MS&AD Group
Medium-term Management Plan (FY2022-FY2025) Stage 2
Grow Together with Society As a Platform Provider of Risk Solutions

I. Review of Stage 1 (FY2022-FY2023)

1

I. Review of Stage 1 (FY2022-FY2023): (1) Quantitative Targets• Despite an increase in losses from domestic natural disasters and in losses connected to automobile insurance, in FY2023,
Group Adjusted Profit exceeded the earnings forecast and stood at JPY 379.9 billion, reflecting the sale of strategic equity
holdings ahead of schedule and an increase in profit in the international business.
• At the end of Stage 1, Group Adjusted ROE exceeded the earnings forecast, reaching 9.0%.
• Changes in the market environment (increases in domestic stock prices and domestic interest rates, the weaker yen) led to
an increase in the market value of net assets. Meanwhile, sales of strategic equity holdings resulted in a decrease in risk.
Due to these and other factors, ESR came to 229%, which falls within the target range (180%-250%).

Group Adjusted Profit and Group Adjusted ROE
The bar chart shows Group Adjusted Profit. The line chart shows Group Adjusted ROE.
6,000

Stage 1 (FY2022-FY2023)(JPY 100 mil)

9.0%
8.0%

実績

5,000

7.5%

4,000

6.0%

4.8%
4.6%

3,000

2,000

業績予想

Initialforecast

3,000
Initialforecast

3,471

3,500
4.0%

3,799
2,800

Results

1,727

1,000

1,700

Results

Forcast2.0%

ForcastResults0

0.0%

FY2021

FY2022

FY2023ESR
FY2023229％
2

I. Review of Stage 1 (FY2022-FY2023): (2) Qualitative Targets• Our basic strategies for realizing our aspiration of becoming a “corporate group that supports a resilient and sustainable
society” are “Value (value creation),” “Transformation (business reforms)” and “Synergy (demonstration of group synergy).”“Sustainability,” “Quality,” “Human Resources” and “ERM” are the foundations supporting the basic strategies.

Basic strategies

Value (Value creation)

Major Initiatives

Implementation of
MS&AD Value strategy✓ Took steps to increase the profitability of the domestic non-life insurance business. However, its profitability
deteriorated due to changes in the business environment (increasing severity and frequency of natural disasters,
hardening reinsurance market, continued inflation, etc.).
✓ Expanded the risk management business using digital technologies and data and developed and provided services
before and after coverage and protection (such as AI assessment of the risk of accidents and the monitoring ofcyberattacks). MS&AD InterRisk Research & Consulting, Inc. took the lead in these activities.
✓ Created new businesses in collaboration with startups.

Challenges

Strengthening of the revenue base

✓ Improve underwriting profit in the domestic non-life insurance business (products that contribute to the bottom
line, rate revisions, the reinforcement of line size control and underwriting).
✓ Promote the development of products and services before and after coverage and protection.
✓ Strengthen existing businesses and create new ones by collaborating with startups and launching joint ventures.

3

I. Review of Stage 1 (FY2022-FY2023): (2) Qualitative Targets
Basic strategies

Transformation (Business reforms)

Major Initiatives

Pursuit of optimal solutions
utilizing digital technologies✓ Improved and expanded MS Amlin’s profitability and invested in MS Transverse to expand into the US market.
✓ Replaced products with lower profitability in the portfolio with ones with higher profitability (incomecompensation insurance and medical insurance).
✓ Scale up investment in assets expected to generate (foreign bonds, foreign equity, alternative investments, etc.).
✓ Raised the strategic equity holdings reduction target during the period of the medium-term management plan
and limited catastrophe risk.
✓ Accelerated collaboration with platform operators to develop sales channels for built-in insurance on ecommerce sites.
✓ Created an environment for using generative AI in business and cultivated core personnel to promote its
application.

Challenges

Business and risk portfolio reforms✓ Earnings improvements for the Toyota Retail business with a focus on ANDEL✓ Invest for the growth of business (in the United States, where there is considerable room for development, andin in Asia and emerging countries, where growth can be expected).
✓ Increase capital efficiency by improving results and identifying unprofitable businesses.
✓ Expand revenue from casualty insurance in anticipation of the shrinking voluntary automobile insurance andfire insurance markets.
4I. Review of Stage 1 (FY2022-FY2023): (2) Qualitative Targets
Basic strategies

Synergy (Demonstration of group synergy)

Global synergy

Major Initiatives

Synergy of life insurance
and non-life insurance
businesses✓ Promoted the integrated management of head office functions, the expansion of BPO operations and office
sharing as a part of the standardization, collaboration and integration of primarily the head office functions ofMitsui Sumitomo Insurance (hereinafter “MSI”) and Aioi Nissay Dowa Insurance (hereinafter “ADI”) in the One
Platform strategy.
✓ Raised the life insurance and non-life insurance cross-selling rate. Used MSA Life’s distribution channels tosell MSP Life’s products and developed the asset formation market.
✓ Shared a wide range of products, services and expertise in a project to share expertise between domestic andinternational operations (TENKAI project).

Challenges

Implementation of
One Platform strategy✓ Fully implement the One Platform strategy and primarily improve the efficiency of the head office functions andthe operational quality of MSI and ADI.
✓ Create a sustainable business operation system by having Group companies share human resources andoffices and generating synergy.
✓ Strengthen tie-up sales between life insurance companies and non-life insurance companies and between twolife insurance companies.
5I. Review of Stage 1 (FY2022-FY2023): (2) Qualitative Targets
Foundation Initiatives
Sustainability

Major Initiatives⚫ Corporate group which continues to evolve basedon customer feedback⚫ Practice of highly transparent and effective
corporate governance✓ Established the Finance Alliance for Nature Positive
Solutions (FANPS) platform to help set and publicize
GHG emissions targets for major domestic business
partners and undertake natural capital initiatives.
✓ Took actions to conserve and restore the environment
through the MS&AD Green Earth Project.
✓ Provided products and services that will contribute toextension of healthy lifespan and asset life expectancy.

✓ Collected customers’ complaints and comments
through surveys and social media to enhance products
and services.
✓ Discussed issues with all employees at workplaces andprovided training to agencies to establish customerfocused operations.
✓ Added an external perspective to the evaluation of theBoard of Directors to strengthen governance.

Challenges⚫ Symbiosis with global environment (Planetary
Health)⚫ Safe and secure society (Resilience)⚫ Happiness of diverse people (Well-being)

Quality✓ Take an integrated approach to addressing the three
key issues.
✓ Engage in dialogue with business partners to reduce
GHG emissions and support them in addressing theissue.
✓ Build relationships with local stakeholders anddisseminate more information.

✓ Take an insurance premium adjustments incident and afraudulent insurance claims incident by agentsseriously and ensure customer-focused operations andcompliance.
✓ Establish clear business conduct rules and strengthenrisk management on the second and third lines of thethree-line defense.

6

I. Review of Stage 1 (FY2022-FY2023): (2) Qualitative Targets

Challenges

Major Initiatives

Foundation Initiatives
Human resources

ERM⚫ Development of optimum human resource portfolio⚫ Full demonstration of employees’ abilities and skills
and fulfillment of their ambitions⚫ Improvement of profitability and capital efficiency
through the integrated management of risk, returns
and capital⚫ Reduction of strategic equity holdings✓ Made progress in the creation of an environment toencourage the hiring and advancement of specialist
human resources.
✓ Expanded the personnel movement system (postchallenge) to transfer employees to the department of
their choice and promoted the movement of personnel
between Group companies, the development of humanassets and career development.
✓ Developed pipelines to promote more women to
officer and manager positions.

✓ Insurance adjustments and other violations of laws andregulations occurred due to a lack of awareness andmanagement of risks.
✓ Took steps steadily to achieve the ROE target, including
withdrawing from less efficient operations andreviewing the directions of operations.
✓ Increased the strategic equity holdings reduction target
during the period of the medium-term management plan
to JPY 600 billion from JPY 400 billion.

✓ Increase human capital investment to improve thewell-being of employees (job satisfaction, employeefriendliness, physical and mental health andtreatment).
✓ Provide education to ensure compliance andcustomer-focused operations.

✓ Increase capabilities to detect and manage legal risk,
conduct risk and other risks that are difficult to quantify.
✓ Continue to improve capital efficiency to consistently
achieve an adjusted ROE of 10% or higher.
✓ Reduce strategic equity holdings to zero during the period of
the next medium-term management plan, invest the proceedsfrom the sale of the equity holdings for growth, and increase
the enterprise value.
7II. Medium-Term Management Plan
(FY2022-FY2025) Stage 2
Grow Together with Society As a Platform Provider of Risk Solutions81. Main Points of the Review of the Plan in Stage 2
After the insurance premium adjustments incident
and fraudulent insurance claims incident by agents◼ We take seriously the insurance premium adjustments Incident and the fraudulent
insurance claims Incident by agents. All employees, agents and business partners arecommitted to restoring customers’ trust.
◼ We will review the activities of all employees, agents and business partners in light of
the Group’s mission, vision and values.
◼ We are committed to fulfilling the Group’s mission, vision and values based on a correctunderstanding of the MS&AD Insurance Group Compliance Basic Policy (“Basic Policy”).
Realize our mission,
vision and values

Create optimal products and services
together with customers
Restore customers' trust

Understand laws, regulations, rules, etc.
based on the Basic Policy and take actions
on our own initiative in response to therequests of our customers and society tomeet their expectations
91. Main Points of the Review of the Plan in Stage 2
Significant Business Style Revolution⚫ We will review the way that we do business and drastically change our business style, including the value we provide,business structure, productivity and profitability. The new style will be based on customer-focused operations, robust
governance and compliance.
Changing the value we provide

Changing business structure

Changing productivity
and profitability⚫ Establishing an appropriate competitiveenvironment
Increasing our competitive advantage in theprovision of products and services⚫ Strengthen ability to propose risk
solutions
Enhancing our core insurance functions
and solutions before and after coverageand protection⚫ Improving underwriting management
Promoting underwriting using risk-related
information and data

⚫ Implementing new growthinvestments
Increasing investments in businesses
that can be developed and in markets
that are expected to grow
⚫ Investing in digital technologies andhuman resources
Increasing digital transformation
investment in new solutions, including
generative AI, and investments inhuman resources⚫ Fully implementing the One Platform
strategy
Promoting the integration of head office
functions and expanding the integratedfunctions to the entire Group⚫ Reviewing overdesigned operations
Promoting paperless operations anddigitalization⚫ Strengthen asset management
Pursuing profitability based on changes
in the market environment

Customer focusedbusiness operation

Strengthen governanceCompliance⚫ Re-emphasizing customer-focused
operations⚫ Taking actions on our own initiative in
response to the requests of our customers
and society to meet their expectations⚫ Strengthening the governanceframework by senior management⚫ Enhancing the functions of the second
and third lines of the three-line defense⚫ Enhancing awareness and knowledge ofcompliance⚫ Enhancing the ability to foresee risks anddetect risk indicators⚫ Monitoring, accumulating knowledge andsharing knowledge within the Group10

2. Our Aspirations: (1) Qualitative Targets
A corporate group that supports a resilient and sustainable society

As a platform provider of risk solutions,
we will help solve climate change and other social issues while growing together with society.

⚫ In addition to covering economic losses, seamlessly provide products and services before
and after coverage and protection.
⚫ Offer optimal solutions through marketing, underwriting, claim services and risk consultingthat utilize digital technologies.

Story of Value Creation
By facing social issues and providing products and services through our business model to realize our mission,
we will help create an environment where customers can live and conduct business in a secure manner.

Our Management Philosophy (Mission)

To contribute to the development ofa vibrant society and help secure asound future for the planet, byenabling safety and peace of mind
through the global insurance andfinancial services business

Our Business Model

Identify
and informon risks
Prevent risks
from occurringand minimize
the impactof risks

Reduce theeconomic
impact on thematerializationof risks11

2. Our Aspirations: (2) Quantitative Targets• Achieve net income of JPY 450.0 billion on an IFRS basis in FY2025 and a Group Adjusted Profit of JPY 760.0 billion (JPY 450.0
billion if the effect of the sale of strategic equity holdings is excluded).
• Achieve an Adjusted ROE of 12% and a Group Adjusted ROE of 16% (10% if the effect of the sale of strategic equity
holdings is excluded).
(Note) The Group plans to change its accounting standards to IFRS in FY2025.

TargetGroup adjusted profit

IFRS-based net income
FY2025

JPY 450.0 billion

FY2025

JPY 760.0 billion(JPY 450.0 billion excluding the effect of

the accelerated sale of strategic equity holdings)

Group Adjusted ROE*2

Adjusted ROE*1
FY202512％

FY202516％（10% excluding the effect of the accelerated
sale of strategic equity holdings）*1. Net profit on IFRS basis ÷ (Net assets on IFRS basis － Unrealized gain/loss from strategic equity holdings)(Since, under IFRS, gain/loss on sale of strategic equity holdings is no longer included in net profit, unrealized gain/loss from strategic equity holdings is excluded from net assets
to align the denominator (net assets) and numerator (net profit) used to calculate ROE.)*2. Group Adjusted Profit ÷ Group Adjusted Net Assets
Adjusted net assets = Consolidated net assets + Catastrophe loss reserve, etc. – Goodwill and other intangible assets

12

3. Basic Strategies and Foundations Supporting Basic Strategies

Basic strategies• Our basic strategies for realizing our aspiration of becoming a “corporate group that supports a resilient and sustainable
society” are “Value (value creation),” “Transformation (business reforms)” and “Synergy (demonstration of group synergy).”• “Sustainability,” “Quality,” “Human Resources” and “ERM” are the foundations supporting the basic strategies.

Value

•

（Value creation）••

Transformation（Business reforms）•

Synergy（Demonstration ofgroup synergy）

Foundations•

Increase the earning potential of businesses, products
and services and strengthen the revenue base
Provide value to all stakeholders and improve corporate
value through the global rollout of the CSV × DX strategy
Fundamentally review our way of doing business andchange the business structure to one that emphasizes
customer-focused operations and legal compliance.
Reform the business structure and adapt to changes inthe business environment including creating new
businesses
Reform the business, product and risk portfolios andbuild a stable revenue base

• Realize further growth by leveraging group diversity
and strengthening Group collaboration• Improve productivity by strengthening
standardization, collaboration and integration within
the Group• Demonstrate synergy on a global basis⚫ Strengthening of the revenue
base⚫ Implementation of MS&AD
Value strategy⚫ Business and risk portfolio
reforms(Shift towards international/life insurance/new
businesses)⚫ Pursuit of optimal solutions
utilizing digital technologies⚫ Implementation of One
Platform strategy⚫ Synergy of life insurance andnon-life insurance businesses⚫ Global synergy

Sustainability

Quality

Human resources

ERM⚫ Initiatives to address three priority
issues• Symbiosis with global environment(Planetary Health)• Safe and secure society(Resilience)• Happiness of diverse people (Wellbeing)⚫ Customer-focused operations,re-emphasizing compliance⚫ Corporate group which
continues to evolve based on
customer feedback⚫ Highly transparent andeffective corporate
governance⚫ Building an optimum
human resource portfolio⚫ Development of workplace
where employees can fully
demonstrate their abilities
and skills and fulfill theirambitions⚫ Improvement of
profitability andcapital efficiency⚫ Reduction ofstrategic equity
holdings

13

4-1. Basic Strategy: Value (Value Creation)
External environment• Many different social challenges including climatechange, increasing severity and frequency of natural
disasters, infectious diseases, regional revitalization,
falling birth rate and aging population• New risks such as cyber risk and new insurance
needs to address these risks• Deterioration of the profitability of fire insurance dueto the increasing severity and frequency of natural
disasters and of the profitability of voluntary
automobile insurance due to ongoing inflation andother factors

Strengths of the MS&AD Group• Strong awareness among employees due to earlycommitment to CSV• Global network which will help create value(Corporate Venture Capital in Silicon Valley, open innovation centers “GDH”<Global Digital Hubs> around the world, Joint research laboratory for AI andother cutting-edge technologies with an AI venture of the University of Oxford,
U.K. ,etc.)• Initiatives to improve productivity using digital tools

Help solve climate change and other social issues while growing together
with society through the global rollout of the CSV × DX strategy

Strengthening of the revenue base

Implementation of MS&AD Value strategy⚫ Improvement of business efficiency through review of businessprocesses⚫ Full demonstration of effects of large-scale system development
project⚫ Improvement of the profitability of fire insurance, improvement of
the revenue from voluntary automobile insurance⚫ Reforming the business style using digital tools⚫ Develop and generate earnings from products and services which
provide new value before and after coverage and protection, in
addition to covering economic losses⚫ Groupwide utilization of knowledge gained through investment instartups by MS&AD Ventures, a corporate venture capital firm in
Silicon Valley144-2. Basic Strategy: Transformation (Business Reforms)
External environment

Strengths of the MS&AD Group• Slowdown in growth of domestic non-life insurance
market in the medium and long-term due to theshrinking population and the declining birthrate andaging population• System which increased customer satisfaction andconvenience and the productivity of agencies andthe Company as a result of large-scale systemdevelopment project• Progress in digitalization, including generative AI, theaccumulation of data and changing lifestyles• Global network which will help create value(Corporate Venture Capital in Silicon Valley, open innovation centers “GDH”<Global Digital Hubs> around the world, Joint research laboratory for AI andother cutting-edge technologies with an AI venture of the University of Oxford,
U.K. ,etc.)

Fundamentally review the way of doing business and adapt
to changes in the business environment by reforming thebusiness portfolio and utilizing digital technologies

Business and risk portfolio reforms(Shift towards international/life insurance/new businesses)⚫ Realization of diversified business portfolio through expansion of
the international business and life insurance business⚫ Improvement of capital efficiency by increasing the sophisticationof business management (improving results and identifying
unprofitable businesses)

Pursuit of optimal solutions
utilizing digital technologies⚫ Expansion of digital sales including e-commerce sites with a builtin insurance sales process⚫ Business style transformation through the introduction of new
solutions, including generative AI, in business processes⚫ Provision of new services and solutions which will help solve theissues faced by society, companies and regions through the use ofdigital data and AI15

4-2. Basic Strategy: Transformation (Business Reforms)
Digital Transformation
Strengthen “digital human resource development,” “systems,” “business investment” and “data management,” which are the foundations of DX, andimplement business transformation through the use of digital data for the realization of “creation of stakeholder value” and “enhancement of profitability”

Business and risk portfolio reforms (creation of new businesses)⚫

Creation of services and solutions which will help solve the issues faced by society, companies and regions
through alliances with companies, local governments and others and the utilization of digital technologies
and data⚫

Utilization of Group data integration platform for the rapid and secure sharing of data inside and outside the
Group

⚫

Identification of and carefully selected investment in investment projects which will lead to improvement incorporate value through the strategic generation of returns from MS&AD Ventures’ exploratory investment
and maximization of their use across the Group and the acquisition of technologies and business models

Pursuit of optimal solutions utilizing digital technologies
⚫

⚫

⚫

⚫
⚫

Improvement of customer convenience and expansion of sales channels through the deployment of digitalsales including built-in insurance on e-commerce sites through collaboration with platformers
Adoption of an agile approach, which will provide the foundations for the speedy development andprovision of products and services and creation of new businesses in response to change, and thedevelopment of a culture that allows employees to take on challenges, tolerating failure
Business style transformation through initiatives such as the digitalization of customer touchpoints, the realtime aggregation of performance data and other KPIs, the use of data to increase the sophistication ofsales activities and the automation of insurance claim procedures
Dramatic improvement of business productivity and quality by using generative AI and creating new
business ideas through dialogue with generative AI
Improvement of income and expenditure and market expansion through more sophisticated underwriting
and realization of more efficient underwriting operations through the utilization of AI

16

4-3. Basic Strategy: Synergy (Demonstration of Group Synergy)
External environment

Strengths of the MS&AD Group• Slowdown in growth of domestic non-life
insurance market in the medium and longterm due to the shrinking population and thedeclining birthrate and aging population• Diversity of five insurance companies* withdifferent characteristics• Ongoing labor shortage• Largest domestic customer base

* Mitsui Sumitomo Insurance, Aioi Nissay Dowa Insurance, Mitsui
Direct General Insurance, Mitsui Sumitomo Aioi Life Insurance,
Mitsui Sumitomo Primary Life Insurance

Translate Group diversity into growth and improve productivity
by taking advantage of scale

Implementation of One Platform
strategy

Synergy of life insurance andnon-life insurance businesses

Global synergy⚫ Further improvement in efficiency ofoperating expenses and staffing through thebold implementation of standardization,
collaboration and integration in middle- andback-office operations⚫ Transformation of the business model andbusiness operations to address the labor
shortage⚫ Promotion of cross-selling among life
insurance and non-life insurance and among
two life insurance companies through mutual
utilization by Group companies of theGroup’s strong customer base

⚫ Growth driven by the sharing and mutual useof advantages earned through the initiativesof Group companies in Japan and overseas,
including markets and distribution channels,
knowledge of customer needs and skills

174-3. Basic Strategy: Synergy (Demonstration of Group Synergy)
Implementation of One Platform strategy
Continue to promote standardization, collaboration and integration focusing on the middle- and back-office operations of MSI and ADI
while leveraging the possession of two non-life insurance companies to improve the efficiency and quality of business processes.
Invest the generated resources in strategic growth areas to strengthen the Group’s competitiveness and achieve sustainable growth.
Implement standardization, collaboration and integration in operations
other than those where we maintain differences for strategic purposes.
Main domain

Remaining differences for strategic purposes

Products, claim services,administration, accounting

Special administrative procedures and products, etc. for some major group contracts and specific channels

Initiatives to further improve the efficiency and quality of business processes

Expansion of
BPO operations

Integration of head office
functions

Office sharing- Promote the integration of the functions of either the three companies (the holding company, MSI and ADI)
or the two companies (MSI and ADI) except the functions that the individual companies need to perform,
while maintaining the differences that are necessary for strategic purposes. The goal of this integration is toimprove the efficiency of operating expenses and personnel and the quality of business processes.
- Improve the efficiency of routine work within the management and administrative divisions by expanding
BPO operations and sharing offices.
18

5-1. Foundation Initiatives: Sustainability• Aim to comprehensively solve social issues that are important both for stakeholders and for the Company, and focus on
the three priority issues

Priority issues

Main initiatives

Well-being
Human capital

Happiness ofdiverse people

Customer well-being
Promotion of respect for human rights
Employee well-being

Resilience
Social capital
Safe andsecure society

Measures to address new risks
Loss prevention/mitigation
Creation of a resilient and inclusive society(Regional revitalization)

Natural capital

Planetary Health
Symbiosis with
global environment

Action on climate change
Improvement of sustainabilityof natural capital

Created based on Stockholm Resilience Centre’s SDGs wedding cake19

5-1. Foundation Initiatives: Sustainability
Symbiosis with global environment (Planetary Health)
Action on climate change

Improvement of sustainability of natural capital－Aiming for net zero greenhouse gas emissions by 2050

• Reduction of greenhouse gas emissions created by Group and its supply chain• Reduction of greenhouse gas emissions in cooperation with our client companies and investee companies• Provision of products and services and investment and financing that will support technological innovationand its implementation in society for a transition towards a circular economy which will lead todecarbonization and the control of environmental pollution• Provision of solutions for adapting to the effects of climate change• Support for the transition to business based on the restoration and protection of biodiversity and theutilization of sustainable resources

KPI
Greenhouse gas emissions reduction rate

Renewable energy usage rate

FY2030

FY2030Our Group: Down 50% (from FY2019)
Clients and investees*:Down 37%(from FY2019)60%

Premium growth rate of products
which contribute to decarbonization
and a circular economy

Annual average of 18%

FY2050: 100%

FY2050: Net zero
* Major domestic client companies. We manage their greenhouse gas emissions reduction rate, as well as numbers of our engagement with them and the number of provided
service to them that contribute to the reduction of GHG emissions.

20

5-1. Foundation Initiatives: Sustainability
Safe and secure society (Resilience)

Happiness of diverse people (Well-being)

Measures to address new risks that emerge withthe transformation of society

Provision of products and services that
support customers’ well-being• Addressing new risks associated with innovation and changes in theindustrial structure such as cyber risks• Support for companies’ health & productivity management• Provision of products and services that will help promote customers’
health, adapt to an aging society and improve QOL• Financial inclusion: improving access to insurance and financial
services

Loss prevention/mitigation through the utilization of data and AI• Support to prepare for accidents, natural disasters and major
earthquakes, including risk visualization and the provision of solution
based on data analysis

Respect for human rights• Promotion of human rights due diligence (identification andassessment of human rights risks and prevention, mitigation andimplementation of corrective activities that impact human rights within
business activities) and establishment of remedy system

Creation of a resilient and inclusive society (regional revitalization)• Social implementation of green resilience, the use of the diverse
functions of nature to prevent disasters, disaster mitigation, GHG
emissions reduction, regional revitalization and physical and mental
health• Collaboration with local governments, commerce and industry
associations and other stakeholders in communities to address social
issues• Regional revitalization through initiatives such as transition to asustainable infrastructure, activation of regional industries, andrealization of diverse mobility services

Employee well-being• Improvement of mental and physical health, fulfillment and ease ofworking• DE&I initiative: Creating a work environment that values diversity,
equity and inclusion• Employees and customers respecting each other’s human rights

KPI
FY2025Rate of increase inunderwriting of products
which help improve theresilience of society (basedon number of products
underwritten)

Instances of support for the
resolution of issues facedby regional companies

Annual average of 20%

10,000 instances a year

Number of policies in force
for products which help
solve health-related social
issuesNumber of policies inforce for asset-building
products to support
longevity

Consulting services,training/seminars

Instances of support foraction by companies toaddress human rights
Consulting services,training/seminars

2.6 million

0.1 million

1,000 instances a year21

5-2. Foundation Initiatives: Quality• Establish clear business operation rules, strengthen risk management in second- and third-line activities, put customers and agents
first in business operations and re-emphasize compliance

Customer-focused operations, re-emphasizing compliance⚫ Customer-focused operations, specific training and education programsfor employees and agents that will contribute to raising complianceawareness and improving knowledge, and investigations of business
partners⚫ Clarify rules to ensure proper operations⚫ Strengthen the risk management framework for second- and third-line
activities to ensure legal compliance (monitoring, internal audits,
establishing a new organization to strengthen the ability to detect risks)

Corporate group which continues to evolve based on
customer feedback⚫ Initiatives to improve customer experience value through the
improvement of business processes and the utilization of digitaltechnologies based on customer feedback⚫ Advancement of the Group as a whole through the groupwide sharing of
knowledge and knowhow for improving customer satisfaction gained
through the initiatives of each Group company

MS&AD Insurance Group Compliance Basic Policy
3.Code of Conduct for Officers and Employees Concerning Compliance(excerpt)• We will comply with laws and regulations, etc., and if we discover
any behavior with the potential to break laws and regulations, etc.,
we will have the courage to point out the behavior and correct it incooperation with related persons and authorities where necessary.

• When considering an action, we will ask ourselves if the action is
ethical, if we can explain the action to our customers, friends andfamily with confidence, and if the action will preserve confidence in
the MS&AD Insurance Group and its brand.

• We treat every person faithfully, fairly, and appropriately in every
situation.

KPI
Customer satisfaction level(On quotation & application
process)

Customer satisfaction level(On payment of claims)

Equal to or greater thanthe previous year

Equal to or greaterthan the previous year

Practice of highly transparent and effective corporate
governance⚫ Continuous enhancement of the oversight function of the Board of
Directors and the audit function of the Audit & Supervisory Board
Members⚫ Implementation of fair, accurate and prompt information disclosure225-3. Foundation Initiatives: Human Resources• Increase human capital investment and strive to improve employees’ well-being• Secure human resources to support the execution of strategies and also develop an environment for their active participationand career advancement

Improvement of productivity

Improvement of engagement

Full demonstration of employees’ abilities and skills
and fulfillment of their ambitions

Development of optimum human resource portfolio• Enhancement of menu of self-directed
learning• Improvement of the level of bothbusiness and digital skills

Reskilling
Recurrent
Retention and active
participation of
specialized humanresources• Enhancement of training for specialist
human resources• Diversification of recruitment• Personnel systems suitable for
specialist human resources

Wellbeing• Motivation, employee friendliness, physical and mental health andsustainable improvement of treatment
for self-directed career
Development of an • Opportunities
development
attractive workplace • Flexible and diverse working styles• Management which encourages
environment
employees to take on new challenges

DE & I• Diversification of decision-makers• Management which draws out andutilizes diverse opinions and ideas• Human resource exchanges among
Group employees

Human capital investment, Compliance Education
Reform of personnel systems and their operation, Visualization of the abilities and skills of employees
KPI
End of FY2030
Percentage of female
managers

30%* Aiming for early achievement

Human resource portfolio

Digital human resources 7,000
Employees for international business

1,200
Percentage of femaleline managers

15%* Aiming for early achievement

Employee Awareness Survey

FY2025 (targets)

Percentage of executives of overseas
subsidiaries that are foreign nationals

Current level (77%) or higher

Full demonstration of employees’ abilities and skills and fulfillment of their ambitions
Percentage of people who exercise regularly

Current level (24%) or higher
Male childcare leave
Aiming to increase percentage of male employees

taking childcare leave to 100% andduration of leave to 4 weeks
Number of annual paid holidays taken

Equal to or greater than theprevious year

Percentage of personnel
hired by mid-career
recruitment among thosein managerial positions

Current level(21%) or higher
Percentage of
productivity improvement
personnel expenses(MS+AD)

8.5%• Sense of helping to create sharedvalue (CSV)• Constant awareness of MVV• Pride in work, job satisfaction• Active participation

Equal to or greaterthan the previous year23

5-4. Foundation Initiatives: ERM• Quantitatively and qualitatively identify risks held by the entire Group and strengthen the risk management framework.
• Allocate management resources in such a way that strikes the right balance between risk, returns and capital by using the ERM cycle

Improvement of profitability and capital efficiency
through the integrated management of risk, returns
and capitalStrengthening risk management⚫ Strengthening risk management
Sharing information about risks detected by Group companies within
the Group and strengthening the framework for identifying risks using
external advisors and other methods⚫ Forward-looking risk detection
Qualitatively assessing risks that are hard to quantify, such as legal
and conduct risks, and strengthening initiatives to detect risks at an
early stage and uncover risks⚫ Improvement of corporate value through enhancement of business
management
Improvement of corporate value by monitoring each business segmentof every Group company to clarify issues and implementing initiatives tosolve issues, with a view to improving ROE⚫ Effective utilization of capital within the Group
Flexible movement of capital within the Group for the allocation ofcapital to more capital efficient business opportunities, including
investment in growth businesses
Optimization of Group capital and improvement of Group’s capitalefficiency⚫ Fostering a risk culture
Fostering a risk culture that will be a basis for governance, enhancing
enterprise value and creating a sustainable businesses

Conceptual diagram of sophistication of business management⚫ Initiatives to further reduce strategic equity holdings*
We plan to accelerate the reduction of strategic equity holdings and sell all
remaining strategic equity holdings by the end of the period of the next
medium-term management plan (March 31, 2030) This is to reduce risk
and improve capital efficiency.
While returning 50% of Group Adjusted Profit to shareholders, we will invest theproceeds from the sale of strategic equity holdings for growth (We will invest in
businesses, systems and digital transformation.).
* Strategic equity holdings do not include stocks that are deemed to be held forrational purposes, including stocks that are held for business investments,
such as investments in the development of insurance products and services,and stocks that are held purely for investment purposes.

Earnings potential

Reduction of strategic equity holdings
Initiatives to maintainand improve earnings
potential

Efforts to increase scaleof profits, including
allocations of capital

Initiatives to improveearnings potential

The size of thecircle indicates thescale of profits

Consideration of withdrawal frombusinesses with no prospect ofimprovement in earnings potential

Growth potential246-1. Domestic Non-life Insurance Business• Execute corporate activities from the customer’s perspective and achieve growth through the improvement in revenue from auto
insurance, improvement of the profitability of fire insurance, and the expansion of revenue from casualty insurance. Reduce operating
expenses to increase productivity• Leverage strengths (three distinctive non-life insurance companies, largest distribution channels in Japan, and close ties with leading
corporate groups in Japan) to expand the top line and create stable profits

Increase revenue from auto insurance
Take steps to mitigate the adverse impact of ongoing inflation andincreasing accident frequency (new products, rate revisions) andincrease revenue
Initiatives reflecting changes in the automotive industry (spread of
EVs and connected cars, advances in CASE and MaaS, etc.)••

Response to increasingly diverse models for automobile sales
Launch of new products and services

Expand revenue from casualty insurance
Expand revenue through the provision of products and services toaddress newly emerging risks and needs as a result of changes in thesocial environment including rising interest in the SDGs and climate
action and changes in the industrial structure and throughcountermeasures to address large losses from underwritten policies• Provision of products and services to meet newly emerging risks and needs• Development of small and medium enterprises market• Line size control and enhancement of underwriting*J GAAP; before reflection of catastrophe loss reserves; before tax

Underwriting profit*

JPY -16.0 bn (FY2023)

JPY 20.0 bn (FY2025)*J GAAP; before reflection of catastrophe loss reserves; before tax

Underwriting profit*

JPY 14.0 bn (FY2023)

JPY 42.0 bn (FY2025)

Improvement of earnings of fire insurance

Reduce operating expenses

Quickly return fire insurance to profitability, generating profit thatexceeds the cost of capital, to sustainably fulfill social mission ofproviding indemnification for natural catastrophe risks• Changes in products, rate revisions, and reinforcement of line size
control and enhancement of underwriting• Initiatives to prevent and mitigate loss through risk consulting
services and the utilization of data and digital technologies

Tap into the benefits of system infrastructure built as a result of the largescale system development project, etc., change our business styleleveraging the latest technologies, including generative AI, boldly
implement the One Platform strategy for head office functions(standardization of, collaboration between and integration of Group
companies) and reduce operating expenses.

*J GAAP; before reflection of catastrophe loss reserves; before tax

Underwriting profit*

JPY -22.0 bn (FY2023)

JPY -4.0 bn (FY2025)*J GAAP; (net commission + underwriting expenses)÷ net premium

Operating expense ratio*

33.3% (FY2023)

32.1% (FY2025)

Thoroughly customer-focused operations
and corporate activities implemented from the customer’s perspective
Three distinctive non-life
insurance companies

Largest distribution channels
in Japan

Close ties with leading
corporate groups in Japan

25

6-2. Domestic Life Insurance Business• Expand revenue by stepping up customer approaches utilizing the distribution channels that are the strengths of Mitsui Sumitomo Aioi Life Insurance(hereinafter “MSA Life”) and Mitsui Sumitomo Primary Life Insurance (hereinafter “MSP Life”)• Improve earning capacity through efforts such as expanding investment earnings, increasing business efficiency, and improving productivity• Provide value to stakeholders through the provision of products and services for solving social issues in the era of the 100-year life, namely “extension of thehealthy life span” and “extension of the human wealth span”

Step up customer approaches utilizing distribution channels
Strengths of MSA Life
Robust sales network i.e. the distribution channels of
MS and AD, the largest in Japan, and close ties withleading corporate groups in Japan

Strengths of MSP Life
Close relationships with financial institutions backed
by product development capability and education andtraining capability

MSA Life◼ Target net profit on an IFRS basis: JPY 80.0 bn, target Group Adjusted Profit: JPY32.0 bn (FY2025)• Promote cross-selling, the foundation of our competitive advantage
Strengthen non-life insurance agencies’ consultative selling and increase the life insurance cross-sellingrate (the target is 25%)
Invest resources in the group insurance market, where Group non-life insurance companies are strong, toaccelerate growth

MSP Life◼ Target net profit on an IFRS basis: JPY 27.0 bn, target Group Adjusted Profit: JPY 24.0 bn (FY2025)• Firmly maintain our leading position in over-the-counter sales by financial institutions. Increase the amount ofpolicies in force and gain a competitive advantage by providing an effective product lineup, improving agents’consulting capabilities and efficiency in solicitation, and developing a framework for sales management.

Improve earnings by expanding investment income, etc.
MSA Life

MSP Life

Provide products and services that help solve social issues
MSA Life• Expand investment income
Respond to changes in the market environment, including rises in domestic
interest rates and expand investment income by demonstrating the Group’s
collective strength whilst pursuing basic asset management policies according
to the product characteristics of the two companies respectively

MSA Life• Expand scale of return-expected assets from JPY 760.0 billion (FY2023) to
JPY 980.0 billion (FY2025)

MSP Life• Improve return on risk through appropriate risk-taking in line with more sophisticatedrisk management based on rigorous ALM operations• Provide products that suit the needs of aging society together with MSA Care,healthcare services.
• Strengthen synergies with MSP Life and capture the asset formation market.

MSP Life• Change and develop key products to meet needs. Increase yen-denominatedproducts.
• Diversify ways to access the asset formation class, using digital channels. The
new ways include the completion of sales activities on smartphones.
Develop asset formation market utilizing MSP Life’s product development
capability and MSA Life’s distribution channels
MSP Life
Asset-building
products

Products

MSA Life
Agency network

Sales

Asset formation
marketRe-emphasize customer-focused operations
and improve capital efficiency before adopting the IFRS
26

6-3. International Business• Expand revenue from MS Amlin, expend revenue by capturing growing markets in Asia, and improve revenue from the Toyota Retail Business• Seek risk diversification and increase capital efficiency through business investment, etc. focusing on the United States, where there is considerable
room for development, and Asian emerging markets, where growth can be expected.
• Strengthen organizations and the framework for governance and expand initiatives to develop human resources overseas

Expand revenue at MS Amlin

Tap into growth in Asian markets⚫ Reduce volatility from natural disasters
Further reduce net risk amount, review underwriting conditions andpremium rates, and improve management techniques for natural
catastrophe risks, including reviewing methods for setting plan values⚫ Build a high-profitability portfolio
Improve the profitability of the portfolio as a whole through profitabilityfocused KPI management, and expand underwriting of risks with a low
correlation to natural catastrophe risks through MGAs(Note) with highlevels of expertise and strength in specific business lines⚫ Strengthen sales channels through cooperation and collaboration withplatform operators and other parties that have customer bases(Note) Managing General Agency (MGA): general agency with insurance company
functions, excluding underwriting.

⚫ Increase business efficiency
Increase business efficiency through a review of organizations, staffing,business processes, systems, brokers dealt with and other aspects⚫ Expand revenue by utilizing digital technologies and pursue customer
service improvements and greater efficiency through the simplificationof products and services
CAGR for profit

JPY 73.0 bn (FY2023)

JPY 86.0 bn (FY2025)

Earnings improvements for the Toyota Retail Business⚫ Improve revenue in the Toyota Retail Business by implementing
underwriting and premium rate measures⚫ Roll out telematics insurance, etc. in conjunction with Toyota’s new car
sales around the world and its connected strategy. Expand the productlineup in markets that we have already entered and expand into new
countries and regions
Combined Ratio

109.4% (FY2023)

100.9% (FY2025)

7%

Accelerate growth through business investment, etc.
⚫ Accelerate the growth of the US businessAccelerate the growth of the US business chiefly by expanding the
MGA business, especially MS Transverse’s business
Scale of profit*

Scale of profit*

Aim for CAGR of

JPY 4.3 bn (FY2023)

JPY 31.0 bn (FY2025)⚫ Make business investments for growth
Seek risk diversification and realize improvement in capital efficiency
and enhancement of corporate value by considering and making
business investments focusing on the United States, where there isconsiderable room for development, and Asian emerging markets,
where growth can be expected
Scale of profit*

JPY 3.0 bn (FY2025)

Demonstrate group synergy⚫ Conduct sales in overseas markets based on cooperation between
Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance including
collaboration in Southeast Asia

Strengthen organizations and the framework for governanceand expand initiatives to develop human resources overseas*J GAAP

27

6-4. Digital and Risk-related Services Business• Create new services and business opportunities using digital technologies and data before and after coverage and protection, with
MS&AD InterRisk Research & Consulting (hereinafter “MS&AD InterRisk Research”) leading the Group, as a “Risk Solution Platformer”• Promote sales of solutions before and after coverage and protection through the Group’s integrated operations and aim to move into theblack in FY2027

Expand the risk management business led by MS&AD InterRisk
Research leveraging digital technologies and data
Step up the development of solutions before and after coverage andprotection through integrated operations led by MS&AD InterRisk
Research, and provide seamless risk management services as agroup Going forward, develop and provide services and digitalproducts primarily in the fields of disaster prevention and mitigation,
cyber, sustainability, cyber risk, sustainability, risk management, BCP,
BCM, etc.

Enhance the value we provide to customers throughsolutions before and after coverage and protection
Incorporate proposals for solutions before and after coverage andprotection in the process of providing insurance and take fulladvantage of the Group’s sales network to provide safety andsecurity to as many customers as possible. Improve profitability
by preventing and reducing accidents
MS & AD
MS&AD InterRisk ResearchGroup insurance companies

Action support service in the event of natural disasters
A service that helps a company’s disaster
response manager at a business site’s initial
response be autonomous, quick, appropriate
and flexible in the event of a natural disaster

Insurance agency

Total support at the time of the incident
and before and after coverage

Cyber incident response service
Provide incident response coordination as aservice to small and medium-sizedenterprises that cannot respond to cyberincidents on their own

RM NAVI
Provide a wide range of risk information,
reports and consulting services through a
portal site to individuals at varying levels
from risk management beginners to experts

At the time

Before accident

リカバリー
After
accidentof accident

Prevention

Compensation(insurance)

RecoveryPrevent accidents
and disasters

Compensate for
economic losses

Supportrecovery[Quantitative targets in digital and risk-related services business]Size of sales*

JPY 39.0 bn (FY2023)

JPY 47.0 bn (FY2025)* Excluding the sales of the companies whose shares were sold in FY2023, specifically Mitsui Sumitomo Insurance Care
Network (sold in June 2023) and Fureai Do-Life Services (sold in January 2024)28

6-5. Financial Services Business• Provide diverse products and services that go beyond insurance and make a stable contribution to revenue by leveraging
the Group’s collective strength to expand business in light of social issues, environmental changes and customer needs

Areas to focus on
Focus on the following three areas which have the potential for market growth andwhich will also help enhance the Company’s brand value

1

3

2

Asset building-related business(financial services business for individual
customers, asset management business,variable annuity reinsurance business)

Provision of risk solutions
contributing to ESG

Response to changes
in social environment(ART business*1, insurance-linked
securities-related business*2)(investment in startups, etc.)*1 Alternative Risk Transfer: risk protection that is done outside of the traditional models of an insurance program*2 Insurance-linked securities: collective term for securitization products which transfer natural catastrophe risks and other insurance risks to capital markets

Specific strategies
Demonstration of the Group’s collective strength

Diversification of business portfolio

Use the Group’s network to systematically expand business using
the Company’s resources , including the global provision of risks
solutions such as weather derivatives

Focus on business areas with a relatively low profit correlation to
the insurance business such as asset building-related business andrealize improvement in capital efficiency and stabilization ofrevenue through diversification

Fusion of financial and insurance services

Initiatives to solve social issues and meet customer needs

Provide products and services that leverage the Group’s strengths
as an insurance company, including the financial technology
accumulated through asset management, the customer base built
in group insurance market and corporate transactions, etc., andnatural catastrophe risk measurement knowhow

Provide effective and competitive solutions in response to social
issues, environmental changes and customer needs including
climate change and a longevity society29

6-6. Asset Management• Expand investment in assets including overseas assets through the sharing of information, knowledge and resourcesamong Group companies

Improvement of returns

More sophisticated ESG investment and financing• Scale up investment in assets expected to generate
returns (foreign bonds, foreign equity, alternative
investments, etc.), taking into consideration changes
in the market environment, including rises in domestic
interest rates. Step up investment in private equity
and other high return assets in particular• Promote efforts to engage in dialogue that takes into account ESG
elements, including climate change• Carry out impact investment and accumulate expertise• Implement Group joint initiatives aiming for net zero carbon
emissions by 2050
－ Measure greenhouse gas emissions of owned assets－ Finance technologies and research to achieve a decarbonizedsociety• Pursue returns on ALM assets (bonds, etc.) by
expanding investment in credit risk, etc. anddiversifying

Reduction of strategic equity holdings• Plan to accelerate the reduction of strategic equity holdings and sell
all remaining strategic equity holdings by the end of the period of thenext medium-term management plan (March 31, 2030)

Initiatives to support the above
Demonstrate group synergy(Implementation of One Platform strategy)• Use overseas asset management company MSR*1 as
Group shared platform• Share information obtained by MSR within the Group andconduct initiatives such as monitoring and training ofspecialist human resources by MSR• Exchange information between Group companies,*2 form acommon human resource development policy

Measures to avert extreme downturn in periodic profit
and loss after adoption of IFRS
• Flexibly allocate assets according to market trends• Develop more sophisticated foreign exchange andstock price hedging methods* 1 Asset management subsidiary established by Mitsui Sumitomo
Insurance in January 2022 in a joint venture with Swiss asset
management company LGT Capital Partners in New York* 2. Strategies, plans, market outlooks, ESG initiatives, etc.

30

7. Capital Strategy
Shareholder returns policy⚫ Provide shareholder return based on shareholder dividends and repurchase of own shares by adopting a benchmark of 50% ofGroup Adjusted Profit from FY2022 to FY2025⚫ For the basic return, we increase dividends per share in line with the growth of profit. In principle, the Company does not
reduce ordinary dividends. It will distribute a portion of the profits gained from the acceleration of sales of strategic equity
holdings to shareholders as special dividends.**Extra dividends paid to shareholders when exceptional profits are posted in addition to the ordinary dividends paid each accounting period.

⚫ Provide additional returns in an agile and flexible manner, in light of market trends, the business environment, capital status
and other factors

Investment policy

Strengthen

Investment to strengthen the competitiveness of existing businesses• We will carry out investments that demonstrate a strong awareness of ROI, including investments aimed atpromoting digitalization, such as investments in information systems.

ExpandInvestment to diversify and expand the business portfolio• We will consider the investments from the perspectives of shared values, sustainable growth models and risk
diversification in terms of geography and business category.
• Targets will include specialty investments and MGAs in the United States and the retail insurance market in Asia

Innovate

Investment to create new business territories• Investment to search for technologies and business models that will be game changers over the next 3 to 5 years

ESR⚫ Set target range at 180-250%.

31

Economy (economic levels, foreign exchange, interest rates, etc.)

Worldwide• Dealing with climate change, reinforcement of regulations toward carbon-free society• Strengthening capital regulations (Risk-based Global Insurance Capital Standard (ICS))• Increased polarization and the rise of populism and nationalism• Growing interest in and legislation on protection of human rights and reinforcement of
personal information protection regulations• Rising tensions between the United States and China and the United States and Russia,
and growing importance of economic security

Worldwide• Recovery from effects of new coronavirus (COVID-19)• A slowdown in China’s economic growth due to the decoupling of the United States
and China• Rising consumer prices and interest rates, continued inflation and tapering of monetaryeasing• Expansion of ESG investment and mandatory climate- and nature related disclosures(TCFD, TNFD)• Changes in soft law (Corporate Governance Code, Stewardship Code)• TSE’s request that PBR improvement measures be disclosed• Business improvement order related to the insurance premium adjustments and thefraudulent insurance claims by agents• Request that strategic equity holdings be reduced to zeroJapan

• BOJ’s strategy to exit the easy money policy (potential rate increases)• Decrease in car sales, number of vehicles owned, and new housing starts• Expansion of sharing economy and subscription business• Advancement of health and expansion of healthcare businessTechnology (technology trends that impact business)• Climate change, more severe and frequent natural disasters, increasing probability of theoccurrence of massive earthquakes, and trends in the reinsurance market (hardening forsome time to come)• Expansion of regional conflicts, expansion and consolidation of disparities such as thatbetween poverty and wealth, increase of immigrants/refugees• Population growth in Asia (especially India) and Africa• Rising momentum of initiatives to address social issues• Alliances and collaboration that extend beyond industry frameworks and competitiveenvironments• Decrease in total population (working age population), advancement of regional
depopulation /regional revitalization• Labor shortages, pay increases, diversification of workstyles and the importance ofengagement• Further advancement of falling birthrate and aging population, increase in elderly people
with dementia• Expansion of remote medical care and online consultations, advancement of preventative
medicine• Aging of infrastructure and facilities, etc.

• Appearance of new business models created by digital platformers• Rapid evolution of generative AI and a rapid increase in its use, and countermeasuresagainst related risks (increasing amount of fake news, etc.)• Advancement of 5th generation mobile communication system (5G), increased
penetration of 6G, and increase in the number of IoT devices• Developments in digital technology, increased cyber risk
• Electrification and technological advancement of vehicles, CASE, MaaS, flying cars
• Boom of data-related business, threat of Big Data monopoly• Advancement of technology related to renewable energy and hydrogen energy

Worldwide

Society (demographics, values, trends, etc.)

Japan

Japan

Worldwide

Politics (regulatory trends that impact business)Japan[Reference] Recognition of Business Environment• Increased penetration of digital technologies into our daily lives, such as cashless
payments (Society 5.0, digital twin, Web 3.0)

⚫ The domestic non-life insurance market has been growing steadily. However, in the short term, revenue is declining due to natural disasters, large losses, the increased
frequency of accidents and ongoing inflation. Factors such as Japan’s shrinking population, declining birthrate and aging population as well as fewer traffic accidents due toadvanced safety systems are likely to cause contraction in the traditional markets of car insurance and fire insurance in the medium and long term.
⚫ Growing interest in social issues such as climate change and extension of healthy lifespan and changes in the social environment such as increasing digitalization are giving
rise to new risks and new insurance needs to address such risks.

Drastic business style reforms (creation of new value and business reforms) toachieve sustainable enhancement in enterprise value
32