This document has been translated from the Japanese original solely for reference purposes, and the Japanese original shall prevail if any discrepancy is identified.

SUMMARY OF FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED SEPTEMBER 30, 2021
November 19, 2021

MS&AD Insurance Group Holdings, Inc.

Name of Listed Company:
Stock Exchange Listing:
Securities Code Number:
URL:
Representative:
Contact:

Tokyo Stock Exchange and Nagoya Stock Exchange8725
https://www.ms-ad-hd.com
Noriyuki Hara, President & CEO
Masaru Kenma, Manager, Consolidated Accounting Section, Accounting DepartmentTelephone: 03-5117-0305
Scheduled date to file the Quarterly Securities Report:
November 19, 2021
December 6, 2021
Scheduled date to commence dividend payments:
Explanatory material for business results:
Available
IR Conference (for institutional investors and analysts):
To be held
(Note) Amounts of less than one million yen are truncated.

1. Consolidated Financial Highlights for the Six Months Ended September 30, 2021 (April 1, 2021 to September 30, 2021)(Yen in millions)(1) Consolidated business performance
Ordinary income
Six months ended
September 30, 2021Six months ended
September 30, 2020

Net income attributable to ownersof the parent

Ordinary profit

2,551,183(6.7) %

182,187

57.7 %

124,824

29.2 %

2,734,493(4.3) %

115,509

6.7 %

96,630(40.9) %Percent figures represent changes from the corresponding period of the preceding year.

For the six months ended September 30, 2021:
For the six months ended September 30, 2020:(Note) Comprehensive income

Net income attributable to ownersof the parent per share- Basic
Six months ended
September 30, 2021
Six months ended
September 30, 2020

¥ 298,949¥ 337,336(Yen)
Net income attributable to ownersof the parent per share- Diluted

224.26224.16

170.67170.57(2) Consolidated financial conditions

millionmillion(11.4)
44.5%%(Yen in millions)
Total assets

Net assets

Ratio of net assets less noncontrolling interests to total assets

September 30, 2021

24,714,404

3,365,216

13.4%

March 31, 2021

24,142,562

3,126,657

12.8%(Reference) Net assets less non-controlling interests

As of September 30, 2021:
As of March 31, 2021:¥¥

3,321,696
3,084,349

millionmillion

2. Dividends(Yen)
Dividends per share
1st quarter2nd quarter3rd quarter

4th quarter

Annual total

Year ended March 31, 2021

-

75.00

-

80.00

155.00Year ending March 31, 2022

-

82.50
-

82.50

165.00Year ending March 31, 2022
(Forecast)(Note) Revision of the latest announced dividends per share forecast: Yes

3. Consolidated Earnings Forecasts for the Year Ending March 31, 2022 (April 1, 2021 to March 31, 2022)(Yen in millions)
Net income attributable to ownersof the parent

Ordinary profit
Year ending March 31, 2022330,000

7.7 %Percent figures represent changes from the preceding year.

(Note) Revision of the latest announced earnings forecasts: None

230,000

59.3 %Net income attributable to ownersof the parent per share (Yen)414.15

* Notes(1) Changes in significant subsidiaries for the period (changes in specified subsidiaries resulting in changes in scope ofconsolidation): None

(2) Changes in accounting policies and accounting estimates and restatements
1. Changes in accounting policies due to revisions of accounting standards: Yes
2. Changes in accounting policies other than above: None
3. Changes in accounting estimates: None
4. Restatements: None
(Note) For details, please refer to “Changes in Accounting Policies” on page 7 of the Appendix.

(3) Number of shares of issued stock (common stock)
1. Number of shares of issued stock (including treasury stock)
As of September 30, 2021:
593,632,891 shares
As of March 31, 2021:
593,473,207 shares
2. Number of shares of treasury stock
As of September 30, 2021:
39,544,927 shares
As of March 31, 2021:
35,263,101 shares
3. Average number of shares of outstanding stock
For the six months ended September 30, 2021: 556,603,085 shares
For the six months ended September 30, 2020: 566,167,247 shares* This report is unaudited.

* Notes to the earnings forecasts and others(1) Any earnings forecasts in this report have been made based on the information available to the Company as of the disclosure date of
the report and certain assumptions, and therefore do not guarantee future performance. Actual results may differ substantially fromthese forecasts depending on various factors. For key assumptions of the earnings forecasts and other relevant information, please refer
to “4. Earnings Forecasts” on page 15 of "Explanatory Material for Business Results for the Six Months Ended September 30, 2021".
The forecast of consolidated ordinary income for the current fiscal year is not disclosed due to difficulties in calculating reasonable
forecast figures stemming from a high susceptibility to natural disasters and market conditions.
(2) The Company made its interim consolidated financial statements for the first half of the fiscal year, as required for specified
companies which operate the businesses defined in the Article 17-15 Paragraph 2 of the Cabinet Office Ordinance on Disclosure ofCorporate Information, etc.

[Appendix]

ContentsPage

Consolidated Financial Statements and Main Notes
1. Consolidated Balance Sheets ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
2
3
2. Consolidated Statements of Income and Comprehensive Income ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
5
3. Consolidated Statements of Changes in Net Assets ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
4. Notes to Consolidated Financial Statements ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・
7
7(Notes to Going Concern Assumptions) ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・[Attachment]
Explanatory Material for Business Results for the Six Months Ended September 30, 2021

1

Consolidated Financial Statements and Main Notes
1. Consolidated Balance Sheets(Yen in millions)

March 31, 2021
AssetsCash, deposits and savings
Receivables under resale agreements
Monetary claims bought
Money trusts
Investments in securities
Loans
Tangible fixed assets
Intangible fixed assets
Other assets
Assets for retirement benefits
Deferred tax assets
Customers' liabilities under acceptances and guarantees
Bad debt reserve
Total assets
Liabilities
Policy liabilities:
Outstanding claims
Underwriting reserves
Bonds issued
Other liabilities
Liabilities for pension and retirement benefits
Reserve for retirement benefits for officers
Accrued bonuses for employees
Reserves under the special laws:
Reserve for price fluctuation
Deferred tax liabilities
Acceptances and guarantees
Total liabilities
Net assets
Shareholders' equity:
Common stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income:Net unrealized gains/(losses) on investments in securities
Net deferred gains/(losses) on hedges
Foreign currency translation adjustments
Accumulated actuarial gains/(losses) on retirement benefits
Total accumulated other comprehensive income
Stock acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

2

September 30, 2021

2,057,789
1,999
175,740
1,717,804
16,793,584
960,174
494,818
431,929
1,436,401
26,76830,54928,500(13,498)
24,142,562

2,202,075
1,999
142,335
1,823,562
17,002,406
945,585
489,509442,979
1,585,572
28,70933,67927,000(11,010)
24,714,404

18,107,028
2,256,900
15,850,128
809,093
1,602,349
160,828241
28,256244,975
244,975
34,63028,50021,015,905

18,425,229
2,375,345
16,049,884
809,093
1,577,044
151,776204
25,057
248,556
248,556
85,22627,00021,349,188

100,276
553,428
1,078,850(119,267)
1,613,287

100,534
553,680
1,159,017(134,025)
1,679,207

1,630,325
14,997(178,080)
3,819
1,471,062
1,019
41,2883,126,657
24,142,562

1,723,311
10,736(94,535)
2,976
1,642,489
762
42,7563,365,216
24,714,404

2. Consolidated Statements of Income and Comprehensive Income(Consolidated Statements of Income)Ordinary income:
Underwriting income:Net premiums written
Deposit premiums from policyholders
Investment income on deposit premiums from policyholders
Life insurance premiums
Investment income:Interest and dividends income
Investment gains on money trusts
Investment gains on trading securities
Gains on sales of securities
Investment gains on separate accounts
Transfer of investment income on deposit premiums from policyholders

Other ordinary income
Ordinary expenses:
Underwriting expenses:
Net claims paid
Loss adjustment expenses
Commissions and collection expenses
Maturity refunds to policyholders
Life insurance claims
Provision for outstanding claims
Provision for underwriting reserves
Investment expenses:
Investment losses on money trusts
Losses on sales of securities
Impairment losses on securities
Losses on derivative transactions
Operating expenses and general and administrative expenses
Other ordinary expenses:
Interest expense
Ordinary profit
Extraordinary income:
Gains on sales of fixed assets
Reversal of reserve for losses on sales of shares of subsidiaries and associates

Extraordinary losses:
Losses on sales of fixed assets
Impairment losses on fixed assets
Provision for reserves under the special laws:
Provision for reserve for price fluctuation
Losses on change in equity
Income before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Net income attributable to non-controlling interests
Net income attributable to owners of the parent

3

Six months ended
September 30, 2020
2,734,493
1,994,440
1,869,016
44,755
19,15156,606
731,980
150,745
133,615
22,68779,874148,417(19,151)
8,072
2,618,984
2,210,470
908,031
92,166
365,045
112,708
157,647
80,305479,925
60,276
20,263
4,441
7,928
26,116
330,627
17,609
7,242
115,509
8,570
456
8,113
11,382
2,763
1,587
5,830
5,830
1,200
112,697
50,241(36,146)
14,09598,602
1,971
96,630(Yen in millions)
Six months ended
September 30, 2021
2,551,183
2,244,643
1,928,514
27,995
17,390265,079
288,673
153,448
27,423
10,511
61,05648,550(17,390)
17,8652,368,995
1,948,136
941,688
96,765372,817
82,696
227,618
53,097
171,634
71,192
1,815
3,185
23,82417,802337,820
11,846
7,838
182,187
990
990
7,418
2,404
1,434
3,580
3,580
175,759
35,71813,35449,073
126,685
1,861
124,824

(Consolidated Statements of Comprehensive Income)Net income
Other comprehensive income:Net unrealized gains/(losses) on investments in securities
Net deferred gains/(losses) on hedges
Foreign currency translation adjustments
Accumulated actuarial gains/(losses) on retirement benefits
Share of other comprehensive income of equity method investments

Total other comprehensive income
Total comprehensive income
Allocation:
Comprehensive income attributable to owners of the parent
Comprehensive income attributable to non-controlling interests4Six months ended
September 30, 2020
98,602(Yen in millions)
Six months ended
September 30, 2021
126,685

284,118(4,171)(41,984)(1,934)
2,707
238,734
337,336

94,403(4,270)75,763(840)
7,206
172,263
298,949

337,104232

296,251
2,697

3. Consolidated Statements of Changes in Net Assets
For the six months ended September 30, 2020 (from April 1, 2020 to September 30, 2020)(Yen in millions)Shareholders' equity
Common stock
Beginning balance

Capital surplus

Retained earnings

100,000

553,163276

276

Total shareholders'equity

Treasury stock

1,019,468(84,432)

1,588,199

Changes for the six months:
Issuance of new shares

552

Dividends paid
Net income attributable toowners of the parent
Repurchase of treasury stock(42,678)

96,63096,630(15,012)(15,012)

200

189

(11)

Disposal of treasury stock
Net changes of items otherthan shareholders' equity
Total changes for the sixmonths
Ending balance

Beginning balance(42,678)276

264

53,951(14,811)

39,681

100,276

553,428

1,073,420(99,243)

1,627,881

Accumulated other comprehensive incomeAccumulated
Total
Net unrealized
Foreign
Net deferred
actuarialaccumulated
currency
gains/(losses)
gains/(losses)
gains/(losses)
othertranslation
on investmentson hedges
on retirement comprehensive
in securities
adjustments
benefits
income982,042
30,916(140,106)(9,381)
863,470

Stockacquisitionrights

Noncontrollinginterests

Total net assets

1,206

41,1612,494,038

Changes for the six months:
552

Issuance of new shares(42,678)

Dividends paid
Net income attributable toowners of the parent
Repurchase of treasury stock(15,012)

Disposal of treasury stock189

Net changes of items otherthan shareholders' equity
Total changes for the sixmonths
Ending balance

96,630287,449(3,853)(41,185)(1,937)240,473(187)(1,254)

239,031

287,449(3,853)(41,185)(1,937)240,473(187)(1,254)

278,713

1,269,492

27,063(181,291)(11,319)

1,103,944

1,019

39,9072,772,752

5

For the six months ended September 30, 2021 (from April 1, 2021 to September 30, 2021)(Yen in millions)Shareholders' equity
Common stock
Beginning balance

Capital surplusRetained earnings

100,276

553,428258

258

1,078,850

Total shareholders'equityTreasury stock(119,267)

1,613,287

Changes for the six months:
Issuance of new shares

516

Dividends paid
Net income attributable toowners of the parent
Repurchase of treasury stock(44,656)(44,656)

124,824

124,824(15,021)(15,021)

263

257

(6)

Disposal of treasury stock
Net changes of items otherthan shareholders' equity
Total changes for the six
monthsEnding balance

258

252

80,167(14,758)

65,919100,534

553,680

1,159,017(134,025)

1,679,207

Accumulated other comprehensive income
Net unrealized
Net deferredgains/(losses)
gains/(losses)
on investmentson hedges
in securities
Beginning balance

1,630,325

14,997

TotalAccumulated
actuarialaccumulated
othergains/(losses)
on retirement comprehensive
incomebenefits
1,471,062(178,080)
3,819

Foreigncurrencytranslation
adjustments

Stockacquisitionrights

Noncontrollinginterests

Total net assets

1,019

41,2883,126,657

Changes for the six months:
516

Issuance of new shares(44,656)

Dividends paid
Net income attributable toowners of the parent
Repurchase of treasury stock

124,824(15,021)257

Disposal of treasury stock
Net changes of items otherthan shareholders' equity
Total changes for the sixmonths
Ending balance

92,985(4,260)83,544(842)

171,427

(256)

1,468

172,639

92,985(4,260)83,544(842)

171,427

(256)

1,468

238,559

1,723,311

10,736(94,535)

2,976

1,642,489

762

42,7563,365,216

6

4. Notes to Consolidated Financial Statements(Notes to Going Concern Assumptions)Not applicable.

(Changes in Accounting Policies)(Application of “Accounting Standard for Fair Value Measurement” and Others)
The Group has applied “Accounting Standard for Fair Value Measurement” (ASBJ Statement No.30, July 4, 2019),“Implementation Guidance on Accounting Standard for Fair Value Measurement” (ASBJ Guidance No.31, June 17, 2021)
and others from the beginning of the period for the six months ended September 30, 2021.
In accordance with transitional measures set forth in Paragraph 19 of “Accounting Standards for Fair Value Measurement”,
Paragraph 44-2 of “Accounting Standard for Financial Instruments” (ASBJ Statement No.10, July 4, 2019)and Paragraph 27-2 of “Implementation Guidance on Accounting Standard for Fair Value Measurement”, the Group has applied
new accounting policies prescribed by “Accounting Standard for Fair Value Measurement” and others prospectively
from the beginning of the period for the six months ended September 30, 2021.
As a result, part of investment trusts for which it is deemed to be extremely difficult to determine the fair value that were recordedon consolidated balance sheets at cost have been changed to be recorded on consolidated balance sheets at fair value.

7