Summary of Consolidated Business Results of Tokio Marine Holdings, - PDF document

Summary of Consolidated Business Results of Tokio Marine Holdings, Inc. under Japanese GAAP for the nine months ended December 31, 2019 February 14, 2020 Company Name: Tokio Marine Holdings, Inc. (the "Company") Stock Exchange Listing: Tokyo Securities Code Number: 8766 (URL: https://www.tokiomarinehd.com/en/) Representative: Satoru Komiya, President Contact: Tetsuya Hirano, Corporate Planning Dept. (Tel: +81-3-5223-3212) Scheduled date to file Quarterly Securities Report: February 14, 2020 Scheduled date to commence dividend payments: Not applicable Supplementary information for quarterly financial statements: Available Quarterly IR Conference Call: None (Note) All amounts are rounded down and all percentages are rounded. 1. Consolidated Business Results for the nine months ended December 31, 2019 (April 1, 2019 to December 31, 2019) (1) Consolidated Results of Operations (Note) Percentages represent changes from the same period in the previous fiscal year. Net income Ordinary income Ordinary profit attributable to owners of the parent million yen % million yen % million yen % 4,094,832 (0.4) 299,221 (3.2) 226,690 2.3 Nine months ended December 31, 2019 4,109,611 0.4 309,239 30.3 221,654 39.1 Nine months ended December 31, 2018 (Note) Comprehensive income: 365,581 million yen - % Nine months ended December 31, 2019 (108,483) million yen - % Nine months ended December 31, 2018 Net income per share - Basic Net income per share - Diluted yen yen 322.11 321.87 Nine months ended December 31, 2019 Nine months ended December 31, 2018 308.03 307.79 (2) Consolidated Financial Conditions Total assets Net assets Ratio of equity capital to total assets million yen million yen % As of December 31, 2019 24,401,332 3,786,467 15.4 As of March 31, 2019 22,531,402 3,603,741 15.9 (Reference) Equity capital: As of December 31, 2019 3,755,539 million yen As of March 31, 2019 3,574,233 million yen 2. Dividends Cash dividends per share First quarter Second quarter Third quarter Year-end Annual total yen yen yen yen yen - 160.00 - 90.00 250.00 Fiscal year 2018 - 130.00 - Fiscal year 2019 95.00 225.00 Fiscal year 2019 (Forecast) (Note) 1.Revision to the latest dividend forecast: None 2.Fiscal year 2018 Breakdown for Annual total Ordinary dividend 180 yen One-time dividend for the capital level adjustment(*) 70 yen Fiscal year 2019 (Forecast) Breakdown for Annual total Ordinary dividend 190 yen One-time dividend for the capital level adjustment(*) 35 yen (*)The Company resolved the one-time dividends aiming to implement flexible financial policies. For the second quarter of fiscal year 2019, the Company resolved additional shareholder return of around 50.0 billion yen, which consists of one-time dividend for the capital level adjustment (total amount of 24.5 billion yen) and share repurchases (up to 25.5 billion yen). 3. Consolidated Business Forecasts for the fiscal year 2019 (April 1, 2019 to March 31, 2020) (Note) Percentages represent changes from the previous fiscal year. Net income Ordinary profit Net income per share - Basic attributable to owners of the parent million yen % million yen % yen Fiscal year 2019 445,000 6.9 325,000 18.4 462.23 (Note) Revision to the latest Consolidated Business Forecasts: None Summary

* Notes (1) Changes in significant subsidiaries during the nine months ended December 31, 2019 (Changes in specified subsidiaries that resulted in a change in the scope of consolidation): None (2) Adoption of accounting methods that are specific to quarterly consolidated financial reports: None (3) Changes in accounting policies, changes in accounting estimates, and retrospective restatements (a) Changes in accounting policies to reflect amendments of accounting standards: None (b) Changes in accounting policies other than (a): None (c) Changes in accounting estimates: None (d) Retrospective restatements: None (4) Number of shares issued (common stock) (a) Total number of shares issued including treasury stock 710,000,000 shares As of December 31, 2019 710,000,000 shares As of March 31, 2019 (b) Number of treasury stock held 8,849,247 shares As of December 31, 2019 As of March 31, 2019 3,443,216 shares (c) Average number of shares outstanding During the nine months ended December 31, 2019 703,750,640 shares During the nine months ended December 31, 2018 719,570,754 shares * "Summary of Consolidated Business Results" is outside the scope of external auditor's quarterly review. * Notes concerning the business forecasts and other items Business forecasts are prepared based on certain assumptions and information available to the Company as of the release date of this document, and actual results may significantly differ depending on various factors. Summary

Tokio Marine Holdings, Inc. Contents of Appendix 1. Consolidated Financial Statements and Major Notes ……………… ………………………………………………………………... 2 (1) Consolidated Balance Sheet … ………………………………………………………………………………………………….….. 2 (2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ………………………………….….. 3 (3) Notes regarding going concern assumption ……………………………………………………………………………………..…. 5 (4) Notes regarding significant changes in shareholders’ equity …………………… ………………………………………………... 5 (5) Additional Information …………………………………………………………………………………………………………….. 5 2. Others ……………………………………………… …………………………………………………………………………........ 6 (1) Summary of Consolidated Business Results ………………………………… ………………………………………………….... 6 (2) Premiums written and claims paid by lines of business …………………… …………………………………………………....... 7 (3) Securities ………… ……………………………………………………………………………………………………………..…. 8 (4) Financial results of major consolidated subsidiaries ……………………………… …………………………………………....... 9 - Tokio Marine & Nichido Fire Insurance Co., Ltd. (non-consolidated) ……… …………………………………………………. 9 - Nisshin Fire & Marine Insurance Co., Ltd. (non-consolidated) ……………………………… ……………………………….. 13 - E.design Insurance Co., Ltd. (non-consolidated) …………… ……………………………………………………………….… 17 - Tokio Marine & Nichido Life Insurance Co., Ltd. (non-consolidated) …………… ………………………………………...….. 19 Glossary of terminology ……………… ……………………………………………………………………………………….… 24 1 Contents of Appendix

Tokio Marine Holdings, Inc. 1. Consolidated Financial Statements and Major Notes (1) Consolidated Balance Sheet (Yen in millions) As of March 31, 2019 As of December 31, 2019 Assets 851,657 839,280 Cash and bank deposits - 1 Call loans 999 4,999 Receivables under resale agreements 9,084 1,930 Receivables under securities borrowing transactions 1,468,952 1,413,521 Monetary receivables bought 2,156 2,231 Money trusts 16,502,611 18,108,254 Securities 932,167 1,290,114 Loans 293,257 307,981 Tangible fixed assets 767,598 703,683 Intangible fixed assets 1,664,969 1,694,655 Other assets 17,515 17,590 Net defined benefit assets 29,511 26,061 Deferred tax assets 2,230 2,114 Customers' liabilities under acceptances and guarantees (11,308) (11,087) Allowance for doubtful accounts 22,531,402 24,401,332 Total assets Liabilities 16,416,905 16,846,889 Insurance liabilities 2,863,815 2,933,766 Outstanding claims 13,553,090 13,913,122 Underwriting reserves 57,514 255,772 Corporate bonds 1,692,804 2,708,391 Other liabilities 254,430 259,068 Net defined benefit liabilities 61,371 45,025 Provision for employees' bonus 108,457 115,104 Reserves under special laws 108,457 115,104 Reserve for price fluctuation 294,805 351,028 Deferred tax liabilities 39,140 31,468 Negative goodwill 2,230 2,114 Acceptances and guarantees 18,927,661 20,614,865 Total liabilities Net assets Shareholders' equity 150,000 150,000 Share capital 1,742,188 1,812,286 Retained earnings (18,299) (49,021) Treasury stock 1,873,889 1,913,265 Total shareholders' equity Accumulated other comprehensive income 1,676,369 1,882,495 Unrealized gains (losses) on available-for-sale securities 9,472 9,816 Deferred gains (losses) on hedge transactions 24,892 (41,736) Foreign currency translation adjustments (10,389) (8,302) Remeasurements of defined benefit plans 1,700,344 1,842,273 Total accumulated other comprehensive income 2,479 2,343 Stock acquisition rights 27,027 28,584 Non-controlling interests 3,603,741 3,786,467 Total net assets 24,401,332 Total liabilities and net assets 22,531,402 2 (1) Consolidated Balance Sheet