Slides
Page 1
Overview of FY2026 Results August 12 , 2026 1Q Tokio Marine Holdings TOKIO MARINE Inspiring Confidence . Accelerating Progress .
Page 2
Copyright (c) 2026 Tokio Marine Holdings, Inc. Executive Summary 26Q1 Results: Both the Top-line and Bottom-line were mostly in line with plan 2026E26Q1 ■Total Business Volume*1 (billions of JPY) ■Adjusted Net Income (billions of JPY) 2,406.02,142.8 26Q125Q1 2026E 9,532.0 YoY+8% +12% (excl. FX +6%) 25Q1 26Q1 (Ref.) 2026E YoYYoY Group 2,142.8 2,406.0 +12% +8% of which, Int’l 1,137.9 1,355.0 +19% +12% of which, Japan 949.4 993.2 +5% +4% of which, Solution 82.8 71.6 -14% +10% 25Q1 26Q1 (Ref.) 2026EYoY Progress Group 271.0 261.3 -4% 28% 950.0 of which, Int’l 150.5 164.3 +9% 26% 634.0 of which, Japan 116.1 98.8 -15% 32% 305.0 of which, Solution*2 2.9 1.4 -50% 9% 17.0 950.0 261.3 Progress 28% 271.0 25Q1 -4% (excl. FX -9%) Adjusted EPS (JPY) 141 137 514 *1: Combined total for gross premiums written(GWP) and revenue for Solutions business IFRS *2: 25Q1 includes the impact of a recognition timing gap for projects completed by the end of March, but 26Q1 does not include this impact, and therefore profit decreases on a YoY basis 1
Page 3
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results [Reference] JPY144.59 FY2026 1Q Results (IFRS) – Group ・・・・・・ P . 3 – International ・・・・・・ P . 4 – Japan（P&C） ・・・・・・ P . 10 （Life） ・・・・・・ P . 16 – Solution ・・・・・・ P . 20 FY2025 FX Rate (USD/JPY) FY2026 JPY159.57 ◆Abbreviations used in this material ➢P&C ：Property & Casualty (non-life insurance) ➢TMNF ：Tokio Marine & Nichido Fire Insurance ➢PHLY ：Philadelphia ➢DFG ：Delphi Financial Group ➢RSL ：Reliance Standard Life ➢SNCC ：Safety National ➢TMHCC ：Tokio Marine HCC International (Average Rate) Japan (End of June 2026) JPY144.81 JPY162.39 2
Page 4
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results : 1Q mostly in line with plan ■Adjusted Net Income (billions of JPY) 25Q1 26Q1 271.0 261.3 26Q1 164.3 98.8 1.4 -3.2 25Q1 150.5 116.1 2.9 1.4 International Japan Solution Other See P.4-9 for details See P.10-19 for details See P.20 for details 26Q1 77.2 21.5 25Q1 97.5 18.5 Japan P&C Japan Life Group (Adjusted Net Income) +13.8 -17.3 -1.4 -4.7 -4% (excl. FX -9%) 950.0 2026E 634.0 305.0 17.0 -6.0 2026E 2026E 223.0 82.0 Progress 28% IFRS 3
Page 5
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results *1: Specialty insurance underwritten by PHLY, TMHCC (excluding A&H), SNCC, etc. Pure is excluded. *2: Corporate employee benefit insurance at RSL and A&H insurance at TMHCC. (All of the above notes also apply to p. 6-7) International (Top-line) ■Net Premiums Written (billions of JPY) 934.7801.4 26Q125Q1 2026 E : Strong NWP growth, mostly in line with plan, while continuing to maintain underwriting discipline 3,762.0 YoY +11.5% (excl. FX: +4.7%) 25Q1 26Q1 (Ref.) 2026E YoY (excl. FX) YoY (excl. FX） International Total 801.4 934.7 +16.6% (+4.8%) +11.5% (+4.7%) North America 547.6 632.1 +15.4% (+4.8%) +9.4% (+3.1%) of which, Specialty P&C*1 395.0 446.3 +13.0% (+2.7%) +9.9% (+3.5%) of which, Employee Benefits*2 152.5 185.7 +21.8% (+10.3%) +8.2% (+2.0%) EMEA 69.3 77.2 +11.4% (-0.1%) +14.4% (+8.5%) LATAM 79.7 106.5 +33.6% (+8.0%) +19.9% (+7.9%) APAC 88.1 104.4 +18.5% (+9.2%) +13.6% (+7.4%) - North America Specialty P&C*1 : Slightly behind plan due to market softening while growth in Excess WC and other lines remains robust Employee Benefits*2 : Exceeded plan, primarily driven by solid rate increases in Medical Stop Loss - EMEA Despite a YoY decline against a strong prior-year comparison, performance was broadly in line with plan given seasonality, supported by new business growth in Specialty lines - LATAM Mostly in line with plan, due to robust underwriting growth in Auto - APAC Exceeded plan, primarily driven by robust performance in Singapore (Life) and Malaysia +16.6% (excl. FX: +4.8%) IFRS 4
Page 6
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results 25Q1 26Q1 +22.3 -11.6+3.1 150.5 ■C/R (%) 88.888.9 -0.1Pt ■Adjusted Net Income (billions of JPY) +9.2% (excl. FX: -2.1%) International (Bottom-line) Insurance related profit/loss Income taxes and other Financial related profit/loss 26Q1 133.4 96.8 -65.9 25Q1 111.0 93.7 -54.2 See P.8 for details See P.6-7 for details 2026 E 2026E 539.0 371.0 -276.0 88.9 YoY +9.6% (excl. FX: +2.0%) 634.0 164.3 26Q125Q1 -0.1pt 88.9 59.3 -5.3 1.6 29.6 88.8 59.5 -5.2 0.9 29.3 C/R L/R of which, discounting impact of which, Nat Cat E/R 2026E 88.9 59.6 2.3 29.3 25.9% Progress excl. FX IFRS 5 : Slightly ahead of plan, supported by strong underwriting performance and investment income
Page 7
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results 25Q1 26Q1 (Ref.) 2026EYoY (excl. FX) Progress*1 International Total 111.0 133.4*2 +20.2% (+7.9%) 24.7% 539.0 North America*3 88.0 105.1 +19.5% (+8.4%) 24.9% 423.0 of which, Specialty P&C 61.0 78.1 +28.0% (+16.1%) 25.4% 308.0 of which, Employee Benefits 15.3 12.5 -17.8% (-25.6%) 27.4% 46.0 EMEA 8.3 1.5 -81.9% (-83.3%) 6.5% 23.0 LATAM 7.8 18.0 +130.0% (+85.9%) 29.9% 59.0 APAC 8.2 12.1 +47.6% (+31.6%) 34.4% 35.0 International (Insurance related) (before tax, billions of JPY) - North America Specialty P&C : Exceeded plan, as the loss ratio (excl. Nat Cats) remained favorable, coupled with lower-than-expected Nat Cats Employee Benefits : Exceeded plan, primarily driven by robust performance in Group Life and Medical Stop Loss - EMEA Behind plan due to large losses related to the Middle East conflict, while underwriting performance excluding such losses remained robust - LATAM Exceeded plan, as the loss ratio remained favorable despite intensifying price competition, supported by underwriting discipline - APAC Exceeded plan, primarily driven by robust performance in Malaysia, Singapore and Taiwan *1: Excludes FX impact *2: Differences from the sum of North America, EMEA, LATAM and APAC reflectgroup reinsurance and other items not allocated to the major regions *3: Includes the Specialty P&C and Employee Benefits lines, as well as fee businesses such as Pure and Agrihedge. 26Q1 results for these businesses were below plan due to one-off factors IFRS : Mostly in line with plan, due to strong & disciplined underwriting and high profitability 6
Page 8
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results *: Impact on C/R International (Insurance related) C/R 25Q1 26Q1 (Ref.) 2026EYoY International Total 88.9% 88.8% -0.1pt 88.9% North America 88.3% 88.2% -0.1pt 88.5% of which, Specialty P&C 87.1% 85.7% -1.4pt 86.3% of which, Employee Benefits 91.4% 94.3% +2.9pt 94.3% EMEA 87.3% 98.0% +10.7pt 93.1% LATAM 91.0% 84.6% -6.4pt 87.5% APAC 91.5% 87.6% -3.9pt 91.1% Nat Cats impact* 25Q1 26Q1 (Ref.) 2026EYoY 1.6pt 0.9pt -0.7pt 2.3pt 2.0pt 1.2pt -0.8pt 2.7pt 1.6pt -1.1pt 1.0pt - -1.0pt - - - 0.6pt - -0.6pt IFRS 7 : Mostly in line with plan, due to strong & disciplined underwriting and high profitability
Page 9
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results YoY +0.8% (excl. FX: -5.3%) : Slightly ahead of plan, supported by robust investment income growth *: Financial expenses recognized over time for insurance liabilities and investment contract liabilities. Expense from interest accretion for insurance liabilities and interest expense on deposited funds for investment contract liabilities which is equivalent to funding costs ■Financial Related Profit/Loss (Adjusted net income-basis, before tax, billions of JPY) - Net investment income In line with plan, driven by steady AUM growth - Unwind of discount* In line with plan, reflecting higher insurance liabilities associated with robust underwriting growth - Other Above plan due to valuation gains on derivatives (Reflecting timing differences in profit recognition between derivatives and the hedged insurance liabilities, which are expected to offset over time) International (Financial related) 26Q1 2026E +17.6 -13.0 -1.493.7 26Q1 175.9 -89.9 10.8 25Q1 158.3 -76.8 12.3 Net investment income Unwind of discount* Other 96.8 25Q1 2026E 735.0 -385.0 21.0 +3.3% (excl. FX: -6.4%) 371.0 26.1% Progress excl. FX IFRS 8
Page 10
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results *1: End-of-period FX rates (25Q1: JPY 144.81/USD, 25Q4: JPY 159.88/USD, 26Q1: JPY 162.39/USD, 2026E: JPY 159.88/USD) *2: Average FX rates (25Q1: JPY 144.59/USD, 26Q1: JPY 159.57/USD). 2026E is based on the FX rate as of the end of March 2026 (JPY 159.88/USD) *3: Book yield : Both AUM and income gains in line with plan IFRS International (Investment) ＜AUM*1＞ (trillions of yen) ＜Income gains*2＞ (billions of JPY) ＜Duration＞ (years) ■Assets ■Liabilities ■Main KPIs of North American Investment Portfolio 157.2 ($985mn)141.4 ($978mn) 26Q125Q1 ■Breakdown of AUM ＜AUM*1＞ (trillions of yen) Annualized Income yield*3 4.44.3 3.93.8 (Ref.) 2024 (Ref.) 2025 End of June 2026 15.8 ■North America (excl. PURE) ■Asia life insurance ■Other 11.6 2.5 1.6 5.7% 642.0 ($4,016mn) 2026E 5.4% 9.5 ($66.2bn) 26Q125Q1 2026E 11.3 ($70.9bn) 25Q4 11.6 ($71.8bn) 11.8 ($73.8bn) 9
Page 11
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results 26Q125Q1 2026E ■Net Premiums Written (NWP) (Private Insurance total, billions of JPY) ■GWP remained mostly in line with plan, considering that the impact of rate increases in motor and other lines will become more pronounced from Q2 onward - Auto Mostly in line with plan, considering that the impact of rate increases will become more pronounced from Q2 onward - Fire Mostly in line with plan - Specialty* Mostly in line with plan, considering that the impact of rate increases in overseas travel insurance will become pronounced from Q2 onward ■NWP remained mostly in line with plan 25Q1 26Q1 (Ref.) 2026E YoYYoY Japan P&C Total 639.0 632.2 -1.1％ -1.1% of which, Auto 334.3 342.5 +2.5% +1.3% of which, Fire 102.1 95.9 -6.1% -8.4% of which, Specialty* 202.7 193.7 -4.4% -0.8% 632.2639.0 2,491.0 YoY-1.1%, (GWP: +4.4%) -1.1% GWP: +1.8% *: Includes marine and P.A. Same applies below Japan P&C (Top-line) : Mostly in line with plan while delivering solid business expansion IFRS 10
Page 12
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results : Behind plan, primarily due to large losses for liability insurance in North America Japan P&C (Bottom-line) 25Q1 26Q1 -12.0 ＋1.5 -9.7 97.5 77.2 ■C/R (%) 88.786.6 26Q125Q1 +2.1pt ■Adjusted Net Income (billions of JPY) 86.6 59.3 -0.2 0.6 27.3 -20.8% Insurance related profit/loss Income taxes and other Financial related profit/loss 26Q1 80.2 29.5 -32.5 25Q1 92.3 39.2 -34.0 88.7 61.6 -0.7 2.1 27.2 C/R L/R of which, discounting impact of which, Nat Cats E/R See P.14 for details See P.12,13 for details 2026E 2026E 2026E 266.0 57.0 -100.0 223.0 YoY -5.0% 91.0 91.0 63.7 3.5 27.3 Progress 34.6% IFRS 11
Page 13
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results *: Results for the past 12 months (Jul. 2025 - Jun. 2026) - Auto Despite claims frequency being in line with the full-year outlook, slightly behind plan primarily due to higher-than-expected claims severity reflecting accelerating inflation - Fire Mostly in line with plan - Specialty Behind plan, due to large losses for liability insurance in North America 25Q1 26Q1 (Ref.) 2026EYoY Progress Japan P&C Total 92.3 80.2 -13.1% 30.2% 266.0 Auto 24.9 27.0 ＋8.4％ 46.6% 58.0 Fire 41.1 39.0 -5.1% 33.3% 117.0 Specialty 26.2 14.1 -46.2% 15.5% 91.0 (Before tax, private insurance total, billions of JPY) : Behind plan, primarily due to large losses for liability insurance in North America Japan P&C (Insurance related) (YoY Comparison) [Current]* as of Jun 30, 2026 [FY2026 Projections] Accident frequency ±0% ±0% Unit price (vehicle/property liability) +7.5% +6% IFRS 12
Page 14
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results *: Impact on L/R Japan P&C (Insurance related) L/R 25Q1 26Q1 (Ref.) 2026EYoY Japan P&C Total 59.3% 61.6% +2.2pt 63.7% Auto 62.3% 62.9% +0.6pt 66.1% Fire 42.7% 44.7% +2.0pt 52.7% Specialty 65.2% 70.1% +4.9pt 66.8% Nat Cats Impact* 25Q1 26Q1 (Ref.) 2026EYoY 0.6pt 2.1pt +1.5pt 3.5pt 0.0pt 0.3pt +0.3pt 1.5pt 2.7pt 9.6pt +6.9pt 13.5pt 0.0pt 0.1pt +0.0pt 0.5pt IFRS 13 : Behind plan, primarily due to large losses for liability insurance in North America
Page 15
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results : Mostly in line with plan excluding the impact of yen depreciation ■Financial Related Profit/Loss (Adjusted net income-basis, before tax, billions of JPY) - Net investment income Mostly in line with plan - Unwind of discount* Mostly in line with plan - Other Behind plan due to increased burden of additional foreign currency-denominated loss reserves resulting from yen depreciation *: Financial expenses recognized over time for insurance liabilities. Japan P&C (Financial related) 26Q1 2026E -4.1 -1.3 -4.3 39.2 57.0 YoY-20.2% 26Q1 49.5 -8.5 -11.5 25Q1 53.6 -7.2 -7.1 Net investment income Unwind of discount* Other 29.5 25Q1 Progress 51.8% 2026E 123.0 -33.0 -33.0 -24.9% IFRS 14
Page 16
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results ＜AUM＞ (trillions of JPY) <Income gains> （billions of JPY) ＜Duration*3＞ (years) ■Assets ■Liabilities 49.553.6 26Q125Q1 ■Main KPIs of Investment Portfolio 5.55.8 : AUM and income gains declined as planned, reflecting sales of business-related equities Annualized Income yield*2 (Ref.) 2025 (Ref.) 2024 6.76.9 *1: Not included in KPIs. Against the full-year FY2026 plan of JPY 430.0 bn for sales of business-related equities, sales in 26Q1 amounted to JPY 235.3 bn (gains on sales of JPY 209.4 bn) *2: Book yield of bonds in TMNF’s ALM-related portfolio *3: Duration of TMNF’s ALM-related portfolio Japan P&C (Investment) 2026E 123.0 1.5% 1.5% 5.8*16.0 26Q125Q1 2026E 5.3 25Q4 5.8 IFRS 15
Page 17
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results ■ANP (Annualized Premium of New Policies, billions of JPY) ■New Business CSM (billions of JPY) 11.39.1 +23.4% 26Q125Q1 11.7 15.0 -21.9% 26Q125Q1 Japan Life (Top-line) 51.0 YoY+13.6% 2026E 2026E 51.0 YoY-22.0% - Steady progress, driven by strong performance of regular premium variable insurance and single- premium whole life insurance with variable accumulation rate* (new product, Sep. 2025) - Decreased YoY, due to increased business expenses related to system investments that support consultative sales (mostly in line with plan) *: MVA (market value adjustment) curbs dynamic surrender risk : ANP trending steadily. New business CSM mostly in line with plan IFRS 16
Page 18
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results : Improved recurring earnings through block reinsurance, mostly in line with plan 25Q1 26Q1 +2.0 ＋0.0 -1.1+2.118.5 21.5 ■Adjusted Net Income (billions of JPY) IFRS Japan Life (Bottom-line) 26Q1 28.5 -0.7 1.4 -7.6 25Q1 26.5 -0.7 -0.7 -6.4 Actual vs. expected cashflows, etc. Income taxes and other Financial related profit/loss CSM / Risk adjustment release +16.2% 2026E 119.0 -1.0 -2.0 -34.0 2026E 82.0 YoY+18.3％ 26.2％ - Insurance related profit/loss Higher CSM amortization following an increase in the CSM balance through block reinsurance (March 2026), in line with plan - Financial related profit/loss Earnings increased mainly due to improvement in unwind of discount* resulting from block reinsurance (March 2026), in line with plan Progress Insurance related profit/loss +2.0 *: Interest accretion on insurance liabilities and on reinsurance assets related to block reinsurance 17
Page 19
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results : CSM accumulated mostly in line with plan IFRS ■CSM (billions of JPY) +11.7 +4.8*1 +6.4*2 -25.7 1,149.7 CSM at end of FY2025 CSM at end of 2026Q1 +23.0 CSM at end of 2026Q1 (before release for current period) 1,172.8 1,147.0 Japan Life （CSM） CSM release (profit recognition) Impact of assumption changes, experience variances, etc. New business CSM Interest *1: Unwinding of the discount for the elapsed period *2: Final settlement of reinsurance premiums for block reinsurance (March 2026) 18
Page 20
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results : Progressing in line with plan. Interest rate risk control is maintained through ALM IFRS 4.6 5.7*1 ＜AUM＞ (trillions of JPY) ＜Income gains＞ (billions of JPY) ＜Duration＞ (years) ■Assets ■Liabilities 89.0 22.2 12 15 ■Key KPIs of Investment Portfolio (General account) 11 14 Annualized Income yield*2 (Ref.) 2025 (Ref.) 2024 *1: The difference between 25Q1 and 25Q4 is significant because asset and liability balances decreased following the block reinsurance transaction in FY2025 *2: Book yield (after hedging costs) Japan Life (Investment) (Ref.) 2024 (Ref.) 2025 JPY interest rate +10bp -10.0 -5.0 ＜Interest rate sensitivity of net assets＞ (billions of JPY) 26Q125Q1 2026E 4.8 1.0% 1.0% 26Q125Q1 2026E 23.2 25Q4 4.7*1 19
Page 21
Copyright (c) 2026 Tokio Marine Holdings, Inc. By Segments – 2026 1Q Results Solution ■Adjusted Net Income (billions of JPY) ■Revenue (billions of JPY) 2026E 10.0 6.0 1.0 25Q1 26Q1 (Ref.) 2026E YoYYoY Solution revenue 82.8 71.6 -13.5％ +9.8% ID&E* 61.8 45.2 -26.9% +10.2% TMAM 7.4 9.8 +32.0% +12.9% 298.0 YoY+9.8% 26Q125Q1 2026E 71.682.8 -13.5% 26Q1 -1.2 1.3 1.3 25Q1 2.0 1.0 -0.1 25Q1 -3.3* +1.5 2.9 1.4 -49.6% +0.3 OtherID&E TMAM 2026E26Q1 17.0 YoY+20.1% 8.7% *: 25Q1 includes the impact of a recognition timing gap for projects completed by the end of March, but 26Q1 does not include this impact, and therefore profit decreases on a YoY basis IFRS : Behind plan due to ID&E’s change of fiscal year-end and the decrease in public-sector demand Progress 20
Page 22
Copyright (c) 2026 Tokio Marine Holdings, Inc. Appendix Appendix 21
Page 23
Copyright (c) 2026 Tokio Marine Holdings, Inc. Appendix ◼ Net incurred losses relating to Nat Cats (Adjusted net income basis, billions of JPY) Natural Catastrophes Net Incurred Loss ◼ Major Nat Cats in FY2026 Typhoon No.6 (Jangmi) N/A 【International】【Japan】 *1: “+” means a negative for profits, while “-” means a positive for profits *2: After-tax figures are estimates JPY5.7bn After tax*2 Japan P&C 2.9 10.4 +7.5 75.0 International 11.0 7.0 -4.0 74.0 Total 13.9 17.5 ＋3.5 149.0 Before tax FY2025 1Q Results FY2026 1Q Results YoY Change*1 FY2026 Budgets Japan P&C 4.0 14.7 +10.6 105.0 International 14.0 8.9 -5.0 95.0 Total 18.0 23.6 +5.6 200.0 Gross incurred losses (before tax) IFRS 22
Page 24
Copyright (c) 2026 Tokio Marine Holdings, Inc. Appendix Investment Performance by North American Entities *1: Excl. funding cost for the annuity business and unrealized gain, etc. *2: On a gross income basis before deduction of investment expenses, etc. *3: Figures restated from those announced in May 2026. Reference: Provision for Loans FY2025 Results (as of end- March 2026) 26Q1 Results (as of end- June 2026) Provision – USD mn (Provision Ratio) 840 (4.8%*3) 820 (4.8%) Investment Return*1 of Group Companies in North America (before tax, USD mn) IFRS 25Q1 Results 26Q1 Results Change Investment Income*2 1,080 1,100 20 o/w Loans 400 370 -40 Capital 0 -30 -30 o/w Loans 0 -20 -10 ECL 40 -20 -50 Impairment loss -40 -10 30 Interest Rate Swap, Realized Gains/Losses etc. 10 -10 -10 Total*2 1,080 1,070 -10 o/w Loans 400 350 -50 FY2025 Results FY2026 Full-Year Projections 4,360 4,420 1,550 1,500 -180 -270 -170 -210 -10 -170 0 4,180 4,150 1,380 1,300 23
Page 25
Copyright (c) 2026 Tokio Marine Holdings, Inc. Appendix Update of CRE loans Investment Return (Group basis, before tax, USD mn) Overview of CRE Loans by LTV*2 (Group basis, before tax, USD mn) 25Q1 Results 26Q1 Results Change Investment income*1 250 190 -60 Capital 60 0 -50 (o/w ECL) 80 10 -80 (o/w Impairment loss) -40 0 40 (o/w Realized Gains/ Losses etc.) 10 0 -10 Total*1 300 190 -110 FY2025 Results FY2026 Full-Year Projections 870 760 80 -80 220 -130 -20 950 680 IFRS ECL Provision Ratio FY2025 Results (End of Mar. 2026) FY2026 1Q Results (End of Jun. 2026) 2.1% 1.8% 11.2% 12.5% 22.7% 22.7% 46.5% 46.1% 8.7% 8.9% LTV*2 Loan*3 FY2025 Results (End of Mar. 2026) FY2026 1Q Results (End of Jun. 2026) Proportion Proportion ≦100% 5,180 64% 4,780 63% 100-125% 1,690 21% 1,730 23% 125-150% 790 10% 550 7% 150%+ 490 6% 550 7% Total 8,140 100% 7,600 100% *1: Gross investment income (before deducting investment expenses) *2: Loan To Value. The property appraisal values include estimates *3: Balance on a gross basis not netted of ECL (excluding foreclosed assets associated with workouts). The balance including foreclosed assets as of end of June 2026 is USD9.4bn (estimated balance as of end of March 2027 is approx. USD9.3bn) 24
Page 26
Copyright (c) 2026 Tokio Marine Holdings, Inc. Appendix ◼ Impact on adjusted net income and applicable USD/JPY FX rate Impact of FX Rate Change on the Group’s Financial Results End of Mar. 2026 FY2025 year-end spot rate JPY159.9 International Japan FY2026 original projections (FY2025 year-end spot rate) FY2026 results (FY2026 year-end spot rate) FY2026 original projections (FY2025 year-end spot rate) FY2026 results (FY2026 Average rate) (Ref.) Estimated impact on adjusted net income per JPY 1 depreciation*1 in the yen against USD ◼ TMNF’s provision for foreign currency denominated reserves, etc*2 : ◼ Overseas subsidiaries’ profit increase : +c. JPY4.0bn -c. JPY2.0bn Total ： *1: Assuming the exchange rates for each currency move in line with the USD. For International, the impact assumes a JPY1 depreciation in the average rate applied to full-year results. For Japan, the impact assumes a JPY1 depreciation in the FY-end spot rate End of June 2026 *2: Of this amount, c. -JPY1.0bn relates to foreign currency-denominated insurance liabilities attributable to International business and is included in International adjusted net income Average rate for Apr-Jun End-June spot rate : JPY159.6 : JPY162.4 +c. JPY2.0bn End of Mar. 2027 FY2026 1Q results (End-June spot rate) FY2026 1Q results (Average rate for Apr-Jun) IFRS 25
Page 27
Copyright (c) 2026 Tokio Marine Holdings, Inc. Appendix 26 Definitions of Various Indicators Adjusted ROE Adjusted Net Income *1 Adjusted Net Asset *1,6= ÷ Adjusted Net Asset*1 Net Assets (consolidated) Unrealized gains/losses （AOCI）= - Planned distribution to shareholders Value of life insurance policies in- force+ -Net Asset Value*1 Other+ Net Assets (consolidated)= - Goodwill and other intangible assets *1: Each adjustment is on an after-tax basis *2: Net income attributable to owners of the parent in consolidated financial statements *3: ALM: Asset Liability Management. Excluded since it is counter -balance of ALM related liabilities Adjusted Net Income*1 Net Income (consolidated)*2 ALM*3 and hedge related gains/losses Capital gains/losses*4= -- - Business investment related gains/losses*5 *4: Capital gains/losses other than ALM and hedge-related gains/losses *5: Includes amortization expenses of other intangible assets *6: Average balance basis ■ Definition of Adjusted Net Income, Adjusted Net Asset and Adjusted ROE ■ Definition of Net Asset Value
Page 28
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, Capital Strategy & IR Dept. Tokio Marine Holdings, Inc. URL : www.tokiomarinehd.com/en/inquiry/