Tokio Marine : Financial document (Overview of 2Q FY2025 Results e)

November 19, 2025

Table of Contents

Highlight FY2025 Projections

• Key Messages ・・・・・・ 3

• Executive Summary ・・・・・・ 4

• Natural Catastrophes ・・・・・・ 12

• Group (Adjusted Net Income)

• Japan P&C (TMNF）

• Japan Life（TMNL）

• International

  ・・・・・・ 29

  ・・・・・・ 31

  ・・・・・・ 36

  ・・・・・・ 37

  2Q* FY2025 Results Reference

• Group (Adjusted Net Income) ・・・・・・ 14

• Japan P&C (TMNF) ・・・・・・ 15

• Japan Life（TMNL） ・・・・・・ 20

• International ・・・・・・ 21

• Reference

・・・・・・ 41

• Abbreviations used in this material

P&C : Property & Casualty (non-life insurance)

TMNF : Tokio Marine & Nichido Fire Insurance

TMDI : Tokio Marine Direct Insurance

TMNL : Tokio Marine & Nichido Life Insurance

PHLY :Philadelphia

DFG

:Delphi Financial Group

TMHCC:Tokio Marine HCC

TMK :Tokio Marine Kiln

TMSR :Tokio Marine Seguradora

Copyright (c) 2025 Tokio Marine Holdings, Inc.

*: Throughout this document, “2Q” indicates 1H results 1

(Blank Page)

Copyright (c) 2025 Tokio Marine Holdings, Inc. 2

Key Messages

2Q Results Remain Strong

Full-year Profit is Mostly In Line with Original Projections

Expansion of Disciplined Shareholder Returns Consistent with Profit Growth

• 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 increases for Japan P&C, as well as strong underwriting performance for the International business and decrease in capital losses for North America

• Progress rate, including business-related equities, is 69%, driven by the early execution of the sales (approx. JPY580.0bn in 1H)

• Full-year projections (excl. business-related equities) on an actual basis is revised downward by -JPY28.0bn to JPY672.0bn. This is due to negative FX impacts between foreign currencies, profit decline in Asian life due to fall in interest rates, and increased advertising expenses at Tokio Marine Direct Insurance (TMDI) to boost underwriting. This offsets the strong underwriting performance by key international entities and decreased capital losses in North America

  (Full-year Incl. business-related equities, revised upwards from the original projections by +JPY10.0bn to JPY1.11tn to reflect acceleration of sales)

• Full-year projections (excl. business-related equities) on normalized basis is revised downward by -JPY20.0bn to JPY680.0bn (incl. business-related equities, also revised downwards by -JPY20.0bn to JPY1.08tn), due to profit decline in Asian life and increased advertising expenses at TMDI

• FY2025 DPS will be increased from the original projections by +JPY1 to JPY211

• Latest ESR was robust at 155%. Share buyback plan for FY2025 is raised by

  +JPY20.0bn to JPY240.0bn, comprehensively considering the level required to boost EPS growth by +2%, the M&A pipeline (incl. the announced bolt-on M&A) and other factors

  *JPY110.0bn executed already. Approved execution for JPY130.0bn

  Copyright (c) 2025 Tokio Marine Holdings, Inc.

  3

  • 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 premiums decreased -3% YoY (excl. FX) due to the impact of the block reinsurance*2 done by Japan Life (mostly in line with original projections)

  • Full-year projections for net premiums written and life insurance premiums are revised to +4% and +62% YoY (excl. FX) respectively, incorporating the current underwriting status

TBU

2Q Results FY2025 Projections 2Q Results FY2025 Projections

-0%

(excl. FX: +4%)

5,450.0

Japan *1

(TMNL: -5.6) (TMNL: -28.3)

International

2024

2Q

2025

2Q

Original

(May 2025)

Revised

(Nov. 2025)

2024

2Q

2025

2Q

Original

(May 2025)

Revised

(Nov. 2025)

1,267.1

1,324.3

2,609.0

2,638.0

YoY excl. FX: +5%

5,430.0

(+4% YoY)

-12%

(Excl. FX: -3%)

850.0

YoY

excl. FX: +55%

890.0

(+62% YoY)

2,697.9 2,685.8

380.6 336.1

136.0 143.0

24年度

第2四半 期

2024

2Q

YoY Growth

(Excl. FX)

[Japan]

Japan*1 International

+3%

25年度

第2四半 期

24年度

第2四半 期

2025

2Q

+5%

+4%

年初予想

（25.5公表 ）

+6%

+4%

修正予想

（25.11公表 ）

+4%

[Japan]

Japan International

-

25年度

第2四半 期

+4%

-

年初予想

（25.5公表 ）

+0%

-

修正予想

（25.11公表 ）

+4%

• 2Q results are generally in line with projections, due to the impact of rate/product revisions for auto and fire (expected to increase in 2H due to rate increases for auto and large volume of renewals for fire)

• Maintaining original projection of +4% YoY (original projections: +4%)

  [International]

• 2Q results slightly below original projections due to softening in some lines while the robust underwriting and rate increases by PHLY, DFG and TMSR

• Full-year projection is revised to +4% YoY, continuing to prioritize disciplined underwriting (original projections: +6%)

• 2Q premiums remained negative due to the impact of block reinsurance*2 (as planned)

• Full-year projections revised upwards reflecting the strong sales of the new product launched in Sep. 2025

  [International]

• 2Q results exceeded projections thanks to factors including rate increases and expansion of underwriting in DFG’s group life and disability insurance and TMHCC’s medical stop loss insurance

• Full-year projection is revised to +4% YoY, incorporating the strong underwriting (original projections: +0%)

Copyright (c) 2025 Tokio Marine Holdings, Inc.

*1: Net premiums written includes Japan P&C other than TMNF

4

*2: As part of diversification of risk control against various risks, some of the existing policies were ceded by co-insurance in April 2024 and March/April 2025. The impact on business unit profits is limited due to takedown of underwriting reserves and sale of ALM bonds, etc.

(billions of JPY)

755.0

1,100.0

excl. biz-related equities

700.0

147.0

47.0

excl. biz-related equities

367.2

93.7

32.6

477.0

235.4

393.1

Of which biz-related equities 387.8

429.0

Of which biz-related equities 400.0

[Business Unit Profits and Assessment (all figures are after tax (incl. estimates)]

*1: Please refer to P.12 *5 for detailed information on the LA wildfire impact.

Total impact on adjusted net income for the Group in FY2025 is expected to be JPY12.6bn (after tax)

*2: Japan P&C other than TMNF, solutions businesses, capital gains from the sales of business-related equities, etc. The same applies below

2025 2Q

Results

2025

Original Projections

Copyright (c) 2025 Tokio Marine Holdings, Inc.

• J-P&C ■ J-Life ■ International ■ Other*2 5

[Business Unit Profits and Assessment (all figures after tax (incl. estimates)]

1,100.0

excl. biz-related equities 700.0

147.0

47.0

477.0

(billions of JPY)

1,110.0

excl. biz-related equities 672.0

152.0

47.0

461.0

*1: PHLY, DFG, TMHCC, TMK, TMSR, Pure

429.0

Of which biz-related equities 400.0

2025

450.0

Of which biz-related equities 438.0

6

2025

• J-P&C

• J-Life

• Int’l

• Other

  *2: Based on local preliminary results. FX rate is as of Mar. 31, 2025. c. +JPY33.0bn with FX rate as of Sep. 30, 2025

  Copyright (c) 2025 Tokio Marine Holdings, Inc.

  Original Projections

  Revised Projections (Actual)

  • [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)

    • Revised downwards from the original projections by -JPY20.0bn to JPY680.0bn, due to profit decline in Asian life and increased advertising expenses at TMDI

  (projections incl. business-related equities is also revised downwards by -JPY20.0bn to JPY1.08tn)

[Business Unit Profits Normalized basis* (All figures are after tax (incl. estimates)]

1,100.0

excl. biz-related equities 700.0

147.0

47.0

477.0

(billions of JPY)

1,080.0

151.0

47.0

470.0

excl. biz-related equities 680.0

• J-P&C

• J-Life

  *: Deducted following one-off effects of +JPY30.0bn from actual basis revised projection of JPY1.11tn:

  1. Japan P&C: +1.0 (capital gains/losses in North America),

     429.0

     Of which biz-related equities 400.0

     2025

     2025

     • Int’l

       [Japan Life] JPY47.0bn (±0 vs original projections)

       • Original projections sustained with increased initial costs from change in product mix offset by decreases in hedge cost, etc.

• Other

1. International: -9.0 (capital gains/losses in North America +7.0, FX impact between foreign currencies -16.0),

2. Other: +38.0 (capital gains from sales of business-related equities (for part of sale exceeded JPY600.0bn))

Copyright (c) 2025 Tokio Marine Holdings, Inc.

Original Projections

Revised Projections (Normalized*)7

• DPS（JPY）

• Source of dividend (until FY2025):

  5Y average JGAAP Adjusted Net Income（billions of JPY）

  14th consecutive dividend increa

  se

  211

• Source of dividend (from FY2026):

+39

(YoY+23%)

3Y average IFRS Adjusted Net Income（billions of JPY）

* 3-year average of IFRS Adjusted Net Income will be applied as the source of dividends from FY2026

100

(+JPY1 vs original projections)

172

123

810.0

665.0

85

375.0

17

2011

2011

2022 2023 2024 2025予想 2026 2027

2021

JGAAP-based

2021 2022 2023 2024

2025

Forecast

2026

(Image)

2027

(Image)

Adjusted Net Income (Single-year)

（billions of JPY）

Copyright (c) 2025 Tokio Marine Holdings, Inc.

578.3

444.0

711.6

1,215.0 1,110.0

・・・ ・

840.0

805.0

IFRS-based

Adjusted Net Income (Single-year)8

（billions of JPY）

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&A pipelines

(incl. announced bolt-on M&A) and other factors

(JPY110.0bn executed already. Approved execution for JPY130.0bn)

Target Range

ESR*1

149%

155%*2

Net asset value

JPY5.8

tn

Net asset value

JPY6.0

tn

ESR*1

Implement:

• Further business investment, and/or

• Additional risk-taking and/or

• Shareholder returns

140%

Flexibly consider:

Target Range

■

■

■

Further business investment, and/or

Additional risk-taking, and/or Shareholder returns

100%

• Aim to recover capital level through accumulation of profits

• Control risk level by reducing risk-taking activities

• De-risking

• Consideration of capital increase

• Review of shareholder return policy

Mar. 2025 Sep. 2025

35,617 yen

2.43%

0.94%

44,932 yen

2.96%

0.74%

192%

(Reference)

Before restricted capital deduction

199%*2

Credit Spread

30Y JPY interest rate

Nikkei Stock

Average

Copyright (c) 2025 Tokio Marine Holdings, Inc.

*1: Economic Solvency Ratio (Current definition: Risk is calculated using a model based on 99.95%VaR (AA credit rating equivalent)).

9

Net asset value of overseas subsidiaries shows the balance three months earlier (Dec. 31, 2024 and Jun. 30, 2025). See P.44 for sensitivity

*2: ESR after the JPY130.0bn share buyback in 2H is 152% (195% before restricted capital deduction)

Overview of the CV Insurance Market and the Acquired Business

• What is CV Insurance?

A personal auto insurance in the niche market, primarily designed for enthusiasts of specific vehicle types,

*1: FX rate as of the end of Oct. 2025

Strategic Rationale of the Acquisition for PHLY

• PHLY’s existing CV insurance business is highly profitable (L/R approx. 50%*7), and it was seeking opportunities for enhancing its market position

  including classic cars (25+ years old)

  Illustrative photo of CV*2

  • PHLY can further accelerate its profit growth by fully

  • Growth Potential of the CV Insurance Market

As the number of retirees from the baby boomer generation increases, the market is expected to continue robust growth

leveraging the advanced expertise and talent of Ignyte Insurance – the No. 2 player among those specialized in CV insurance- acquired through this acquisition

(PHLY's underwriting scale for CV insurance has expanded

＜CV Insurance Market Size*3＞ CAGR

(USD)

to approx. three times)

CAGR

+7.6%

18.0bn

+8.2%

＜PHLY’s Portfolio＞

Of which CV Insurance: Approx. 2%

2019 2024 2029

Public

Other

Auto-related (6%)

The scale has approximately

• Ignyte’s U.S. CV Insurance Business

  Gross written premium*4,5
  Pre-tax profit*5,6
  Number of employees

  • c. USD164mn (c. JPY25.9bn)

  • c. USD32mn (c. JPY5.0bn)

  • c. 250 employees

  Ignyte is the No. 2 player among carriers specialized in CV insurance, with a profitable, high-quality customer base

  services

  Sports& Recreation

  Non-profit organization

  PHLY’s

  Top-line*8 USD4.6bn (FY2024)

  Real estate

  Human services

  tripled as a result of this acquisition

  Copyright (c) 2025 Tokio Marine Holdings, Inc.

  *2: Quoted from Ignyte Insurance’s website

  *3: (Source) TMHD estimate based on Azoth Analytics

  *4: FY2024 results (GWP basis)

  *5: Applying FX rate as of the end of Dec. 2024

  *6: FY2024 EBITDA

  *7: Average L/R from FY2018 to FY2024

  *8: GWP basis 10

  • 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 of FY2026

Sales of business-related equities

(billions of JPY) 4,000

Increased agreement on sale,

upwards revision due to higher stock prices

3,500

3,000

2,500

2,000

1,500

30%

1,000

500

10%

0

Equity V

Annual Sold

Equity V

Annual Sold

Market value basis

Book value basis

Expected amount

2023 2024 2025 2026 2027 2028 2029

0%

2023 2026 2029

Copyright (c) 2025 Tokio Marine Holdings, Inc.

related to capital and business alliance, etc.

43.7%*4

at the end of FY2024

Transition to IFRS at the end of FY2025 (net assets increase)

*2: Outstanding amount at end of each FY

11

*3: Based on share prices as of Mar. 31, 2025. Net assets at the end of FY2025 onwards are estimates

*4: Figures based on JGAAP

Natural Catastrophes

• Net incurred losses relating to Nat Cats (business unit profit basis, billions of JPY)

  Before Tax	2024 2Q Results	2025 2Q Results	YoY Change*2
  Japan*1	84.5	40.3	-44.1
  International	30.2	54.4	+24.2
  Total	114.7	94.7	-19.9

  FY2025 Full-Year Projections		Change*2 ((2)-(1))
  (1) Original Projections	(2) Revised Projections
  106.0	106.0	-
  93.0	93.0	-
  199.0	199.0	-

  After Tax*3

  Japan*1	60.9	29.0	-31.8
  International	23.3	42.1	+18.7
  Total	84.3	71.1	-13.1

  76.0	76.0	-
  73.0	73.0	-
  149.0	149.0	-

• Major Nat Cats in 2Q (Nat Cats above a certain scale)

[Japan*1]

Gross incurred losses (before tax)

[International]

Net incurred losses (before tax)

August 2025 Kyushu torrential rain

JPY21.4bn

LA wildfires (January 2025) JPY31.8bn*4,5 North America severe storm JPY11.2bn

*1: Combined total for TMNF, Nisshin Fire, and Tokio Marine Direct

*2: Note that “+” means a negative for profits, while “-” means a positive for profits

*3: After-tax figures are estimates

*4: Inc. restoration premium

*5: The impact of the LA wildfires is recorded in 2025 2Q as International business unit profits of JPY24.4bn after tax (JPY31.8bn before tax).

On an adjusted net income basis, its reinsurance portion assumed by TMNF from International business (JPY11.8bn) was recorded in FY2024 results due to the three-month difference in

12

account closing period. Accordingly, the impact on FY2025 adjusted net income is JPY12.6bn, deducting the aforementioned JPY11.8bn already recorded in FY2024

Copyright (c) 2025 Tokio Marine Holdings, Inc.

FX Rate (USD/JPY)

[Reference]

Copyright (c) 2025 Tokio Marine Holdings, Inc. 13

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

Group

Japan P&C

Japan Life

International

• Adjusted Net Income (billions of JPY)

H Decrease in profit due to YoY FX impact (Jun. 30, 2024 vs Jun. 30, 2025)

Japan P&C*1,2,3

+27.7

Japan Life*1.3

+9.2

International*1.3

-16.0

Other*1.2

-37.2

H Rebound from FX impact in FY2024 (Mar. 31 vs Sep. 30, 2024) : -21.4

H FX impact in FY2025 (Mar. 31 vs Sep. 30, 2025) : -3.0

771.2

FX

-24.5

Nat Cats

+31.4

Other

(excl. business

-related equities)

+20.8

FX

-

23.4

Nat Cats

-20.9

Other

+28.3

755.0

U Effect of product/rate revision for auto/fire

H Deterioration of loss ratio for auto

U Result improvement for fire

U Rebound from FY2024 loss reserve development for liability insurance in North America

U Hedging cost decrease

*Investment is +10.0 out of +20.8

U Strong underwriting by key entities

H FX impact between foreign currencies

U Improved capital gains / losses in North America

U Rebound in Asian Life due to market fluctuation

*Investment is +19.3 out of +28.3

H Capital gains from sales of business-related equities: -24.3

H Consolidation adjustments and others

2024

2Q Results

2025

2Q Results

*1: Japan P&C: TMNF, Japan Life: TMNL.

All figures are on a business unit profit basis (Other: Japan P&C other than TMNF, solutions business, capital gains/losses from the sale of business-related equities, consolidation adjustment, etc.)

*2: Capital gains from the sales of business-related equities are not included in business unit profits but are included in adjusted net income

14

*3: See P.47 and P.50 for differences with the YoY changes in financial accounting profit

Copyright (c) 2025 Tokio Marine Holdings, Inc.

Japan P&C 1: TMNF Results

Group Japan Life

Japan P&C International

(billions of JPY, except for %)

Note: Plus and minus of the figures in the above table correspond to positive and negative to profit respectively

*1 Excluding provision for Nat-Cat underwriting reserves

*2 Including loss adjustment expenses

*3 Provision for the general underwriting reserves excluding provision for unearned premiums

Copyright (c) 2025 Tokio Marine Holdings, Inc.

[Progress towards Original Projections]

— Underwriting Profit

(excl. impacts of Nat Cats and various reserves, etc.)

H Progress rate is low due to the increase in loss cost from higher-than-expected auto accident frequency and the impact of increase in large losses for specialty, and positive effect of the auto rate revision will not materialize until October

*2Q progress rate: FY2025 47%, vs past 5Y average of 49%

• Business Unit Profits (Actual)

  U Despite the above factors, the decrease in Nat Cats and increase in investment income including the decrease in hedge cost resulted in a progress rate significantly above the past average

  *2Q progress rate: FY2025 64% vs past 5Y average of 46%

• Business Unit Profits (excl. One-off effects)

  Progress is generally in line with original projections due to an increase in asset management income

  (slightly below historical average, but steady trend)

  *2Q progress rate: FY2025 56%, vs past 5Y average of 59%

  [Reference] Change in Reserves (YoY)

• Provision / Reversal of catastrophe loss reserve:

H Decrease in takedowns due to a decrease in W/P loss ratio of specialty 15

(billions of JPY, except for %)

• Fire

  Japan P&C 2: TMNF Net Premiums Written

  Group Japan Life

  Japan P&C 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 for fire expected in 2H

[Progress towards Original Projections]

• In line with projections due to rate / product revision effects and low-profitability contract measures, etc.

  Expecting a large volume of renewals in 2H related to the Oct. 2015 revision and other past revisions

  (The revision capped policy terms at 10-years. Those 10-year contracts will start maturing in 2H FY2025 and thereafter)

  • Marine

    • Mostly in line with original projections

  • P.A.

    • Mostly in line with original projections.

      Expecting Oct. 2025 rate / product revision effects in 2H

  • Auto

    U Exceeded original projections due to the impact of efforts to raise unit price (higher ratio of vehicle insurance and policies with riders).

    Expecting Oct. 2025 rate increases effects in 2H

  • CALI

    • Mostly in line with original projections

  • Other specialty

  H Slightly below original projections due to an increase in large losses, etc.

  *Original projection of -0.9% YoY includes the reversal of a large spot contract

  Copyright (c) 2025 Tokio Marine Holdings, Inc.

  in FY2024 Q4. c.+5% YoY excluding this effect 16

  Japan P&C 3: TMNF Net Incurred Loses

  Group Japan Life

  Japan P&C 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 JPY, except for %)

• Fire

[Progress towards Original Projections]

U Fell below the original projections, due to a decrease in domestic Nat Cats and faster-than-planned progress in implementing the low-profitability contract measures

• Marine

  • Mostly in line with projections

• P.A.

  • Mostly in line with projections

• Auto

H Exceeded the original projections primarily due to an increase in accident frequency

(Notes)

Including loss adjustment expenses in the above table

- Other specialty

H Exceeded the original projections primarily due to factors such as an increase in large losses and loss reserve development in overseas run-off reinsurance contracts*2

Copyright (c) 2025 Tokio Marine Holdings, Inc.

*1: Results for the past 12 months (Oct. 2024 -Sep. 2025)

This -0.4% includes the absence of prior-year loss reserve development for liability insurance in North American (-JPY43.0bn), largely from reserves built up in 2H last year. Excluding this impact, +2.6%

*2: As of the end of Sep. 2025, the cumulative loss reserves were USD487mn (remaining balance USD13mn) against the USD500mn limit 17

Japan P&C 4: TMNF Combined Ratio

Group Japan Life

Japan P&C International

E/I loss ratio*1

102.6%

94.6%

71.1%

63.2%

61.6%

93.5%

62.0%

Impact of

domestic Nat Cats*3(pt)

7.2

7.1

3.2

4.3

Expense ratio

31.5%

31.4%

30.8%

31.5%

Combined Ratio (Private insurance E/I basis)

FY2023 2Q FY2024 2Q FY2025 2Q FY2025

[Progress towards Original Projections]

• E/I loss ratio

  U Slightly below original projections mainly due to fewer domestic Nat Cats

• Expense ratio

  • Both admin expense and agency commission ratios were mostly in line with the full-year projections

    (progress according to projections due to planned increase in IT cost in 2H)

• Combined Ratio

U Slightly below original projections due to the above factors

*1: Including loss adjustment expenses

Original Projections

(billions of JPY)

E/I loss ratio*1, 4

*4: E/I loss ratio excl. domestic Nat-Cats and FX impacts for each current accident year is as follows;

*2: Excluding provision for Nat-Cat underwriting reserves

*3: From FY2024,“small-scale Nat Cats” is included in the domestic Nat Cats budgets and results.

The same definition was applied to 2023 Results

Copyright (c) 2025 Tokio Marine Holdings, Inc.

(Fire)

(Auto)

(Other specialty)

FY2024 2Q: 36.5%,

FY2024 2Q: 64.0%,

FY2024 2Q: 60.9%,

FY2025 2Q: 35.0%

18

FY2025 2Q: 66.6%

FY2025 2Q: 60.7%

Japan P&C 5: TMNF Asset Management

Group Japan Life

Japan P&C International

*1: Income from domestic securities excluding domestic stocks and domestic bonds.

*2: Income from foreign securities excluding foreign stocks and foreign bonds.

Note: Plus and minus of the figures in the above table correspond to positive and negative to profit respectively.

Copyright (c) 2025 Tokio Marine Holdings, Inc.

(billions of JPY)

[Progress towards Original Projections]

• Net interest and dividends (income)

  U Significantly exceeded original projections due to dividends from overseas entities that were not yet determined at the time of the projection

• Net capital gains (capital)

  U Exceeded original projections due to early progress in the sales of business-related equities

  (sales of c. JPY580.0bn, with capital gains at c. JPY521.0bn)

  U Hedge cost slightly decreased

  • Gains/Losses on derivatives excluding hedge cost mostly offset foreign exchange gains/losses

    19

    FY2024

Group Japan Life

Japan P&C International

(billions of JPY)

Japan Life: TMNL Results

[Progress towards Original Projections]

• Annualized Premium of New Business

  	Results	Results				FY2025
  	as of 2025/3E	as of 2025/9E	YoY			Original Projections	YoY
  			Change	%			%
  Annualized Premium of Policies in-force	763.5	751.2	- 12.2	- 1.6%		762.0	- 0.2%

  		FY2024	FY2025				FY2025
  		2Q Results	2Q Results	YoY			Original Projections	Progress rate
  				Change	%
  Ordinary income		621.5	714.8	93.3	15.0%		1,133.0
  	Insurance premiums and other	375.6	381.2	5.5	1.5%		806.0

  H Below original projections due to lower sales from intensified competition (sale of new product launched in September is strong）

• Business unit profits

U Exceeded original projections due to decrease in initial costs from a drop in top-line, etc.

(Reference)

Copyright (c) 2025 Tokio Marine Holdings, Inc.

• Value of New Business

H Below original projections due to a drop in top-line, etc.

20

International 1: Net Premiums Written

Group Japan Life

Japan P&C International

(billions of JPY, except for %)

(Ref.) Pure Reciprocal GWP

Copyright (c) 2025 Tokio Marine Holdings, Inc.

The above figures of International Business are total of foreign branches of TMNF, equity method affiliates, and non-consolidated companies, etc., aligned with the disclosure format of our IR materials from before (same applies to p.23)

*1: North American figures include European business of TMHCC, but do not include North American business of TMK.

*2: Europe figures include North America business of TMK, but do not include European business of TMHCC.

*3: Total Non-Life figures include some life insurance figures of composite overseas subsidiaries

*4: Excluding FX effects due to yen conversion

(All of the above notes also apply to P.23) 21

International 1: Net Premiums Written

Group Japan Life

Japan P&C International

[Progress towards Original Projections]

• North America (see pages 25-27 for details on the three main companies)

  U PHLY: Outperformed the plan due to strong rate increases (2Q results: +9.7%) and new businesses

  U DFG: Outperformed the plan due to strong underwriting for Excess WC, disability, and group life insurance, etc.

  H TMHCC: Below the plan due to continued softening in some lines of business while strictly prioritizing bottom line; core MSL business remains robust

  (2Q rate increase: -1.3% (excl. A&H, Surety, and Credit). However, previous rate increases have ensured an adequate rate level)

• Europe

  • Mostly in line with the plan despite softening, with disciplined underwriting expansion (2Q rate increase: -2.6%)

• South & Central America

  U Outperformed the plan due to robust underwriting for corporate customers, etc., despite the mainstay auto insurance being affected by the price competition

• Asia & Oceania

  • Slightly below the plan, primarily due to underperformance in auto insurance in India and travel insurance in Australia, etc.

    Copyright (c) 2025 Tokio Marine Holdings, Inc. 22

    International 2: Business Unit Profits

    Group Japan Life

    Japan P&C 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 lower-than-plan capital losses in North America (c. +JPY18.0bn)

    • Profit rose +3.4% YoY on local currency basis

    • Profits for main entities*1 outperformed local plan by c. +JPY33.0bn*2 in 3Q (of which, underwriting profit c. +JPY14.0bn)

*1: PHLY, DFG, TMHCC, TMK (Europe), TMSR (Brazil), Pure

*2: Based on local preliminary results. FX rate is as of Mar. 31, 2025. c. +JPY33.0bn with FX rate as of Sep. 30, 2025

Copyright (c) 2025 Tokio Marine Holdings, Inc.

(billions of JPY, except for %)

23

International 2: Business Unit Profits

Group Japan Life

Japan P&C 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 (excl. Nat Cats), etc.

    U DFG: Significantly exceeded the plan due to a favorable combined ratio for P&C and Life, and lower-than-plan capital losses mainly for CRE loans

    H TMHCC: Excluding the impact of the LA wildfire and FX effect between foreign currencies (c. -JPY10.0bn), progress is mostly in line with the plan

• Europe

  U Exceeded the plan due to continued favorable loss, despite the FX effect between foreign currencies (c. -JPY6.0bn)

• South & Central America

  U Exceeded the plan due to a favorable loss ratio, including below-plan Nat Cats losses

• Asia & Oceania

  • Mostly in line with the plan due to favorable loss ratios in Thailand and Malaysia, etc., despite the deteriorating loss ratio in India

• Pure

U Exceeded the plan due to increased fee income from top line growth

Copyright (c) 2025 Tokio Marine Holdings, Inc. 24

International 3: PHLY

Group

Japan Life

Japan P&C International

• Changes in Major P/L Items

(billions of JPY, except for % and pt)

*1: Denominator used is net premiums earned

*2: Excluding FX effects due to yen conversion

Copyright (c) 2025 Tokio Marine Holdings, Inc. 25

International 4: DFG

Group

Japan Life

Japan P&C International

• Changes in Major P/L Items

  (billions of JPY, except for % and pt)

  		FY2024	FY2025
  		2Q Results	2Q Results	YoY
  FX rates （USD/JPY）		As of end Jun. 2024	As of end Jun. 2025	Change	%
  		JPY 161.1	JPY 144.8
  Net premiums w ritten		308.5	291.8	- 16.6	- 5.4%
  Net premiums earned		309.5	300.2	- 9.3	- 3.0%
  Net incurred losses		201.3	194.1	- 7.1	- 3.6%
  	Nat-Cat losses	-	-	-	-
  Commissions / Other Underwriting expenses		90.7	83.8	- 6.9	- 7.7%
  Underw riting profit		17.4	22.2	4.8	27.7%
  Net investment income / loss		96.7	92.3	- 4.4	- 4.6%
  	Income gain / loss	238.5	220.2	- 18.3	- 7.7%
  	Capital gain / loss	-28.9	- 10.8	18.1	-
  Business unit profits		84.2	94.4	10.2	12.1%

  (Ref.) YoY % (Excluding FX effects*2)
  5.2%
  7.9%
  7.3%
  -
  2.7%
  42.1%
  6.1%
  2.7%
  -
  24.7%

  ＜The reason why the sum of income gain/loss and capital gain/loss is not equal to net investment income/loss＞

  • This is because there are other ordinary income/losses that are not included in the left table

  • Other ordinary income/losses mostly consists of funding cost for the pension business

    Loss ratio*1	65.1%	64.7%	- 0.4pt	-
    Expense ratio*1	29.3%	27.9%	- 1.4pt	-
    Combined ratio*1	94.4%	92.6%	- 1.8pt	-

    -

    -

    -

• Net Premiums Written by Segment ■ Loss Ratio by Segment*1

  	FY2024	FY2025
  	2Q Results	2Q Results	Change
  Non-life	62.8%	65.7%	2.9pt
  Life	66.9%	63.8%	- 3.1pt
  Total	65.1%	64.7%	- 0.4pt

  	FY2024	FY2025
  	2Q	2Q	YoY
  	Results	Results				(Ref.)
  FX rates （USD/JPY）	As of end Jun. 2024	As of end Jun. 2025	Change	%		YoY % (Excluding FX effects*2)
  	JPY 161.1	JPY 144.8
  Non-life	139.3	133.1	-6.2	-4.5%		6.3%
  Life	169.1	158.7	- 10.4	- 6.2%		4.4%
  Total	308.5	291.8	-16.6	-5.4%		5.2%

  (billions of JPY, except for %)

  Copyright (c) 2025 Tokio Marine Holdings, Inc.

  *1: Denominator used is net premiums earned

  *2: Excluding FX effects due to yen conversion

  26

  International 5: TMHCC

  Group

  Japan Life

  Japan P&C International

• Changes in Major P/L Items

  (billions of JPY, except for % and pt)

  		FY2024	FY2025
  		2Q Results	2Q Results	YoY
  FX rates （USD/JPY）		As of end Jun. 2024	As of end Jun. 2025	Change	%
  		JPY 161.1	JPY 144.8
  Net premiums w ritten		496.9	450.2	- 46.7	- 9.4%
  Net premiums earned		431.8	396.9	- 34.8	- 8.1%
  Net incurred losses		259.5	245.0	- 14.4	- 5.6%
  	Nat-Cat losses	2.6	9.7	7.1	274.6%
  Commissions / Other Underwriting expenses		115.3	111.2	- 4.0	- 3.5%
  Underw riting profit		46.8	17.6	- 29.2	- 62.4%
  	FX effect betw een foreign currency (USD/GBP,USD/EUR)	2.6	-12.6	- 15.3	- 578.4%
  Underw riting profit(excluding FX effect betw een foreign currency)		44.1	30.2	- 13.8	- 31.4%
  Net investment income / loss		37.0	36.0	- 1.0	- 2.7%
  	Income gain / loss	39.2	35.4	- 3.8	- 9.8%
  	Capital gain / loss	-0.1	2.4	2.5	-
  Business unit profits		65.8	42.9	- 22.9	- 34.8%

  (Ref.) YoY % (Excluding FX effects*2)
  0.8%
  2.2%
  5.0%
  316.7%
  7.3%
  - 58.2%
  - 632.1%
  - 23.7%
  8.2%
  0.4%
  -
  - 27.5%
  -
  -
  -

  • This is because there are items that are not included in the left table such as expenses of the shareholding company, etc., in addition to the FX gains / losses between foreign currencies

    Loss ratio*1	60.1%	61.7%	1.6pt	-
    Expense ratio*1	26.7%	28.0%	1.3pt	-
    Combined ratio*1	86.8%	89.8%	3.0pt	-

• Net Premiums Written by Segment ■ Loss Ratio by Segment*1

(billions of JPY, except for %)

Copyright (c) 2025 Tokio Marine Holdings, Inc.

*1: Denominator used is net premiums earned

*2: Excluding FX effects due to yen conversion

27

Copyright (c) 2025 Tokio Marine Holdings, Inc. 28

Group Results: FY2025 Adjusted Net Income (Actual)

Group Japan Life

Japan P&C International

• Adjusted Net Income (billions of JPY)

Japan Life*1,3

±0

Other*1,2

+21.0

1,100.0

FX

-3.0

Nat Cats

±0

Other (excl. business-related equities)

+8.0

FX

+3.0

Nat Cats

±0

Other

-19.0

1,110.0

U Strong growth in top-line H Deterioration in auto L/R H Increased large losses

U Hedging cost decrease: +3.0

U Decreased capital losses in North America: +1.0

*Investment is c. +5.0 out of +8.0

U Strong underwriting performance by key entities U Decreased capital losses in North America: +7.0 H FX impact between foreign currencies: -16.0

H Profit decrease in Asian life due to interest rate decrease: -16.0

*Investment is -25.0 out of -19.0

2025

Original Projections

*1: Japan P&C: TMNF, Japan Life: TMNL.

U Increased capital gains from sale of business-related equities : +38.0

H Increased advertising expenses at TMDI

H Consolidation adjustments and others

2025

Revised Projections

（Actual）

All figures are on a business unit profit basis (Other: Japan P&C other than TMNF, solution business, capital gains from the sales of business-related equities, consolidation adjustment, etc.)

*2: Capital gains from the sales of business-related equities are not included in business unit profits but are included in adjusted net income

29

*3: See P.48 and P.50 for difference with change in financial accounting profits

Copyright (c) 2025 Tokio Marine Holdings, Inc.