Tokio Marine : Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the fiscal year ended March 31, 2024 (1MB

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the fiscal year ended March 31, 2024

	May 20, 2024
Company Name: Tokio Marine Holdings, Inc. (the "Company")	Stock Exchange Listing: Tokyo
Securities Code Number: 8766
(URL: https://www.tokiomarinehd.com/en/)
Representative: Satoru Komiya, President
Contact: Toshihiro Yahata, Global Communications Dept. (Tel: [phone])
Scheduled date of Ordinary General Meeting of Shareholders: June 24, 2024
Scheduled date to commence dividend payments: June 25, 2024
Scheduled date to file Securities Report: June 21, 2024
Supplementary information for financial statements: Available
IR Conference Call: To be held for analysts	(Note) All amounts are rounded down and all percentages are rounded.

1. Consolidated Business Results for the fiscal year 2023 (April 1, 2023 to March 31, 2024)

(1) Consolidated Results of Operations

(Note) Percentages represent changes from the previous fiscal year.

			Ordinary income						Ordinary profit			Net income
										attributable to owners of the parent
			million yen					%					million yen			%		million yen		%
	Fiscal year 2023		7,424,667					12.3					842,576			70.5		695,808			85.7
	Fiscal year 2022		6,610,046					-					494,165			-		374,605			-
(Note) Comprehensive income:		1,874,295 million yen	-
	Fiscal year 2023		%
	Fiscal year 2022		(124,438) million yen	-	%
			Net income per share		Net income per share		Ratio of net income	Ratio of ordinary			Ratio of ordinary
							profit to ordinary
			- Basic			- Diluted			to equity capital	profit to total assets
										income
				yen						yen		%			%					%
	Fiscal year 2023		351.59			351.59		15.9			2.9					11.3
	Fiscal year 2022		186.42			186.41		9.9			1.8					7.5
(Reference) Equity in earnings (losses) of affiliates:
	Fiscal year 2023		9,241 million yen
	Fiscal year 2022		(104,887) million yen

(Note) 1. Consolidated overseas subsidiaries that apply International Financial Reporting Standards (IFRS) have started to adopt IFRS 17 "Insurance Contracts" (hereinafter referred to as "IFRS 17") from the beginning of the fiscal year 2023. The figures of comparative prior fiscal year are adjusted retrospectively in accordance with IFRS 17. Therefore, year on year changes for Fiscal year 2022 are not provided.

1. 2. The Company implemented a stock split by a ratio of three shares per share with an effective date of October 1, 2022. "Net income per share - Basic" and "Net income per share - Diluted" are calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

2. Consolidated Financial Conditions

			Total assets			Net assets		Ratio of equity capital		Net assets per share
						to total assets
				million yen			million yen		%		yen
	As of March 31, 2024		30,594,869			5,183,341		16.9		2,623.94
	As of March 31, 2023		27,397,818			3,600,919		13.1		1,800.13
(Reference) Equity capital:	5,176,603
	As of March 31, 2024	million yen
	As of March 31, 2023	3,584,258	million yen

(Note) 1. Consolidated overseas subsidiaries that apply IFRS have started to adopt IFRS 17 from the beginning of the fiscal year 2023. The figures of comparative prior fiscal year are adjusted retrospectively in accordance with IFRS 17.

1. 2. The Company implemented a stock split by a ratio of three shares per share with an effective date of October 1, 2022. "Net assets per share" is calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

2. Consolidated Cash Flows

			Cash flows from		Cash flows from		Cash flows from		Cash and cash equivalents
			operating activities		investing activities		financing activities		at end of year
			million yen		million yen		million yen		million yen
	Fiscal year 2023		1,072,124		(627,647)		(406,204)		1,086,981
	Fiscal year 2022		1,007,710		18,065		(1,009,226)		985,382

2. Dividends

		Cash dividends per share		Total amount	Ratio of cash	Ratio of cash
						dividends to	dividends to
	First	Second	Third	Year-end	Annual total	of annual	consolidated	consolidated
	dividends
	quarter	quarter	quarter			net income	net assets
	yen	yen	yen	yen	yen	million yen	%	%
Fiscal year 2022	-	150.00	-	50.00	-	200,201	53.4	5.3
Fiscal year 2023	-	60.50	-	62.50	123.00	243,037	35.0	5.6
Fiscal year 2024 (Forecast)	-	79.50	-	79.50	159.00		36.1

(Note) The Company implemented a stock split by a ratio of three shares per share with an effective date of October 1, 2022. The amount of interim (Second quarter) dividends for Fiscal year 2022 is not presented taking the stock split into account and Annual total dividends per share is presented as "-". With the assumption that the stock split was implemented at the beginning of Fiscal year 2022, the amount of interim (Second quarter) dividends for Fiscal year 2022 is 50 yen and the amount of Annual total dividends per share for Fiscal year 2022 is 100 yen.

3. Consolidated Business Forecasts for the fiscal year 2024 (April 1, 2024 to March 31, 2025)

Fiscal year 2024

(Note) Percentages represent changes from the previous fiscal year.

Ordinary profit			Net income			Net income per share - Basic
		attributable to owners of the parent
million yen		%		million yen			%		yen
1,200,000		42.4		870,000			25.0		440.99

*Notes

1. Changes in significant subsidiaries during the fiscal year 2023
   (Changes in specified subsidiaries that resulted in a change in the scope of consolidation): None
2. Changes in accounting policies, changes in accounting estimates, and retrospective restatements
3. 1. Changes in accounting policies to reflect amendments of accounting standards: Yes
   2. Changes in accounting policies other than (a): None
   3. Changes in accounting estimates: None
   4. Retrospective restatements: None

(Note) Please refer to Appendix p. 12 "3. Consolidated Financial Statements and Major Notes (6) Changes in accounting policies" for details.

1. Number of shares issued (common stock)
2. 1. Total number of shares issued including treasury stock

As of March 31, 2024	1,978,000,000 shares
As of March 31, 2023	2,002,500,000 shares
(b) Number of treasury stock held	5,166,853 shares
As of March 31, 2024
As of March 31, 2023	11,396,327 shares
(c) Average number of shares outstanding	1,978,993,249 shares
During the fiscal year 2023
During the fiscal year 2022	2,009,454,159 shares

(Note) The Company implemented a stock split by a ratio of three shares per share with an effective date of October 1, 2022. Number of shares issued (common stock) are calculated based on the assumption that the stock split was implemented at the beginning of the previous fiscal year.

*"Summary of Consolidated Business Results" is outside the scope of external audit.

*Notes concerning the business forecasts and other items

Business forecasts are prepared based on business results for previous years, information available to the Company as of the release date of this document and certain assumptions. Actual results may significantly differ affected by various factors.

For key assumptions for the business forecasts and other related information, please refer to Appendix p. 3 "1. Overview of Business results (3) Consolidated Business Forecasts for the fiscal year 2024".

Tokio Marine Holdings, Inc.

Contents of Appendix

1. Overview of Business results …………………………………………………………………………………………………………	2
(1) Consolidated Results of Operations for the fiscal year 2023 …………………………………………………………………………	2
(2) Consolidated Financial Conditions as of March 31, 2024 ……………………………………………………………………………	2
(3) Consolidated Business Forecasts for the fiscal year 2024 ……………………………………………………………………………	3
2. Basic Approach to the Selection of Accounting Standards ……………………………………………………………………………	3
3. Consolidated Financial Statements and Major Notes ………………………………………………………………………………	4
(1) Consolidated Balance Sheet …………………………………………………………………………………………………………	4
(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ………………………………………	5
(3) Consolidated Statement of Changes in Shareholders' Equity ………………………………………………………………………	8

1. Consolidated Statement of Cash Flows …………………………………………………………………………………………… 10
2. Notes regarding going concern assumption ………………………………………………………………………………………… 12
3. Changes in accounting policies …………………………………………………………………………………………………… 12
4. Additional Information …………………………………………………………………………………………………………… 12
5. Notes to Consolidated Financial Statements ………………………………………………………………………………………… 13 Segment information ……………………………………………………………………………………………………………… 13 Per share information ……………………………………………………………………………………………………………… 14 Subsequent events ………………………………………………………………………………………………………………… 15

4. Others ………………………………………………………………………………………………………………………………… 16

(1) Summary of Consolidated Business Results ……………………………………………………………………………………… 16

(2) Premiums written and claims paid by lines of business …………………………………………………………………………… 17

(3) Securities …………………………………………………………………………………………………………………………… 18

1

Tokio Marine Holdings, Inc.

1. Overview of Business results

(1) Consolidated Results of Operations for the fiscal year 2023

During fiscal year 2023, the world economy remained strong, mainly driven by the United States where personal consumption expanded. Although the Chinese economy showed a slowdown, the world economy as a whole picked up. The Japanese economy continued to show weakness in domestic demand due to price inflation, and the pace of recovery remained moderate.

Under these circumstances, as a result of our efforts to expand our domestic and overseas business, which is centered on non-life insurance and life insurance, our consolidated results of operations for the fiscal year 2023 were as follows:

Ordinary income increased by 814.6 billion yen to 7,424.6 billion yen from the previous fiscal year, the main components of which were Underwriting income of 5,969.9 billion yen and Investment income of 1,292.7 billion yen. Ordinary expenses increased by 466.2 billion yen to 6,582.0 billion yen from the previous fiscal year, the main components of which were Underwriting expenses of 5,027.4 billion yen, Investment expenses of 260.3 billion yen, and Operating and general administrative expenses of 1,255.6 billion yen.

As a result, Ordinary profit increased by 348.4 billion yen to 842.5 billion yen from the previous fiscal year.

Net income attributable to owners of the parent, composed of Ordinary profit plus Extraordinary gains minus Extraordinary losses and Total income taxes, increased by 321.2 billion yen to 695.8 billion yen from the previous fiscal year.

As described in "3. Consolidated Financial Statements and Major Notes (7) Additional Information", Consolidated overseas subsidiaries that apply International Financial Reporting Standards (IFRS) have started to adopt IFRS 17 "Insurance Contracts" (hereinafter referred to as "IFRS 17") from the beginning of the fiscal year 2023. The figures of comparative prior fiscal year are adjusted retrospectively in accordance with IFRS 17.

Results by our reportable segments are as follows:

In the Domestic non-life insurance business, Ordinary income increased by 226.1 billion yen to 3,266.7 billion yen from the previous fiscal year. Ordinary profit increased by 38.9 billion yen to 323.4 billion yen from the previous fiscal year.

In the Domestic life insurance business, Ordinary income decreased by 58.6 billion yen to 641.0 billion yen from the previous fiscal year. Ordinary profit increased by 5.4 billion yen to 57.1 billion yen from the previous fiscal year.

In the International insurance business, Ordinary income increased by 728.2 billion yen to 3,650.8 billion yen from the previous fiscal year. Ordinary profit increased by 303.0 billion yen to 452.8 billion yen from the previous fiscal year.

(2) Consolidated Financial Conditions as of March 31, 2024

As of March 31, 2024, consolidated total assets was 30,594.8 billion yen, an increase of 3,197.0 billion yen from that as of March 31, 2023.

Cash flows for the fiscal year 2023 were as follows:

Net cash provided by operating activities increased by 64.4 billion yen to 1,072.1 billion yen compared to the previous fiscal year. Net cash used in investing activities increased by 645.7 billion yen to 627.6 billion yen. Net cash used in financing activities decreased by 603.0 billion yen to 406.2 billion yen.

As a result, Cash and cash equivalents at end of year was 1,086.9 billion yen, an increase of 101.5 billion yen from that as of March 31, 2023.

2

Tokio Marine Holdings, Inc.

(3) Consolidated Business Forecasts for the fiscal year 2024

The Company's consolidated business forecasts for the fiscal year 2024 are 1,200.0 billion yen for Ordinary profit and

870.0 billion yen for Net income attributable to owners of the parent. The forecasts are based on the following assumptions:

• Net premiums written and Life insurance premiums are projected to be 5,240.0 billion yen and 870.0 billion yen respectively.
• Net incurred losses related to natural catastrophes occurring during the period are projected to be 136.0 billion yen in Japan and 89.0 billion yen outside Japan.
• The Company basically assumes there will be no significant changes in interest rates and stock market conditions from those as of March 31, 2024 for Japanese subsidiaries and as of December 31, 2023 for overseas subsidiaries.
• The Company assumes there will be no significant changes in exchange rates from those as of March 31, 2024.

The above forecasts are prepared based on business results for previous years, information available to the Company as of the release date of this document and certain assumptions. Actual results may significantly differ affected by various factors.

2. Basic Approach to the Selection of Accounting Standards

The Company is preparing to adopt IFRS from year end reporting of fiscal year 2025 to enhance comparability of the Company's financial information internationally and to unify accounting policies within the Group.

3

			Tokio Marine Holdings, Inc.
3. Consolidated Financial Statements and Major Notes
(1) Consolidated Balance Sheet		(Yen in millions)
		As of March 31, 2023	As of March 31, 2024
Assets
Cash and bank deposits		871,993	896,898
Receivables under resale agreements		999	999
Monetary receivables bought		1,863,824	2,326,324
Money trusts		8,000	7
Securities		18,489,522	20,680,544
Loans		2,558,741	2,817,606
Tangible fixed assets		399,817	399,579
Land		132,547	132,337
Buildings		204,194	209,423
Construction in progress		4,919	7,162
Other tangible fixed assets		58,155	50,656
Intangible fixed assets		1,164,322	1,150,669
Software		224,928	280,642
Goodwill		428,601	372,624
Other intangible fixed assets		510,792	497,402
Other assets		1,962,414	2,283,818
Net defined benefit assets		3,717	4,757
Deferred tax assets		81,647	46,467
Customers' liabilities under acceptances and guarantees		1,759	1,644
Allowance for doubtful accounts		(8,940)	(14,449)
Total assets		27,397,818	30,594,869
Liabilities
Insurance liabilities		20,722,937	22,031,174
Outstanding claims		4,266,235	4,739,831
Underwriting reserves		16,456,702	17,291,343
Corporate bonds		222,811	224,404
Other liabilities		2,245,192	2,276,653
Payables under securities lending transactions		461,324	522,577
Other liabilities		1,783,867	1,754,075
Net defined benefit liabilities		255,437	236,623
Provision for employees' bonus		96,998	113,652
Provision for share awards		3,401	3,455
Reserves under special laws		132,394	140,250
Reserve for price fluctuation		132,394	140,250
Deferred tax liabilities		109,321	378,830
Negative goodwill		6,645	4,838
Acceptances and guarantees		1,759	1,644
Total liabilities		23,796,899	25,411,528
Net assets
Shareholders' equity
Share capital		150,000	150,000
Retained earnings		2,000,276	2,378,790
Treasury stock		(28,056)	(14,167)
Total shareholders' equity		2,122,219	2,514,622
Accumulated other comprehensive income
Unrealized gains (losses) on available-for-sale securities		954,650	1,927,604
Deferred gains (losses) on hedge transactions		(8,755)	(9,270)
Foreign currency translation adjustments		529,650	744,786
Remeasurements of defined benefit plans		(14,471)	(477)
Unrealized gains (losses) on insurance liability of overseas subsidiaries		964	(662)
Total accumulated other comprehensive income		1,462,038	2,661,980
Stock acquisition rights		33	33
Non-controlling interests		16,627	6,704
Total net assets		3,600,919	5,183,341
Total liabilities and net assets		27,397,818	30,594,869

4

Tokio Marine Holdings, Inc.

(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income

(Consolidated Statement of Income)

		(Yen in millions)
	Fiscal year 2022	Fiscal year 2023
	(April 1, 2022 to	(April 1, 2023 to
	March 31, 2023)	March 31, 2024)
Ordinary income	6,610,046	7,424,667
Underwriting income	5,630,544	5,969,967
Net premiums written	4,469,989	4,824,986
Deposit premiums from policyholders	50,480	42,515
Investment income on deposit premiums	32,893	32,922
Life insurance premiums	1,071,645	1,049,852
Other underwriting income	5,535	19,689
Investment income	843,565	1,292,735
Interest and dividends	663,170	893,461
Gains on money trusts	293	0
Gains on trading securities	-	88,602
Gains on sales of securities	178,553	213,643
Gains on redemption of securities	2,797	1,603
Investment gains on separate accounts	-	72,964
Other investment income	31,643	55,382
Transfer of investment income on deposit premiums	(32,893)	(32,922)
Other ordinary income	135,936	161,965
Amortization of negative goodwill	1,807	1,807
Equity in earnings of affiliates	-	9,241
Other ordinary income	134,128	150,915
Ordinary expenses	6,115,880	6,582,091
Underwriting expenses	4,552,975	5,027,495
Net claims paid	2,293,251	2,578,456
Loss adjustment expenses	169,050	179,667
Agency commissions and brokerage	852,983	951,662
Maturity refunds to policyholders	153,472	143,875
Dividends to policyholders	2	2
Life insurance claims	521,666	563,195
Provision for outstanding claims	257,003	213,594
Provision for underwriting reserves	284,663	392,343
Other underwriting expenses	20,882	4,695
Investment expenses	294,127	260,337
Losses on trading securities	113,331	-
Losses on sales of securities	55,083	30,924
Impairment losses on securities	7,104	8,793
Losses on redemption of securities	1,204	1,358
Losses on derivatives	92,197	150,393
Investment losses on separate accounts	2,369	-
Other investment expenses	22,837	68,867
Operating and general administrative expenses	1,140,954	1,255,677
Other ordinary expenses	127,823	38,580
Interest expenses	13,950	26,009
Increase in allowance for doubtful accounts	717	4,995
Losses on bad debts	180	217
Equity in losses of affiliates	104,887	-
Other ordinary expenses	8,087	7,357
Ordinary profit	494,165	842,576

5

Tokio Marine Holdings, Inc.

		(Yen in millions)
	Fiscal year 2022	Fiscal year 2023
	(April 1, 2022 to	(April 1, 2023 to
	March 31, 2023)	March 31, 2024)
Extraordinary gains	34,035	7,815
Gains on disposal of fixed assets	7,840	6,084
Reversal of reserves under special laws	5,936	-
Reversal of reserve for price fluctuation	5,936	-
Other extraordinary gains	20,258	1,730
Extraordinary losses	8,538	28,530
Losses on disposal of fixed assets	4,569	8,598
Impairment losses on fixed assets	3,740	8,702
Provision for reserves under special laws	-	7,856
Provision for reserve for price fluctuation	-	7,856
Other extraordinary losses	228	3,373
Income before income taxes and non-controlling interests	519,662	821,861
Income taxes - current	176,548	172,596
Income taxes - deferred	(3,538)	(22,046)
Total income taxes	173,009	150,550
Net income	346,652	671,310
Net income (loss) attributable to non-controlling interests	(27,952)	(24,497)
Net income attributable to owners of the parent	374,605	695,808

6

Tokio Marine Holdings, Inc.

(Consolidated Statement of Comprehensive Income)

		(Yen in millions)
	Fiscal year 2022	Fiscal year 2023
	(April 1, 2022 to	(April 1, 2023 to
	March 31, 2023)	March 31, 2024)
Net income	346,652	671,310
Other comprehensive income
Unrealized gains (losses) on available-for-sale securities	(890,153)	975,428
Deferred gains (losses) on hedge transactions	(7,203)	(515)
Foreign currency translation adjustments	430,458	211,717
Remeasurements of defined benefit plans	562	13,974
Unrealized gains (losses) on insurance liability of overseas subsidiaries	2,191	(1,823)
Share of other comprehensive income of affiliates accounted for by the	(6,947)	4,204
equity method
Total other comprehensive income	(471,091)	1,202,984
Total comprehensive income	(124,438)	1,874,295
Comprehensive income attributable to:
Owners of the parent	(91,505)	1,894,564
Non-controlling interests	(32,933)	(20,269)

7

Tokio Marine Holdings, Inc.

(3) Consolidated Statement of Changes in Shareholders' Equity

Fiscal year 2022 (April 1, 2022 to March 31, 2023)

											(Yen in millions)
				Shareholders' equity
				Retained								Total
	Share capital			Treasury stock		shareholders'
		earnings
											equity
Beginning balance	150,000		1,954,445		(13,179)		2,091,265
Cumulative effects of
revision in accounting				(38,025)							(38,025)
standards for overseas
subsidiaries
Restated balance	150,000		1,916,419		(13,179)		2,053,240
Changes during the year
Dividends				(192,151)						(192,151)
Net income attributable to				374,605							374,605
owners of the parent
Purchases of treasury stock							(111,691)			(111,691)
Disposal of treasury stock						0		688				688
Cancellation of treasury				(96,126)		96,126				-
stock
Changes in equity resulted				(1,961)							(1,961)
from increase in capital of
consolidated subsidiaries
Others				(509)							(509)
Net changes in items other
than shareholders' equity
Total changes during the year		-		83,856		(14,876)				68,979
Ending balance	150,000		2,000,276		(28,056)		2,122,219
			Accumulated other comprehensive income
	Unrealized													Unrealized	Stock	Non-
	gains	Deferred gains		Foreign		Remeasure-			gains (losses)
	(losses) on		(losses) on		currency		ments			on insurance	acquisition	controlling	Total net assets
	available-for-			hedge		translation		of defined			liability of	rights	interests
	sale		transactions		adjustments	benefit plans		overseas
	securities													subsidiaries
Beginning balance	1,835,605		(1,551)		110,335		(15,011)			-	33	51,949	4,072,625
Cumulative effects of
revision in accounting														(1,227)		(9,651)	(48,904)
standards for overseas
subsidiaries
Restated balance	1,835,605		(1,551)		110,335		(15,011)			(1,227)	33	42,297	4,023,721
Changes during the year
Dividends																			(192,151)
Net income attributable to																			374,605
owners of the parent
Purchases of treasury stock																			(111,691)
Disposal of treasury stock																			688
Cancellation of treasury																			-
stock
Changes in equity resulted																			(1,961)
from increase in capital of
consolidated subsidiaries
Others																			(509)
Net changes in items other	(880,954)		(7,203)		419,314			540			2,191	-	(25,670)	(491,781)
than shareholders' equity
Total changes during the year	(880,954)		(7,203)		419,314			540			2,191	-	(25,670)	(422,802)
Ending balance	954,650		(8,755)		529,650		(14,471)			964	33	16,627	3,600,919

8