Tokio Marine : Presentation

To Our Shareholders

The 18th Ordinary

General Meeting of Shareholders

Tokio Marine Group Business Strategy

June 29, 2020

Satoru Komiya

President & Group CEO

Table of Contents

1. Performance Topics......................................

P.2

2. Purpose of Tokio Marine's Business and

Initiatives for Achieving the Purpose..............	P.8
3. For Our Goal...............................................	P.16

Copyright (c) 2020 Tokio Marine Holdings, Inc.

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1. Performance Topics

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1. Performance Topics

Occurrence of large-scale Natural Disasters for the Second Consecutive Year

Typhoons Faxai (No.15)		Typhoons Hagibis (No.19)

Source: adapted from the website of the Kanto Regional Development Bureau

Torrential Rain in Northern Kyushu on July

Source: adapted from the website of the Kyushu Regional Development Bureau

Source: adapted from the website of the Kanto Regional Development Bureau

Insurance claims for the series of natural disasters*:

Whole industry: over 1trillion yen

The Company: approx. 330.0billion yen

• Claims paid (including anticipated) for the whole industry; direct insurance claims for the Company

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1. Performance Topics

Impact of Natural Disasters on Income

Managed natural catastrophe risk through geographical and business diversification and limited the impact on income to approx. 20% for FY2019

• Impact*1 of natural catastrophe on adjusted net income*2＞

Risk
diversification	2011 Approx. -80%	2019 Approx. -20%

*1 Impact is calculated as net incurred losses exceeding initial natural catastrophe fund *2 Adjusted Net Income based on financial accounting is used from the perspective of enhancing transparency and comparability as well as linking with shareholder returns

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1. Performance Topics

Response to Natural Disasters

The vital role of our main insurance business, supporting customers in their times of need

Disaster management task force

Checking customers' damage

Damage assessment

FY2019: Mobilized 22 thousand

employees in aggregate

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1. Performance Topics

Response to Natural Catastrophe

Swift claims payment	◼ Leveraging cutting-edge technology
Utilizing the latest technology throughout all
utilizing technology
processes, from pre-disaster, to insurance
	claims, to claims payment	Utilizing satellite technology
Product development	◼ Earthquake-ready EQuick Insurance
reflecting the voices of	Paid promptly after an earthquake (in as few
people affected by
as 3 days) in proportion to magnitude, to
disasters
support customers' immediate living needs	Can be completed on a smartphone
	◼ Sophisticated risk surveys	◼ Disaster Prevention
Provision of	and mitigation measures	Lessons
	40 thousand participants in aggregate
information and
Utilizing drones for:
services for prevention	・Ground level analysis
and mitigation of	・Flooding simulations
disasters
Copyright (c) 2020 Tokio Marine Holdings, Inc.		6

1. Performance Topics

Impacts of COVID-19

Underwriting

• Event Cancellation insurance
• Overseas travel insurance

Investment

• Impairment losses on securities

It is vital to

"understand the root cause of the issue and take all necessary and appropriate measures"

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2. Purpose of Tokio Marine's Business and Initiatives for Achieving the Purpose

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2. Purpose of Tokio Marine's Business and Initiatives for Achieving the Purpose

Changes in the Global Environment

An era to rethink companies' raison d'être

Technological advances		COVID-19		Increasing inequality

Climate change		Rising geopolitical risk

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2. Purpose of Tokio Marine's Business and Initiatives for Achieving the Purpose

Purpose of Tokio Marine's Business

Working with agents to grasp and respond to customer and society needs

Support customers in their

Customers

times of need by delivering safety and security while helping people and companies undertake new challenges

to shape the future

Employees

Offering vibrant

workplaces

Contributing to

solving social

issues

Society

	Providing an
Shareholders
	appropriate
	return on
	investment

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2. Purpose of Tokio Marine's Business and Initiatives for Achieving the Purpose

Priority Issues

To remain an indispensable partner

for our customers and local communities

Further diversification of		Strengthening of aligned		Fully leveraging
portfolio		Group management		technology

Identification of flooded area using

satellite image

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2. Purpose of Tokio Marine's Business and Initiatives for Achieving the Purpose

Further Diversification of Portfolio

2000

2007

2012

2015

2018 2019

Weight of overseas insurance business in group-wide income

3％	46％
(2002)	(2020)

Expandinto non-

Japanese businesses

P&C in	Life in
emerging	emerging
markets	markets

(-2000) Reinsurance

Business subsidiary development

focused on Japanese clients

Copyright (c) 2020 Tokio Marine Holdings, Inc.

Growth and business

diversification in the U.S.

Established

material presence in the U.S. and Europe

Acquired	Acquired
May 2012	Oct 2015

Acquired	Acquired
Mar 2008
Dec 2008

Capture further growth and pursue business

diversification

Capture growth in emerging markets

Announced	Acquired
Jan 2020	Feb 2020

Acquired	Invested
Aug 2018	Dec 2018

Strategicreview of the business portfolio

Divested

Mar 2019

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2. Purpose of Tokio Marine's Business and Initiatives for Achieving the Purpose

Acquisition of Pure Group・Establish Insurance JV with Caixa Bank

Acquisition of Pure Group

• Customer satisfaction supported by high quality service

	Customer satisfaction				77
	(Net Promoter Score*1）	73
	47	52
35	39
Homeowners	Auto insurance Apple	Intel			Pure		Starbucks
insurance	industry

industry average average

■ Outstanding growth for HNW*2 market

（USD mn）	Before-tax profit	Approx.
	CAGR	200
	+31%
	66
17
2014	2019	2023（Projection)

Establish Insurance JV with Caixa Bank

• Sell highly profitable home insurance (mortgage insurance, homeowners' insurance)

*1：An index quantifying customer loyalty from -100 to 100 (whether a customer recommends a company's

Copyright (c) 2020 Tokio Marine Holdings, Inc. products or services to their acquaintances).Source: Customer GURU, NICE Satmetrix 2019 Consumer Net Promoter Benchmark Study

*2：HNW stands for High Net Worth.

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2. Purpose of Tokio Marine's Business and Initiatives for Achieving the Purpose

Strengthening of Aligned Group Management

Need talented individuals in the right positions within and outside of Japan

Tasked with joint Group oversight, etc.

Donald Sherman

Senior Managing Executive Officer

Co-CIO (Group Co-Chief Investment Officer)

Delphi Financial Group CEO

Robert O'Leary

Managing Executive Officer

Assistant to the Executive Officer in charge North America (excluding some subsidiaries) Philadelphia Consolidated Holding Corp.

Chairman&CEO

Christopher Williams

Senior Managing Executive Officer

Co-Head of International Business

Co-CRSO

(Group Co-Chief Retention Strategy Officer)

José Adalberto Ferrara

Executive Officer

Tokio Marine Seguradora S.A. CEO

Reserving	HR	Specialty	Cyber	Reinsurance	Internal
Insurance	Audit

Expertise across the Group

Daniel	Caryn	Philippe	Daljitt	Barry	Desmond
Thomas	Angelson	Vezio	Barn	Cook	Yeo

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2. Purpose of Tokio Marine's Business and Initiatives for Achieving the Purpose

Fully Utilizing Technology

Utilizing technology to provide new value to customers

Increase contact

points

with customers

Get insurance by voice through	Free online medical consultation
Smart speaker

Enhance

products and

services

Product/service development of	Utilization of cutting-edge technology
ship insurance, etc.	in cyber risk, etc.

Enhance claims

services and

improve business

efficiency

Identification of flooded area using	Simple and speedy process with
satellite image	high customer satisfaction
Reproduction of accident situation using	Improve efficiency and sophistication of
drive recorder video	vehicle damage confirmation using AI

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3. For Our Goal

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3. For Our Goal

Our Goal

We all still need to deal with risks in our daily lives

Throughout the changing eras, we continue to support our customers in their times of need

As a result, we will achieve sustained profit growth

If we live up to such expectations,

Insurance can be deemed as a growing market

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3. For Our Goal

Our Goal

Continuing to enhance our capabilities

[Adjusted net income / Adjusted ROE *]

12.2%

(billions of JPY)

Medium to long-

term target

around 12%

Over ¥500 billion

500

410.0

400

300

200 4.8%

114.1

100

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Our Goal

Copyright (c) 2020 Tokio Marine Holdings, Inc.	* Natural catastrophe normalized to 2020 funds level, impact of reinstatement premiums is	18
excluded for 2018 and 2019.2020 figures exclude the impact of COVID-19.

3. For Our Goal

Shareholder Return Policy

Ninth consecutive year of higher dividends projected

High level shareholder return

				190	200	Global Peer Level
			180
DPS（JPY）		160
(ordinary dividends)	140				40%
				38%
	35%	35%	36%
Payout Ratio
(Payout ratio based on the original
projection basis.）
	2016	2017	2018	2019	2020	Our Goal
					(Projections)
Copyright (c) 2020 Tokio Marine Holdings, Inc.					19

3. For Our Goal

Revitalizing Our People and Structure

To build a "robust and agile" company that will continue to enhance corporate value, even amid dramatic changes in the environment

"People" and "Culture"

Communication	Challenging Spirit	Diversity & Inclusion
Cultivate a corporate
Speedy sharing of front-	culture that encourages	Enhance specialization
line information within	employees to take on	and respect diversity in
the Group	new challenges, without	the Group
	fear of failure

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3. For Our Goal

Our Culture: "To Be a Good Company"

Sharing our ideal of a Good Company with colleagues around the world By caring about people and culture, we can be a Good Company now and for the next 100 years

Continuing to provide value for all stakeholders

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We will be there for our customers, playing our part in society in times of need. We will balance our strength as an organization with compassion as individuals, looking beyond profit to deliver fully on our commitments.

Through our collective efforts, we will strive to be a Good Company,

living up to the trust placed in us.

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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.