Tokio Marine Holdings (8766) Investor presentation summary

Financial performance and key metrics

• Achieved adjusted net income of JPY 755bn ($4.8bn) in FY2025 1H, with 69% progress toward full-year guidance of JPY 1.11tn ($7.1bn).

• Market capitalization reached JPY 12tn ($78bn) as of September 2025.

• Total shareholder return (TSR) outperformed global peers, reaching 391% from 2020 to 2025.

• EPS growth CAGR of 19.9% (2019–2024), outpacing major global competitors.

• ROE projected to rise to approximately 13% in 2025, targeting global peer levels.

Capital management and shareholder returns

• 14 consecutive years of dividend increases, with a payout ratio of 50% based on 5-year average adjusted net income.

• FY2025 share buyback increased to JPY 240bn, up JPY 20bn from the original projection.

• Economic Solvency Ratio (ESR) at 155% as of September 2025, maintaining a strong capital position.

Business strategy and growth drivers

• International business contributes 68% of business mix, with North America accounting for 89% of international profit.

• North America underwriting profit CAGR of 17% (2021–2025E), significantly above peers.

• Well-diversified specialty P&C portfolio and expanding AUM support resilience in softening markets and low interest rates.

• Japan P&C business targets combined ratio improvement to 91% post-FY2026, with growth in specialty insurance and efficiency initiatives.