Tokio Marine Presents
Special IR Meeting in London
July 1, 2024

TMK CEOTMHCC CEO
Matthew
Shaw
Susan
RiveraCopyright (c) 2024
Tokio Marine
Holdings,
Inc.

Co-Head of Int’l Co-Head of Int’l
CEO/CCO
Brad Irick
Kit Yamamoto Satoru Komiya

CFO
Kenji Okada

DFG CEO
Don Sherman

PHLY CEOJohn GlombTable of Contents

I. Strategy ofInternational......................................................................... P. 3
M&A...................................................................................... P. 7
PHLY....................................................................................... P. 12
DFG........................................................................................ P. 13
TMHCC.................................................................................. P. 16
TMK....................................................................................... P. 17
II. Reference.............................................................................. P. 18◆Abbreviations used in this material
TMHD: Tokio Marine Holdings

PHLY: Philadelphia

TMNF: Tokio Marine & Nichido Fire Insurance

DFG: Delphi

NF: Nisshin Fire & Marine Insurance

TMHCC: Tokio Marine HCC

TMNL: Tokio Marine & Nichido Life Insurance

TMK: Tokio Marine Kiln

◆ “Normalized basis” in the material generally refers to the where natural catastrophes are adjusted to average level(other adjustments will be stated in the text)
Copyright (c) 2024 Tokio Marine Holdings, Inc.

2

I. Strategy ofInternational

M&A

PHLY

DFG

TMHCC

TMK

Profit Target for International Business International business profit growth target is CAGR of +7% or more (excl. past reserves takedown) under the
Mid-Term Plan (MTP) Realize growth driven by strong underwriting while factoring in a certain level of softening

International Business Unit Profit*1(billions of JPY)

7CAGR + % or more
(excl. past reserves takedown)*2International
Business Unit Profit+7% or more

(excl. past reserves takedown)

Underwriting

448.9*2*North American underwriting
Includes a rebound in life insurance
which posted a loss in 2023

Developed
marketTop-line*1

C/R*3
(2023
→2026）

Underwriting
profit (CAGR)*Investment income*Approx. +10%
Approx.

+8%*Approx. +8%

CAGR approx. +5％

91.8%→91.5%
Approx. +

8%

91.8%
→94.1%
Approx. -1%

92% range

Profit will shrink compared to 2023 when
Brazil performed very strongly. We plan tosecure high levels of revenue by maintaining
C/R at low to mid-90%

7%

Approx. +*1: FX as of Mar. 31, 2024. Business Unit Profit for 2023 is on a normalized basis excluding the impact of past reserves takedown*2: 2023 result is JPY478.2bn (FX as of Mar. 31, 2024) including past reserves takedown. CAGR of the 2026 plan based on this result is +5% or more (2026 plan does not factor in change in past reserves)*3: Figures include estimates.

Copyright (c) 2024 Tokio Marine Holdings, Inc.

+7%

Emerging
market3,079.5

92.3%

Investment

Approx.

3

I. Strategy ofInternational

M&A

PHLY

DFG

TMHCC

TMK

Top-class Underwriting Growth (Comparison with North American Peers) North American underwriting profit is expected to grow at CAGR +10%, representing top tier growthvs. peers

Underwriting profit*1
北⽶Peers
North American peers当社北⽶事業■ TMHD North American business*2

10%

CAGR approx. +8%

CAGR approx. +NoPeer’s data
2023

Copyright (c) 2024 Tokio Marine Holdings, Inc.

2024

2025

2026

*1: Peers: AIG, Chubb, Travelers, W. R. Berkley (Source: D&P) *Estimates by normalizing the impact of past reserves and Nat Cats to an average year level*2: Normalized basis (excl. the impact of past reserves takedown for 2023)

4

I. Strategy ofInternational

M&A

PHLY

DFG

TMHCC

TMK

Rate Increases
 Achieve growth while maintaining C/R at low levels, leveraging the competitive advantage built throughstrategic focus on niche markets and specialty insurance*1 and carrying out rate increases exceeding forwardlooking loss cost projections
 Market hardening is expected to continue throughout 2024, and achieve steady profit growth through risk
selection and a strong bottom-line focus to contain the impact of the market cycle
Rate Increase

C/R(% represent YoY rate increase)(Indexation based on 2017)

TMHCC

105%

+5％

*2

U.S. P&C market average*5

+6％

PHLY

+9％

マーケット
Market *3

100%

+14％
+9％

PHLY*4

95%
+16％
+9％
+7％
+5％
+3％

+6％

+11％
+8％

+11％

+6％
90%

■ [Ref.] North America U/W profit (USD mn)
1,500

+9％

1,000

+4％
+2％

2017

2018

TMHCC*4

85%

500

2019

2020

2021

2022

2023

0

80%
2017

2018

2019

*4

2020

2021

2022

2023

Due to Covid-19
Due to past reserve provision
Copyright (c) 2024 Tokio Marine Holdings, Inc.

*1: See P.12 and 16 for details*2: Excl. A&H・Surety・Credit *3: (Source)Willis Towers Watson*4: Local management accounting basis. Temporary increase in PHLY due to increase in past reserve provision*5: （Source）S&P Capital IQ

5

I. Strategy ofInternational

M&A

PHLY

DFG

TMHCC

TMK

(Ref.) External Evaluation of Our North American GCs
 Scored the highest favorability rating in the Americas**: A survey for risk managers in large companies with 250 or more employees by FT Commercial Insurance GIST 2024 Survey (Nov. 2023-Feb. 2024)(Source) P&C Specialist: Big Commercial Insurers with the Highest Favorability Ratings
https://commercial.pandcspecialist.com/c/4491854/587354

Copyright (c) 2024 Tokio Marine Holdings, Inc.

6

I. Strategy ofInternational

M&A

PHLY

DFG

TMHCC

TMK

Disciplined In / Out Strategy
 Our large-scale M&A track record (ROI) is +21.5%. Successful track record makes Tokio Marine an attractive
acquirer for the next M&A
 Valuations are currently high, and we need to continue being patient with large-scale M&As, but we will
seize opportunities for bolt-on M&As and continue to implement the In / Out strategy with discipline
Strict acquisition criteria“In” strategy (M&A, new establishment)
 ROI*1 of our large-scale M&As is 21.5％, significantly

Target(Threeprinciples
of M&A)

Cultural fit

High profitability
Solid business model

Cost of capital (7%)
Hurdlerate

exceeding our capital cost (7%)
We have been steadily implementing bolt-on M&As. Most
recently, TMHCC completed acquisition of GGEBS*2Mar. 2008

May 2012

Oct. 2015

Feb. 2020“Out” strategy (divestment, run-off) We are implementing the “Out” strategy also with

+ Risk premium+ Country interest rate

discipline by determining the future of the business in a
forward-looking manner

spreadMar. 2019

Copyright (c) 2024 Tokio Marine Holdings, Inc.

Dec. 2008

Highland*3

Guam TMPI

Saudi Arabia

Aug. 2022

Dec. 2023

Feb. 2024

Life/Non-life*1: ROI is calculated by using the sum of business unit profits under FY2024 projection as numerator and the sum ofacquisition amounts as denominator (Different formula from ROE (=RoR / ESR) which reflects risk diversification effect, etc.)*2: Gulf Guaranty Employee Benefit Services, Inc.
A managing general underwriter that handles group gap medical insurance for small and mid-sized businesses.
7*3: Agent handling construction insurance in the Tokio Marine Highland (former WNC) group owned by TMK

I. Strategy ofInternational

M&A

PHLY

DFG

TMHCC

TMK

Track Record of large-scale M&A
 Five subsidiaries acquired with large-scale M&A have continually outperformed market growth
 ROI is significantly above TMHD capital cost (7%) at 21.5%

ROI of large M&As*2

Growth after joining the Group*1＜Top-line＞＜Bottom-line*3＞＜Top-line＞＜Bottom-line＞＜Top-line＞＜Bottom-line＞

DFG
Market

TMK

7.0%

5.3%

TMK

17.4% Market

Market
6.6%

5.9%

PHLY
6.4%

2007-2023 CAGR

Market
4.2%

PHLY
4.1%

2007-2023 CAGR

12.8%

DFG
MarketMarket

7.3%

5.7%

1.9%

2011-2023 CAGR

Capital cost

21.5% > 7%

▲189.8%＜Top-line＞＜Bottom-line＞＜Top-line＞

Pure
15.9%

TMHCC
9.7% Market
6.1%

Market

TMHCC
5.4%

Market7.6%

3.1%

2014-2023 CAGR
Copyright (c) 2024 Tokio Marine Holdings, Inc.

2019-2023 CAGR

*1: TMHD top-line / bottom-lines are local financial accounting basis, Pure’s top-line is the premiums
under management company
Market for TMK: all Lloyd’s companies, Other: North American non-life insurance(Source) Lloyd’s Annual Report, S&P Capital IQ*2: ROI is calculated by using the sum of business unit profits under FY2024 initial projection as
numerator and the sum of acquisition amounts as denominator(Different formula from ROE (=RoR / ESR) which reflects risk diversification effect, etc.)*3: TMK proactively increased past reserve provision for some business lines（However, Syndicate 510 C/R was good level at 86%）8

I. Strategy ofInternational

M&A

PHLY

DFG

TMHCC

TMK

Track Record of Bolt-on M&A
 Room for bolt-on M&A based on in-depth understanding of mutual business Leverage the experience and expertise of TMHCC as our strength and steadily execute transactions
Advantagesof bolt-on
M&A: In-depth understanding based on a long-term business relationshipHigh success rate
Accumulated know-how : Experience of executing over 60 bolt-on M&As
: Strategic portfolio adjustment taking the future business environment into consideration
Disciplined M&A

2018-20202015-2017
Pro Ag(Crop
Insurance)In

AIG businessacquisition(Medical stop-loss)

WNC(Property /flood)

January 2015

October 2017

AJF

International
Ag

Qdos

June 2015(Crop Insurance)
April 2017

October 2018

On CallInternational

Bail USA

Midlands(Assistance service)(Surety)

January 2016

February 2016

(Excess W/C)
December 2018

(P.A.)

Out

January 2018

NAS
(Cyber / liability)

April 2019

BCC

(Surety)
Divested in April 2019

Colors represent the acquiring companies

SSL(Paid family leave)
April 2021

GGEBS
(Gap medical
insurance)
July 2023(Renewable energy)

May 2020

April 2019

Bail USA

A&H
International(P.A.)
June 2019

GCube(Surety /credit)(Liability)

2021-

WWS businessacquisition

AｍTrust Ag(Crop
Insurance)(Insurance for temporary
staffing industry)

May 2019

December 2020

Will find highqualitytransactions

Life Trac

Highland*(Medical Service)
Divested in January
2020(Construction insurance)

TMHCC

TMK

Divested in August
2022

PHLY

DFG

TMMA (Australia)*: Construction insurance agency, part of Tokio Marine Highland (former WNC) Group owned by TMK
Copyright (c) 2024 Tokio Marine Holdings, Inc.

9

I. Strategy ofInternational

M&A

PHLY

DFG

TMHCC

TMK

(Ref.) Rate Cycle and M&A Opportunities
 Valuations remain high for high-quality M&A transactions, requiring patience The market is cyclical and attractive M&A opportunities increase when the market softens;
we will remain diligent

Total transaction amount*2 (right axis)

Rate Cycle*1(left axis)（M$）
60,00015%

50,00010%

40,0005%30,0000%

20,000-5%

10,000-10%

02003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

(Ref.) Overseas businessexpansion track record*3

Dec. 2007

Copyright (c) 2024 Tokio Marine Holdings, Inc.

July 2008

Dec. 2011

June 2015

Oct. 2019*1: U.S. Commercial market (Source) WTW, “Commercial Lines Insurance Pricing Survey”*2: Global deals announced between 2003 and 2023 in P&C sector with transaction amount of $100MM or more (Source) Dealogic*3: Dates listed are the announcement dates of the acquisition

10

I. Strategy ofInternational

M&A

PHLY

DFG

TMHCC

TMK

Expansion of Group Synergies
 Group synergies are our unique strength and steadily expanding to USD618mn as a result of
Globally Integrated Group Management

Group Synergies

Cross-selling

Cross-sell reference to customers inother group entities

Joint Approach

Joint approach for mega-events and large
corporations

Investment

Revenue
Leverage our
global network

Example of revenue synergies

Leverage DFG’s asset
management
capabilities

Group
Synergies

Regional
Expansion

Lateral expansion of specialty products

Strategic Use ofGroup Assets

Annual profit
contribution:
USD

Capital618

mn(Dec. 31, 2023)

Optimize retention /reinsurance at grouplevel

Copyright (c) 2024 Tokio Marine Holdings, Inc.

Revenue synergy (DWP)

Cost
Leverage group
resources and economies
of scale

Leverage group capital, intellectual /human capital, and network(USD mn)

609

646

2018

2019

757

799

2020

2021

971

906*

2022

2023

*: DWP rose YoY excl. impact of loss of synergy from specific projects due to sale of Highland in 2022 (ref. P.9)

11

I. Strategy ofInternational

M&A

PHLY

DFG

TMHCC

TMK

Factors for Growth Exceeding the Market (1) PHLYHigh customer loyalty and risk sensitivity
Current Focus

What’s PHLY Focus on niche customer segments
Build strong relationship with leading agents/ brokers by strategically focusing on niche
customer segments
Human services
33%

Auto 6%

Market composition(2023)

Sports&Recreation 9%

 Steady profit growth
while managing social inflation
Rate
Increases

 High renewal ratio and rate increases

Rate increases aboveloss-cost

11%

Mitigate
inflationrisks

Accelerated settlements andreduced lawsuits by c. 60%

Reference:reserves
provision

Set as early as in 2019 theprovisions for the past
reserve ($273m)

8% Strong customer loyalty

 Portfolio management based on
profitability

Net Promoter Score*1

67

Stricter underwriting for lessExpand profitableprofitable Tier 3

Tier 1(YoY growth: -10%)Top-line*2

39

USD3.9bn
Auto
Industry
Average（2023）PHLY

Copyright (c) 2024 Tokio Marine Holdings, Inc.

9%

9%

4%

6%

6%

Renewal ratio

2019

2020

2021

2022

2023

PHLY

89.6％

86.2%

90.1%

93.2%

87.0％

*No significant increase in provisions since then

Real estate 16%

Home Insurance
Industry
Average

11%

9%Refer to P.28 for more details.

Non-profit organization
D&O E&O 15%

32

■PHLY
■Market*3

Rate increases

7%

Other 11%

Public services
9%

Results(YoY Growth: +9%)

 Favorable combined ratio
105%
U.S. P&C market average*5

100%
95%
90%

PHLY*4

85%
2019

2020

2021

2022

2023

*1: (Source）NICE Satmetrix 2023 Consumer Net Promoter Benchmark Study*2: NWP*3: (Source) Willis Towers Watson*4: Local management accounting basis. Temporary increase due to increase in past reserve provision in 2019
*5: (Source) S&P Capital IQ

12

I. Strategy ofInternational

M&A

PHLY

DFG

TMHCC

TMK

Factors for Growth Exceeding the Market (2) DFG
Ability to implement rigorous U/W profit andexpand investment income leveraging its strengths
What’s DFG

Current Focus

 Strength in employee benefits andretirement products / services
RSL 53%（Life）

 Initiatives to improve profitability

Excess workers’
Compensation
22.6%

Group life insurance
15.7%



Product composition(2023)Disability
31.4%

 Combined ratio SNCC is the market leader in excess workers’

SNCC 47%（Non-Life）

Other life insurance
6.1%

Results

Other non-life
24.2%

compensation, maintaining growth leveraging theirexpertise and brand, while actively promoting data-driven
business operation by incorporating AI and digitalizationin wide range of operations including underwriting andclaims service
RSL rigorously implemented profit improvement initiatives(including non-renewal of high-risk policies, disciplined
U/W, business efficiency improvement using AI) under theleadership of CEO Chris Fazzini appointed in 2017. RSL
deepened collaboration with Matrix*1 to take advantage ofmarket leading “absence management” product offering
to generate sales of insurance products, especiallymainstay LTD (Long Term Disability) product Response to changes in environment,
including rising interest rates

 A long-term, stable asset management  Utilize DFG’s strength in abilities to gather and analyze
portfolio focusing on investment income information to develop a flexible portfolio according to
Others6.6%
Corporate
Bonds
8.3%


Municipal bonds
22.7%

investment environment
Resilient against rising interest rates due to variableinterest products in the portfolio. Also, controlling duration
by increasing investment in attractive long-term bonds

Investment Balance<Track record vs. index>$34.7bn

Investment return（2023）

5.67%

Securitization
Products
20.5%$30.3bn（2022）

Loans
41.9%

In addition to the above, managing $15.4bn ofGroup company entrusted assets
Copyright (c) 2024 Tokio Marine Holdings, Inc.

0.86%
5yr avg

5年平均(2019-2023)

1.22

0.78
▲0.34

2007-2023 avg

2007-2023平均

U.S. P&C market average*4

100%
95%
90%

DFG*3
85%
2019

2020

2021

2022

2023

 Strong profit*5 growth（USD mn）

1,535
1,085
803

681

640

2019

2020

Sharpe ratio*2

6.17%
3.00%

105%

5yr avg
5年平均(2019-2023)（2019-2023）（2019-2023）■ DFG ■ Barclays US Aggregate Bond Index

2021

2022

2023

0.31

2007-2023 avg
2007-2023平均*1:DFG group third party administrator providing leave management services.
*2:Measures return per unit of risk. Calculated as “(Investment return – risk
free rate) / Volatility”. Risk free rate: LIBOR6M*3:Local management accounting basis. (Includes impact of COVID-19 for2020 and 2021)
13*4:(Source) S&P Capital IQ*5:Business unit profits - capital gains / excess losses (after tax)

I. Strategy ofInternational

M&A

PHLY

DFG

TMHCC

TMK

Stable Increase in Investment Income
 Stable growth in investment income on the back of an increase in long-term and predictable insurance
cashflows (AUM), yields maintained by investing in asset class with attractive RoR<2023 Results>
Investment
income(DFG +
managed*)$3,379mn<MTP><Increase in AUM on the back of growing business>

3Y CAGR Source of investment capital is a long-term,

8

approx. + %predictable cashflows stream Increase AUM while controlling risks

Investment income including
funding cost for annuity
business, etc.: approx. +3%<Maintain stable yield>
 Maintain higher return than the benchmark by continued

focus on assets with attractive RoR
AUM(DFG +
managed*)$49.8bn

Increase in AUM
on the back ofgrowing business

8%
7%
6%
5%
4%
3%
2%
1%

IncomeReturn(DFG +
managed*)

0%

6.8%

Maintain stableyield

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

(Ref.)
Barclays Aggregate︓3.5%

Copyright (c) 2024 Tokio Marine Holdings, Inc.

*: Assets managed by DFG for key GCs (TMNF, TMNL, NF, PHLY, TMAIC, TMHCC)

DFG+GCs

Barclays Aggregate

14

I. Strategy ofInternational

M&A

PHLY

DFG

TMHCC

TMK

Features and Track Record of DFG’s Investment
 DFG’s strength of specialized investment team and strong collaboration with outside asset managers enableestablishment / execution of flexible investment strategies corresponding to the investment environment,
realizing higher returns than the market (maintained positive returns during past financial crises)
Strength of DFG’s ability to manage
highly specialized asset management
Investment framework with highly reproducible returns
 Team achieved stable returns through a series of market volatility
and cycles including COVID-19 and collapse of Lehman Brothers

Achieve higher returns than the market
Track Record of DFG Investment Income
 DFG investment performance (investment income + realized gains /losses) remained positive during the collapse of Lehman Brothers<Investment Return*1>
8.0%
Donald Sherman
DFG CEO

Stephan Kiratsous
DFG CFO & COO

Vincent Kok
DFG CIO

 Execute agile asset allocation according to the investment
environment by data gathering and analysis leveraging broad
network Control credit risk of the entire portfolio within a certain limit withina certain threshold in collaboration with TMHD

Strong collaboration with external asset managers
 In addition to selecting capable managers, hands-on approach,including development of investment strategies and individual
underwriting, is taken when considered necessary

6.0%

DFG

4.0%

Market*2

2.0%
0.0%
-2.0%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

 Able to flexibly rebalance portfolio corresponding to the changes in
the market by utilizing expertise and network of bothinternal members and external managers
Copyright (c) 2024 Tokio Marine Holdings, Inc.

*1: Calculated as “(Income + capital gains/losses + impairment) / AUM”
*2: Average for US P&C insurance companies (market capital of $20bn or more)
Source: S&P Capital IQ, Factset

15

I. Strategy ofInternational

M&A

PHLY

DFG

TMHCC

TMK

Factors for Growth Exceeding the Market (3) TMHCC
Risk diversification and strong bottom-line focus
Current Focus

 Highly profitable and wellbalanced business portfolio

Results
 Stable profitability*6

 Latest bolt-on M&As

 Underwrite various lines of specialty insurance,
rigorously refined the highly specialized U/W andclaims service expertise Built profitable and diversified portfolio throughbolt-on M&As, acquisition of underwriting teams,
and launch of new business lines

 Also, through maintaining low C/R and focusing onbottom-line including efficient operations andstrong enterprise risk management control, lead toconstantly achieving strong performance• Underwrites group gap medical plans*1
for small and mid-sized businesses
expected to expand in the U.S.
• Help drive the growth of this businesswith TMCC’s nationwide network to
capture growth in the gap medical
GGEBS
insurance market and further diversify(July 2023)
business• UK Cover holder with over 25 years ofmarket expertise in renewable energy
business(May 2020) • Aim to improve profitability while
promoting creation of a sustainable future

Growth rate of gross premium with 2019 set as 100+5％(2023)

CAGR
+14%

+6％

HCC

RLI
AmericanFinancial
Travelers

W.R.
Berkley
Cincinnati
FinancialMarkel
Old
Republic

CNA
Hanover

Hartford

Highest Favorable combined ratio<Top-line*4 USD mn><Rate Increase>

LowestLowest Results of rate increase andBiz-line expansion

Product
composition

C/R volatility

HighestC/R decade average

What’s TMHCC

7,644

105%

U.S. P&C market average*8

100%

+14％
95%
+6％

Less dependent on the P&C
market cycles

Other

About 51%

About 49%

■ Medical stop-loss■ Crop■ U.S. Surety, etc.

■ D&O
■ Property■ Aviation■ Energy & Marine, etc.

Copyright (c) 2024 Tokio Marine Holdings, Inc.

+16％

+6％
+8％

4,479

+9％

2019 2020 2021 2022 2023
ーTMHCC*2 ーMarket*3

90%

TMHCC*785%
2019 2020 2021 2022 2023

■Biz-line expansion effect*5■Existing Business*1: Generic name for incidental insurance that covers medical costs not covered by primary health insurance*2: Excluding A&H, Surety, Credit*3: (Source) Willis Towers Watson*4: GWP*5: GWP is calculated by biz-line expansion effect executed in or after 2017

80%
2019

2020

2021

2022

*6: (Source) Created by each company report and Dowling & Partners
Analysis (based on data through Dec. 31, 2023)*7: Local management accounting basis*8: (Source) S&P Capital IQ

2023

16

I. Strategy ofInternational

M&A

PHLY

DFG

TMHCC

TMK

Factors for Growth Exceeding the Market (4) TMK
Top Class Profitability in Lloyd’s Market
Current Focus

What’s TMK One of the largest underwriting
capacity in Lloyd’s market（USD mn）

 Fully focused on “profitability”
with the clear goal of “constantly
achieving C/R of low 90% range”

Results
 Favorable combined ratio
115%
110%

Rank

Company2023 GWP*1

1

Beazley

5,995

2

Brit

3,879

3

QBE

3,283

4

TMK

2,783

5

Hiscox2,614

 Superior expertise<Rebalance U/W portfolio>

105%

 Focus on growing Lloyd’s specialty businesses

100%with superior risk-adjusted returns and existingunderwriting expertise Rebalance product portfolio to have lessdependence on property and be diversified,and drastically remediate underperforming
businesses Working with strategic Broker partners toincrease shares of wallet in preferred classes
 Flexibly review business portfolio including
divestment of Highland and run-off ofreinsurance business, etc.

 Focus on Lloyd’s specialty lines in North
America, Asia, etc.

 Innovation and product development for
new risk-taking with Lloyd’s

TMK(Syndicate 510）*2
FY2023: 86%

95%
90%
85%

Lloyd’s market*4

80%
2019

2020 *3

2021

2022

2023

 Received Carrier of the Year 2023
 Selected for “Carrier of the Year” in Lloyd’s<Disciplined U/W and volatility mitigation>

 Disciplined U/W for low profitability contracts
 Rate increases considering the hardening market
 Review / strengthen reinsurance program

market at the Insurance Insider mainly due to
TMK’s profit improvement evaluated (Year2023)*1: Total GWP of syndicates managed by Managing Agents(Source): S&P Capital IQ*2: Local management accounting basis*3: Excluding the impact of COVID-19 from 2020
*4: (Source) Lloyd’s Annual Report

Copyright (c) 2024 Tokio Marine Holdings, Inc.

17

II. Reference

GroupInternational

Investment

GovernanceKey messages (FY2024 IR Conference on May 24, 2024)

Top-tier
EPS and DPS
Growth Deliver top-tier EPS growth at +8% or more (3Y CAGR) for the MTP (+16% or more including
capital gains from sale of business-related equities). The driver is attributable to top-tier U/W and
Asset management in each region.
Deliver stable profit growth with our diversified U/W portfolio and our superior investment
returns generated from long-term and predictable liabilities
 Deliver top-tier DPS growth in line with EPS growth. Projected DPS is 159 yen (+29% YoY) for
FY2024. Deliver sustainable DPS growth driven by the increasing dividend sources

Raise ROE
to the level of
Global Peers Adjusted ROE in FY2026 is projected at 14% or higher (20% or higher including capital gains fromsale of business-related equities); increasing ROE to be in line with global peers.
Key measures remain “top-tier EPS growth” and “disciplined capital policy (capital cycle
management)” Business-related equities outstanding will be “zero*” in six years (JPY3.5tn in market value and
JPY0.4tn in book value as of Mar. 31, 2024) with a three-year reduction of 50%
 Current ESR is strong at 140%. Current plan for FY2024 share buyback is JPY200.0bn throughout
the year (as the first step, JPY100.0bn share buyback has been approved)

Deliver high-quality
management
where growth andgovernance coexist
at a high level Our “ability to be responsive”, which helped overcome numerous challenges in the past, is anelement of our management quality, which is based on our unique strengths of “global risk
diversification “and “globally integrated group management”
 Currently, we are steadily implementing initiatives to transform TMNF into a truly trusted
customer-oriented company (“Re-New”) and improve the management quality of each groupcompany and the entire Tokio Marine Group, while strengthening the Group-level governance Steadily develop the Solution business, a major strategy for the MTP, mainly in Japan. Utilize the
new companies established in the “pre- and post-incident” area to develop into a new pillar of
profit growth

Copyright (c) 2024 Tokio Marine Holdings, Inc.

*: Excluding non-listed stocks (c. JPY22.5bn in market / book value as of Mar. 2024) and investments related to capital and business alliance18II. Reference

GroupInternational

Investment

Governance

EPS Growth Target for the MTP (FY2024~FY2026)
 Deliver top-tier EPS growth at +8% or more*1
EPS growth, when including the impact of the accelerated sale of business-related equities, is projected at+16% or more*1

Adjusted EPS
GrowthAdjusted Net Income
GrowthCAGR*2+ ％ or more

8

CAGR*2+ ％ or more

Incl. capital gains from sale ofbusiness-related equities*3 :Incl. capital gains from sale ofbusiness-related equities*3 :16% or more+

Copyright (c) 2024 Tokio Marine Holdings, Inc.

Share Buyback*4

7

1-2%

+

15% or more+

*1: KPIs are based on current definitions. Refer to P.26 for review of KPIs after introducing IFRS
*2: FY2023 result, starting point for the MTP, is adjusted (normalized Nat Cats to an average annual level and excluding capital gains
from the sale of business-related equities, capital gains / losses in North America, etc.)*3: Capital gains from the sale of business-related equities for part of sale exceeded the original plan is excluded from FY2023*4: Share buyback facilitates EPS growth19II. Reference

GroupInternational

Investment

Governance

Top-Tier Stable EPS Growth We have achieved the top-tier EPS growth while managing volatility

EPS Growth(2013-2023 CAGR)

Tokio Marine

Peer 1

Peer 2EPS Growth Volatility(2013-2023)

Peer 3

Tokio Marine

Peer 4Peer 1

Peer 2Peer 3Peer 4+12.8%
1.7
+9.2%

1.4
2.4

+6.3%
+5.3%

+4.8%

2.3
3.2
Low

Copyright (c) 2024 Tokio Marine Holdings, Inc.

High

EPS: Profit in the numerator is adjusted net income for Tokio Marine and KPI for peers
Volatility: Coefficient of variation
Peers: Allianz, AXA, Chubb, Zurich(Source) Each company data, Bloomberg

20II. Reference

GroupInternational

Investment

GovernanceSource of Well-Balanced Profit Growth Continue delivering top-tier profit growth under the MTP with a growth rate of 7% or more through organic
growth (3-year CAGR; 15% or more incl. capital gains on business-related equities)*1
 The growth is a result of our business portfolio with a highly effective risk diversification realized by ourindustry leading businesses in each region we operate

MTP
CAGR by business*1,2

MTP
Contribution to the Group CAGR
Others*4

Japan P&C

+2pt

+1pt
+5％ or more
Adjusted
Net Income*1,2

7％ or more

CAGR+

incl. business-related
equities*3+5％ or more

（Excl. prior year loss reserves:+15% or more

7％ or more)+International+4pt*1: KPIs are based on current definitions. Refer to P.26 for review of KPIs after introducing IFRS
*2: FY2023 result, starting point for the MTP, is adjusted (normalized Nat Cats to an average annual level and excluding
capital gains from the sale of business-related equities, capital gains / losses in North America, etc.)*3: Capital gains from the sale of business-related equities for part of sale exceeded the original plan is excluded fromFY2023*4: Drop of the negative impact of FX (increase in provision for foreign currency denominated loss reserves and losses on
FX derivatives at Japan P&C due to depreciation of the yen in FY2023) in FY2023 (c. +JPY46.0bn) and business unit
profits of Japan Life and other entities

Copyright (c) 2024 Tokio Marine Holdings, Inc.

(Ref.)
Business-related
equities*3

Approx. +60％
21

II. Reference

GroupInternational

Investment

GovernanceDisciplined Capital Management
 Capital generated is allocated to risk-taking and business investment that will contribute to improving theROE. In the absence of good opportunities, share buybacks are executed. We will continue to implement
disciplined capital management.
 The sale of business-related equities realizes unrealized gains originally included in net assets. We will raise
our corporate value through disciplined capital management (”capital circulation cycle”)
Capitaladjustment
Capitalgeneration

Organic
growth- Sustained stable profit basein Japan- Enhanced on specialty inadvanced countries- Capture growth potential
in emerging countries

Business
investment

Shareholder
return- Dividend increase- Flexible capital leveladjustment- Disciplined strategic
M&A- Disciplined risktaking+Portfolio review- Strategic capital release- Appropriate risk control

ESG for sustainable growth
Copyright (c) 2024 Tokio Marine Holdings, Inc.

22

II. Reference

GroupInternational

Investment

GovernanceTrack Record of ROE Improvement and MTP Quantitative Targets
 Our profit increased due to the rebalance of risk portfolio based on ERM, without unnecessary capitalincrease. Consequently, FY2023 adjusted ROE reached 15.0%
 With the “top-tier EPS growth” and “disciplined capital policy (capital circulation cycle)”, FY2026 ROE target
is 20% or higher*1 (excl. sale of business-related equities : 14% or higher*1 )●Peer 2 28%

Adjusted ROE*2,3【2026Target】

Peer 4 23%【2025Target】

Excl. sale of business-related
equities in the parentheses●

Peers’ ROE
Target range

Peer3 19%
【Next few years】

●

18.1%

●

15.1%

15.0%

（13.0%）（11.0%）FY2026*1
20% or higher（14% or higher）

Peer 1 15%【2024Target】

Achieve ROE
equivalent to global peers

FY2023 ROE is at the same level
as the previous year, mainly due
to an increase in adjusted NAV
notably from a rise in stock
prices and the JPY depreciation

Cost ofcapital: 7%
2012

2022

2023

2024
（projection）

2025

2026

*1: Based on current definition of ROE*2: Adjusted Nat Cats to an average annual level and excluded the impact of COVID-19 for 2020 and after, and capital gains/losses in North America, etc. and capital gains from sale of business-related equities (for part of saleexceeding the original projection of each fiscal year) for 2021 and after. Also excluded the impact of war and South African floods for 2022
*3: Peers: Allianz, AXA, Chubb, Zurich. For Peers, disclosed ROE as their KPI is adjusted to the tangible basis to align it with TMHD’s adjusted ROE. (Source) Estimated by TMHD using company data.

Copyright (c) 2024 Tokio Marine Holdings, Inc.

23

II. Reference

GroupInternational

Investment

GovernanceTop-tier DPS Growth DPS growth trajectory with confidence in line with EPS growth can be maintained for the next three years
 DPS for FY2024 is projected at JPY159 (+29％ YoY). We will continue to increase DPS (we are committed not
to cut dividends, in principle) (Review planned in FY2026 for various indicators and definitions considering
the impact of introduction of IFRS / ICS)

29% YoY) FY2024 Projections (+ 13th consecutive dividends increase
expectedvs original
projections:+2 yen

(JPY)

300
7,000
85 2507000
6000

5Y averageadjusted net
income(billions of JPY)
Gray indicatessingle year profit

200
5,000
578.3

5000

2000

150

309.9

17

1,000.0

100

350
711.6

444.0

250

625.0

3,000
100

400.0

485.0

150

50
1,000

1000
0

Review planned in
FY2026 for various 450
indicators/definitions

399.6

4000
3000

159
123

9,000
8000

(+29%)+23(+23%)

11,000

DPS*

+36

2012
2011

Copyright (c) 2024 Tokio Marine Holdings, Inc.

2021

0

-1,00050
2022

2023 Result

2024 Projections

2025

2026

*: DPS is calculated by 5Y average adjusted net income X payout ratio / number of shares

(50)

24

II. Reference

GroupInternational

Investment

GovernanceStrong Capital Stock and Disciplined Capital Management (Share Buyback) Strong ESR*1 as of March 31, 2024 at 140%. Current plan for FY2024 share buyback is JPY200.0bn throughout
the year, comprehensively considering the current M&A pipeline, etc. (approx. +2% effect on EPS Growth. As
the first step, JPY100.0bn share buyback has been approved )ESR*1

Target Range
ESR*1

140%*2

Implement:133%

 Further business investment, and/or Additional risk-taking and/or
 Shareholder returns

140%

TargetRange

Flexibly consider: Further business investment, and/or Additional risk-taking, and/or
 Shareholder returns

Risk

Net asset
value

3.7

4.9

trillionyen

Net asset
value
Risk

trillionyenSep. 2023

100%
 Aim to recover capital level throughaccumulation of profits
 Control risk level by reducing risk-taking
activities De-risking
 Consideration of capital increase Review of shareholder return policy

Copyright (c) 2024 Tokio Marine Holdings, Inc.

4.3

6.0

trillionyentrillionyen

Mar. 2024

1.62%

Nikkei Stock
Average
30Y JPY interest
rate

1.21%

Credit Spread

0.90%

180%

(Reference)
Before restricted capital
deduction

181%*231,857 yen

40,369 yen
1.73%*1: Economic Solvency Ratio (under the current definition, risk is calculated using a model based on 99.95%VaR(AA credit rating equivalent)). Net asset value of overseas subsidiaries shows the balance as of three months
earlier (Jun. 30, 2023, and Dec. 31, 2023).
*2: ESR after the JPY200bn share buyback is 135% (176% before restricted capital deduction)25

II. Reference

GroupInternational

Investment

Governance

Review of Indicators for Introduction of IFRS / ICS IFRS / ICS to be introduced at the end of FY2025
 Considering the impact of the introduction and comparability with peers (who revised various KPI indicators
upon introduction of IFRS 9 and 17), review of various indicators and definitions is planned in FY2026
・・・

FY2022(Reference)

FY2025

Planned ICS*2
introduction

Revision of various
KPIs*1 upon
introduction of
IFRS 9 and 17

EuropePeers

FY2026

Nov. 2025
PlannedPlanned to provide
introduction
guidelines for various of IFRS / ICS*2
KPIs based on
the new definition

TMHD<Current KPIs / Definition><From FY2026>

Profit indicators

Adjusted Net Income / Business Unit Profits

ROE

Adjusted ROE

Dividend Policy

Adjusted net income (5Y average) x Dividend payout ratio (currently 50%)

ESR

Current ESR (confidence level: 99.95% VaR)

Target100-140%*1: Profit indicators, etc.
Europe Peers: Allianz, AXA, Zurich
Source: Company data
Copyright (c) 2024 Tokio Marine Holdings, Inc.

Based on new
definitions*2: Insurance Capital Standard. International Association of Insurance Supervisors is expected to introduce a prescribed capitalrequirement for Internationally Active Insurance Groups by the end of FY2025
In Japan, it is expected to be introduced as the “Economic Value-based Solvency Framework”

26

II. Reference

GroupInternational

Investment

Governance

Inflation Resilience Resilience against economic / social inflation is enhanced
 Continue to take pro-active measures to manage rapid environment change
Inflation Type by
Loss Reserve Split*1
Cost of Goods and Services

Our Measurements

Medical & Wages

Social Inflation

Social Inflationc. 30％

 Resilience against social inflation has been enhanced with forward-looking initiatives
 Given that the sum of U.S. Nuclear Verdicts*2 in 2022 exceeded its 2019（pre-COVID19) level, we carefully keep monitoring social inflation trends

Economic Inflation (Medical/Wages)c. 55％
Medical = 40%
Wages = 15%

 Financial impact to key lines (e.g., Excess WC, Medical Stop Loss, Liability lines) frommedical costs and wage increases are also mitigated by rate increases greater thanloss costs and/or increasing SIR*3 levels

Economic Inflation (COGS) Rate increases greater than loss costsc. 15％
TMHD
U.S. Business
Copyright (c) 2024 Tokio Marine Holdings, Inc.

 Relatively resilient structure against economic COGS inflation due to our businessfocus on specialty insurance (i.e., less property and auto physical damage insurance) Economic COGS inflation risk continues to stay lower as indices (e.g., flexible CPI andconstruction costs) continue to remain down from their highs in 2021
*1: Loss reserves split by inflation type for TMHD’s U.S. companies using December 31, 2023, reserves*2: It means Jury awards exceed USD10mn *3: Self Insured Retention27

II. Reference

GroupInternational

Investment

Governance

Inflation Resilience (Social Inflation)
PHLY Business Strength*1
Ability to avoid impact

Ability to mitigate impact▶ Disciplined underwriting▶

 Continued

proactive actions to identify policies withhigher potential risk of performance deterioration, andreview of underwriting details which may lead to lower rates
of new business or higher rates of non-renewed policies

Robust portfolio

 Continued reduction of unprofitable policies
 Rate increases continue to be higher than loss costtrends Continued focus on reducing number of high limit policies

which have limits ≥ $10M that are vulnerable to litigation

Over 90% of all in-force policies*2 have limits ≤ $5M▶ Reduction of litigation
 Approx. 60% reduction*3 in number of litigation claims

compared to pre-COVID as a result of early claim settlement
initiatives*1: PHLY initiatives that are affected relatively more by social inflation.
*2: Umbrella insurance*3: Compare to 2020 Q2 when PHLY started its claim settlement initiative.

TMHD International
Business Strength
Ability to prepare for impact▶ Enhanced reserves Reserves in select Liability lines strengthened as early as FY2019
 Prior year reserves have developed favorably since 2020

Copyright (c) 2024 Tokio Marine Holdings, Inc.

28

II. Reference

GroupInternational

Investment

Governance

Inflation Resilience (Medical / Wage Inflation)
ImpactExisting
Business

Medicalstop-loss(Short-tail)Prior Year Loss Reserves

New
Business

Initiatives
Loss Cost

Short-tail with limited prior year Continued rate increases, if

reserve impact

deemed necessary, exceeding
expected lost cost trends

Excess workers
compensation(Long-tail)Impact of Wage Inflation︓
Claim amount is calculated based on
wage at time of accident, only somestates require an inflation adjustment,
resulting in less risk of prior year

Increase with rising
medical costs andwages

 Continued process to pro-actively
increase SIRs*; which results in an
appropriate control on the impact ofinflation on excess claims

reserve impact
Impact of Medical Cost Inflation︓
Increasing SIRs* result in less risk ofprior year reserve impact*: Self Insured Retention

Copyright (c) 2024 Tokio Marine Holdings, Inc.

29

II. Reference

GroupInternational

Investment

Governance

Emerging Market Business Building “pillars” with focus on regions with large market and strong expected growth<Our major P&C business network in emerging countries>
India IFFCO-TOKIO General
Insurance (49.0%)
2023

ThailandBrazil Tokio Marine Safety Insurance(Thailand) (99.3%)

 Tokio Marine Seguradora

2023

2023

2024 Projections

Profit JPY1.5bn →M/S No. 13 (3%)

2024 Projections

Profit JPY7.6bn →M/S No. 4 (7%)

JPY4.1bn(98.6%)
2024 Projections

Profit JPY37.2bn → JPY23.5bn

JPY6.7bn

M/S

No. 4 (7%)*Profit decreases from extremely strong performance in2023 for Thailand and Brazil. However, the plan aims tosecure strong profits maintaining C/R in low 90% range

JPY4.2tn

JPY1.5tn

JPY

0.7

4.8tn

tn

JPY

JPY1.2tn

South Africa
 Hollard Group (22.5%)
2023

Profit JPY1.7bn →M/S

No. 3 (9%) *2<Non-Life Premiums*1>

 Tokio Marine Insurans(Malaysia) (100%)
2023

2024 Projections

JPY2.3bn

M/S

2017-2022 CAGR

2024 Projections

Profit JPY4.8bn →8.8%

JPY4.8bn

No. 7 (6%)

Profits: Business unit profits
M/S: (Source) AXCO, IRDAI, IPRB、SUSEP, Swiss Re, FSCA Financial Sector Conduct Authority
Figures in brackets by the company name: Ownership ratio as of Mar. 2024
Figures in circles: GWP as of FY2022 (Source) Swiss Re

Copyright (c) 2024 Tokio Marine Holdings, Inc.

<Growth exceeding the market>

Malaysia*1: NWP for TMHD, GWP for market*2: M/S of P&C businessvs Market +3.6pt(Source) Swiss Re

30

II. Reference

GroupInternational

Investment

GovernanceGroup Asset Management Policy
 Maintain long-term, stable income based on ALM aligned with characteristics of insurance liabilities
Investment Portfolio (Mar. 31, 2024)
Assets other than investments

Investment Assets

12.0%

Securing a stable yield<Group income yield>

JPY26.9tn

4.6%

Others 3.6%
Domestic
equities

TMHD
total
assets:
JPY30.5tn

11.7%(Mostly business-related
equities)

Domestic bonds

Loans

Foreign securities, etc.

10.1%

2.4%

2.4%

1.5%

1.5%

1.5%

32.4%

(Mainly overseas CRE loan 5.5%)

2017(Foreign bonds, etc.: 28.4%, CLO: 4.1%)

Other 6%

AAA 9%

4.8%

2.3%

30.3%

(Mar. 31, 2024)

4.7%

6.0%

2018

2019

Japan

4.2%
2.3%

1.4%
2020

4.6%

4.1%
2.4%

3.6%
2.8%

1.8%

1.7%

1.5%
2021

2022

International

2023

Group

(Reference) Open Market Rates

BBB 12%(％)

AA 14%JGB 10-yr

Bondratings(Mar. 31, 2024)

A 59%
Copyright (c) 2024 Tokio Marine Holdings, Inc.

-1.0
31

II. Reference

GroupInternational

Investment

Governance

DFG Investment Track Record
 DFG investment performance (investment income + realized gains / losses) remained positive during thecollapse of Lehman Brothers<Investment Return*1 and Portfolio Change>
8.0%

DFG

6.0%

Market*2

4.0%
2.0%
0.0%
-2.0%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Municipal bonds
18.3%

Other
26.5%

<2007>
Before GFC
Corporate
bonds
30.2%

Loans
3.6%

Securitization
products
21.4%

Other
12.1%
Corporate
bonds
23.8%

<2012>
Immediately
after
acquisition

Securitization
products
29.8%

Municipal bonds
33.3%

Corporate
bonds
8.3%

Other
6.6%

Municipal bonds
22.7%<2023>
Present
Loans
0.9%

Securitization
products
20.5%

Loans
41.9%

*1: Calculated as “(Income + gains / losses from sales + impairment) / AUM” *2: Average for US non-life insurance companies (market capital of $20bn or more) (Source): S&P Capital IQ, Factset

Copyright (c) 2024 Tokio Marine Holdings, Inc.

32

II. Reference

GroupInternational

Investment

Governance

Reduction of Business-Related Equities
 Business-related equities outstanding will be “zero*1” in six years (JPY3.5tn in market value as of Mar. 31, 2024
and JPY0.4tn in book value) with a three-year reduction of 50%.
We will not merely reclassify them as pure investments (expected sale for FY2024 is JPY600.0bn in market
value as of Mar. 31, 2024 and JPY53.0bn in book value) Business-related equities ratio compared to IFRS net assets will be approx. 20% by end of FY2026
Timeline and amount of sale ofbusiness-related equities

保有額
Marketvalue（兆円）(trillionsof JPY)

Ratio to net assets*2

End of FY2023
Market value: c. JPY3.5tn

Increase inmarket value
due to higher
share prices

60%

Transition to IFRS at
end of FY2025(net assets will increase)

売却時価額
Sold
amount（億円）(billionsof JPY)

3.0

50%

500.0

40%
2.0

30%

50% in3 years
20%

250.0
1.0

10%

End of FY2029“Zero*1” holding
0%
0

0

2023

2026

2029

2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Amount

売却額
Sold

Portfolio

保有時価Market Value

Copyright (c) 2024 Tokio Marine Holdings, Inc.

Portfolio

保有簿価Book Value*1: Excluding non-listed stocks (market value as of Mar. 31, 2024, c. JPY22.5bn in book value) andinvestments related to capital and business alliance, etc.
*2: Based on share prices as of March 31, 2024. Net assets at the end of FY2024 onwards are estimates.

33

II. Reference

GroupInternational

Investment

Governance

Enhancement of Governance and Risk Management
 Further enhancement of governance at Group-level is set as one of key strategies in the MTP and will be
executed rigorously through the newly established “Group Audit Committee” and full utilization of external
perspectives. We are steadily implementing the "measures" presented at FY2023 Interim IR Conference inNov. 2023
 Strengthen direct instruction / supervision by TMHD for domestic and overseas entities and further develop
the Global integrated group management
Utilization of industry leading experts

Utilization of external perspectives

 Continue recruitment / development of experts for risk
management, legal & compliance, internal audit etc., andpromote further utilization across group companies

 Established “Group Audit Committee” in April 2024. External
members including the Chair comprise majority of the Committee[Japan] Consolidate governance functions, enhance internal audit
 Consolidation of governance functions such as the second andthird lines of group companies for further direct instruction /supervision by TMHD
 Enhancement of direct audit by TMHD (conducted as necessary
from FY2024)[Int’l] Enhance internal control and further supports aligned withthe maturity level of each group company

 Utilize “external perspectives” to review the appropriateness of ourbusiness process, culture etc.
Themes to be deliberated by Group Audit Committee
utilizing “external perspective” (example)
 Review of the gap from the common sense of the society (re-inspection of
our common sense) Review our situation in response to the possible scenarios similar to incidents
at other companies / industries (“draw a lesson”)
 Preventive measures for past incidents at group companies will be consideredto implement at other group companies

 Completed the formulation of action plans after evaluating theframework of each group company, and in the process ofmonitoring its progress. Promote enhancement of groupcompanies’ framework thorough the PDCA cycle
Copyright (c) 2024 Tokio Marine Holdings, Inc.

34

Copyright (c) 2024 Tokio Marine Holdings, Inc.

35

Disclaimer
These presentation materials include business projections and forecasts relating to expected financial
and operating results of Tokio Marine Holdings and certain of its affiliates in current and future periods. Allsuch 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 of inherent 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 reliance on forward looking
statements in these materials. Tokio Marine Holdings undertakes no obligation to update or revise any ofthis 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 the extent
distribution of these presentation materials or the information included herein is restricted by law, persons
receiving these materials must inform themselves of and observe any such restrictions.

For further information...
Investor/Shareholder Relations Group,
Global Communications Dept.
Tokio Marine Holdings, Inc.

URL : www.tokiomarinehd.com/en/inquiry/

Copyright (c) 2024 Tokio Marine Holdings, Inc.