Human Capital Report2023

Tokio Marine Group’s Philosophy on Human Capital Management

Tokio Marine Group’s purpose is to protect our customers and society intimes of need.

The insurance business is often called a“People’s Business”, and the trust
engendered by our people is at the foundation of everything we do.

Since our founding in 1879, we have engaged in the insurance business led
by our belief that empowering our people will help achieve our purpose.
This belief has never changed, and we will continue to consider ourpeople as our most valuable asset and our engine of growth.

What is Unique About Tokio Marine Group’s Approach to Human Capital Management?

Belief in Our People.
Our People Enable Us to Realize Our Group’s Purpose.
Tokio Marine & Nichido Fire Insurance Co., Ltd. (TMNF)
Engagement Survey Results

The Purpose Story of Tokio Marine Group

Continually maintain high standards in surveys that measure employee job satisfaction

The Group’s purpose is to protect our customers and society in times of need.

and engagement
Ranked second in the large companies category of the Best Motivation Company Award 2022 by Link andMotivation Co., Ltd.

Engagement Score (Deviation value)2022

We aim to continue to solve social issues through our business activities delivering

61.1

62.1

61.4

on our purpose which in turn will help to raise our corporate value.

3. Our Strengths
We have three unique strengths which enable us to deliver on our purpose and

Q. What was the deciding factor to join TMNF?

enhance our corporate value.

(Select one from the following options)57%

Talented employees

Purpose / Social impact

7%

Contributions to local
communities
Open-minded corporate
culture◦Integrated group management that utilizes diverse talent while generating synergies.
We will strive to enhance these three strengths and make solid investments in our
intellectual and human capital, which are the source of our group’s strength.

4%10%developing products and services that solve issues.
sustainable growth.

5%0%◦The ability to deliver solutions and support in times of need and beyond, by◦Strong ability to manage our business portfolio, balancing risk diversification and20%
7%

2. Our Aspiration

2021(Conducted in real time at the company’s FY2023 welcome ceremony)

Global scope of work

This is the Group’s purpose, which has remained unchanged since our founding in 1879.

2020

Question to New Graduate TMNF Employees

Employee beneﬁts / Brand

1. Our Purpose

20%

30%

40%

50%

60%

* Source: 2022 Integrated Annual Report3What is Tokio Marine Group Aiming to Achieve through Human Capital Management?

To make an impact for a better society by linking the aspirationsof each and every employee with the company’s purpose.
Employees understand how
their aspirations are linked tothe organization’s vision andto our purpose, and this will
clarify the meaning of theirCompany Purpose

day-to-day work“For what?”.
By recognizing what we callthis“LINK”as the starting
point for all our endeavors,
it will lead to personal andcompany growth and havean impact in the creation of abetter society.

Personal andCompany
GrowthMy Aspiration
An unwavering
aspiration for
the future

LINK

Organization Vision

Social Good

4

Contents
Human Capital Report
2023

06 Our Stance on Human Capital Management
07 Messages from the Group CEO, CHRO and CDIO

Contents
Our Stance on Human CapitalManagement
Tokio Marine Group’s HumanCapital Management

11 CFO, CHRO & CDIO Roundtable Discussion: Human Capital Management at Tokio Marine Group
15 Tokio Marine Group’s View on Its Purpose and People
16 What Tokio Marine Group Values in Promoting Human Capital Management
18 Value Provided by Tokio Marine Group to Each Stakeholder through Our Human Capital Managements Human Capital Management
19 Tokio Marine Group’
20 Link between Tokio Marine Group’s Management and Our Human Resource Strategy
21 Human Resource Strategy toward the Realization of Our Group Strategy
22 Overview of Human Resource Strategy toward the Enhancement of Our Corporate Value
23 Synergy between“People”and“Corporate Culture”in Our Human Resource Strategy
24 Challenges in Human Capital Management
25 Measures to Promote Human Capital Management

5Our Stance on Human Capital Management

Group CEO Message

Empowering Our People to Realize Our Purpose
As a“People’s Business”, our efforts are based on the trust built by people.
Moreover, the engine that drives business growth is also people, their thoughts

term vision.
The key to sustainable growth is to create a robust and agile company thatand passion. Empowering People, creating an organization with a strong sense

can maintain growth even in an uncertain environment and market withoutof unity, and continuing to realize the Group’s purpose, are the goals of humanlosing sight of our core purpose.

capital management.

Satoru Komiya
President & Group Chief Executive
Officer (CEO)Group Chief Culture Officer (CCO)

Every employee is as the driver for realizing
our purpose
Since our funding in 1879, even if the expressions and words may havediffered through time,“to protect our customers and society in times of need”
has served as the underlying premise of our purpose. Our aim is nothing lessthan the realization of this purpose, which has remained unchanged whatever
the era.
We have worked to expand our business by providing, through insurance, awide range of solutions to social issues that evolve with the times. Our businessitself is to solve to social issues. The more we promote our business, the more
we can help solve various issues while benefitting the world and communities.
We will continue to engage in business with these principles in mind.
The foundation of our business is our people, or put another way our
Human Capital. In this regard, People serve as the key factor for our growth.

Achieving sustainable growth in timesof high uncertainty through strategy andpurposeConditions have become increasingly uncertain in recent years due to various
factors. These factors include the spread of COVID-19, concerns surrounding
global inflation and economic downturn, and growing geopolitical risks brought
about by intensifying political and economic conflicts around the world.
In this era where globalization continues to progress, these various factors areintertwined with each other, further changing and complicating the risks faced
by individuals, companies, and society. To adapt to the drastic environmental
changes in this era and achieve further growth, we have further strengthened
our group strategy. While responding flexibly to changes in the businessenvironment, we have outlined the Group’s long-term vision under our current
Mid-Term Plan. Recognizing the unwavering nature of our purpose to protect
customers and society in times of need, we adopted the long-term vision ofcreating a global insurance group that delivers sustainable growth by providing
safety and security to customers worldwide while also pursuing the timelessendeavor to be a Good Company. Based on the corporate philosophy ofcontinuously enhancing corporate value with customer trust at the foundationof all of our activities, we are promoting measures aimed at achieving this long-

Improving corporate value by leveraging
our Core Identity
Under our core identity,“To Be a Good Company”, we will bring together
the passion and knowledge of our employees around the world to solve social
issues. Our vision will not change but the way of doing things will change as
the times and environment changes. Through these activities, we will contributeto the realization of a sustainable society and, as a result, generate profits andgrowth. Through this cycle, we will improve our corporate value.
“To Be”encapsulates our strong commitment to continue our endless efforts
to become a‘Good Company’: to sincerely support each and every one of ourcustomers and local communities, and to keep an eye on global trends. We
will continue to take on challenges together with all concerned.
Based on the passion of each and every employee, we aim to remain acompany that is second to none in the world in terms of our passion andsense of unity across the entire Group. I believe my role is to bring together
the passion and knowledge of all employees of the Group, to steadily increase
corporate value on a daily basis regardless of the environment, and to create
a company that continues to grow strongly on a global scale. As a result, I also
believe that we will be able to fully meet the expectations and trust of all of
our various stakeholders.
As we work to achieve our goals, we ask for your continued support.

7

CHRO Message(1/2)

People are our greatest asset and the engine that drives our growth
In order to consistently develop talent who can lead integrated groupmanagement globally, we are enhancing talent management across the Group
while also utilizing the new HR system introduced at Tokio Marine Holdings in
2019.
In order to further develop our people we are conducting training programs

Kenichi Kitazawa
Senior Managing Executive Officer
Group Chief Human Resources Officer(CHRO)
Group Chief Wellness Officer (CWO)

for our employees around the world on a group wide and global scale. For
example, in the Global Executive Program, senior leaders across the Groupand a small number of operational staff boarded a tall ship and attempted
to reach a remote island for the purpose of building strong relationships andtrust among them. Through training programs such as these, we are working to
expand synergies across the Group.
To strengthen the expertise that will be the source of new added value
throughout the Group, we will place the right people in the right positions

Our Human Resource Strategy to realize
the management strategy we envision

on a global basis, including those who have joined us through M&A. We areworking closely with each CxO on initiatives such as the mid-career recruitmentof highly skilled experts in the corporate function area and the in-house training
such as data scientists.

To realize our vision, our human resource strategy is aligned with ourRather than relying only on specialists in specific fields to play active roles,

management strategy to deliver growth for the Group. Our Group’s humanto sustainably achieve our goal of growth through resolving social issues, it isresource strategy consists of two components—supporting integrated group

essential to maximize the individual abilities and engagement of all employees.

through people, which is the source of value creation for our stakeholders, andFrom that point of view, TMNF, the largest operating company of the Tokio

supporting integrated group management through culture, which unites the

Marine Group, established a dedicated team, the Engagement Design Team,Group with our purpose as its starting point. We will also develop strategies toto work on improving employee engagement in 2022. With a sense ofstrengthen the capabilities necessary to execute on the management strategy.

urgency, we are developing new initiatives relating to, for example, improving

After specifying the necessary capabilities, we will identify any gaps andformulate the necessary measures to fill those gaps. In particular, we will
target employee who possess expertise and can play a more active role now
and into the future. Here are a few examples of some of the initiatives we arepromoting.

employees’sense of growth.

Bringing Together the Right People
Our Group is founded on a culture of promoting personal growth, which
creates self-development and stimulates a learning culture. Since our founding,we have a track record of solving social issues. It is precisely because thisapproach has been shared among our employees over the years that we havebeen able to realize our goals.
Through promoting awareness of our purpose, we will share the role that theCompany has played in solving social issues and the passion of our employees.
Employees who have made their purpose their own will gain the trust ofsociety through their work, and will become motivated to contribute to solving
future. I believe that such a cycle will foster a culture of self-development andcontinuous growth.
The importance of being actively involved in human resource development
is also shared within the organization, and as the organization as a whole
responds to social issues, we have fostered an organizational culture in which
employees resonate with the purpose influence one another. Employees who
study autonomously and an organizational culture that actively participates inhuman resource development create a culture where people grow.
Talented employees are often cited as a deciding factor for joining TMNF
in Japan. In fact, according to the survey among the TMNF new graduates
employees in 2023, 57% cite employees (people) as a major factor for joining
the company. We believe that this is the result of our employees’efforts tosolve social issues through their work and their aspiration and commitment togrow, which is appealing to new employees. In addition, we believe that those
employees have a positive impact on those around them, leading to increased
engagement throughout the organization.

8

CHRO Message(2/2)

Creating an Environment Where All are
ActiveTokio Marine Group’s approach to people is defined in Tokio Marine
Group –‘Our People’. Based on this, we are working to hire and develop
diverse people regardless of nationality across the Group, and to create anenvironment that encourages everyone's ambitions.
The world is rapidly changing and social issues are becoming more complex.
To solve such issues, it is necessary to leverage the diversity of our employeeswith a broad range of knowledge and experience in management. Basedon this, the promotion of diversity and inclusion (D&I) is positioned as a key
growth strategy.
To meet the needs of diverse work styles, TMNF introduced remote work;
flexible working hours; in-house job request program that enable employees
to participate in the projects of other departments if they wish; and allowed
outside side jobs, where new connections and experiences can be gained.
Through these initiatives we empower our people to gain skills, knowledge andnetwork, thereby supporting the growth of our employees.

People as Competitive Advantage
My role as Group Chief Human Resources Officer (CHRO) is to empower ourpeople to maximize their abilities in order to realize our strategy.

Tokio Marine Group –‘Our People’■ Our people are the most valuable asset of our Group and a
key driver of our‘Good Company’vision.

As our people are the most valuable asset and the source of our competitive
advantage at our company, we implement the PDCA cycles in which we
conduct various employee surveys on the motivation of employees and theorganization as a whole. In particular, we focus on employee job satisfaction,■ We aim to attract and retain the best talent in every aspect ofour business to ensure we deliver safety and security to ourcustomers and their communities.

engagement, and organizational culture, which are also identified and used
as KPIs in the performance evaluation and executive compensation. The
management team is committed to taking the lead in increasing engagement
and fostering a positive and productive organizational culture.
Physical and mental well-being of employees is a prerequisite for all businessactivities, I, as CHRO, also concurrently serve as Group Chief Wellness Officer(CWO). My goal is to maintain and improve employees’health. Accordingly, I
am working on health management for the entire Tokio Marine Group.
No matter how much the world and the business environment change,
people will remain the source and foundation of our competitiveness and our■ Our people bring passion and a challenging spirit to theirendeavors and we provide them opportunities for careerdevelopment and ongoing personal growth.

■ Our people embody diversity and we value inclusion as atruly global company. We work hard to create a businessenvironment where we can achieve our full potential as we
continue our endless journey to be a‘Good Company’.

most valuable asset.

9

CDIO Message

Diversity as an Organizational Strength
Fostering an Inclusive Culture and Closing
the Gender Gap
From the standpoint of fostering an inclusive culture, we endeavor to create

Mika Nabeshima
Executive Officer
Group Chief Diversity & Inclusion
Officer (CDIO)

a work environment where the more than 40,000 employees of the Group
world-wide respect each other. As the foundation that binds our diverse
workforce together as one team, we look to our purpose, and engage in
related initiatives throughout the world. One such example is“Majikirakai”,
which is a combination of two Japanese words which means to discuss serious
issues in a casual environment. These meetings provide a chance for everyone
to freely express and share their opinions on important subjects.
Next, regarding our efforts to close the gender gap, the ratio of female

Promoting D&I as a Key Success Factor for
Growthmanagers in domestic and international companies already exceeds 30%,

The most important facet for insurance companies as a“People’s Business”

house career college for female employees in Japan, we help our female

is people. We endeavor to create an environment in which all employees
can achieve their potential in their own unique way. Having positioned
D&I promotion as a key success factor for further growth in an uncertain
environment and market, we formulated the Tokio Marine Group D&I Vision
based on four core pillars: Attract, Empower, Develop / Promote and Retain. By
sharing this vision as our Group’s commitment to D&I, we are accelerating ourefforts for diversity with the goal of becoming a truly inclusive global insurancegroup.

however, we believe that it is necessary to further increase this ratio. Throughprograms such as the Tokio Marine Group Women’s Career College, an inemployees create their own career vision, and provide opportunities for womento learn and actively engage in discussions to allow them to take initiativeon self-development. At the same time, there is active discussion on how toassign appropriate roles, provide support and increase engagement for female
managers in their everyday work.
Going beyond simply closing the gender gap, we are working to establish
environments in which the Group’s diverse workforce can thrive from various
perspectives. In terms of nationality, employees from various countries andregions that have joined the Group through overseas M&A activities are able

Tokio Marine Business Support, our special-purpose subsidiary establishedbased on the Act on Employment Promotion, etc., of Persons with Disabilities,
contributes to the development of the Group through business support
functions such as printing, scanning documents and mail delivery service.

Creating an Environment in which All
Employees Can Demonstrate their Full
Potential
Promotion of D&I is not just about individuals, but it also requires us to focus
on the organization and culture. Therefore, the human resource departments ofgroup companies must promote D&I initiatives as part of a Group-wide effort,
not just on an individual basis. Tokio Marine Group’s member companies are
spread across Japan and the world, and for this reason it is my role as CDIO topresent the Group-wide vision and direction for D&I, despite differences among
regions, business lines, organizations, labor environments and legal systems.
We believe it is necessary to tackle D&I initiatives from both top-down andbottom-up approaches, Tokio Marine Group established the Diversity Council
chaired by the Group CEO. Along with the participation of outside directors,
this Council is attended by a diverse range of Group employee representativesof different genders, nationalities, generations, and careers, in an effort tocapture various perspectives and deepen our discussion on D&I.
Going forward, we will accelerate our D&I initiatives and create environments
in which all Group employees can demonstrate their full potential by leveraging
their diverse backgrounds.

to contribute on group-wide initiatives. As far as promoting the employment ofpeople with disabilities and contributing to an inclusive society are concerned,

10CFO, CHRO and CDIO Roundtable Discussion

Human Capital Management at Tokio Marine Group(1/4)
people are a critical asset, the driving force behind the Group’s sustainablegrowth, and source of its competitiveness have only increased in importance.
I would like to take this opportunity to introduce a wonderful episode that
occurred at the welcome ceremony for TMNF. When we conducted a surveyof new employees about the deciding factor to join the company, amazingly
57% responded that it was our talented employees. I felt a great senseof pride upon seeing first-hand how our people have a positive impact on
people that will take the lead in driving the Group forward. Ms. Nabeshima,
you also attended the welcome ceremony. What are your thoughts as CDIO?
Mika Nabeshima, CDIO:This year we held the ceremony in person for the firsttime in four years. Seeing each of the 502 new employees gathered at thevenue face-to-face made me feel optimistic and reassured. At the same time,
the opportunity allowed me to strongly reaffirm that those of us involved in

What does human capital management mean at Tokio Marine Group?
The Group CFO, CHRO and CDIO express their respective views toward the significance andimportance of human capital management through a roundtable discussion.

Facets Valued by Tokio Marine Groupthe management of the Group are responsible for creating environments thatwill allow each employee to deliver on their potential to the fullest.

we have conducted thus were not solely designed to bolster sales. Instead,these activities were geared toward refining our ability to provide support intimes of need in an effort to realize our purpose, namely by diversifying and– What has Tokio Marine Group valued over the past?

controlling risk.

Kenji Okada, CFO:Founded in 1879 as the first marine insurance company

Kenichi Kitazawa, CHRO:As Mr. Okada just explained, we have consistently

in Japan, Tokio Marine Group originally saw its mission as contributing to theplaced growth through the realization of our purpose at the core ofdevelopment of Japan’s economy by providing insurance in support of marine

management. And a key success factor for continuously enhancing the quality

shipping, an essential part of the country’s modernization.

of this purpose-driven management approach is people, in other words

We continue to embrace this mission as part of our purpose, namely
protecting our customers and societies in times of need.
This concept is deeply reflected in our organizational strategy. For

human capital.
The insurance business was considered‘business of paper and pencils’,
although now paper and pencils are becoming obsolete in the face of

example, the non-life insurance business in Japan places growth through thedigitalization. Despite this growing trend, people are the one constant thatrealization of our purpose and through the resolution of social issues at its

remain unchanged. The fact is insurance is a "People's Business", this isvery core. Moreover, the overseas expansion and strategic M&A activities

because insurance is an intangible product. In this sense, the notion that

Kenji Okada
Senior Managing Director
Group Chief Financial Officer (CFO)11CFO, CHRO and CDIO Roundtable Discussion

Human Capital Management at Tokio Marine Group(2/4)
The goal of Diversity & Inclusion (D&I) is without question creating this typeMedium-Term Management Plan. We look into various new proposals on afullest. I believe it is the role of management to place our hopes and trust inof environment. The Group has been able to draw on the strengths of all

regular basis, so I am keenly aware we need to carefully consider the cost-each of the Group’s more than 40,000 diverse employees, as we make theGroup employees and to combine their individual personalities, experiences,

benefit as CFO, even while understanding the passion for innovation.

decision to invest.

and expertise to create greater strength and new value.
In an era that is experiencing an increasingly uncertain external environment

Appropriate investments in human capital will increase the feasibility ofOkada:I feel exactly the same. The importance of investing in human capital is

executing on our strategy and help increase adjusted net income while

clear, so all that is left for us is to make decisions with trust in our employees,

and markets, we must continue to accelerate in creating innovative value.

reducing the amount of risk. This is why I recognize investments in humanand to connect these investments to the growth of each of our employees.

The Group has positioned the promotion of D&I, as a source of innovative

capital as a means of achieving sustainable growth for the Group andthinking and value creation, at the foundation of its growth strategy. Likewise,

enhancing corporate value.

launching the Diversity Council comprising diverse individuals from top

That being said, the outcome of investments in human capital require a

As with those who came before me, I believe that every member of
the Group will unquestionably continue to meet our expectations andwill contribute to the fullest of their capabilities. What do you think Ms.

management to individual contributors, and creating the new CDIO position

certain amount of time to manifest, and involve multiple different factors,

Nabeshima?

for which I am responsible, are just a few of our efforts to strengthen our D&I

which makes it extremely difficult to pinpoint the direct relationship between

Nabeshima:Investing in people is of course important. However, I also feel

framework.

investments and outcomes.

Kitazawa:One of the strengths of the Group is its diverse people, who thrive

Kitazawa:Without question, quantitatively indicating the relationship between

that investing alone is likely not enough. More specifically, the organizationalby leveraging their unique attributes and qualities. We must continue toinvestments in human capital and outcomes is difficult. Despite this challenge,

promote D&I and pursue the advancement of our purpose and foster an

I believe we must still take the stance that humans are inherently good when

inclusive culture.

investing in human capital. In other words, in promoting our purpose andfostering an inclusive culture, we will clearly show the direction of the Groupand provide an environment that allows employees to contribute to their

Approach to Investment in Human Capital

culture is important for connecting investments to a greater level of growth.
The reason for this is that the performance of people changes significantly
depending on the organizational culture. Advancing our purpose and fostering
an inclusive culture across the Group will therefore become important for
ensuring that employees with diverse backgrounds can give their best at theirrespective workplaces. This is exactly why, through ongoing initiatives such as“Majikirakai”and Project Mizu*, we aim to cultivate a corporate culture inwhich employees respect one another, are engaged, and take ownership overtheir own development.

– Mr. Okada, as CFO what is your perspective on investment in human

Okada:I see, in other words, the two aspects of people and corporate culture

capital?

together are the link to creating greater corporate value.

Okada:In order to continue protecting customers and society in times ofKitazawa:I completely agree. The human resource strategy that the Group

need, we must stand firm no matter what happens, so a sound financial

leverages to achieve its overall strategy is based on the two major pillars offoundation is essential. As CFO, my role is to oversee efforts aimed atpeople and a corporate culture, in support of integrated group management.

achieving greater corporate value to improve return on equity (ROE) throughprofit growth and the execution of disciplined capital management.
For this reason, when making investment decisions, it is important todetermine whether specific proposals will achieve the Group’s Purpose and* Project Mizu: An initiative designed to improve the transparency of Tokio Marine Holdings

enhance corporate value.
The Group has set forth the concept of“Adapt, Lead, Innovate”in its(TMHD) and establish an environment that allows a diverse group of members to

Kenichi Kitazawa, CHRO

collaborate smoothly together. The purpose of these improvements is to create an inclusive
culture in which the diverse workforce at TMHD can demonstrate its potential to the fullest.

12

CFO, CHRO and CDIO Roundtable Discussion

Human Capital Management at Tokio Marine Group(3/4)
The combination of these two factors will support the growth of every

standpoints as they involve themselves in the human resource strategies.

individual employee, which in turn will serve as a powerful engine for theUnder the concept of human capital management, the entire management

growth of the Group.

team must see this as an issue of overall management.

Although various debates regarding human capital management are now

Nabeshima:From the standpoint of fostering a corporate culture, as with

underway, our investment in human capital goes beyond easy-to-understand

today’
s roundtable discussion, I believe the management team must

proposals that directly involve labor costs and training expenses. In concert

continuously think about people and share their thoughts with the employees.

with these investments, we undertake initiatives regarding corporate

In response, our employees will then conduct discussions in their respective

culture, including those intended to prepare an environment and create anorganizations. For this purpose, I believe we must continue to advance andorganizational culture that allow each employee to develop further. I believe

further refine initiatives like“Majikirakai”, conducted under the leadership

it is this interaction of the two approaches that will maximize the return onof our Group CEO, as well as the implementation of Project Mizu across theinvestment.

company.

Important Factors for Human CapitalManagement

Future of Tokio Marine Group’s HumanCapital Management

Kitazawa:We have talked about our thoughts on investing in human capital,

Okada:This is the first time the Group has published the Human Capitaland the establishment of a support system to ensure that Group employees

but I would like to now turn to what is important for promoting human capital

Report. I feel that this effort will lead to even higher expectations from ourworldwide can maximize and continuously build on their individual

management.

various stakeholders. Mr. Kitazawa, Ms. Nabeshima, how will you respond tocapabilities. We are accelerating execution, in recognition of the critical needthese increasing expectations?

to invest in people at a time when the business environment is undergoing

resource strategy. Linking these two is an approach that begins with the vision

Kitazawa:The Group has defined its view on people in‘Our People’

dramatic change.

of our group strategy, and connects to the human resource strategy we must

philosophy, which we have made public and which positions our employees

Nabeshima:As I mentioned earlier, during the Group’s active drive toward

take after identifying the capabilities required to realize this vision. In orderas our most valuable asset.

global expansion, we have worked to make diversity a strength in the belief

What I see as important here is the link between management and human

to do so, we must continuously identify the strengths and challenges of theEvery group company values its employees. We will firmly focus on each of

Mika Nabeshima, CDIOAs CHRO, I have been working on the recruitment and systematicdevelopment of diverse human resources, both in Japan and internationally,that diversity is a source of growth. I have experienced first-hand how weGroup.

our diverse employees, providing various roles and opportunities within our

have achieved significant growth as a company while incorporating the

Okada:I think that is an extremely important viewpoint. In order to get a

global group. Complementing these endeavors, we will push forward training

thoughts and perspectives brought about by a diverse workforce, and whilebirds-eye-view of the Group and identify strengths and challenges, I feeland development initiatives. In addition, we will create an environment inadvancing the creation of an inclusive work environment in which employees

the entire management team must consider this issue from their respective

which each employee can take ownership over their growth. These are a few

respect each other. In order to continue to provide new products and high-of the things on which we will focus.

quality services to add value for our customers throughout the world,

Recruitment, talent development, the right talent portfolio, all of these

employees possessing diverse values, motivations, and capabilities must

things are essential to realize our purpose. We are a Group that sees“People’s

be able to contribute to the fullest of their potential, regardless of gender,

Business”as its foundation and we have no intention of shifting away fromage, nationality, or disability. Through the creation of an inclusive corporate

this axis.

culture based on the promotion of D&I, we will turn diversity into a strength.

13

CFO, CHRO and CDIO Roundtable Discussion

Human Capital Management at Tokio Marine Group(4/4)
Moreover, we intend to create a cycle in which the growth of each employee
leads to growth for the Group, thereby connecting to investments we made in

the Group and that I believe in their commitment.
Insurance is a“People’s Business”. We will contribute to society and achieve

people once again.

growth for the Group by creating a cycle of growth and realizing our purpose,

Okada:Mr. Kitazawa, Ms. Nabeshima, thank you for your comments.

starting from trust in people. The goal of human resource management also

What I strongly felt today was the importance of the management team,particularly the CFO as the person responsible for capital policy, and the

management team.
We hope that our stakeholders anticipate much from the future of humancapital management at the Group.

lies within this.
Based on my trust in people, I will try to make the best of my wisdom

CHRO and CDIO as the persons responsible for human resource strategy, all

and aspire to a Group in which individuals and companies grow together

working closely together to promote human capital management. We intend

through the advancement of our purpose and D&I initiatives. Moving forward,

to achieve the vision of the Group by the three of us taking the lead, closely

I will work to achieve this aspiration by aligning my intentions with thelinking management and human resource strategy.
As CFO, I have again strongly recognized that it is not for me to leavehuman resource strategy entirely to the CHRO and CDIO. Instead, I see that I
must take ownership and directly address the challenge of raising corporate
value by promoting human capital management.

Essential Aspects for Tokio Marine Group’s
Human Capital Management– Finally, please tell us what you see as being essential for human capitalmanagement at Tokio Marine Group.
Kitazawa:I feel the essential factor here is the commitment of each employee.
The goal that we aim to achieve through the advancement of our purpose
is to realize individual and corporate growth. What we aspire is for every
employee to feel motivated, to be engaged at work, and to grow together
with the company. This will further strengthen engagement and create a cyclethat will lead to further growth. In this virtuous cycle, it is essential for every
employee to commit to their roles and responsibilities, to tangible results, togrow as a professional, and to contribute and support the company and one’s
fellow employees.
As I mentioned earlier, when we invest in people, we must believe in thegood in people. The primary reason I state this is that I trust the employees of14

Tokio Marine Group’s View on Its Purpose and People
Human Capital Report
2023

Contents
Our Stance on Human CapitalManagement
Tokio Marine Group’s HumanCapital Management

Relationship between Tokio Marine Group’s Purpose and Human Capital
Purpose: To protect our customers and communities in their time of need
The Company’s goal is to solve social issues through our business activities with our purpose at its core and in turn therefore increase our corporate
value.
In order to agilely respond to and solve increasingly complex social issues, the capabilities of the Group’s more than 40,000 employees in Japan andinternationally are a key factor for our success. We will therefore invest in and further develop human capital to remain a‘Good Company’that istruly needed and trusted by customers and local communities 100 years from now.

Tokio Marine Group’s Approach to People
Our approach to people is set forth in Tokio Marine Group –‘Our People’.
Based on this concept, we will systematically develop and drive engagement with all of our diverse people groupwide, in order to become a global
insurance group, thus increasing the value of human capital that contributes to the realization of our purpose.

Tokio Marine Group – Our People■Our people are the most valuable asset of our Group and a key driver of our‘Good Company’vision.
■ We aim to attract and retain the best talent in every aspect of our business to ensure we deliver safety and security to ourcustomers and their communities.
■Our people bring passion and a challenging spirit to their endeavors and we provide them opportunities for career development
and ongoing personal growth.
■Our people embody diversity and we value inclusion as a truly global company. We work hard to create a business environment
where we can achieve our full potential as we continue our endless journey to be a‘Good Company’.

15

What Tokio Marine Group Values in Promoting Human Capital Management(1/2)
Human Capital Report
2023

Contents
Our Stance on Human CapitalManagement
Tokio Marine Group’s HumanCapital Management

Foundation for Human Capital Management Promotion

Competencies We Look For

We place importance on the following six points as prerequisites for further

In light of the external environment surrounding the Group, a critical aspect tostrengthening our people and corporate culture toward the realization of

our human resource strategy is to develop employees who can demonstrateintegrated group management.

global competencies based on a deep understanding of our purpose.

These points form the foundation for promoting human capital management

Increasing employees with global competencies will further enhance

and are the concepts underlying the Group’s human resource strategies.

integrated group management, enabling us to realize our purpose, provide

We will develop our human resource strategies as a Group based on thissolutions to social issues, and, in turn, enhance corporate value.

concept in order to create the future together with our stakeholders.

What We Value

Global Leadership Competencies
Personal Stance

1 Work with a high degree of motivation imbued with our purpose

1 Act with integrity / respect from others

2 Grow and develop our core expertise with a sense of professionalism

2 Explore business opportunities

Transform and take on challenges based on a healthy sense of urgency

3 regarding the present and our vision for the future

Business Strategy

Specialty

3 Demonstrate industry-leading expertise4

Realize Empowerment
Maximize organizational strength based on a long-term perspective/
develop next-generation leaders

Develop individual employees based on their career aspiration by
providing various roles and opportunities in the group companies

5

Build RelationshipEffectively use highly important internal and external networks / create
an environment and culture that promotes intra-group collaboration

Realize varied and healthy work styles tailored to each employee’s

6 Establish a long-term vision and strategy for the entire Tokio Marine Group

4

Foster an inclusive and open-minded corporate culture that attracts
talented people

5

6 lifestyleCreate Vision

7

Deliver Value
Provide great value befitting a leading company / realize synergies andinnovation in an organization

16

What Tokio Marine Group Values in Promoting Human Capital Management(2/2)
Human Capital Report2023

For the Tokio Marine Group, people and the trust they create are a source of competitive advantage, and we therefore believe thatempowering our people will lead to sustainable growth. This approach is also reflected in the HR systems of HD and TMNF.

Contents
Our Stance on Human CapitalManagement

HR System Characteristics

Tokio Marine Group’s HumanCapital Management

Tokio Marine Holdings

TMNF

Introduced an HR system in FY2019 to develop global management

In terms of promoting sustainable growth of both employees and thetalent, acquire top talent and actively appoint talented individuals.

Company, we will phase in a new HR system starting in FY2024.

■Compensation, roles & evaluation based on expertise■Roles that originate from employees’“My Aspiration”

Compensation structure benchmarked to market standards, assignment of roles that

Assigning roles that connect each employee’s“My Aspiration”, the organization’sleverage expertise, and appropriate evaluation of performance based on expertise

goals and the company’s path.

■Appropriate placement based on performance
Early selection of capable and proven employees to positions where they can■Evaluations based on performance, capability andresponsibility

leverage their expertise, regardless of their seniority, age, gender, or other factors.

Thorough evaluations based on performance and not on seniority, age, gender,■Thorough talent management

course classification or hiring category (new graduates or mid-career hires)

Career building on a global basis by proactively utilizing various positions at group■Review of personnel transfers involving relocationcompanies to gain diverse experience

Careful career planning dialogue that reflects changing lifestyles and diverse values,
with personnel transfers involving relocation undertaken with the consent of employees* Reference: Page 4 What is Tokio Marine Group Aiming to Achieve through Human Capital Management?

17

Value Provided by Tokio Marine Group to Each Stakeholder through Our Human Capital Management
Human Capital Report
2023

Contents

Stakeholders

Vision / Value Provided

Impact of Human Capital Management Initiatives on Value Provided

For Customers◦ Contribute to making customers’lives healthy and enriching
through products and services that provide security andpeace of mind, and support future-oriented challenges◦ By developing individual employees, their enthusiasm becomesa driving force to provide products and services that enable us
to be there for our customers in their time of need.

For Society◦ Together with our partners in the value chain, we willcontribute to the creation of a sustainable society in which
everyone can live safely and securely, as well as boldly takeon new challenges◦ Pursue Group growth and realize a sustainable societythat solves social issues by securing people and cultivatinga corporate culture that support integrated groupmanagement.

◦ Enhance the Group’s value and earn the trust of shareholders
and investors while contributing to sustainable growth inshareholder returns◦ Achieve growth by investing in human capital andcontinuously enhance corporate value through timely andappropriate information disclosure and constructive dialogue.

For Agents◦ Promote the realization of healthy and enriched lives of ourcustomers as a partner that solves issues by being there in
their time of need, and contribute to sustained value growth
for agents◦ Increase the value provided by our agents by offering products
and services that enable us to be there for our customers in theirtime of need.
◦ By developing individual employees, their enthusiasm becomesa driving force to pursue activities closely aligned with agents.

For Employees◦ Provide opportunities for employees to grow while helping
to realize various and healthy work styles that fit eachindividual’s career vision and lifestyle◦ Foster an inclusive culture and achieve sustainable individualand organizational growth by creating an environment inwhich all employees can maximize their abilities.

For Future Generations◦ Pass on a sustainable environment and society to future
generations by addressing culture change and preserving
biodiversity◦ Support the challenges of future generations by providing
education and enlightenment◦ Help solve social issues to realize a sustainable environmentand society based on Tokio Marine Group’s purpose and thegoal to remain a‘Good Company’as shared values.

Our Stance on Human CapitalManagement
Tokio Marine Group’s HumanCapital Management

For Shareholders andInvestors

18

Tokio Marine Group’s Human Capital Management

Link between Tokio Marine Group’s Management and Our Human Resource Strategy
Human Capital Report2023

To achieve our long-term vision, Tokio Marine Group has put forth a 2+1 Growth Strategy and a Business Platform (human resource
strategy) in the Medium-Term Management Plan 2023 － Adapt, Lead, Innovate.

Contents
Our Stance on Human CapitalManagement
Tokio Marine Group’s HumanCapital Management

Long-term vision

A Global Insurance Group That Delivers Sustainable Growth by Providing Safety and Security to Customers Worldwide
Our timeless endeavor to be a‘Good Company’

The Condition Realized in theLong-Term Vision

Win-win with stakeholders

2+1 Growth Strategy

New Markets

People supporting×

integrated group

New approach

management
Business+

Glocal × Synergy

Enhance the
proﬁtability of theRealizing growth and stable high proﬁt

Business platform

insurance business

investment for
the next
growth stage

Integrated GroupManagement
Corporate culture
supporting
integrated
group management

20Human Resource Strategy toward the Realization of Our Group Strategy
Human Capital Report
2023

Contents
Our Stance on Human CapitalManagement
Tokio Marine Group’s HumanCapital Management

We believe that the following two components are essential for realizing the Group strategy through the human resource strategies: building
a talent portfolio that support on corporate functions and creating an environment that enables the people to maximize their capabilities. To
this end, the Group Human Resource Strategy consist of people and corporate culture supporting integrated group management.

People supporting integrated group management

Corporate culture supporting integrated group management

Build a strategically consistent talent portfolio
Strengthen group management systems

Foster a sense of unity in the Group
Increase engagement

Society

AgentsLife
insurance
in Japan

Other
areas ofbusiness

Customers

Tokio
Marine Holdings

Overseas

Shareholders& Investors

PurposeProtect our customers and society in times of need

FutureGenerations

Non-life
insurance
in Japan

Employees

21Overview of Human Resource Strategy toward the Enhancement of Our Corporate Value
Human Capital Report
2023

Two elements of our human resource strategy are people and corporate culture. The elements are broken down into smaller areas offocus to plan and implement specific human resource measures. All human resource initiatives are geared toward the realization of ourvision for our Group strategy.

Contents
Our Stance on Human CapitalManagement

Realize the vision for our Group strategy

Tokio Marine Group’s HumanCapital Management

Human Resource Strategy

People supporting integrated
group management

Elements

FieldsBuild a strategicallyconsistent talent
portfolio

TalentAreas of development
and
focus
assignment

Recruiting

Corporate culture supporting
integrated group management

Strengthen groupmanagement systems

Management
systems

Succession
planning

Foster a sense ofunity in the Group

Advancementof ourpurposePromotionof D&I

IncreaseengagementJobsatisfaction

Flexible work
environment

22Synergy between“People”and“Corporate Culture”in Our Human Resource Strategy
Human Capital Report
2023

Contents
Our Stance on Human CapitalManagement
Tokio Marine Group’s HumanCapital Management

Build a strategically consistent talent portfolio, strengthen group management systems, foster a sense of unity in the Group, and increase
engagement are four areas that are interrelated and synergistic. The basis of all our efforts is the shared sense of purpose among theemployees.

Correlation between“People”and“Corporate
Culture”in Our Human Resource Strategy
Group strategy
Linkage
Talent portfolio(Talent development,

Assignment, Recruiting)Management systems

Engagement(Job satisfaction, Flexible work environment)

Foster a sense of unity in the Group

PurposeProtect our customers andsociety in times of need

Peoplesupporting
integrated
group
management

Corporate
culturesupporting
integrated
group
management

Synergy between“People”and“Corporate Culture”
in Our Human Resource Strategy
Build astrategicallyconsistenttalent portfolio

A corporate culture that fosters
a sense of unity in the Groupand increases engagement will
enhance the recruitment andretention of talented
employees

Foster a senseof unity in theGroup“People”

Heighten thecertainty ofrealizing our
vision for ourGroup strategy“Corporate
culture”

Strengthengroupmanagement
systems

Appropriate talent acquisition,
development and assignments
lead to the growth of both theindividual and the company
while enhancing Group unityand engagement.

Increaseengagement

23Challenges in Human Capital Management
Human Capital Report2023

We recognize the challenges in human capital management based on the gap between our current status and the people and corporate
culture required to realize the Group’s management strategy vision.

Contents
Our Stance on Human CapitalManagement
Tokio Marine Group’s HumanCapital Management

People supporting integrated group management
Build a strategicallyconsistent talent portfolio
Talent development andassignment◦Training and allocation
regardless of seniority or age(training to support junioremployees, etc.)◦Prioritizing talent allocation
assignment to key businessareas＊1◦Reskilling upon social andeconomic changes

Strengthen groupmanagement systems

Corporate culture supporting integrated groupmanagement
Foster a sense of unity
in the Group

Increase engagement

Management systems

Advancement of our purpose

Job satisfaction◦Reinforcing group synergies
by leveraging the expertiseand experience of the diverse
workforce◦Further advancing our
purpose which unites Tokio
Marine Group into One Team

Succession planning◦Accurate understanding of
employee job satisfaction andengagement and implement
effective measures in a timely
manner◦Closing the gender gap (ratioof women on the Board of
Directors, ratio of women in
management positions)◦Sufficient talent pipeline ofglobal management talents
who will lead the integrated
group management to the next
generation

Recruiting◦Recruitment of highly
specialized personnel(corporate functions, DX＊2. etc.)

Promotion of D&I◦Reconsidering ways ofcommunication and practices
among employees recognizing
diversity

Flexible work environment◦Flexible work environmentthat suit employee’s various
lifestyles◦Work style that nurtures thewellbeing of the employees*1 Green transformation (GX), healthcare, small/medium sized enterprises (SME), cyber risks, etc.
*2 Digital transformation (DX)24

Measures to Promote Human Capital Management
Human Capital Report2023

We are working to improve various human resource measures in order to empower our people and corporate culture supporting the
integrated group management.

Contents
Our Stance on Human CapitalManagement
Tokio Marine Group’s HumanCapital Management

People supporting integrated group management
Build a strategically consistent talent
portfolio

Strengthen group management systems

Corporate culture supporting integrated group management
Foster a sense of unity in the Group

Increase engagement

Talent development
and assignment

Recruiting

Management
systems

Succession planning

Advancement ofour purpose

Promotion of D&I

Job satisfaction

Flexible work
environment

Development
policy & talentdevelopment cycle

New graduate
recruitment

Right person rightplace

Develop next
generation talent poolthat have potential tolead the Group

Advancement ofour purpose leadby the CCO

CDIO / Diversity
CouncilFramework
to increase
engagement

Health andproductivity
management
promotion

Development ofhighly professional
talents (MAP)

Workplaceinternships

Chief officer system
by function

Talent Management
Meeting“Majikirakai”

Defining D&I andpromoting thestructure

The PDCA cycle
to increase
engagement

Flexible work rules

Job request system/ project request
systemTokio Marine Career
AcademyGlobal committees

Tokio Marine Group
Leadership InstituteMessages by Top
management

Project Mizu

Solving workplaceissues

Project request
system / side-job
systemReskilling

Development ofhighly professional
talents (MAP)

Advance diversity
and promotion of
our core identity

Develop talents inthe DX field

Hire employees withdisabilities

Tokio Marine
Innovation Program

Culture & Values
SurveyChildcare support

Develop an
infrastructure to
realize a flexible work
environment work

The Four“Free”

Initiatives overseas

25

Tokiwabashi Tower 2-6-4
Otemachi, Chiyoda-ku, Tokyo 100-0004, Japan
Tel: 03-6704-7700