		136	135	(0)
   Call loans		0	94	94
   Receivables under resale agreements		0	31	31
   Monetary receivables bought		194	1,942	1,747
   Securities		191,889	188,944	(2,944)
   	Domestic debt securities	6,932	7,723	791
   	Domestic equity securities	45,079	36,886	(8,193)
   	Foreign securities	138,004	143,511	5,506
   	Others	1,872	823	(1,049)
   Loans		6,817	5,798	(1,018)
   Land and buildings		2,994	2,990	(3)
   Others		2,435	2,186	(248)
   Total		204,466	202,124	(2,342)

   Interest and dividends

   	Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )		Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )		Increase (Decrease)
   	Gains (losses) on sales	Impairment losses on securities	Gains (losses) on sales	Impairment losses on securities	Gains (losses) on sales	Impairment losses on securities
   Domestic debt securities	(2,262)	-	(287)	-	1,974	-
   Domestic equity securities	551,482	35	522,067	-	(29,415)	(35)
   Foreign securities	(556)	-	76	-	632	-
   Others	-	-	-	-	-	-
   Total	548,664	35	521,856	-	(26,807)	(35)

   Gains (losses) on sales of securities, Impairment losses on securities

   	As of March 31, 2025			As of September 30, 2025
   	Fair value shown on balance sheet	Cost	Unrealized gains (losses)	Fair value shown on balance sheet	Cost	Unrealized gains (losses)
   Domestic debt securities	1,349,290	1,394,602	(45,312)	1,278,485	1,345,905	(67,420)
   Domestic equity securities	2,091,932	281,784	1,810,147	1,745,090	221,728	1,523,361
   Foreign securities	864,377	672,485	191,892	913,544	678,037	235,506
   Others	133,847	133,977	(129)	666,245	665,030	1,214
   Total	4,439,447	2,482,849	1,956,598	4,603,365	2,910,702	1,692,662

   Available-for-sale securities

   (Note) Securities without a market price, and investments in partnerships are not included in the table above.

   (Yen in millions)

   (Yen in millions)

   (Yen in millions)

2. Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated)

   1. Balance sheet

      (Yen in millions)

      	As of March 31, 2025		As of September 30, 2025		Increase (Decrease)
      	Amount	Composition ratio	Amount	Composition ratio
      Assets		%		%
      Cash and bank deposits	48,742	14.02	43,840	12.63	(4,902)
      Monetary receivables bought	6,038	1.74	7,496	2.16	1,457
      Securities	198,955	57.23	196,383	56.59	(2,571)
      Loans	39	0.01	31	0.01	(8)
      Tangible fixed assets	24,015	6.91	23,997	6.91	(18)
      Intangible fixed assets	6,923	1.99	7,281	2.10	357
      Other assets	35,707	10.27	40,812	11.76	5,105
      Prepaid pension costs	2,631	0.76	2,728	0.79	96
      Deferred tax assets	24,809	7.14	24,654	7.10	(154)
      Allowance for doubtful accounts	(191)	(0.06)	(178)	(0.05)	12
      Total assets	347,671	100.00	347,046	100.00	(624)
      Liabilities
      Insurance liabilities	281,150	80.87	285,890	82.38	4,740
      Outstanding claims	56,418		58,496		2,077
      Underwriting reserves	224,731		227,393		2,662
      Other liabilities	15,994	4.60	15,823	4.56	(170)
      Income taxes payable	479		488		9
      Asset retirement obligations	30		35		5
      Other liabilities	15,484		15,299		(185)
      Provision for retirement benefits	4,466	1.28	4,520	1.30	53
      Provision for employees' bonus	527	0.15	559	0.16	32
      Reserves under special laws	5,839	1.68	5,214	1.50	(624)
      Reserve for price fluctuation	5,839		5,214		(624)
      Total liabilities	307,978	88.58	312,008	89.90	4,030
      Net assets
      Share capital	10,194	2.93	10,194	2.94	-
      Capital surplus	6,310	1.81	6,310	1.82	-
      Additional paid-in capital	6,310		6,310		-
      Retained earnings	22,549	6.49	17,532	5.05	(5,016)
      Surplus reserve	3,884		3,884		-
      Other retained earnings	18,664		13,648		(5,016)
      Reserve for advanced depreciation of fixed assets	1,567		1,567		-
      Retained earnings carried forward	17,097		12,080		(5,016)
      Total shareholders' equity	39,054	11.23	34,037	9.81	(5,016)
      Unrealized gains (losses) on available-for-sale securities	681	0.20	1,195	0.34	514
      Deferred gains (losses) on hedge transactions	(42)	(0.01)	(194)	(0.06)	(152)
      Total valuation and translation adjustments	639	0.18	1,000	0.29	361
      Total net assets	39,693	11.42	35,038	10.10	(4,654)
      Total liabilities and net assets	347,671	100.00	347,046	100.00	(624)

   2. Statement of income

      (Yen in millions)

      	Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )	Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )	Increase (Decrease)
      Ordinary income	87,697	87,456	(240)
      Underwriting income	84,179	84,082	(96)
      Net premiums written	82,943	82,831	(112)
      Deposit premiums from policyholders	480	458	(22)
      Investment income on deposit premiums	755	793	38
      Investment income	3,434	3,278	(156)
      Interest and dividends	3,565	3,533	(31)
      Gains on sales of securities	623	526	(96)
      Transfer of investment income on deposit premiums	(755)	(793)	(38)
      Other ordinary income	84	95	11
      Ordinary expenses	90,641	87,563	(3,077)
      Underwriting expenses	74,987	71,738	(3,249)
      Net claims paid	42,523	44,165	1,642
      Loss adjustment expenses	5,513	5,519	6
      Agency commissions and brokerage	15,793	15,907	113
      Maturity refunds to policyholders	1,393	1,343	(50)
      Provision for outstanding claims	2,676	2,077	(598)
      Provision for underwriting reserves	7,020	2,662	(4,358)
      Investment expenses	2,534	1,793	(741)
      Losses on sales of securities	123	13	(109)
      Losses on derivatives	2,392	1,774	(618)
      Operating and general administrative expenses	13,030	13,943	912
      Other ordinary expenses	88	88	0
      Ordinary profit (loss)	(2,943)	(107)	2,836
      Extraordinary gains	982	655	(326)
      Gains on disposal of fixed assets	14	9	(4)
      Reversal of reserves under special laws	968	624	(343)
      Reversal of reserve for price fluctuation	968	624	(343)
      Other extraordinary gains	-	21	21
      Extraordinary losses	1,698	31	(1,666)
      Losses on disposal of fixed assets	0	4	4
      Impairment losses on fixed assets	1,697	27	(1,670)
      Income (loss) before income taxes	(3,659)	517	4,177
      Income taxes - current	94	120	26
      Income taxes - deferred	(635)	12	648
      Total income taxes	(541)	133	674
      Net income (loss)	(3,118)	383	3,502

   3. Underwriting

      	Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )			Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )
      	Amount	Composition ratio	Rate of change	Amount	Composition ratio	Rate of change
      Fire and allied lines Hull and cargo Personal accident Voluntary automobile Compulsory automobile liability Others	29,498 -3,160 43,630 5,398 11,916	% 31.5 - 3.4 46.6 5.8 12.7	% 43.7 -(1.6) 1.4 (1.1) 9.2	26,384 -2,926 45,818 5,376 12,909	% 28.2 - 3.1 49.0 5.8 13.8	% (10.6) -(7.4) 5.0 (0.4) 8.3
      Total Deposit premiums from policyholders	93,603 (480)	100.0 -	12.6 (12.6)	93,414 458	100.0 -	(0.2) (4.7)

      Direct premiums written excluding deposit premiums from policyholders

      	Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )			Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )
      	Amount	Composition ratio	Rate of change	Amount	Composition ratio	Rate of change
      		%	%		%	%
      Fire and allied lines	20,182	24.3	63.1	17,143	20.7	(15.1)
      Hull and cargo	(0)	(0.0)	-	-	-	-
      Personal accident	3,130	3.8	(1.7)	2,899	3.5	(7.4)
      Voluntary automobile	43,382	52.3	1.5	45,546	55.0	5.0
      Compulsory automobile liability	5,018	6.1	(11.2)	5,048	6.1	0.6
      Others	11,229	13.5	9.1	12,192	14.7	8.6
      Total	82,943	100.0	11.7	82,831	100.0	(0.1)

      Net premiums written

      	Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )			Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )
      	Amount	Rate of change	Loss ratio	Amount	Rate of change	Loss ratio
      		%	%		%	%
      Fire and allied lines	9,580	5.1	49.9	9,404	(1.8)	57.5
      Hull and cargo	0	-	-	-	(100.0)	-
      Personal accident	1,447	6.3	51.6	1,363	(5.8)	52.7
      Voluntary automobile	22,489	5.9	60.4	24,264	7.9	61.6
      Compulsory automobile liability	4,141	(2.9)	93.3	3,847	(7.1)	87.0
      Others	4,863	7.6	48.8	5,285	8.7	48.0
      Total	42,523	5.0	57.9	44,165	3.9	60.0

      Net claims paid

      (Note) Loss ratio is calculated on W/P basis.

      (Yen in millions)

      (Yen in millions)

      (Yen in millions)

   4. Investment

   		Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )	Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )	Increase (Decrease)
   Bank deposits		0	-	(0)
   Monetary receivables bought		-	131	131
   Securities		3,488	3,327	(160)
   	Domestic debt securities	697	659	(38)
   	Domestic equity securities	237	301	64
   	Foreign securities	2,553	2,367	(186)
   	Others	-	-	-
   Loans		1	0	(0)
   Land and buildings		75	74	(1)
   Others		(0)	0	0
   Total		3,565	3,533	(31)

   Interest and dividends

   	Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )		Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )		Increase (Decrease)
   	Gains (losses) on sales	Impairment losses on securities	Gains (losses) on sales	Impairment losses on securities	Gains (losses) on sales	Impairment losses on securities
   Domestic debt securities	17	-	1	-	(16)	-
   Domestic equity securities	598	-	512	-	(86)	-
   Foreign securities	(115)	-	-	-	115	-
   Others	-	-	-	-	-	-
   Total	500	-	513	-	13	-

   Gains (losses) on sales of securities, Impairment losses on securities

   	As of March 31, 2025			As of September 30, 2025
   	Fair value shown on balance sheet	Cost	Unrealized gains (losses)	Fair value shown on balance sheet	Cost	Unrealized gains (losses)
   Domestic debt securities	92,469	92,173	295	86,538	87,387	(848)
   Domestic equity securities	7,418	3,121	4,297	8,219	2,968	5,250
   Foreign securities	92,566	77,498	15,068	94,626	77,496	17,129
   Others	-	-	-	-	-	-
   Total	192,454	172,793	19,660	189,384	167,852	21,531

   Available-for-sale securities

   (Note) Securities without a market price, and investments in partnerships are not included in the table above.

   (Yen in millions)

   (Yen in millions)

   (Yen in millions)

3. Tokio Marine Direct Insurance Co., Ltd. (non-consolidated)

   1. Balance sheet

      (Yen in millions)

      	As of March 31, 2025		As of September 30, 2025		Increase (Decrease)
      	Amount	Composition ratio	Amount	Composition ratio
      Assets		%		%
      Cash and bank deposits	30,833	71.10	42,571	74.59	11,738
      Tangible fixed assets	119	0.28	118	0.21	(1)
      Intangible fixed assets	4,362	10.06	4,462	7.82	99
      Other assets	8,059	18.59	8,261	14.48	202
      Suspense payments	4,648		4,479		(168)
      Other assets	3,411		3,782		371
      Deferred tax assets	-	-	1,724	3.02	1,724
      Allowance for doubtful accounts	(10)	(0.02)	(66)	(0.12)	(56)
      Total assets	43,364	100.00	57,071	100.00	13,706
      Liabilities
      Insurance liabilities	29,730	68.56	29,919	52.43	189
      Outstanding claims	14,053		14,034		(19)
      Underwriting reserves	15,676		15,885		208
      Other liabilities	4,164	9.60	4,095	7.18	(68)
      Income taxes payable	12		3		(9)
      Lease obligations	1		2		0
      Asset retirement obligations	78		78		0
      Other liabilities	4,071		4,011		(60)
      Provision for retirement benefits	524	1.21	541	0.95	16
      Provision for employees' bonus	192	0.44	197	0.35	5
      Deferred tax liabilities	1	0.00	-	-	(1)
      Total liabilities	34,612	79.82	34,754	60.90	141
      Net assets
      Share capital	35,303	81.41	42,303	74.12	7,000
      Capital surplus	35,303	81.41	42,303	74.12	7,000
      Additional paid-in capital	35,303		42,303		7,000
      Retained earnings	(61,855)	(142.64)	(62,291)	(109.15)	(435)
      Other retained earnings	(61,855)		(62,291)		(435)
      Retained earnings carried forward	(61,855)		(62,291)		(435)
      Total shareholders' equity	8,751	20.18	22,316	39.10	13,564
      Total net assets	8,751	20.18	22,316	39.10	13,564
      Total liabilities and net assets	43,364	100.00	57,071	100.00	13,706

   2. Statement of income

   (Yen in millions)

   	Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )	Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )	Increase (Decrease)
   Ordinary income	14,614	16,366	1,752
   Underwriting income	14,624	16,281	1,657
   Net premiums written	14,142	16,248	2,106
   Investment income on deposit premiums	13	14	0
   Reversal of outstanding claims	68	19	(49)
   Reversal of underwriting reserves	399	-	(399)
   Investment income	(12)	22	35
   Interest and dividends	0	36	36
   Transfer of investment income on deposit premiums	(13)	(14)	(0)
   Other ordinary income	2	62	59
   Ordinary expenses	16,972	19,317	2,345
   Underwriting expenses	11,402	12,777	1,374
   Net claims paid	9,339	10,363	1,023
   Loss adjustment expenses	1,828	1,921	93
   Agency commissions and brokerage	234	282	47
   Provision for underwriting reserves	-	208	208
   Operating and general administrative expenses	5,564	6,482	918
   Other ordinary expenses	4	57	52
   Interest expenses	0	0	(0)
   Ordinary profit (loss)	(2,358)	(2,950)	(592)
   Extraordinary losses	0	7	7
   Losses on disposal of fixed assets	0	7	7
   Income (loss) before income taxes	(2,358)	(2,957)	(599)
   Income taxes - current	6	(796)	(803)
   Income taxes - deferred	0	(1,725)	(1,725)
   Total income taxes	6	(2,522)	(2,528)
   Net income (loss)	(2,364)	(435)	1,928

4. Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated)

1. Balance sheet

   (Yen in millions)

   	As of March 31, 2025		As of September 30, 2025		Increase (Decrease)
   	Amount	Composition ratio	Amount	Composition ratio
   Assets		%		%
   Cash and bank deposits	233,608	2.98	88,579	1.14	(145,029)
   Monetary receivables bought	5,331	0.07	751,936	9.68	746,605
   Securities	7,264,554	92.68	6,534,575	84.10	(729,978)
   Domestic government bonds	5,838,082		5,041,754		(796,327)
   Domestic municipal bonds	5,609		5,609		(0)
   Domestic corporate bonds	526,098		511,858		(14,240)
   Domestic equity securities	130		122		(7)
   Foreign securities	556,332		561,301		4,969
   Others	338,300		413,928		75,628
   Loans	99,123	1.26	100,207	1.29	1,084
   Policy loans	99,123		100,207		1,084
   Tangible fixed assets	1,333	0.02	1,414	0.02	80
   Intangible fixed assets	25,285	0.32	28,473	0.37	3,187
   Agency accounts receivable	212	0.00	208	0.00	(3)
   Reinsurance accounts receivable	41,321	0.53	50,483	0.65	9,161
   Other assets	118,774	1.52	143,184	1.84	24,410
   Deferred tax assets	50,045	0.64	71,918	0.93	21,873
   Allowance for doubtful accounts	(1,202)	(0.02)	(1,272)	(0.02)	(70)
   Total assets	7,838,388	100.00	7,769,710	100.00	(68,678)
   Liabilities
   Insurance liabilities	7,604,382	97.01	7,459,143	96.00	(145,239)
   Outstanding claims	104,135		107,430		3,295
   Underwriting reserves	7,492,653		7,314,547		(178,106)
   Reserve for dividends to policyholders	7,594		37,165		29,571
   Agency accounts payable	5,375	0.07	4,120	0.05	(1,254)
   Reinsurance accounts payable	2,460	0.03	11,100	0.14	8,640
   Other liabilities	40,008	0.51	106,272	1.37	66,263
   Income taxes payable	38		20,153		20,115
   Lease obligations	0		0		(0)
   Other liabilities	39,968		86,118		46,149
   Provision for retirement benefits	9,451	0.12	9,446	0.12	(5)
   Reserves under special laws	24,153	0.31	26,034	0.34	1,880
   Reserve for price fluctuation	24,153		26,034		1,880
   Total liabilities	7,685,831	98.05	7,616,117	98.02	(69,714)
   Net assets
   Share capital	55,000	0.70	55,000	0.71	-
   Capital surplus	41,860	0.53	41,860	0.54	-
   Additional paid-in capital	41,860		41,860		-
   Retained earnings	91,906	1.17	123,222	1.59	31,315
   Surplus reserve	13,140		13,140		-
   Other retained earnings	78,766		110,082		31,315
   Retained earnings carried forward	78,766		110,082		31,315
   Total shareholders' equity	188,766	2.41	220,082	2.83	31,315
   Unrealized gains (losses) on available-for-sale securities	(3,354)	(0.04)	(36,078)	(0.46)	(32,724)
   Deferred gains (losses) on hedge transactions	(32,856)	(0.42)	(30,411)	(0.39)	2,445
   Total valuation and translation adjustments	(36,210)	(0.46)	(66,489)	(0.86)	(30,279)
   Total net assets	152,556	1.95	153,592	1.98	1,036
   Total liabilities and net assets	7,838,388	100.00	7,769,710	100.00	(68,678)

2. Statement of income

   (Yen in millions)

   	Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )	Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )	Increase (Decrease)
   Ordinary income	621,532	714,851	93,318
   Insurance premiums and other	375,668	381,265	5,597
   Insurance premiums	366,180	352,453	(13,727)
   Investment income	81,775	152,347	70,571
   Interest and dividends	55,678	42,664	(13,013)
   Gains on sales of securities	19,318	44,140	24,822
   Gains on derivatives	-	1,854	1,854
   Foreign exchange gains	-	5,890	5,890
   Investment gains on separate accounts	6,744	57,771	51,026
   Other ordinary income	164,089	181,238	17,149
   Reversal of underwriting reserves	161,635	178,106	16,470
   Ordinary expenses	607,473	636,930	29,457
   Insurance claims and other	462,554	488,364	25,809
   Insurance claims	31,184	31,518	333
   Annuity payments	21,693	22,345	652
   Benefits	32,246	34,193	1,947
   Surrender benefits	175,653	190,791	15,137
   Other refunds	3,958	4,147	188
   Reinsurance premiums	197,818	205,368	7,549
   Provision for underwriting reserves and other	4,315	3,296	(1,018)
   Provision for outstanding claims	4,314	3,295	(1,018)
   Interest on reserve for dividends to policyholders	1	1	(0)
   Investment expenses	72,672	77,659	4,986
   Interest expenses	189	23	(165)
   Losses on sales of securities	54,143	77,564	23,420
   Losses on derivatives	17,535	-	(17,535)
   Foreign exchange losses	743	-	(743)
   Operating expenses	59,209	55,610	(3,599)
   Other ordinary expenses	8,720	12,000	3,279
   Ordinary profit (loss)	14,059	77,920	63,861
   Extraordinary losses	1,469	2,494	1,025
   Provision for (reversal of) reserve for dividends to policyholders	(5,293)	31,148	36,442
   Income (loss) before income taxes	17,883	44,277	26,393
   Income taxes - current	2,688	21,891	19,202
   Income taxes - deferred	1,634	(8,929)	(10,563)
   Total income taxes	4,322	12,962	8,639
   Net income (loss)	13,560	31,315	17,754

   Breakdown of Ordinary profit (Core operating profit)

   (Yen in millions)

   		Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )	Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )	Increase (Decrease)
   Core operating profit (loss)	A	19,288	26,763	7,474
   Capital gains		36,058	64,296	28,238
   	Gains on sales of securities	19,318	44,140	24,822
   	Gains on derivatives	-	3,198	3,198
   	Foreign exchange gains	-	5,890	5,890
   	Other capital gains	16,739	11,067	(5,671)
   Capital losses		72,435	77,564	5,129
   	Losses on sales of securities	54,143	77,564	23,420
   	Losses on derivatives	17,548	-	(17,548)
   	Foreign exchange losses	743	-	(743)
   Net capital gains (losses)	B	(36,377)	(13,268)	23,109
   Core operating profit (loss) including net capital gains (losses)	A+B	(17,088)	13,495	30,583
   Non-recurring gains		31,325	64,474	33,148
   	Other non-recurring gains	31,325	64,474	33,148
   Non-recurring losses		178	49	(129)
   	Provision for contingency reserves	176	48	(128)
   	Increase in specific allowance for doubtful accounts	1	0	(0)
   Net non-recurring gains (losses)	C	31,147	64,425	33,277
   Ordinary profit (loss)	A+B+C	14,059	77,920	63,861

3. Underwriting (life)

   Amount of policies

   Policies in force

   (Number in thousands, yen in 100 millions)

   	As of March 31, 2025				As of September 30, 2025
   	Number of policies		Amount		Number of policies		Amount
   		% to March 31, 2024		% to March 31, 2024		% to March 31, 2025		% to March 31, 2025
   Individual insurance	5,916	100.1	272,252	97.7	5,898	99.7	267,492	98.3
   Individual annuities	414	96.1	16,994	94.6	405	97.8	16,517	97.2
   Group insurance	-	-	16,177	97.2	-	-	16,059	99.3
   Group annuities	-	-	26	97.7	-	-	26	98.8

   New policies

   (Number in thousands, yen in 100 millions)

   	Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )				Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )
   	Number of policies		Amount		Number of policies		Amount
   		% to September 30, 2023		% to September 30, 2023		% to September 30, 2024		% to September 30, 2024
   Individual insurance	150	82.6	8,710	92.5	127	85.0	7,163	82.2
   Individual annuities	-	-	-	-	-	-	-	-
   Group insurance	-	-	42	114.7	-	-	411	972.6
   Group annuities	-	-	-	-	-	-	-	-

   Annualized premiums

   Policies in force

   (Yen in 100 millions)

   			As of March 31, 2025		As of September 30, 2025
   				% to March 31, 2024		% to March 31, 2025
   Individual insurance			6,615	98.2	6,515	98.5
   Individual annuities			1,020	96.1	997	97.7
   Total			7,635	97.9	7,512	98.4
   	Medical coverage, accelerated death benefits, etc.		2,487	101.4	2,490	100.1
   		Medical and cancer	2,010	100.3	2,007	99.9

   New policies

   (Yen in 100 millions)

   			Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )		Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )
   				% to September 30, 2023		% to September 30, 2024
   Individual insurance			222	93.1	189	85.3
   Individual annuities			-	-	-	-
   Total			222	93.1	189	85.3
   	Medical coverage, accelerated death benefits, etc.		83	82.4	69	83.0
   		Medical and cancer	53	77.7	45	84.3

4. Investment (General account)

   		Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )	Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )	Increase (Decrease)
   Bank deposits		3	15	11
   Call loans		-	-	-
   Receivables under resale agreements		-	-	-
   Receivables under securities borrowing transactions		-	-	-
   Monetary receivables bought		6	1,467	1,461
   Securities		54,253	39,714	(14,538)
   	Domestic debt securities	40,334	27,310	(13,023)
   	Domestic equity securities	1	-	(1)
   	Foreign securities	13,917	12,404	(1,513)
   	Others	-	-	-
   Loans		1,415	1,467	51
   Land and buildings		-	-	-
   Total		55,678	42,664	(13,013)

   Interest and dividends

   	Six months ended September 30, 2024 ( April 1, 2024 to September 30, 2024 )		Six months ended September 30, 2025 ( April 1, 2025 to September 30, 2025 )		Increase (Decrease)
   	Gains (losses) on sales	Impairment losses on securities	Gains (losses) on sales	Impairment losses on securities	Gains (losses) on sales	Impairment losses on securities
   Domestic debt securities	(35,049)	-	(33,421)	-	1,627	-
   Domestic equity securities	-	-	5	-	5	-
   Foreign securities	224	-	(8)	-	(232)	-
   Others	-	-	-	-	-	-
   Total	(34,825)	-	(33,424)	-	1,401	-

   Gains (losses) on sales of securities, Impairment losses on securities

   			As of March 31, 2025			As of September 30, 2025
   			Carrying amount	Fair value	Unrealized gains (losses)	Carrying amount	Fair value	Unrealized gains (losses)
   	Bonds held to maturity		2,895,325	2,304,101	(591,223)	2,890,809	2,169,847	(720,961)
   	Bonds earmarked for underwriting reserves		2,030,618	1,313,278	(717,339)	1,956,958	1,187,893	(769,064)
   	Available-for-sale securities		1,767,146	1,852,051	84,905	1,836,990	1,875,534	38,543
   		Domestic debt securities	1,432,330	1,456,162	23,831	748,167	723,771	(24,396)
   		Domestic equity securities	9	52	42	2	44	42
   		Foreign securities	329,457	390,505	61,047	336,934	399,781	62,846
   		Monetary receivables bought	5,348	5,331	(17)	751,885	751,936	50
   		Others	-	-	-	-	-	-
   Total			6,693,091	5,469,432	(1,223,658)	6,684,758	5,233,275	(1,451,482)
   	Domestic debt securities		6,345,958	5,065,027	(1,280,931)	5,583,618	4,073,992	(1,509,626)
   	Domestic equity securities		9	52	42	2	44	42
   	Foreign securities		341,773	399,021	57,247	349,250	407,301	58,051
   	Monetary receivables bought		5,348	5,331	(17)	751,885	751,936	50
   	Others		-	-	-	-	-	-

   Fair value information on securities (Securities other than trading securities)

   (Note) Securities without a market price, and investments in partnerships are not included in the table above.

   (Reference) Maturity schedule of securities

   (Yen in millions)

   (Yen in millions)

   (Yen in millions)

   (Yen in millions)

   	As of September 30, 2025
   	Within 1 year	1-3 years	3-5 years	5-7 years	7-10 years	Over 10 years (Including no fixed maturity)	Total
   Domestic government bonds	398,393	68,305	128,726	124,298	519,416	3,802,613	5,041,754
   Domestic municipal bonds	-	-	-	-	-	5,609	5,609
   Domestic corporate bonds	-	-	-	-	-	511,858	511,858
   Domestic equity securities	—	—	—	—	—	122	122
   Foreign securities	1,881	2,627	16,727	12,143	2,754	517,029	553,164
   Monetary receivables bought	725,540	-	-	4,549	21,846	-	751,936
   Others	-	-	-	-	-	-	-
   Total	1,125,816	70,932	145,454	140,991	544,017	4,837,234	6,864,447

   Glossary of terminology

   【Key figures of the domestic non-life insurance business】

   • Underwriting profit (loss)

     Underwriting profit (loss) = Underwriting income - (Underwriting expenses + Operating and general administrative expenses on underwriting) ± other miscellaneous income and expenses (*)

     * Mainly consist of income taxes related to compulsory automobile liability insurance.

   • Net investment income (loss) and other

     Net investment income (loss) and other = (Investment income - Investment expenses) + (Other ordinary income -Other ordinary expenses) - Operating and general administrative expenses other than underwriting

   • Loss ratio (private sector (*1), E/I basis)

     Loss ratio (private sector, E/I basis) = (Net claims paid + Outstanding claims as of the end of current period -Outstanding claims as of the end of previous fiscal year + Loss adjustment expenses) / Earned premiums (*2)

     *1 Excluding earthquake insurance under the Law concerning Earthquake Insurance and compulsory automobile liability insurance.

     *2 Earned premiums = Net premiums written - Unearned premiums as of the end of current period (*3) + Unearned premiums as of the end of previous fiscal year (*3)

     *3 Unearned premiums are premiums corresponding to the remaining duration of insurance policies at the end of the period.

   • Expense ratio (private sector)

     Expense ratio (private sector) = (Agency commissions and brokerage + Operating and general administrative expenses on underwriting) / Net premiums written

   • Combined ratio (private sector)

     Combined ratio (private sector) = Loss ratio (private sector, E/I basis) + Expense ratio (private sector)

   • Net incurred losses related to natural catastrophe (*1)

     Sum of net claims paid and net outstanding claims (*2) related to natural catastrophe that occurred during the current period.

     *1 Excluding the net incurred losses related to earthquake insurance under the Law concerning Earthquake Insurance.

     *2 Net of reinsurance recoverable.

   • Reservation ratio of catastrophe loss reserve

     Reservation ratio of catastrophe loss reserve = Balance of catastrophe loss reserve / Net premiums written (*)

     * For the six months ended September 30, the amount of Net premiums written (excluding earthquake insurance under the Law concerning Earthquake Insurance and compulsory automobile liability insurance) is doubled in this calculation.

     【Key figures of the domestic life insurance business】

   • Annualized premiums

     Annualized premiums are amount of premiums per year calculated by dividing aggregate amount of premiums by the duration of insurance policies.

   • Medical coverage, accelerated death benefits, etc.

     Medical coverage, accelerated death benefits, etc. includes coverage for medical expenses (e.g. hospitalization and operation), accelerated death benefits (e.g. specific diseases and nursing care) and exemption of obligation to pay insurance premiums excluding those caused by disability but including those caused by specific diseases, nursing care, etc.

     【Underwriting】

   • Loss ratio (W/P basis)

     Loss ratio (W/P basis) = (Net claims paid + Loss adjustment expenses) / Net premiums written

     【Underwriting (life)】

   • Amount of Policies in force

     • Individual insurance and group insurance

       Total amount of death benefits under policies in force at the end of the period.

     • Individual annuities

       1. Individual annuities whose payments have not yet commenced: amount of funds for annuity payments that is expected to have accrued at the commencement of annuity payments.

       2. Individual annuities whose payments have already commenced: amount of underwriting reserves.

     • Group annuities

       Amount of underwriting reserves.

   • Amount of New policies