MS& Insurance : Notice Regarding Dividend of Surplus for the Year Ended March 31, 2021

	May 20, 2021
Name of Listed Company:	MS&AD Insurance Group Holdings, Inc.
Name of Representative:	Noriyuki Hara, President & CEO
	(Securities Code: 8725, Tokyo Stock Exchange and Nagoya Stock Exchange)
Contact:	Corporate Communications and Investor Relations Dept.
	https://www.ms-ad-hd.com/en/ir/contact.html

Notice Regarding Dividend of Surplus for the Year Ended March 31, 2021

MS&AD Insurance Group Holdings, Inc. (the "Company") hereby announces that at the meeting of the Board of Directors held on May 20, 2021, the Company resolved to implement a dividend of surplus as follows, with the date of record of March 31, 2021.

Note that this dividend of surplus will be tabled for approval at the 13th Annual Shareholders Meeting scheduled to be held on June 28, 2021.

1. Description of Dividend

	Final amount	Most recent dividend forecast	Previous year dividend
	(announced May 20, 2020)
Date of record	March 31, 2021	Same as at left	March 31, 2020
Dividend per share	80.00 yen	75.00 yen	75.00 yen
Total amount of dividend	44,656 million yen	－	42,678 million yen
Effective date	June 29, 2021	－	June 26, 2020
Dividend funds	Retained earnings	－	Retained earnings

2. Reason

The Company's capital policy is to secure consistently stable dividends per share and to provide returns to shareholders of around 40% to 60% of Group Adjusted Profit by shareholder dividends and repurchase of our own shares. Based on this policy, and considering our results for the fiscal year ended March 31, 2021 as well as the outlook for results going forward, we will raise the year-end dividend for the fiscal year ended March 31, 2021 by 5 yen from the 75 yen per share in our previous forecast, to 80 yen. Combined with the interim dividend of 75 yen already implemented, this will bring the per share dividend for the full year to 155 yen per share.

(Note) The Group Adjusted Profit is the Company's own index showing the ordinary profitability of the entire group. It is calculated by adding/deducing provision for catastrophe loss reserve and others (adding for provision and deducting for reversal) to/from consolidated net income.

(Reference) Breakdown of full-year dividend

	Dividend per share (yen) and total amount of dividend (million yen)
Date of record	End of 2nd Quarter	Fiscal year end	Full year
Per share	Total	Per share	Total	Per share	Total
	amount	amount	amount
Forecast for year ended			80.00	44,656	155.00	86,995
March 31, 2021			yen	yen
Actual for year ended March	75.00	42,338
31, 2021	yen
Actual for year ended March	75.00	43,092	75.00	42,678	150.00	85,770
31, 2020	yen	yen	yen

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