To Our Shareholders

The 18th Ordinary
General Meeting of Shareholders

Tokio Marine Group Business Strategy

June 29, 2020

Satoru Komiya
President & Group CEOTable of Contents

1. Performance Topics...................................... P.2
2. Purpose of Tokio Marine’s Business andInitiatives for Achieving the Purpose.............. P.8
3. For Our Goal............................................... P.16

Copyright (c) 2020 Tokio Marine Holdings, Inc.

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1. Performance Topics

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1. Performance Topics

Occurrence of large-scale Natural Disasters for the Second Consecutive Year
Typhoons Faxai (No.15)

Source: adapted from the website of the Kanto Regional Development Bureau

Torrential Rain in Northern Kyushu on July

Typhoons Hagibis (No.19)

Source: adapted from the website of the Kanto Regional Development Bureau

Insurance claims for the series of natural
disasters*:

Whole industry: over 1 trillion yen

The Company: approx. 330.0 billion yen
Source: adapted from the website of the Kyushu Regional Development Bureau
Copyright (c) 2020 Tokio Marine Holdings, Inc.

* Claims paid (including anticipated) for the wholeindustry; direct insurance claims for the Company3

1. Performance Topics

Impact of Natural Disasters on Income

Managed natural catastrophe risk through geographicaland business diversification and limited the impact on
income to approx. 20% for FY2019＜ Impact*1 of natural catastrophe on
adjusted net income*2＞
Riskdiversification

2011

Approx. -80%

2019

Approx. -20%

*1 Impact is calculated as net incurred losses exceeding initial natural catastrophe fund
*2 Adjusted Net Income based on financial accounting is used from the perspective ofenhancing transparency and comparability as well as linking with shareholder returns

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1. Performance Topics

Response to Natural Disasters

The vital role of our main insurance business,
supporting customers in their times of need

Disaster management task force

Checking customers’ damage

Damage assessment

FY2019: Mobilized 22 thousand
employees in aggregate
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1. Performance Topics

Response to Natural Catastrophe
Swift claims payment
utilizing technology
Product development
reflecting the voices ofpeople affected bydisasters

Provision ofinformation andservices for prevention
and mitigation ofdisasters
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◼ Leveraging cutting-edge technology
Utilizing the latest technology throughout allprocesses, from pre-disaster, to insurance
claims, to claims payment

Utilizing satellite technology◼ Earthquake-ready EQuick Insurance
Paid promptly after an earthquake (in as few
as 3 days) in proportion to magnitude, tosupport customers’ immediate living needs◼ Sophisticated risk surveys
and mitigation measures

Can be completed on a smartphone◼ Disaster Prevention
Lessons
40 thousand participants in aggregate

Utilizing drones for:・Ground level analysis
・Flooding simulations6

1. Performance Topics

Impacts of COVID-19
Underwriting

Investment◼ Impairment losses on securities◼ Event Cancellation
insurance◼ Overseas travel
insurance

It is vital to“understand the root cause of the issue and take all necessary and appropriate measures”
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2. Purpose of Tokio Marine’sBusiness and Initiatives
for Achieving the Purpose

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2. Purpose of Tokio Marine’s Business and Initiatives for Achieving the Purpose

Changes in the Global Environment

An era to rethink companies’ raison d'êtreTechnological advances

Climate change

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COVID-19

Increasing inequality

Rising geopolitical risk

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2. Purpose of Tokio Marine’s Business and Initiatives for Achieving the Purpose

Purpose of Tokio Marine’s BusinessContributing tosolving social
issuesWorking with agentsto grasp and respondto customer andsociety needs

Support customers in theirtimes of need by delivering safety

Customers

SocietyEmployees

Shareholders

and security while helping peopleand companies undertakenew challenges
to shape the futureOffering vibrantworkplaces
Copyright (c) 2020 Tokio Marine Holdings, Inc.

Providing anappropriate
return on
investment10

2. Purpose of Tokio Marine’s Business and Initiatives for Achieving the Purpose

Priority Issues

To remain an indispensable partner
for our customers and local communities
Further diversification ofportfolio

Strengthening of alignedGroup management

Fully leveraging
technology

Identification of flooded area using
satellite image

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2. Purpose of Tokio Marine’s Business and Initiatives for Achieving the Purpose

Further Diversification of Portfolio
2000

2007

2012

2015

2018

2019

Weight of overseas insurance
business in group-wide income

3％

Capture further growthand pursue businessdiversification

46％(2002)

Capture growth inemerging markets(2020)

Growth and businessdiversification in the U.S.
Establishedmaterial presence inthe U.S. and Europe

Expand into nonJapanese businesses

P&C inemerging
markets(-2000)Businessdevelopment
focused onJapaneseclients

Life inemerging
markets

AcquiredMay 2012
AcquiredMar 2008

Announced
Jan 2020
AcquiredAug 2018

AcquiredFeb 2020

Invested
Dec 2018

AcquiredOct 2015

Acquired
Dec 2008

Strategic review of thebusiness portfolio

Reinsurance
subsidiary

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DivestedMar 201912

2. Purpose of Tokio Marine’s Business and Initiatives for Achieving the Purpose

Acquisition of Pure Group・Establish Insurance JV with Caixa Bank
Acquisition of Pure Group

Establish Insurance JV with Caixa Bank

■ Customer satisfaction
supported by high quality service
Customer satisfaction(Net Promoter Score*1）

3935

Homeowners Auto insurance
insuranceindustryindustry
averageaverage

7773◼ Sell highly profitable home insurance

5247AppleIntel(mortgage insurance, homeowners'
insurance)

Pure
PureStarbucks■ Outstanding growth for HNW*2 market
Before-tax profit（USD mn）

CAGRApprox.
200+31%66172014

2019

Copyright (c) 2020 Tokio Marine Holdings, Inc.

2023（Projection)*1：An index quantifying customer loyalty from -100 to 100 (whether a customer recommends a company’s
products or services to their acquaintances).Source: Customer GURU, NICE Satmetrix 2019 Consumer Net
Promoter Benchmark Study*2：HNW stands for High Net Worth.

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2. Purpose of Tokio Marine’s Business and Initiatives for Achieving the Purpose

Strengthening of Aligned Group Management

Need talented individuals in the right positions within and outside ofJapan

Tasked withjoint Groupoversight, etc.

Donald Sherman

Christopher Williams

Senior Managing Executive Officer
Co-CIO (Group Co-Chief Investment Officer)
Delphi Financial Group CEO

Senior Managing Executive Officer
Co-Head of International Business
Co-CRSO(Group Co-Chief Retention Strategy Officer)

Robert O'Leary

José Adalberto Ferrara

Managing Executive Officer
Assistant to the Executive Officer in charge
North America (excluding some subsidiaries)
Philadelphia Consolidated Holding Corp.
Chairman&CEO

Executive OfficerTokio Marine Seguradora S.A. CEOReserving

HRSpecialty

Cyber
Insurance

Reinsurance

InternalAudit

DanielThomas

Caryn
AngelsonPhilippe
Vezio

Daljitt
Barn

BarryCook

DesmondYeo

Expertise acrossthe Group

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2. Purpose of Tokio Marine’s Business and Initiatives for Achieving the Purpose

Fully Utilizing Technology

Utilizing technology to provide new value to customers
Increase contact
pointswith customers

Get insurance by voice throughSmart speaker

Enhanceproducts andservices

Enhance claims
services andimprove businessefficiency
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Free online medical consultation

Product/service development ofUtilization of cutting-edge technology

ship insurance, etc.

in cyber risk, etc.

Identification of flooded area using

Simple and speedy process withsatellite image

high customer satisfaction

Reproduction of accident situation using

Improve efficiency and sophistication ofdrive recorder video

vehicle damage confirmation using AI15

3. For Our Goal

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3. For Our Goal

Our Goal

We all still need to deal with risks in our daily livesThroughout the changing eras, we continue tosupport our customers in their times of need
As a result, we will achieve sustained profit growth
If we live up to such expectations,
Insurance can be deemed as a growing market

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3. For Our Goal

Our GoalContinuing to enhance our capabilities[Adjusted net income / Adjusted ROE *]12.2%(billions of JPY)

Medium to longterm target
around 12%
Over ¥500 billion

500

410.0
400

300

200

4.8%
114.1100

20112012

Copyright (c) 2020 Tokio Marine Holdings, Inc.

201320142015

2016

2017

2018

2019

2020

Our Goal* Natural catastrophe normalized to 2020 funds level, impact of reinstatement premiums isexcluded for 2018 and 2019.2020 figures exclude the impact of COVID-19.

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3. For Our Goal

Shareholder Return Policy

Ninth consecutive year of higher dividends projected
High level
shareholder return

180

DPS（JPY）(ordinary dividends)

190

160

200

Global Peer Level

40%

140
38%
35%35%

2016

2017

36%

Payout Ratio(Payout ratio based on the original
projection basis.）

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201820192020(Projections)（予想）

Our Goal19

3. For Our Goal

Revitalizing Our People and Structure

To build a “robust and agile” company that willcontinue to enhance corporate value, even amid
dramatic changes in the environment“People” and “Culture”
Communication
Speedy sharing of frontline information within
the Group

Copyright (c) 2020 Tokio Marine Holdings, Inc.

Challenging Spirit
Cultivate a corporate
culture that encourages
employees to take on
new challenges, without
fear of failure

Diversity & Inclusion
Enhance specialization
and respect diversity inthe Group20

3. For Our Goal

Our Culture: “To Be a Good Company”Sharing our ideal of a Good Company with colleagues around the world
By caring about people and culture, we can be a Good Company
now and for the next 100 years

Continuing to provide value for all stakeholders
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We will be there for our customers, playing our part in society in times of need.
We will balance our strength as an organization with compassion as individuals,

looking beyond profit to deliver fully on our commitments.
Through our collective efforts, we will strive to be a Good Company,
living up to the trust placed in us.

22Disclaimer

These presentation materials include business projections and forecasts relating to expectedfinancial and operating results of Tokio Marine Holdings and certain of its affiliates in current andfuture periods. All such forward looking information is based on information and assumptions
available to Tokio Marine Holdings when the materials were prepared and is subject to a range ofinherent risks and uncertainties.
Actual results may vary materially from those estimated, anticipated, expected or projected in theaccompanying materials and no assurances can be given that any such forward looking
information will prove to have been accurate. Investors are cautioned not to place undue relianceon forward looking statements in these materials. Tokio Marine Holdings undertakes no obligation
to update or revise any of this forward looking information, whether as a result of new information,
recent or future developments,or otherwise.
These presentation materials do not constitute an offering of securities in any jurisdiction. To theextent distribution of these presentation materials or the information included herein is restrictedby law, persons receiving these materials must inform themselves of and observe any such
restrictions.