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About Tokio Marine ~ Investor Overview Deck~ FY2025 1H
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Copyright (c) 2026 Tokio Marine Holdings, Inc. Introduction .......................................................................................... P. 3 Core KPIs .......................................................................................... P. 5 Business Strategy International Business ...................................................................... P. 1 0 Japan P&C Business .......................................................................... P. 1 4 Solutions Business ............................................................................ P. 1 6 Business-related Equities ................................................................. P. 1 7 Qualitative Strengths ....................................................................... P. 1 9 2 Table of Contents
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Copyright (c) 2026 Tokio Marine Holdings, Inc. Introduction Tokio Marine is a truly global company and FY2025 results remain strong 3 International 68% Japan P&C 21% Japan Life 7% Tokio Marine Business Mix* Operations in 57 countries/regions (as of the end of Mar. 2025) JPY 12tn ($78bn) Market Cap (as of the end of Sep. 2025) Aa3 Moody’s A+ S&P A++ A.M best Ratings FY2025 1H Results Progress Adjusted Net Income JPY 755bn ($4.8bn) 69% o/w Core Business JPY 367bn ($2.3bn) 52% FY2025 Guidance vs original Adjusted Net Income JPY 1.11tn ($7.1bn) +JPY 10bn (+$64mn) o/w Core Business JPY 672bn ($4.3bn) -JPY 28bn (-$180mn) *: FY25 adjusted net income (original projection) basis. Excluding gains from the sales of business-related equities USD conversions are FYI, calculated by USD1=JPY155. The same applies in this page. (Tokio Marine & Nichido Fire Insurance (TMNF)’s Financial Rating, as of June 2025)
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Copyright (c) 2026 Tokio Marine Holdings, Inc. Note: As of end of December 2025. Source: Bloomberg. *: Total Shareholder Return (TSR): Capital return after reinvesting dividends measured over the period December 31, 2020 to December 31, 2025. Chart reflects TSR assuming an initial $100 investment for Tokio Marine and peers as of December 31, 2020. 391 248 Allianz 219 Chubb 209 Zurich 282 AXA Introduction Our TSR has outperformed our Global Peers 4 - 100 200 300 400 500 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
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Copyright (c) 2026 Tokio Marine Holdings, Inc. 19.9% 7.9% 5.7% 17.7% 8.1% +19.9％ +18.0％ +1.9％ Of which, impact of M&A*2 1.5% EPS Growth Adjusted Net Income Growth (excl. capital gains from sales of business-related equities ) Share buyback EPS Growth Track Record (Breakdown) （2019-2024 CAGR） EPS Growth - Global Peer Comparison*1 *1: Profit in the numerator is KPI for each company. Source: Each company data *2: Pure’s Business Unit Profits TMHD Allianz AXA Chubb Zurich Core KPIs 5 We have consistently delivered top-tier EPS growth
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Copyright (c) 2026 Tokio Marine Holdings, Inc. 23-25 CAGR +8.9% 23-26 CAGR +8% or more EPS Growth Target - Global Peer Comparison*2Progress on MTP*1 301 349 358 2023 2024 2025E 2026 Plan *1: Adjusted net income, the numerator for our EPS, is based on normalizing Nat Cats to an average annual level and excluding capital gains/losses in North America, etc. (for part of change from the original projections). Additionally, capital gains from sales of business-related equities which are unique to us are excluded *2: Peers’ profits, the numerators for their EPSs, are peers’ KPI profits. Peers’ KPIs are as of Nov 1, 2025. (Source) Each company data Core KPIs 6 Top-tier EPS growth for the MTP remains on track (Yen) TMHD Allianz AXA Chubb Zurich +8% or more +9% or more 7~9% 6~8%
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Copyright (c) 2026 Tokio Marine Holdings, Inc. *1: Adjusted ROE based on new definition (IFRS) for TMHD. For peers, disclosed ROEs as their KPIs for 2024 result (Source) Each company data *2: Ratio of hybrid capital in ESR capital (net asset value). As of end-Mar. 2025 for TMHD, and as of end-Dec. 2024 for peers Zurich Allianz AXA Chubb 16.9% 15.2% 13.9% 24.6% TMHD TMHD 12.8% Return on Equity*1 （2025E） Approx. 13% （2024） (Vision) Global peers level ROE 3%14% 29% N/A24% Fee-based business with low capital requirement Expansion of Solution Business Reinvestment into core businesses with higher ROR using funds from sale of business-related equities Transformation of business portfolio 1 2 3 Top-tier EPS growth ３ ２ 1 Driver for raising ROE (Reference) Financial leverage*2 Core KPIs 7 We will increase ROE to the level of global peers
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Copyright (c) 2026 Tokio Marine Holdings, Inc. 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 5y average adjusted net income (billions of JPY) DPS (JPY) Source of dividends: 5Y average adjusted net income Payout ratio: 50%DPS Number of shares 211 17 Core KPIs 8 DPS growth will continue to grow in line with Top-tier EPS growth 14th consecutive dividend increase 5y average adjusted net income for 2011~2014 has not been calculated
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Copyright (c) 2026 Tokio Marine Holdings, Inc. Core KPIs 9 Strong capital position and increased share buyback for FY2025 (JPY240bn, +JPY20bn vs original projection) Mar. 2025 Sep. 2025 Implement: Business Investment, and/or Additional risk-taking, and/or Shareholder Returns Flexibly consider: Business Investment, and/or Additional risk-taking, and/or Shareholder Returns Aim to recover capital level through accumulation of profits Control risk level by reducing risk-taking activities De-risking Consideration of capital increase Review of shareholder return policy ESR*1Target Range 140% 100% ESR*1 Target Range *1: Economic Solvency Ratio (under the current definition, risk is calculated using a model based on 99.95%VaR (AA credit rating equivalent)). Net asset value of overseas subsidiaries shows the balance as of three months earlier (Dec. 31, 2024 and Jun. 30, 2025) *2: ESR after the JPY130.0bn share buyback in 2H is 152% (195% before restricted capital deduction) 35,617 yen Nikkei Stock Average 44,932 yen 2.43% 30Y JPY interest rate 2.96% (Reference) Before restricted capital deduction 0.94% Credit Spread 0.74% 192% 199%*2 Risk 3.9 trillion yen Net asset value 5.8 trillion yen Net asset value 6.0 trillion yen 155%*2 149% Risk 3.9 trillion yen
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Copyright (c) 2026 Tokio Marine Holdings, Inc. 23-26CAGR approx. +5% 23-26CAGR +5% or more* FY2026 92% range Top-line Bottom-line Combined ratio Business Strategy – International Business 10 Despite a softening market and lower interest rates, we deliver on MTP KPIs *: FY2023 profit is on a normalized basis (natural catastrophes are adjusted to average level )
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Copyright (c) 2026 Tokio Marine Holdings, Inc. 11 Business Strategy – International Business Our N.A. business will continue to achieve profit growth above peers, driven primarily by underwriting TMHD Peers Brazil 89% North America Business unit profit 2025 projection JPY 461.0bn Profit Composition by Region Europe 5Y CAGR(21-25E) Investment Underwriting*1 TMHD Peers +17% + 15% + 7%+7% *2 *2 North America Bottom-line Growth (Estimates) *1: Excluding the impact of the change of prior year’s reserves *2: AIG, Chubb, Travelers (Source) D&P / Analyst consensus, with some estimate by our company
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Copyright (c) 2026 Tokio Marine Holdings, Inc. Lines with hardening rate ■Casualty etc. <Premiums Structure by Product Line*2> Specialty P&C *1: (Source) Renewable energy: Estimate based on disclosure by each company, medical stop-loss: NAIC, disability insurance: LIMRA, other: S&P Capital IQ *2: GWP 2024 Results Lines with softening rate ■ Property ■ Financial etc. A well diversified portfolio built over 20+ years Mix of products with different rate cycles reduces sensitivity to P&C rate cycles Lines with stable rate ■ Medical stop-loss (MSL) ■ Excess WC (EWC) ■ Packaged products for SMEs etc. • Excess WC • Surety • Renewable Energy • Cyber Insurance No.1 No.5 No.6 No.1 No.5 • D&O •Medical stop-loss No.5 •LTD/STD (Disability insurance) Employee Benefits Made up of more than 100 specialty lines with varying rate cycles Short-tail accident and health (A&H) products with stable rates, primary for employee benefits programs <Product Ranking*1> <Product Ranking*1> Specialty P&C Employee Benefits 75% 10% 15% MSL EWC SME Cas. Prop Fin. No.9/No.11 12 Business Strategy – International Business Our two strong core U/W lines and well diversified U/W portfolio keep us resilient even in a softening market Competitive Advantage of the Core Lines Well diversified Portfolio
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Copyright (c) 2026 Tokio Marine Holdings, Inc. 1% 3% 5% 7% 2016 2017 2018 2019 2020 2021 2022 2023 2024 FY25 1H TMHD N.A. Market*1 *1: Average of U.S. property and casualty insurance companies (market capitalization of USD20bn or more) (Source) S&P Capital IQ, Factset *2: Of which, Delphi Financial Group (DFG) portfolio income yield: 5.9%, other than DFG portfolio: 4.0% 5.4%*2 50.2 51.6 58.9 64.4 71.1 2021 2022 2023 2024 2025E (Billions of USD) 3.8% 13 Business Strategy – International Business Expanding AUM and above market income yield keep us resilient even in a lower interest rate environment Above Market Income YieldExpansion of AUM 21-24 CAGR +9%
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Copyright (c) 2026 Tokio Marine Holdings, Inc. Top-line Combined Ratio FY2023 Results After Re-New (post-FY2026) Targets +2.2% YoY approx. 97.7% L/R 65.9% E/R 31.8% CAGR approx. +3％ Re-New Initiatives (In progress since before FY2026) • Solutions Business • Direct Model • Measures for Low Profitability Contracts • Agency Reform approx. 91% L/R approx. 60% E/R below 30% Business Unit Profit 14 Business Strategy – Japan P&C Business MTP and Re-New will accelerate our competitive advantage MTP Initiatives • Rate Increases for Auto and Fire Insurance • Growth of Specialty Insurance • Business Efficiency Improvement MTP (FY2026) Targets 23-26 CAGR approx. +2.5％ approx. 92% L/R approx. 60% E/R approx. 31% 23-26 CAGR +5% or more
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Copyright (c) 2026 Tokio Marine Holdings, Inc. 15 Business Strategy – Japan P&C Business The three core lines of business are progressing smoothly toward achieving the MTP Top-line Combined Ratio Auto (50.4%) Specialty (26.6%) 23-26 CAGR approx. +2％ FY26 Target below 95% (23-26⊿: over -0.7%pt) 23-26 CAGR approx. +5％ FY26 Target approx. 90% (23-26⊿: approx. ±0%pt) U/W Profit 23-26 CAGR approx. +8％ (23-26⊿: approx. +10bn yen) Fire (19.1%) 23-26 CAGR approx. +4％ FY26 Target below 90% (23-26⊿: over -3%pt) 23-26 CAGR approx. +15% (23-26⊿: approx. +15bn yen) 23-26 CAGR approx. +5％ (23-26⊿: approx. +7bn yen) % of total NPW (private insurance) as of FY2024
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Copyright (c) 2026 Tokio Marine Holdings, Inc. 16 Business Strategy – Solutions Business We will grow our solutions business into a key profit pillar, just as we have with our international business Solutions Business International Business Foundation built on our own Business expansion with M&A Develop into the next pillar of Group profits Tokio Millennium Re （TMR） Refined capabilities for managing overseas insurance companies through operation (formerly TRC) Improve Solutions research and delivery through operation 2008 Acquisition 2025 Acquisition 1996 Established 2000 Established Approx. 15 years since acquisition of Kiln 1st STEP 2nd STEP Where the Int’l Business stands today Became a pillar of the Group's profits Where the Solutions Business stands today E.g., Disaster prevention / mitigation
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Copyright (c) 2026 Tokio Marine Holdings, Inc. 150 600 600 219 922 6603,500 2,100 1,440 0 1,000 2,000 3,000 4,000 0 500 1,000 2023 2024 2025 Plan (Left) Sold/Revised plan (Left) Mkt value (Right) *1: Excluding non-listed stocks (market value as of Mar. 31, 2025, c. JPY22.0bn in book value) and investments related to capital and business alliance, etc. *2: Outstanding amount at the end of each FY （billions of JPY） *2 17 Business Strategy – Business-related Equities Divestment of business-related equities down to zero*1 by FY2029 (March 2030) Status of sales of business-related equities
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Copyright (c) 2026 Tokio Marine Holdings, Inc. *1: Adjusted Net Asset is the average balance of financial accounting basis consolidated net assets adjusted for catastrophe loss reserves, goodwill, etc. Net Asset Value (after deducting restricted capital) is the balance at the end of the period based on the economic value of assets and liabilities which are measured at market value. As definitions differ to each, figures on each sides of the equation do not match *2: After diversification; after tax *3: As of Sep. 30, 2025 ≒ ÷ 12.4% 2025 Projection Adjusted ROE (Excl. capital gains from sales of business-related equities) 155% September 30, 2025 ESR 16.8% 2025 Projection ROR*2 (Excl. capital gains from sales of business-related equities) Adjusted Net Income / Adjusted Net Assets*1 Adjusted Net Income / Risk Net Asset Value*1 / Risk Breakdown of FY2025 Projection ROR*2 16.8% 18 Business Strategy – Business-related Equities Reinvestment of lower-ROR business-related equity into higher-ROR core business Reallocating JPY0.6tn (16% of total risk)*3 that is released by ‘zero’ business-related equities to core businesses with higher RORApprox. 6% Approx. 20% Business- related Equity Core Business
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Copyright (c) 2026 Tokio Marine Holdings, Inc. 30% 9% 28% 21% 12% 23% 10% 10%36% 21% Global Risk Diversification Profit Growth Far Exceeding Increase in Risk (required capital) Risk after diversification JPY3.3tn (diversification effect of 47%) FY2025 FY2015 Risk after diversification JPY1.9tn ■ Japan P&C (U/W) ■ International ■ Japan P&C (investment excl. biz-related equities) ■ Japan Life ■ Others After JPY6.0tn Before JPY3.6tn Risk (excl. business-related equities) Adjusted net income* (excl. capital gains from sales of business-related equities) JPY1.9tn JPY3.3tn JPY271.1bn 1.7 x 2.5 x JPY680.0bn 2015 2025E (Nov.2025) 19 Business Strategy – Qualitative Strengths We have achieved high profit growth through global risk diversification strategy （2016-2024 is an image)
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Copyright (c) 2026 Tokio Marine Holdings, Inc. Investment Underwriting Reinsurance Donald Sherman Vice President Executive Officer Co-CIO Susan Rivera Managing Executive Officer Co-CRSO Brad Irick Managing Executive Officer Co-Head of Int’l Business John Glomb Managing Executive Officer Caryn Angelson Executive Officer CDIO Stephan Kiratsous Executive Officer Deputy CFO José Adalberto Ferrara Executive Officer <Group leaders with outstanding expertise> • CEO of DFG. ~20 years in the insurance industry • He has extensive experience (more than 35 years) in asset management, having served as CEO of one of the largest unlisted mortgage companies in the US [Global Committees and Conferences] • Investment Executive Roundtable • ERM Committee • CEO of Tokio Marine HCC (TMHCC) • Leveraging her expertise as an actuary, she has served as U/W manager for several product lines and as CEO of MGA with an edge in Specialty • APIW 2025 Insurance Woman of the Year * [Global Committees and Conferences] • Global Retention Strategy Committee (Co-Chairperson) • ERM Committee • Deputy CEO of TMHCC. He led TMHCCI as CEO for about 20 years till May 2025, contributing significantly to its business expansion • Playing active role mainly in reinsurance in London by leveraging his abundant experience of more than 40 years and his wide network [Global Committees and Conferences] • Global Retention Strategy Committee (Vice Chairperson) Officer & Chairman *: The Association of Professional Insurance Women (APIW) awards program has a 50-year history. Recognize outstanding women who have achieved excellence in the insurance industry Christopher Williams Chairman of Int’l Business Randy Rinicella Gus Aivaliotis Robert Pick Legal and Compliance IT Digital Retention StrategyAudit Dawn Miller Barry Cook Daljitt Barn Cyber Nick Hutton-Penman Operation Global Talents in Key Functional Roles Broker Relationship Mark Wilhelm 20 Business Strategy – Qualitative Strengths Our Federated Model and Integrated Group Management attracts the best-in-class management team (As of November 2025)
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Copyright (c) 2026 Tokio Marine Holdings, Inc. 524 559 714 713 927 893 958 1,078 2018 2019 2020 2021 2022 2023 2024 2025 Revenue synergy (Direct Written Premium) Investment Leverage DFG’s asset management capabilities Revenue Leverage our global network (e.g., cross-selling) Cost Leverage group resources and economies of scale Capital Optimize retention/reinsurance at group level Group synergies Annual profit contribution: USD531mn (June 30, 2025) (USD mn, Calculated as of June 30) *: DWP rose YoY excl. impact of loss of synergy from specific projects due to sale of Highland in 2022 21 Business Strategy – Qualitative Strengths Our Federated Model and Integrated Group Management also boost group synergies *
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Copyright (c) 2026 Tokio Marine Holdings, Inc.
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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 were prepared and is subject to a range of inherent risks and uncertainties. Actual results may vary materially from those estimated, anticipated, expected or projected in the accompanying materials and no assurances can be given that any such forward looking information will prove to have been accurate. Investors are cautioned not to place undue reliance on forward looking statements in these materials. Tokio Marine Holdings undertakes no obligation to update or revise any of this forward-looking information, whether as a result of new information, recent or future developments, or otherwise. These presentation materials do not constitute an offering of securities in any jurisdiction. To the extent distribution of these presentation materials or the information included herein is restricted by law, persons receiving these materials must inform themselves of and observe any such restrictions. For further information... Investor/Shareholder Relations Group, Global Communications Dept. Tokio Marine Holdings, Inc. URL : www.tokiomarinehd.com/en/inquiry/