Tokio Marine : FY2025 Results and FY2026 Projections (Tokio Marine 2025Q4 Results Presentation e)

Overview of

Results

Projections

"

JGAAP

IFRS

Executive Summary

Core KPI: Strong EPS growth. ROE not yet best-in-class

Under IFRS (new definition), while profit is growing, the ROE level remains flat due to the impact of an increase in adjusted net assets associated with the sales of business-related equities (see p. 41 for details).

• Adjusted EPS (JPY) ■ Adjusted ROE (%)

  CAGR +11%

  464

  514

  14.0

  Current MTP target (JGAAP)

  301

  417

  349

  334

  427

  14% or more

  Current MTP target (JGAAP)

  13.1

  13.0

12.6

12.9

11.7

13.0

JGAAP 2023-26 CAGR +12%

2023-26 CAGR

+8% or more

2023

2024 2025

2026E

2023 2024 2025 2026E

• IFRS (new definition)*1 ■ JGAAP (previous definition)*2 ■IFRS (new definition)*1 ■ JGAAP (previous definition)*2

*1: IFRS figures are pre-audit basis (same applies to subsequent pages)

*2: Excluding capital gains from sales of business-related equities, and excluding the changes from original projections for Nat Cats and capital gains/losses in North America 1

• Top-line*1(billions of JPY) ■Adjusted Net Income (billions of JPY)

  Capital gains from

  sales of biz-related equities

  +1%

  -1%

  <>*2>

  -3%

  5,891.9

  5,943.5

  6,520.0

  1,215.0

  1,204.8

  1,230.0

  +17%

  608.9

  711.6

  752.0

  1,069.0

  1,035.6

  1,090.0

  -6%

  679.0

  635.6

  690.0

  2024

  2025

  (Reference) 2025E

  Feb. projections

  2024

  2025

  (Reference) 2025E

  Feb. projections

  2024

  2025

  (Reference) 2025E

  Feb. projections

  	2024	2025		(Reference) 2025E Feb. projection Growth
  			YoY
  Group	5,891.9	5,943.5	+1%	+11%
  of which, Int’l	3,354.5	3,570.2	+6%	+6%
  of which, J-P&C*3	2,706.5	2,792.2	+3%	+4%
  of which, J-Life	-168.3	-417.1	-	-

  	2024	2025		(Reference) 2025E Feb. projections
  			YoY
  Group	1,215.0	1,204.8	-1%	1,230.0
  of which, Int’l	428.4	473.9	+11%	524.0
  of which, J-P&C*4	126.9	173.2	+36%	166.0
  of which, J-Life*4	41.9	57.1	+36%	51.0
  of which, Other*4	617.6	500.5	-19%	489.0

  	2024	2025		(Reference) 2025E Feb. projections
  			YoY
  Group	1,069.0	1,035.6	-3%	1,090.0
  of which, Int’l	478.2	436.9	-9%	487.0
  of which, J-P&C*4	137.9	136.9	-1%	142.0
  of which, J-Life*4	46.7	55.4	+18%	51.0
  of which, Other*4	406.3	406.3	+0%	410.0

  *1: Combined total of net premiums written and life insurance premiums

  *2: Excludes the changes from original projections for Nat Cats and capital gains/losses in North America, etc.

  *3: Including Japan P&C other than TMNF

  *4: Japan P&C: TMNF. Japan Life: TMNL. Other: Japan P&C other than TMNF, solutions business, capital gains/losses from the sales of business-related equities, consolidation adjustment, etc. 2

  • Total Business Volume*1(billions of JPY) ■Adjusted Net Income (billions of JPY)

950.0

881.5

+8%

8,798.2

9,532.0

+8%

2025

2026E

2025

2026E

*1: Combined total for gross insurance premiums and sales for Solutions business

*2: Includes Japan P&C business other than TMNF such as NF and TMDI under the new segment categories under IFRS (same applies hereafter) 3

• DPS (JPY)

• Share Buyback

• ESR (%)

297

-29pt

15th consecutive dividend increase

(+7 vs Nov. projections)

+12%

218

245

FY2026:

2025

2026E

*: Excludes share buyback intended to offset the dilution of shares from third-party allotment to Berkshire Hathaway Group (JPY287.4bn, announced on 23rd of March).

As our share price has increased, additional share repurchases are expected to be required to offset the dilution. Such additional repurchases will be considered as part of shareholder returns in the second half of the fiscal year.

268

Sep. 30, 2025

Mar. 31, 2026

Copyright (c) 2026 Tokio Marine Holdings, Inc. 4

Changes in Disclosed Metrics

• Accounting Standard

• Fiscal Year（FX Rates）

  Jan. to Dec.

  （Quarterly spot rate）

Japan International

～FY2025

FY2026～

• Profit KPI

Group

Business Segment

Copyright (c) 2026 Tokio Marine Holdings, Inc.

*: See P.53,54 for details of revised KPI definitions 5

By Segments – 2025 Results

• Group ・・・P. 7

• International ・・・P. 9

• Japan P&C (TMNF) ・・・P. 16

• Japan Life (TMNL) ・・・P. 21

• Abbreviations used in this material

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

TMNF :Tokio Marine & Nichido Fire Insurance

NF :Nisshin Fire & Marine Insurance

TMDI :Tokio Marine Direct Fire Insurance

TMNL :Tokio Marine & Nichido Life Insurance

PHLY :Philadelphia

DFG :Delphi Financial Group

RSL :Reliance Standard Life

SNCC :Safety National

TMHCC:Tokio Marine HCC

TMK :Tokio Marine Kiln

TMSR :Tokio Marine Seguradora

[Reference]

Copyright (c) 2026 Tokio Marine Holdings, Inc. 6

H Capital gains from sales of business-related equities: -112.9

H Rebound from FX impact in FY2025 (Mar. 31, 2024 vs Mar. 31, 2025): -5.1

H FX impact in FY2026 (Mar. 31, 2025 vs Mar. 31, 2026) : -32.2

U Effect of product/rate revision for auto/fire

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

H Deterioration of loss ratio for auto

U Hedging cost decrease

*Investment is +14.4 out of +36.4

U Solid underwriting by key entities

H Loss reserve development for Greensill litigation in Australia

*Investment is -4.2 out of -43.6

FX

-37.4

One-off effects* 3

+86.8

1,204.8

Other

-43.6

FX

+2.3

1,215.0

Other

(Excl. business-related equities)

+36.4

One-off effects* 4

+47.2

U JPY depreciation in current FY (end of Dec. 2025)

Other*1,2,6

-117.1

Japan Life*1,5,7

+15.1

• Adjusted Net Income (billions of JPY)

2024 2025

*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 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

*3: Nat cats: +10.5, capital gains in North America; +96.0 (incl. reversal of previous year capital losses +64.0), FX gains between foreign currencies: -20.0, etc.

*4: Nat cats: +45.5, capital gains in North America: +7.0, tax reform: -5.0, etc.

*5: Including one-off effects: +6.5 (capital gains in North America)

7

*6: Including one-off effects -117.4 (capital gains from sales of business-related equities, -123.0, etc.)

*7: See P.49,50 for difference with YoY change in financial accounting profit

Copyright (c) 2026 Tokio Marine Holdings, Inc.

• Adjusted Net Income (billions of JPY)

Japan Life*3

+8.6

Other*3.4

+0.2

1,215.0

One-off effects* 1

-145.9

One-off effects* 2

-169.2

1,204.8

1,069.0

FX

+2.3

Other

-43.6

Other

(Excl. busine ted equities)

ss-rela

+36.4

1,035.6

Int’l

J-P&C

J-Life Other

+49.7

+10.9

+4.7

-211.5

FX

- 4

37.

U Solid underwriting by key entities

H Loss reserve development for Greensill litigation in Australia

*Investment is -4.2 out of -43.6

U Effect of product/rate revision for auto/fire

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

H Deterioration of loss ratio for auto

U Hedging cost decrease

*Investment is +14.4 out of +36.4

Int’l -37.0

J-P&C -36.2

J-Life -1.7

Other -94.1

2024

Actual

2024

Normalized*1

2025

Normalized*2

2025

Actual

*1: Deducted following one-off effects of -JPY145.9bn from FY2024 results of JPY1,215.0bn:

(1) International -49.7 (Nat Cats +9.0, capital losses in North America -62.0, FX gains/losses between foreign currencies +4.0), (2) Japan P&C -10.9 (Nat Cats -11.0, capital losses in North America

-5.0, tax reform +5.0), (3) Japan Life -4.7 (capital losses in North America), (4) Other +211.5 (capital gains from sales of business-related equities +216.0 (for part of sale exceeded JPY600.0bn), etc.)

*2: Deducted following one-off effects of +JPY169.2bn from FY2025 results of JPY1,204.8bn:

(1) International +37.0 (Nat Cats +19.0, capital gains in North America +34.0, FX gains/losses between foreign currencies -16.0), (2) Japan P&C +36.2 (Nat Cats +35.0, capital gains in North America +2.0), (3) Japan Life +1.7 (capital gains in North America), (4) Other +94.1 (capital gains from sales of business-related equities +93.0 (for part of sale exceeded JPY600.0bn), etc.)

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

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

(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.11)

*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.11.)

[FY2025 Results]

• North America (see pages 13-15 for details on the three main companies)

  PHLY: Increased due to strong rate increases (FY2025 results: +9.3%) and expansion of new businesses DFG: Increased due to strong underwriting for P&C (excess WC) and life (disability / group life)

  TMHCC: Increased due to continued robustness of core MSL business, despite softening in some lines of business (FY2025 rate increase: -1.3% (excl. A&H, Surety, and Credit))

• Europe

  Although new business was robust, decreased as a result of disciplined underwriting amid softening in some lines

• South & Central America

  Increased due to strong underwriting in auto insurance and commercial lines, etc.

• Asia & Oceania

  Increased due to strong underwriting in Malaysia, etc.

  • Decreased vs Feb. projections* at -JPY50.1bn due to factors such as increase in reserve provision

    relating to the Greensill litigation in Australia

  • Increased YoY by +JPY45.5bn, driven by strong underwriting at North America entities (c. +JPY21.0bn) and decreased capital losses in North America (c. +JPY95.0bn), despite FX effects between foreign currencies (c. -JPY20.0bn) in addition to the above

*: Following Nov. projections of JPY461.0bn, preliminary figure of JPY524.0bn was announced in Feb. considering decreased capital losses in North America (+JPY27.0bn), JPY depreciation (+JPY25.0bn), and decrease in Nat Cats (+JPY20.0bn), etc.

(billions of JPY, except for %)

[FY2025 Results]

• North America (see pages 13-15 for details on the three main companies) PHLY: Record profit driven by strong underwriting, etc.

  DFG: Increased, driven by strong underwriting, investment income, and decrease in capital losses, etc.

  TMHCC: Decreased mainly due to negative impact of FX effect between foreign currencies (c. -JPY15.0bn); excluding this impact, both underwriting and investment performance remained solid

• Europe

  Increased due to favorable loss ratio despite the FX effect between foreign currencies (c. -JPY4.0bn)

• South & Central America

  Maintained high profitability by prioritizing disciplined U/W, despite profit decline YoY (excl. FX) from the extremely strong performance in the previous year due to intensified price competition, etc.

• Asia Oceania

  Increased for Malaysia and Taiwan, driven by strong underwriting, but overall profits decreased mainly due to increase in reserve provision relating to the Greensill litigation in Australia

• Pure

  Increased, driven by the increase in fee income from strong top-line growth

  • 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

• Changes in Major P/L Items

  • 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

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

  	FY2024 Results	FY2025 Results	Change
  Non-life	61.8%	66.2%	4.4pt
  Life	66.8%	64.3%	- 2.5pt
  Total	64.4%	65.2%	0.8pt

  (billions of JPY, except for %)

  	FY2024 Results	FY2025 Results	YoY
  FX rates （USD/JPY）	As of end Dec. 2024	As of end Dec. 2025	Change	%
  	JPY 158.1	JPY 156.5
  Non-life	303.5	316.6	13.1	4.3%
  Life	332.2	342.2	10.0	3.0%
  Total	635.8	658.9	23.1	3.6%

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

  5.4%

  4.1%

  4.7%

• Changes in Major P/L Items

  (billions of JPY, except for % and pt)

  		FY2024 Results	FY2025 Results	YoY
  FX rates （USD/JPY）		As of end Dec. 2024	As of end Dec. 2025	Change	%
  		JPY 158.1	JPY 156.5
  Net premiums written		905.6	919.7	14.1	1.6%
  Net premiums earned		899.4	917.4	18.0	2.0%
  Net incurred losses		553.8	555.6	1.8	0.3%
  	Nat-Cat losses	23.3	16.1	- 7.2	- 31.0%
  Commissions / Other Underwriting expenses		235.0	249.8	14.8	6.3%
  Underwriting profit		91.0	72.7	- 18.2	- 20.1%
  	FX effect between foreign currency (USD/GBP,USD/EUR)	5.6	-14.4	- 20.0	- 358.0%
  Underwriting profit (excluding FX effect between foreign currency)		85.4	87.2	1.8	2.1%
  Net investment income / loss		71.4	77.5	6.1	8.5%
  	Income gain / loss	76.8	77.9	1.1	1.4%
  	Capital gain / loss	-1.3	3.2	4.6	-
  Business unit profits		127.0	122.1	- 4.9	- 3.9%

  (Ref.) YoY % (Excluding FX effects*2)
  2.6%
  3.1%
  1.4%
  - 30.3%
  7.4%
  - 19.2%
  - 360.8%
  3.2%
  9.7%
  2.5%
  -
  - 2.9%
  -
  -
  -

  ＜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

    Loss ratio*1	61.6%	60.6%	- 1.0pt	-
    Expense ratio*1	26.1%	27.2%	1.1pt	-
    Combined ratio*1	87.7%	87.8%	0.1pt	-

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

(billions of JPY, except for %)

(billions of JPY, except for %)

[Results vs Nov. projections (full-year)]

— Underwriting Profit

*Figures are all before taxes

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

H Due to the following factors, underwriting profit was below Nov. projections by -JPY60.8bn

U Decrease in incurred losses in fire and specialty insurance (c. +JPY33.0bn in total)

H Deterioration of L/R for auto (c. –JPY23.0bn)

H Increase in reserve provision relating to the Greensill litigation in Australia*4

— Business Unit Profits *Figures are all before taxes

U Exceeded Nov. projections by +JPY21.2bn due to the following factors, etc., in addition to the above.

U Decrease in Nat Cats (c. +JPY34.0bn)

U Solid investment income (c. +JPY8.0bn)

H Increased foreign currency-denominated loss reserves from JPY depreciation*5 (c. -JPY19.0bn)

*1: Excluding provision for nat-cat underwriting reserves:

*2: Includes loss adjustment expenses

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

*4: Claims incurred on international business contracts are deducted from business unit profits

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

*5: FX rate is as of Sep. 30, 2025 for Nov. projections (JPY148.88/USD), and as of Mar. 31, 2026 16

(billions of JPY, except for %)

[Results vs Nov. projections (full-year)]

- Fire

Copyright (c) 2026 Tokio Marine Holdings, Inc.

H Below Nov. projections due to impact of group reinsurance*

• Marine

  • In line with Nov. projections

• P.A.

  • In line with Nov. projections

• Auto

  • In line with projections due to steady realization of effect of rates and products revisions

• CALI

  • In line with Nov. projections

• Other specialty

H Below Nov. projections due to decrease in construction projects, etc.

*: Impact of the group reinsurance is eliminated in consolidated figures

17

(billions of JPY, except for %)

- Fire

[Results vs Nov. projections (full-year)]

U Decrease in domestic Nat Cats (-JPY37.3bn)

U Takedown of reserves for international business contracts*3 (c. –JPY8.0bn)

H Increase in foreign currency-dominated loss reserves for JPY depreciation*4 (c. +JPY6.0bn)

• Marine

  H Exceeded Nov. projections due to the impact of large losses, etc.

• P.A.

  • Mostly in line with Nov. projections

• Auto

H Exceeded Nov. projections due to upswing in unit price and accident frequency

*1: 2024Q4 results -JPY4.3bn (JPY1.89 appreciation in 2023Q4 → 2024Q4), 2025Q4 results +25.4bn (JPY10.36 depreciation in 2024Q4 → 2025Q4)

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

Copyright (c) 2026 Tokio Marine Holdings, Inc.

- Other specialty

H Exceeded Nov. projections due to an increase in loss reserve development for Greensill litigation in Australia*3

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

*4: FX rate is as of Sep. 30, 2025 for Nov. projections (JPY148.88/USD), and as of Mar. 31, 2026 for 4Q results (JPY159.88/USD) 18

Combined Ratio (Private insurance E/I basis)

[Results vs Nov. projections (full-year)]

- E/I loss ratio

E/I loss ratio*1

Impact of domestic Nat Cats*3 (pt)

4.4

5.0

2.3

4.3

Expense ratio

97.7%

96.1%

(billions of JPY)

H Exceeded Nov. projections due to an increase in loss reserve for Greensill litigation in Australia and deterioration of L/R for auto, etc., despite a decrease in domestic Nat Cats

• Expense ratio

  • Admin expense (11.7%) and agency commission ratios (19.7%) were in line with Nov. projections

• Combined Ratio

H Exceeded Nov. projections due to the above factors

E/I loss ratio*1.4

*1: Includes loss adjustment expenses

*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) 2026 Tokio Marine Holdings, Inc.

*4: E/I loss ratio excl. domestic Nat-Cats and FX impacts for each current accident year is as follows: (Fire) FY2024 4Q: 38.4%, FY2025 4Q: 30.5%, Nov. projections: 34.8%

19

(Auto) FY2024 4Q: 65.5%, FY2025 4Q: 67.5%, Nov. projections: 65.6%

(Other Specialty) FY2024 4Q: 64.2%, FY2025 4Q: 74.8%, Nov. projections: 61.4%