Handouts [Corrected on Aug. 8, 2022: Pie chart of Group Adjusted premium on P.75]

Fiscal 2022

First Information Meeting

May 25, 2022 (Wed)

Contents

Main Points of Today's Presentation

• Review of "Vision 2021"
• 1. Overview of FY2021 Performance
  2. Progress Toward Numerical Management Targets (Table)
  3. Progress Toward Numerical Management Targets
  4. Review of Vision 2021
  5. 1. Progress of Aspirations (Scale and Quality)
     2. Results of Three Key Strategies
     3. Summary
  6. Shareholder Returns

• Overview of the New Mid-term Management Plan (FY2022-2025)
• 1. MS&AD Group's Aspirations
  2. Recognition of Business Environment
  3. Further Growth Based on CSV
  4. Qualitative Targets
  5. Quantitative Targets
  6. 1. Financial Targets
     2. Impact on FY2022 Forecast (Incidental Factors)
     3. Structure of the FY2025 Profit Target

Comparison with Global Peers

6. Basic Strategies and Foundations Supporting Basic Strategies

7. Basic Strategies: (1) Value (2) Transformation (3) Synergy

8. Foundation Initiatives: (1) Sustainability (2) Sustainability KPIs

(3) Human Resources (4) Human Resources and Quality KPIs

1. Strategies by Business Domain: (1) Domestic Non-life Insurance Business
2. 1. Domestic Life Insurance Business
   2. International Business
   3. Risk-RelatedServices Business
   4. Financial Services Business
3. Asset Management Strategy: (1) Improving Profitability
4. 1. Reinforcing the Foundations for Improved Earnings Power
5. Capital Strategy:
6. 1. Improving Capital Efficiency Through the Optimization of Group Capital
   2. Developing More Sophisticated Business Management and Flexible Flow of Capital
   3. Policy on Investment in Existing Businesses and New Businesses

(4)	Risk Reduction	(5) ESR Target Range
(6)	Shareholder Return Policy	(7) Definition of Profits for Shareholder Return

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【Reference】

• Group's Current Status
• 1. Premium Income
  2. Bottom Line and ROE
  3. Impact of Foreign Exchange Rate Fluctuations on Earnings

• Basic Information on Each Business Domain
• 1. Domestic Non-life Insurance Business
  2. Domestic Life Insurance Business
  3. International Business
  4. Asset Management

• Systems Supporting Value Creation
• 1. Sustainability Initiatives
  2. Stewardship Activities
  3. ERM

• Shareholder Return and Stock Price-related Indices Past Shareholder Returns

Stock Price-Related Indices

Calculation Method of Group Adjusted Profit, Group Adjusted ROE, Shareholder Return Ratio and Adjusted Net Assets

(Reference) Major differences between IFRS net income and base profit for shareholder return from the previous standard

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MS&AD Group Overview

Holding company

Domestic Non-Life

Mitsui Direct General

Insurance

Domestic Life

Mitsui Sumitomo Aioi

Life Insurance

Mitsui Sumitomo Primary

Life Insurance

International

Non-Life Insurance

	Asia	Life
Regional Business	Europe	Insurance

Americas

Telematics and Mobility

Head Office Reinsurance

Financial Services

Risk-Related Services

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Abbreviations of company names used in this presentation.

• MS&AD Holdings, Holding Company : MS&AD Insurance Group Holdings, Inc.
• MS&AD : MS&AD Insurance Group
• MSI : Mitsui Sumitomo Insurance Co., Ltd.
• ADI : Aioi Nissay Dowa Insurance Co., Ltd.
• Mitsui Direct General, MD : Mitsui Direct General Insurance Co., Ltd.
• MSI Aioi Life, MSA Life : Mitsui Sumitomo Aioi Life Insurance Co., Ltd.
• MSI Primary Life, MSP Life : Mitsui Sumitomo Primary Life Insurance Co., Ltd.
• InterRisk, IRRC : MS&AD InterRisk Research & Consulting, Inc.
• MS Amlin : Sum of business segments including AUL,AAG,AISE and ACS AUL MS Amlin Underwriting Limited
  AAG MS Amlin AG

AISE MS Amlin Insurance SE

ACS MS Amlin Corporate Services Limited

• MSIGW : MSI GuaranteedWeather, LLC
• MSR : MSR Capital Partners, LLC
• Aioi : Aioi Insurance Co., Ltd.
• NDI : Nissay Dowa General Insurance Co., Ltd.

Caution About Forward-Looking Statements

This presentation contains statements about future plans, strategies, and earnings forecasts for MS&AD Insurance Group Holdings and MS&AD Group companies that constitute forward-looking statements. These statements are based on information currently available to the MS&AD Group. Investors are advised that actual results may differ substantially from those expressed or implied by forward-looking statements for various reasons. Actual performance could be adversely affected by (1) economic trends surrounding our business, (2) fierce competition in the insurance sector, (3) exchange-rate fluctuations, (4) changes in tax and other regulatory systems, etc.

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Main Points of Today's Presentation

I. Review of Vision 2021

• The Group Adjusted Profit reached ¥347.1 billion, exceeding the target. Group Adjusted ROE was 9.5%, higher than forecast.
• In terms of scale of business, the goal of remaining ranked among the world's top 10 non-life insurance groups was achieved. Risk portfolio and business portfolio diversification was an ongoing issue due to the stock market situation and natural disasters overseas.

II. Overview of Medium-term Management Plan (2022-2025)

Target	• A corporate group that supports a resilient and sustainable society
• Grow together with society as a platform provider of risk solutions
Quantitative	• Group Adjusted Profit of ¥400 billion and Group Adjusted ROE of around 10% by FY2023
• Net income of ¥470-500 billion on an IFRS basis and Adjusted ROE of around 11% on an IFRS
targets
basis, and stable realization of Adjusted ROE of 10% or higher by FY2025
Three basic	• Value (value creation), transformation (business reforms) and synergy (demonstration of group
strategies	synergy)
Four foundations	• "Sustainability," "Quality," "Human Resources" and "ERM" are the foundations supporting the
supporting the	basic strategies.
basic strategies	The three priority challenges for sustainability are planetary health, resilience and well-being.
	• Optimization of Group capital and improvement of capital efficiency.
Capital policy and	• The basic policy is to return 50% of Group Adjusted Profit until FY2023 and 50% of the base
returns to	profit for shareholder return in FY2024 and FY2025.
shareholders	Provide additional returns in an agile and flexible manner, in light of market trends, the business
	environment, capital status and other factors.

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