To Our Shareholders

The 20th Ordinary
General Meeting of Shareholders

Tokio Marine Group
Business Strategy
June 27, 2022
Satoru Komiya President & Group CEO
Copyright (c) 2022 Tokio Marine Holdings, Inc.

Table of Contents
1 Business Environment & Our Strategy

P.2

2 FY2022 Projections & Shareholder Return

P.15

3 Towards A Sustainable GrowthP.19

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1Business Environment & Our Strategy

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2

1. Business Environment & Our Strategy

Review of FY 2021
Steady growth by acquiring customer's support despite COVID-19.
◼ Insurance
premiums◼ Adjusted net
income*1

44.7%

＋

7.8%

（trillions of JPY）＋

（billions of JPY）

578.3
（standardized based*2： 505.4)

3.8
399.6

（standardized based*2： 446.0 ）

3.6

2020

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2021

2020

2021

*1: Adjusted Net Income based on financial accounting is used from the perspective ofenhancing transparency and comparability as well as linking with shareholder returns*2: For 2020, the impact of natural catastrophes is adjusted to the average year level and the impact
of one-time factors such as COVID-19 and FX rate fluctuations is excluded.
For 2021, the impact of natural catastrophes is adjusted to the average year level and the impact
of one-time factors such as COVID-19 and an upswing in capital gains is excluded.

3

1. Business Environment & Our Strategy

Business Environment
Challenges society is facing are piling up, escalating, and becoming increasingly
complex
Climate change

Rising geopolitical risk

COVID-19

Cyber attack

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Increasing inequality41. Business Environment & Our Strategy

Environment related to climate change
Japan has a higher ratio of economic losses caused by natural catastrophes relative
to its national land area and GDP
Economic losses caused by natural
National land areaGDP
catastrophes
Japan’s land area
About 0.25％

Japan’s GDP
About 6％“Natural disastersuperpower”
Japan’s economic losses
About 20％*：Source: Swiss Reinsurance

Never run away from and squarely face natural catastrophes toprotect customers “in times of need” and provide meaningfulsupport
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1. Business Environment & Our Strategy

For Promptly Delivering Insurance Payment
Combine the total power of the Group and utilize advanced digital technology
Promptly deliver insurance payment to build customers’ “power for tomorrow”
Check the damage caused bydisasters using drones and AI

Employees and agencies work as one
to respond to large-scale disasters

Damage investigation using adrone

Scope of water damage
analyzed by AI
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1. Business Environment & Our Strategy

Global Risk Diversification
2000

2007

2012

2015

2018

2020
Business diversification

Weight of overseas insurance
business in group-wide income

3％

54％

(2002)(2022 Projection)

Regional diversification
Secure entry point to emerging markets

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

Expand into nonJapanese businesses(-2000)Businessdevelopment
focused onJapaneseclients

P&C inemerging
markets

Life inemerging
markets

AcquiredMar 2008

Acquired
Dec 2008

AcquiredMay 2012

AcquiredAug 2018

Invested
Dec 2018

Feb. 2021
LaunchAcquiredOct 2015

Review business portfolio
EuropeNon-Japanesebusiness*

From Jan. 2019
Run-off

Tokio Marine
Egypt Family
Takaful

Sep. 2020
DivestReinsurance
subsidiary

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AcquiredFeb 2020

Mar. 2019
Divest*: UK non-Japanese business and some unprofitable non-Japanese businesses in other European
regions (continue Lloyd’s business)7

1. Business Environment & Our Strategy

Managed COVID-19 & Natural Catastrophe the impact on Income
Impact *1 of COVID-19 & natural catastrophe on adjusted net income *2

2011（natural catastrophe）

80％

approx. ▲

2019
2020

（natural catastrophe）（COVID-19,
natural catastrophe)

20

approx.▲％*1:Impact is calculated as net incurred losses exceeding initial COVID-19 & 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. Business Environment & Our Strategy

Responding to Climate Change
Play a role and meet expectations in combating global warming and escalating natural
disasters
CaptureMitigate

Intensified natural
catastrophes
Mitigate
Risks

Global risk diversification

Growing awareness fornatural catastrophes
Mitigate
Risks

Dialogues with customers andcommunities

Secure profitability of fire insurance

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CaptureOpportunities

Capture the renewableenergy market(e.g., offshore wind,solar, geothermal power)
Initiative

CaptureOpportunities
Mitigate
Risks

Realizing carbon neutrality

Enhance preparation andrecovery business・Initiatives based on the Paris
Agreement
・Participation in global
initiatives (e.g., NZIA*, TCFD)*: Net-Zero Insurance Alliance.
The NZIA is an international initiative to promote the transition of insurance underwriting portfolios towards
materializing a net zero GHG emissions society by 2050.

91. Business Environment & Our Strategy

Efforts to Address Social Challenges
Accelerate efforts to address various social challenges to protect customers and society
Support for small- and mediumsized enterprises (SMEs)◼ Support SMEs in solving their
management challenges (e.g., businesssuccession, overseas expansion,business stabilization)◼ For six consecutive years, recognized“Remarkable financial institution’s action tocontribute to promoting regional revitalization”
by the Cabinet’s Minister of State for Regional
Revitalization.

Healthcare◼ Support companies’ healthmanagement utilizing know-how
developed as the only insurancecompany selected as the CertifiedHealth & Productivity
Management Outstanding
Organization for sevenconsecutive years◼ Offer ancillary services using external insights(e.g., health advice app, brain training app)

Cyber space◼ Provide products, services, and insights
against the growing cyber risk to help solve
problems（100 million
packets）

Number of cyber attack-related communications(Japan & overseas)

5,001

5,000
4,000
3,000

Rose 3.3 times
in 3 years

1,504

2,000
1,000
0

2015

2016

2017

2018

2019

2020

* Source: “Recent trend of cyber attacks,” released by the Ministry ofInternal Affairs and Communications in June 2021

Tetsushi Sakamoto
Minister of State for
Measures for Declining
Birthrate and Regional
Revitalization

Naoya Ito

Senior Managing
Executive Officer
Tokio Marine & Nichido
Fire Insurance*The titles were at the time of receiving the award.

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1. Business Environment & Our Strategy

New Value Provision Tailored to Customer Needs: Examples
Launch new car insurance,

Digital/sustainability native generation
Millennials

Digital native
generation

born in/after ‘80s

who grew up with
PCs and the internet

Gen. Zborn in/after 1995
2025

Ratio of Millennials
and Gen Z in
productive
population

Sustainability
native generation
who sees
environmental andsocial issues as
their own issues“&e,” to create an accident-freesociety with our customers
Insurance contract------⚫

2040

Accident handling--------

25%
50% 50%75%

Millennials & Gen Z
OthersPeople living in regions where cars are
essential for their lives
Cars are importantmeans of transport
Growing needs forsecure, safe andpleasant mobility society

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All procedures are completedby smartphone⚫

One-touch reporting⚫

Accident re-enactment

Accident reduction --------------⚫

Point program based on safe
driving scores (can be exchanged
with coffee, etc.)

Offer safer, longer and moreenjoyable car lives
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1. Business Environment & Our Strategy

Expanding Value Proposition

Towards becoming a safety and security partner who “always” gives support, including before anafter an accident, to provide support “in times of need”
Cyber
Health care

Increased Risks

Increased
Needs

EnergyInsurance Business

Customer in Need

Expansion in Prevention

Always Support
Prevent accidents,
detect signs of illness

Disasterprevention/
reduction

Conventional Insurance
Business《 Insurance Payout》
Insurance Business

Expansion in Recovery

Always Support
Early recovery,
prevent recurrence

Increased
Needs
Increased Risks

SME
Mobility
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1. Business Environment & Our Strategy

Disaster Prevention and Mitigation
Always support customers through the expanded before and after service areas andconsequently achieve our growth
Example of Domestic
Damage Prevention and
Mitigation

Launched a cross-industry disaster prevention consortium, “CORE,” in Nov. 2021 tobuild a total disaster prevention/mitigation solution business centered on insurance

Measurement/Monitoring
Business

Disaster Prevention
Consulting Business

Market Size* JPYMarket Size* JPY

250bn• Disaster prevention consulting• Release 3D virtual city flooding

simulations

Ordinary
times“Initial” disaster recovery business

Market Size* JPY

1tn

Emergency

50bn

Climate/Disaster Data
[Business Platform for (1)(2)(4)]• Development of real-time• Damage investigation andhazards map

speedier recovery/rehabilitation
using digital
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*: Market size in 2030 of businesses in four areas where synergy is expected with insurance; based on

research by a research company

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1. Business Environment & Our Strategy

Solve Social Challenges Through Business Activities
Link business activities with solving social challenges to help create a sustainable society
100 years
from now
Vision for
Tokio
MarineGroup

A global insurance group thatdelivers sustainable growth byproviding safety and security tocustomers worldwide

Societythat wewant torealize

Underwrite
risks to resolve
concerns
Identify risks andcontrol losses

Business
Activities

A sustainable society where
everyone can live safely andsecurely and take on any
challenges

Combatclimate change

Early recovery,
prevent
recurrence

D&I

Cover losses,
supportinitiatives

Core
Social Issues

Disaster resilience

Healthy andenriching living

Strength within Group and robust
governance supporting value creation

Changing social needs, increasingly
diverse and complex social issues
Past

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2

FY2022 Projections &Shareholder Return

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2. FY2022 Projections & Shareholder Return

FY2022 Projections
Build on the enhanced capabilities to further improve business results◼ Insurance
premiums◼ Adjusted net
income*1

6.7%

8.8%

＋

（trillions of JPY）

＋

550.0

4.1
3.8

（billions of JPY）

505.4
(Standardized based*2)

2021

2022
（Projections）

2021

2022
（Projections）*1: *1: Adjusted Net Income based on financial accounting is used from the perspective ofenhancing transparency and comparability as well as linking with shareholder returns*2: The impact of natural catastrophes is adjusted to the average year level and the impact of
one-time factors such as COVID-19 and an upswing in capital gains is excluded.

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2. FY2022 Projections & Shareholder Return“Glocal × Group Synergies”
Top-level growth in each country/region plus synergies

Top-level growth in eachcountry/region

Group Synergies

Domestic Non-Life＜ Bottom-line*1 ＞
TMNF
15.7%

Market12.8%＜ Top-line *1 ＞

M/S

No.1

2012-2020 CAGR

Group Synergies
Annual profit contribution :International (North America)＜ Bottom-line *2 ＞

North America
10.1%

Market5.7%＜ Top-line *2 ＞

USD

369

mn

（Dec 31, 2021）

M/S

No.12

2012-2021 CAGR
*1:

Bottom-line: Business unit profit for TMHD, market is the financial accounting profit of General Insurance Association of Japan members

Source: General Insurance Association of Japan website

Top-line: FY2021, NWP basis. Source: Company data

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*2:

Bottom-line: Local financial accounting profit for TMHD, market is the financial accounting profit of North American non-life insurance companies
Top-line: FY2021, DWP basis, North American non-life commercial lines. Source: S&P Capital IQ

Source: GS&P Capital IQ

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2. FY2022 Projections & Shareholder Return

Shareholder Return
11 consecutive year of higher dividends projected＋45＋55(vs Nov. 2021
projection ＋10)255

DPS (JPY)(ordinary dividends)

180
38%

Payoutratio*1

2018

190
40%

2019

200

46%

300
50%
48%

42%

2020

2021

2022
projection

2023
projection*1：Payout ratio based on average adjusted net income*2：In addition to common dividends, to adjust capital level Tokio Marine paid ¥70 on Q2 2018 and ¥35 on Q2 2019 and Q2 2020 as temporally
dividends

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3

Towards A Sustainable Growth

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3. Towards A Sustainable Growth

Promote and Spread Diversity & Inclusion (D&I) as Growth Strategy
Promote diversity and leverage expertise and experience globally to respond to changes
Keep supporting customers and communities in times of need
Strongly
promote D&I
under CCO,CDIO and
Deputy CDIO

Diversity Council
Established a global committee headed by the CEO.
Promote group-wide initiatives with the participation of diverse
members from Japan and overseas
CEO/CCOKomiyaCDIO
Nabeshima

Deputy CDIO
Caryn

GenderTokio Marine Group Women's Career College
launched in 2019 to encourage spontaneous
career development and active participation.

Nationality

Appoint talents who join the Group throughoverseas M&As as Group Co-Heads andglobal committee leaders

Generation

In-house venture program to support
employees including young talents who areeager to innovate, and relaxation of side job
rules

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Events held in August 2021 andMarch 2022
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3. Towards A Sustainable Growth

Bring Together Employees’ Ideas and Passion to Create Greater Power
Unite diverse talent with shared corporate culture
Spreading corporate culture⚫ Held a remote world tour during the pandemic⚫ By penetrating the corporate culture, engrave our
purpose in all acts from individual action to
management decision⚫ making

Remote world tour by CEO Komiya(CEO Meeting)Company whose passion and sense ofunity has no parallel
Resilient and tough company（Reference）Creation of Exciting and Rewarding Work
Environment

Culture & value survey*＜<Priority Items＞

4.3 points out of 5
Culture & Look Beyond Profit: 4.2 points out of 5Group Attachment:

Placing in best place to work rankings around theworld(Ranked No.2 in Brazil’s Great Place to WorkAward 2021)＊: FY2021 survey result (total for domestic and overseas groupcompany and TMHD)

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3. Towards A Sustainable Growth“To Be a Good Company”

We will be there for our customers, playing our part insociety 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.

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Reference

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ESG ～Environment～
Actively contribute to environmental protection, biodiversity preservation, and creation ofenvironmental values through our business⚫

Actively offer insurance and services to clean energy business⚫

Encourage wider use of environmentally-friendly drones⚫

Contribute to the protection of natural environment by offering Environmental liability Insurance⚫

Promote web-based insurance contracts (clauses) and omission of issuing insurance policies
Achieved carbon-neutral for eight consecutive years(k ton)■Creating a green society through institutional investor⚫

Origination of funds supporting clean energy business, investment
in green bonds■Initiatives to reduce environmental footprint⚫

⚫

CO2 Emission

CO2
Absorption/Fixation/Reduction

Achieve “carbon neutral” status through working proactively to reduce
CO2 emissions as well as planting mangroves and utilizing naturalenergyThe new head office building is designed to be a green building with the highest level of environmental functions including theuse 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.

*: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））

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Contribute to sustainable global environment

Examples of our approaches to environment■Creating a green society through insurance business

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ESG ～Environment～
To achieve decarbonized society, develop renewal goals to accelerate to address climate change
FY2030 -60% reduction (Compared to FY2015)*1

Reduction of our greenhousegas(CO2) emissions
Achieve net zero greenhouse gas emissions in fiscal 2050 (including
recipients of investments and financing) *2

Ratio of renewable energy
usage to total electricity
consumption

FY2030 100% to renewable energy at majorbuildings/facilities

Company-owned vehicles

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

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ESG – Society –Contribute to solving social issues by providing safety and security to customers and society through our business■Response to natural disasters that are increasingly becoming larger in scale⚫

⚫

Damageassessment

Disaster managementtask force■Contribution to a safe and secure automobile society⚫
⚫

Developed the industry’s first insurance coverage in response to the progress in autonomous
driving technology
Providing further safety and security by utilizing our original drive recorder device■Support for long and healthy lives and health anxiety⚫
⚫

Using AI to analyze big data to provide health insurance for seniors with chronic diseases thatwere previously difficult to underwrite
Provided our customers with access to part of the online medical consultation services offeredby our affiliate Medical Note, Inc.

■Contribution to eliminate a poverty in society⚫

Checking customers’
Loading relief
damagesupplies onto a truck

through our business

Our social initiatives⚫

Mobilize employees to focus on customer outreach at times of emergency
Make insurance payments speedily by creating a remote non-life insurance service system andusing satellite images, drones, and so on
In addition to speedy insurance payments, offer products and services designed for disasterprevention/reduction and prompt recovery
Decide start selling of earthquake index insurance to provide consolations immediately after thecatastrophe

Contribute to solving social issues⚫

Provide farmers in India low-cost insurance products to help solve the issue of poverty

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ESG – Society –■Promote health & productivity management
⚫
⚫

*1の推移
Number of female
managers(TMNF)*
女性管理職数（東京海上日動）*:including officers＊1: 役員を含む■Support regional revitalization⚫

Assist SMEs in stabilizing their business through local governments, chambers,
associations of commerce and industry, and others
Actively support inbound business and overseas business development of local companies

338■Promote active and equal participation of women⚫
⚫
⚫

Organize various systems to promote active and equal participation of women andprovide them with opportunities to take on challenges
Accelerate initiatives to appoint female managers and nurture female management
candidates
Establish “Career College” as a place of learning to support more lively and active
participation■Develop future generations and promote building
an inclusive society⚫
⚫
⚫
⚫

Donated over ¥1.0 billion in Japan and overseas to provide rearguard support for fightagainst COVID-19
To educate environment and disaster prevention, hold “Green Class” and “Disaster
Prevention class”
Hold dementia support training programs nationwide and offer products that support people
with dementia
Support the Japanese Para-Sports Association, Japan Inclusive Football Federation, andSpecial Olympics Nippon Foundation

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43
2007

2022
（As of April 1）

through our business

Our social initiatives⚫

Contribute to solve social issues

Steadily implement PDCA to improve employees’ health, revitalize the organization, andenhance corporate value under Tokio Marine Group Wellness Charter
Support customers’ health & productivity management utilizing the know-how
accumulated in Health & Productivity Stocks (7 consecutive years)

27

ESG – Governance –Solve Group’s management issues by leveraging global expertise and knowledge through function-based
Chief Officer system and committees, etc.
Globalize and enhance our management structureGroup CEOCCO Culture
グループチーフオフィサー
C-Suiteincludes overseas top

management
CFO

CWO

Financial

Wellness

CSSO

CLCO

Strategy and Synergy

CRO
Risk

CDO
DigitalCRSO
Retention Strategy

CIO
Investment

CHRO
Human Resources

Legal and Compliance

CITO
Information Technology

CISO
Information Security

CSUO
Sustainability

CDIO
Diversity & Inclusion

COO

Focus on Group managementby the Group CEO

Top management both in Japanand overseas discuss various
Group management issues

Unleash the Group’s total power
Domestic
Non-life

Domestic
Life

Int’l
Insurance

Financial &OtherBusiness⚫ Synergy effectUtilization of Global Committee, etc.

⚫ Sharing of best practice

ERM Committee⚫ Converge and utilize

Sustainability Committee
Global Retention Strategy Committee
Global Information Technology
Committee

knowledge of the Group⚫ Involvement in the Groupmanagement by overseas
talentDiversity Council

Operating

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ESG – Governance –Hybrid institutional design based on the Board of Directors that makes high-quality decisions leveraging insights
and expertise of outside officers and supported by the Nomination Committee and Compensation Committee withtransparent decision-making process＜Governance structure ＞

Role

Composition

Board of Directors

Audit & Supervisory Board

Make decisions on important business execution;
supervise execution of duties by directors

Audit execution of duties by directors

High-quality decision-making leveraging
diversity

Advice from multifaceted viewpoints

Ratio of outside directors

Ratio of outside Audit & Supervisory Board members
60% (3 out of 5)

43% (6 out of 14)

Nomination Committee
Discuss appointment/dismissal of CEO, directors, Audit& Supervisory Board members, Executive Officers, etc.
and report to the Board of Directors⚫ Discuss CEO’s succession plan and supervise
development of successor candidates⚫

Role

Composition

Compensation Committee

Number of outside members 6 out of 8
Chairman must be an outside officer

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⚫

Ensuretransparency

Discuss performance evaluation of directors, Executive
Officers, etc., system and level of executive
compensation, and policy for their determination, andreport to the Board of Directors
Number of outside members 6 out of 7
Chairman must be an outside officer
29

ESG – Governance –Designed a remuneration system linked to business performance and stock price as an incentive for directors toachieve sustainable growthCompensation System for Directors<Performance-linked bonuses>⚫

Consists of fixed compensation, performance-linked bonuses, andstock-based compensation⚫

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⚫

In principle, ratio of performance-linked bonuses and stock-based
compensation increases in conjunction with the rank of Directors⚫

⚫

Stock-based compensation has changed from stock options to stock
delivery trust from July 2021

Individual
TargetSet based on the scope of duties (includes ESG and medium-to
long-term strategic targets*1)

Company
TargetSet based on financial indicators*2 and non-financial
indicators*3＜Ratio of Compensation＞

Chairman of the Board
President & Group CEO

40

30

30

30

40

Outside Directors
Part-time Directors

30

80

50

Others*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 andsustainability strategy) introduced from FY2022

20

30

Fixed Compensation
Performance-linked bonuses
Stock-based compensation
Copyright (c) 2022 Tokio Marine Holdings, Inc.

*1: Further globalization and enhancement of functions of management,enhancement of human resources and organizations, etc.11

20<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 with shareholders⚫

Raise Directors’ incentive to improve corporate value over the medium- to longterm

30

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.