To Our Shareholders

The 22nd Ordinary General Meeting of Shareholders

Tokio Marine Group Business Strategy

June 24, 2024

Satoru Komiya President & Group CEO

Table of Contents
1 Review and Evaluation of FY2023

P. 3

2 Challenges Facing the Insurance Industry and Tokio Marine

P. 7

3 New Mid-Term Plan (1) Core Strategies and Growth Strategies

P. 10

4 New Mid-Term Plan (2) Enhancement of Discipline and Initiatives by TMNF

P. 21

5 Projections and Shareholder Return

P. 28

6 Expression of Gratitude and Determination

P. 31

Copyright (c) 2024 Tokio Marine Holdings, Inc.

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2

1

Review and Evaluation of FY2023

Copyright (c) 2024 Tokio Marine Holdings, Inc.

3

1. Review and Evaluation of
FY2023

Response to natural catastrophes

As a company operating an insurance business globally, we are not immune to the impact of various
events worldwide. We will support customers worldwide in times of need, now and in the future

Wildfires in Maui, Hawaii

2024 Noto Peninsula Earthquake
Number of claims received: c.29,000*1(As of May 31, 2024)

Number of employees mobilized for support (aggregate):
c.





Number of claims received: c.1,500*3

2,300(As of May 31, 2024)*2

Captured information on affected area withsatellite data
Speedy on-site investigation with online
reservation system
Captured road conditions using drive
recorder video and impact detection forground cracks, etc., and provided to
Ministry of Land, Infrastructure, Transport
and Tourism for recovery support

Copyright (c) 2024 Tokio Marine Holdings, Inc.

*1: TMNF actual*2: Number of employees mobilized by Tokio Marine Group Leveraged the entire Group’s strength to
make early insurance payments, including
mobilization of employees frommainland U.S., and remote support fromJapan for damage assessment for complex
cases requiring high expertise*3: FICOH (Hawaii subsidiary) actual

4

1. Review and Evaluation of
FY2023

FY2023 Adjusted Net Income
 FY2023 adjusted net income on actual basis increased by +60% to JPY711.6bn. Driven
by strong underwriting performance mainly in North America Adjusted Net Income*1(billions of JPY)

60++60.3%%+218.3+218.3

444.0
444.0

711.6
711.6

+4.7
+4.7

-7.9
-7.9

*2
*2

Copyright (c) 2024 Tokio Marine Holdings, Inc.

+52.4

*3*3

*1: Adjusted Net Income based on management accounting is used from the perspective of enhancing transparency and comparability as well as linking withshareholder returns (same applies in following pages)*2: TMNF*3: TMNL

5

1. Review and Evaluation of
FY2023

FY2023 Results
 Net premiums written, one of the benchmarks of support by our customers, increased+6% YoY. Underlying capabilities are steadily improving, with adjusted net income
excluding one-off effects such as Nat Cats and COVID-19 increasing +11% YoY
 Net Premiums*1

 Adjusted Net Income (Normalized basis*2)＋11%(trillions of JPY)

＋6%

5.5

2022
Copyright (c) 2024 Tokio Marine Holdings, Inc.

5.8

2023

617.1

2022

(billions of JPY)

685.5

2023

*1: Net Premiums Written + Life insurance premiums*2: Normalized Nat Cats to an average annual level and excluded capital gains / losses in North America, COVID-19, war, South African floods, capital gains from sale ofbusiness-related equities (for part of sale exceeded JPY100.0bn), and FX gains / losses between foreign currencies for 2022; capital gains / losses in North America,
capital gains from sale of business-related equities (for part of sale exceeded JPY150.0bn), and FX gains / losses between foreign currencies for 2023

6

２

Challenges Facing theInsurance Industry and Tokio Marine

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7

2. Challenges Facing theInsurance Industry and
Tokio Marine

Business Environment
 The world is full of societal challenges and becoming increasingly diverse and complex.
The field in which Tokio Marine must play our role is vast
Global Warming

Intensified Nat Cats

Decarbonization

Declining Birthrate andAging Society

Cyber Risks

Expansion of Geopolitical
Risks

Copyright (c) 2024 Tokio Marine Holdings, Inc.

8

2. Challenges Facing theInsurance Industry and
Tokio Marine

Our Growth by Resolution of Societal ChallengesContribute to the creation of a sustainable society where everyone can live in safety and security and take on any
challenges
Continue to grow for the next 100 years by steadily meeting the expectation of customers and local community
The Group We Aspire to Be

The Society We Aim to Create

Eliminate
uncertainty byunderwriting risk(“pre-incident”
area)(insurance business /underwriting)Business Activities
Group Strength

Alwaysthere forcustomers

Global Risk Diversification
Global Integrated GroupManagement

Supporting
customersin theirtimes ofneed

Cover damages
and encourage
efforts to tackle
challenges

Quickly restore
and prevent
recurrence(insurance business/ payments)(“post-incident”
area)Intellectual
CapitalSocial Capital

PurposeCopyright (c) 2024 Tokio Marine Holdings, Inc.

Societal Challenges
Being Addressed

Supporting
healthy andspiritually richlivingChanging Social Needs and Increasing Diversity andComplexity of Societal Challenges

Business Platform
Human Capital

Improvingdisasterresilience

Promotingclimate action

Addressing societal
challenges throughbusiness activities

Detect risk
and containdamages

A Sustainable Society in Which Everyone Can Livein Safety and Security and Take On Any Challenges

100 years
ahead

Upward value
creation spiral

A Global Insurance Group That Delivers Sustainable Growth
by Providing Safety and Security to Customers Worldwide

Governance

Past

Global Warming

Demographic
Changes

Rising
Geopolitical andGeoeconomic
Risks

Rapid
Progress in
DX and AI

etc.

9

3

New Mid-Term Plan
(1) Core Strategies and Growth Strategies

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10

3. New Mid-Term Plan
(1) Core Strategies and
Growth Strategies

基本戦略
Core
Strategy

Growth Strategy

New Mid-Term Plan: Inspiring confidence. Accelerating progress.
The New MTP will steadily execute “Global Risk Diversification” and “Global Integrated GroupManagement” as our Global Core Strategies, in addition to continued implementation of “Growth” and“Discipline” as Group Major Strategies“Group Core Strategies”"Group Major Strategies”

we continue to promotein the MTP 2026

“3 Pillars” of “Growth”
Global Risk
Diversification

1

Drastic expansion of domains where we candeliver our value

2

Diversification of distribution* model3

Extensive improvement of productivity“2 Pillars” of “Discipline”
Global Integrated
Group Management
Copyright (c) 2024 Tokio Marine Holdings, Inc.

Strengthening and improvement of Internal Control /Governance12Enhancement of Business portfolio and capitalmanagement* Measures to deliver insurance products to customers (method of approach, sales route, etc.)113. New Mid-Term Plan
(1) Core Strategies and
Growth Strategies

Core Strategy

Global Risk
Diversification

Global Integrated
Group Management

Global Risk Diversification
 As insurance business involves risk underwriting, diversifying geographic, business, andproducts risk is critical
Losses occur simultaneously

Losses do unlikely occur simultaneously
Nat Cats in Japan

Typhoon risk in(Typhoons)

Kanto area
Typhoon risk inTokai area

Maximumloss toprepare for(Simple sum)

Typhoon risk in
Kinki area

Maximumloss toprepare for(Diversification
benefits)

Nat Cats in North
America(Hurricanes)

Disease risk forlife insurance

Benefit of diversification by underwriting risks that are “unlikely to occur simultaneously”
Copyright (c) 2024 Tokio Marine Holdings, Inc.

12

3. New Mid-Term Plan
(1) Core Strategies and
Growth Strategies

Core Strategy

Global Risk
Diversification

Global Integrated
Group Management

M&A as a means Tokio Marine has taken about 20 years to expand international insurance business, which
has low correlation with Japan P&C, including through M&A
2000

2007

2012

2015

2018

2020

Weight of international insurance
business in group-wide income

3％(2002 Results)

Regional/businessdiversification

75％
Growth and businessdiversification in theU.S.

(2024 Projection*)

Expand into nonJapanese businesses
Emerging
Markets
P&C(-2000)Mainly engaged inJapanese business

Emerging
Markets
Life
Reinsurance

Established materialpresence in the U.S.
and Europe
Mar. 2008
Acquisition

May 2012
Acquisition

Regional diversification
Secure entry into emerging
markets

Aug. 2018
Acquisition

Dec. 2018
Investment

Feb. 2020
Acquisition

Jun. 2022
LaunchFeb. 2021
LaunchOct. 2015
Acquisition

Dec. 2008
Acquisition

subsidiary

Copyright (c) 2024 Tokio Marine Holdings, Inc.

* Excluding capital gains from sale of business-related equities

133. New Mid-Term Plan
(1) Core Strategies and
Growth Strategies

Core Strategy

Global Risk
Diversification

Global Integrated
Group Management

Control Impact of Nat Cats and COVID-19 on Profit As a result of global risk diversification, the impact of large Nat Cats and COVID-19 on
profit were controlled within -30%
Impact of Nat Cats and COVID-19 on Adjusted Net Income*2011(Large Nat Cats)

Circa -

80％

2019 2020(Large Nat Cats)

2022(Large Nat Cats / COVID-19)

Circa Copyright (c) 2024 Tokio Marine Holdings, Inc.

(Large Nat Cats / COVID-19)

20-30* Impact on adjusted net income of excess portion of net incurred losses from Nat Cats and COVID-19 at beginning of the year％14

3. New Mid-Term Plan
(1) Core Strategies and
Growth Strategies

Core Strategy

Global Risk
Diversification

Global Integrated
Group Management

Enhancing Management Decision (9th Year of Integrated Group Management)

Talent with great expertise and knowledge is acquired globally, including through M&A. Appropriate
application of expertise enhances quality, accuracy, and speed of management decision
DonaldShermanHeads, etc.

Steadysuccession

Vice President
Executive Officer
Co-Head of Int’l Business(up to Mar. 2024)

Vice President
Executive Officer
Co-Group CIO

Appointment
as Group Co-

Christopher
Williams

Susan
RiveraManaging
Executive Officer
Co-Head ofInt’l Business

Managing
Executive Officer
Co-Group CRSO

Continue to support the International businessas the Chairman of International Business

Executive Officer
Tokio Marine
Seguradora

Philadelphia

José Adalberto
FerraraJohn Glomb

Deputy C-Suite

Application of

Brad
Irick

Group CDIO

Caryn Angelson

Senior General Manager

expertise
across the
Group

Legal

Randy
Rinicella

Copyright (c) 2024 Tokio Marine Holdings, Inc.

Digital

Gus
Aivaliotis

IT

RobertPick

Underwriting

Barry
Cook

Internal Audit

Dawn
MillerRisk Mgt

DanielThomasCyber Ins.

DaljittBarn

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3. New Mid-Term Plan
(1) Core Strategies and
Growth Strategies

Global Risk
Diversification

Core Strategy

Global Integrated
Group Management

Next-generation management resource development


TLI was launched in April 2023, offering a unique training program. Develop the Group leadership andtalent with global competitiveness to pass on the baton of management to the next generation
Create a program linked with the talent management data collected in Japanand international Management teams in Japan and international are committed to passing on
the baton of our spirit, our purpose, which lives on in Tokio Marine Group Gather and utilize the global wisdom to foster our prospective leaders on a
global scaleFeatures of TLI(Tokio Marine Group Leadership Institute)(July 2023: Lecture at international business school)
Copyright (c) 2024 Tokio Marine Holdings, Inc.

(July 2023: Interaction among participants)(October 2023: Dialogue with Group CEO)16

3. New Mid-Term Plan
(1) Core Strategies and
Growth Strategies

Growth Strategy

Become a partner that “always” provide support, in addition to “in times of need”(expand domains where we deliver value)

In addition to providing best fit “Insurance” products to protect “in times of need,” provide “Solutions” that
contribute to “Prevention, mitigation and recovery” and “Well-being*,” to become a partner that “always” supportthem

New issues/risks
Growth opportunities●●●
Disaster Prevention/ Mitigation

Mobility

Health care

DecarbonizationCyber

SME Support

Asset building“A Partner that continuously provides innovative solutions” to the issues / risks of our customers and society

Evolution of “Insurance” business
Solution that
contribute to “Well-being*”

Solution for “Prevention,
mitigation and recovery“

Growth in “Solution” businessother than insurance

Copyright (c) 2024 Tokio Marine Holdings, Inc.

Conventional
Insurance“Insurance” for newissues / risks* A concept that signifies a state of physical and mental health, and social fulfillment173. New Mid-Term Plan
(1) Core Strategies and
Growth Strategies

Growth Strategy

Solutions Business: Disaster Prevention and Mitigation / Mobility
“Prevention, mitigation and recovery“ of insurance has significant market size
Launched new companies in “Disaster prevention/mitigation” and “Mobility” areas in November 2023
Tokio Marine Resilience

Nov. 2023
Launched

Tokio Marine Smart Mobility

Examples of societal challenges in disasterprevention / mitigation area
Intensified andfrequent Nat Cats

VisionIncreased
Uncertainties of risksof disaster occurrence
and damage

Examples of societal challenges in mobility area
Excessive transportand delivery
Traffic congestion

Delay in digitalization

Estimated sizeof targetmarket*Estimated sizeof targetmarket*JPY

JPY

Provide comprehensive solutions including disaster risk visualization,
disaster prevention measure implementation, evacuation, earlyrecovery, and recurrence prevention

Copyright (c) 2024 Tokio Marine Holdings, Inc.

Labor shortage
Aging of drivers

Prolonged recovery

Realize a comprehensive
disaster prevention and mitigation solution

Nov. 2023
Launched

1.5 tnVisionRealize mobility solutions for corporations

1 tn

Mitigating risks and avoidable costs associated with transportationand logistics* Estimated market size from 2030

18

3. New Mid-Term Plan
(1) Core Strategies and
Growth Strategies

Growth Strategy(Reference) Examples of Solutions Business in Disaster Prevention and Mitigation Area
Resilient Information Distribution Service
 Mainly corporate service

Jul. 2023 : Launched Real-time distribution of Japan Meteorological Agency’s weather
and disaster prevention information on online map

Supply Chain Risk Visualization Service
Jan. 2024: Launched Mainly corporate service
 Visualize corporate sites and business partner production sites(supply chain)

AAA商事

BBBファクトリー

CCC技術研究所

Alert for disaster approaching the supply chain

Alert for disaster approaching registered locations

Sample Case
[Manufacturing
Industry]• Timely awareness of disaster information for aremote sales office at a time of typhoon• Ensured safety for employees with notice fromhead office to encourage working from home

Copyright (c) 2024 Tokio Marine Holdings, Inc.

Sample Case
[Manufacturing
Industry]••

Timely awareness of possible disaster damage
own office and business partners
Minimized impact by implementing earlymeasures such as securing alternative suppliers anddetour transport route19

3. New Mid-Term Plan
(1) Core Strategies and
Growth Strategies

Growth Strategy(Reference) Examples of Solutions Business in Mobility Area
Fleet Management Service: MIMAMO DRIVE
Oct. 2023: Launched Mainly corporate service
 Support fleet management and safe driving instructions leveraging Tokio Marine Group’s accident reduction / vehicle
data analysis expertise

Real time confirmation of vehicle location
Responded to additional order from a customer bygiving additional instruction to the nearest driver tothe delivery address, enabling quick delivery
Copyright (c) 2024 Tokio Marine Holdings, Inc.

Used individual employee “driving score” togive customized driving instructions, resulting in
improved safe driving awareness20

4

New Mid-Term Plan
(2) Enhancement of Discipline andInitiatives by TMNF

Copyright (c) 2024 Tokio Marine Holdings, Inc.

21

4. New MTP (2)Enhancement of Discipline andInitiatives by TMNF

TMNF “Re-New”

Enhancement of Group
Level Governance

Fraudulent claims by BIGMOTOR/ Price-Fixing of Insurance PremiumsIn addition to ensuring implementation of actions against the incidents and reoccurrence prevention measures,
fundamentally review all business processes (business models) from a “customer-oriented” perspective torecreate TMNF into a “truly trusted customer-oriented company”

Fraudulent claims by BIGMOTOR

Price-fixing of insurance premiums

 Fraudulent claims by BIGMOTOR, an agent*1 and designatedworkshop*2 of TMNF
 Consistently strict responses to fraudulent insurance claims have been
implemented, but we took the fact that “sophisticated fraud was not
identified” and “BIGMOTOR was being introduced to customers
involved in accidents” seriously, and various measures (safety checksupport and insurance grade revision for auto insurance) torecover customer damages is being prioritized “Price-fixing of insurance premiums” with other P&C insurers
was detected at TMNF
The special committee that included external lawyers was established
for thorough investigation and analysis of the cause andreoccurrence prevention measures were established.
The measures are steadily implemented.
(In response to the business improvement order received from the
Financial Services Agency in December 2023, a business improvement
plan was submitted on February 29, 2024)

Management’s
Resolve in Responseto the Incidents

Fundamentally review all business processes (business models) from a“customer-oriented” perspective to recreate TMNF into a “truly trusted
customer-oriented company”

Reoccurrence Prevention measures
 Further strengthen loss adjustment system
 Workshop matching service*3 (launched July 2024)“Re-New”

Reoccurrence Prevention measures
 Fundamental review of industry norms (see P.24)
 Review internal structures and frameworks (see P.25)
 Strengthen human resource development*1: Agency agreement was terminated in October 2023
*2: Contracted repair workshops with certain level of service. Introduced to customers involved in an accident who have not decided the repairer.
Introduction of BIGMOTOR was suspended immediately after the fraudulent claim was suspected
Copyright (c) 2024 Tokio Marine Holdings, Inc.
22
*3: A service where customers can choose their own repair shop. Starting from October 2024, it will be possible to search for repair shops and make reservations for repairs.

4. New MTP (2)Enhancement of Discipline andInitiatives by TMNF

TMNF “Re-New”

Enhancement of Group
Level GovernanceVision/Business model TMNF Aspires to Achieve Through “Re-New”The vision is to 1) accurately analyze customers’ risks, 2) not only hedge these risks but also avoid and reduce
damage itself, and 3) provide insurance with affordable price through the reduction of loss itself and thereby
increasing the number of customers. TMNF will offer insurance and solutions through diverse, high-quality andspecialized distribution channels*1
This is unprecedented in the industry and will allow TMNF to help build a safe and secure society. As a result,
TMNF continues improving its corporate value
Vision/Business model TMNF aspires to achieve
Customers

Able to purchase TMNF’s
insurance stably at competitive
and affordable prices

Prevent accidents and reduce
damage using TMNF’s
solutions

Insurance

Solutions

Accurate risk analysis
Appropriate coverage

Accurate risk analysis
Pre-/Post-incident solutions

Improve competitiveness of insurance/services

TMNF

Lower expense ratio
following an increase in
top-line

Copyright (c) 2024 Tokio Marine Holdings, Inc.

Lower loss ratio following
reduction in accidents anddamageAble to interact with TMNF atconvenient touchpoints

Diverse distribution
channels*1

Agents with high quality andexpertise Direct model Embedded insurance*2
Commission system reflecting value
provided (low expense ratio)*1: How to deliver insurance products to customers (method of approach, sales route, etc.)*2: Fully digitalized insurance (embedded insurance) through the utilization of partners’ platforms and services23

4. New MTP (2)Enhancement of Discipline andInitiatives by TMNF

TMNF “Re-New”

Enhancement of Group
Level Governance

New Company/Business Model TMNF Aspires to Realize Through “Re-New” (1)Ending deep-rooted practices of Japanese P&C industry will lead to an efficient and appropriate competitiveenvironment. In this environment, an ability to offer the intrinsic value of insurance will become the key
This is the area where we excel and we will increase the number of customers by leveraging our unique strengths

Change the reason why customers select us
BeforeAfter Reform
Share holding(trillions of JPY)

Intrinsic value of insurance

・ Business-related equities
・ Record of cooperation incustomer’s business, etc.

Reduction of Business-related equities

Select insurance company
with more focus on the“intrinsic value of
insurance”

Increase inmarketvalue due
to higher
share prices

End of FY2023

Market value: c. JPY3.5tn
Sold amount(billions of JPY)

3.0

500.0

2.0

Zero business-related
equities*

Eliminate excessive
cooperation incustomer’s business

50% in3 years

250.0

1.0

End of FY2029“Zero *” holding

Toward an appropriate and efficient competitive environment

Offer intrinsic value of insurance by leveraging our unique“strengths” to further enhance our partnerships with customers,
thereby increasing the number of customers
Copyright (c) 2024 Tokio Marine Holdings, Inc.

0

02020 2021 2022 2023 2024 2025 2026 2027 2028 2029
AmountSold

Amount soldPortfolioMarket Value

Portfolio market value

PortfolioBook Value

Portfolio book value* Excluding non-listed stocks (c. JPY22.5bn in market / book value as of Mar. 2024)
and investments related to capital and business alliance, etc.

24

4. New MTP (2)Enhancement of Discipline andInitiatives by TMNF

TMNF “Re-New”

Enhancement of Group
Level Governance

New Company/Business Model TMNF Aspires to Realize Through “Re-New” (2)We sustainably offer appropriate coverages at appropriate rates corresponding to customers’ risks and needs.
To continue fulfilling this duty as an insurance company, we will refocus our priority on bottom-line growth andexercise more disciplined underwriting

More disciplined underwriting
BeforeAfter Reform

Excessive focus on market
share(At times prioritizing
contract retention /expansion)

Focus on bottom-line
growthSome contracts continue
providing capacity at low-rates(unprofitable)

Secure appropriate rates /decline renewal for low-rate(unprofitable) contracts

Profitability
deterioration

Profitability
improvement

Copyright (c) 2024 Tokio Marine Holdings, Inc.

(More disciplined
underwriting)

Ensure more disciplined underwriting tosustainably offer high-quality insurance
and solutions
to our customers

25

4. New MTP (2)Enhancement of Discipline andInitiatives by TMNF

TMNF “Re-New”

Enhancement of Group
Level Governance

New Company/Business Model TMNF Aspires to Realize Through “Re-New” (3)Expand and diversify distribution channels*1 with the quality and expertise, selected based customers’ needs
and upgrade our support for agents to accelerate this, thereby increasing the number of customers
Build an agent commission system that better reflects the degree of independence of agents and their value
Secure / improve agents’ quality and expertise
Initiative 1

Initiative 2

Initiative 3

Upgrade support for agent
Quality agent network
Build agent commission systemthat better reflects the value
agents provide

Create and expand new direct contact points

Initiative 1

Build a new “direct model”

 Build a direct platform that completes the entire contract
procedures from making applications to insurance premium
estimate calculation on the website
 Offer more tailored services through agents, such as freeconsultations, upon request by customers
Initiative 2

Increase embedded insurance*2

Deliver the intrinsic value of insurance to customers tailored to their diverse needs by achieving
the above, and as a result, increase the number of customers
Copyright (c) 2024 Tokio Marine Holdings, Inc.

*1: How to deliver insurance products to customers (method of approach, sales route, etc.)*2: Fully digitalized insurance (embedded insurance) through the utilization of partners’ platforms and services26

4. New MTP (2)Enhancement of Discipline andInitiatives by TMNF

TMNF “Re-New”

Enhancement of Group
Level Governance

Enhancement of Business Management Structure

Established Group Audit Committee with the utilization of external perspectives to engage in proactive activities
and enhance the expertise of risk management, legal & compliance, and internal audit
Utilization of industry leading experts
 Continue recruitment / development of experts for risk
management, legal & compliance, internal audit etc., andpromote further utilization across group companies[Japan] Consolidate governance functions, enhanceinternal audit
 Consolidation of governance functions such as the second
and third lines of group companies for further direct
instruction / supervision by TMHD
 Enhancement of direct audit by TMHD (conducted asnecessary from FY2024)[International] Enhance internal control and further supportsaligned with the maturity level of each group company
 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.

Utilization of external perspectives
 Established “Group Audit Committee” in April 2024.
External members including the Chair comprise majority of
the Committee
 Utilize “external perspectives” to review theappropriateness of our business process, culture etc.
Themes to be deliberated by Group Audit Committee
utilizing “external perspective” (example)
 Review of the gap with the common sense of the society (reinspection of common sense) Review our situation in response to the possible scenarios
similar to incidents at other companies / industries (“draw alesson”)
 Preventive measures for past incidents at group companies will
be considered to implement at other group companies
27

5

Projections and Shareholder Return

Copyright (c) 2024 Tokio Marine Holdings, Inc.

28

5. Projections andShareholder Returns

Shareholder
Returns

Projections

Mid-Term Business Plan (2024-2026) Projections



Deliver top-tier Adjusted Net Income growth for new MTP (3Y CAGR) at +15% or more (+7% or more excluding capitalgains from sale of business-related equities)
Also increase adjusted ROE to 20% or higher (14% or higher excluding capital gains from sale ofbusiness-related equities)
For FY2024, projecting +46% YoY (+2% excluding capital gains from sale of business-related equities)







Adjusted Net Income(Figures in brackets are “excluding capitalgains from sale of business-related equities”)

＋46%

CAGR

+

15％ or more(billions of JPY)

Adjusted ROE(Figures in brackets are “excluding capitalgains from sale of business-related equities”)(+7% or more)(+2%)

1,000.0

15.0%(610.0)

18.1%(11.0%)(13.0%)

685.5

20% or higher(14% or higher)(596.5)

2023(Normalized basis*)2024(Projection)

Copyright (c) 2024 Tokio Marine Holdings, Inc.

2026
(Projection)

2023(Normalized basis*)2024(Projection)

2026(Projection)* Normalized Nat Cats to an average annual level and excluding capital gains / losses in North America, capital gains fromsale of business-related equities (for part of sale exceeded JPY150.0bn), and FX gains / losses between foreign currencies

29

5. Projections andShareholder Returns

Projections

Shareholder
Returns

Shareholder Returns

We believe that profit growth through businesses and shareholder returns should be consistentConsidering the increase in profit from the original projections, DPS for FY2023 are raised to JPY123 (+JPY2 vs original
projections). FY2024 DPS projected at JPY159 (+JPY36) for a 13th consecutive year of dividend increase＋23

DPS (JPY)*1,2(Annual dividend)

63
Dividend payout
ratio

＋36

67

85
46%

40%
2019

100

159

123
+2

50%

50%

50%

2022

2023

2024

42%
2020

2021

(Projection)
Copyright (c) 2024 Tokio Marine Holdings, Inc.

*1: The Company conducted a 3-for-1 stock split on October 1, 2022. For dividends paid before the stock split, the amount per share equivalent after the stock split isshown (fractions less than 1 yen are rounded to the nearest whole number).
*2: In addition to common dividends, one-time dividend of JPY12 (based on stock split above) was paid on Q2 2019 and Q2 2020 to adjust capital level.

30

6Expression of Gratitude and Determination

Copyright (c) 2024 Tokio Marine Holdings, Inc.

31

6. Gratitude andDetermination

基本戦略

New Group Brand Message: Inspiring confidence. Accelerating progress.

Copyright (c) 2024 Tokio Marine Holdings, Inc.

32

6. Gratitude andDetermination

基本戦略

Insurance is a “People’s Business”

Develop employees and create corporate
culture passionate about realizing our Purpose
38%

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40%

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Reference

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ESG (Sustainable Improvement of Corporate Value): Environment (1)■ Response to Climate Change
Our initiatives for environment Promote clean energy by actively offering insurance and services to renewable power
generation business Achieved “carbon-neutral*” for greenhouse gas emissions from business activities for
10 consecutive years to FY2022, partly through the fixation of CO2 with mangroves
 Enhanced disclosure with the issuance of the TCFD report based on therecommendation of the Task Force on Climate-related Financial Disclosures (TCFD)Group business activities achieved(Thousand ton)200

carbon-neutral* for 10thconsecutive year

100
0
2013

2022

CO2 emissions
CO2 absorption/fixation/reduction■ Environmental Protection
 Promote web based insurance contracts (clauses) and omission of issuinginsurance policies
 The new head office building is designed to be a green building with the highest levelof environmental functions including the use of timber and energy efficient facilities
It is also to be equipped with the state of the art facilities from such viewpoints as
disaster response, diverse workstyles, and internal and external communication andcollaboration
 Enhanced disclosure with the issuance of the TNFD report based on therecommendation of the Taskforce on Nature-related Financial Disclosures (TNFD)(New head office building image)

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* Emission by Tokio Marine’s business (Scope1 (direct GHG emissions)) + (Scope2 (indirect GHG emissions)) + (Scope3 (other indirect GHG
emissions), category 1,3,5,6 on greenhouse gas (GHG) protocol))Contribute to sustainable global environment

Actively contribute to environmental protection, biodiversity preservation, and creation of environmental values
through our business

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ESG (Sustainable Improvement of Corporate Value): Environment (2)Continuing initiatives to promote climate actions and achieve the goal of decarbonized society
Reduce greenhouse gas emissions from Tokio Marine Group’s business

Reduction of our greenhouse gas (CO2)emissionsactivities by 60% (compared to FY2015)*1 by FY2030

Achieve net zero greenhouse gas emissions by FY2050(including for insurance customers and recipients of investments andfinancing*2)
TMNF engaged in in-depth engagement*3 with more than 160

200

Engagement with customers

companies out oflarge corporate customers, which account for
approximately 90% of its insurance-associated emissions

Ratio of renewable energy usage tototal electricity consumption

100% to renewable energy at major buildings/facilities of Tokio

Company-owned vehicles

Marine Group by FY2030

TMNF & TMNL will switch all company-owned vehicles toelectric vehicles, EV, PHV, HV, etc., by FY2030*1: Scope1 (direct GHG emissions) +Scope2 (indirect GHG emissions) +Scope3 (other indirect GHG emissions), category 1,3,5,6 on greenhouse gas (GHG) protocol)*2: Scope3（other indirect GHG emissions), category 15 on greenhouse gas (GHG) protocol*3: Proposals based on identified issues (sharing awareness of the issue and making specific proposal for solution, supporting introduction of renewable energy,
underwriting insurance for risk assessment and mitigation, supporting climate change information-related disclosure, and consulting for decarbonization planning, etc.)
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ESG (Sustainable Improvement of Corporate Value): Society (1)Contribute to solving societal challenges by providing safety and security to customers and society through our business■ Disaster resilience

Our initiatives for society In addition to supporting customers in their time of need through our core insurance business, we are expanding ourbusiness into the realms of pre- and post-insurance, including disaster prevention and mitigation, early recovery, andrecurrence prevention■ Respect for human rights
 Establishment, notification, and education of the “Tokio Marine Group Basic Policy on Human Rights” and “Responsible
Procurement Guidelines”
 Establishment of “human rights due diligence” framework including
identification of human rights risk and risk and impact assessment at
human rights workshop, etc.

■ Promoting diversity, equity & inclusion Set up a structure to promote DE&I, including establishment of theDiversity Council, and cultivate appropriate corporate culture

Female directors /audit andsupervisory board
members*2

2023

2024

20.0%

25.0%

Female managers*3

33.3%

35.6%

(figures for TMNF inbrackets)(24.8%)(27.8%)

 Global campaign related to the International Women’s Day as part of the global and Group-based initiatives (using
Group company social media, etc.)
 Accelerate acceptance of diverse values and utilization of knowledge with sessions on DE&I held for management inJapan and international

Contribute to solving societal
challenges through business Achieve to prompt insurance payments by building a remote claims – service structure and utilizing technologies suchas satellites, drones, and AI

 Support more active participation by women with Tokio Marine Group Women's Career College*1
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*1: Training program to promote active participation by female employees *2: Ratio of female directors and audit and supervisory board members in Tokio Marine HD*3: Ratio of female managers in major consolidated subsidiaries in Japan and international. TMNF has established new positions with the HR system revision in April
2024. FY2023 results have been adjusted to reflect the revision to enable comparison between the years.

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ESG (Sustainable Improvement of Corporate Value): Society (2)■ Improving quality from the customer’s perspective

Our initiatives for society Develop a structure to utilize “customer feedback” for improving products andservices Develop a structure for “high-quality insurance solicitation” using smartphones
and tablets(image of procedures using tablets)■ Develop and promote management of human capital Build a human resources base to realize “A Global Insurance Group That Delivers Sustainable Growth by Providing
Safety and Security to Customers Worldwide” based on the Group Human Resources Strategy
 Dialogue with all stakeholders using the Human Capital Report Hold a “Tokio Marine Innovation Program,” an in-house open application program, to support creation of innovation forsolving societal challenges■ Promoting health and productivity management
 Active internal and external disclosure on employee health initiatives and benefits (lifestyle habit improvement, healthsupport for women, etc.)
 Support customers’ health and productivity management by issuing booklets compiling examples of initiatives ofcompanies and hosting related seminars

Contribute to solving societal
challenges through business Formulate and announce the “customer-oriented business conduct policies”
and promote efforts under these policies

 Eight consecutive selection for Health & Productivity Stock Selection between 2016 and 2023, certified as Excellent
Corporation in Health Management 2024 (large enterprise category (White 500))
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ESG (Sustainable Improvement of Corporate Value): Governance (1) Solve Group’s management issues by leveraging global expertise and knowledge through function-based Chief Officer
system and committees, etc.
 Group CEO focuses on Group management and promotes initiatives to spread the group culture

Enhancing Integrated Group Management
Group CEO CCO (Culture)CISO

ERM Committee

 Sharing of best practiceSustainability Committee Converge and utilize
knowledge of the Group

Risk

Information Security

DigitalSustainability

Retention Strategy

CIO

CSUO
CDIO

Diversity, Equity & inclusion

COO

Investment

Operating

CHRO

CAO

Human Resources

Financial& OtherBusiness Synergy effectInformation Technology

CRSO

Int’l
Business

Utilization of Global Committee, etc.

Strategy and Synergy

CDO

Japan
Life
Business

CITO

Legal and Compliance

CRO

Japan
P&C
Business

CLCO

Financial

CSO

Focus on the Group management by Group CEO

Top management both in Japanand international discuss various
Group management issues

C-Suite includes international top
management
CFO

Unleash the Group’s total power

Audit

CWO

Global Retention Strategy Committee
Global Information Technology
Committee
Diversity Counciletc.

 Involvement in the Groupmanagement byinternational talentWellness

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ESG (Sustainable Improvement of Corporate Value): Governance (2)Hybrid organizational design with a Board of Directors that makes high-quality decisions by utilizing the knowledge andexpertise of outside directors, and a Nomination Committee and a Compensation Committee that ensure transparency inthe decision-making process
Group Audit Committee*1 was established to enhance the Group’s internal control and governance of Group companies＜Governance System*2＞

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ESG (Sustainable Improvement of Corporate Value): Governance (3)Designed a compensation system linked to business performance and stock price as an incentive for
Directors to achieve sustainable growth
Continue to review the compensation system contributing to the enhancement of corporate valueCompensation System for Directors
 Consists of fixed compensation, performance-linked

bonuses, and stock-based compensation

 In principle, ratio of performance-linked bonuses andstock-based compensation increases in conjunction withthe rank of Directors＜Ratio of base amount of Compensation＞
Chairman of the Board
President & Group CEO

40

30

40

Outside Directors

3080Part-time Directors
Others50

Increase the incentive of Directors to improve performance
Adjusted within a range of 0% to 200% depending on the level ofaccomplishment of the individual and company targets
Set based on the scope of duties (includes ESG and

Individual medium- to long-term strategic targets*1)
Targets

financial indicators*2 and non-financial
Company Set based on*3indicators
Targets*2: Target “adjusted net income” and “adjusted ROE” in MTP.
*3: Indicator to assess initiatives that contribute to earnings from a mediumto long-term perspective (indicators concerning employee engagement
and sustainability strategy)

20
30

Fixed Compensation
Performance-linked bonuses
Stock-based compensation

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

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

30

30

<Performance-linked bonuses>

20<Stock-based compensation (stock delivery trust*4)>

Increase the link between compensation and our stock price to have
Directors share the benefits and risks of stock price movements withshareholders
Further raise Directors’ incentive to improve corporate value over the
medium- to long-term*4: A system for granting the Company’s shares to Directors and Executive Officers at a
pre-determined time in the future by granting share delivery trust points

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MEMO

Copyright (c) 2024 Tokio Marine Holdings, Inc.

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. All such forward looking information is based on
information and assumptions available to Tokio Marine Holdings when the materials wereprepared and is subject to a range of inherent risks and uncertainties.
Actual results may vary materially from those estimated, anticipated, expected or
projected in the accompanying materials and no assurances can be given that any suchforward looking information will prove to have been accurate.
Investors are cautioned not to place undue reliance on forward looking statements inthese materials. Tokio Marine Holdings undertakes no obligation to update or revise anyof this forward-looking information, whether as a result of new information, recent or
future developments, or otherwise.

Copyright (c) 2024 Tokio Marine Holdings, Inc.