To Our Shareholders

The 21st Ordinary
General Meeting of Shareholders

Tokio Marine Group
Business Strategy
June 26, 2023

Satoru Komiya President & Group CEO

Table of Contents
1 Review of FY2022

P.2

2 Insurance Company Management in an Unclear and Uncertain State of

Global Affairs

P.5

3 Key Points of Our Business

P.9

4 FY2023 Projections and Shareholder Return

P.19

5 Conclusion (Mission Statement)

P.22

Copyright (c) 2023 Tokio Marine Holdings, Inc.

1

1

Review of FY2022

Copyright (c) 2023 Tokio Marine Holdings, Inc.

2

1. Review of FY2022

FY2022 Adjusted Net Income⚫ FY2022 was affected significantly by one-off effects including above average natural catastrophes and
COVID-19, resulting in adjusted net income of JPY444.0bn (-19% vs original projections)◼ Adjusted Net Income*
-19%

550.0
(billions of JPY)

67.1

444.0

-173.1Nat cats: -26.0
COVID-19:-134.0
Others:-13.1

Copyright (c) 2023 Tokio Marine Holdings, Inc.

*: Adjusted Net Income based on management accounting is used from the perspective of enhancing transparency
and comparability as well as linking with shareholder returns (same applies in following pages)

31. Review of FY2022

FY2022 Results Assessment⚫ Net premiums written, which is an indicator of support from our customers, increased by 15% YoY, andadjusted net income excluding one-off effects (normalized basis) increased by 22% YoY. Our underlying
capabilities are steadily improving.

◼ Net Premiums Written

15%＋◼ Adjusted Net Income(normalized basis*)(billions of JPY)

(trillions of JPY)

22%

＋

4.4

617.1

3.8
505.4

2021

2022
*:

Copyright (c) 2023 Tokio Marine Holdings, Inc.

2021

2022

Normalized the impact of Nat Cats to an average annual level and excluding the impact of COVID, capital gains in North America, etc., andcapital gains from the sale of business-related equities (for part of sale exceeding JPY100.0bn) for 2021; additionally excluding Ukraine war andSouth African floods for 2022

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2

Insurance Company Management in an
Unclear and Uncertain State of Global Affairs

Copyright (c) 2023 Tokio Marine Holdings, Inc.

5

2. Insurance Company Management in an Unclear and Uncertain State of Global Affairs

Business Environment⚫ Management and business environment will continue to present challenges, but we aim to achievebusiness operation with controlled performance volatility, without surprises, that gives a sense of
security to all stakeholders
Climate Change

Decarbonization

Cyber Risks

Expansion of Geopolitical
Risks

Inflation

Economic Slowdown

Copyright (c) 2023 Tokio Marine Holdings, Inc.

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2. Insurance Company Management in an Unclear and Uncertain State of Global Affairs

Global Risk Diversification: Expansion of International Business⚫

The Tokio Marine Group has expanded our international business over the past twenty or so years to build adiversified business portfolio

2000

2007

2012

2015

2018

2020
Business diversification
Business diversification

Weight of overseas insurance
business in group-wide income

3％

56％

(2002)(2023 Projection)

Feb. 2020
Acquisition

Established materialpresence in the U.S.
and Europe
Expand into nonJapanese businesses(-2000)Mainlyengaged inJapanesebusiness

Emerging
Markets
P&C

Emerging
Markets
Life

Mar. 2008
Acquisition

Dec. 2008
Acquisition

Growth and businessdiversificationin the U.S.
May 2012
Acquisition

Oct. 2015
Acquisition

Regional diversification
Secure entry into
emerging markets
Sep. 2018
Acquisition

Dec. 2018
Investment

Feb. 2021
LaunchBusiness diversification
Europe NonJapanese business*1
From Jan. 2019
Run-off

Highland*2
Egypt
Takaful Life
Sep. 2020
Divestment

Reinsurance
subsidiary

Copyright (c) 2023 Tokio Marine Holdings, Inc.

Jun. 2022
LaunchMar. 2019
Divestment

Aug. 2022
Divestment
TMK
reinsurance
business
From Sep. 2022
Run-off*1: UK non-Japanese business and part of non-Japanese business in continental Europe with low profitability (continue Lloyd’s business)*2: Agent handling construction insurance in the Tokio Marine Highland (former WNC) group owned by Tokio Marine Kiln

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2. Insurance Company Management in an Unclear and Uncertain State of Global Affairs

Global Risk Diversification: Control Impact of Nat Cats and COVID-19 on Adjusted Net Income● The impact of large Nat Cats and COVID-19 on profit were controlled within 30%

Impact of Nat Cats and COVID-19 on Adjusted Net Income*2011(Large Nat Cats)

80％

Circa -

2019
2020
2022

(Large Nat Cats)(Large Nat Cats / COVID-19)(Large Nat Cats / COVID-19)

20-30

Circa -％*: Impact on adjusted net income of excess portion of net incurred losses from COVID-19 and Nat Cats at beginning of the year
Copyright (c) 2023 Tokio Marine Holdings, Inc.

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3

Copyright (c) 2023 Tokio Marine Holdings, Inc.

Key Points of Our Business93. Key Points of Our Business

Our History of Social Resolution and Growth
Since our founding in 1879, “protecting our customers and society in times of need” has been our unwavering
purpose. Based on our Purpose, we achieved sustainable, long-term growth by contributing to the solution of everchanging and diverse social issues of the times.

Our History of Social Resolution and Growth★2020 Japan/Europe
Support for the expansion ofrenewable energy• Release of package insurance foroffshore wind power• Acquisition of GCube★2001 India
Microinsurance■ Direct Net Premiums Written*★1999 Europe (Kiln)
Cyber insurance

Founded as Japan’s first
insurance company★2017 Japan
Coverage riders for victims
in autonomous car
accidents (Japan’s first)★1996 Japan
Expansion into the life
insurance businessContributed to the development ofJapan’s economy and society byprotecting
trade
cargo
from
maritime accidents through marine
insurance★1989 Japan
Launch of nursing care expense
insurance, started ahead of public
insurance

Premiumsc. 5 trillion
yen★2002 Japan
Release of Super Insurance, anintegrated life and non-life
insurance product (Japan’s first)★1975 Japan
Launch of deposit P.A. Insurance for family
member injuries in traffic accidents (Japan’s first)★1957 Japan
Launch of liability insurance(Japan’s first)

Tokio Marine Holdings
established(2002)★1914 Japan
Launch of auto insurance(Japan’s first)

1879

1960

Copyright (c) 2023 Tokio Marine Holdings, Inc.

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

2015

*: Excludes deposit premiums from policyholders

2022 (FY)10

3. Key Points of Our BusinessJapan: Realized No.1 Growth● Realized No.1 growth in domestic non-life insurance market*1■ Net Premiums Written*2◼ Profit*3

TMNF

TMNF
＋

12.5％

＋

2.5％
Domestic Peers*1

Domestic Peers*1+1.7 ％+7.7 ％

2012-2022 CAGR
Copyright (c) 2023 Tokio Marine Holdings, Inc.

2012-2022 CAGR
*1: Comparison of CAGR for total of Sompo Japan, Mitsui Sumitomo, Aioi Nissay Dowa and TMNF
*2: Source: Company data
*3: Financial accounting profit basis. Source: Company data

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3. Key Points of Our BusinessJapan: Expansion of insurance business and areas of support⚫ Tokio Marine is expanding insurance business that support “in times of need” and pre- and postincident area that “always” provide support
Accelerate initiatives forcommercialization inpresymptomatic and preventive
area (established preparatorycompany in April 2023)

Expand emergency hotline
service (P.13)⚫

Increasing renewable energy
related underwriting⚫

Promote introduction of solar
power generation facility(P.13)

Cyber
Health Care

EnergyIncreased Risks
Increased Needs
Insurance
Business

Always Support

Always Support

Expansion to “pre-incident” area

In times of need

Expansion of “post-incident” area

Less-capital intensive fee
business

Conventional
Insurance BusinessLess-capital intensive fee
business

Prevent accidents, detectsigns of diseases<Insurance payment>

Early recovery, prevent
recurrence

Insurance
Business

Increased Needs
Increased Risks
Provide insurance to prepare forautonomous driving (P.13)

Copyright (c) 2023 Tokio Marine Holdings, Inc.

Disasterprevention/
reduction

Mobility
SME
Established one-stop
solution site “BUDDY＋”(P.13)Starting business operation
mainly by utilizing “Disaster
Prevention Consortium
CORE”(P.14)

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3. Key Points of Our BusinessJapan: Examples of expansion of insurance business that support “in times of need”⚫ We have achieved expanded insurance business by solving social issues that change with the eras

Renewable energy

Mobility⚫ Launched a service combining“accident prevention,”“remote monitoring andresponse,” and “insurance” forautonomous driving(May 2023)
Image: Remote monitoring center forautonomous driving

SME Support⚫

⚫ Offering insurance in a packagewith a framework for installationof solar power generationequipment with zero initial costfor families, businesses, and local
governments(December 2022)

Cyber

Providing “BCP Kantan Navi,” a service to support
SMEs prepare BCP* using our website in 10 minutes(July 2022)⚫ Expanded emergency hotline service to provide 24X7
support for cyber troubles (April 2022)*: Business Continuity Plan
Copyright (c) 2023 Tokio Marine Holdings, Inc.

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3. Key Points of Our BusinessJapan: Examples of expansion of pre- and post-incident area that “always” provide support⚫

“Disaster prevention and mitigation solution business” using the refined technologies, accumulated data, andcustomer contact points acquired through insurance business is about to start actual operation
Visualization of measurement and risks

Case 1: Real Time Hazzard (planned from Aug. 2023)•

AI analysis of CCTV image.
Capture flood depth in real time with and send alert
information•

Enable effective evacuation instruction at times of waterrelated disasters

Market Size* JPY 250 bn

Ordinary
Times

Utilize CORE (consortium fordisaster prevention) anddevelop a “Disaster
Prevention / Reduction
General Solution Business”

AI analysis of the depth offlooding

Alert (flooding map)

Emergency

General Disaster Prevention

Market Size* JPY 1.0 tn
DisasterPrevention / Reduction“Value Chain”
Copyright (c) 2023 Tokio Marine Holdings, Inc.

Case 2: Disaster Loss Simulation (planned from Oct. 2023)•

Simulate total building damage from flooding for target area•

Support scrutiny on necessity / urgency, such as forinfrastructure reinforcement plan by municipalities*: Market size in 2030 of businesses where synergy is expected with insurance; based on research by a research company

14

3. Key Points of Our Business

International: Growth in North America● A top specialty insurance player in North America with growth exceeding the market
Top specialty insurance players in North America*1, 2

No.1

No.6

No.2

Excess WC

Medical Stop Loss

Renewable Energy

No.5

No.6

No.9

D&O

SuretyCrop

Growth exceeding the market< NPW*3>< Profit*3>

TM North American business

TM North American business

8.8％＋7.4 % Market＋＋6.7 %

Market＋1.4％

2017-2022 CAGR

Growth Drivers

Disciplined underwriting

Copyright (c) 2023 Tokio Marine Holdings, Inc.

Expansion of profitable
insurance products with low
correlation*1: Special liability insurance policy, medical insurance policy, etc. offered to corporations*2: Ranking based on market share of NPW. Data sources are stated below:
Excess WC, D&O, surety, crop (Source: S&P Capital IQ).
Medical stop loss (Source: NAIC). Renewable energy (Source: Estimate by Tokio Marine
based on corporate disclosure data).

Strong investment
management capabilities*3:Local financial accounting basis for TMHD; for Market, financial accounting
basis of North American non-life insurance (Source: S&P Capital IQ).

15

3. Key Points of Our Business

Global initiatives to resolve social issues● Global contribution to sustainable society through business activities
Japan

Japan

Japan

Promote improvement of disaster
resilience with the “Disaster Prevention
Consortium CORE”

Accelerated efforts to resolve
social issues⚫ Started business operation including forecast
Healthcare

Cyber

RenewableenergySME

Mobility

China
Organized medical-related
consortium and developing
insurance / services for healthpromotion for residents in smart
city/ response solutions⚫ Members increased to 97 companies with 10
working groups (As of June 2023)

Copyright (c) 2023 Tokio Marine Holdings, Inc.

victims of large-scale disasters by automating
insurance payment process and shortening time
for payment

U.S.

Developed services to support
employees on leave and theircompanies, in addition to providing
unemployment insurance

Developed initiatives to support
accident prevention and loss
reduction by distributing
various sensors free of charge

U.S.

Plan to roll out cargo insurance tocountries in Southeast Asia to donate
food products that have lost value
from damage to outer packaging

Promote sale of fire insurance
and fire alarm in a package ataffordable price⚫ Contributed to quick rebuilding of lives forU.S.

SE AsiaSouth Africa

Quick insurance payment
for large-scale disasters

Considering providing risk improvement
programs such as countermeasures foraging condominiums jointly with the
University of Hawaii

GlobalExpand insurance businessthat supports spread ofrenewable energy

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3. Key Points of Our Business

Integrated Group Management: Appropriate application of expertise on global basis⚫ Leveraging global talent and knowledge to decide and implement important management actions⚫ Global Group integrated management is steadily developing in its 8th year, including diverse international top management
and appointment / contribution of Deputy C-Suite

Appointment
as Group CoHeads, etc.

Donald Sherman

Christopher Williams

Robert O'Leary

Vice President Executive
Officer
Co-CIO

Vice President Executive Officer
Co-CRSO
Co-Head of Int’l Business

Managing Executive Officer

Executive Officer
Tokio Marine
Seguradora

Tokio Marine
HCC

Tokio Marine
Kiln

Philadelphia

José Adalberto
FerraraSusan Rivera

Brad Irick

John Glomb

Deputy C-Suite

Reserving*

Application ofexpertise
across the
Group

Randy
Rinicella

Copyright (c) 2023 Tokio Marine Holdings, Inc.

Gus
Aivaliotis

Robert
Pick

Caryn
AngelsonDanielThomasCyber Reinsurance Auto
Internal
Audit Insurance
Pricing

Dawn
MillerDaljitt
Barn

Barry
Cook

Allen
Juang

*: Appropriate estimates of accrued insurance claims and liabilities (future insurance claims payments) to be set aside as
reserves for outstanding claims17

3. Key Points of Our Business

Integrated Group Management: Group Synergies● Realized Group synergies in addition to top-level growth in each country and region

Revenue

Investment

Leverage our
global network

Leverage Delphi’s
assetmanagement
capabilities

Group
Synergies

Capital470mn(Dec. 31, 2022)

Optimize retention /reinsurance at grouplevel

Cross-selling
Joint
Approach

Annual profit
contribution:

USD

Examples of Synergies

Cost
Leverage group
resources andeconomies of scale

Regional
expansion

Strategic Useof Group Asset

Cross-selling to customers in othergroup entities
Joint approach to mega eventsand large corporations
Lateral expansion of
specialty products*

Leverage group capital, intellectual/ human capital, and network*: Special liability insurance policy, medical insurance policy, etc. offered to corporations
Copyright (c) 2023 Tokio Marine Holdings, Inc.

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4

FY2023 Projections andShareholder Return

Copyright (c) 2023 Tokio Marine Holdings, Inc.

19

4. FY2023 Projections and Shareholder Return

FY2023 Projections● FY2023 projected adjusted net income of JPY670.0bn◼ Net Premiums Written

3%＋◼ Adjusted Net Income

9%(trillions of JPY)

＋

670.0

4.5
4.4

(billions of JPY)

617.1
(normalized basis*)

2022

2023
(Projection)

Copyright (c) 2023 Tokio Marine Holdings, Inc.

2022

2023
(Projection)*: Normalized the impact of Nat Cats to an average annual level and excluding the impact of COVID, capital gains in North
America, etc., capital gains from the sale of business-related equities (for part of sale exceeding JPY100.0bn),Ukraine war andSouth African floods20

4. FY2023 Projections and Shareholder Return

Shareholder returns● 12 consecutive year of higher dividends projected
＋

15

＋

21

121

100 （363）

85

DPS (JPY)*1,2(ordinary dividends)

60

（180）
Dividend payout
ratio*3

63
（190）

（255）

（200）

46%
40%

38%

40%

2018

2019

38%

67

（300）
48%
48%

50%
50%

42%

2020

2021

2022

2023
projection

Copyright (c) 2023 Tokio Marine Holdings, Inc.

*1: 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) Figures in brackets are pershare amount before stock split.
*2: In addition to common dividends, to adjust capital level Tokio Marine paid 23 (70) on Q2 2018 and 12 (35) on Q2 2019 and Q2 2020 as
temporary dividends*3: Payout ratio based on average adjusted net income. Figures for 2022 and 2023 projections are compared to the original projections.

21

5Conclusion (Mission Statement)

Copyright (c) 2023 Tokio Marine Holdings, Inc.

22

5. Conclusion (Mission Statement)

Insurance is a people’s business

Each of the more than 40,000
employees worldwide are the"Driver” of our growth

Copyright (c) 2023 Tokio Marine Holdings, Inc.

23

5. Conclusion (Mission Statement)

Instilling our “Purpose” as a unifying force⚫

Create employees and corporate culture passionate about realizing our purpose of supporting “in times ofneed”
Tokio Marine Group Good Company Awards
Middle Global Leadership Development Program⚫ Awards are presented to individuals and teams among all
Group companies and employees in Japan and overseas, who
embody the spirit of the Group Vision, “Good Company,” andengaged in notable initiatives⚫ Middle leaders from overseas visited disaster-stricken areas in
Tohoku to understand the significance of insurance and themeaning of being a “Good Company” through learning about theactions and thoughts of those who were affected by the disaster⚫ Winners from around the world gathered in Tokyo for the
FY2022 award ceremony and the winning initiatives wereintroduced with passion to be a “Good Company”⚫ Making presentations to management on how to demonstrateGroup synergies and link this to further synergies in practice2022 Award Ceremony
Copyright (c) 2023 Tokio Marine Holdings, Inc.

Visiting areas affected by theGreat East Japan Earthquake24

5. Conclusion (Mission Statement)“To Be a Good Company”

We will be there for our customers, playing ourpart in society in times of need.
We will be looking beyond profit to deliver fully on ourcommitments.
Through our collective efforts, we will strive to be a
Good Company, living up to the trust placed in us.

Copyright (c) 2023 Tokio Marine Holdings, Inc.

25

Reference

Copyright (c) 2023 Tokio Marine Holdings, Inc.

26

ESG (Sustainable Improvement of Corporate Value): Environment (1)Actively contribute to environmental protection, biodiversity preservation, and creation of environmental values through our business⚫ Achieve “carbon neutral*” status through working proactively to reduce Greenhouse Gas (CO2) emissions aswell as planting mangroves and utilizing natural energy
Achieved carbon-neutral* for ninth⚫ Support decarbonization of customers, recipients of investments and financing■ Promote Green Transformation⚫ Actively offer insurance and services to clean energy business⚫ Build a framework to provide all necessary services for customers to promote green transformation■ Response of natural disasters

consecutive years

200 (Thou. ton)
100

0
2013
CO2 emissions

2021
CO2 absorption/fixation/reduction⚫ Make insurance payments speedily by creating a remote non-life insurance service system and using satellite
images, drones, and so on⚫ Provide earthquake insurance that can make speedy insurance payment after the disaster, and fire insurancewith a framework to make donations that contribute to disaster prevention / reduction■ Environmental Protection⚫ Promote web based insurance contracts (clauses) and omission of issuing insurance policies⚫ The new head office building is designed to be a green building with the highest level of environmental
functions including the use of timber and energy efficient facilities. It is also to be equipped with the state of
the art facilities from such viewpoints as disaster response, diverse workstyles, and internal and external
communication and collaboration.

Contribute to sustainable global environment

Examples of our approaches to environment■ Response to Climate Change*: Emission by Tokio Marine’s business (Scope1 (direct GHG emissions)) + (Scope2 (indirect GHG emissions)) + (Scope3 (other indirect GHG emissions), category 1,3,5,6 on
greenhouse gas (GHG) protocol))Copyright (c) 2023 Tokio Marine Holdings, Inc.

27

ESG (Sustainable Improvement of Corporate Value): Environment (2)⚫ Continuing initiatives to promote climate actions and achieve the goal of decarbonized society
FY2030

Reduction of our greenhousegas (CO2) emissions

60% reduction (Compared to FY2015)*1

Achieve net zero greenhouse gas emissions in fiscal 2050
(including for insurance customers and recipients of investments andfinancing*2)

Ratio of renewable energy
usage to total electricity
consumption

FY2030Company-owned vehicles

TMNF & AL will switch all company-owned vehicles toelectric vehicles, EV, PHV, HV, etc., by FY2030

Copyright (c) 2023 Tokio Marine Holdings, Inc.

100% to renewable energy at major buildings/facilities*1:Scope1 (direct GHG emissions) +Scope2 (indirect GHG emissions) +Scope3 (other indirect GHG emissions),
category 1,3,5,6 on greenhouse gas (GHG) protocol)*2:Scope3（other indirect GHG emissions), category 15 on greenhouse gas (GHG) protocol

28

ESG (Sustainable Improvement of Corporate Value): Society (1)⚫

Contribute to solving social issues by providing safety and security to customers and society through ourbusiness
Number of female managers*2(TMNF)

364⚫ Promote initiatives in accordance with the Tokio Marine Group
Human Rights Policy

Our social initiatives⚫ Comply with the Tokio Marine Group Code of Conduct◼ Promoting diversity & inclusion

43
2007

2023

⚫ Set up a structure to promote D&I, including the establishment of the Diversity Council, and cultivate
appropriate corporate culture⚫ Group-wide initiatives to learn/raise awareness/change behavior about unconscious bias

⚫ Support more active participation by women with Tokio Marine Group Women's Career College*1◼ Promoting the development and empowerment of human resources⚫ Human resource development with a focus on dialogue, providing wide range of training opportunities tosupport diverse individual needs and career visions of employees and support taking on challenges⚫ Promotion of support for work / childcare balance received Kurumin and Platinum Kurumin certification

Copyright (c) 2023 Tokio Marine Holdings, Inc.

*1: Training program to promote active participation by female employees*2: Including officers, as of April 1

Contribute to solving social issues throughbusiness◼ Respect for human rights

29

ESG (Sustainable Improvement of Corporate Value): Society (2)Promoting health and productivity management⚫ Selected as Health & Productivity Brand and certified as Excellent Corporation in Health Management⚫ Initiatives on employee health (measures to improve health literacy and prevent lifestyle-related diseases, etc.)◼

Contributing to the creation of a safe and secure society

Our social initiatives⚫ Conduct activities to raise awareness about cancer and other diseases in Japanand around the world (promotion of Pink Ribbon campaign, etc.)⚫ Continued support activities for recovery of areas affected by the Great East
Japan Earthquake◼

Improving quality from the customer’s perspective⚫ Formulate and announce the customer-oriented business conduct policies andpromote efforts under these policies⚫ Develop a structure to utilize customer feedback for improving products andservices◼

Measures and response to COVID-19(Promote Pink Ribbon Campaign)⚫ Continue to undertake critical operations, including receiving loss reports, paying insurance claims, and protecting
insurance policies⚫ Donations including to support education, tuition, and living costs for students in economic hardship due to COVID-19;
research to develop therapeutic drugs/vaccines; and single-parent family
Copyright (c) 2023 Tokio Marine Holdings, Inc.

Contribute to solving social issues throughbusiness◼

30

ESG (Sustainable Improvement of Corporate Value): Governance (1)⚫ Solve Group’s management issues by leveraging global expertise and knowledge through function-based Chief Officer
system and committees, etc.
⚫ Group CEO focuses on Group management and promotes initiatives to spread the Group culture

Globalize and enhance management structure
Unleash the Group’s total power
Group CEO CCO (Culture)

Focus on the Group management by the Group CEO

C-Suite includes overseas top
management

Top management both in Japanand overseas discuss various
Group management issues

CFO

CLCO

Financial

Legal and Compliance

CSO

CITO

Strategy and Synergy

Information Technology

CRO

CISO

Risk

Information Security

CDO

CSUO

DigitalSustainability

CRSO

CDIO

Retention Strategy

Diversity & inclusion

CIO

COO

Investment

Operating

CHRO

CAO

Human Resources

Audit

CWO

Domestic
Non-Life
Business

Domestic
Life

Int’l
Insurance

Financial& OtherBusiness

Utilization of Global Committee, etc.

⚫ Synergy effect

ERM Committee⚫ Sharing of best practiceSustainability Committee⚫ Converge and utilize
knowledge of the Group

Global Retention Strategy Committee
Global Information Technology
Committee
Diversity Council

etc.

⚫ Involvement in the Groupmanagement by overseas
talentWellness

Copyright (c) 2023 Tokio Marine Holdings, Inc.

31

ESG (Sustainable Improvement of Corporate Value): Governance (2)Hybrid organizational design with a Board of Directors that makes high-quality decisions by utilizing the knowledge
and expertise of outside directors, and a Nomination Committee and a Compensation Committee that ensuretransparency in the decision-making process＜Governance structure*>

Role

Structure

Board of Directors

Audit and Supervisory Board

Make decisions on important matters relating to execution of
the Group’s business and supervise the performance ofindividual Directors

Audit the performance of Directors

High-quality decision-making leveraging diversity

Give advice from multifaceted perspectives

Ratio of Independent Directors 47% (7 out of 15)

Ratio of outside members 60% (3 out of 5)

Nomination Committee

Compensation Committee

⚫

Role
⚫

Structure

Deliberate on the appointment and dismissal of CEO, Directors,
Audit & Supervisory Board Members, Executive Officers, etc. andreport to the Board of Directors
Deliberate on a succession plan for CEO and oversee thedevelopment of successor candidates

Ratio of outside officers

60％⚫

Deliberate on policies concerning evaluation of performance of
Directors, Executive Officers, etc., compensation system and levelof compensation for Directors and Executive Officers, anddetermination of their compensation, and report to the Board of
Directors

Ensure transparency
Ratio of outside officers(3 out of 5)

Chairperson is selected from outside officers

80％ (4 out of 5)

Chairperson is selected from outside officers*: This governance system will be planned after voting results in the 2023 general shareholders’ meeting.
Copyright (c) 2023 Tokio Marine Holdings, Inc.

32

ESG (Sustainable Improvement of Corporate Value): Governance (3)⚫
⚫

Designed a remuneration system linked to business performance and stock price as an incentive fordirectors to achieve sustainable growth
Continue to review the remuneration system contributing to the enhancement of corporate valueCompensation System for Directors⚫ Consists of fixed compensation, performance-linked

bonuses, and stock-based compensation⚫ In principle, ratio of performance-linked bonuses andstock-based compensation increases in conjunction withthe rank of Directors＜Ratio of Compensation＞<Performance-linked bonuses>
Increase the incentive of Directors to improve performance⚫ Adjusted within a range of 0% to 200% depending on the level ofaccomplishment of the individual and company targets⚫

Set based on the scope of duties(includes ESG and

Individual medium- to long-term strategic targets*1)
Targets *1: Further globalization and enhancement of functions of management,enhancement of human resources and organizations, etc.

Chairman of the Board
President & Group CEO

40

30

30

30

40

Outside Directors
Part-time Directors

30

80

Others50

Company
Targets

20
30

20

Set based on financial indicators*2 and non-financial
indicators*3*2: Target “adjusted net income” and “adjusted ROE” in MTP.
*3: Indicator to assess initiatives that contribute to earnings from a mediumto long-term perspective (indicators concerning employee engagement
and sustainability strategy) introduced from FY2022<Stock-based compensation (stock delivery trust)>
Increase the link between compensation and our stock price to have
Directors share the benefits and risks of stock price movements withshareholders⚫ Further raise Directors’ incentive to improve corporate value over the
medium- to long-term⚫

Fixed Compensation
Performance-linked bonuses
Stock-based compensation

Copyright (c) 2023 Tokio Marine Holdings, Inc.

33

We provide support, strength, and stability to our customers and society
in a world filled with risk. We give people the confidence to explore new
possibilities and take the next step forward.

Inspiring confidence. We help build more resilient economies, industries, and societies in a
Accelerating progress. rapidly changing world. This has been our mission since our founding
and will remain our guiding purpose.

With over 140 years of experience and expertise spread across a global
network - supported by technology and empowered by a corporate
culture dedicated to doing the right thing - we harness the power ofconfidence for our customers and society.
We are Tokio Marine Group.

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Disclaimer

These presentation materials include business projections and forecasts relating to
expected financial and operating results of Tokio Marine Holdings and certain of its
affiliates in current and future periods. All such forward looking information is based on
information and assumptions available to Tokio Marine Holdings when the materials wereprepared and is subject to a range of inherent risks and uncertainties.
Actual results may vary materially from those estimated, anticipated, expected or
projected in the accompanying materials and no assurances can be given that any suchforward looking information will prove to have been accurate.
Investors are cautioned not to place undue reliance on forward looking statements inthese materials. Tokio Marine Holdings undertakes no obligation to update or revise anyof this forward-looking information, whether as a result of new information, recent or
future developments, or otherwise.