Material for Conference Call (with script) [Material was replaced by the correct file. 22:30 JST Nov 17th]

Domestic Non‐ Life Insurance

Domestic

Life Insurance

Overseas

Subsidiaries

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Return

Domestic Non‐ Life Insurance

Domestic

Life Insurance

Overseas

Subsidiaries

Materials for FY2023 2Q Results Briefing - Conference Call

November 17, 2023 (Fri)

Todayʼs Key Points (FY2023 2Q Results)

• Net premiums written increased by 173.7 billion yen year on year, or +8.3% to 2,270.0 billion yen.
• Net income increased by 88.6 billion yen year on year to 87.5 billion yen. Group adjusted profit increased by 72.1 billion yen to 112.0 billion yen.

Profits increased due to a decrease in COVID‐19‐related losses, a decrease in large losses, and an increase in asset investment income, in addition to progress in various initiatives for improving profitability.

MSI Aioi Life increased profits due to a decline in payment related to COVID‐19.

MSI Primary Life decreased profits due to an increase in the provision of policy reserve related to foreign currency‐denominated insurance.

Profits increased due to an increase of premiums mainly by MS Amlin and a decrease in natural catastrophe losses and COVID‐19 related losses.

• In the revised full‐year forecast, the consolidated net income decreased by 20.0 billion yen from the initial forecast to 280.0 billion yen. Also the group adjusted profit decreased by 70.0 billion yen to 280.0 billion yen.

Annual forecast reduced 41.0 billion yen due to an increase in natural catastrophe losses, large losses, increased losses in voluntary automobile, and impact of inflation which were recorded in the first half .

MSA Life has not changed from the initial forecast. MSP Life has also not changed due to increased profit margins and risk controls such as hedging.

MS Amlin expects to achieve at the initial forecast, excluding the impact of foreign exchange rates and Asia business is also performing well. However, due to an increase in natural catastrophe losses in ADI and a deterioration in the bottom line in European subsidiaries, the annual forecast was reduced by 30.0 billion yen.

・The annual dividend per share for FY2023 is planned at 240 yen (unchanged from the initial forecast in May 2023).

・The interim dividend is 120 yen (+20.0 yen year on year), and we will also carry out a share buyback of maximum 10.0 billion yen.

MS&AD Insurance Group Holdings, Inc.	2

Contents

Summary of FY2023 2Q Results
Consolidated Earnings	P4‐9
Domestic Non‐Life Insurance Companies	P10‐13
Domestic Life Insurance Companies	P14‐16
Overseas Insurance Subsidiaries	P17‐19
Reference	P20‐27
Earnings Forecasts for FY2023
Consolidated Earnings Forecasts	P29‐33
Major Assumptions for Earnings Forecasts	P34
Domestic Non‐Life Insurance Companies	P35‐36
Domestic Life Insurance Companies	P37‐39
Overseas Insurance Subsidiaries	P40‐42
Reference	P43‐47

Please also refer to an Excel data file uploaded on our website.

3

Group Consolidated

(1) Top line

• Net premium written increased mainly due to an increase in overseas subsidiaries.
• Domestic non‐life insurance decreased due to reversal of a sharp increase in fire insurance sales in the previous fiscal year. Overseas insurance subsidiaries increased 194.2 billion yen mainly due to an increase in top line of MS Amlin (excluding foreign exchange effects, 134.2 billion yen).

Non-life insurance subsidiaries					（¥bn）
				FY2022 2Q	FY2023 2Q
				Results	Results	YoY Change	Growth
	Direct premiums written		2,226.2	2,367.4	141.1	6.3%
	(excl. deposit premiums from policyholders)
	Net premiums written		2,096.2	2,270.0	173.7	8.3%
		Mitsui Sumitomo Insurance		857.0	837.7	‐ 19.3	‐ 2.3%
		Aioi Nissay Dowa insurance		695.5	694.0	‐ 1.5	‐ 0.2%
		Mitsui Direct General		17.0	17.0	0.0	0.3%
		Overseas subsidiaries		526.4	720.6	194.2	36.9%
Life insurance subsidiaries					（¥bn）
				FY2022 2Q	FY2023 2Q
				Results	Results	YoY Change	Growth
	Gross premiums incomedaga†		772.4	891.2	118.8	15.4%
		MSI Aioi Life		243.7	236.7	‐ 6.9	‐ 2.9%
		MSI Primary Life		528.6	654.5	125.8	23.8%
	Life insurance premiums		‐ 12.0	476.0	488.0	‐
	† Gross premiums income is for domes	c life insurance	subsidiaries only.

5

• 1. Bottom line
• Despite (1) domestic natural catastrophes losses increased, net income of the domestic non life insurance increased by 57.4 billion yen mainly due to (2) Covid 19 losses decrease and (3)Investment profit increase.
• Domestic life insurance net income decreased by 6.8 billion yen due to a 17.5 billion yen decrease at MSI Primary Life, despite a
  10.6 billion yen increase at MSI Aioi Life.
• As for overseas subsidiaries, MS Amlin's profit and loss on insurance services increased 40.5 billion yen due to a decrease in Russia‐Ukraine losses, the strong top line and improvement of portfolio in profitability. In addition to MS Amlin, profit increased due to a rebound from Covid19 losses and improvements in loss ratio in voluntary automobile insurance in Asia.

Interim Net Income

Domestic Non Life

Overseas

（¥bn）

Insurance(MSI+ADI)

Subsidiaries

+ 57.4

(4)Others

(5)Domestic

+40.5

(8)Others

+26.0

Life Insurance

(7)Others

(Financial

-6.8

Service/

FY2023

(3)Investment

+15.6

(1)Domestic

(2)Covid19 profit/loss

Risk related/

2Q

(6)Amlin

ConsolidationNet Income

IFRS17

Loss

+14.0

Natural

Insurance Service

adjustment,etc) 87.5

Retroactive

+29.2

FY2022

Catastrophe

Profit/Loss

-2.4

( +88.6 )

application

Loss

2Q

+24.8

impact

-11.9

Net Income

FY2022

+32.4

-1.1

1Q

( + 32.4 )

-33.5

After

Disclosed

retroactive

last year

application of

IFRS17

MS&AD Insurance Group Holdings, Inc.	6

(3) Bottom line (Breakdown by company)

	FY2022 2Q	FY2023 2Q
	Results	Results	YoY Change	Change Ratio
Ordinary profit/loss	23.8	131.4	107.5	450.8%
Mitsui Sumitomo Insurance	25.0	86.1	61.0	243.7%
Aioi Nissay Dowa Insurance	‐ 16.6	3.8	20.4	‐
Mitsui Direct General Insurance	2.2	‐ 1.2	‐ 3.4	‐ 154.3%
MSI Aioi Life	10.5	25.3	14.8	140.9%
MSI Primary Life	14.9	‐ 9.7	‐ 24.7	‐ 165.4%
Overseas subsidiaries	12.6	52.7	40.0	315.2%
Consolidation adjustments, others	‐ 24.9	‐ 25.6	‐ 0.6	‐
Net income/loss*	‐ 1.1	87.5	88.6	‐
Mitsui Sumitomo Insurance	24.8	65.1	40.3	162.2%
Aioi Nissay Dowa Insurance	‐ 15.4	1.6	17.1	‐
Mitsui Direct General Insurance	2.0	‐ 0.9	‐ 2.9	‐ 145.6%
MSI Aioi Life	6.0	16.6	10.6	177.0%
MSI Primary Life	8.9	‐ 8.6	‐ 17.5	‐ 196.1%
Overseas subsidiaries	0.4	40.9	40.5	‐
Consolidation adjustments, others	‐ 27.9	‐ 27.4	0.5	‐

NB: Consolidated net income represents net income attributable to owners of the parent.

Net income of subsidiaries is on an equity stake basis, same hereafter.

(¥bn)

FY2023 Revised Forecast

	Progress
400.0	‐
180.0	‐
82.0	‐
‐	‐
‐	‐
‐	‐
‐	‐
‐	‐
280.0	31.3%
135.0	48.3%
56.0	3.0%
‐1.9	‐
25.0	66.7%
16.0	‐53.8%
102.0	40.2%
‐52.1	‐

7

• 1. Bottom line(Group adjusted profit)
• Group adjusted profit was 112.0 billion yen. The progress rate was 40.0% against the full‐year forecast of 280.0 billion yen.
• The progress rate of domestic non life insurers and international business was about 46.0% and 40.4% respectively. The progress rate of domestic life insurance was about 19.3% because of late progress of MSI Primary Life.
• 
  Progress of Group adjusted profit

				Annual		Annual
					forecast
				forecast
				3.0
				94.0
					Q2
					1.8
						Progress
		Annual		62.3%
	forecast 45.0
Annual
			Q2
forecast
			37.9
138.0
			Progress

FY2023

Group adjusted profit Revised forecast 280.0

（¥bn）

			Q2	40.4%
				Q2
	Q2	8.7
	Progress			112.0
	63.5
		19.3%			Progress
	Progress
					40.0%
	46.0%
	Domestic	Domestic Life	International	Financial/Digital and
	Non Life
	Insurance	Business	Risk related Services
	Insurance

MS&AD Insurance Group Holdings, Inc.

8

(5) Bottom line (Breakdown of Group adjusted profit)

		FY2022 2Q	FY2023 2Q
		Announced	IFRS Base		YoY change ✝1
		last year
Group Adjusted Profit	7.4	39.8		112.0	72.1
	Domestic non‐life insurance business	27.0	26.9		63.5	36.5
	Domestic life insurance business	16.6	16.6		8.7	‐ 7.9
	International business	‐ 36.2	‐ 3.7		37.9	41.6
	Financial services business and risk‐	0.0	0.0		1.8	1.8
	related services business
✝1 Compared with the previous year's figures after retrospective application of IFRS 17.

（¥bn）

Annual revised

（¥bn） forecast Progress

280.0 40.0%

138.0 46.0%

1. 19.3%

1. 40.4%

1. 62.3%

	＜Ref.＞	Group		Consoli-		Provision/				Equity in earnings
				reversal for		Other
		Adjusted	=	dated	+	catastrophe	-	incidental	+	of the non-
		net	consolidated
		Profit	loss reserve	factors✝3
		income	group companies
		112.0			and others✝2		-21.4
			87.5				0.2
						2.7
✝2	"+" in case of provision, "‐" in case of reversal
✝3 Amortization of goodwill and others: ‐17.4 billion yen

9

Domestic Non Life Insurance Companies

• 1. Bottom line(MSI+ADI)
• Underwriting profit (before catastrophe reserve) increased due to an increase in earned premiums, reversal of the of COVID‐ 19‐related losses, and a decrease in large losses, despite an increase in automobile insurance losses and natural catastrophes.
• Investment profit increased due to an increase in gains on sales of securities and an increase in interest and dividend income.

Interim Net Income (MSI+ADI)

Underwriting profit(before

（¥bn）

catastrophe reserve ）+ 41.2

(7)Investment profit

/loss and others

＋14.3

(3)Incurred loss

(4)Expnses

(1)Earned Premiiums

(Natural

and others

＋11.1

＋45.0

catastrophes)

‐7.6

(8)Others

(2)Incurred loss

(5)Others

(6)Catastrophe

(extraordinary

FY2023

reserve +25.9

profit/loss,

2Q

(exc. Natural

＋0.4

corporate

66.8

catastrophes)

Domestic natural catastrophes ‐11.9

tax,etc)

‐7.7

( +57.4 )

FY2022

‐24.0

Overseas natural catastrophes

4.3

2Q

9.3

NB1:Excluding CALI and residential EQ

Fire +24.6

base for item (1) to (6)

Personal accidents +7.9

NB2:Incurred loss of (2) includes loss

Voluntary Automobile - 48.5

adjustment expenses

Casualty +6.0

(incl. Covid19 losses +29.2）

MS&AD Insurance Group Holdings, Inc.

11

• (2) Impact of Natural Catastrophes

• Domestic natural catastrophe losses increased by 11.9 billion yen.
• Overseas natural catastrophe losses decreased by 26.2 billion yen compared with the previous fiscal year when the loss of Hurricane Ian was additionally booked.

Impact of domestic natural catastrophes

(¥bn)

（Ref: 2023 2Q）

Incurred losses

Incurred losses

FY2022 2Q

FY2023 2Q

FY2023 revised

Before reinsurance

Results

Results

YoY Change

Forecast

Typhoon No.2

16.6

Mitsui Sumitomo Insurance

49.4

56.0

6.5

71.0

Heavy rain in July

15.6

Aioi Nissay Dowa Insurance

40.4

45.8

5.3

56.0

July hail in Gunma

27.9

Total

89.9

101.9

11.9

127.0

Typhoon No.7

12.1

Impact of overseas natural catastrophes

(¥bn)

Incurred losses

Incurred losses

FY2022 2Q

FY2023 2Q

YoY Change

FY2022 revised

Results

Results

Forecast

Aioi Nissay Dowa Insurance

20.4

17.5

‐ 2.9

24.2

MS Amlin

5.6

10.1

4.5

32.2

Other (MSI, overseas subisidiaris

1.3

‐

‐ 1.3

,Consolidation adjustments )

Additionally booked nat. cat. losses at

26.5

‐

‐ 26.5

‐

overseas subisidiaries†1

54.0

27.7

‐ 26.2

56.4

Total

†1:Effect of additional booking of North American Hurricane Ian in the third quarter of FY2022 on after‐tax profit of overseas insurance subsidiaries (Jan.‐Dec. reporting base)

NB: The scope of overseas natural catastrophes aggregation is on the Group' internal basis.

12

(3) Voluntary automobile insurance

• The cumulative number of accidents at the end of September increased by 5.8% year‐on‐year.
• E/I loss ratio increased by 7.1 points year‐on‐year to 70.6%.

Number of accidents

E/I loss ratio ✝1

(Domestic business only, per day,

E/I loss ratio

excl. the number of accidents caused by natural catastrophes)

(incl. loss adjustment expenses)

(incl. loss adjustment expenses)

Number/per day

Simple sum of MSI and ADI

Simple sum of MSI and ADI

6,000

SimpleSimplesumsumof MSIof MSIandandADIADI

70.6%

63.5%

4,000

59.9% 65.5%

58.0%

2,000

53.6%

（excl. natural catastrophe）

51.4%

0

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

FY2019

FY2020

FY2021

FY2022

FY2023

FY2019

FY2020

FY2021

FY2022

FY2023

Q2

Q2

Q2

Q2

Q2

Premiums/Claims	MSI
＜Domestic sales basis＞	No. of contracts	Insurance premium	Insurance
		unit price	premium
Factors of increase/decrease in	+0.3%		+0.8%	+1.2%
insurance premiums ✝2
＜Domestic＞	Property damage liability	Vehicle damage
(Excl. natural
Changes in average payout	+7.4%			+3.8% (NB)
per claim✝3

Premiums/Claims	ADI
＜Domestic sales basis＞	No. of contracts	Insurance premium	Insurance
unit price	premium
Factors of increase/decrease in	+0.2%		+0.4%	+0.8%
insurance premiums
＜Domestic＞	Property damage liability	Vehicle damage
(Excl. natural catastrophes)
Changes in average payout	+5.4%			+4.4%
per claim

✝1	All figures for factors of increase/decrease in insurance premiums are based on sales results (April to September) year‐on‐year.
✝2	Increase/decrease in average payout per claim means changes in average payout per claim over one‐year period ended Sep. 30, 2023 compared with average payout per claim in
✝3	one‐year period ended Sep. 30, 2022.(Revised calculation method from this announcement)
E/I loss ratio is calculated based on the figures from April to September for each year.	NB: after corrected due to special factors

13

Domestic Life Insurance Companies

MS&AD Insurance Group Holdings, Inc.

(¥bn)

(1) MSI Aioi Life

• Annualized premiums of new policies increased by 2.2% year‐on‐year due to strong sales of cancer insurance and the introduction of medical insurance with relaxed underwriting conditions.

• Interim net income increased by 10.6 billion yen mainly due to a rebound from Covid19 related payment.

MSI Aioi Life

		FY2022 2Q		FY2023 2Q
		Results		Results	YoY Change		Change Ratio
Amount of new policies*1			747.4	666.4			‐ 80.9	‐10.8%
Annualized premiums of new			13.3		13.6			0.2	2.2%
policies
	of which, third sector insurance			6.1		6.9			0.8	13.7%
Amount of policies in force	(At the	23,249.9	(At the	22,889.6	(Change from the	‐ 360.2	‐1.5%
beginning of FY)	beginning of FY)	beginning of FY)
Annualized premiums of policies in	(At the		440.5	(At the	438.0	(Change from the		‐ 2.4	‐0.6%
force	beginning of FY)		beginning of	beginning of FY)
			FY2022)
	of which, third sector insurance	(At the		157.5	(At the	160.0	(Change from the		2.4	1.6%
	beginning of FY)		beginning of FY)	beginning of FY)
				243.7		236.7
Gross premiums income						‐ 6.9	‐2.9%
Ordinary profit/loss			10.5		25.3			14.8	140.9%
Extraordinary income/loss			‐ 0.6		‐ 0.7			‐ 0	‐
Net income/loss			6.0		16.6			10.6	177.0%
Core profit✝1			8.6		19.5			10.9	126.0%
EEV	✝2	(At the		908.0	(At the	882.9	(Change from the		‐ 25.0
beginning of FY)		beginning of FY)	beginning of FY)
	EEV applied UFR	(At the		946.7	(At the	891.1	(Change from the		‐ 55.6
	beginning of FY)		beginning of FY)	beginning of FY)

✝1 From 1Q 2023, the disclosure method based on new standard has been adopted. Along with this revision, 2022 2Q result was amended based upon new standard. ✝2 EEV for 2Q is a pro forma figure based in part on a simple calculation. It has not been verified by an independent third party.

15

(2) MSI Primary Life

• Gross premium increased by 23.8% due to favorable market conditions and other factors, resulting in a record 654.5 billion yen for the second quarter.

• Interim net income decreased by 17.5 billion yen to -8.6 billion yen, mainly due to an increase in policy reserveʼs

provisions for foreign currency denominated insurance, although Interest and dividend income increased due to an increase in policy in-force.

	MSI Primary Life									(¥bn)
			FY2022 2Q	FY2023 2Q
			Results		Results	YoY Change	Change Ratio
	Amount of new policies(Personal total)			547.1		699.3		152.1	27.8%
	Amount of policies in force(Personal total)		(At the	6,932.2		7,691.7	(Change from	759.5	11.0%
		beginning		the beginning
			of FY2022)					of FY)
	Gross premiums income			528.6		654.5		125.8	23.8%
	Ordinary profit/loss			14.9			‐ 9.7		‐ 24.7	‐ 165.4%
	Extraordinary income/loss			‐ 2.0			‐ 2.3		‐ 0.2	‐
	Provision/reversal			‐ 2.0			‐ 2.3		‐ 0.2	‐
	for price fluctuation reserve
	Net income/loss			8.9			‐ 8.6		‐ 17.5	‐ 196.1%
		rates
	Impact of interest rates and foreign exchange	(¥bn)
		FY2021 2Q	FY2022 2Q
		Results	Results
	Impact of interest rates		‐ 70.4	‐ 55.2		✝ The price fluctuation reserve for this fiscal year was
							implemented for statutory provisions only.
	Impact of foreign exchange rates	39.2	15.5
	Total✝		‐ 31.2	‐ 39.6

16

Overseas subsidiaries

• 1. Results summary
• Net premiums written of overseas insurance subsidiaries increased in Europe, including MS Amlin, which increased due to the expansion of new business and an increase in insurance premium rates, and in Asia and the U.S.
• Interim net income increased by 40.5 billion yen. Compared with the figure disclosed last year, the increase was 73 billion yen.
• In Asia, profits increased by 11 billion yen, mainly due to a rebound from Covid19 losses and the improvement of voluntary automobile insurance in Asia. In Europe, profits decreased by 4 billion yen, mainly due to a decrease in profits at ADI's European subsidiary, although MS Amlin's profits were almost the same as the previous fiscal year.

Overseas subsidiaries					(¥bn)
			FY2022 2Q	FY2023 2Q
			Announced	IFRS 17 base	Results	YoY Change†1	Change ratio
			last year
	Net premiums written	525.6	526.4	720.6	194.2	36.9%
		Asia	108.8	110.6	122.5	11.8	10.8%
		Europe	384.8	383.8	557.5	173.6	45.2%
		Americas	31.9	31.9	40.6	8.6	27.2%
	Net income/loss	‐ 32.0	0.4	40.9	40.5	ー
		Income on a local reporting basis	‐ 6.0	26.4	40.9	14.5	55.0%
		Asia	9.3	9.4	20.4	11.0	117.2%
		Europe	‐ 21.4	12.6	8.6	‐ 4.0	‐31.7%
		Americas	0.2	1.0	2.1	1.0	99.7%
		International Life Insurance	5.8	3.2	9.7	6.4	196.9%
		Additionally booked nat. cat. Losses†2	‐ 25.9	‐ 25.9	ー	25.9	ー

†1	Compared with the previous year's figures after retrospective application of IFRS 17
†2	Effect of additional booking of North American Hurricane Ian in the third quarter of FY2022 on after‐tax profit of overseas insurance subsidiaries (Jan.‐Dec. reporting base)

18

• 1. MS Amlinʼs financial result for Jan-June 2023 ✝1
• Insurance services profit improved by ￡147 million year on year, mainly due to a reduction in losses linked to Russia-Ukraine, good progress of top line growth and profitability improvements in the portfolio.
• Financial profit and loss decreased to ￡128 million year-on-year due to a large increase in interest rates last year and a reversal of the discount on insurance liabilities.
• Non-operatingprofit/loss was ￡-54 million due to the temporary impact of the transfer of insurance liabilities of previous years.

	FY2022	FY2023	（￡mn）
	2Q after IFRS17 2Q after IFRS17	YoY change
Insurance service profit/loss	10	156	147
Financial profit/loss	108	‐20	‐128
of which investment income/loss	‐116	68	184
of which insurance service expenses(interest rate change impact)(‐)	226	4	‐222
of which insurance service expenses(unwind,etc)(‐)	‐2	‐92	‐90
Non‐operating profit/loss	‐9	‐54	‐45
Net income	71	70	‐2
【Reference】Main breakdown of insurance service profit/loss ✝2	2,193	3,181	988
Net premiumwritten
Net premium earned	1,388	1,933	545
Incurred losses(including loss adjustmnent expenses)	892	1,084	192
Expense for acquisition and other operating expense	504	687	183
EI loss ratio	64.3%	56.1%	‐8.2pp
EI expense ratio	36.3%	35.5%	‐0.8pp
EI combined ratio	100.6%	91.6%	‐9.0pp

Under the new accounting standard, insurance liability is valued at a discount to present value. The impact on profit/loss is as follows:

(1)Discounts on changes in insurance liabilities for current year underwriting and insurance liabilities for past year underwriting are recognized in "Insurance Services profit/loss"

1. With regard to insurance liabilities for the previous year, changes in the discount effect due to changes in interest rates and the decrease in the discount amount due to the passage of time are recognized in "Insurance Finance Expenses"

Major natural catastrophe losses

(before discounting)		(£mn)
	FY2022	FY2023
	2Q	2Q		YoY change
35		60	25

✝1 Local accounting base (simple sum of results of main group companies from this year). Reinsurance premium & other items related to the transfer of insurance liabilities in
previous fiscal years are excluded from the insurance account.
✝2 Net premiums written is based on IFRS4 and the items below 'Net premium earned' have been reclassified from 'Insurance service profit/loss' to the conventional
classification. However, the classification is based on IFRS17, such as incurred losses are after discounting.
MS&AD Insurance Group Holdings, Inc.	19

Reference

MS&AD Insurance Group Holdings, Inc.