December 26, 2023
Name of Listed Company:

MS&AD Insurance Group Holdings, Inc.

Name of Representative:

Noriyuki Hara, President & CEO(Securities Code: 8725, Tokyo Stock Exchange and Nagoya Stock Exchange)

Contact:

Corporate Communications and Investor Relations Dept.
https://www.ms-ad-hd.com/en/ir/contact.html

Administrative Actions by the Financial Services Agency
against subsidiaries of MS&AD Insurance Group Holdings
Mitsui Sumitomo Insurance Co., Ltd. ("MSI", President: Shinichiro Funabiki) and Aioi Nissay Dowa
Insurance Co., Ltd. ("ADI", President: Keisuke Niiro), subsidiaries of MS&AD Insurance Group Holdings,Inc. (“the Company”), were issued administrative actions (Business Improvement Order) today by theFinancial Services Agency of Japan (“FSA”) pursuant to Article 132, Paragraph 1 of the Insurance BusinessAct for conduct considered to be in conflict with the Antimonopoly Act, inappropriate conduct in light of thepurpose of the Act, and system issues underlying such conduct.
The Company, MSI, and ADI take the administrative actions very seriously and apologize for inconvenience
or concern this situation may have caused our customers and other stakeholders. We will make every effort tomake improve and prevent recurrence, and work hard to restore the trust of customers and other stakeholders.
MSI and ADI plan to submit respective improvement plans to FSA in accordance with the business
improvement order in due course, and will announce them once they are submitted.
[Summary of the administrative actions from FSA]
(1)Implement the following in order to ensure the sound and appropriate management of operations.
①Clarify the management responsibility in light of the administrative actions②Further identification, investigation of cases considered to be in conflict with the Antimonopoly Act andcases where inappropriate acts were committed in light of the purpose of the Act③Consideration and implementation of measures to create the system for proper competition in corporate
insurance, including coinsurance contracts④Establishment of appropriate business operation and insurance underwriting system (in light of thepurpose of laws and regulations such as the Antimonopoly Act, including the formulation of businesstargets that do not serve as incentives for inappropriate behavior and the formulation of measures toconduct business activities that can provide appropriate insurance premiums in accordance with risks)⑤Establishing an appropriate legal compliance system to comply with the Antimonopoly Act, etc.
(including adequate training for relevant personnel including those who are in production department andagencies and the establishment of an appropriate supervisory system)⑥Cultivation of a sound corporate culture that places importance on compliance and customer protection（including measures to rectify its corporate culture that prioritizes its own interests over compliancewith important laws such as the Antimonopoly Act）
⑦Drastic enhancement of business management (governance) to steadily implement the above measuresand establish them(2) Submit and immediately implement the business improvement plan related to (1) (excluding (1)②) aboveby February 29, 2024. Report the status of interim review by January 31, 2024. Report progress andimprovements every three months by the 15th day of the following month until the business improvement
plan is completed. (Initial reporting base date: end of May 2024).
(3) Report the results of the investigation on (1)② above by February 29, 2024
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