Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Business Conditions

Main Financial and Non-Financial Data
(Yen in millions unless otherwise indicated)

FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021

FY2022

Ordinary income

3,857,769

4,166,130

4,327,982

4,579,076

5,232,602

5,399,115

5,476,720

5,465,432

5,461,195

5,863,770

6,648,600

Net premiums written

2,558,010

2,870,714

3,127,638

3,265,578

3,480,478

3,564,747

3,587,400

3,598,396

3,606,548

3,887,821

4,469,989

Ordinary proﬁt

207,457

274,386

358,182

385,825

387,659

344,939

416,330

363,945

266,735

567,413503,907

Net income attributable to owners of the parent

129,578

184,114

247,438

254,540

273,856

284,183

274,579

259,763

161,801

420,484

376,447

Comprehensive income

548,251442,277

997,024(14,543)

169,603

500,528

42,871

2,737

465,071590,780(116,412)

Net assets

2,363,183

2,739,114

3,609,655

3,512,656

3,569,760

3,835,536

3,603,741

3,426,675

3,722,780

4,072,625

3,657,849

Total assets

18,029,442

18,948,000

20,889,670

21,855,328

22,607,603

22,929,935

22,531,402

25,253,966

25,765,368

27,245,852

27,699,816

12.98

14.32

17.13

15.94

15.67

16.59

15.86

13.35

14.22

14.76

13.11

Performance Indicators (Consolidated)

Financial Indicators (Consolidated)

Capital ratio (%)
Return on equity: ROE (%)
Consolidated solvency margin ratio (%)

6.2

7.3

7.9

7.2

7.8

7.7

7.4

7.5

4.6

10.9

9.8

737.0

728.4

781.3

791.4

897.3

879.3

854.2

845.8

896.5

827.3

627.5

1,017

1,178

1,580

1,539

1,574

1,748

1,686

1,610

1,761

1,977

1,823

56

79

107

112

121

127

127

123

77

204

187

Stock-related Information

Net assets per share (Yen)
Net income per share―Basic (Yen)Dividends per share (Yen)

18

23

32

37

47

53

60

63

67

85

100

Dividends total (100 million yen)

422

537

722

830

1,053

1,176

1,280

1,330

1,391

1,739

2,002

2,413,572

2,308,572

2,272,572

2,272,572

2,259,072

2,244,072

2,130,000

2,106,000

2,092,500

2,040,000

2,002,500

Number of shares outstanding at year-end (Thousands)

883

1,032

1,512

1,267

1,565

1,578

1,787

1,650

1,755

2,376

2,547

Price-to-earnings ratio: PER (Ratio)

15.69

12.91

14.01

11.27

12.92

12.37

14.00

13.39

22.68

11.62

13.60

Price-to-book value ratio:
PBR (Ratio)

0.87

0.88

0.96

0.82

0.99

0.90

1.06

1.02

0.99

1.20

1.39

1,631

2,437

3,233

3,519

4,067

3,414

2,809

2,867

3,361

5,783

4,440

483

340

1,225

1,260

1,676

1,443

189

259

1,279

2,167

1,079

Key Performance Indicators

Adjusted net income (100 million yen)
Business unit profits
Domestic non-life insurance
Domestic life insurance

1,103

1,045

1,398

(1,881)

3,735

984

(1,586)

(703)

2,052

511

364

International insurance

692

1,369

1,455

1,318

1,695

1,441

1,762

1,795

1,011

2,523

2,186

Financial and other
Adjusted net assets (100 million yen)

(187)

25

40

73

66

72

68

53

73

69

70

27,46531,72541,03435,99338,12440,864

37,631

32,40936,92442,24037,991

Adjusted ROE (%)

6.5

8.2

8.9

9.1

11.0

8.6

7.2

8.2

9.7

14.4

11.1

Adjusted BPS (Yen)

1,193

1,378

1,812

1,589

1,694

1,877

1,775

1,547

1,775

2,077

1,908

Adjusted EPS (Yen)

70

105

141

155

179

153

130

136

160

281

221

Adjusted PBR (Ratio)

0.74

0.75

0.83

0.80

0.92

0.84

1.01

1.07

0.99

1.14

1.33

33,00633,31033,82936,902

38,842

39,19140,848

41,101

43,26043,04843,217

8,687

9,102

9,640

12,612

13,52513,803

15,557

15,814

17,811

17,936

18,394CO2 emissions (Tons)

93,311

87,971

98,317122,280

119,420

115,244

111,509111,172

89,894

83,48380,201CO2 ﬁxation/reductioneﬀect (Tons)

84,360100,951

113,310

133,447

163,459

163,521

153,335

133,617

123,531130,003

93,000Strategy & Business Platform Supporting Our Purpose Story

Share price at year-end (Yen)

Environmental, Social and Governance (ESG) Information

Number of employees
Number of employees outside Japan

Notes: 1. With the application of “Accounting Standard for Business Conbinations” (Accounting Standards Board of Japan (“ASBJ”) Statement No.21), the former Net income is
Net income attributable to owners of the parent from FY2015.
2. Number of employees is staﬀ head-count currently at work.
3. Figures for Comprehensive income, consolidated solvency margin ratio, and number of employees outside Japan are provided beginning with the ﬁscal year from whichdata collection and disclosure began.

154

4. Dividends per share for FY2018, FY2019, and FY2020 do not include one-time dividends of approximately JPY50.0 billion, JPY25.0 billion, and JPY25.0 billion,
respectively.
5. A stock split was implemented (a ratio of three shares per share) in October 2022. The “BPS,” “EPS,” “DPS,” “Number of shares outstanding at year-end,” and “Shareprice at year-end” for FY2021 and earlier fiscal years have been recalculated based on after the stock split.
6. The Key Performance Indicators have been newly deﬁned in FY2015 and ﬁgures for FY2012 and thereafter have been restated. FY2021 onward is based on new
definition.
7. The main reason for the increase in CO2 emissions from FY2015 was the expansion of coverage for calculation of Scope 3 (Other Indirect Emissions). The CO 2
emissions for the fiscal year ended March 31, 2023 reflects a CO2 reduction effect of 14,074 tons from green power purchases.

155

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Business Conditions

Overview of Business Results

Definition of Adjusted Net Income / Adjusted Net Assets / Adjusted ROE
Adjusted
Net
Income*1

Net Income(consolidated)*2

Provision forcatastrophe loss
reserves*3

Adjusted
ROE

Catastrophe
loss
reserves

Net assets(consolidated)

Provision for pricefluctuation
reserves*3

Contingency
reserves

Price fluctuation
reserves

Provision forunderwriting result for
the first year*5*6

Provision for nat-cat
underwriting
reserves*3*4

Gains or losses on sales or valuationof fixed assets and business
investment equities

Amortization of
goodwill and otherintangible fixed assets

Gains or losses on sales orvaluation of ALM*7 bonds andinterest rate swaps

Adjusted
Net
Assets*1

Provision forcontingency
reserves*3

Naturalcatastrophe
underwriting
reserves*4

Other extraordinary gains /losses, valuation
allowances, etc.

UW reserves
related tounderwriting result
for the first year*5

Goodwill andother intangible
fixed assets

Domestic Non-Life Insurance Business

Adjusted Net Assets(average balance basis)*1*8

Adjusted Net
Income*1

In the Domestic non-life insurance business, Ordinary income increased by 190.5 billion yen to 3,040.6 billion yen from the previous fiscal
year. Ordinary profit decreased by 18.0 billion yen to 284.5 billion yen from the previous fiscal year. Figures pertaining to insurance
underwriting and investment in the Domestic non-life insurance business are as follows:

Definition of Business Unit Profits

Underwriting
Direct premiums written (including deposit premiums from policyholders)Non-life insurance business
Net Income

Provision forcatastrophe loss
reserves*3

Provision forprice fluctuation
reserves*3

Provision for nat-cat
underwriting
reserves*3*4

Gains or losses on sales orvaluation of ALM*7 bonds andinterest rate swaps

Provision forunderwriting result
for the first year*5*6

Gains or losses on sales orvaluation of fixed assets,business-related equities andbusiness investment equities

AmountOther extraordinary
gains / losses,
valuation
allowances, etc.

Net Income

Fire and allied lines
Hull and cargo
Personal accident
Voluntary automobile
Compulsory automobile liabilityLife insurance business*9
Business
Unit
Profits*1

OthersProvision forcontingency
reserves*3

Total
Deposit premiums frompolicyholders

Provision forprice fluctuation
reserves*3

Gains or losses on sales orvaluation of ALM*7 bonds andinterest rate swaps

Other businesses

Gains or losses on sales orvaluation of fixed assets,business-related equities andbusiness investment equities(Yen in millions)

FY2022(April 1, 2022 - March 31, 2023)

Other extraordinary
gains / losses,
valuation
allowances, etc.

530,932
95,380

FY2021(April 1, 2021 - March 31, 2022)

Composition ratio(%)

Rate of change
(%)

18.65
3.35

7.25
18.59

Amount495,041
80,431

Composition ratio(%)

Rate of change
(%)

17.82
2.89

0.94
18.35
0.62

249,177

8.75

3.60

240,5268.66

1,233,670

43.33(0.69)

1,242,298

44.71

0.93

223,400

7.85

1.21

220,727

7.94(7.36)

514,270

18.06

2.97

499,451

17.98

2.27

2,846,830

100.002.46

2,778,476

100.000.85

50,4801.77(19.99)63,091

2.27(3.12)

Note: 1. The figures represent amounts before the elimination of internal transactions between segments.
2. Direct premiums written including deposit premiums from policyholders = Gross premiums written - Surrender benefits of direct policies - Other refunds of direct policies (including
deposit premiums from policyholders)

Strategy & Business Platform Supporting Our Purpose Story

Business
Unit
Profits*1

1. Consolidated Results of Operations
During the fiscal year 2022, the world economy remained on the recovery path that started in the fiscal year 2021. The pace of recovery,
however, slowed due to record price inflation caused by such factors as surging energy prices and supply constraints. The Japanese
economy gradually recovered, mainly driven by personal consumption, despite the impact of price inflation, due to the gradual relaxation of
restrictions relating to the spread of the novel coronavirus (COVID-19) and the ongoing normalization of economic activities.
Under these circumstances, as a result of our efforts to expand our domestic and overseas business, which is centered on non-life
insurance and life insurance, our consolidated results of operations for the fiscal year 2022 were as follows:
Ordinary income increased by 784.8 billion yen to 6,648.6 billion yen from the previous fiscal year, the main components of which were
Underwriting income of 5,634.8 billion yen and Investment income of 875.4 billion yen. Ordinary expenses increased by 848.3 billion yen to
6,144.6 billion yen from the previous fiscal year, the main components of which were Underwriting expenses of 4,666.0 billion yen,
Investment expenses of 203.9 billion yen, and Operating and general administrative expenses of 1,135.6 billion yen.
As a result, Ordinary profit decreased by 63.5 billion yen to 503.9 billion yen from the previous fiscal year.
Net income attributable to owners of the parent, composed of Ordinary profit plus Extraordinary gains minus Extraordinary losses andTotal income taxes, decreased by 44.0 billion yen to 376.4 billion yen from the previous fiscal year.

Net income determined in accordance with financial
accounting principles

Definition of Net Asset Value
Net Asset
Value*1

Net assets(consolidated)

Catastrophe
loss reserves

Contingency
reserves

Price
fluctuation
reserves*1: Each adjustment is on an after-tax basis.
*2: Net income attributable to owners of the parent in the consolidated
financial statements.
*3: In case of reversal, it is subtracted from the equation.
*4: Unearned fire insurance premiums corresponding to large natural
catastrophe risk.
*5: Premiums, minus a portion of net incurred losses and business
expenses, to be carried forward in preparation for an insured eventin the following year.

156

Goodwill and otherintangible fixed
assetsPlanneddistribution toshareholders

Value of life
insurance
policies
in-force

Other*6: Provision for the general underwriting reserves excluding
provision for unearned premiums.
*7: ALM: Asset Liability Management. Excluded since it is counterbalance of ALM related liabilities.
*8: Average balance basis*9: For the overseas life insurance companies, Business Unit Profit iscalculated by using the definition in Other businesses.

157

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Business Conditions
Net premiums written(Yen in millions)

FY2022(April 1, 2022 - March 31, 2023)

FY2021(April 1, 2021 - March 31, 2022)

AmountComposition ratio(%)

Rate of change(%)

AmountComposition ratio(%)

Rate of change(%)

Fire and allied lines
Hull and cargo

438,566
85,019

17.13
3.32

14.42
15.57

383,292
73,565

15.54
2.98

1.78
19.75

Personal accident

192,583

7.52

10.72

173,932

7.05

4.04

1,228,971

48.01(0.60)

1,236,399

50.11

0.84

Compulsory automobile liability

225,269

8.80(3.18)

232,657

9.43(8.14)

Others389,614

15.22

6.05

367,379

14.89

2.76

Total

2,560,025

100.003.76

2,467,227

100.001.03

Voluntary automobile

Note: The figures represent amounts before the elimination of internal transactions between segments.

Net claims paid

(Yen in millions)

FY2022(April 1, 2022 - March 31, 2023)

FY2021(April 1, 2021 - March 31, 2022)

AmountComposition ratio(%)

Rate of change(%)

AmountComposition ratio(%)

Fire and allied lines
Hull and cargo

273,740
39,386

18.85
2.71

22.65
(1.16)

223,186
39,84717.35
3.10(1.45)
4.78

Personal accident

102,314

7.04

25.78

81,3426.32

0.75

Voluntary automobile

664,930

45.78

10.55

601,476

46.74

2.16

Compulsory automobile liability

157,832

10.87(7.73)

171,063

13.29(8.49)

Others214,307

14.75

26.19

169,826

13.20

8.86

Total

1,452,510

100.0012.88

1,286,743

100.000.77

Rate of change
(%)

Yield
Income yield

IncomeAverage balance

Annual yield (%)

Average balance

Annual yield (%)

433,821
2

0.04
0.00

78
—

520,287
2

0.02
0.00

0

1,987

0.02

1

9,081

0.01

20

23,2600.09

4285,009

0.05

(0)

7,333

(0.00)

—

504

0.00

Securities

139,601

3,391,674

4.12

125,267

3,400,815

3.68

Loans

18,003410,926

4.38

11,380359,976

3.16

Land and buildings

5,693

207,706

2.74

7,763

210,223

3.69

Subtotal

163,5134,476,713

3.65

144,533

4,585,901

3.15

Others

2,531

—

—

635

—

—

Total

166,045——

145,168——

Money trusts

AmountAs of March 31, 2022

Composition ratio (%)

AmountComposition ratio (%)

IncomeNote: 1. The figures represent amounts before the elimination of internal transactions between segments.
2. Income is the sum of Interest and dividends and the amount equivalent to the Interest and dividends that is included in Gains on money trusts in the consolidated statement of income.
3. Average balance is, in principle, calculated based on the average of balances at the end of each month (on the basis of acquisition costs or amortized costs). Meanwhile, the balances
for Call loans, Receivables under resale agreements, and Monetary receivables bought are calculated based on the average of daily balances (on the basis of acquisition costs oramortized costs).

Realized yield(Yen in millions)

FY2022(April 1, 2022 - March 31, 2023)
Net investment
incomeBank deposits
Call loans
Receivables underresale agreements
Monetary receivables bought
Money trusts

9,847
—

FY2021(April 1, 2021 - March 31, 2022)

Average balance

Annual yield (%)

Net investment
incomeAverage balance

Annual yield (%)

433,821
2

2.27
0.00

10,174—

520,287
2

1.96
0.00

0

1,987

0.02

1

9,081

0.01

20

23,2600.09

4285,009

0.05

293

7,333

4.00

44

504

8.77

452,953

6.04

457,568

6.00

Securities

244,208

3,391,674

7.20

215,483

3,400,815

6.34

999

0.01

3,999

0.05

Loans

31,242410,926

7.60

24,365359,976

6.77

28,4750.38

46,6340.61

Land and buildings

5,693

207,706

2.74

7,763

210,223

3.69

8,000

0.11

—

—

(59,617)——(37,182)——

5,297,550

70.68

5,574,688

73.15

Others

2,905

—

—

6,350

—

—

Loans

481,547

6.43

387,837

5.09

Total

234,594

4,476,713

5.24

227,042

4,585,901

4.95

Land and buildings

204,5372.73

204,524

2.68

Bank deposits
Receivables underresale agreements
Monetary receivables bought
Money trusts
Securities

Total investment assets

6,474,064

86.38

6,675,254

87.59

Total assets

7,494,722

100.007,620,856

100.00Derivatives

Note: 1. The figures represent amounts before the elimination of internal transactions between segments.
2. Net investment income is the sum of Investment income and Investment income on deposit premiums in the consolidated statement of income less Investment expenses.
3. Average balance is, in principle, calculated based on the average of balances at the end of each month (on the basis of acquisition costs or amortized costs). Meanwhile, the balances
for Call loans, Receivables under resale agreements, and Monetary receivables bought are calculated based on the average of daily balances (on the basis of acquisition costs oramortized costs).

Strategy & Business Platform Supporting Our Purpose Story(Yen in millions)

As of March 31, 2023

FY2021(April 1, 2021 - March 31, 2022)

194—

Bank deposits
Call loans
Receivables underresale agreements
Monetary receivables bought

Note: The figures represent amounts before the elimination of internal transactions between segments.

Investment
Investment assets(Yen in millions)

FY2022(April 1, 2022 - March 31, 2023)

Note: The figures represent amounts before the elimination of internal transactions between segments.

Securities(Yen in millions)

As of March 31, 2023

Domestic government bonds
Domestic municipal bonds

As of March 31, 2022

AmountComposition ratio (%)

AmountComposition ratio (%)

1,220,504
61,87623.04
1.17

1,322,222
79,13923.72
1.42

Domestic corporate bonds

520,867

9.83

571,797

10.26

Domestic equity securities

2,438,251

46.03

2,561,525

45.95

Foreign securities

1,030,826

19.46

1,013,321

18.18

Others25,2230.48

26,682

0.48

Total

5,297,550

100.005,574,688

100.00Note: The figures represent amounts before the elimination of internal transactions between segments.

158

159

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Business Conditions
Securities

Domestic Life Insurance BusinessIn the Domestic life insurance business, Ordinary income decreased by 14.7 billion yen to 699.6 billion yen from the previous fiscal year.
Ordinary profit decreased by 17.8 billion yen to 51.7 billion yen from the previous fiscal year. Figures pertaining to insurance underwriting
and investment in the Domestic life insurance business are as follows:
Underwriting
Total amount of business in force(Yen in millions)

As of March 31, 2023
Total

As of March 31, 2022

Rate of change (%)

Total

Rate of change (%)

Individual insurance

28,386,051(1.13)

28,711,080(0.95)

Individual annuities

1,878,882(4.32)

1,963,806(4.48)

Group insurance

1,912,540(3.35)

1,978,781(6.29)

Group annuities

2,768(9.96)

3,074(0.73)(Yen in millions)

FY2022(April 1, 2022 - March 31, 2023)
New business +Net increase on
conversion

New business

FY2021(April 1, 2021 - March 31, 2022)

Net increase on
conversion

New business +Net increase on
conversion

AmountComposition ratio (%)

AmountComposition ratio (%)

7,130,635
5,610

86.55
0.07

7,941,635
4,811

88.25
0.05

Domestic corporate bonds

528,776

6.42

502,226

5.58

Domestic equity securities

151

0.00

155

0.00

Foreign securities

385,454

4.68

382,393

4.25

Others188,125

2.28

167,832

1.87

Total

8,238,754

100.008,999,053

100.00Note: The figures represent amounts before the elimination of internal transactions between segments.

Yield
Income yield

New business

2,123,212

2,123,212—

2,216,007

2,216,007—

Individual annuities

—

—

—

—

—

—

Group insurance

25,09225,092—

18,856

18,856—

Group annuities

—

—

—

—

—

—

Note: 1. The figures represent amounts before the elimination of internal transactions between segments.
2. Amounts of individual annuities under new business represent the sums of annuity funds at the beginning of the annuity payment.
3. Amounts of group annuities under new business represent the first installment of premium payments.

IncomeAverage balance

Annual yield (%)

Bank deposits
Securities

0105,63185,026
8,254,471

0.00
1.28

0
105,577

61,534
8,628,882

0.00
1.22

Loans

13,885

243,558

5.70

10,821

219,698

4.93

—

1,025

0.00

—

629

0.00

Subtotal

119,517

8,584,081

1.39

116,398

8,910,745

1.31

Others

—

—

—

—

—

—

119,517——

116,398

—

—

Total

Note: 1. The figures represent amounts before the elimination of internal transactions between segments and exclude investment gains and assets on separate accounts specified in Article
118 of the Insurance Business Act.
2. Income represents Interest and dividends in the consolidated statement of income.
3. Average balance is, in principle, calculated based on the average of balances at the end of each month (on the basis of acquisition costs or amortized costs).

(Yen in millions)

Net investment
incomeAs of March 31, 2022
AmountComposition ratio (%)

74,5818,238,754

0.85
94.23

62,7738,999,053

0.67
95.50

254,472

2.91

231,505

2.46

833

0.01

912

0.01

Total investment assets

8,568,641

98.00

9,294,245

98.63

Total assets

8,743,102

100.009,423,469

100.00

FY2021(April 1, 2021 - March 31, 2022)
Net investment
incomeAverage balance

Annual yield (%)

Average balance

Annual yield (%)

61

85,0260.07

60

61,534

0.10

Securities

140,138

8,254,471

1.70

108,0828,628,882

1.25

Loans

13,822

243,558

5.68

10,816219,698

4.92

—

1,025

0.00

—

629

0.00

(19,356)——(3,601)

—

—

—

—

—

—

—

—

134,6658,584,081

1.57

115,358

8,910,745

1.29Bank deposits

Composition ratio (%)

Note: The figures represent amounts before the elimination of internal transactions between segments.

160

Annual yield (%)(Yen in millions)

As of March 31, 2023

Land and buildings

Average balance

FY2022(April 1, 2022 - March 31, 2023)

AmountLoans

IncomeRealized yield

Investment
Investment assets

Bank deposits
Securities

FY2021(April 1, 2021 - March 31, 2022)

Land and buildings
Derivatives
Others
Total

Strategy & Business Platform Supporting Our Purpose Story

Individual insurance(Yen in millions)

FY2022(April 1, 2022 - March 31, 2023)

Land and buildings

Net increase on
conversion

As of March 31, 2022

Domestic government bonds
Domestic municipal bonds

Note: 1. The figures represent amounts before the elimination of internal transactions between segments.
2. Amounts of individual annuities represent the sums of funds to be held at the time annuity payments are to commence for an annuity for which payment has not yet commenced, andthe amount of underwriting reserves for an annuity for which payments have commenced.
3. Amounts of group annuities represent amounts of underwriting reserves.

Total amount of new business(Yen in millions)

As of March 31, 2023

Note: 1. The figures represent amounts before the elimination of internal transactions between segments and exclude investment gains and assets on separate accounts specified in Article
118 of the Insurance Business Act.
2. Net investment income represents Investment income in the consolidated statement of income less Investment expenses.
3. Average balance is, in principle, calculated based on the average of balances at the end of each month (on the basis of acquisition costs or amortized costs).

161

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Business Conditions
Yield
Income yield

International Insurance BusinessIn the International insurance business, Ordinary income increased by 699.9 billion yen to 2,964.7 billion yen from the previous fiscal year.
Ordinary profit decreased by 25.9 billion yen to 159.5 billion yen from the previous fiscal year. Figures pertaining to insurance underwriting
and investment in the International insurance business are as follows:
Underwriting
Net premiums written(Yen in millions)

FY2022(April 1, 2022 - March 31, 2023)
Composition ratio(%)

AmountFire and allied lines
Hull and cargo379,239
89,271

FY2021(April 1, 2021 - March 31, 2022)

Rate of change(%)

Amount

19.86
4.67

41.26
30.52

268,462
68,398Rate of change
(%)

18.90
4.81

19.64
40.53

Personal accident

35,347

1.85

11.78

31,623

2.23

5.96

Voluntary automobile

437,383

22.90

57.16

278,296

19.59

15.37

Others968,777

50.72

25.19

773,867

54.47

24.74

Total

1,910,019

100.0034.45

1,420,648

100.0021.99

Note: The figures represent amounts before the elimination of internal transactions between segments.

Net claims paid

IncomeAverage balance

Annual yield (%)

IncomeAverage balance

Annual yield (%)

3,071
90,030298,727
1,759,258

1.03
5.12

1,885
55,205299,932
1,395,272

0.63
3.96

Securities

174,658

4,817,815

3.63

150,587

4,005,751

3.76

Loans

140,078

1,767,610

7.92

91,914

1,354,823

6.78

1,000

97,9691.02

787

68,8001.14

Subtotal

408,839

8,741,382

4.68

300,381

7,124,579

4.22

Others

2,088

—

—

1,133

—

—

Total

410,927——

301,515——

Note: 1. The figures represent amounts before the elimination of internal transactions between segments. Securities on the consolidated balance sheet includes shares of affiliates accounted
for by the equity method. However, these shares have been excluded from calculations of average balance and annual yield.
2. Income represents Interest and dividends in the consolidated statement of income.
3. Average balance is calculated based on average balances at the beginning and end of each fiscal year (acquisition costs or amortized costs).

Realized yield

Composition ratio(%)

AmountFY2021(April 1, 2021 - March 31, 2022)

Rate of change(%)

AmountComposition ratio(%)

Rate of change(%)(Yen in millions)

FY2022(April 1, 2022 - March 31, 2023)(Yen in millions)

FY2022(April 1, 2022 - March 31, 2023)

FY2021(April 1, 2021 - March 31, 2022)

Bank deposits
Monetary receivables boughtLand and buildings

Composition ratio(%)(Yen in millions)

FY2022(April 1, 2022 - March 31, 2023)

Net investment
incomeFY2021(April 1, 2021 - March 31, 2022)

Average balance

Annual yield (%)

Net investment
incomeAverage balance

Annual yield (%)

0.11

Bank deposits
Receivables underresale agreements
Monetary receivables bought

31

298,7270.01

330

299,932

2,531

—

—

—

—

—

81,777

1,759,258

4.65

54,0881,395,272

3.88

153,486
34,184

18.25
4.06

2.35
29.56

149,966
26,385

22.42
3.95

29.48
35.26

Securities

142,084

4,817,815

2.95

177,482

4,005,751

4.43

Personal accident

14,7131.75(2.33)

15,065

2.25

17.57

Loans

127,133

1,767,610

7.19

87,057

1,354,823

6.43

Voluntary automobile

223,401

26.56

50.01

148,923

22.27

6.76

Land and buildings

1,000

97,9691.02

787

68,800

1.14

Others415,272

49.38

26.43

328,448

49.11

9.90

Derivatives(13,254)

—

—

1,683

—

—

Total

841,058

100.0025.76

668,789

100.00

14.03

Others

2,466

—

—

9,944

—

—

Total

343,770

8,741,382

3.93

331,373

7,124,579

4.65

Note: The figures represent amounts before the elimination of internal transactions between segments.

Investment
Investment assets(Yen in millions)

As of March 31, 2023

As of March 31, 2022

AmountComposition ratio (%)

AmountComposition ratio (%)

Bank deposits
Monetary receivables bought

307,035
1,835,348

2.63
15.75

290,414
1,583,889

2.82
15.38

Securities

4,951,147

42.48

4,712,188

45.76

Loans

2,011,498

17.26

1,521,656

14.78

121,875

1.05

74,062

0.72

Total investment assets

9,226,906

79.17

8,182,211

79.45

Total assets

11,654,160

100.00

10,298,239

100.00Land and buildings

Note: 1. The figures represent amounts before the elimination of internal transactions between segments. Securities on the consolidated balance sheet includes shares of affiliates accounted
for by the equity method. However, these shares have been excluded from calculations of average balance and annual yield.
2. Net investment income represents Investment income in the consolidated statement of income less Investment expenses.
3. Average balance is calculated based on average balances at the beginning and end of each fiscal year (acquisition costs or amortized costs).

Note: The figures represent amounts before the elimination of internal transactions between segments.

(Reference) Total for All Businesses
Direct premiums written (including deposit premiums from policyholders)(Yen in millions)

FY2022(April 1, 2022 - March 31, 2023)
AmountFire and allied lines
Hull and cargo
Personal accident
Voluntary automobile
Compulsory automobile liability

1,097,688
218,315

FY2021(April 1, 2021 - March 31, 2022)

Composition ratio(%)

Rate of change
(%)

21.39
4.25

18.49
23.87

Amount926,362
176,248

Composition ratio(%)

Rate of change
(%)

20.39
3.88

12.23
28.54
2.80

288,737

5.63

4.56

276,149

6.08

1,665,800

32.46

8.45

1,536,050

33.81

3.64

223,400

4.35

1.21

220,727

4.86(7.36)

Others1,637,835

31.92

16.40

1,407,059

30.97

15.41

Total
Deposit premiums frompolicyholders

5,131,778

100.0012.97

4,542,598

100.008.92

50,4800.98(19.99)63,091

1.39(3.12)

Strategy & Business Platform Supporting Our Purpose Story

Fire and allied lines
Hull and cargo

Note: 1. Figures are amounts after the elimination of internal transactions with other operating segments.
2. Direct premiums written including deposit premiums from policyholders = Gross premiums written - Surrender benefits of direct policies - Other refunds of direct policies (including
deposit premiums from policyholders)

162

163

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Business Conditions

Consolidated Financial Statements

Net premiums written(Yen in millions)

FY2022(April 1, 2022 - March 31, 2023)
AmountFY2021(April 1, 2021 - March 31, 2022)

Composition ratio(%)

Rate of change(%)

Amount(1) Consolidated Balance Sheet(Yen in millions)Composition ratio(%)

Rate of change(%)

Notes No.

AssetsCash and bank deposits

Fire and allied lines
Hull and cargo

817,805
174,291

18.30
3.90

25.48
22.77

651,754
141,964

16.76
3.65

8.45
28.94

Personal accident

227,923

5.10

10.89

205,548

5.29

4.34

Monetary receivables bought

1,666,353

37.28

10.01

1,514,695

38.96

3.23

Money trusts

225,269

5.04(3.18)

232,657

5.98(8.14)

Voluntary automobile
Compulsory automobile liability

3,999

1,863,824

1,630,523

8,000

—

Securities*2*4*618,489,522

19,288,018*3*4*72,576,446

2,008,708*1

399,817344,703Land

132,547

133,930

Buildings

204,194

155,392

1,358,345

30.39

19.03

1,141,201

29.35

16.70

Loans

4,469,989

100.0014.97

3,887,821

100.007.80

Tangible fixed assets(Yen in millions)

FY2022(April 1, 2022 - March 31, 2023)
AmountComposition ratio(%)

Rate of change(%)

AmountConstruction in progress

4,919

5,650

Other tangible fixed assets

58,15549,729Intangible fixed assets

FY2021(April 1, 2021 - March 31, 2022)
Composition ratio(%)

Rate of change(%)

Fire and allied lines
Hull and cargo

427,226
73,482

18.63
3.20

14.49
11.07

373,153
66,158

19.08
3.38

9.02
15.15

Personal accident

116,804

5.09

21.35

96,257

4.92

3.11

Voluntary automobile

888,330

38.74

18.38

750,399

38.38

3.04

Compulsory automobile liability

157,832

6.88(7.73)

171,063

8.75(8.49)

Others629,573

27.45

26.35

498,275

25.48

9.55

Total

2,293,251

100.0017.28

1,955,306

100.004.95

Note: Figures are amounts after the elimination of internal transactions with other operating segments.

3. Production, Orders and Sales
There is no applicable information due to the nature of the business as an insurance holding company.

Preparation of Consolidated Financial Statements
The accompanying consolidated financial statements have been prepared in accordance with the Regulation on Terminology, Forms andPreparation Methods of Consolidated Financial Statements (Ministry of Finance Ordinance No. 28, 1976, hereinafter referred to as"Consolidated Statements Regulation"). The consolidated financial statements have been also prepared in conformity with the Enforcement
Regulations for the Insurance Business Act (Ministry of Finance Ordinance No. 5, 1996, hereinafter referred to as "Insurance Act
Enforcement Regulations"), as stipulated under Articles 46 and 68 of the Consolidated Statements Regulation.
The Company and its domestic consolidated subsidiaries maintain their accounts and records in accordance with the provisions set forthin the Companies Act of Japan and the Financial Instruments and Exchange Act of Japan, and in conformity with accounting principles
generally accepted in Japan, which are different in certain respects as to application and disclosure requirements of International Financial
Reporting Standards.
Amounts of less than 1 million yen have been omitted in the consolidated financial statements. As a result, the provided total balance does
not necessarily agree with the sum of the individual account balances.

1,165,860

1,082,579

Software

224,927

157,580

Goodwill

428,601

453,433

Other intangible fixed assets

512,330

471,565

2,262,950

1,996,932

Other assets
Net defined benefit assets

3,717

4,523

Deferred tax assets

77,80046,252Customers' liabilities under acceptances and guarantees
Allowance for doubtful accounts
Total assets
Liabilities
Insurance liabilities

1,759

1,878

(22,876)(11,089)

27,699,816

27,245,852

20,807,869

19,246,028

Outstanding claims*44,287,286

3,609,687

Underwriting reserves*4

16,520,582

15,636,341

Corporate bonds

222,811219,795

Other liabilities

2,376,340

2,945,481

461,324

1,157,261

1,915,015

1,788,219

Net defined benefit liabilities

255,437

259,198

Provision for employees' bonus

97,55985,893

Provision for share awards

3,401

3,410

Reserves under special laws

132,394

138,331

Reserve for price fluctuation

132,394

138,331

137,746

264,754

Negative goodwill

6,645

8,453

Acceptances and guarantees

1,759

1,878

24,041,966

23,173,226

Payables under securities lending transactions
Other liabilities

Deferred tax liabilities

Total liabilities*4*10

Strategy & Business Platform Supporting Our Purpose Story

2. Cash Flows
Cash flows for the fiscal year 2022 were as follows:
Net cash provided by operating activities decreased by 94.6 billion yen to 1,007.5 billion yen compared to the previous fiscal year, mainly
due to an increase in claim payments. Net cash provided by investing activities increased by 683.6 billion yen to 18.1 billion yen, mainly due
to an increase in Proceeds from sales and redemption of securities. Net cash used in financing activities increased by 504.5 billion yen to
1,009.2 billion yen, mainly due to a decrease in Change in cash collateral under securities lending transactions for procurement of funds.
As a result, Cash and cash equivalents at end of year was 985.3 billion yen, an increase of 73.1 billion yen from that as of March 31, 2022.

848,819*4

Total

Net claims paid

871,993

As of March 31, 2022

999

OthersNote: Figures are amounts after the elimination of internal transactions with other operating segments.

*4

Receivables under resale agreements

As of March 31, 2023

Net assets
Shareholders' equity
Share capital
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income
Unrealized gains (losses) on available-for-sale securities
Deferred gains (losses) on hedge transactions
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Stock acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

150,000

150,000

2,042,054

1,954,445(28,056)(13,179)

2,163,998

2,091,265

954,650

1,835,605(8,755)(1,551)535,662

110,335(14,471)(15,011)

1,467,085

1,929,376

33
26,731

33
51,9493,657,849

4,072,625

27,699,816

27,245,852

The accompanying notes are an integral part of the consolidated financial statements.

164

165

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Consolidated Financial Statements
Consolidated Statement of Comprehensive Income(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income

Note No.

Consolidated Statement of Income(Yen in millions)

Notes No.

*1
*1

*1

*2

*3

*4

FY2022(April 1, 2022 – March 31, 2023)

FY2021(April 1, 2021 – March 31, 2022)

6,648,600
5,634,811
4,469,989
50,48032,893
1,071,645
9,802
875,494
690,474
293—
184,521
2,932—
30,164(32,893)138,295
1,807
136,487
6,144,693
4,666,080
2,293,251
171,018
850,155
153,4722
521,666
297,831373,599
5,081
203,996
4,578
63,483
15,816
1,292
92,197
2,369
24,2591,135,646
138,970
13,953
11,646394
104,887
8,088
503,907
34,035
7,840
5,936
5,936
20,258
8,584
4,616
3,740
—
—
228
529,358
176,548
3,179
179,727
349,630(26,817)
376,447

5,863,770
4,988,607
3,887,821
63,091
34,238996,288
7,167
738,186
560,08244
22,553
131,947
3,962
13,53340,301(34,238)
136,976
10,229126,747
5,296,357
4,184,455
1,955,306
160,775
748,881180,5163
436,693
219,809477,046
5,421
88,364—23,326
13,176
2,069
38,946—
10,845
1,002,477
21,060
8,398
71
339
3,034
9,215
567,413
3,470
3,470
—
—
—
16,611
3,374
764
10,324
10,3242,148
554,272
180,191(36,333)
143,858
410,414(10,070)
420,484

FY2021(April 1, 2021 – March 31, 2022)

349,630

410,414(890,153)(79,398)

Net income
Other comprehensive income
Unrealized gains (losses) on available-for-sale securities
Deferred gains (losses) on hedge transactions
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Share of other comprehensive income ofaffiliates accounted for by the equity method(7,203)(4,339)437,698258,238562(1,295)(6,947)

7,161(466,042)

180,366(116,412)

590,780

Owners of the parent(85,843)

601,393

Non-controlling interests(30,569)(10,613)

Total other comprehensive income＊

Total comprehensive income
Comprehensive income attributable to:

The accompanying notes are an integral part of the consolidated financial statements.

(3) Consolidated Statement of Changes in Shareholders' Equity
FY2022 (April 1, 2022 – March 31, 2023)(Yen in millions)Shareholders' equity
Share capital

Beginning balance
Changes during the year
Dividends
Net income attributable to owners of the parent

Retained earnings

150,000

Total shareholders' equity(13,179)

2,091,265(192,151)
376,447

Purchases of treasury stock
Disposal of treasury stock
Cancellation of treasury stock
Changes in the scope of consolidation
Changes in equity resulted from increase incapital of consolidated subsidiaries
OthersNet changes in items other than shareholders' equity
Total changes during the year
Ending balance

Treasury stock

1,954,445(192,151)
376,447(111,691)
688
96,126

0(96,126)—
150,000(111,691)
688
—
—

(49)

(49)

(509)

(509)

87,6092,042,054(14,876)(28,056)

72,732
2,163,998

Accumulated other comprehensive income
Unrealized
gains (losses) on
available-for-salesecurities

Deferred
gains (losses)on hedgetransactions

Foreigncurrencytranslation
adjustments

Beginning balance
Changes during the year
Dividends
Net income attributable to owners of the parent
Purchases of treasury stock
Disposal of treasury stock
Cancellation of treasury stock
Changes in the scope of consolidation
Changes in equity resulted from increase incapital of consolidated subsidiaries
OthersNet changes in items other than shareholders' equity

1,835,605(1,551)

110,335(880,954)(7,203)425,326

540—(25,217)

Total changes during the year

(880,954)(7,203)425,326

540—(25,217)(414,775)

Ending balance

954,650(8,755)535,662(14,471)

33

26,731

3,657,849

Stock
Non-controlling
Remeasurements
Total net assets
acquisition rights
interestsof defined
benefit plans(15,011)33

51,949Strategy & Business Platform Supporting Our Purpose Story

Ordinary income
Underwriting income
Net premiums written
Deposit premiums from policyholders
Investment income on deposit premiums
Life insurance premiums
Other underwriting income
Investment income
Interest and dividends
Gains on money trusts
Gains on trading securities
Gains on sales of securities
Gains on redemption of securities
Investment gains on separate accounts
Other investment income
Transfer of investment income on deposit premiums
Other ordinary income
Amortization of negative goodwill
Other ordinary income
Ordinary expenses
Underwriting expenses
Net claims paid
Loss adjustment expenses
Agency commissions and brokerage
Maturity refunds to policyholders
Dividends to policyholders
Life insurance claims
Provision for outstanding claims
Provision for underwriting reserves
Other underwriting expenses
Investment expenses
Losses on trading securities
Losses on sales of securities
Impairment losses on securities
Losses on redemption of securities
Losses on derivatives
Investment losses on separate accounts
Other investment expenses
Operating and general administrative expenses
Other ordinary expenses
Interest expenses
Increase in allowance for doubtful accounts
Losses on bad debts
Equity in losses of affiliates
Other ordinary expenses
Ordinary profit
Extraordinary gains
Gains on disposal of fixed assets
Reversal of reserves under special laws
Reversal of reserve for price fluctuation
Other extraordinary gains
Extraordinary losses
Losses on disposal of fixed assets
Impairment losses on fixed assets
Provision for reserves under special laws
Provision for reserve for price fluctuation
Other extraordinary losses
Income before income taxes and non-controlling interests
Income taxes–current
Income taxes–deferred
Total income taxes
Net income
Net income (loss) attributable to non-controlling interests
Net income attributable to owners of the parent(Yen in millions)

FY2022(April 1, 2022 – March 31, 2023)

4,072,625(192,151)
376,447(111,691)
688
—
—
(49)
(509)
(487,508)

The accompanying notes are an integral part of the consolidated financial statements.

166

167

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Consolidated Financial Statements
FY2021 (April 1, 2021 – March 31, 2022)(Yen in millions)Shareholders' equity
Share capital

Beginning balance
Changes during the year
Dividends
Net income attributable to owners of the parent
Purchases of treasury stock
Disposal of treasury stock
Cancellation of treasury stock
Changes in the scope of consolidation
Changes in equity resulted from increase incapital of consolidated subsidiaries
OthersNet changes in items other than shareholders' equity

150,000

Total changes during the year
Ending balance—
150,000

Retained earnings

Treasury stock

1,788,764

1,915,553(151,661)
420,484

Notes No.

Cash flows from operating activities
Income before income taxes and non-controlling interests
Depreciation(151,661)
420,484(93,736)
772
—
1,540

(93,736)869
102,898(0)(0)(1,686)(1,686)

165,680
1,954,445

10,031(13,179)

175,7122,091,265

Accumulated other comprehensive income

Total changes during the year
Ending balance

Deferred
gains (losses)on hedgetransactions

Foreigncurrencytranslation
adjustments

1,908,438

2,787(149,098)

Stock
Remeasurements
acquisition rights
of defined
benefit plans(13,661)

2,379

Non-controllinginterests

Total net assets

56,3803,722,780(151,661)
420,484(93,736)
772
—
1,540
(0)

(72,833)(4,339)259,433(1,350)(2,345)(4,431)(1,686)
174,132(72,833)(4,339)259,433(1,350)(2,345)(4,431)

349,845

1,835,605(1,551)

110,335(15,011)33

51,9494,072,625

The accompanying notes are an integral part of the consolidated financial statements.

FY2022(April 1, 2022 – March 31, 2023)

529,358
112,514

FY2021(April 1, 2021 – March 31, 2022)

554,272
89,754

Impairment losses on fixed assets

3,740

764

Amortization of goodwill

80,692

72,152

Amortization of negative goodwill
Increase (decrease) in outstanding claims(1,807)
334,838(10,229)
241,282

Increase (decrease) in underwriting reserves

491,149

529,601

Increase (decrease) in allowance for doubtful accounts

11,020(600)

Increase (decrease) in net defined benefit liabilities(4,914)

2,078

Increase (decrease) in provision for employees' bonus
Increase (decrease) in provision for share awards

3,106
465

5,336
3,410

Increase (decrease) in reserve for price fluctuation
Interest and dividends(5,936)(690,474)

10,324(560,082)

Losses (gains) on securities(120,237)(118,255)

Interest expenses
Foreign exchange losses (gains)

13,953(20,254)8,398(26,178)(3,224)(601)

Equity in losses (earnings) of affiliates
Investment losses (gains) on separate accounts

104,887
2,369

3,034
(13,533)

Decrease (increase) in other assets (other than investing and financing activities)(165,628)(68,773)

Increase (decrease) in other liabilities (other than investing and financing activities)(119,937)

52,765Losses (gains) on tangible fixed assets

OthersSubtotalInterest and dividends received
Interest paid
Income taxes paid
OthersNet cash provided by (used in) operating activities (a)Cash flows from investing activities
Net decrease (increase) in deposits

18,841

427

574,521775,350

665,382(12,829)(225,446)

552,023(8,788)(223,279)

5,954

6,934

1,007,582

1,102,240

18,569228

Purchases of monetary receivables bought(516,140)(625,850)

Proceeds from sales and redemption of monetary receivables bought

296,315474,800

Increase in money trusts(8,000)—Decrease in money trusts

—

2,421

Purchases of securities
Proceeds from sales and redemption of securities(2,015,966)
2,647,425(2,255,729)
2,046,983

Payments for issuance of loans(1,000,890)(864,335)

Proceeds from collection of loans

697,998

650,557

Others(95,355)(70,711)23,956(641,634)

Subtotal (b)1,031,538

460,606

Purchases of tangible fixed assets
Proceeds from sales of tangible fixed assets(24,877)
18,798(29,050)
5,240

Purchases of shares of subsidiaries resulting in change in the scope of consolidation(26,111)—

Sales of shares of subsidiaries resulting in change in the scope of consolidation

26,428—18,193(665,444)(a) + (b)Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from borrowings

15,56534,506

Repayments of borrowings
Proceeds from issuance of short-term corporate bonds(13,347)
9,999(42,350)
9,999

Redemption of short-term corporate bonds(10,000)(10,000)(48)(12,705)

Change in cash collateral under securities lending transactions(695,937)(351,789)

Purchases of treasury stock(111,691)(93,736)

Dividends paid

(192,008)(151,571)

Redemption of corporate bonds

Dividends paid to non-controlling shareholders
Proceeds from share issuance to non-controlling shareholders
Purchases of shares of subsidiaries not resulting in change in the scope of consolidation

(707)

(681)

11,091(5,060)6,794—(17,081)

106,903(1,009,226)(504,629)

Effect of exchange rate changes on cash and cash equivalents

56,61559,659Net increase (decrease) in cash and cash equivalents

73,165(8,174)

Cash and cash equivalents at beginning of year
Decrease in cash and cash equivalents resulting from exclusion of subsidiaries fromconsolidation
Cash and cash equivalents at end of year

912,216

924,687

OthersNet cash provided by (used in) financing activities*1—(4,295)985,382

912,216

Strategy & Business Platform Supporting Our Purpose Story

Beginning balance
Changes during the year
Dividends
Net income attributable to owners of the parent
Purchases of treasury stock
Disposal of treasury stock
Cancellation of treasury stock
Changes in the scope of consolidation
Changes in equity resulted from increase incapital of consolidated subsidiaries
OthersNet changes in items other than shareholders' equity

Unrealized
gains (losses) on
available-for-salesecurities(Yen in millions)

Total shareholders' equity(23,211)(97)(102,898)
1,540(4) Consolidated Statement of Cash FlowsThe accompanying notes are an integral part of the consolidated financial statements.

168

169

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Notes to Consolidated Financial Statements

Significant Accounting Policies
1. Scope of consolidation(1) Number of consolidated subsidiaries: 172 companies
For details of the Company’s major consolidated subsidiaries, please refer to "Tokio Marine Holdings and its Subsidiaries" in"Corporate Data".
Standard Security Life Insurance Company of New York and four other companies are included in the scope of consolidationfrom the fiscal year 2022 due to the acquisition of shares, etc.
Chestnut Investors IV, Inc. and two other companies are excluded from the scope of consolidation from the fiscal year 2022 dueto the liquidation, etc.
(2) Names of major non-consolidated subsidiaries(Names of major non-consolidated subsidiaries)
Tokio Marine & Nichido Adjusting Service Co., Ltd.
Tokio Marine Life Insurance (Thailand) Public Company Limited(Reason for exclusion from the scope of consolidation)
Each non-consolidated subsidiary is small in scale in terms of total assets, sales, net income or loss and retained earnings. As suchnon-consolidated subsidiaries are not considered to materially affect any reasonable determination as to the Group's financial
condition and results of operations, these companies are excluded from the consolidation.
2. Application of the equity method(1) Number of non-consolidated subsidiaries and affiliates accounted for by the equity method: 9 companies
For details of major affiliates accounted for by the equity method, please refer to "Tokio Marine Holdings and its Subsidiaries" in"Corporate Data".
Newa Insurance (Cambodia) Plc. is included in the application of the equity method from the fiscal year 2022 due to the capitalincrease to Tokio Marine Newa Insurance Co., Ltd.

(3) The Company owns 30.1% of the total voting rights of Japan Earthquake Reinsurance Co., Ltd. through Tokio Marine & Nichido andNisshin Fire. However, the Company does not consider Japan Earthquake Reinsurance Co., Ltd. to be its affiliate since it cannot exert
a significant influence on any decision making of its policies given the highly public nature of their business.
(4) When a company accounted for by the equity method has a different closing date from that of the Company, in principle, the financial
statements prepared at its closing date are used for presentation in the consolidated financial results.
3. Balance sheet date of consolidated subsidiaries
There are one domestic subsidiary and 162 overseas subsidiaries whose balance sheet dates are December 31. The consolidated
financial statements incorporate the results of these subsidiaries for the period ended December 31. Necessary adjustments for the
consolidation are made for material transactions that occur during the three-month lag between the balance sheet dates of thesesubsidiaries and the consolidated balance sheet date.
4. Accounting policies(1) Accounting for insurance contracts
Accounting for insurance contracts such as insurance premiums, outstanding claims and underwriting reserves of domestic
consolidated insurance subsidiaries is stipulated under Insurance Business Act and other laws and regulations.
(2) Valuation of securities
a. Trading securities are measured at fair value, with the costs of their sales being calculated based on the moving-average method.
b. Bonds held to maturity are recorded at amortized cost based on the moving-average method (straight-line method).
c. Bonds earmarked for underwriting reserves are stated at amortized cost under the straight-line method in accordance with theIndustry Audit Committee Report No. 21 "Temporary Treatment of Accounting and Auditing Concerning Securities Earmarked for
Underwriting Reserve in Insurance Industry" (issued by the Japanese Institute of Certified Public Accountants (the "JICPA"),
November 16, 2000).
The following is a summary of the risk management policy concerning bonds earmarked for underwriting reserves.
In order to adequately manage interest rate risk related to assets and liabilities, Tokio Marine & Nichido Life has established"part of underwriting reserve for individual insurance policies (non-participating or participating)" as an underwriting reserve
subgroup. Tokio Marine & Nichido Life's policy is to match the duration of the underwriting reserve in the subgroup with the sameor similar duration of bonds that are earmarked for underwriting reserves.

170(3) Valuation of derivative transactions
Derivative financial instruments are measured at fair value.
(4) Depreciation methods for material depreciable assets
a. Tangible fixed assets
Depreciation of tangible fixed assets is calculated using the straight-line method.
b. Intangible fixed assets
Intangible fixed assets recognized in acquisitions of overseas subsidiaries are amortized over the estimated useful life reflecting
the pattern of the assets' future economic benefits.
(5) Accounting policies for significant reserves and allowancesa. Allowance for doubtful accounts
In order to prepare for the losses from bad debts, allowances are provided pursuant to the rules of asset self-assessment and therules of asset write-off. Allowances are provided by major domestic consolidated subsidiaries as follows:
For receivables from any debtor who has legally, or in practice, become insolvent (due to bankruptcy, special liquidation orsuspension of transactions with banks based on the rules governing clearing houses, etc.) and for receivables from any debtor who
has substantially become insolvent, allowances are provided based on the amount of any such receivables deducting the amount
expected to be collectible calculated based on the disposal of collateral or execution of guarantees.
For receivables from any debtor who is likely to become insolvent in the near future, allowances are provided based on theamount of any such receivables deducting the amount expected to be collectible through the disposal of collateral or execution ofguarantees and the overall solvency assessment of the relevant debtor.
For receivables other than those described above, allowances are the amount of receivables multiplied by the default rate,
which is calculated based on historical default experience in certain previous periods.
In addition, all receivables are assessed by the asset accounting department and the asset management department inaccordance with the rules of asset self-assessment. Subsequently, the asset auditing departments, which are independent fromother asset-related departments, conduct audits of the assessment results of the other asset-related departments. Allowances areprovided based on such assessment results as stated above.
b. Provision for employees' bonus
To provide for payment of bonuses to employees, the Company and its major consolidated domestic subsidiaries recognize
Provisions for employees' bonus based on the expected amount to be paid.
c. Provision for share awards
To provide the Company's shares to Directors and Executive Officers pursuant to the share delivery rules, the Company
recognizes Provision for share awards based on the expected amount of obligation as of the end of the fiscal year 2022.
d. Reserve for price fluctuation
Domestic consolidated insurance subsidiaries recognize reserves in accordance with Article 115 of the Insurance Business Act inorder to provide for possible losses or damages arising from fluctuation of share prices, etc.

Strategy & Business Platform Supporting Our Purpose Story(2) The non-consolidated subsidiaries (Tokio Marine & Nichido Adjusting Service Co., Ltd., Tokio Marine Life Insurance (Thailand) PublicCompany Limited, etc.) and other affiliates (Alinma Tokio Marine Company, etc.) are not accounted for by the equity method because
these companies have an immaterial effect on the Company's consolidated net income or loss as well as consolidated retained
earnings.

d. Available-for-sale securities (except for securities without a market price) are measured at fair value. Unrealized gains/losses onavailable-for-sale securities are included in net assets, and the costs of sales are calculated using the moving-average method.
e. Securities without a market price in available-for-sale securities are stated at original cost by the moving-average method.
f. Securities held in individually managed money trusts that are mainly invested in securities for trading are measured at fair value.

(6) Accounting methods for retirement benefitsa. The method of attributing expected retirement benefits to periods
In calculating the retirement benefit obligations, the method of attributing expected retirement benefits to periods is based on thebenefit formula basis.
b. The method of amortization of actuarial gains and losses and past service costs
Actuarial gains and losses for each fiscal year are amortized proportionally from the following fiscal year using the straight-line
method over a certain number of years (5 to 13 years) within the average remaining work period of employees at the time ofoccurrence.
Past service costs are amortized by the straight-line method over a certain number of years (7 to 13 years) within the averageremaining work period of employees at the time of occurrence.
(7) Consumption taxes
For the Company and its domestic consolidated subsidiaries, consumption taxes are accounted for by the tax-excluded method
except for costs such as Operating and general administrative expenses incurred by domestic consolidated insurance subsidiaries
which are accounted for by the tax-included method.
In addition, any non-deductible consumption taxes, in respect of assets, are included in Other assets and are amortized over five
years using the straight-line method.

171

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Notes to Consolidated Financial Statements(8) Hedge accounting
a. Interest rate
To mitigate interest rate fluctuation risks associated with long-term insurance policies, Tokio Marine & Nichido and Tokio Marine &Nichido Life conduct Asset Liability Management ("ALM") to control such risks by evaluating and analyzing financial assets andinsurance liabilities simultaneously.
As for interest rate swaps that are used to manage such risks, Tokio Marine & Nichido and Tokio Marine & Nichido Life apply
deferred hedge accounting to the swaps based upon the Industry Committee Practical Guideline No. 26, "Accounting and Auditing
Treatments related to Application of Accounting for Financial Instruments in the Insurance Industry" (issued by the JICPA, March
17, 2022).
Assessment of hedge effectiveness is omitted because the companies group hedged insurance liabilities with the interest rate
swaps that are the hedging instruments, based on the period remaining for the instruments, and the hedge is highly effective.
b. Foreign exchange
Major domestic consolidated insurance subsidiaries apply fair value hedge accounting, deferred hedge accounting or assignment
accounting for certain foreign exchange forwards and certain currency swaps used to reduce future currency risk such as in assets
denominated in foreign currency. Assessment of hedge effectiveness is omitted because the principal terms of the hedging
instruments and the hedged items are identical and the hedge is highly effective.
(9) Methods and periods of amortization of goodwill
Regarding goodwill recognized as an asset on the consolidated balance sheet, goodwill in connection with Philadelphia Consolidated
Holding Corp. is amortized over 20 years using the straight-line method. Goodwill in connection with HCC Insurance Holdings, Inc. isamortized over 10 years using the straight-line method. Goodwill in connection with Privilege Underwriters, Inc. is amortized over 15
years using the straight-line method. Other goodwill is amortized over 5 to 15 years using the straight-line method. Other goodwill insmall amounts is amortized immediately.
Negative goodwill incurred before March 31, 2010 and recognized as a liability on the consolidated balance sheet is amortizedover 20 years using the straight-line method.

Items including accounting estimates that could have a significant impact on the financial condition or results of operations of the Company
and its consolidated subsidiaries are as follows:
1. Outstanding claims(1) The carrying amount shown on the consolidated balance sheet as of March 31, 2023

(Yen in millions)

Outstanding claims

As of March 31, 2023

As of March 31, 2022

4,287,286

3,609,687(2) Information on the significant accounting estimatesa. Calculation method
Outstanding claims are estimated as the amount of claims, refunds and other benefits (hereinafter referred to as "Claims") deemed
to have resulted in an obligation under an insurance contract that have not yet been paid.
b. Key assumptions used in the calculations
Outstanding claims are estimated based on the ultimate settlement of Claims by using the assumptions calculated mainly from
historical payment experience.
c. Impact on the consolidated financial statements for the following fiscal year
Due to the revision of laws and regulations or court decisions, etc., the ultimate settlement of Insurance Claims may change fromthe initial estimate, and the amount recorded for outstanding claims may increase or decrease.
2. Impairment of goodwill(1) The carrying amount shown on the consolidated balance sheet as of March 31, 2023

Goodwill(Yen in millions)

As of March 31, 2023

As of March 31, 2022

428,601

453,433(2) Information on the significant accounting estimatesa. Calculation method
Impairment of goodwill is recognized mainly in accordance with the procedures for identifying indications of impairment, assessing
the recognition of an impairment loss and measuring an impairment loss for each unit to which goodwill is attributed (hereinafterreferred to as "Reporting unit") whose performance is reported independently for the Company's management purpose.
First, for each Reporting unit, the Company assesses if indications of impairment are identified, such as deterioration in thelatest operating results and future prospects, a significant negative deviation compared to the business plan at the time ofacquisition, or significant adverse changes in the business environment including market conditions. For Reporting units for whichindications of impairment were identified, an impairment loss is recognized if the total amount of undiscounted future cash flows is
less than the book value of goodwill. For Reporting units for which recognition of an impairment loss is deemed necessary, thebook value of goodwill shall be reduced to the recoverable amount which is calculated by discounting future cash flows, andrecognizes the reduced amount as impairment loss.
b. Key assumptions for the calculations
Future cash flows and discount rates are used to calculate impairment loss on goodwill.
Future cash flows are estimated based on the latest rational business plan, taking into account the growth, etc., based on thebusiness environment of each Reporting unit.
The discount rate is the pre-tax interest rate, which is the cost of capital plus necessary adjustments such as interest rate
differentials.
c. Impact on the consolidated financial statements for the following fiscal year

Strategy & Business Platform Supporting Our Purpose Story(10) Scope of Cash and cash equivalents on the consolidated statement of cash flows
Cash and cash equivalents on the consolidated statement of cash flows consist of cash on hand, demand deposits and short-term
investments such as time deposits with original maturities or redemption of three months or less at the date of acquisition.

Significant Accounting Estimates

An impairment loss may be incurred if undiscounted future cash flows significantly decline due to, for example, a significant
deterioration in profitability from the assumption at the time of acquisition and a significant downward deviation from the businessplan.
3. Market value evaluation of financial instruments(1) The carrying amount shown on the consolidated balance sheet as of March 31, 2023
Please refer to "Information on Financial Instruments".
(2) Information on significant accounting estimatesa. Calculation method and Key assumptions for the calculations
With regards to the calculation method of the fair value of financial instruments and key assumptions for the calculations, pleaserefer to "Information on Financial Instruments-2. Fair value of financial instruments and breakdown by input level (Note 1)".
b. Impact on the consolidated financial statements for the following fiscal year
Key assumptions may change due to changes in the market environment, and the fair value of financial instruments may increaseor decrease.

172

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Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Notes to Consolidated Financial Statements

Accounting Standards Not Yet Adopted by the Company

Notes to Consolidated Balance Sheet• Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries, etc. for Consolidated Financial
Statements (Practical Issue Task Force ("PITF") No. 18, September 14, 2018)• Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for Using the Equity Method(PITF No. 24, September 14, 2018)*1. Accumulated depreciation of tangible fixed assets and advanced depreciation of tangible fixed assets, deducted from acquisition costs
are as follows:

1. Overview
The Accounting Standards Board of Japan ("ASBJ") has revised PITF No. 18 "Practical Solution on Unification of Accounting Policies
Applied to Foreign Subsidiaries, etc. for Consolidated Financial Statements" and PITF No. 24 "Practical Solution on Unification of
Accounting Policies Applied to Associates Accounted for Using the Equity Method". The major amendments are as follows:
For overseas subsidiaries that present subsequent changes in fair value of investment in equity instruments in Other comprehensive
income, when investments in the equity instruments are sold, an adjustment is to be made to recognize the difference between theacquisition cost and sales price as a gain or loss for the corresponding fiscal year within the consolidation process, in accordance with theTentative Practical Solution of "Unification of Accounting Policies Applied to Foreign Subsidiaries, etc. for the Consolidation Process".
For overseas subsidiaries that need to recognize any asset impairment, an adjustment is to be made to recognize the valuationdifference as a loss for the corresponding fiscal year within the consolidation process.

(Yen in millions)

As of March 31, 2023

As of March 31, 2022

Accumulated depreciation

406,178

381,710

Advanced depreciation of tangible fixed assets

17,313

17,887*2. Securities of non-consolidated subsidiaries and affiliates are as follows:

Securities (equity)
Securities (partnership)(Yen in millions)

As of March 31, 2023

As of March 31, 2022

174,645
26,229187,720
24,849*3. The total amount of bankrupt or de facto bankrupt assets, doubtful assets, loans past due for three months or more, and restructuredloans among the assets under the Insurance Business Acts are as follows:(Yen in millions)

2. Date of application
The Company plans to adopt the aforementioned standards from the beginning of the fiscal year in which its overseas subsidiaries adopt
IFRS 9 "Financial Instruments".
3. Impact of application of standards
The Company has not yet evaluated the impact of the application of the aforementioned standards at the timing of the preparation of its
consolidated financial statements.

The Company has applied "Implementation Guidance on Accounting Standard for Fair Value Measurement" (ASBJ Guidance No.31, June17, 2021) (hereinafter referred to as "Guidance for Application of Fair Value Measurement") from the beginning of the fiscal year 2022.
In accordance with the transitional treatment set forth in Paragraph 27-2 of Guidance for Application of Fair Value Measurement, theCompany has prospectively applied a new accounting policy prescribed by Guidance for Application of Fair Value Measurement.
The effect of applying Guidance for Application of Fair Value Measurement on consolidated financial statements is immaterial.

Additional Information
The Company and its major domestic consolidated subsidiaries have adopted a structure called Board Incentive Plan Trust (hereinafter, the"BIP Trust") as a stock-based compensation system (hereinafter, the "System") for its Directors and Executive Officers (hereinafter, the"Directors, etc."). The Company and its major domestic consolidated subsidiaries have applied the "Practical Solution on Transactions ofDelivering the Company's Own Stock to Employees, etc. through Trusts" (Practical Solution Report No. 30, March 26, 2015) to theaccounting treatment for the System.
Under the System, the Company and its major domestic consolidated subsidiaries entrust with the trustee the monies to pay for theCompany's stock-based compensation to acquire the Company's shares through the trust. The Eligible Directors, etc. who meet certain
beneficiary requirements will receive, after their resignation, the Company's shares in the number that is equivalent to a certain ratio of the
granted points accumulated pursuant to the share delivery rules and money corresponding to the conversion value of the Company's sharesthrough the trust.
The Company's shares remaining in the trust are recorded as treasury stock in shareholders' equity. The book value of such treasury
stock is 4,272 million yen and the number of shares is 2,117,000 shares at the end of the fiscal year 2022, and 4,958 million yen and
819,000 shares at the end of the fiscal year 2021, respectively.

Loans past due for three months or more
Restructured loans
Total

8,553
130,647

10,937
138,344

0

1

1,388

12,466

140,589

161,748

Note: Bankrupt or de facto bankrupt assets are receivables from any debtor who has become insolvent due to the commencement of bankruptcy proceedings, reorganization proceedings orrehabilitation proceedings and receivables equivalent to them.
Doubtful assets are receivables from any debtor who has not become insolvent, but which the principal or interest according to the contract are unlikely to be collected due todeterioration in the financial condition and business performance of the debtor. Assets classified as bankrupt or de facto bankrupt assets are excluded.
Loans past due for three months or more are defined as loans on which any principal or interest payments are delayed for three months or more from the date following the due date.
Loans classified as bankrupt or de facto bankrupt assets and doubtful assets are excluded.
Restructured loans are loans on which concessions (e.g. reduction of the stated interest rate, deferral of interest payment, extension of the maturity date, forgiveness of debt) are
granted to borrowers in financial difficulties to assist them in their corporate restructuring or financial recovery by improving their ability to repay creditors. Restructured loans do notinclude loans classified as bankrupt or de facto bankrupt assets, doubtful assets, or loans past due for three months or more.

*4. The value of assets pledged as collateral and collateralized corresponding debt obligations are as follows:
As of March 31, 2023

Assets pledged as collateral
Bank deposits(Yen in millions)

As of March 31, 2022

58,41455,217

Monetary receivables bought

34,30921,159Securities

822,209730,691Loans

394,719

264,866

Outstanding claims

223,584

170,156

Underwriting reserves

284,953

223,808

Other liabilities (payables under repurchase agreements, etc.)

271,147

240,338

Collateralized corresponding debt obligations

5. The fair value of the commercial papers received under resale agreements which the Company has the right to dispose of by sale orrehypothecation is as follows:
They are wholly held by the Company.

(Yen in millions)

As of March 31, 2023

999

As of March 31, 2022

3,999

*6. Securities lent under loan agreements are as follows:
As of March 31, 2023

939,517174

As of March 31, 2022

Strategy & Business Platform Supporting Our Purpose Story

Changes in Accounting Policies

Bankrupt or de facto bankrupt assets
Doubtful assets

As of March 31, 2023

(Yen in millions)

As of March 31, 2022

1,558,306

175

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Notes to Consolidated Financial Statements*7. The outstanding balance of undrawn loan commitments is as follows:(Yen in millions)

As of March 31, 2023

As of March 31, 2022

Total loan commitments

1,702,132

1,260,620

Balance of drawn loan commitments

1,285,057

890,702417,075

369,918

Undrawn loan commitments

8. The amount of assets or liabilities in separate accounts as prescribed in Article 118 of the Insurance Business Act is as follows:
As of March 31, 2023

* Reclassification adjustments and tax effects relating to Other comprehensive income(Yen in millions)

As of March 31, 2022

211,546

192,942

9. Tokio Marine & Nichido guarantees the liabilities of the following subsidiary.

(Yen in millions)

As of March 31, 2023

As of March 31, 2022

8,098

Tokio Marine Compania de Seguros, S.A. de C.V.

8,569

*10. Subordinated term loans, included in Other liabilities, of which the repayment is subordinated to other obligations, are as follows:(Yen in millions)

As of March 31, 2023

As of March 31, 2022

100,000

100,000

Notes to Consolidated Statement of Income*1. Major components of business expenses are as follows:(Yen in millions)

FY2021(April 1, 2021 – March 31, 2022)

Agency commissions, etc.

687,846

637,801

Salaries

379,631345,670

Note: Business expenses consist of Loss adjustment expenses, Operating and general administrative expenses, and Agency commissions and brokerage as shown in the accompanying
consolidated statement of income.

*2. Other extraordinary gains for the fiscal year 2022 are primarily attributable to 18,145 million yen of Gains on sales of shares ofsubsidiaries and affiliates.

Purpose of use

Category

Properties for business use(Other business(nursing care business))

Land andbuildings

Idle properties or properties
planned for saleLand andbuildings

Total

Location

3 properties,
including buildings
in Setagaya-ku, Tokyo
15 properties, including
buildings in Kawachi-county,
Tochigi(Yen in millions)

Impairment loss
Land

Building

Others

Total

160

77

36

275

2,295

1,169

—

3,464

2,456

1,247

36

3,740

Unrealized gains (losses) on available-for-sale securities
Amount arising during the year
Reclassification adjustment
Before tax effect adjustment
Tax effectUnrealized gains (losses) on available-for-sale securities
Deferred gains (losses) on hedge transactions
Amount arising during the year
Reclassification adjustment
Before tax effect adjustment
Tax effect
Deferred gains (losses) on hedge transactions
Foreign currency translation adjustments
Amount arising during the year
Remeasurements of defined benefit plans
Amount arising during the year
Reclassification adjustment
Before tax effect adjustment
Tax effectRemeasurements of defined benefit plans
Share of other comprehensive income ofaffiliates accounted for by the equity method
Amount arising during the year
Reclassification adjustment
Share of other comprehensive income ofaffiliates accounted for by the equity method
Total other comprehensive income(Yen in millions)

FY2022(April 1, 2022 – March 31, 2023)

FY2021(April 1, 2021 – March 31, 2022)(915,368)(134,505)(1,049,873)
159,719(890,153)(7,661)(98,151)(105,812)
26,413(79,398)(9,816)(185)(10,001)
2,798(7,203)(5,451)(574)(6,026)
1,686(4,339)437,698258,238

147
635
783
(220)
562

(6,064)
4,263(1,800)504(1,295)(6,238)
(709)

8,302
(1,140)(6,947)

7,161(466,042)

180,366

Strategy & Business Platform Supporting Our Purpose Story

FY2022(April 1, 2022 – March 31, 2023)*3. The Company recognized impairment losses on the following assets:
FY2022 (April 1, 2022 – March 31, 2023)

Notes to Consolidated Statement of Comprehensive Income

Properties are classified as follows: (a) properties for use in insurance business are grouped by each consolidated company and (b) otherproperties including properties for rent, idle properties, or properties planned for sale and properties for business use in other business(nursing care business) are grouped on an individual basis.
The total amount of projected future cash flows generated from other business (nursing care business) fell below the book values of theproperties used for this business. Consequently, the Company wrote off the excess of the book values of such properties over therecoverable amounts and recognized such write-offs as impairment losses in Extraordinary losses. The recoverable amount is primarily thenet sales price of each property. Net sales price is the appraisal value by qualified independent valuers.
The Company wrote off the excess of the book values over the recoverable amount for certain idle properties or properties planned for
sale, mainly due to the decision to sell the properties, and recognized any such write-offs as impairment losses in Extraordinary losses. The
recoverable amount is the net sales price of each property. Net sales price is the appraisal value by qualified independent valuers appraisers
less anticipated expenses for disposal of the relevant property.
*4. Other extraordinary losses for the fiscal year 2021 are primarily attributable to 1,608 million yen of Impairment losses on shares ofsubsidiaries and affiliates.

176

177

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Notes to Consolidated Financial Statements
FY2021 (April 1, 2021 – March 31, 2022)
1. Type and number of issued stock and treasury stock

Notes to Consolidated Statement of Changes in Shareholders' Equity
FY2022 (April 1, 2022 – March 31, 2023)
1. Type and number of issued stock and treasury stock
Number of shares
as of April 1, 2022

(Unit: thousand shares)

Increase during
the fiscal year 2022

Decrease during
the fiscal year 2022

Number of shares
as of March 31, 2023

Issued stock
Common stock
Total

680,000

1,360,000

37,5002,002,500

680,000

1,360,000

37,5002,002,500

2,217

46,85637,678

11,3962,217

46,85637,678

11,396

Treasury stock
Common stock
Total

Note: 1. The Company implemented a stock split by a ratio of three shares per share with an effective date of October 1, 2022.
2. The number of shares of common stock at the beginning and the end of the fiscal year 2022 respectively include 819 thousand and 2,117 thousand shares of treasury stock held by
BIP Trust.
3. The increase of 1,360,000 thousand shares of common stock is entirely attributable to the stock split.
4. The decrease of 37,500 thousand shares of common stock is entirely attributable to the cancellation of treasury stock.
5. The increase of 46,856 thousand shares of common stock is primarily attributable to the acquisition of 25,914 thousand shares of treasury stock resolved at the meeting of the Board of
Directors, and an increase of 20,934 thousand shares by the stock split.
6. The decrease of 37,678 thousand shares of common stock is primarily attributable to the cancellation of 37,500 thousand shares of treasury stock and the sale of 177 thousand sharesof treasury stock by BIP Trust.

2. Stock acquisition rights (including those owned by the Company)
Amount as of March 31, 2023 (Yen in millions)Category

Nature of stock acquisition rights

The Company (parent company)

Stock acquisition rights as stock options

Amount ofdividends paid

Dividends
per share

Record date

Effective dateCommonstock

91,611 million yen

135.00 yen

March 31, 2022

June 28, 2022

Commonstock

100,540 million yen

150.00 yen

September 30, 2022

December 12, 2022—

17,500680,000

697,500—

17,500680,000

4,226

15,643

17,653

2,217

4,226

15,643

17,653

2,217

Treasury stock
Common stock
Total

Note: 1. The number of shares of common stock at the end of the fiscal year 2021 includes 819 thousand shares of treasury stock held by BIP Trust.
2. The decrease of 17,500 thousand shares of common stock is entirely attributable to the cancellation of treasury stock.
3. The increase of 15,643 thousand shares of common stock is primarily attributable to the acquisition of 14,753 thousand shares of treasury stock conducted based on resolution by the
Board of Directors and the acquisition of 867 thousand shares of treasury stock by BIP Trust.
4. The decrease of 17,653 thousand shares of common stock is primarily attributable to the cancellation of 17,500 thousand shares of treasury stock and the sale of 48 thousand sharesof treasury stock by BIP Trust.

2. Stock acquisition rights (including those owned by the Company)
Category

Nature of stock acquisition rights

The Company (parent company)

Stock acquisition rights as stock options

Ordinary General Meetingof Shareholders held on
June 28, 2021
Meeting of the Board of
Directors held on
November 19, 2021

Amount ofdividends paid

Dividends
per share

Record date

Effective dateCommonstock

69,327 million yen

100.00 yen

March 31, 2021

June 29, 2021

Commonstock

82,334 million yen

120.00 yen

September 30, 2021

December 13, 2021

Note: For dividends resolved at the meeting of the Board of Directors held on November 19, 2021, the amount of dividends paid includes dividends for treasury stock held by BIP Trust of 104
million yen.

(2) Dividends of which the record date falls within the fiscal year 2021, and the effective date falls after March 31, 2022
Resolution

Type of stock

Amount ofdividends paid

Source ofdividends

Dividends
per share

Record date

Effective dateOrdinary General Meetingof Shareholders held on
June 27, 2022

Commonstock

91,611 million yen

Retainedearnings

135.00 yen

March 31, 2022

June 28, 2022

Notes to Consolidated Statement of Cash Flows

Resolution

Type of stock

Ordinary General Meetingof Shareholders held on
June 26, 2023

Commonstock

99,661 million yen

Record date

Effective date

Retainedearnings

50.00 yenMarch 31, 2023

June 27, 2023

Note: The amount of dividends paid includes dividends for treasury stock held by BIP Trust of 105 million yen.

33

Type of stock(2) Dividends of which the record date falls within the fiscal year 2022, and the effective date falls after March 31, 2023
The Company intends to obtain approval for the following dividend payment at the 21st Ordinary General Meeting of Shareholders to be heldon June 26, 2023.
Dividends
per share

Amount as of March 31, 2022 (Yen in millions)

3. Dividends(1) Amount of dividends

Note: The amount of dividends paid includes dividends for treasury stock held by BIP Trust of 110 million yen.

Source ofdividends

Number of shares
as of March 31, 2022

697,500

Note: 1. For dividends resolved at the ordinary general meeting of shareholders held on June 27, 2022, the amount of dividends paid includes dividends for treasury stock held by BIP Trust of
110 million yen.
2. For dividends resolved at the meeting of the Board of Directors held on November 18, 2022, the amount of dividends paid includes dividends for treasury stock held by BIP Trust of
110 million yen.
3. The Company implemented a stock split by a ratio of three shares per share with an effective date of October 1, 2022, but the amount of dividends per share is presented with theamount before the stock split.

Amount ofdividends paid

Decrease during
the fiscal year 2021

*1. Reconciliation of cash and cash equivalents to the amounts disclosed in the consolidated balance sheet is provided as follows:
FY2022(April 1, 2022 – March 31, 2023)(Yen in millions)

FY2021(April 1, 2021 – March 31, 2022)

Cash and bank deposits
Monetary receivables bought

871,993
1,863,824

848,819
1,630,523

Securities

18,489,522

19,288,018

Time deposits with initial term over three months to maturity(103,228)(112,006)

Monetary receivables bought not included in cash equivalents(1,863,224)(1,596,975)

Securities not included in cash equivalents(18,273,503)(19,146,163)

985,382

912,216

Cash and cash equivalents

Strategy & Business Platform Supporting Our Purpose Story

Ordinary General Meetingof Shareholders held on
June 27, 2022
Meeting of the Board of
Directors held on
November 18, 2022

Common stock
Total

Resolution

Type of stock

Increase during
the fiscal year 2021

Issued stock33

3. Dividends(1) Amount of dividends
Resolution(Unit: thousand shares)

Number of shares
as of April 1, 2021

*2. Cash flows from investing activities include cash flows arising from asset management relating to insurance business.

178

179

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Notes to Consolidated Financial Statements
FY2021 (April 1, 2021 – March 31, 2022)

Segment Information
1. Segment information(1) Outline of reportable segments
The Company, as a holding company that controls the Group's business, establishes basic policies about Group business management,
formulates corporate strategies based on the surrounding business environment and promotes the Group's business activities. The
Company classifies its operations into four segments following its corporate strategies: "Domestic non-life insurance business", "Domestic
life insurance business", "International insurance business" and "Financial and other businesses".
"Domestic non-life insurance business" primarily comprises underwriting of non-life insurance in Japan and related investments. "Domestic
life insurance business" primarily comprises underwriting of life insurance in Japan and related investments. "International insurance
business" primarily comprises underwriting of insurance overseas and related investments. In "Financial and other businesses", the main
businesses are investment advisory, investment trust services, staffing business, facility management business and nursing care services.
(2) Calculation of ordinary income, profit (loss), assets, liabilities and other items by reportable segments
The accounting treatment for reported operating segments is the same as described in "Significant accounting policies".
Segment profit is based on Ordinary profit. Ordinary income from transactions with other operating segments is based on prevailing market
prices.
(3) Ordinary income, profit (loss), assets, liabilities and other items by reportable segments
FY2022 (April 1, 2022 – March 31, 2023)(Yen in millions)

Reportable segments
Domestic
non-life
insurancebusiness

Domestic life
insurancebusiness

International
insurancebusiness

Financialand otherbusinesses

Total

3,027,923

699,523

2,961,310

73,711

6,762,469(113,868)

6,648,600

12,681

124

3,411

27,07343,291(43,291)—

Total

3,040,604

699,648

2,964,722

100,785

6,805,760(157,160)

6,648,600

Segment profit

284,594

51,749159,5458,017

503,907—503,907

Segment assets

7,494,722

8,743,102

11,654,160

73,29027,965,275(265,459)

27,699,816

Domestic
non-life
insurancebusiness

Ordinary income
Ordinary income fromexternal customers
Ordinary income from transactions
with other reportable segments

Adjustments(Note 1)

Domestic life
insurancebusiness

International
insurancebusiness

Financialand otherbusinesses

Total

2,839,955

713,641

2,262,031

72,883

5,888,512(24,741)

5,863,770

10,087798

2,728

29,47743,091(43,091)—
5,863,770

Total

2,850,042

714,440

2,264,759

102,360

5,931,603(67,832)

Segment profit

302,684

69,579185,526

9,623

567,413—567,413

Segment assets

7,620,856

9,423,469

10,298,239

72,026

27,414,592(168,739)

27,245,852

28,696

1,481

58,697879

89,754—89,75496—

71,857

198

72,152—

72,152

8,917

248

917

145

10,229—10,229145,168

116,398

301,51526

563,109(3,027)560,082

2,052

1,992

6,204

—

10,249(1,850)

8,398

—

—

(3,034)—(3,034)—(3,034)——

124,690—

124,690—

124,690

66,725

8,932

27,584734

103,976—

103,976

Other items
Depreciation
Amortization of goodwill
Amortization of negative goodwill
Interest and dividends
Interest expenses
Equity in earnings (losses)of affiliates
Investments in affiliates accounted
for by the equity method
Increase in tangible andintangible fixed assets

Note: 1. "Adjustments" are as follows:(1) "Adjustments" for Ordinary income from external customers of (24,741) million yen includes the transfer of Reversal of underwriting reserves of 21,268 million yen. This is includedin Ordinary income of Domestic non-life insurance business segment, while it is included in Provision for underwriting reserves in the consolidated statement of income.
(2) "Adjustments" for Segment assets of (168,739) million yen is mainly to eliminate intersegment transactions.
(3) "Adjustments" for Other items is to eliminate intersegment transactions.
2. Segment profit corresponds to Ordinary profit in the consolidated statement of income.

2. Related information
FY2022 (April 1, 2022 – March 31, 2023)(1) Information by product and service(Yen in millions)

Other items
35,7732,870

73,192

678

112,514—

112,514

Amortization of goodwill

93—

80,599—80,692—80,692

Amortization of negative goodwill

744

—

917

145

1,807

—

1,807

166,045

119,517

410,927

27

696,517(6,042)

690,474

2,139

1,695

15,629—19,464(5,510)13,953——(104,887)—(104,887)—(104,887)——

110,518—

110,518—

110,518

91,763

6,967

47,038938

146,708—

146,708

Depreciation

Interest and dividends
Interest expenses
Equity in earnings (losses) ofaffiliates
Investments in affiliates accounted
for by the equity method
Increase in tangible and intangible
fixed assets

Note: 1. "Adjustments" are as follows:(1) "Adjustments" for Ordinary income from external customers of (113,868) million yen includes the transfer of Reversal of underwriting reserves of 105,718 million yen. This isincluded in Ordinary income of Domestic non-life insurance business segment, while it is included in Provision for underwriting reserves in the consolidated statement of income.
(2) "Adjustments" for Segment assets of (265,459) million yen is mainly to eliminate intersegment transactions.
(3) "Adjustments" for Other items is to eliminate intersegment transactions.
2. Segment profit corresponds to Ordinary profit in the consolidated statement of income.

Amounts
shown onthe consolidated
financialstatements(Note 2)

Ordinary income fromexternal customers

Non-Life insuranceLife insurance

OthersSubtotal

5,090,351

1,494,001

73,711

6,658,064

Adjustments(9,463)

Total

6,648,600

Note: "Adjustments" includes transfer of Gains (Losses) on trading securities in the consolidated statement of income.

(2) Information by regiona. Ordinary income(Yen in millions)Japan

United States

OthersSubtotal

Adjustments

Total

3,463,794

2,030,871

1,164,404

6,659,070(10,470)6,648,600

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Ordinary income
Ordinary income from externalcustomers
Ordinary income from transactions
with other reportable segments

Adjustments(Note 1)

Amounts
shown onthe consolidated
financialstatements(Note 2)

(Yen in millions)

Reportable segments

Note: 1. The above figures are classified by country and region based on customer location.
2."Adjustments" includes transfer of foreign exchange gains included in Other investment income and foreign exchange losses included in Other investment expenses in the consolidated
statement of income.

b. Tangible fixed assets(Yen in millions)Japan

United States

OthersTotal

246,635

115,595

37,585399,817(3) Information about major customers
None.

180

181

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Notes to Consolidated Financial Statements
FY2021 (April 1, 2021 – March 31, 2022)(1) Information by product and service
Non-Life insurance

Ordinary income fromexternal customers

4,440,474(Yen in millions)Life insurance

1,350,862

OthersSubtotal

72,883Adjustments

5,864,220

(449)

Japan

United States

OthersSubtotal

Adjustments

Total

3,422,097

1,591,695

882,825

5,896,619(32,848)

5,863,770

United States

OthersTotal

62,13034,774

344,703

Impairment losses—

80,692428,592—

428,601

Domestic life
insurancebusiness

International
insurancebusiness

Financialand otherbusinesses(2) Negative goodwill(Yen in millions)

Domestic non-life
insurancebusiness

Total

744

—

917

145

1,807

2,607

—

3,669

369

6,645

Domestic life
insurancebusiness

International
insurancebusiness

Financialand otherbusinesses(Yen in millions)

Total

Amortization

96—

71,857

198

72,152

Remaining balance as of March 31, 2022

102—

453,331—453,433

Domestic life
insurancebusiness

International
insurancebusiness

Financialand otherbusinesses

Domestic life
insurancebusiness

International
insurancebusiness

Financialand otherbusinesses

—

0

274

Total

3,740

Domestic life
insurancebusiness

International
insurancebusiness

Financialand otherbusinesses

—

194

44

(Yen in millions)

Domestic non-life
insurancebusiness(Yen in millions)(Yen in millions)525

80,599—(2) Negative goodwill

FY2021 (April 1, 2021 – March 31, 2022)
Domestic non-life
insurancebusiness

—

9

Total

Amortization

8,917

248

917

145

10,229Remaining balance as of March 31, 2022

3,352

—

4,586

514

8,453

5. Gains on negative goodwill by reportable segments
None.

Total

764

Related-party Transactions
There is no significant transaction to be disclosed.

Lease Transactions
Operating leases
Future lease payments related to non-cancelable operating leases

Strategy & Business Platform Supporting Our Purpose Story

3,464

Total

93

Domestic non-life
insurancebusiness

3. Impairment losses of fixed assets by reportable segments
FY2022 (April 1, 2022 – March 31, 2023)

Impairment losses

Financialand otherbusinesses

FY2021 (April 1, 2021 – March 31, 2022)(1) Goodwill(3) Information about major customers
None.

Domestic non-life
insurancebusiness

International
insurancebusiness

Remaining balance as of March 31, 2023

Remaining balance as of March 31, 2023

(Yen in millions)Japan

Domestic life
insurancebusiness

Amortization

Amortization

Note: 1. The above figures are classified by country and region based on customer location.
2. "Adjustments" includes transfer of Gains (Losses) on derivatives in the consolidated statement of income.

247,799

Domestic non-life
insurancebusiness

5,863,770(Yen in millions)b. Tangible fixed assets(Yen in millions)

Total

Note: "Adjustments" includes transfer of Increase (Decrease) in allowance for doubtful accounts in the consolidated statement of income.

(2) Information by regiona. Ordinary income

4. Amortization and remaining balance of goodwill by reportable segments
FY2022 (April 1, 2022 – March 31, 2023)(1) Goodwill(Yen in millions)

As of March 31, 2023

As of March 31, 2022

As lessee:
Due within one year

8,545

17,180Due after one year

26,412

72,868

Total

34,95790,048Due within one year

1,922

1,374

Due after one year

9,774

9,201

Total

11,696

10,576

As lessor:

182

183

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Notes to Consolidated Financial Statements

Deferred Tax Accounting

Information on Financial Instruments

1. Major components of deferred tax assets and deferred tax liabilities
Deferred tax assets
Underwriting reserves
Unrealized losses on available-for-sale securities
Outstanding claims
Net defined benefit liabilities
Reserve for price fluctuation
Impairment losses on securities
Net operating loss carry forward (Note 2)
OthersSubtotal
Valuation allowance on net operating loss carry forward (Note 2)
Valuation allowance on deductible temporary differences
Subtotal (Note 1)
Total deferred tax assets
Deferred tax liabilities
Unrealized gains on available-for-sale securities
Unrealized gains on consolidated subsidiaries
OthersTotal deferred tax liabilities
Net deferred tax assets (liabilities)(Yen in millions)

As of March 31, 2023

As of March 31, 2022

412,204
96,616
93,27474,73336,962
25,746
27,815140,596
907,948(15,209)(115,333)(130,542)
777,405

422,822—
97,47574,901
38,61728,95921,012
114,137
797,926(13,368)(35,388)(48,756)
749,169(524,778)(182,665)(129,907)(837,351)(59,945)(685,761)(163,235)(118,673)(967,670)(218,501)(Note 1) The main reason for the increase in valuation allowance is as follows:
The fair value of available-for-sale securities held by some overseas consolidated subsidiaries decreased due to a rise in interest rates and were recognized as Unrealized losses. It
was decided not to schedule the expected fiscal year for the reversal of the related deductible temporary differences and not to recognize deferred tax assets arising from thedeductible temporary differences.
(Note 2) Schedule by expiration of net operating loss carry forward and the corresponding deferred tax assets.

As of March 31, 2023

Within 1 year

Over 2 to
3 years

Over 3 to
4 years

Over 4 to
5 years

Over 5 years

Total

2,857
(2,718)138

1,852(1,781)70

1,777(1,757)19

1,224(1,220)
4

962
(919)
42

19,140(6,810)12,33027,815(15,209)12,605(*) The amounts of net operating loss carry forward are calculated by using statutory income tax rates.

As of March 31, 2022

Net operating loss carry forward (*)
Valuation allowance
Deferred tax assets(2) Details of financial instruments and their risks
The Group holds financial instruments including equity securities, bonds, other securities, loans and derivatives. These instruments are
exposed to market risk, which refers to the risk of losses arising from fluctuations in stock prices, exchange rates, interest rates, andother market indicators. They are also exposed to credit risk, which refers to the risk of losses when the value of an investment declines
or is lost due to deterioration in the financial condition of the debtor. Other risks to which these instruments are exposed include market
liquidity risk, which refers to the risk of losses that may occur from being unable to make transactions due to disorderly market conditions
or being forced to make transactions at extremely unfavorable prices.
Some currency risk is hedged through foreign exchange forwards, currency swaps and other such transactions. Hedge accounting isapplied to some of these transactions.
Credit risk associated with over-the-counter derivative transactions includes the risk of losses when the counterparties fail to fulfill their
obligations due to insolvency or for other reasons. In order to reduce such credit risk, netting arrangements and collateral transfers
equivalent to fair value of derivative transactions may be used with financial institutions and other counterparties with whom there are
frequent transactions. Also, interest rate risk associated with long-term insurance liabilities is hedged by interest rate swaps and othertransactions for which hedge accounting is applied in some cases.
With regard to hedging instruments, hedged items, hedging policies and evaluation of hedge effectiveness, please refer to "Significant
Accounting Policies - 4. Accounting policies - (8) Hedge accounting".

(Yen in millions)

Within 1 year

Over 1 to
2 years

Over 2 to
3 years

Over 3 to
4 years

Over 4 to
5 years

Over 5 years

Total

1,479
(1,443)35

2,783(2,748)35

1,821(1,781)40

1,799(1,757)41

1,257(1,220)36

11,870(4,416)
7,454

21,012(13,368)
7,644(*) The amounts of net operating loss carry forward are calculated by using statutory income tax rates.

2. Reconciliation of the statutory income tax rate and the effective tax rate after the application of deferred tax accounting when
there is a significant difference
Japanese statutory tax rate
(Adjustments)
Permanent differences such as dividends received
Permanent differences such as entertainment expenses
Equity in earnings or losses of affiliates
Amortization of goodwill and negative goodwill
Valuation allowance
Tax rate applied to consolidated subsidiaries
Others
Effective tax rate

As of March 31, 2023(%)

As of March 31, 2022

30.6

30.6

(2.8)
2.2
6.1
4.6
0.1
(8.9)
2.2
34.0

(2.4)
1.4
0.2
3.4
(0.0)
(4.6)
(2.6)
26.0

Changes in Presentation"Equity in earnings or losses of affiliates" was included in "Others" in the previous fiscal year, however, due to the higher materiality, it ispresented separately from this fiscal year. To reflect this change in presentation, the notes from the previous fiscal year have been
reclassified.
As a result, "Others" which was (2.4%) in the previous fiscal year, has been reclassified and represented to "Equity in earnings or losses ofaffiliates" 0.2% and "Others" (2.6%).

(3) Risk management structurea. Market risk and credit risk management
Based on the "Investment risk management policy" established by the Board of Directors, Tokio Marine & Nichido executes risk
management activities both quantitatively and qualitatively to control investment risk related to financial instruments, such as market
risk and credit risk, at the risk management department, which is independent of trading departments.
In accordance with the policy, "Investment guidelines" are established, which set the rules for which instruments to invest in, risk
limits, and actions to take when limits are exceeded for each segment set in the annual investment plan. Investment risk isquantitatively measured using VaR-like concepts. Compliance with the guidelines and investment risk and return are reported on aregular basis to directors.
Tokio Marine & Nichido appropriately manages credit risk by regularly monitoring the concentration and the status of issuers andborrowers using internal credit rating guidelines set by the "Guidelines for managing credit risk concentration".
In order to control individual investments, Tokio Marine & Nichido also executes pre-investment review and post-investment
monitoring according to the "Review guidelines" and others.
Risk monitoring operations are reported to the Board of Directors depending on their importance.
Other consolidated subsidiaries maintain risk management structures based on the aforementioned risks.

Strategy & Business Platform Supporting Our Purpose Story

Net operating loss carry forward (*)
Valuation allowance
Deferred tax assets(Yen in millions)Over 1 to
2 years

1. Qualitative information on financial instruments(1) Investment policies
The core operation of the Group is its insurance business, and it invests utilizing the cash inflows mainly arising from insurance
premiums. Therefore, the Group seeks to appropriately control risks based on the characteristics of insurance products primarily throughALM. The Group thereby aims to ensure stable, long-term earnings while realizing efficient management of liquidity.
Specifically, the Group's approach entails controlling interest rate risks associated with insurance liabilities by utilizing interest rate
swaps and other transactions while assuming a certain degree of credit risks by investing in bonds with high credit ratings. At the sametime, the Group endeavors to ensure medium-to-long-term earnings by diversifying risks and asset management approaches in Japanand overseas through the utilization of a wide range of products including foreign securities and alternative investments. Foreignexchange forwards and other derivative transactions are used to mitigate risks associated with the Group's asset portfolio.
Through these approaches, the Group aims to increase investment income in order to maximize net asset value in the medium-to-longterm and maintain financial soundness.
With regard to financing, the Group issues corporate bonds and undertakes borrowings mainly to secure funds for investments. When
financing is necessary, amounts and methodologies are determined based on the Group's cash flow status.

b. Liquidity risk management
The Group manages liquidity risk by controlling payment schedules and ensuring various ways of financing through treasury
management by each consolidated subsidiary and by the Group as a whole.
(4) Supplementary information on fair value of financial instruments
The fair value of financial instruments is measured under certain assumptions, therefore it may differ under other assumptions.

3. Accounting treatment of tax effect accounting for corporate and local income taxes
The Company and some of its domestic consolidated subsidiaries have adopted the Group Tax Sharing System from the fiscal year 2022.
Accordingly, for the accounting treatment and disclosure of deferred tax accounting related to corporate and local income taxes, the"Practical Solution on the Accounting and Disclosure Under the Group Tax Sharing System" (PITF No. 42, August 12, 2021) has been
adopted from the beginning of the fiscal year 2022.

184

185

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Notes to Consolidated Financial Statements
2. Fair value of financial instruments and breakdown by input level
The tables below show carrying amounts shown on the consolidated balance sheet, fair value, differences of financial instruments, and fairvalue breakdown by input level.
Securities without a market price, and investments in partnerships are not included below. (Refer to Note 3.)
The fair values of financial instruments are classified into the following three levels depending on the observability and significance of the
input used in the fair value calculation:
Level 1: Fair value measured by the market price of the asset or liability in active markets among the observable inputs
Level 2: Fair value measured by the observable inputs other than the Level 1 inputs
Level 3: Fair value measured by unobservable inputs
If multiple inputs are used with a significant impact on the fair value measurement, the fair value measurement is categorized in its entirety
in the same level of the fair value hierarchy as the lowest level input.
(1) Financial instruments recorded at fair value on the consolidated balance sheet
As of March 31, 2023

(Yen in millions)

Carrying amount shown on the consolidated balance sheet
Level 1

Level 2—

Monetary receivables bought
Securities

Level 3

1,592,732

271,091

Total

1,863,824

103,999

479,147

10,347593,494

4,920,572

5,157,840

151,727

10,230,139——

20,274

20,274

6,491

87,4786,494

100,465

5,031,063

7,317,198

459,935

12,808,198

Derivative transactions

200

114,835

9,367

124,403

Liabilities

200

114,835

9,367

124,403

Trading securities
Available-for-sale securities
Loans
Derivative transactions
Assets

As of March 31, 2022

(Yen in millions)

Trading securities
Available-for-sale securities
Loans

Level 3—

5,218,135

5,116,287

101,848—

1,710,663

2,104,656(393,993)—

2,538,764

2,538,764

2,554,213(15,448)

2,113,080

2,538,764

9,467,563

9,775,156(307,593)

210,939—

210,939

222,811(11,871)

210,939—

210,939

222,811(11,871)

Level 1

Level 2

Level 3

Bonds held to maturity
Bonds earmarked for underwriting
reserves
Loans(*)

3,780,595

1,437,539

1,035,122

675,540—

Assets4,815,718

Corporate bonds—

Liabilities—

Difference

Securities(*) Carrying amount shown on the consolidated balance sheet is the loans after the deduction of Allowance for doubtful accounts earmarked for loans of 1,958 million yen.

As of March 31, 2022

(Yen in millions)

Total

Carrying amountshown on the
consolidatedbalance sheet—

5,528,977

5,112,881

416,095—

1,982,480

2,220,503(238,023)

Fair value

Securities
Bonds held to maturity
Bonds earmarked for underwriting
reserves
Loans(*)

Level 1

Level 2

Level 3

3,968,104

1,560,872

1,312,011

670,468

Difference——

1,935,010

1,935,010

1,934,859

150

5,280,115

2,231,341

1,935,010

9,446,467

9,268,245

178,222

Corporate bonds—

219,35942

219,401

219,795(394)

Liabilities—

219,35942

219,401

219,795(394)—

1,433,790

196,733

1,630,523

106,365

244,308

7,915

358,589

5,519,401

4,383,083

131,949

10,034,434
72,145(*) Carrying amount shown on the consolidated balance sheet is the loans after the deduction of Allowance for doubtful accounts earmarked for loans of 1,703 million yen.

——

72,14573,66917,32593,2405,628,012

6,134,851

426,069

12,188,933

Derivative transactions

511

166,815

1,172

168,499

Liabilities

511

166,815

1,172

168,499

Assets

Total

Carrying amountshown on the
consolidatedbalance sheet

Fair value

Total

2,245

Derivative transactions(Yen in millions)(*) The amount of investment trusts is not included in the table above in accordance with Paragraph 27-3 of "Guidance for Application of Fair Value Measurement". The amount of suchinvestment trusts on the consolidated balance sheet is 1,141,916 million yen.

(Note 1) Description of the valuation techniques and inputs used in the fair value measurement.
Monetary receivables bought
The fair value of Monetary receivables bought is measured using valuation techniques such as discounted cash flow and matrix pricing. These valuation techniques include the inputs
such as yield curves, prepayment rates and market prices of similar type of securities.
The fair value is categorized within Level 2 if unobservable inputs are either not included or not significant in the valuation techniques. It is categorized within Level 3 if unobservable
inputs are significant in the valuation techniques.
Securities
The fair value of securities which is measured using quoted prices in active markets is categorized within Level 1. The fair value of securities which is based on quoted prices in inactive
markets is categorized within Level 2.
If quoted prices in markets are not available, the fair value of securities is measured using valuation techniques such as discounted cash flow and matrix pricing. These valuation
techniques include the inputs such as yield curves, credit spreads and market prices of similar type of securities.
The fair value is categorized within Level 2 if unobservable inputs are either not included or not significant in the valuation techniques. It is categorized within Level 3 if unobservable
inputs are significant in the valuation techniques.
The fair value of major investment trusts for which quoted prices in markets are not available, is based on net asset value and categorized within Level 2, as there is no significant
restriction on cancellation.

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Monetary receivables bought
Securities

Level 2As of March 31, 2023

AssetsCarrying amount shown on the consolidated balance sheet
Level 1

(2) Financial instruments which are not recorded at fair value on the consolidated balance sheet
Cash and bank deposits, Receivables under resale agreements and Payables under securities lending transactions are omitted since they
are mainly scheduled to be settled in a short period of time and the fair value approximates the book value.

Loans
With regard to floating rate loans, fair value is measured using the book value and is categorized within Level 3 as long as there are no significant changes in the credit status of theborrowers, since the fair value is considered to approximate the book value as the changes in interest rates are reflected in a timely manner in the future cash flows.
With regard to fixed rate loans, the fair value is measured using valuation techniques such as discounted cash flow. These valuation techniques include the inputs such as yield curves
and credit spreads. The fair value of fixed rate loans is categorized within Level 3.
With regard to loans of which borrowers are insolvent or in bankruptcy proceedings, the fair value approximates the amount after deducting the estimated uncollectible debts from thecarrying amount. Therefore, the fair value is measured with such amount and is categorized within Level 3.
Corporate bonds
The fair value of Corporate bonds is measured using quoted prices in markets and others and categorized within Level 2.
Derivative transactions
With regard to exchange-traded derivative transactions, the fair value is measured using the closing prices at exchanges and others. For over-the-counter derivative transactions, the fairvalue is measured using valuation techniques such as the Black-Scholes model and the discounted cash flow, using the inputs such as swap rates, forward rates, volatilities and basis
swap spreads.
The fair value of derivative transactions which is measured using closing prices at exchanges and others is categorized within Level 1. It is categorized within Level 2 if unobservable
inputs are either not included or not significant in the valuation techniques. It is categorized within Level 3 if unobservable inputs are significant in the valuation techniques.

186

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Financial Data—

Financial and Non-Financial Data—

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Notes to Consolidated Financial Statements(Note 2) Information on the fair value of Level 3 financial instruments which are recorded at fair value on the consolidated balance sheet(1) Reconciliation of beginning balances to ending balances, unrealized gains and losses recognized in profit or loss for the period
As of March 31, 2023

Beginningbalance

Monetary receivables bought

196,733

Transfers to
Level 3 fairvalue (*1, *2)

14,139Transfers
from Level 3
fair value(*1, *3)(11,431)(Note 4) Maturity analysis of financial assets(Yen in millions)

Net amount
Recorded in
Recorded inof purchases,
otherprofit or loss
sales, issues
for the period comprehensive
andincome (*5)(*4)
settlements(13,248)

17,933

66,965Endingbalance

Unrealized
gains(losses) on
financialassets andliabilities heldat the end of
the period, ofthe amountrecorded in
profit or loss
for the period(*4)

271,091—

Securities
Trading securities
Available-for-sale securities
(*6)
Loans

7,915

690

—

2,025

1,081

134,508

1,484

72,145—Derivative transactions (*7)

16,153—(1,365)

10,347(2,387)

8,398—(5,685)—(14,800)

1,078

16,820(7,097)

151,727—

11,089(57,276)

20,274(1,678)2,575(6,800)(2,872)(14,741)(*1) Transfers between levels are recognized at the beginning of the period.
(*2) The fair value were transferred from Level 2 to Level 3 because the inputs became unobservable.
(*3) The fair value were transferred from Level 3 to Level 2 because the inputs became observable.
(*4) The amounts are included in "Investment income" and "Investment expenses" on the consolidated statement of income.
(*5) The amounts are included in "Unrealized gains (losses) on available-for-sale securities" and "Foreign currency translation adjustments" in "Other comprehensive income" on the
consolidated statement of comprehensive income.
(*6) The amount of investment trusts has been included from the beginning of the fiscal year due to the application of the "Guidance for Application of Fair Value Measurement".
(*7) Derivative transactions recorded in Other assets and Other liabilities are collectively presented. Net receivables and payables and Gains and losses arising from derivativetransactions are presented on a net basis, and Net liability or Loss are shown in parentheses.

(Yen in millions)

Within 1 year

Over 1 to 5 years

Over 5 to 10 years

147,127

12,746——

Monetary receivables bought

27,20139,067

541,623

1,495,287

3,765,532

Securities
Bonds held to maturity
13,000308,800

711,097

Domestic municipal bonds

—

—

—

3,000

Domestic corporate bonds

—

—

—

155,600

13,26817,235

16,58025,656

Domestic government bonds

—

—

—

1,764,300

Domestic municipal bonds

—

—

—

2,600

Domestic corporate bonds

—

—

—

330,400

Domestic government bonds

43,245

258,049

516,569

755,922

Domestic municipal bonds

12,64336,070

4,782

6,690

Domestic corporate bonds

36,185282,237

189,695

65,8892,493,192

Domestic government bonds

Foreign securities
Bonds earmarked for underwriting reserves

Available-for-sale securities with maturity

Foreign securities
Loans

(*)

Total

175,508

748,478806,781

688,543

1,260,786

277,462

249,7121,156,722

2,963,471

3,064,593

11,113,783(*) Loans to borrowers that are insolvent or in bankruptcy proceedings and for which repayment cannot be expected (30 million yen), and loans with no repayment schedule (8,789
million yen) are not included above.

(Yen in millions)

155,575

Transfers to
Level 3 fairvalue (*1, *2)

15,677

Transfers fromLevel 3 fairvalue(*1, *3)(4,516)

Recorded in
profit or loss
for the period(*4)(5,940)Recorded inothercomprehensive
income (*5)

17,725

Net amount ofpurchases,
sales, issues
andsettlements

18,211Endingbalance

196,733—

Securities
Trading securities

4,909

104

—

1,843

556

500

7,915

Available-for-sale securities

1,862

76,033

12,731(3,241)

9,989

9,406

27,031

131,949—

Loans

53,093

—

—

3,505

5,909

9,636

72,145

3,136

Derivative transactions (*6)

16,258——16,386

1,927(18,418)

16,1536,931(*1) Transfers between levels are recognized at the beginning of the period.
(*2) The fair value were transferred from Level 2 to Level 3 because the inputs became unobservable.
(*3) The fair value were transferred from Level 3 to Level 2 because the inputs became observable.
(*4) The amounts are included in "Investment income" and "Investment expenses" on the consolidated statement of income.
(*5) The amounts are included in "Unrealized gains (losses) on available-for-sale securities" and "Foreign currency translation adjustments" in "Other comprehensive income" on the
consolidated statement of comprehensive income.
(*6) Derivative transactions recorded in Other assets and Other liabilities are collectively presented. Net receivables and payables and Gains and losses arising from derivativetransactions are presented on a net basis, and Net liability or Loss are shown in parentheses.

(Yen in millions)

Within 1 year

Cash and bank deposits
Monetary receivables boughtOver 1 to 5 years

Over 5 to 10 years

Over 10 years

139,11441,095

8,517
25,168—467,342—
1,133,727

4,054,162

Securities
Bonds held to maturity
Domestic government bonds

4,500

246,500

497,767

Domestic municipal bonds

—

—

—

3,000

Domestic corporate bonds

—

—

—

155,600

5,543

12,635

15,37024,978Domestic government bonds

—

—

—

1,897,200

Domestic municipal bonds

—

—

—

1,800

Domestic corporate bonds

—

—

—

305,500

Domestic government bonds

37,105249,298

579,815

1,297,873

Domestic municipal bonds

9,612

41,01318,7007,236

Domestic corporate bonds

60,196

280,981

214,743

56,9172,034,528

Foreign securities
Bonds earmarked for underwriting reserves

Available-for-sale securities with maturity

Foreign securities
Loans
Total

(*)

119,714582,696

745,114

520,850

918,923

228,130

228,276

937,734

2,365,736

2,766,983

11,200,801

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Beginningbalance

Unrealized
gains (losses)
on financial
assets andliabilities heldat the end of
the period, ofthe amountrecorded in
profit or loss
for the period(*4)

Over 10 years

Cash and bank deposits

As of March 31, 2022

As of March 31, 2022

Monetary receivables bought

As of March 31, 2023(*) Loans to borrowers that are insolvent or in bankruptcy proceedings and for which repayment cannot be expected (25 million yen), and loans with no repayment schedule (8,175
million yen) are not included above.

(2) Explanation of the fair value valuation process
The Group's policies and procedures of fair value measurement are established by a department which is independent of the trading departments.
In regard to the measured fair value and the categorized levels, the Group verifies the appropriateness of the valuation techniques and inputs used for the fair value measurement.
In measuring the fair value, the valuation models are appropriately selected by nature, characteristics and risks of each financial instrument.
When using the quoted market prices obtained from third parties, the prices are verified by appropriate methods such as confirming the valuation techniques and inputs, orcomparing with the prices of similar financial instruments.
(Note 3) The amounts of securities without a market price, and investments in partnerships on the consolidated balance sheet(Yen in millions)

As of March 31, 2023

As of March 31, 2022

Securities without a market price (*1)
Investments in partnerships (*2)

241,530
199,802

246,748
169,334

Total

441,333

416,082(*1) Securities without a market price include unlisted stock and others. These are not subject to fair value disclosure in accordance with Paragraph 5 of "Implementation Guidance on
Disclosures about Fair Value of Financial Instruments" (ASBJ Guidance No. 19, March 31, 2020).
(*2) Investments in partnerships are not subject to fair value disclosure in accordance with Paragraph 24-16 of "Guidance for Application of Fair Value Measurement".

188

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Financial Data—

Financial and Non-Financial Data—

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Notes to Consolidated Financial Statements(Note 5) Maturity schedules for corporate bonds, long-term borrowings and lease obligations
As of March 31, 2023

(Yen in millions)

Within 1 year

Corporate bonds

Over 1 to 2 years

Over 2 to 3 years

—

—

—

Over 3 to 4 years

Over 4 to 5 years

Over 5 years——

223,222—

39,81078,293—63,032

103,622

Lease obligations

12,502

11,250

9,200

7,385

6,055

24,201

Total

12,50251,06087,493

7,385

69,088351,046

Long-term borrowings

As of March 31, 2022

Securities
1. Trading securities(Yen in millions)Over 1 to 2 years

Over 2 to 3 years

Over 3 to 4 years

Over 4 to 5 years

42
66,136———34,506————

220,128
154,634

Lease obligations

3,607

2,735

1,944

1,603

1,121

3,584

Total

69,7862,735

36,450

1,603

1,121

378,347

62,841

81,405

2. Bonds held to maturity(Yen in millions)

As of March 31, 2023

Over 5 years

Corporate bonds
Long-term borrowings

As of March 31, 2022

Unrealized gains (losses) included in income(Yen in millions)

Within 1 year

As of March 31, 2023

Carrying amountshown onbalance sheet

Fair value

As of March 31, 2022
Unrealized
gains (losses)

Carrying amountshown onbalance sheet

Fair value413,474
1,071

3,045,970
47,956

3,629,930
50,663

Unrealized
gains (losses)

Those with fair value
exceeding thecarrying amount

Domestic debt securities
Foreign securities

2,984,059
37,0383,397,534
38,110Subtotal

3,021,098

3,435,644

414,546

3,093,927

3,680,593

586,666

Those with fair value
not exceeding thecarrying amount

Domestic debt securities

2,059,095

1,747,368(311,727)

2,007,913

1,837,454(170,459)

Foreign securities
Subtotal

Total

36,09335,122(970)

11,04010,929(111)

2,095,188

1,782,490(312,697)

2,018,954

1,848,383(170,570)

5,116,287

5,218,135

101,848

5,112,881

5,528,977

416,095

3. Bonds earmarked for underwriting reserves(Yen in millions)

As of March 31, 2023
Carrying amountshown onbalance sheet

Fair value

As of March 31, 2022
Unrealized
gains (losses)

Carrying amountshown onbalance sheet

Fair value

Domestic debt securities

11,20011,371

171

5,500

5,545

Subtotal

11,20011,371

171

5,500

5,545

45

Domestic debt securities

2,093,456

1,699,291(394,164)

2,215,003

1,976,934(238,068)

Subtotal

2,093,456

1,699,291(394,164)

2,215,003

1,976,934(238,068)

2,104,656

1,710,663(393,993)

2,220,503

1,982,480(238,023)

4. Available-for-sale securities

Fair value
shown onbalance sheet

Cost

Domestic debt securities

1,485,564

Domestic equity securities

2,361,225

Foreign securities
Others (Note 2)

As of March 31, 2022
Unrealized
gains (losses)

Fair value
shown onbalance sheet

Cost

1,366,670

118,8942,444,299

2,185,962

258,336448,616

1,912,609

2,477,828

466,979

2,010,849

1,833,099

1,671,956

161,142

4,098,931

3,703,787

395,144

256,109

223,744

32,365674,595

613,800

60,794

5,935,999

3,710,987

2,225,012

9,695,654

6,970,529

2,725,125

Domestic debt securities

837,900

874,268(36,367)

707,264

715,626(8,361)

Domestic equity securities

16,70018,195(1,494)

24,462

27,949(3,486)

Foreign securities

3,679,402

4,169,737(490,335)

1,223,458

1,270,490(47,031)

Others (Note 3)

1,610,743

1,784,710(173,966)

969,597

983,593(13,996)

Subtotal

6,144,747

6,846,911(702,164)

2,924,783

2,997,659(72,876)

12,080,746

10,557,898

1,522,847

12,620,437

9,968,188

2,652,249

SubtotalThose with fair value
not exceeding
the cost

45(Yen in millions)

As of March 31, 2023

Those with fair value
exceeding the cost

Unrealized
gains (losses)

Total

Unrealized
gains (losses)

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Those with fair value
exceeding thecarrying amountThose with fair value
not exceeding thecarrying amount
Total

583,959
2,706

Note: 1. Available-for-sale securities without a market price, and investments in partnerships are not included in the table above.
2. "Others" includes items as follows:- Negotiable certificates of deposit which are presented as Cash and bank deposits on the consolidated balance sheet
As of March 31, 2022: fair value 59 million yen, cost 58 million yen, unrealized gains 0 million yen- Foreign mortgage securities, etc. which are presented as Monetary receivables bought on the consolidated balance sheet
As of March 31, 2023: fair value 248,258 million yen, cost 217,562 million yen, unrealized gains 30,695 million yen
As of March 31, 2022: fair value 663,602 million yen, cost 606,606 million yen, unrealized gains 56,996 million yen
3. "Others" includes items as follows:- Negotiable certificates of deposit which are presented as Cash and bank deposits on the consolidated balance sheet
As of March 31, 2023: fair value 2,870 million yen, cost 2,875 million yen, unrealized losses (4) million yen
As of March 31, 2022: fair value 5,575 million yen, cost 5,575 million yen, unrealized losses (0) million yen- Foreign mortgage securities, etc. which are presented as Monetary receivables bought on the consolidated balance sheet
As of March 31, 2023: fair value 1,599,477 million yen, cost 1,772,894 million yen, unrealized losses (173,416) million yen
As of March 31, 2022: fair value 958,904 million yen, cost 972,501 million yen, unrealized losses (13,596) million yen

5. Bonds held to maturity that were sold
None.

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Financial and Non-Financial Data—

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Notes to Consolidated Financial Statements
6. Bonds earmarked for underwriting reserves that were sold(Yen in millions)

FY2022(April 1, 2022 – March 31, 2023)
Sale proceeds

Gains on sale

FY2021(April 1, 2021 – March 31, 2022)

Losses on sale

Sale proceeds

Gains on sale

Losses on sale

Domestic debt securities

178,030—

26,961

180,066

2,799

6,895

Total

178,030—

26,961

180,066

2,799

6,895

7. Available-for-sale securities that were sold

Derivative Transactions"Principal amount" as shown in the tables is the nominal contract amount or notional principal amount of derivative transactions. The amountitself does not represent the market or credit risk of such derivative transactions.
1. Derivative transactions to which hedge accounting is not applied(1) Foreign currency-related instruments

FY2022(April 1, 2022 – March 31, 2023)

Principal amountFY2021(April 1, 2021 – March 31, 2022)

Sale proceeds

Gains on sale

Sale proceeds

Gains on sale

Domestic debt securities
Domestic equity securities

863,570
131,782

64,219103,646

Losses on sale

7,271
540

473,825
118,949

6,787
93,9773,644
397

Foreign securities

645,110

16,65528,709495,579

28,215

12,389159,124

641

3,717

290,211

5,035

3,909

Total

1,799,587

185,163

40,2391,378,566

134,015

20,341

Note: "Others" includes items as follows:- Negotiable certificates of deposit which are presented as Cash and bank deposits on the consolidated balance sheet
Fiscal year 2022: proceeds 3,599 million yen
Fiscal year 2021: proceeds 23 million yen- Foreign mortgage securities, etc. which are presented as Monetary receivables bought on the consolidated balance sheet
Fiscal year 2022: proceeds 155,524 million yen, gains 641 million yen, losses 3,717 million yen
Fiscal year 2021: proceeds 289,574 million yen, gains 4,868 million yen, losses 3,909 million yen

1. Money trusts held for trading purposes
None.
2. Money trusts held to maturity
None.

Markettransactions

Over-thecountertransactions

Fair value

As of March 31, 2022
Unrealized
gains (losses)

Principal amountOver 1 year

Fair value

Currency futures
Short

2,511

—

—

—

2,675

—

—

—

Long

1,112

—

—

—

1,028

—

—

—

827,849

—

1,685

1,685

721,810—(28,162)(28,162)

43,351—14

14

22,198

—

508

508

12,435—(2,557)(2,557)

12,435

12,435(1,075)(1,075)52,22652,226

2,025

2,025

45,029—(5,092)(5,092)

—

—

1,167

1,167

—

(33,820)(33,820)

Foreign exchange
forwards
Short
Long
Currency swaps
Pay foreign/Rec. yen
Pay foreign/
Rec. foreign

Total

—

(2) Interest rate-related instruments(Yen in millions)

As of March 31, 2023
Principal amountOver 1 year

Markettransactions

Unrealized
gains (losses)

Interest rate futures
Short

Fair value

As of March 31, 2022
Unrealized
gains (losses)

Principal amountOver 1 year

Fair value

Unrealized
gains (losses)

8,390

—

—

—

6,856

—

—

—

748

—

—

—

1,902

—

—

—

Rec. fix/Pay float

1,061,210

1,020,166(20,894)(20,894) 1,169,047

1,138,611

35,84535,845Rec. float/Pay fix

1,018,853

986,625

14,306

14,306

1,052,312

1,028,614(32,591)(32,591)

4,398

4,398

(75)

(75)

4,696

4,696

(100)

(100)

237

237

5

5

339

339

11

11

1,500

1,500

—

—

[25]

[25]

21

(4)

[—]

[—]

(6,636)(6,661)Long
Interest rate swaps

Over-thecountertransactions

Rec. float/Pay float
Rec. fix/Pay fix
Interest rate swap options
Long

—

Total

—

—

—

—

—

3,165

3,165

Note: For option contracts, the figures below the principal amount denoted with [ ] represent option premiums.

(3) Equity-related instruments

3. Money trusts other than those held to maturity or those held for trading purposes
None.

(Yen in millions)

As of March 31, 2023
Principal amountOver 1 year

Markettransactions

Equity index futures
Short
Long

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8. Securities on which impairment losses were recognizedImpairment losses were recognized as follows:- Available-for-sale securities with fair value
Fiscal year 2022: 22,989 million yen (Domestic equity securities 1,367 million yen, Foreign securities 13,926 million yen, Others 7,695
million yen)
Fiscal year 2021: 14,892 million yen (Domestic equity securities 2,059 million yen, Foreign securities 9,764 million yen, Others 3,068
million yen)
- Available-for-sale securities without a market price, and investments in partnerships
Fiscal year 2022: 500 million yen (Domestic equity securities 26 million yen, Foreign securities 474 million yen)
Fiscal year 2021: 620 million yen (Domestic equity securities 354 million yen, Foreign securities 266 million yen)
Impairment loss on a security with fair value is, in principle, recognized when the fair value is below its cost by 30% or more.

Money Trusts

Over 1 year

Losses on sale

Others(Yen in millions)

As of March 31, 2023

(Yen in millions)

Fair value

As of March 31, 2022
Unrealized
gains (losses)

Principal amountOver 1 year

Fair value

Unrealized
gains (losses)

5,127

—

(175)

(175)

4,757

—

(383)

(383)

663

—

—

—

2,305

—

—

—

6,974

8,543

19,283(10,989)

35,45017,18954,3495,815

Equity index options
Over-thecountertransactions

Short
Long

209,309—[15,518][—]

282,417—[28,207]
Total

—

[—]
—

183,131—[8,293][—]

251,533—

13,043(15,164)[18,261]

19,843(6,795)—[—]—

Note: For option contracts, the figures below the principal amount denoted with [ ] represent option premiums.

192

193

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Notes to Consolidated Financial Statements(4) Bond-related instruments(Yen in millions)

As of March 31, 2023
Principal amountOver 1 year

Markettransactions

Bond futures
Short
Long

Fair value

2. Derivative transactions to which hedge accounting is applied(1) Foreign currency-related instruments

Unrealized
gains (losses)

Over 1 year

Fair value

As of March 31, 2023

Unrealized
gains (losses)

Hedged items

—

—

—

—

2,794

—

24

24

12,423

—

233

233

14,121

—

(80)

(80)

options
Short

3,084

—

[23]

[—]

Long

3,084

—

[28]
—

Total

[—]
—

112

(89)

0

(28)

346

115

—

—

Deferredhedges

[—]

[—]

—

—

[—]
—

[—]
—

Fair value
hedges
—

—

—

—

(55)

(55)

(5) Commodity-related instruments(Yen in millions)

As of March 31, 2023
Principal amountOver 1 year

Markettransactions

Long

Fair value

Fair value

Principal amountOver 1 year

Fair value

Investment in
subsidiaries

324,689—(4,502)

290,888—(12,730)

Available-forsale securities

972,069—(17,770)

991,355—(53,037)

13,8869,934(2,306)

13,886

13,886(1,581)

12,316

12,316(Note)

12,316

12,316————

Available-forsale securities
Bonds held tomaturity(24,580)(Note)(67,349)(2) Interest rate-related instruments(Yen in millions)

As of March 31, 2022
Unrealized
gains (losses)

Principal amountOver 1 year

Fair value

As of March 31, 2023

Unrealized
gains (losses)

319

—

—

—

439

—

—

—

332

—

—

—

169

—

—

—

190,265

438

77,822—[10,338]

[39]

6,250

(4,088)[3,203]

[—]

2,150

(1,053)

6,250(4,088)—2,150(1,053)Hedged items

Principal amountOver 1 year

DeferredhedgesTotal

Interest rate swaps
Rec. fix/Pay float

Insurance
liabilities

As of March 31, 2022
Fair value

Principal amountOver 1 year

Fair value

110,182

110,182(77)

259,782259,782

6,884

—

—

(77)

—

—

6,884

Commodity futures options
Short

—

—

Note: For option contracts, the figures below the principal amount denoted with [ ] represent option premiums.

(6) Others(Yen in millions)

As of March 31, 2023
Principal amountOver 1 year

Natural catastrophe
derivatives
Short
Long

26,904

3,939[1,937][289]

22,5813,600[1,086][110]

Fair value

As of March 31, 2022
Unrealized
gains (losses)

Principal amountOver 1 year

27,696
668

1,268

258

(827)

—

—

6,132

3,653

Fair value

Unrealized
gains (losses)

674

711

173

(468)

0

0

3,249

1,785

16,121[1,386][851]

22,45015,000

[641]

[331]

Strategy & Business Platform Supporting Our Purpose Story

—

Total

Over-thecountertransactions

Assignment
accounting
Total

Foreign exchange
forwards
Short
Foreign exchange
forwards
Short
Currency swaps
Pay foreign/Rec. yen
Currency swaps
Pay foreign/Rec. yen

As of March 31, 2022

Note: As the currency swaps to which assignment accounting is applied are accounted for as an integral part of Bonds held to maturity which are treated as hedged item, the fair value of thecurrency swaps is included in the fair value of the Bonds held to maturity.

Note: For option contracts, the figures below the principal amount denoted with [ ] represent option premiums.

Commodity futures
Short

Principal amountOver 1 year

Bond over-the-counter
Over-thecountertransactions(Yen in millions)

As of March 31, 2022
Principal amount

Weather derivatives
Short

—

—

[—]

[—]

13

—

[1]

[—]

OthersShort
Long

152,480—[9,785]

[—]

7,686

—

[130]
Total

—

[—]
—

464

333

7,523

4,428

72,019—[5,035][—]

14,507—[1,886]
—

[—]
—

1,734

(152)

5,833

1,876

Note: For option contracts, the figures below the principal amount denoted with [ ] represent option premiums.

194

195

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Notes to Consolidated Financial Statements(4) Retirement benefit expenses

Retirement Benefits
1. Outline of retirement benefit plans
The Company and some consolidated subsidiaries have defined benefit plans and defined contribution plans.
Tokio Marine & Nichido has an unfunded lump-sum payment retirement plan covering substantially all employees. The corporate pension
plan is a defined benefit corporate pension plan and a defined contribution pension plan. The benefits of the corporate pension plan andlump-sum payment retirement plan are based on the points which each employee acquired through service.
Additionally, some domestic consolidated subsidiaries have an employee retirement trust.

(Yen in millions)

FY2022(April 1, 2022 – March 31, 2023)

Service costs
Interest costs

17,863
4,778

18,522
3,899

Expected return on plan assets(2,209)(1,617)

Amortization of actuarial losses (gains)

1,911

5,522

Amortization of past service costs (credits)(1,275)(1,258)31528

21,09825,596

Others

2. Defined benefit plan
(1) Changes in retirement benefit obligations

Retirement benefit expenses(Yen in millions)

FY2022(April 1, 2022 – March 31, 2023)

FY2021(April 1, 2021 – March 31, 2022)

Beginning balance

529,706

538,203

Service costs

17,863

18,522

Interest costs

4,778

3,899

Actuarial (gains) losses arising in current year

(26,755)(9,966)

Benefit payments(25,235)(23,684)

0—

Past service costs (credits) arising in current year
OthersEnding balance

2,626

2,731

502,983

529,706(Yen in millions)

275,1262,209

287,449
1,617(26,647)(16,029)

Employer contribution

10,423

10,572

Benefit payments(10,247)(9,796)

552

1,313

251,416

275,126(3) Reconciliation of retirement benefit obligations and plan assets with net defined benefit liabilities and assets

Funded retirement benefit obligations
Plan assets
Unfunded retirement benefit obligations(499)

Others

82

(42)

Total

783

(1,800)(Yen in millions)

As of March 31, 2022

283,920(251,416)

299,676(275,126)

32,50324,550219,063

230,02994

251,720

254,674

Net defined benefit liabilities

255,437

259,198

Net defined benefit assets(3,717)(4,523)

251,720

254,674

As of March 31, 2022

Unrecognized past service costs (credits)
Unrecognized net actuarial losses (gains)(12,805)
32,802(14,080)
34,861

Total

19,996

20,780(%)

As of March 31, 2023

As of March 31, 2023

Net liabilities recognized on the balance sheet

Net liabilities recognized on the balance sheet(1,258)

1,976(7) Plan assets
a. Components of plan assets
Percentages by major categories of plan assets are as follows:(Yen in millions)

153

Asset ceiling adjustments(1,275)

Actuarial differences

As of March 31, 2022

Debt securities
Equity securities

86
1

90
1

Cash and bank deposits

22Life insurance company general accounts

5

4

Others

6

3

Total

100

100

Note: The retirement benefit trusts established for the corporate pension plan and the lump-sum payment retirement plan account for 2% of total plan assets as of March 31, 2023, and 2% of
total plan assets as of March 31, 2022.

b. Calculation of long-term expected rate of return on plan assets
The long-term expected rate of return on plan assets is determined through consideration of present and expected allocation of plan
assets and long-term expected rate of returns on the various types of assets in plan assets.
(8) Actuarial assumptions
Principal actuarial assumptions are as follows:

Note: "Asset ceiling adjustments" represents adjustments to reflect certain limits on the recording of net defined benefit assets at overseas consolidated subsidiaries applying the accounting
standard “Employee Benefits” (IAS 19).

Discount rateLong-term expected rate of return on plan assets(%)

As of March 31, 2023

As of March 31, 2022

0.2–1.5
0.7–1.4

0.2–1.0
0.5–1.1

3. Defined contribution pension plans
The contributions of the Company and its consolidated subsidiaries to the defined contribution pension plan are as follows:

196

Strategy & Business Platform Supporting Our Purpose Story

FY2021(April 1, 2021 – March 31, 2022)

Ending balance

Past service costs(6) Remeasurements of defined benefit plans included in Accumulated other comprehensive income
Remeasurements of defined benefit plans (before tax effect) consist of the following:

FY2022(April 1, 2022 – March 31, 2023)

Others(Yen in millions)

FY2021(April 1, 2021 – March 31, 2022)

As of March 31, 2023

(2) Changes in plan assets

Actuarial gains (losses) arising in current year(5) Remeasurements of defined benefit plans included in Other comprehensive income
Remeasurements of defined benefit plans (before tax effect) consist of the following:
FY2022(April 1, 2022 – March 31, 2023)

Note: The Company and some consolidated subsidiaries use the simplified method in calculation of retirement benefit obligations.

Beginning balance
Expected return on plan assets

FY2021(April 1, 2021 – March 31, 2022)

FY2022 (April 1, 2022 – March 31, 2023)

FY2021 (April 1, 2021 – March 31, 2022)

12,463

10,318(Yen in millions)197

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Notes to Consolidated Financial Statements

Investment Property

Stock Options

1. Some consolidated subsidiaries own office buildings and land mainly in Tokyo, Osaka and Nagoya, of which some properties are leased.
The carrying amount shown on the consolidated balance sheet, its change during the year and the fair value at the end of the fiscal year ofthese investment properties are as follows:

1. Expenses related to stock options on the consolidated statement of income(Yen in millions)

FY2022(April 1, 2022 – March 31, 2023)

Carrying amount shown on the consolidated balance sheet
Beginning balance

FY2021(April 1, 2021 – March 31, 2022)

FY2021(April 1, 2021 – March 31, 2022)

Loss adjustment expenses—

21

Operating and general administrative expenses—

94(Note) The Company and its major domestic consolidated subsidiaries has adopted a stock-based compensation system through BIP Trust in the previous fiscal year.

86,79584,331

Change during the year

(1,840)2,461Ending balance

84,954

86,792

148,785

159,382

Fair value at the end of the fiscal year

(Yen in millions)

FY2022(April 1, 2022 – March 31, 2023)

2. Details of stock options(1) Details of stock options

Note: 1. Carrying amount shown on the consolidated balance sheet is the acquisition cost after the deduction of accumulated depreciation and accumulated impairment losses.
2. For the fiscal year 2022, the increase is mainly due to the acquisition of real estate properties of 8,263 million yen and renovation work of 3,415 million yen, and the decrease is mainly
due to the sale of real estate properties of 14,298 million yen. In addition, for the fiscal year 2021, the increase is mainly due to the acquisition of real estate properties of 3,104 millionyen.
3. Fair value at the end of the fiscal year is primarily based on appraisals by qualified independent valuers.

2. Income and expenses related to investment property are as follows:

Stock options(July 2019)

Title and numberof grantees(Note 1)

(Yen in millions)

FY2022(April 1, 2022 – March 31, 2023)

FY2021(April 1, 2021 – March 31, 2022)

Rental income
Direct operating expenses

6,654
8,470

7,462
5,862

Net amount(1,815)

1,600

Others (Gains and losses on disposal by sales, etc.)

6,379

2,255

Note: Rental income is included in Interest and dividends. Direct operating expenses such as depreciation, repairs and maintenance, insurance costs, and taxes are included in Operating andgeneral administrative expenses. Others, such as gains and losses on disposal by sales and impairment losses, is included in Extraordinary gains or Extraordinary losses.

Number of stock
options (Note 2)
Grant date
Vesting conditions
Requisite service
periodExercise period(Note 4)

Stock options(July 2018)

Directors of the Company: 12
Executive officers of
the Company: 13
Directors of the Company’s
consolidated subsidiaries: 17
Executive officers of the Company’s
consolidated subsidiaries: 52

Directors of the Company: 13
Executive officers of
the Company: 17
Directors of the Company’s
consolidated subsidiaries: 14
Executive officers of the Company’s
consolidated subsidiaries: 49

Directors of the Company: 13
Executive officers of
the Company: 12
Directors of the Company’s
consolidated subsidiaries: 15
Executive officers of the Company’s
consolidated subsidiaries: 51

Common stock: 480,300 shares

Common stock: 481,200 shares

Common stock: 479,700 shares

July 9, 2019
(Note 3)

July 10, 2018
(Note 3)

July 11, 2017
(Note 3)

From July 10, 2019 to June 30, 2020

From July 11, 2018 to June 30, 2019

From July 12, 2017 to June 30, 2018

From July 10, 2019 to July 9, 2049

From July 11, 2018 to July 10, 2048

From July 12, 2017 to July 11, 2047

Number of stock
options (Note 2)
Grant date
Vesting conditions
Requisite service
periodExercise period(Note 4)

Stock options(July 2015)

Directors of the Company: 11
Executive officers of
the Company: 8
Directors of the Company’s
consolidated subsidiaries: 14
Executive officers of the Company’s
consolidated subsidiaries: 51

Directors of the Company: 10
Executive officers of
the Company: 8
Directors of the Company’s
consolidated subsidiaries: 14
Executive officers of the Company’s
consolidated subsidiaries: 46

Directors of the Company: 10
Executive officers of
the Company: 6
Directors of the Company’s
consolidated subsidiaries: 23
Executive officers of the Company’s
consolidated subsidiaries: 34

Common stock: 535,200 shares

Common stock: 480,000 shares

Common stock: 581,400 shares

July 12, 2016
(Note 3)

July 14, 2015
(Note 3)

July 8, 2014
(Note 3)

From July 13, 2016 to June 30, 2017

From July 15, 2015 to June 30, 2016

From July 9, 2014 to June 30, 2015

From July 13, 2016 to July 12, 2046

From July 15, 2015 to July 14, 2045

From July 9, 2014 to July 8, 2044

Stock options(July 2013)

Title and numberof grantees(Note 1)

Number of stock
options (Note 2)
Grant date
Vesting conditions
Requisite service
periodExercise period(Note 4)

Stock options(July 2014)

Stock options(July 2012)

Strategy & Business Platform Supporting Our Purpose Story

Stock options(July 2016)

Title and numberof grantees(Note 1)

Stock options(July 2017)

Stock options(July 2011)

Directors of the Company: 10
Executive officers of
the Company: 4
Directors of the Company’s
consolidated subsidiaries: 23
Executive officers of the Company’s
consolidated subsidiaries: 30

Directors of the Company: 10
Executive officers of
the Company: 4
Directors of the Company’s
consolidated subsidiaries: 24
Executive officers of the Company’s
consolidated subsidiaries: 30

Directors of the Company: 11
Executive officers of the Company: 7
Directors of the Company’s
consolidated subsidiaries: 22
Executive officers of the Company’s
consolidated subsidiaries: 31

Common stock: 606,300 shares

Common stock: 787,500 shares

Common stock: 666,300 shares

July 9, 2013
(Note 3)

July 10, 2012
(Note 3)

July 12, 2011
(Note 3)

From July 10, 2013 to June 30, 2014

From July 11, 2012 to June 30, 2013

From July 13, 2011 to June 30, 2012

From July 10, 2013 to July 9, 2043

From July 11, 2012 to July 10, 2042

From July 13, 2011 to July 12, 2041

Note: 1. The number of directors of the Company’s consolidated subsidiaries and executive officers of the Company’s consolidated subsidiaries exclude those concurrently serving as directorsof the Company and executive officers of the Company.
2. The Company implemented a stock split by a ratio of three shares per share with an effective date of October 1, 2022. The number of stock options is converted into the numbers ofequivalent shares and presented on an after-stock split basis.

198

199

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Notes to Consolidated Financial Statements
3. Stock options are vested on the grant date. If directors or executive officers of the Company or the Company’s subsidiaries retire or resign from their position before the end of service
period, the number of exercisable stock options is calculated by the following formula:
Exercisable stock options = Stock options allotted × Months of service from July in the fiscal year of grant to the month of retirement / 12
Remaining stock options expire after the retirement date, and cannot be exercised after that date.
4. Stock options can only be exercised within ten days from the day following the retirement or resignation from the position of directors, executive officers, or Audit & Supervisory Board
Members of the Company or the Company’s consolidated subsidiaries.

(2) Figures relating to stock options
The number of stock options that existed in the fiscal year 2022 is converted into the number of equivalent shares and listed.
(a) Number of stock options
Stock options(July 2019)

Stock options before vesting (converted
into the number of equivalent shares)
Outstanding at the beginning of the year

Stock options(July 2018)

Stock options(July 2017)

Stock options(July 2016)

Stock options(July 2015)

Stock options(July 2014)

—

—

—

—

—

—

—

—

—

—

—

—

Forfeited

—

—

—

—

—

—

Vested

—

—

—

—

—

—

—

—

—

—

—

—

3,000

3,300

3,900

2,700

2,400

2,400

Vested

—

—

—

—

—

—

Exercised

—

—

—

—

—

—

Forfeited (Note)

—

—

—

—

—

—

3,000

3,300

3,900

2,700

2,400

2,400

Stock options(July 2013)

Stock options(July 2012)

Stock options(July 2011)

Outstanding at the end of the year

—

—

—

Granted———Forfeited———

Vested———Outstanding at the end of the year

—

—

—

Exercisable stock options (converted
into the number of equivalent shares)
Outstanding at the beginning of the year

Stock options(July 2016)

Stock options(July 2015)

300

300

300

300

Average share price at exercise

—

—

—

—

—

523,700

500,700

455,100

337,700

500,800

Stock options(July 2014)

Stock options(July 2013)

Stock options(July 2012)

Stock options(July 2011)

Exercise price (Note)

300

300

300

Average share price at exercise

—

—

—

—

310,800

332,600

181,900

219,500

Fair value on the grant date

300

300

Note: 1. Exercise price per one stock option
2. The Company implemented a stock split by a ratio of three shares per share with an effective date of October 1, 2022. The above exercise prices are presented on an after-stock split
basis.

3. Valuation technique used for the estimated fair value of stock options
There were no stock options granted during the fiscal year 2022.
4. Estimate of vested number of stock options
Not applicable, as all rights have vested.

Per Share Information(Yen)

FY2022(April 1, 2022 – March 31, 2023)

FY2021(April 1, 2021 – March 31, 2022)

1,823.65

1,977.35

Net income per share – Basic

187.33204.48Net income per share – Diluted

187.33204.42

Net assets per share

Note: 1. Calculations of "Net income per share – Basic" and "Net income per share – Diluted" are based on the following figures.

FY2022(April 1, 2022 – March 31, 2023)

FY2021(April 1, 2021 – March 31, 2022)

376,447

420,484

Net income per share – Basic

3,000

5,100

1,800

—

—

—

Net income attributable to owners of the parent (Yen in millions)

Exercised———

Forfeited (Note)

—

—

—

3,000

5,100

1,800

Amount not attributable to common shareholders (Yen in millions)
Net income attributable to owners of the parent related tocommon stock (Yen in millions)Average number of shares outstanding (In thousand shares)

Outstanding at the end of the year

Stock options(July 2017)

Exercise price (Note)

VestedNote: The Company implemented a stock split by a ratio of three shares per share with an effective date of October 1, 2022. The above numbers of shares are presented on an after-stock split
basis.

Stock options(July 2018)

Net income per share – Diluted
Adjustment of net income attributable to owners of theparent (Yen in millions)
Increased number of common stock (In thousand shares)
Increased number of stock acquisition rights (In thousand shares)——

376,447

420,484

2,009,454

2,056,279

—

—

27

592

27

592

Strategy & Business Platform Supporting Our Purpose Story

Stock options before vesting (converted
into the number of equivalent shares)
Outstanding at the beginning of the year

(Yen)

Stock options(July 2019)

Fair value on the grant date

GrantedOutstanding at the end of the year
Exercisable stock options (converted
into the number of equivalent shares)
Outstanding at the beginning of the year(b) Price information

2. In the calculation of "Net income per share - Basic" and "Net income per share - Diluted", the Company shares outstanding in BIP Trust which are recognized as Treasury stock in
Shareholders' equity are included in treasury stock deducted from Average number of shares outstanding (fiscal year 2022: 2,212 thousand shares, fiscal year 2021: 1,506 thousand
shares). In addition, in the calculation of "Net assets per share", such shares are included in treasury stock deducted from the number of total shares outstanding (fiscal year 2022:
2,117 thousand shares, fiscal year 2021: 2,458 thousand shares).
3. The Company implemented a stock split by a ratio of three shares per share with an effective date of October 1, 2022. "Net assets per share", "Net income per share - Basic" and "Netincome per share - Diluted" are calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

200

201

Financial Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Notes to Consolidated Financial Statements

Solvency Margin Ratio

Subsequent Events

Sufficiency of solvency of insurance holding company and its subsidiaries, etc. to fulfill
payment obligations such as insurance claims

On May 19, 2023 the Company's board of directors resolved repurchases of its own shares, pursuant to Article 156 of theCompanies Act which is applicable in accordance with Article 165, Paragraph 3 of the Companies Act, as detailed below.
1. Reason for the repurchase of shares
The Company intends to repurchase its own shares in order to implement flexible financial policies.
2. Class of shares to be repurchased
Common stock of the Company
3. Aggregate number of shares to be repurchased
Up to 30,000,000 shares
4. Aggregate purchase price of shares
Up to 50 billion yen
5. Period in which repurchases may be madeFrom May 22, 2023 through September 22, 2023

Tokio Marine Holdings' solvency margin ratio (consolidated)(Yen in millions)

Tokio Marine &Nichido Fire
Insurance Co., Ltd.
Delphi Financial
Group, Inc.

Beginningbalance(Yen in millions)Endingbalance(Yen in millions)First series of domestic
subordinated unsecured
bonds with interest
deferral option and early
redemption option

Dec. 24, 2019

Subordinated Bondin USDMay 23, 2007

19,753(USD 171,737
thousand)Jun. 13, 2007

42
(USD 370
thousand)—

219,795

222,811

Surplus Note

Total

—

200,000

Coupon(%)

200,000
22,811(USD 171,902
thousand)

0.96

Collateral

N/A

1,129,262

Reserve for price fluctuation

132,394

138,331

Contingency reserve

64,711

61,8691,136,120

1,145,489

3,505

3,411

1,248,244

2,313,740

286,856

273,658

Catastrophe loss reserve
General allowance for doubtful accounts
Unrealized gains (losses) on available-for-sale securities and deferred gains(losses) on hedge transactions before tax effect deductions
Unrealized gains (losses) on land

Maturity date

Dec. 24, 2079

Total amount of unrecognized actuarial difference and unrecognizedprior service costs before tax effect deductions
Excess of premium reserve, etc.

(20,010)(20,759)

287,390294,676

Subordinated debt, etc.

300,000

300,000

Amounts within "Excess of premium reserve, etc." and"Subordinated debt, etc." not calculated into the margin
Total margin of Small Amount and Short Term Insurers

—

—

783

628

156,141

159,990513,019473,330

1,576,526

1,439,272

General insurance risk on non-life insurance contracts (R1)

486,054

411,122

Life insurance risk (R2)

39,691

34,923

Third sector insurance risk (R3)

66,602

51,776

Deductions
Others(B) Total amount of risks

3.35–7.80

1.52
—

N/A

N/A
—

May 1, 2067

Jun. 13, 2022—√(√(R +R )+R +R ) +(R +R +R ) +R +R
1

2

2

2

3

4

2

5

6

7

2

8

9

Insurance risk of Small Amount and Short Term Insurers (R4)
Assumed interest rate risk (R5)10

1019,663

21,431

Note: 1. The figures denoted with ( ) in the columns for beginning balance and ending balance are the amounts denominated in foreign currency.
2. There is no redemption schedule within five years after the consolidated closing date.

Minimum guarantee risk on life insurance contracts (R6)

(Schedule of borrowings)

Business administration risk (R8)39,71135,940Catastrophe risk on non-life insurance contracts (R9)395,276

315,825(C) Solvency margin ratio on a consolidated basis [(A)/{(B) × 1/2}] ×100

627.5%

827.3%

Asset management risk (R7)Beginningbalance(Yen in millions)Endingbalance(Yen in millions)Averageinterest rate(%)

Short-term borrowings

23,57930,521

4.4—

Long-term borrowings to be repaid within 1 year

66,136———

Lease obligations to be repaid within 1 year

3,384

12,1803.2

189,078

278,379

3.0—
Apr. 30, 2024 toJan. 1, 2046
Jan. 1, 2024 toAug. 31, 2042—

Long-term borrowings other than those to be repaid within 1 year
Lease obligations other than those to be repaid within 1 year

10,81552,675

3.2

Total

292,993373,756—

Maturity date

Note: 1. Average interest rate is calculated based on the interest rate as of the end of the fiscal year and the outstanding principal amount.
2. The above amount is included in Other liabilities in the consolidated balance sheet.
3. Repayment schedule of long-term borrowings and lease obligations to be repaid within 5 years (excluding the amount to be repaid within 1 year) after the closing date is as follows:(Yen in millions)Over 1 to 2 years

Over 2 to 3 years

Over 3 to 4 years

Over 4 to 5 years

Long-term borrowings

39,81078,293—63,032

Lease obligations

11,250

9,200

7,385

6,055

(Schedule of asset retirement obligations)
Detailed information is omitted due to its immateriality.

202

5,953,649

1,150,128

2,188

2,235

976,083

959,700

Note: "Solvency margin ratio on a consolidated basis" is calculated in accordance with Article 210-11-3 and 210-11-4 of the Ordinance for Enforcement of the Insurance Business Act andPublic Notice No. 23 issued by the Financial Services Agency in 2011.

Solvency margin ratio (consolidated)
1. Most subsidiaries in Tokio Marine Group engage in non-life insurance business, life insurance business and Small Amount and ShortTerm insurance business. In addition to reserves to cover claim payments, payments for maturity refunds of saving type insurance
policies, etc., it is necessary for insurance groups to maintain sufficient solvency in order to cover risks that exceed normal estimates, e.g.
occurrences of a major catastrophe, or a significant decline in value of assets held by insurance groups.

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Privilege Underwriters
Reciprocal Exchange

Issue date

4,947,004

Shareholders’ equity less adjusting items(Schedule of corporate bonds)
Series

As of March 31, 2022

(A) Total amount of solvency margin

Supplementary Schedule

IssuerAs of March 31, 2023

2. (C) Solvency margin ratio is the ratio of (A) Total amount of solvency margin (i.e. solvency of insurance company groups in terms of theircapital, reserves, etc.) to (B) Total amount of risks (i.e. risks that exceed normal estimates) which is calculated in accordance with theInsurance Business Act.
3. "Risks that exceed normal estimates" is composed of risks described below.
(1) General insurance risk on non-life insurance contracts, life insurance risk, third sector insurance risk and insurance risk of Small
Amount and Short Term Insurers: risk that insurance claims occur in excess of normal estimates excluding catastrophe risk on
non-life insurance contracts.
(2) Assumed interest rate risk: risk that invested assets fail to yield assumed interest rates due to factors such as downturn of investment
conditions.
(3) Minimum guarantee risk on life insurance contracts: risk that value of assets related to the minimum guarantee for benefits of
insurance contracts, which are managed as a separate account, fluctuates in excess of normal estimates and falls below the minimum
guaranteed benefits when they are to be paid.
(4) Asset management risk: risk that the prices of retained securities and other assets fluctuate in excess of normal estimates.

203

Financial Data—

Financial and Non-Financial Data—

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Solvency Margin Ratio(5) Business administration risk: risk that occurs in excess of normal estimates and does not fall under other categories.
(6) Catastrophe risk on non-life insurance contracts: risk that a major catastrophe in excess of normal estimates which is equivalent to theGreat Kanto Earthquake or Isewan Typhoon or overseas major catastrophe occurs.
4. Subsidiaries that were excluded from the scope of consolidation in preparation of the consolidated financial statements due toimmateriality were included within the calculation of the consolidated solvency margin ratio.
5. Solvency of insurance company groups in terms of their capital, reserves, etc. ((A) Total amount of solvency margin) is the total amount of
net assets excluding planned outflows, certain reserves (e.g. price fluctuation reserve, contingency reserve, catastrophe loss reserve,etc.) and part of unrealized gains (losses) on land, etc.
6. Solvency margin ratio on a consolidated basis is one of the objective indicators used by the regulatory authority to supervise corporategroups headed by an insurance holdings company. A ratio exceeding 200% indicates sufficient solvency to fulfill payment obligations suchas insurance claims.

Sufficiency of solvency of major domestic subsidiaries to fulfill payment obligations such as insurance
claimsSolvency margin ratio (non-consolidated) for Tokio Marine & Nichido Fire Insurance Co., Ltd.
(Yen in millions)(A) Total amount of solvency margin
Shareholders’ equity less adjusting items
Reserve for price fluctuation
Contingency reserve
General allowance for doubtful accounts
Unrealized gains (losses) on available-for-sale securities and deferredgains (losses) on hedge transactions before tax effect deductions
Unrealized gains (losses) on land

As of March 31, 2022

5,287,626

5,384,523

1,421,939

1,365,291

108,000

115,167

9,578

7,546

1,081,242

1,085,378

202

183

1,772,797

1,948,640

260,134

249,460——

Subordinated debt, etc.
Amounts within "Excess of policyholders’ contract deposits" and"Subordinated debt, etc." not calculated into the margin
Deductions

200,000

200,000

—

—

590

—

Others434,321412,854

1,231,234

1,276,937

208,993205,776

Excess of policyholders’ contract deposits(B) Total amount of risks√(R +R ) +(R +R ) +R +R
1

2

2

3

4

2

General insurance risk (R1)

5

6

Third sector insurance risk (R2)——

Assumed interest rate risk (R3)

13,762

15,485

Asset management risk (R4)

1,023,509

1,055,088

Business administration risk (R5)27,831

28,688Catastrophe risk (R6)

145,286

158,078858.9%

843.3%(C) Solvency margin ratio [(A)/{(B) × 1/2}] × 100

2. (C) Solvency margin ratio is the ratio of (A) Total amount of solvency margin (i.e. solvency of insurance companies in terms of theircapital, reserves, etc.) to (B) Total amount of risks (i.e. risks that exceed normal estimates), which is calculated in accordance with theInsurance Business Act.
3. "Risks that exceed normal estimates" is composed of risks described below.
(1) (General) insurance risk, third sector insurance risk: risk that insurance claims occur in excess of normal estimates excluding
catastrophe risk.
(2) Assumed interest rate risk: risk that invested assets fail to yield assumed interest rates due to factors such as downturn of investment
conditions.
(3) Minimum guarantee risk: risk that value of assets related to the minimum guarantee for benefits of insurance contracts, which aremanaged as a separate account, fluctuates in excess of normal estimates and falls below the minimum guaranteed benefits when
they are to be paid.
(4) Asset management risk: risk that prices of retained securities and other assets fluctuate in excess of normal estimates.
(5) Business administration risk: risk that occurs in excess of normal estimates and does not fall under other categories.
(6) Catastrophe risk: risk that a major catastrophe in excess of normal estimates which is equivalent to the Great Kanto Earthquake or
Isewan typhoon occurs.
4. Solvency of insurance companies in terms of their capital, reserves, etc. ((A) Total amount of solvency margin) is the total amount of net
assets excluding planned outflows, certain reserves (e.g. reserve for price fluctuation, contingency reserve, catastrophe loss reserve, etc.)
and part of unrealized gains (losses) on land, etc.
5. Solvency margin ratio is one of the objective indicators used by the regulators to supervise insurance companies. A ratio exceeding 200%
indicates sufficient solvency to fulfill payment obligations such as insurance claims.
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Catastrophe loss reserve

As of March 31, 2023

Solvency margin ratio (non-consolidated)
1. In addition to reserves to cover claim payments, payments for maturity refunds of saving type insurance policies, etc., it is necessary forinsurance companies to maintain sufficient solvency in order to cover risks that exceed normal estimates, e.g. occurrences of a major
catastrophe, a significant decline in value of assets held by insurance companies.

Note: "Solvency margin ratio" is calculated in accordance with Article 86 and 87 of the Ordinance for Enforcement of the Insurance Business Act and with Ministry of Finance Official
Notification No. 50 issued in 1996.

204

205

Financial Data—

Financial and Non-Financial Data—

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Solvency Margin Ratio

Solvency margin ratio (non-consolidated) for Nisshin Fire & Marine Insurance Co., Ltd.

Solvency margin ratio (non-consolidated) for Tokio Marine & Nichido Life Insurance Co., Ltd.
(Yen in millions)

As of March 31, 2023

As of March 31, 2022

(Yen in millions)

As of March 31, 2023

As of March 31, 2022

133,868

145,459

555,469

648,429

Shareholders’ equity less adjusting items

60,57460,483

Shareholders’ equity less adjusting items

126,960

119,748

Reserve for price fluctuation

5,048

4,896

Reserve for price fluctuation

19,346

18,267——

Contingency reserve

55,13354,32353,92656,981

20

42

4,009

12,863

2,461

2,402

Excess of policyholders’ contract deposits——

Subordinated debt, etc.

Subordinated debt, etc.

—

—

—

—

Amounts within "Excess of continued Zillmerized reserve" and"Subordinated debt, etc." not calculated into the margin
Deductions——

Others(A) Total amount of solvency margin

Contingency reserve
Catastrophe loss reserve
General allowance for doubtful accounts
Unrealized gains (losses) on available-for-sale securities and deferredgains (losses) on hedge transactions before tax effect deductions
Unrealized gains (losses) on land

Amounts within "Excess of policyholders’ contract deposits" and"Subordinated debt, etc." not calculated into the margin
Deductions
Others(B) Total amount of risks√(R +R ) +(R +R ) +R +R
1

2

2

3

4

2

5

6

General insurance risk (R1)

Third sector insurance risk (R2)

(A) Total amount of solvency margin

General allowance for doubtful accounts
Unrealized gains (losses) on available-for-sale securities and deferredgains (losses) on hedge transactions before tax effect deductions × 90%
Unrealized gains (losses) on land × 85%

325

338

17,118161,832——

Excess of continued Zillmerized reserve

287,390294,676√(R +R ) +(R +R +R ) +R

100,000

100,000(121,675)(153,442)——

70,87052,685

7,826

7,790

106,044

114,91322,542

23,361

Insurance risk (R1)

16,734

16,652

14,448

14,614

Third sector insurance risk (R8)

7,011

6,790

—

—

Assumed interest rate risk (R2)

5,261

5,226

(B) Total amount of risks

1

8

2

2

3

7

2

4

Assumed interest rate risk (R3)

639

719

Minimum guarantee risk (R7)

2,188

2,235

Asset management risk (R4)

5,972

6,572

Asset management risk (R3)

93,344102,311

543

567

6,110

6,461

1,187.6%

1,245.2%

Business administration risk (R5)
Catastrophe risk (R6)(C) Solvency margin ratio [(A)/{(B) × 1/2}] × 100

Note: "Solvency margin ratio" is calculated in accordance with Article 86 and 87 of the Ordinance for Enforcement of the Insurance Business Act and with Ministry of Finance Official
Notification No. 50 issued in 1996.

Business administration risk (R4)(C) Solvency margin ratio [(A)/{(B) × 1/2}] × 100

Note: "Solvency margin ratio" is calculated in accordance with Article 86 and 87 of the Ordinance for Enforcement of the Insurance Business Act and with Ministry of Finance Official
Notification No. 50 issued in 1996.

As of March 31, 2023

As of March 31, 2022

1,759

1,743

1,609

1,598

Reserve for price fluctuation

—

—

—

Catastrophe loss reserve

10

8

—

—

—

—

950

3,129

General allowance for doubtful accounts
Unrealized gains (losses) on available-for-sale securities
before tax effect deductions
Unrealized gains (losses) on landPart of reserve for dividends to policyholders excluding dividends
for following period
Future profit

—

—

—

—

—

—

—

—

Tax effect

140

135

Subordinated debt, etc.

——

Deductions

—

—

105

101

31

31

As of March 31, 2023

As of March 31, 2022

(A) Total amount of solvency margin

12,98815,484

Total net assets excluding deferred assets, etc.

12,037

12,354

Reserve for price fluctuation—

Contingency reserve
Catastrophe loss reserve
General allowance for doubtful accounts
Unrealized gains (losses) on available-for-sale securities and deferredgains (losses) on hedge transactions before tax effect deductions
Unrealized gains (losses) on land

0

0

—

—

—

—

Excess of policyholders’ contract deposits——

Subordinated debt, etc.
Amounts within "Excess of policyholders’ contract deposits" and"Subordinated debt, etc." not calculated into the margin
Deductions

—

—

—

—

—

—

(B) Total amount of risks
Insurance risk

√R +R +R +R
1

2

2

2

3

4

—

—

4,666

4,784

General insurance risk (R1)

5

5

4,205

4,312

Catastrophe risk (R4)26

26

Third sector insurance risk (R2)——

Asset management risk (R2)77

73

Assumed interest rate risk (R3)——

Business administration risk (R3)22Asset management risk (R4)

359

427

3,329.6%

3,434.0%

Business administration risk (R5)

145

151

Catastrophe risk (R6)

300

300

556.6%

647.2%

Others(B) Total amount of risks√(R +R ) +(R +R ) +R +R
1

2

2

3

4

2

General insurance risk (R1)

(C) Solvency margin ratio [(A)/{(B) × 1/2}] × 100

56(C) Solvency margin ratio [(A)/{(B) × 1/2}] × 100

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2,664
1,128.5%

Solvency margin ratio (non-consolidated) for Tokio Marine Millea SAST Insurance Co., Ltd.

Solvency margin ratio (non-consolidated) for E. design Insurance Co., Ltd.

(A) Total amount of solvency margin

2,490
1,047.6%

Note: The above figures are calculated in accordance with Article 211-59 and 211-60 of the Ordinance for Enforcement of the Insurance Business Act and Public Notice No. 14 issued by the
Financial Services Agency in 2006.

Note: "Solvency margin ratio" is calculated in accordance with Article 86 and 87 of the Ordinance for Enforcement of the Insurance Business Act and with Ministry of Finance Official
Notification No. 50 issued in 1996.

206

207

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Financial and Non-Financial Data—

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Solvency Margin Ratio

Market Consistent Embedded Value (MCEV)
Embedded Value for Tokio Marine ＆ Nichido Life Insurance Co., Ltd. (TMNL)

Solvency margin ratio (non-consolidated) for Tokio Marine West SAST Insurance Co., Ltd.

About MCEV(Yen in millions)

As of March 31, 2023

As of March 31, 2022

2,545

2,014

1,911

1,530

Reserve for price fluctuation——

Catastrophe loss reserve

8

6

General allowance for doubtful accounts
Unrealized gains (losses) on available-for-sale securities before
tax effect deductions
Unrealized gains (losses) on landPart of reserve for dividends to policyholders excluding dividends
for following period
Future profit

—

—

—

—

Tax effect

625

477

Subordinated debt, etc.

——

Deductions

—

—

102

94

27

27

(A) Total amount of solvency margin
Total net assets excluding deferred assets, etc.

(B) Total amount of risks
Insurance risk

√R +R +R +R
1

2

2

2

3

4

—

—

—

—

—

—

The current Japanese financial accounting standards focus on conservativeness and have the limitation that the profits generated from life
insurance business are generally undervalued shortly after underwriting contracts in terms of the valuation and assessment of performanceof life insurance business.
Embedded values (EV) are calculated as the total of the "adjusted net worth" and the "value of in-force." EV is designed to address thelimitations of the financial accounting standards in order to facilitate an appropriate evaluation of value and improve performanceassessment, considering the actual situation of the business performance.
While there have been various methodologies for calculation of EV, the European Insurance CFO Forum released its MCEV Principles,the European Insurance CFO Forum Market Consistent Embedded Value Principles, in June 2008, to enhance the consistency of valuation
standards and unify the standards for disclosures. TMNL has been disclosing its EV in compliance with the MCEV Principles to enhance thedisclosure since the fiscal year ended March 31, 2015.

MCEV as of March 31, 2023
1. MCEV as of March 31, 2023
MCEV of TMNL as of March 31, 2023, was 1,199.3 billion yen, a decrease of 10.7 billion yen from the previous fiscal year end (March 31,2022). MCEV consisted of 48.7 billion yen of adjusted net worth and 1,150.6 billion yen of value of in-force.

General insurance risk (R1)

4

4Catastrophe risk (R4)22

22

Asset management risk (R2)

77

69

Adjusted net worth

542.1

2

48.7

Business administration risk (R3)

1

Value of in-force

1,150.6

667.9

322.7

4,986.5%

4,275.9%

MCEV at fiscal year-end

1,199.3

1,210.0

1,177.3

75.0

69.4

55.0

(C) Solvency margin ratio [(A)/{(B) × 1/2}] × 100

Note: The above figures are calculated in accordance with Article 211-59 and 211-60 of the Ordinance for Enforcement of the Insurance Business Act and Public Notice No. 14 issued by the
Financial Services Agency in 2006.

(Yen in millions)

As of March 31, 2023—

Total net assets excluding deferred assets, etc.

486—

Reserve for price fluctuation——

Catastrophe loss reserve

0—

General allowance for doubtful accounts
Unrealized gains (losses) on available-for-sale securities before
tax effect deductions
Unrealized gains (losses) on landPart of reserve for dividends to policyholders excluding dividends
for following period
Future profit

—

—

—

—

—

—

—

—

—

—

Tax effect——Subordinated debt, etc.

——

Deductions

—

—

4

—

0

—

General insurance risk (R1)0—

Catastrophe risk (R4)——

Asset management risk (R2)

4—

Business administration risk (R3)0—20,928.4%—(B) Total amount of risks
Insurance risk

√R +R +R +R
1

2

2

2

3

4

(C) Solvency margin ratio [(A)/{(B) × 1/2}] × 100

FY2020854.6

2. Change in MCEV
During FY2022, the change in MCEV (before dividends paid) was 76.5 billion yen, which was a decrease of 2.5 billion yen from the previous
fiscal year change in MCEV (FY2021). The reactionary decrease of the actuarial assumption changes and the reactionary increase ineconomic variances from FY2021 offset each other, and so changes in MCEV year on year were flat overall. (For details on the changes,
refer to “Reconciliation Analysis of MCEV from the End of FY2021.”)(Billions of yen)

As of March 31, 2022

486(A) Total amount of solvency margin

New business value

FY2021

Change in MCEV
(Before dividends paid)(Reference)
Change in MCEV
(Before dividends paid and excluding economic variances)

FY2022

FY2021

76.5

79.1

86.7

125.6

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Solvency margin ratio (non-consolidated) for Tokio Marine X SAST Insurance Co., Ltd.

(Billions of yen)

FY2022

Note: The above figures are calculated in accordance with Article 211-59 and 211-60 of the Ordinance for Enforcement of the Insurance Business Act and Public Notice No. 14 issued by the
Financial Services Agency in 2006.

208

209

Financial Data—

Financial and Non-Financial Data—

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Market Consistent Embedded Value (MCEV)
Embedded Value for Tokio Marine ＆ Nichido Life Insurance Co., Ltd. (TMNL)
Reconciliation Analysis of MCEV from the End of FY 2021
The table below shows the reconciliation analysis of MCEV as of March 31, 2023 with the MCEV as of March 31, 2022.

(Billions of yen)

MCEVOpening MCEV (MCEV as of March 31, 2022)(1) Dividends paid
Adjusted opening MCEV
(2) New business value(3) Expected existing business contribution (risk-free rate)(4) Expected existing business contribution (in excess of risk-free rate)(5) Actuarial experience variances(6) Actuarial assumption changes(7) Other operating variances(8) Operating MCEV earnings ((2)–(7))(9) Economic variances(10) Other non-operating variances
Total MCEV earnings (before dividends paid)
Closing MCEV (MCEV as of March 31, 2023)

1,210.0(87.3)
1,122.7
75.0
19.3
6.5
(22.9)
10.7
(1.9)
86.7
(10.1)―
76.5
1,199.3

The sensitivity analysis in P.191 presented the impact of changing the extrapolation of JPY-interest rates beyond the 40th year to use anultimate forward rate (UFR) method. This UFR method entails setting the JPY ultimate forward rate to 3.8%, extrapolating rates from year
30,and applying the Smith-Wilson method so that forward rates from the 31st year onwards approach to the UFR in 30 years. This method
was established with reference to the global Insurance Capital Standard (ICS) currently in development by the International Association of
Insurance Supervisors (IAIS). Representative JPY interest rates are as follows:
JPY

Term
1 year
5 years
10 years
20 years
30 years
40 years
50 years

End of March 2023

(0.10%)
0.10%
0.45%
1.09%
1.35%
1.72%
2.10%

We have not included a liquidity premium in the risk-free rates given that definitions in the MCEV Principles are not clear and generally
accepted practice has not yet been established. Negative interest rates are not floored at zero.
2. Insurance Assumptions
Assumptions

Sensitivity Analysis

Mortality and morbidity rates

The impacts of changing specified assumptions underlying the MCEV are as follows.
Assumption

Base case: MCEV as of March 31, 2023
(1) Interest rates(8) Morbidity rates(9) Required capital(10) Foreign exchange rates

No change
50bp decrease
50bp increase
Swap
Ultimate fwd rate
10% decrease
25% increase
25% increase
10% decrease
×0.9
Death protection products: ×0.95
A&H products and annuity
products: ×0.95
×0.95
Solvency margin ratio of 200%
10% appreciation of JPY(Billions of yen)

MCEV

Change in amountRate of change

1,199.3
1,115.3
1,200.5
971.0
1,379.1
1,196.2
1,193.9
1,133.8
1,244.8
1,204.9
1,221.3―(839)
11(2,282)
1,797
(30)
(54)
(655)
454
55
219

―
(7.0%)
0.1%(19.0%)
15.0%(0.3%)(0.5%)(5.5%)
3.8%
0.5%
1.8%

1,186.4(129)(1.1%)

1,272.1
1,199.3
1,200.9

727
―
16

6.1%
―
0.1%

Surrender and lapse rates
Renewal rates

Operating expense rates

Effective tax rate
Consumption tax rate
Inflation rate

Assumptions
1. Risk-Free Rates
We have used government bond yields as of the end of March 2023.
The Company has made sets to the method of 1-year forward rate of government bonds in the 41st year and thereafter, assuming that
adjustments were carried out based on the past yield fluctuations in the 40-year spot rate.We have adjusted and used Bloomberg’s
government bond yields as our data source.The government bond yields (spot rates) for key terms are shown below.

Policyholder dividend

Reinsurance

JPY

Term
1 year
5 years
10 years
20 years
30 years
40 years
50 years

210

End of March 2023

End of March 2022

(0.10%)
0.10%
0.45%
1.09%
1.35%
1.36%
1.43%

(0.08%)
0.03%
0.23%
0.73%
0.95%
0.95%
1.03%

With reference to the break-even inflation rate from the most recently issued inflation index-linked
government bond and the past Consumer Price Index (CPI), inflation rates are set as shown below.
1.0%Strategy & Business Platform Supporting Our Purpose Story(2) Stock/real estate market values(3) Stock/real estate implied volatility(4) Interest swaption implied volatility(5) Maintenance expenses(6) Surrender and lapse rates(7) Mortality rates

Change in assumption

Basis of assumptions
Mortality and morbidity rates are developed based on claims experience of the latest 1–3 years, in principle, by
type of protection, policy year, attained age, and other attributes. For A&H morbidity rates, temporary impacts
due to the spread of COVID-19 are excluded.
Surrender and lapse rates are developed based on the experience of the most recent year, in principle, by lineof business, premium mode, and policy year.
Renewal rates are developed based on past experience. Policies for which renewals are projected
are A&H products, whose impact is large due to a high number of limited term in-force policies.
For the sake of simplicity, we have not reflected future renewals for some riders.
Operating expense rates are developed from past experience based on the ratio (unit cost) of overall actual
operating expenditures to the policy count or the premium separately for acquisition and maintenanceexpenses. Some of the operating expense rates were adjusted by removing one-off costs which are notordinarily expected to be incurred in future periods. The removed one-off cost is 1,580 million yen, which is tiedprimarily to costs relating to response, etc. for insurance premiums and incurred claims related to COVID-19
and a portion of system development costs. And with regard to system development costs for policy
acquisition and maintenance, and the information technology device costs for policy maintenance, the averageamount incurred over the past five years is reflected in the corresponding unit costs. An increase due to
inflation is reflected in future maintenance expenses.
Corporate administration costs paid to the parent company are reflected in unit costs. Other than this, there is
no look-through effect with regards to other companies within the Tokio Marine Group that needs to bereflected.
The effective tax rate is set as follows:
28.0%
The consumption tax rate is set as follows:10%

For products with interest dividends paid every 5 years, dividend rates are set based on
the interest rate level in future periods using the method consistent with the one applied todetermine the most recent dividend results.
Reinsurance premiums are recorded as expenses and reinsurance claims are recorded as profit
to reflect the fact that the Company cedes mortality risks on death protection insurance, third
sector risks on third sector and part of the minimum guarantee risks of variable annuities.
Reinsurance premiums and reinsurance claims are based on reinsurance agreements.

Caveats
Embedded values are calculated using various assumptions about the drivers of future results and the risks and uncertainties inherent inthose results; future experience may deviate, possibly materially, from that underlying the forecasts used in the EV calculation. Also, theactual market value is determined as a result of informed judgments of investors and may differ materially from an embedded value. As
such, embedded values should be used with sufficient caution.

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Corporate Data—

Financial and Non-Financial Data—

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Corporate Overview
Major Subsidiaries

Tokio Marine Holdings and Its Subsidiaries(As of March 31, 2023)

Description of Business
Tokio Marine Group is engaged in domestic non-life insurance, domestic life insurance, international insurance, and ﬁnancial and otherbusinesses.
In addition, Tokio Marine Holdings is a speciﬁed listed company. Due to the speciﬁed listed company designation, the de minimis
standard for insider trading regulations is determined on a consolidated basis.
The following is a diagram of businesses as of March 31, 2023.

Business Diagram

Note:

Domestic Non-Life Insurance Business
Tokio Marine & Nichido Fire Insurance Co., Ltd.

indicates consolidated subsidiaries;

indicates equity-method aﬃliates

Company name

Tokio Marine Millea SAST Insurance Co., Ltd.

Domestic Life Insurance Business

International Insurance Business
Tokio Marine North America, Inc.
Philadelphia Consolidated Holding Corp.
Delphi Financial Group, Inc.
HCC Insurance Holdings, Inc.
Privilege Underwriters, Inc.
Tokio Marine Kiln Group Limited
Tokio Marine Asia Pte. Ltd.
Tokio Marine Life Insurance Singapore Ltd.
Tokio Marine Seguradora S.A.

Paid-in capital

LocationMar. 20,
3
1944

JPY101,994
million100

0Tokyo, Japan

Nisshin Fire & Marine Insurance Co., Ltd.

June 10,
1908

JPY20,389
million100

0Tokyo, JapanE. design Insurance Co., Ltd.

Jan. 26,
2009

JPY29,303
million95.2

0Tokyo, Japan

Tokio Marine & Nichido Life InsuranceCo., Ltd.

Aug. 6,
1996

JPY55,000
million100

0Tokyo, Japan

Tokio Marine Millea SAST Insurance Co.,
Ltd.

Sept. 1,
2003

JPY895
million100

0

Yokohama, Japan

Tokio Marine Asset Management Co., Ltd.

Dec. 9,1985

JPY2,000
million100

0Tokyo, Japan

Tokio Marine North America, Inc.

June 29,2011

USD0
thousand

0100

Wilmington, Delaware, U.S.A.

Philadelphia Consolidated Holding Corp.

July 6,1981

USD1
thousand

0100

Bala Cynwyd, Pennsylvania, U.S.A.

Delphi Financial Group, Inc.

May 27,1987

USD1
thousand

0100

Wilmington, Delaware, U.S.A.

HCC Insurance Holdings, Inc.

Mar. 27,
1991

USD1
thousand

0100

Wilmington, Delaware, U.S.A.

Privilege Underwriters, Inc.

Jan. 5,2006

USD0
thousand

0100

Wilmington, Delaware, U.S.A.

Tokio Marine Kiln Group Limited

July 11,
1994

GBP1,010
thousand

0100

London, U.K.

Tokio Marine Asia Pte. Ltd.

Mar. 12,
1992

SGD1,250,971
thousand
THB542,000
thousand
ZAR5,000,000
thousand0100

Singapore, Singapore

Tokio Marine Life Insurance Singapore
Ltd.

May 21,
1948

SGD369,624
thousand0

90.4

Singapore, Singapore

Tokio Marine Seguradora S.A.

June 23,
1937

BRL2,373,779
thousand0

98.5

Sao Paulo, Brazil

Sept. 8,2000

INR2,878,185
thousand0

49.0

New Delhi, India

Major business

Domestic non-life
insurancebusiness
Domestic non-life
insurancebusiness
Domestic non-life
insurancebusiness
Domestic life
insurancebusiness
Domestic non-life
insurancebusiness
Financial andgeneralbusinesses
International
insurancebusiness
International
insurancebusiness
International
insurancebusiness
International
insurancebusiness
International
insurancebusiness
International
insurancebusiness
International
insurancebusiness
International
insurancebusiness
International
insurancebusiness

Affiliate accounted for by the equity method
IFFCO-TOKIO General Insurance
Company Limited

1 The ratio of voting rights of said subsidiaries held by Tokio Marine Holdings to total voting rights
2 The ratio of voting rights of said subsidiaries held by Tokio Marine Holdings’ subsidiaries to total voting rights
3 Founded on August 1, 1879

International
insurancebusiness

Strategy & Business Platform Supporting Our Purpose Story

Tokio Marine Holdings, Inc.

Tokio Marine & Nichido Life Insurance Co., Ltd.

Date ofincorporation

Tokio Marine & Nichido Fire Insurance Co.,Ltd.

Nisshin Fire & Marine Insurance Co., Ltd.
E. design Insurance Co., Ltd.

(As of March 31, 2023)
Ratio ofRatio of
Tokio Marine
Tokio Marine
Holdings’
Holdings’
1 subsidiaries’
voting rights
2
voting rights(%)(%)

IFFCO-TOKIO General Insurance Company Limited

Financial and Other Businesses
Tokio Marine Asset Management Co., Ltd.

212

213

Corporate Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Corporate Overview

Worldwide Network of Tokio Marine Group(As of March 31, 2023)

Tokio Marine Group operates a worldwide network that spans 46 countries and regions. The Group has built a structure that can respond to
the diverse needs of customers in each country, beginning with companies setting up overseas operations, as well as overseas travelers.
North America
United States

Northern Marianas
CanadaEurope, Africa & Middle East
■ London□ Tokio Marine Kiln Group Limited(London)□ Tokio Marine HCC (London, Birmingham,
Bridgend, Bristol, Leicester, and Manchester)□ TM Claims Service Europe Ltd. (London)

FranceGermany

Netherlands

Belgium

Central & South America■ Mexico City
□ Tokio Marine HCC México Compañía Afianzadora,
S.A. de C.V. (Mexico City and others)□ Tokio Marine Compañía de Seguros, S.A. de C.V.
(Mexico City and others)
Colombia○ Tokio Marine Compañia de Seguros, S.A. de C.V.
(Bogotá)Brazil■ São Paulo□ Tokio Marine Seguradora S.A.
(São Paulo and others)□ XS3 Seguros S.A. (São Paulo)
Paraguay□ La Rural S.A. de Seguros(Asunción and others)■ Cairo□ Tokio Marine Egypt General Takaful Company(Cairo, Alexandria and others)

U.A.E.

■ Dubai□ Tokio Marine Middle East Limited (Dubai)◆ Al Futtaim Development Services Company(L.L.C.) (Dubai and Abu Dhabi)

Malaysia■ Kuala Lumpur□ Tokio Marine Insurans (Malaysia)
Berhad (Kuala Lumpur and others)□ Tokio Marine Life Insurance Malaysia Bhd.
(Kuala Lumpur and others)

Singapore■ Singapore□ Tokio Marine Asia Pte. Ltd. (Singapore)□ Tokio Marine Insurance Singapore Ltd.
(Singapore)□ Tokio Marine Life Insurance Singapore Ltd.
(Singapore)□ TM Claims Service Asia Pte. Ltd. (Singapore)■ Paris○ Tokio Marine Europe S.A. (Paris, Lyon,
Bordeaux, Colmar, and Nantes)

Saudi Arabia■ Riyadh, Jeddah□ Alinma Tokio Marine Company(Riyadh, Jeddah, and Al Khobar)■ Dusseldorf○ Tokio Marine Europe S.A. (Dusseldorf, Munich,and Frankfurt)

Turkey□ Allianz Sigorta A.S. (Istanbul)□ Allianz Hayat ve Emeklilik A.S. (Istanbul)

Brunei■ Johannesburg□ Hollard Group* Mozambique, Zambia, Botswana, Namibia, Ghana,and Lesotho○ Tokio Marine Insurance Singapore Ltd.
(Bandar Seri Begawan)○ Tokio Marine Life Insurance Singapore Ltd.
(Bandar Seri Begawan)

Indonesia■ Jakarta□ PT Asuransi Tokio Marine Indonesia(Jakarta and others)□ PT Tokio Marine Life Insurance Indonesia(Jakarta and others)■ Amsterdam○ Tokio Marine Europe S.A. (Amsterdam)○ TM Claims Service Europe Ltd. (Amsterdam)■ Brussels○ Tokio Marine Europe S.A. (Brussels)

Luxembourg□ Tokio Marine Europe S.A. (Luxembourg)

Italy■ Milan○ Tokio Marine Europe S.A. (Milan)■ Guam□ Tokio Marine Paciﬁc Insurance Limited (Guam)■ Toronto, Vancouver, and Montreal● Toronto, Vancouver, and Montreal□ Tokio Marine Canada Ltd. (Tronto)

Egypt

United Kingdom

Spain■ Barcelona○ Tokio Marine Europe S.A. (Barcelona)

Norway○ Tokio Marine Europe S.A. (Oslo)

Denmark○ Tokio Marine Europe S.A. (Hellerup)

Russia□ Tokio Marine Risk Management Rus, LLC(Moscow)

South Africa andsub-Saharancountries*

Asia & Oceania
Korea■ Seoul● SeoulPeople’s Republic■ Beijing, Shanghai, Guangzhou, Suzhou,
and Hangzhou□ The Tokio Marine & Nichido Fire Insurance
Company (China) Limited (Beijing, Shanghai,
Guangzhou, Suzhou, and Hangzhou)

India■ New Delhi, Mumbai, and Chennai□ IFFCO-TOKIO General Insurance Company Limited(New Delhi and others)□ Edelweiss Tokio Life Insurance Company
Limited (Mumbai and others)

Hong Kong■ Hong Kong
□ The Tokio Marine and Fire Insurance Company(Hong Kong) Limited (Hong Kong)

Myanmar■ Yangon● Yangon□ Grand Guardian Tokio Marine General
Insurance Company Limited (Yangon)

Taiwan■ Taipei□ Tokio Marine Newa Insurance Co., Ltd.
(Taipei and others)

Cambodia■ Phnom Penh

Australia■ Sydney and Melbourne□ Tokio Marine Management (Australasia)
Pty. Ltd. (Sydney and Melbourne)

New Zealand● Aucklandof China

MexicoSwitzerland
Ireland○ Tokio Marine HCC (Zurich)Philippines■ Manila□ Malayan Insurance Company, Inc.
(Manila and others)

Vietnam■ Hanoi and Ho Chi Minh City
□ Tokio Marine Insurance Vietnam
Company Limited (Hanoi and others)

Thailand■ Bangkok□ Tokio Marine Safety Insurance (Thailand)
Public Company Limited (Bangkok and others)□ Tokio Marine Life Insurance (Thailand)
Public Company Limited (Bangkok and others)○ Tokio Marine Europe S.A. (Kildare)

Strategy & Business Platform Supporting Our Purpose Story

Guam■ New York, New Jersey, Los Angeles, Chicago,
Atlanta, Honolulu, Philadelphia, Bala Cynwyd,
St. Louis, Houston, Dallas, and San Francisco□ Tokio Marine North America, Inc.
(New York and Bala Cynwyd)□ TMNA Services, LLC (New York, Bala Cynwyd,
and New Jersey)□ Tokio Marine America(New York, New Jersey, Los Angeles, Chicago,
Atlanta, Houston, Nashville, Dallas,
and San Francisco)□ TM Claims Service, Inc. (New York, Los Angeles,
Honolulu, and Dallas)□ First Insurance Company of Hawaii, Ltd.
(Honolulu)□ Philadelphia Insurance Companies(Bala Cynwyd and others)□ Delphi Financial Group, Inc. (New York)□ Reliance Standard Life Insurance Company(Philadelphia and others)□ Safety National Casualty Corporation(St. Louis and others)□ Tokio Marine HCC (Houston and others)□ Privilege Underwriters, Inc. (White Plains and others)

Locations of overseas bases: 46 countries and regions
Number of Japanese employees positioned overseas: 302
Number of locally hired employees: Approx. 35,000
Number of claims agents: Approx. 250 (including subagents)■ Cities where employees of Tokio Marine & Nichido
are dispatched/Representative and Liaison Ofﬁcesof Tokio Marine & Nichido● Branches of Tokio Marine & Nichido◆ Underwriting Agents of Tokio Marine & Nichido□ Group Companies & Investing Companiesof Tokio Marine Group○ Branches of Tokio Marine Group Companies

214

215

Corporate Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Corporate Overview

Facilities

Organizational Chart

Overview of Capital Investment(As of April 1, 2023)

General Meeting of
Shareholders

Audit & Supervisory
Board Members

Audit &
Supervisory Board

Nomination
Committee

Oﬃce of Audit &Supervisory Board

Amount (Yen in millions)

91,763

Domestic life insurance business

6,967International insurance business

27,653938

Total

Internal Control
Committee

Management
Meeting

Business segment

Domestic non-life insurance business

Financial and other businesses

Compensation
Committee

Board of Directors

The Group makes capital investments to improve customer services and streamline workflows, mainly comprising software related
investment. The following is a breakdown of capital investment in the fiscal year ended March 31, 2023.

127,323

Status of Major Facilities
The following are the major facilities of Tokio Marine Holdings and its consolidated subsidiaries.
Tokio Marine Holdings

Directors in Charge

Company name

Tokio Marine Holdings(As of March 31, 2023)
Ofﬁce name (Location)

Headquarters (Chiyoda-ku, Tokyo)

Business segment

Holdingcompany

Carrying amount (Yen in millions)Land (m2)

Buildings

MovablesSoftwareNumber of
employees

―
(―)

―

63

2,556

971

Rent (Yen in
millions)

Domestic subsidiaries
DigitalCorporate

Risk

Corporate

Financial

Strategy

Strategy

Administration

Management

Underwriting

Planning

Department

Department

Department

Department

Department

Department

Department

Matters relating to businessstrategic planning, M&A,
development and management
support for domestic insurance
business and general businesssubsidiaries, sustainability andothers of the Tokio Marine
Group

Matters relating to new
businesses and others of Tokio
Marine Group

Matters relating to generalaffairs and administration,
assistance to executives, anddisaster risk, business continuity
management and others of
Tokio Marine Group

Matters relating to integrated risk
management and others of Tokio
Marine Group

Matters relating to underwriting,retention, reinsurance and othersof Tokio Marine Group

Matters relating to asset
management lead, strategies
for financial business, provision ofbusiness administration for
subsidiaries related to financial
business and other businesses
and others of Tokio Marine Group

Matters relating to digitalstrategy and others of Tokio
Marine Group

Legal &

GlobalHealthcare

Human

Corporate

IT Planning

Compliance

Communications

BusinessResources

Accounting

Department

Department

Department

Department

Department

Department

Matters relating to General
Meeting of Shareholders, Boardof Directors, and compliance,
J-SOX, customer protection andothers of Tokio Marine Group

Matters relating to information
disclosure, corporate
communications, IR, brandstrategy and others of theTokio Marine Group

Matters relating to healthcare
business strategies of
Tokio Marine Group

Matters relating to personnel
strategies and others of Tokio
Marine Group

Matters relating to financial
reporting, taxes and others of
Tokio Marine GroupInternational
Business
Development
Department

Matters relating to IT strategies
and others of Tokio Marine
Group

Matters relating to strategies forinternational business, provisionof business administration foroverseas subsidiaries and othersof Tokio Marine Group

GlobalInvestment(As of March 31, 2023)
Ofﬁce name (Location)

Tokio Marine & Nichido
Fire Insurance Co., Ltd.

Headquarters(Chiyoda-ku, Tokyo)

Nisshin Fire & Marine
Insurance Co., Ltd.

Headquarters(Chiyoda-ku, Tokyo)

E. design Insurance Co.,Ltd.

Headquarters(Shinjuku-ku, Tokyo)

Tokio Marine & Nichido
Life Insurance Co., Ltd.

Headquarters(Chiyoda-ku, Tokyo)

Tokio Marine Millea SAST
Insurance Co., Ltd.

Headquarters(Nishi-ku, Yokohama)

Tokio Marine AssetManagement Co., Ltd.

Headquarters(Chiyoda-ku, Tokyo)

Department

Matters relating to analysis of theeconomic and financial
circumstances relevant to thebusiness of the Tokio Marine
Group, the asset management ofdomestic insurance subsidiaries,
and others―

Business segment

Domestic
non-life
insurancebusiness
Domestic
non-life
insurancebusiness
Domestic
non-life
insurancebusiness
Domestic life
insurancebusiness
Domestic
non-life
insurancebusiness
Financial andotherbusinesses

Carrying amount (Yen in millions)Land (m2)

Buildings

MovablesSoftwareNumber of
employees

61,065(136,932)

60,79824,144

128,281

16,64512,017

9,943(18,760)

7,498

1,350

5,235

2,078

1,408

―
(―)

103

54

9,074

317

265

―
(―)

833

489

15,979

2,229

1,959

―
(―)

13

28

171

108

93

―
(―)

307

125

344

363

468

Strategy & Business Platform Supporting Our Purpose Story

New Business

Planning

Department

Matters relating to internal
audits of Tokio Marine Group

Company name

Corporate

Internal Audit

Rent (Yen in
millions)

Employees(As of March 31, 2023)

Number of employees

971

Average age of employees

43.2 years old

Average length of service of employees

17.5 years

Note: Most employees of Tokio Marine Holdings are seconded from its subsidiaries. Average length of service includes the years of service at these subsidiaries.

216

217

Corporate Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Facilities

Stock Information

Overseas subsidiaries(As of March 31, 2023)

Company name

Ofﬁce name (Location)

Tokio Marine North
America, Inc.

Headquarters(Wilmington, Delaware, U.S.A.)

Philadelphia Consolidated
Holding Corp.

Headquarters(Bala Cynwyd, Pennsylvania, U.S.A.)

Delphi Financial Group,
Inc.

Headquarters(Wilmington, Delaware, U.S.A.)HCC Insurance Holdings,
Inc.

Headquarters(Wilmington, Delaware, U.S.A.)

Privilege Underwriters, Inc.

Headquarters(Wilmington, Delaware, U.S.A.)

Tokio Marine Kiln Group
LimitedHeadquarters(London, U.K.)

Tokio Marine Asia Pte.
Ltd.

Headquarters(Singapore, Singapore)

Tokio Marine Life
Insurance Singapore Ltd.

Headquarters(Singapore, Singapore)

Tokio Marine Seguradora
S.A.

Headquarters(São Paulo, Brazil)

Business segment

International
insurancebusiness
International
insurancebusiness
International
insurancebusiness
International
insurancebusiness
International
insurancebusiness
International
insurancebusiness
International
insurancebusiness
International
insurancebusiness
International
insurancebusiness

Carrying amount (Yen in millions)Land (m2)

Buildings

MovablesSoftwareNumber of
employees

Rent (Yen in
millions)

―
(―)

3,899

822

3,026

461

426

―
(―)

12,374534

14,139

1,858

1,760

569
(71,876)

19,307

4,510

20,432

3,011

2,625

592
(63,600)

12,725

6,808

9,228

3,787

3,416

―
(―)

2,146

588

4,837

1,057

803

―
(―)

4,814

481

2,512

705

－

―
(―)

508

102

33

85

－

2,050
(214)

960

180

564

250

－

234
(4,660)

1,212

586

311

2,251

316

Company name

Tokio Marine & Nichido Fire Insurance Co., Ltd.

Osaka Tokio Marine Nichido Building(Chuo-ku, Osaka)

4,032(5,483)

2,357

Sino Omiya South Wing
(Omiya-ku, Saitama)

3,752(2,617)2,679

La Mer Sanbancho(Chiyoda-ku, Tokyo)

3,686(2,059)2,283

Minato Mirai Business Square(Nishi-ku, Yokohama)

2,545(1,588)

1,491

12
(844)

1,378

Otemachi First Square(Chiyoda-ku, Tokyo)

a.
b.
c.
d.

The Ordinary General Meeting of Shareholders is held within three months of the end of each ﬁscal year.
Accounting period: Ends March 31
Share registrar: The Mitsubishi UFJ Trust and Banking Corporation
Record date: Ordinary General Meeting of Shareholders: March 31
Year-end dividend: March 31
Interim dividend: September 30
e. Public notice will be electronically published. (http://www.pronexus.co.jp/koukoku/8766/8766.html)
However, in the event that public notice cannot be electronically published due to an accident or other compelling reason, a notiﬁcation
shall be published in the Tokyo issue of the Nihon Keizai Shimbun.
f. Number of shares constituting one unit: 100
g. Stock listing: Tokyo Stock Exchange
Matters for the General Meeting of Shareholders
The 21th General Meeting of Shareholders was held on June 26, 2023. The items reported and the proposals acted upon were as follows:
Items reported
1. Business report, consolidated financial statements and the audit reports on consolidated financial statements prepared by the
independent auditor and the Audit & Supervisory Board, respectively, for the fiscal year 2022 (April 1, 2022 to March 31, 2023)
2. Non-consolidated financial statements for fiscal year 2022 (April 1, 2022 to March 31, 2023)
Proposals acted upon
1. Appropriation of Surplus
2. Election of 15 Directors
3. Election of 1 Audit & Supervisory Board Members

Carrying amount (Yen in millions)Land (m2)
Buildings

Facility name

Stock Information (As of March 31, 2023)
Stock issued by Tokio Marine Holdings is common stock. The total number of authorized shares is 8.0 billion shares and the total number ofshares outstanding is 2,002,500,000 shares.

Dividend Policy
The Company seeks to improve shareholder returns on a cash dividend basis, after providing sufficient capital to meet the business needs ofTokio Marine Group and taking into consideration the business results and the expected future business environment of the Company.
In accordance with the above policy, and considering various factors, the Company paid 50 yen per share as a year-end cash dividend
for fiscal year 2022. As 50 yen per share was paid as an interim cash dividend (an ordinary dividend), the total amount of annual cash
dividends (ordinary dividends) was 100 yen per share for fiscal year 2022. This is an increase of total annual cash dividends (ordinary
dividends) of 15 yen per share from 85 yen per share paid for the previous fiscal year.
In the fiscal years 2018, 2019, and 2020, in addition to the ordinary dividends, the Company also paid one-time dividends (23 yen per
share, 12 yen per share, and 12 yen per share respectively) for capital level adjustment.
Note: The Company conducted a 3-for-1 stock split on October 1, 2022. For dividends paid before the stock split, the amount per shareequivalent after the stock split is shown (fractions less than 1 yen are rounded to the nearest whole number).

Strategy & Business Platform Supporting Our Purpose Story

Notes: 1. All of the above facilities are for business use.
2. Buildings and movables include leased assets.
3. Some buildings are being leased.
4. The figures presented for Tokio Marine North America, Inc., Philadelphia Consolidated Holding Corp., Delphi Financial Group, Inc., HCC Insurance Holdings, Inc., Privilege
Underwriters, Inc. and Tokio Marine Kiln Group Limited include figures for subsidiaries of each company.
5. In addition to the above, main leased facilities are as follows:

Stock and Shareholder Information

Capital

New Facility Construction and Elimination Schedule
As of March 31, 2023, the schedule for new construction and elimination of major facilities is as follows.
(1) New facilities
Scheduled investment

Company nameFacility nameLocation

Business segment

Description

Tokio Marine & Nichido Fire
Insurance Co., Ltd.
(Tentative name) Tokio Marine
Building

Chiyoda-ku,
Tokyo

Domestic non-life insurance

Reconstruction

AmountTotal
already paid
(Yen in millions)(Yen in millions)
T.B.D.

3,706

FinancingmethodSelf financing

Start and completion
schedule
Start

Completion

Dec, 2024

FY2028Date

Equity capital

April 2, 2002

¥150 billion

March 31, 2023

¥150 billion(2) Renovation
None planned(3) SaleNone planned

218

219

Corporate Data—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

Stock Information

Top 10 Shareholders

Stock Ownership Distribution
As of March 31, 2023, the number of shareholders was 185,541. The percentage of major stock ownership was 39.54% and 33.57% forfinancial institutions and foreign shareholders, respectively.
(As of March 31, 2023)

Category

Number of shareholders

Government/Local government

Number of shares

Shareholding ratio (%)

1

1,500

0.00

231

791,847,300

39.54

Financial instruments ﬁrms

59

130,860,268

6.53

Other domestic companies

1,851

115,014,910

5.74

Foreign shareholders

1,191

672,210,157

33.57

Individuals and others

182,207283,287,417

14.15

1

9,278,448

0.46

185,541

2,002,500,000

100.00Financial institutions

Treasury stocks
Total(As of March 31, 2023)

Number of shareholders

Shareholder ratio (%)

Number of shares

Shareholding ratio (%)

1.78

5,314,084

0.27

Tohoku

5,434

2.93

10,874,764

0.54

Kanto

87,60347.21

1,149,611,228

57.41

Chubu

28,831

15.54

65,553,620

3.27

Kinki

37,07719.98

66,876,744

3.34

Chugoku

7,723

4.16

9,855,832

0.49

Shikoku

4,204

2.27

7,608,703

0.38

Kyushu10,268

5.53

14,247,625

0.71

Overseas and others

1,098

0.59

672,557,400

33.59

185,541100.002,002,500,000

100.00c. Breakdown by number of shares held

Category

Number of shareholders
Composition ratios to total
number of shareholders (%)
Number of shares
Composition ratios to total
number of shares (%)

JP Morgan Chase Bank 385632(Custodian: Mizuho Bank, Ltd. Settlement &Clearing
Services Division)
Moxley & Co. LLC.
(Custodian:MUFG Bank, Ltd.)JP Morgan Chase Bank 385781(Custodian: Mizuho Bank, Ltd. Settlement &Clearing
Services Division)(As of March 31, 2023)

5,000 units or more

1,000 units or more

500 units or more

100 units or more

50 units or more

295

407

430

5,299

6,264

0.16

0.22

0.23

2.86

3.38

1,631,959,921

95,225,478

30,017,179

101,193,683

44,097,940

81.50

4.76

1.50

5.05

2.20

10 units or more

5 units or more

1 unit or more

Less than 1 unit

SSBTC CLIENT OMNIBUS ACCOUNT(Custodian: Tokyo branch, The Hongkong and Shanghai
Banking Corporation Limited)

Total

32,651

17,344

75,10247,749185,541

17.60

9.35

40.48

25.74

100.0071,931,516

11,625,821

15,597,897

850,565

2,002,500,000

3.59

0.58

0.78

0.04

100.00Address

11-3, Hamamatsucho 2-chome, Minato-ku,
Tokyo
8-12, Harumi 1-chome, Chuo-ku, Tokyo
1-1, Marunouchi 2-chome, Chiyoda-ku,
Tokyo (8-12, Harumi 1-chome, Chuo-ku,
Tokyo)
1776 HERITAGE DRIVE, NORTH QUINCY, MA
02171,U.S.A.
(Shinagawa Intercity A Building, 15-1 Konan 2chome, Minato-ku,Tokyo)
Tokyo Building 7-3, Marunouchi 2-chome,
Chiyoda-ku,Tokyo
Tokiwabashi Tower 6-4, Otemach 2-chome,
Chiyoda-ku, Tokyo
Human Resources Dept. Tokio Marine & Nichido
Fire Insurance Co., Ltd.
ONE LINCOLN STREET, BOSTON MA USA
02111(11-1, Nihonbashi 3-chome,Chuo-ku, Tokyo)
25 BANK STREET, CANARY WHARF,LONDON, E14 5JP, UNITED KINGDOM(Shinagawa Intercity A Building, 15-1 Konan 2chome, Minato-ku,Tokyo)
4 NEW YORK PLAZA, 13TH FLOOR, NEW
YORK, NY 10004 U.S.A.
(7-1,Marunouchi 2-chome,Chiyoda-ku,Tokyo)
25 BANK STREET, CANARY WHARF,LONDON, E14 5JP, UNITED KINGDOM(Shinagawa Intercity A Building, 15-1 Konan 2chome, Minato-ku,Tokyo)

Note: Moxley & Co. LLC. is the registered holder of shares deposited pursuant to ADR issuance.

Composition ratios to
Number of
total number of sharesshares held
(excluding treasury stock)(Thousand shares)(%)

366,477

18.39

153,222

7.69

42,604

2.14

33,8691.70

32,4401.63

30,5891.53

27,862

1.40

26,844

1.35

26,8391.35

26,512

1.33

Strategy & Business Platform Supporting Our Purpose Story

Total

220

JPMorgan Securities Japan Co., Ltd.

3,303

Composition ratios to total
number of shareholders (%)
Number of shares
Composition ratios to total
number of shares (%)

Meiji Yasuda Life Insurance Company(Custodian: Custody Bank of Japan, Ltd.)State Street Bank West Client - Treaty 505234(Custodian: Mizuho Bank, Ltd. Settlement &Clearing
Services Division)

Hokkaido

Number of shareholders

Custody Bank of Japan, Ltd. (Trust Account)

Tokai Nichido Employee Stock Ownership Planb. Breakdown by region

Category

Shareholders

The Master Trust Bank of Japan, Ltd. (Trust Account)a. Types of shareholders

Category(As of March 31, 2023)

221

Corporate Data/On the Publication of Our Integrated Report 2023—

Financial and Non-Financial Data—

Strategy and Business Platform Supporting Our Purpose Story

On the publication of Our Integrated Annual Report 2023

Stock Information
Stock Price Range and Trading Volume
(Yen)
3,000

(Thousands of shares)

Stock price (left scale)

Trading volume (right scale)

600,000

400,000

2,000

1,000

200,000

0 Mar.

2020

Mar.
2021

Mar.
2022

Mar.
2023

0

Note: The Company conducted a stock split (3-for-1) in October 2022. Figures for and prior to September 2022 have been recalculated
based on figures after the split.

As Group CFO (Chief Financial Oﬃcer) of Tokio Marine Holdings, I would like to thank you for taking the time to read ourIntegrated Annual Report 2023 to its conclusion.
We published our ﬁrst integrated annual report in ﬁscal 2015 to provide analysts and institutional investors with abalanced understanding of our sustainable value creation capabilities from both ﬁnancial and non-ﬁnancial perspectives.
Following this initial publication, we have continued to make improvements each year through a process of trial anderror, referring to the opinions of analysts and institutional investors, comments of integrated annual report rating
agencies, and various guidelines, and have now published our ninth integrated annual report, focusing on the following
three main areas.
(1) The addition of social issues to address and clarifying value creation:
In last year’s Integrated Annual Report, we adopted promoting climate action (pp. 14‒15) and improving disaster
resilience (pp. 16‒17) as social issues we needed to address. In this year’s report, we added supporting healthy andspiritually rich living (healthcare) (pp. 18‒19). We aim to further enhance your conﬁdence in our value creation capabilities bydemonstrating that we are able to create both “social value” and “economic value” through addressing these three importantsocial issues that are currently emerging, and that these two values are not contradictory but mutually enhance each other.

(3) Enhancement of disclosure on corporate governance:
In addition to enhancing disclosure in areas of high interest to institutional investors and analysts (reduction ofbusiness-related equities (pp. 116‒117), our information and cybersecurity system (p. 124), etc.), we highlighted themain initiatives recently implemented by Tokio Marine to strengthen governance (accelerating diversity on the Board of
Directors and Audit & Supervisory Board (p. 107), third-party evaluations on the eﬀectiveness of the Board of Directors (pp.
110‒111), etc.). Moreover, for the ﬁrst time, a dialogue on corporate governance was held between the three top
governance executives (Chairman of the Board, Chairman of the Nomination Committee, and Chairman of theCompensation Committee) (pp. 100‒105). Under the topic of the Board of Directors’ discussion on important issues andTokio Marine’s challenges, we introduced the main points of the discussion. In addition, by disclosing the measures taken
in light of the COVID-19 outbreak in Taiwan (p. 125), which caused signiﬁcant losses, we aim to demonstrate theincreased eﬀectiveness of Tokio Marine’s corporate governance and further improve transparency and credibility.

2
Strategy and Business Platform Supporting Our Purpose Story(2) Strengthening human, intellectual, and social capital and connectivity with the future of Tokio Marine:
This year, we concluded our Purpose Story with the message that we will continue to expand the scope of value provided
by continuing to reﬁne internal capital (human capital and intellectual capital) and co-creating with social capital(various external partners). We have adopted a structure that introduces initiatives such as CORE, a disaster prevention
consortium, as an example of strengthening social capital and TdR, the Group’s core data function, as an example ofstrengthening internal capital. We aim to deepen your understanding of “The Expansion of Tokio Marine’s Value
Creation Capabilities” (pp. 34‒43) by strengthening connectivity between strengthening various types of capital, which
are key success factors for our sustainable value creation capabilities and our future potential.
Among the various types of capital, human capital is the foundation of Tokio Marine’s management and the source of
all our initiatives. For this reason, we published the Human Capital Report in June 2023, and incorporated the essence ofthat report into this integrated annual report. In addition, because human capital is the source of all our eﬀorts, in lastyear’s integrated report, the information was provided across multiple sections. In this year’s report, however, to make iteasier to read, information has been consolidated in the form of comments by the chief oﬃcers in charge (pp. 86‒93).

Finally, as the oﬃcer responsible for publishing this integrated annual report, I would like to state that it is a clear andaccurate representation of our Company’s ability to create sustainable value.
Tokio Marine is in the middle of a long climb to achieve our Purpose. Sometimes there is rain or fog along the way.
Nevertheless, we will still be climbing mountains one hundred years from now, step by step, through the strengtheningof human, intellectual, and social capital.
This is the management sentiment that I most wanted toKenji Okada
convey in this integrated annual report, and this sentiment is
Integrated Annual Report
also included on the cover. (If you look at the cover again, I
2023 Publication Oﬃcer
hope you will understand the thoughts of our editors.)
Senior Managing Director
We appreciate your continued support and guidance as weGroup Chiefmove ahead.

Financial Oﬃcer (CFO)

222

223