Tokio Marine : Financial document (Overview of 4Q FY2024 Results e)

May 20, 2025

Table of Contents

Highlight FY2025 Full Year Forecast

• Key Messages ・・・・・・ 3

• Executive Summary ・・・・・・ 4

• Natural Catastrophes ・・・・・・ 11

• Group (Adjusted Net Income) ・・・・・・ 30

• Japan P&C (TMNF) ・・・・・・ 31

• Japan Life (TMNL) ・・・・・・ 36

• International ・・・・・・ 37

  FY2024 Results

• Group (Adjusted Net Income) ・・・・・・ 13

• Japan P&C (TMNF) ・・・・・・ 15

• Japan Life (TMNL） ・・・・・・ 20

• International ・・・・・・ 21

  Reference

• Reference ・・・・・・ 41

• Abbreviations used in this material

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

  • TMNF : Tokio Marine & Nichido Fire 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.1

(Blank Page)

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

High growth in 2024

• 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

• Excluding one-off effects, normalized based adjusted net income was JPY679.0bn which was in line with the Feb. projections. Achieved high growth of +14% YoY following strong performance by key international entities, rate increases and decrease of large losses in Japan P&C, and positive FX rate impact (+5% YoY excl. FX movement in FY2024)

• In addition to the above, sales of business-related equities amounted to JPY922.0bn, exceeding the Feb. projections by JPY10.0bn. As a result, adjusted net income including the capital gains (on an actual basis) amounted to JPY1.215tn (+JPY35.0bn vs the Feb. projections and + 71% YoY)

  *: Capital losses in North American of $265mn (before tax), incorporated in the original FY2024 projections, proved to be insufficient for mainly CECL provisions,. Accordingly, we have revised the expected North American capital losses on a normalized basis to $440mn (before tax)

  2025 Projected to Remain Strong

• Adjusted net income (excluding capital gains from sales of business-related equities) is projected at JPY700.0bn for FY2025 (+3% YoY on a normalized basis and +7% excl. FX). The growth is expected to be driven by continued strong performance at key international entities and rate increases for auto at Japan P&C

• We plan to sell JPY600.0bn worth of business-related equities during the fiscal year, and adjusted net income including the capital gains is projected at JPY1.1tn

  Expansion of Shareholder Returns Consistent with Profit Growth

  • DPS in FY2024 will be JPY172, an increase of JPY10 from the full-year projections (released in November) based on the profit growth (DPS growth: +40% YoY)

  • DPS for FY2025 is projected at JPY210 (DPS growth: +22% YoY) based on an increase in the moving average of the sources of dividends. We will continue realizing DPS growth consistent with profit growth

  • Latest ESR is 149%. Considering the level required to boost EPS growth by 2%, the M&A pipeline and other factors, current plan for FY2025 share buyback is JPY220.0bn throughout the year

(as the first step, JPY110.0bn share buyback has been approved)

Copyright (c) 2025 Tokio Marine Holdings, Inc.

3

+10%

(excl. FX: +6％）

+3%

(excl. FX: +5%）

(billions of JPY)

-44%

(excl. FX: -48％）

+45%

(excl. FX: +55%)

(billions of JPY)

Japan*1

International

4,824.9 5,305.1 5,450.0

2,598.9

2,638.0

2023 Results 2024 Results 2025 Projections

vs Feb. Projections

+0%

-168.3

1,049.8

586.7

850.0

136.0

428.8

2023Results 2024 Results 2025 Projections

vs Feb. Projections

-39%

YoY Growth (excl. FX)

Japan*1 International

+4%

+7%

+4%

+6%

Japan International

-139%

+10%

-

+0%

[2024 Results]

• : Japan ●: International

  [2024 Results]

• : Japan ●: International

  • Strong performance led by rates and products revisions for fire and auto, expanded sales in specialty lines

  • Strong performance led by steady rate increases and expanded underwriting

    [2025 Projections]

  • Expected to increase due to rate increases for auto, the impact of rates and products revisions for fire in the past

  • Expected to increase through steady rate increases and expanded U/W, while maintaining our U/W discipline

  • Declined due to block re-insurance of part of existing policies*2

  • Strong performance led by strong rate increases and expanded underwriting mainly for TMHCC’s medical stop-loss insurance and disability insurance at DFG

    [2025 Projections]

  • Expected to increase due to a decrease in block re-insurance*2 volume

  • Expected to remain mostly flat due to strong performance for TMHCC’s medical stop-loss insurance offset by decrease in Asian life

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.

[Business Unit Profits]

(billions of JPY)

+35.0

excl. biz-related equities

+27.9

1,180.0

1,215.0

【International】 JPY428.4bn (-JPY2.6bn vs Feb. projections, -JPY8.5bn YoY)

• vs Feb. projections: Broadly in line

• YoY: Slightly decreased due to increase in the impact of one-off effects of -JPY38.3bn (capital losses in North America -JPY56.0bn, Nat Cats +JPY12.5bn, FX effect between foreign currencies +JPY9.0bn) and

profit decrease in Asian Life due to interest rate decrease (-JPY21.0bn), decrease in prior year loss reserves takedowns (FY2023: +JPY30.0bn -> FY2024: +JPY8.0bn (-JPY22.0bn) were partly offset by

711.6

excl. biz-related equities

575.8

101.4

41.1

436.9

excl. biz-related equities

581.0

103.0

37.0

431.0

609.0

Biz-related equities:

excl. biz-related equities

608,9

126.9

41.9

428.4

617.6

Biz-related equities:

strong performance of key entities*2 and the JPY depreciation (+JPY42.9bn)

*1: The impact resulting from the JPY appreciation of 4.9 yen between the end of January 2025 (154.4 yen) and the end of March 2025 (149.5 yen)

131.9

Biz-related

equities: 135.8

599.0

606.1

*2: PHLY、DFG、TMHCC、TMK、TMSR、Pure

*3: 2023Q4 Results: -JPY45.7bn (2022Q4→2023Q4: JPY depreciation of 17.8 yen), 2024Q4 Results: +JPY5.1bn (2023Q4→2024Q4: JPY appreciation of 1.8 yen)

2023 Results

2024 Projections (February)

2024 Results

*4: Japan P&C other than TMNF, financial and other businesses, capital gains from the sales of business-related equities, etc. (The same applies hereafter.)

Copyright (c) 2025 Tokio Marine Holdings, Inc.

• J-P&C ■ J-Life ■ International ■ Other*45

[Business Unit Profits]

*1: The capital losses of $265mn (before tax), incorporated in the original FY2024 projections, proved to be insufficient for mainly CECL provisions,. Accordingly, we have revised the expected capital losses in North America on a normalized basis to $440mn (before tax)

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

*3: Deducted following one-off effects of +JPY26.1bn from FY2023 results of JPY711.6bn:

(1) Japan P&C -7.6 (Nat Cats c. -8.0), (2) International -11.4 (Nat Cats c. -4.0, capital losses in North America c. -7.0,

FX gains/losses between foreign currencies c. -5.0, etc.), (3) Other +45.2 (Nat Cats c. -1.0, capital gains from sales of business-related equities c. +47.0 (for part of sale exceeded JPY150.0bn)

*4: Deducted following one-off effects of +JPY146.0bn from FY2024 results of JPY1.215tn:

(1) Japan P&C -10.9 (Nat Cats c. -11.0, capital losses in North America c. -5.0, tax reform c. +5.0), (2) Japan Life -4.7 (capital losses in North America), (4) International -49.7 (Nat Cats c. +9.0, capital losses in North America c. -62.0, FX gains/losses between foreign

currencies c. +4.0), (5) Other +211.5 (capital gains from sale of business-related equities c. +216.0 (for part of sale exceeded

(billions of JPY)

1,071.0

excl. biz-related excl. biz-related equities

1,069.0

685.5

excl. biz-related equities

596.5

109.0

41.1

681.0

118.0

42.0

equities

679.0

137.9

46.7

504.0

Biz-related equities: 89.0

86.7

406.3

Biz-related equities: 390.0

407.0

Biz-related equities: 390.0

-2.0

excl. biz-related equities

-2.0

2023

Normalized*3

2024 Projections

(February) Normalized

2024

Normalized*1,4

JPY600.0bn), etc.

Copyright (c) 2025 Tokio Marine Holdings, Inc.

• J-P&C ■ J-Life ■ International ■ Other6

  • 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 performance at key international entities and rate increase for auto in Japan P&C

  • We plan to sell JPY600.0bn worth of business-related equities during the fiscal year, and adjusted net income including the capital gains is projected at JPY1.1tn

[Business Unit Profits]

（billions of JPY）

1,100

1,069

excl. biz-related equities

429.0

Biz-related equities: 400.0

406.3

Biz-related equities: 390.0

147.0

47.0

137.9

46.7

679.0

excl. biz-related equities

700.0

2024

Normalized

2025

Projection

Copyright (c) 2025 Tokio Marine Holdings, Inc.

• J-P&C ■ J-Life ■ International ■ Other7

  Executive Summary: Shareholder Returns

  • FY2024 DPS is JPY172 (+40% YoY), an increase of +JPY10 from the Nov. projections, reflecting the upward revision of profit

    th profit growth

  • DPS for FY2025 is projected at JPY210 (+22% YoY), based on the moving average growth in the source of dividends, and we will continue to deliver dividend growth consistent wi

    14th consecutive dividend increase

    • DPS (JPY)

  vs Nov. Projections

  +JPY10

  +49

  +38

  (YoY+22%)

• 5Y average adjusted net income (billions of JPY)

• Single year adjusted net income (billions of JPY)

85

399.6 578.3

17

100

444.0

(YoY+40%)

123

711.6

485.0

1,215.0

1,100.0

805.0

2011

2021

2022

2023

2024

2025予想

400.0

665.0

2011 2021 2022 2023 2024

2025 Projections

2026

DPS

Source of dividends: 5Y average adjusted net income

Payout ratio: 50%

Number of shares

2026

（In principle, we do not reduce dividends.)

Copyright (c) 2025 Tokio Marine Holdings, Inc.8

147%

149%*2

JPY3.9 JPY5.8

Risks

Net asset Net asset

value

JPY3.9 JPY5.8

Risks value

tn

tn

tn

tn

Implement:

• Further business investment, and/or

• Additional risk-taking and/or

• Shareholder returns

Flexibly consider:

• Further business investment, and/or

• Additional risk-taking, and/or

• Shareholder returns

• 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

Target Range

140%

Sep.2024 Mar.2025

100%

37,920 yen

2.04%

0.89%

(Reference)

35,617 yen

2.43%

0.94%

190%

Before restricted capital deduction

192%*2

Copyright (c) 2025 Tokio Marine Holdings, Inc.

*1: Economic Solvency Ratio (under the current definition, risk is calculated using a model based on 99.95%VaR (AA credit rating equivalent)). Net asset value of overseas subsidiaries shows the balance as of three months earlier (Jun. 30, 2024, and Dec. 31, 2024) See P.45 for sensitivity

9

*2: ESR after the JPY220.0bn share buyback is 143% (187% before restricted capital deduction)

Status of sale of business-related equities

40,000

（billions of JPY）

35,000

30,000

25,000

4,000

Transition to IFRS at the end of FY2025

（net assets increase）

43.7％*2 at

the end of FY2024

60%

50%

40%

15,000

30%

20,000

10,000

5,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

10%

Amount sold in

2023 2024 2025 2026 2027 2028 2029

219.0 922.0 600.0（expected）

0%

2023 2026 2029

                                     market      value                                                               

Outstanding in

400.0 300.0 240.0（expected）

book      value                                                               

Copyright (c) 2025 Tokio Marine Holdings, Inc.

*1: Excluding non-listed stocks (market value as of Mar. 31, 2025, c. JPY22.0bn in book value) and investments related to capital and business alliance, etc.

10

*2: Figures based on JGAAP

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

Natural Catastrophes

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

  (1) (2) (3)

  Before tax	FY2023 Results	FY2024 Results	YoY Change*3	FY2024 February Projections
  Japan*1,2	102.2	119.0	+16.7	116.0
  International	79.1	81.6	+2.5	78.0
  Total	181.3	200.7	+19.3	194.0

  FY2024 Original Budgets	New MTP Annual Budgets	FY2025 Original Budgets	(3)-(1) Change*3	(3)-(2) Change*3
  136.0	103.0	106.0	-30.0	+3.0
  89.0	89.0	93.0	+4.0	+4.0
  225.0	192.0	199.0	-26.0	+7.0

  *5

  After tax*4

  +6.7bn vs. Feb. projections (194.0bn)

  Japan*1,2	73.7	85.8	+12.1	84.0
  International	60.2	63.3	+3.1	60.0
  Total	133.9	149.2	+15.2	144.0

  98.0	74.0	76.0	-22.0	+2.0
  69.0	69.0	73.0	+4.0	+4.0
  167.0	143.0	149.0	-18.0	+6.0

• Major Nat Cats in FY2024 (Nat Cats above a certain scale) [Japan*1] Gross incurred losses（before tax） April 2024 Hyogo Hails JPY50.5bn

Typhoon No.10 (Shanshan) JPY16.2bn March 2025 Kanto/Tokai Hails JPY12.5bn

[International] Net incurred losses（before tax ）

Hurricane Helene JPY19.9bn

Hurricane Milton JPY11.0bn

*1: From FY2024,“Small Nat Cats” as well as “Wide area Nat Cats” are included in the Nat Cats budgets and results for Japan P&C business (the same definition was applied to 2023 Results)

*2: Combined total for TMNF, Nisshin Fire, and E. design

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

*4: After tax figures are estimates

Copyright (c) 2025 Tokio Marine Holdings, Inc.

• Impact of LA wildfires (Jan. 2025)*6 (after tax/estimate)

  JPY27.5bn（FX at the end of Mar. 2025, JPY36.1bn before tax ）
  TMNF: JPY11.8bn	International: JPY15.7bn
  FY2024 4Q FY2025 1Q
  International: JPY27.5bn
  FY2025 1Q

  Adjusted Net Income / Financial Accounting Profit

  Business unit profits

  *5: A difference of 33.0 represents the impact of Hyogo Hails

  *6: Impact of LA wildfires is not included in the table above as it will be recorded in 2025 1Q International business unit profits. On an adjusted net income and financial accounting profit basis, its reinsurance portion assumed by TMNF from International business (JPY11.8bn) is recorded in FY2024 4Q results due to the three-month difference in account closing period

  11

  FY2024 Results

  FX Rate (USD / JPY）
  FY23 JPY151.41 (-JPY17.88 from Mar. 31, 2023) JPY141.83 (-JPY9.13 from Dec. 31, 2022)	FY24
  	JPY149.52 (+JPY1.89 from Mar. 31, 2024)
  	JPY158.18 (-JPY16.35 from Dec. 31, 2023)

  [Reference]

  End of March

  （Japan）

Copyright (c) 2025 Tokio Marine Holdings, Inc.12

• Adjusted Net Income（billions of JPY）

  Japan Life*2

  +0.8

  Other*2,3,6

  +485.6

  Rebound from JPY depreciation in previous FY +45.7

  JPY appreciation in current FY +5.1

  Others

  （excl. business-

  JPY depreciation in current FY

  1,215.0

  711.6

  FX

  +50.8

  One-off effects*4

  -3.3

  related equities）

  -22.0

  FX

  +42.9

  One-off effects*5

  -38.3

  Others

  -13.1

  Strong growth in top-line

  Decreased large losses

  Increased investment income

  Deterioration of L/R for auto

  Increase in Nat Cats budget

  Prior year loss reserve development for liability insurance in North America

  *Investment is c. +2.0 out of -22.0

  Strong underwriting by key entities

  Strong investment income by key entities

  Decrease in prior year loss reserves takedowns

  Decreased income in Asia life insurance

  Higher Nat Cats budget

  Revision of capital losses budget in North America

  *Investment is c. -13.0 out of -13.1

  Increased capital gains from sale of business-related equities

  Impact of LA wildfires

  2023 Results 2024 Results

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

  *2: Japan P&C=TMNF. Japan Life＝TMNL. All figures are on a business unit profit basis (Other : Japan P&C other than TMNF, financial and general businesses, capital gains from sale of business-related equities, consolidation adjustment, etc.)

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

  *4: Nat cats: c. -3.5, etc.

  *5: Nat cats: c. +12.5, capital losses in North America c. -56.0 (incl. reversal of previous year capital losses c. +7.0), FX gains between foreign currencies c. +9.0, etc.

  13

  *6: Including one-off effects c. +166.0 (capital gains from sale of business-related equities, c. +169.0, etc.)

  *7: See p.48,49 for difference with YoY change in financial accounting profit

  Copyright (c) 2025 Tokio Marine Holdings, Inc.

  • Strong performance by key international entities, 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 accelerating sales of business-related equities (significant increase in gains from sale), in addition to above

Japan Life*4

+5.5

Other*4,5

+319.4

Rebound from JPY depreciation in previous FY +45.7

JPY appreciation in current FY +5.1



Increased capital gains from sale of business-related equities

JPY depreciation in current FY

1,069.0

One-off effects*3

-146.0

1,215.0

One-off effects*2

711.6 -26.1

685.5

FX impacts

+50.8

Others

（excl. business-related equities）

-22.0

FX impacts

+42.9

Others

-13.1

Steady increase in top-line

Decreased large losses

Increase in investment income

Deterioration of L/R for auto

Increase in Nat Cats budget

Prior year loss reserve development on liability insurance in North America

*Investment is c. +2.0 out of -22.0

Strong underwriting by key entities

Japan P&C +10.9

Japan Life +4.7

International +49.7

Other -211.5

Japan P&C +7.6

International +11.4

Other -45.2

Strong investment income by key entities

Decrease in prior year loss reserve takedown

Decreased income in Asia life insurance

Higher Nat Cats budget

Revision of capital losses budget in North America

*Investment is c. -13.0 out of -13.1

• Adjusted Net Income (billions of JPY)

2023

Results

2023

Normalized*2

2024

Normalized*1

2024

Results

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

*2: Deducted following one-off effects of +JPY26.1bn from FY2023 results of JPY711.6bn:

(1) Japan P&C -7.6 (Nat Cats c. -8.0), (2) International -11.4 (Nat Cats c. -4.0, capital losses in North America c. -7.0, FX gains/losses between foreign currencies c. -5.0, etc.),

(3) Other +45.2 (Nat Cats c. -1.0, capital gains from sale of business-related equities c. +47.0 (for part of sale exceeded JPY150.0bn)

*3: Deducted following one-off effects of +JPY146.0bn from FY2024 results of JPY1.215tn:

(1) Japan P&C -10.9 (Nat Cats c. -11.0, capital losses in North America c. -5.0, tax reform c. +5.0), (2) Japan Life -4.7 (capital losses in North America),

(4) International -49.7 (Nat Cats c. +9.0, capital losses in North America c. -62.0, FX gains/losses between foreign currencies c. +4.0), (5) Other +211.5 (capital gains from sale of business-related equities c. +216.0 (for part of sale exceeded JPY600.0bn), etc.

14

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

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

Copyright (c) 2025 Tokio Marine Holdings, Inc.

(Notes)

(billions of JPY, except for %)

[Results compared to November projections]

• Underwriting Profits *All figures are before taxes

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

  Due to the following factors, it reached -JPY34.8bn below the Nov. projections

  Decrease in accrued claims, mainly due to a decrease in large-losses (c. +JPY39.0 bn for specialty and fire)

  Increase in prior year loss reserves for liability insurance in North America (c. -JPY36.0bn)

  Impact of LA wildfires (c. -JPY16.0 bn)

  * Deducted from business unit profits due to overseas sources

  Deterioration of L/R for auto (c. -JPY14.0bn)

  * As expected compared to Feb. projections

• Business Unit Profits *All figures are after taxes

  In addition to the above, due to the following factors, it reached –JPY11.0bn below the Nov. projections

  Tax reform effect (one-off, c. +JPY5.0bn)

  Strong investment income (c. +JPY4.0bn)

  [Ref.] Reserves changes compared to Nov. projections

• Provision / Reversal of Nat Cat loss reserves:

  Auto: Increased reversal for higher W/P loss ratio

  15

  *1: Excluding provision for Nat-Cats underwriting reserves

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

  2. Private insurance includes all lines excluding compulsory automobile liability insurance and residential earthquake.

Copyright (c) 2025 Tokio Marine Holdings, Inc.

*2: Including loss adjustment expenses

*3: Domestic Nat-Cats budget / results include “small-scale Nat-Cats” from FY2024. Same definition applies to FY2023 results

*4: Provision for the general underwriting reserves excluding provision for unearned premiums

Copyright (c) 2025 Tokio Marine Holdings, Inc.

(billions of JPY, except for %)

[Results compared to November projections]

• Fire

  In line with projections due to rate / product revision effects

• Marine

  In line with projections

• P.A.

  Below projections due to weaker-than-expected recovery in overseas travel insurance

• Auto

  In line with projections due to rate / product revision effects.

  （YoY）Non-fleet insurance premium unit price 103.5%, non-fleet vehicles 99.3%

• CALI

  In line with projections

• Other specialty

Exceeded projections due to influence of large policy

16

(billions of JPY, except for %)

- Fire

[Results compared to November projections]

*1: 2023Q4 results +JPY37.4bn (JPY17.8 depreciation in 2022Q4→2023Q4), 2024Q4 results -4.3bn (JPY1.8 appreciation in 2023Q4→2024Q4)

Exceeded projections due to LA wildfires*3 (c. -JPY16.0bn), increase in foreign currency-dominated loss reserves for JPY depreciation*4 (c. +JPY4.0bn), etc. despite decreased insurance claims due to major accidents

*Below projections “excl. LA wildfires”

• Marine

  Exceeded projections due to impacts of large-losses, etc.

• P.A.

  Mostly in line with projections

• Auto

  Exceeded Nov. projections both in insurance claim price / accident frequency

  ・Nov. projections (YoY): Insurance claim price (vehicles / objects) +4%, accident frequency -4%

  ・4Q results (YoY): Insurance claim price (vehicles / objects) +7%, accident frequency -2%

• Other specialty

Exceeded projections notably from increase in prior year loss reserves for liability insurance in North America (c. +JPY36.0bn*5), increase in foreign currency-dominated loss reserves due to JPY depreciation*4 (c. +JPY10.0bn), etc. despite decreased insurance claims due to major accidents

*Fell short of Nov. projections “excl. liability insurance in North America”

*2: Domestic Nat-Cats budget / results include “small-scale Nat-Cats” from FY2024. Same definition applies to FY2023 results

*3: Claims incurred on overseas source contracts are deducted from business unit profits

Copyright (c) 2025 Tokio Marine Holdings, Inc.

*4: Increase by JPY6.8 depreciation in end of Sep.24 JPY142.7→end of Mar.25 JPY149.5

17

*5: Increase compared by Nov. projections (before taxes)

Combined Ratio（Private insurance E/I basis）

[Results compared to November projections]

- E/I loss ratio

E/I loss ratio*1

95.8%

97.7%

(billions of JPY)

Exceeded projections due to increase in prior year loss reserve for liability insurance in North America and deterioration of L/R for auto, etc. despite higher top-line performance

Impact of domestic

Nat Cats*3（pt）

5.3

4.4

5.0

4.9

Expense ratio

• Expense ratio

  In line with projections with admin expenses ratio (11.5%), agency commission ratio (20.1%)

• Combined ratio

Exceeded projections for above factors

E/I loss ratio*1,4

*1: Including loss investigation expenses

*2: Excluding provision for Nat-Cat underwriting reserves

*3: Domestic Nat-Cats budget / results include “small-scale Nat-Cats” from FY2024. Same definition applies to FY2022/23 results

Copyright (c) 2025 Tokio Marine Holdings, Inc.

*4: E/I loss ratio excl. domestic Nat-Cats and FX impacts as following;

（Fire）2023Q4︓46.6％, 2024Q4︓38.4％, Nov. projections︓38.0％

（Auto）2023Q4︓64.1％, 2024Q4︓65.5％, Nov. projections︓64.2％

（Other specialty）2023Q4︓61.1％, 2024Q4︓64.2％, Nov. projections︓61.3％18

(billions of JPY)

*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.

[Results compared to November projections]

• Net interest and dividends income

  Exceeded projections mainly due to increase in dividend income from overseas entities

• Net capital gains

  Exceeded Nov. projections with JPY922.0bn sales of business-related equities (+JPY172.0bn from Nov. projections), JPY822.0bn capital gains (+JPY131.0bn from Nov. projections)

  * +JPY10.0bn sale and +JPY6.0bn gains from Feb. projections

  Hedging cost decreased from projection

  Increase in “derivative contract costs” associated with JPY depreciation from Nov. projections is offset by increase in “FX gains”

  19

  • 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-line

(Reference)

Copyright (c) 2025 Tokio Marine Holdings, Inc.

(billions of JPY)

[Results compared to November projections]

• Annualized Premium of New Business

  50.0

Below projections by -JPY4.7bn mainly due to lower sales of protection-oriented products

• Annualized Premium of In-force

  958.0

764.0

Below projections by -JPY3.4bn mainly due to lower top-line

• Business Unit Profits

  27.0

Exceeded projections by +JPY2.9bn mainly due to reduced first-year burden by downturn in top-line

* Fluctuations of ordinary income, capital losses, and non-recurring income from Nov. projections due to the additional block re-insurance in March 2025

(The impact on business unit profits is limited)

• Value of New Business

Below projections by -JPY10.4bn notably from

a drop in top-line and increase in lapse risks due to the interest rate hike

20

(billions of JPY, except for %)

(Ref.) Pure Reciprocal GWP

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 America” figures include Europe business of TMHCC, but do not include North America business of TMK.

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

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

*4: Excluding FX effects due to JPY conversion.

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

Copyright (c) 2025 Tokio Marine Holdings, Inc.

*5: Projections not revised in Feb.21

[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 underwriting expansion both in P&C (excess WC) and life (disability / group life)

TMHCC: Increased due to underwriting expansion mainly driven by A&H (MSL) and international, despite softening rate trend in Financial Lines, including D&O and Cyber as expected

(FY2024 rate increase: +1% (excl. A&H, Surety, Credit))

• Europe

  Increased with robust underwriting expansion in liability category, despite softening rate trend in some categories

• South & Central America

  Increased mainly due to underwriting expansion notably from auto insurance despite intensified competition in auto insurance

• Asia & Oceania

  Decreased mainly due to auto insurance in India, partly offset by underwriting expansion for auto insurance in Singapore and Malaysia, etc.

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

  • 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 between foreign currencies c. +JPY9.0bn), etc.”, decrease in Asian life insurance associated with lower interest rates

  (c. -JPY21.0bn), decrease in prior year loss reserves takedowns (c. -JPY22.0bn), partly offset by strong underwriting and investment income in key entities*2, and the JPY depreciation (+JPY42.9bn)

*1: Following Nov. projection of JPY333.0bn, preliminary figure of JPY431.0bn was announced in Feb. with changes including increased profits for key entities*2 (+JPY32.0bn), JPY depreciation from the end of Sep. 30, 2024 (+JPY34.0bn), decrease in Nat Cats (+JPY12.0bn), other one-off effects (+JPY12.0bn), etc.

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

Copyright (c) 2025 Tokio Marine Holdings, Inc.

(billions of JPY, except for %)

23

[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 loans, partly offset by continuously strong performance from underwriting (excl. Nat Cats) and investment income

  DFG: Decreased profits due to decrease in prior year loss reserves takedowns, and CECL provisions for CRE loans, etc., partly offset by continuously strong performance from underwriting

  (excl. prior year loss reserves) and investment income

  TMHCC: Recorded the highest profit ever with strong underwriting and investment income

• Europe

  Decreased profits due to adverse development in prior year loss reserves for large losses

  (one-off effects), etc., partly offset by continuously strong performance from underwriting and investment income (excl. the above impacts)

• South & Central America

  Increased profits (excl. FX impacts) due to strong underwriting and investment income

• Asia & Oceania

  Decreased profits (excl. FX impacts) due to prior year Taiwan’s COIVID-19 reserves takedowns, etc., partly offset by the highest recorded profits ever in Singapore and Malaysia, etc.

• Pure

  24

  Increased profits due to increased fee income from strong top-line growth

  Copyright (c) 2025 Tokio Marine Holdings, Inc.

  • 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

• Changes in Major P/L Items

  (billions of JPY, except for % and pt)

  		FY2023 Results	FY2024 Results	YoY
  FX rates （USD/JPY）		As of end Dec. 2023	As of end Dec. 2024	Change	%
  		JPY 141.8	JPY 158.1
  Net premiums w ritten		510.3	635.8	125.4	24.6%
  Net premiums earned		499.3	619.8	120.4	24.1%
  Net incurred losses		303.5	399.3	95.7	31.5%
  	Nat-Cat losses	-	-	-	-
  Commissions / Other Underwriting expenses		144.4	185.6	41.2	28.6%
  Underw riting profit		51.3	34.7	- 16.5	- 32.2%
  Net investment income / loss		173.2	150.7	- 22.5	- 13.0%
  	Income gain / loss	402.7	470.9	68.1	16.9%
  	Capital gain / loss	- 47.7	- 104.6	- 56.8	-
  Business unit profits		174.3	128.6	- 45.6	- 26.2%

  (Ref.) YoY % (Excluding FX effects*2)
  11.7%
  11.3%
  17.9%
  -
  15.3%
  - 39.3%
  - 22.0%
  4.8%
  -
  - 33.8%
  -
  -
  -

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

  • The majority of Other Operating Gains / Losses are procurement costs associated with the pension business

    Loss ratio*1	60.8%	64.4%	3.6pt	-
    Expense ratio*1	28.9%	30.0%	1.0pt	-
    Combined ratio*1	89.7%	94.4%	4.7pt	-

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

  	FY2023 Results	FY2024 Results	Change
  Non-life	57.4%	61.8%	4.4pt
  Life	63.8%	66.8%	3.0pt
  Total	60.8%	64.4%	3.6pt

  	FY2023 Results	FY2024 Results	YoY
  FX rates （USD/JPY）	As of end Dec. 2023	As of end Dec. 2024	Change	%
  	JPY 141.8	JPY 158.1
  Non-life	244.7	303.5	58.7	24.0%
  Life	265.6	332.2	66.6	25.1%
  Total	510.3	635.8	125.4	24.6%

  (Ref.) YoY % (Excluding FX effects*2)

  11.2%

  12.2%

  11.7%

  (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 conversion26

• Change in Major P/L Items

  (billions of JPY, except for % and pt)

  		FY2023 Results	FY2024 Results	YoY			(Ref.) YoY % (Excluding FX effects*2)
  FX rates （USD/JPY）		As of end Dec. 2023	As of end Dec. 2024	Change	%
  		JPY 141.8	JPY 158.1
  Net premiums w ritten		773.4	905.6	132.2	17.1%		5.0%
  Net premiums earned		771.5	899.4	127.8	16.6%		4.5%
  Net incurred losses		479.1	553.8	74.7	15.6%		3.6%
  	Nat-Cat losses	7.8	23.3	15.5	198.9%		168.0%
  Commissions / Other Underwriting expenses		190.0	235.0	44.9	23.7%		10.9%
  Underw riting profit		75.4	91.0	15.6	20.7%		8.2%
  	FX effect betw een foreign currency (USD/GBP,USD/EUR)	-4.1	5.6	9.7	-		-
  Underw riting profit (excluding FX effect betw een foreign currency)		79.6	85.4	5.8	7.4%		- 3.7%
  Net investment income / loss		56.3	71.4	15.0	26.7%		13.6%
  	Income gain / loss	61.1	76.8	15.6	25.5%		12.6%
  	Capital gain / loss	- 1.4	- 1.3	0.1	-		-
  Business unit profits		102.3	127.0	24.6	24.1%		11.3%
  Loss ratio*1		62.1%	61.6%	- 0.5pt	-		-
  Expense ratio*1		24.6%	26.1%	1.5pt	-		-
  Combined ratio*1		86.7%	87.7%	1.0pt	-		-

  ＜The reason why “net premium earned – net incurred losses –commissions & expenses” is not equal to underwriting profit＞

  • 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 effect between foreign currency

• 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 conversion27

(Blank Page)

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

[Reference]

JPY35,617 (Mar. 31, 2025)

Copyright (c) 2025 Tokio Marine Holdings, Inc.29