At a Glance

Tokio Marine Group has built a highly profitable specialty insurance portfolio focused on developed markets comprised of a diversified portfolio, enabling it to weather market cycles and adverse events. This is complemented by high growth centers in emerging economies and underpinned by sustainable and profitable Japanese domestic life and non-life businesses.

Tokio Marine Group's international and domestic businesses provide an equal share of its profits, with its comprehensive portfolio and global footprint providing multiple growth opportunities.

Results

Realizing stable business expansion, profit growth, and high capital efficiency

Top-line
(Net premiums written + Life insurance premiums)¥ 6.1 tn
Adjusted net income¥ 1 tn
Adjusted ROE18.1 %

* Fiscal 2024 original projection basis
* Adjusted net income and Adjusted ROE are our original indicators excluding the effect of various reserves specific to the Japanese insurance business and goodwill, etc.

Composition of Profits

International business driving profit growth

Business Unit Profits International: 75% Japan: 25%

* Fiscal 2024 original projection basis
* Excluding capital gains from sale of business-related equities

Operating Presence

Network encompassing Japan and 46 countries and regions worldwide

Japan (Tokio Marine & Nichido) No.1 South Africa No.2 Thailand No.4 U.K. (Lloyd’s) No.4 Brazil No.7 Malaysia No.7 India No.13 U.S. (Commercial Lines) No.12

Sources: AXCO, IRDAI, IPRB, SUSEP, Swiss Re, FSCA Financial Sector Conduct Authority, S&P Capital IQ, and The General Insurance Association of Japan (Direct premiums written)

*The given country based on non-life insurance premiums

Shareholder Value

Realized above market and peers TSR

* As of end of March 2024

TOKIO MARINE：647 Peer1：361 Peer3：321 Peer4：321 Peer2：307

Source: Bloomberg

*Total Shareholder Return (TSR): Capital return after reinvesting dividends. Stock price indexed at 100 as of April 1, 2014.
*Peers are Allianz, AXA, Chubb and Zurich.

Financial Base

High ratings from third party ratings institutions

S&PA+
Moody’sAa3
A.M.BestA++

*Financial strength rating of Tokio Marine Nichido (as of end of September 2023)

ESG Rating

High evaluations from various global ESG rating institutions

AA
7 Consecutive
Years
14 Consecutive
Years

*As of September 2023
*The inclusion of Tokio Marine Holdings in any MSCI index, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement or promotion of Tokio Marine Holdings by MSCI or any of its affiliates. The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names and logos are trademarks or service marks of MSCI or its affiliates.

(Reference) Market Environment

Profit growth in the United States, which has the worldʼs largest insurance market, and stable growth in Japan, which has the worldʼs third-largest market (No. 4 in non-life insurance, and No. 3 in life insurance), are the key.

The global insurance market in 2020 was worth 6.29 trillion dollars, with the United States in first place for both life and non-life insurance.
Following China, Japan was in third place with the fourth largest non-life insurance and the third largest life insurance markets.

Ten Largest Insurance Markets in Direct Premiums Written for Life Insurance and Non-life Insurance in 2020

(Unit: Millions of USD)
Ranking	Country	Life premiums	Non-life premiums	Total premiums
Ranking	Country	Life premiums	Non-life premiums	Amount	Change against 2019 (%)	Share of the global total (%)
1	United States	632,687	1,897,883	2,530,570	1.8	40.25
2	China	347,545	308,330	655,874	6.2	10.43
3	Japan	294,497	120,308	414,805	-3.0	6.60
4	United Kingdom	238,890	99,430	338,321	-7.0	5.38
5	Germany	106,571	151,995	258,566	3.8	4.11
6	France	136,611	94,736	231,347	-11.2	3.68
7	South Korea	106,143	87,565	193,709	8.2	3.08
8	Italy	118,612	43,361	161,973	-4.0	2.58
9	Canada	58,234	85,234	143,468	6.4	2.28
10	Taiwan	91,155	22,150	113,304	-3.8	1.80

Source:Swiss Re Institute, sigma No. 3, 2021

Life and Non-Life Insurance Premiums in 2020 and Penetration through 1960‒2017 (Ratio of Insurance Premiums to GDP)

Region Premium (Share)

Emerging EMEA:$1,726bn(27.5%) Africa:$60bn(1.0%) India:$107bn(1.7%) Russia:$21bn(0.3%) China:$655bn(10.4%) Emerging Asia:$195bn(3.1%) Japan:$414bn(6.6%) Developed AsiaPacific:$903bn(14.4%) North America:$2,674bn(42.5%) Central and South America:$131bn(2.1%) Brazil:$57bn(0.9%)

*Circle size gives a visual idea of the size of premiums

Developed Europe, Middle East, and Africa (EMEA)

Emerging EMEA

Emerging Asia

Developed Asia-Pacific

North America

Central and South America

Source:Swiss Re Institute, sigma No. 3, 2021 and sigma No. 3, 2018

In addition to stable growth in developed markets, capturing booming emerging markets is the key.

Non-life premiums grow in tandem with economic growth in developed markets. However, in emerging markets, which have low levels of insurance penetration and upward trends in populations, insurance premiums show growth that exceeds economic growth. Note that increases in life premiums are greatly impacted by such factors as interest rates, market regulations, and taxation systems, so they are not necessarily linked to economic growth.

Growth in Non-life and Life Premiums, and Growth in Real GDP (Seven-Year Moving Average)

Developed Markets

Emerging Markets

Source:Swiss Re Institute, sigma No. 3, 2018