June 14, 2024
Name of Listed Company:

MS&AD Insurance Group Holdings, Inc.

Name of Representative:

Noriyuki Hara, President & CEO(Securities Code: 8725, Tokyo Stock Exchange and Nagoya Stock Exchange)

Contact:

Corporate Communications and Investor Relations Dept.
https://www.ms-ad-hd.com/en/ir/contact.html

Submission of the Progress Report of Business Improvement Plan by subsidiaries ofMS&AD Insurance Group Holdings to the Financial Services Agency
Mitsui Sumitomo Insurance Co., Ltd. ("MSI", President: Shinichiro Funabiki) and Aioi Nissay Dowa InsuranceCo., Ltd. ("ADI", President: Keisuke Niiro), subsidiaries of MS&AD Insurance Group Holdings, Inc. (“theCompany”), today submitted to the Financial Services Agency of Japan (“FSA”) the Progress
Report of Business Improvement Plan in response to the administrative actions (Business Improvement
Order) issued by FSA on December 26, 2023.
For the outline of the reports, please refer to the materials released by MSI and ADI on the links as below.
The Company, MSI and ADI continue to take this situation seriously and sincerely apologize for the great
concern and inconvenience caused to customers and other stakeholders. We will devote all our efforts toimproving our business operation to prevent recurrence, and strive to restore trust from all the stakeholders.
The following is a summary of the progress and status related to the improvement of our management system,
which is described in the business improvement plans of MSI and ADI, as follows. Under the supervision ofBoard of Directors, the Company will supervise and provide guidance for the implementation of the business
improvement plans released by both companies.
[Progress and status related to the improvement of our business management system]
・In order to detect risks inherent in the Group and respond autonomously, the Company have established theGroup Risk Management Committee, in which relevant officers of the Company and the domestic
insurance companies in the Group participate, and the Group Risk Review Working Group, in which alldivisions of the Company participate (both of which include outside experts).
・In order to consolidate knowledge within and outside the Group and strengthen the functions of audit &supervisory board, audit & supervisory board member (including an outside audit & supervisory boardmember) of the Company and the domestic insurance companies in the Group have decided to establish theGroup audit & supervisory board member meetings for discussion and exchange of opinions, and to holdthese meetings in the first and second half of the FY2024.
・As matters that require reporting from group companies to the Company, we have included matters related
to "identification of the risks (forecast and detection ), assessment of the risks and necessary response" and"cultivation of a sound corporate culture" shall be stipulated in the Rules of the Group management
supervision contracts and Director Association of the Company to strengthen the system for timely andappropriate reporting of important management matters of group companies.
・In order to strengthen governance in conjunction with group companies, the Company commenced
participation as an observer in the management meetings of MSI and ADI.
・In order to strengthen the auditing function of the Internal Audit Department, the Company reorganized andnewly established the organization to improve Risk sensitivity and strengthen monitoring the entire Group.
・In order to build a more robust compliance promotion system as a group, the Company revised its
compliance program and added "promotion of compliance education and training for thorough compliance"and "Strengthening of internal control system for compliance with the Antimonopoly Act."[The progress repots of Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance Reports]○Mitsui Sumitomo Insurance(https://www.ms-ad-hd.com/en/news_group/news_group20240614_2.html)○Aioi Nissay Dowa Insurance(https://www.ms-ad-hd.com/en/news_group/news_group20240614.html)- End -