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Tokio Marine Group Investor Day (5.1MB)PDF Tokio Marine Group Investor Day November 26, 2020 Copyright (c) 2020 Tokio Marine Holdings, Inc. Today’s Schedule and Speakers Group CEO Group CFO I Group Strategy Group CCO (13:30 －14:30 JST) Satoru Komiya Takayuki Yuasa President & CEO President & CEO II Domestic Business Strategy Tokio Marine & Tokio Marine & (14:40 15:25 JST) Nichido Nichido Life － Shinichi Hirose Katsumi Nakazato Ⅲ International Business Strategy Co-Head of International Business Akira Harashima (15:35 －16:20 JST) Ⅳ Group CIO Asset Management Strategy Yoshinari Endo (16:30 －17:00 JST) Copyright (c) 2020 Tokio Marine Holdings, Inc. 1 I Group Strategy Group CEO Satoru Komiya Group CFO Takayuki Yuasa Copyright (c) 2020 Tokio Marine Holdings, Inc. 2 I．Group (Strategy) Power of Execution Next Step Next MTP Our Goal and Strategy Continue the existing management strategy and turn the growth cycle at a fast and planned pace heading towards our goal Our Goal A global insurance group delivering attractive value to all stakeholders Stable double-digit ROE High-level shareholder return Capital adjustment Capital Organic growth generation Shareholder return Sustain stable profit base in Japan Business Dividend increase Enhance specialty in investment Flexible capital level adjustment developed countries Capture growth potential in Disciplined and strategic M&A emerging countries Disciplined risk taking + IN Portfolio review Strategic capital release Appropriate risk control OUT ESG for sustainable growth Copyright (c) 2020 Tokio Marine Holdings, Inc. 3 I．Group (Strategy) Power of Execution Next Step Next MTP Strategic Portfolio Review Constantly review portfolio to further improve capital efficiency Build optimal portfolio IN (Pure, Caixa, etc.) Forward-looking portfolio review Disciplined and strategic M&A, risk taking <Key Focus> Actual Profit Volatility Growth Potential Strategic Significance ROR of Business Generate Capital / Fund OUT (TMR, Bail USA, Egyptian Life, etc.) Copyright (c) 2020 Tokio Marine Holdings, Inc. 444 I．Group (Strategy) Power of Execution Next Step Next MTP For Further Growth Enhance our actual capabilities with steady execution of business strategy towards our goal M&A [Adjusted Net Income/Adjusted ROE (normalized basis)*] Allocating capital for M&A will enable further growth and shorter time Further growth frame 12.5% M&A (Billions of JPY) Medium- to long-term Shorter time target (Milestones) 500.0 frame Over ¥500 bn (Adjusted net income) Organic 420.0 growth Around 12 ％ (Adjusted ROE) 400.0 Organic growth Medium- to long-term target can be achieved with organic 300.0 growth Hardening overseas market Growth potential of Pure and Caixa 200.0 4.8% Profitability improvement of fire insurance and expansion of specialty insurance 114.1 100.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Our Goal (Projection) *: Natural catastrophes are adjusted to 2020 original projection level, and the impact of reinstatement premiums is excluded for 2018 and 2019. Copyright (c) 2020 Tokio Marine Holdings, Inc. 2020 figures exclude the impact of COVID-19. 5 I．Group (Strategy) Power of Execution Next Step Next MTP Portfolio Diversification Appropriately control risk and realize sustainable growth Risk diversification Trends of premiums and risks* FY2019 Diversification effects 48 % ¥4.5 Sustainable trillion growth Risk after diversification 12% ¥ trillion 24% 2.7 Before 24% ¥5.2 trillion Domestic non-life 24% ■ (underwriting) 16% Control of nat-cat risk ■ Domestic non-life ¥3.3 Net premiums written + Life insurance premiums (investment) trillion Reduction of business-related equities risk FY2014 Diversification effects 44 % ■ Domestic life Control of interest rate risks Risk Shift to protection-type products 10% Disciplined 21% ¥2.8 International insurance control 14% ■ trillion Before Diversification improvements ¥5.0 trillion with business expansion ¥2.7 21% 33% trillion Risk after diversification ¥2.8 trillion 2014 2015 2016 2017 2018 2019 ■ Others: Financial and General businesses, FX risk derived from net capital investments, etc. *: ESR risk (99.95% VaR, after tax basis) Copyright (c) 2020 Tokio Marine Holdings, Inc. 6 I．Group (Strategy) Power of Execution Next Step Next MTP Stabilization of Business Platform with Global Risk Diversification Control impact on income from natural catastrophes and COVID-19 with risk diversification Impact of natural catastrophes Impact of the COVID-19 on underwriting profit Geographical and business diversification steadily Impact of COVID-19 in FY2020 expected to be controls impact of natural catastrophes on controlled compared to peers with risk income diversification Limited the impact on income *2 400.0 despite large natural catastrophes <Impacts of COVID-19 > Adjusted net income net Adjusted FY14-16 Peers *3 FY17-19 300.0 Small natural catastrophes, large Average Maximum Minimum adjusted net income 200.0 4.7% FY11-13 3.6% 2.7% 2.9% 100.0 Large natural catastrophes, large impact on income (*1) 0 40.0 80.0 120.0 160.0 (billions of JPY) Net Incurred losses related to natural catastrophes (*1) *2: Ratio of net incurred losses for COVID-19 in FY2020 to net premiums earned in FY2019. *1: 3 year average. Net incurred losses related to natural catastrophes based on Our figure is based on private insurance and net incurred losses excludes domestic non-life which benefited a financial accounting basis (TMNF figures for domestic) from great improvement in loss ratio for auto *3: Allianz, AXA, Chubb, Zurich Source: D&P research <Adjusted net income> Impacts of Natural Catastrophes and COVID-19 (Billions of JPY) 420.0 (normalized basis *4 ) The impact of more than annual average natural 2020 *5 catastrophes and COVID-19 is controlled to approx. Revised 91.5 projections 20% of income through global diversification Impact of natural catastrophes and COVID-19 *5 -22 % *4: Normalizing natural catastrophes to an average annual level and excluding the impact of COVID-19 *5: Natural catastrophes over annual average Copyright (c) 2020 Tokio Marine Holdings, Inc. 7 I．Group (Strategy) Power of Execution Next Step Next MTP Stable Business Platform We have increased ROE by enhancing profitability and risk diversification through large-scale Mergers & Acquisitions in the U.S. and Europe We will continue to further increase ROE towards our goal Low Capital efficiency High 0.0% Low TMHD (2014-2019) Japanese P&C 1 Peer 1 Volatility ROE standard Peer 2 deviation 1.5% Japanese P&C 2 TMHD (2009-2013) Peer 4 Peer 3 High 3.0% 3% 5% 7% 9% 11% (Cost of capital) ROE: Financial accounting basis. Figures for other companies are 2014-2019 averages. (2017 of AXA is excluded). Average ROE Peers: Allianz, AXA, Chubb, Zurich Source: Bloomberg Copyright (c) 2020 Tokio Marine Holdings, Inc. 8 I．Group (Strategy) Power of Execution Next Step Next MTP Promoting Integrated Group Management Optimal allocation of diverse talents to globally leverage on expertise and knowledge Generate Group’s collective strength Domestic Non-life Domestic Life Insurance International Insurance Financial and general Insurance Donald Sherman Christopher Williams Appointment as Co-CIO (Group Co-Chief Investment Officer) Co-Head of International Business Co-Head Delphi Financial Group CEO Co-CRSO (Group Co-Chief Retention Strategy Officer) Internal Audit Reserving Specialty Desmond Yeo Daniel Thomas Philippe Vezio TM Asia Regional Head of Internal Chairperson of International TM Asia Deputy CEO ＆ Audit (additional post: TMHD) P&C Reserving Actuary Chief U/W Officer Expertise Committee (Transferred form TMHCC Barcelona) across the Group Reinsurance Cyber Insurance HR/Legal Barry Cook Daljitt Barn Caryn Angelson CEO of International Group Cyber Centre of Excellence at TMHCC TMNAS CHRO & CLO (TMHD Global Reinsurance Advisor) Global Head of Cyber Risk (additional post: TMHD) Global Investment ERM Committee Digital Round Table ERM Digital Investment Strategy Committee Global Committee, etc. International Executive Retention Global Retention Global Information International IT Insurance Committee Strategy Strategy Committee Technology Committee Copyright (c) 2020 Tokio Marine Holdings, Inc. 9 I．Group (Strategy) Power of Execution Next Step Next MTP Post-COVID-19 Medium- to Long-term Business Environment and Opportunities Established global task force and identified post-COVID-19 business environment, etc. Maintaining disciplined risk management while capturing business opportunities with Integrated Group Management Our view on COVID-19 Impact on insurance business Based on our view, identify medium- to long-term impact and core requirements for post- COVID-19 will remain as COVID-19 permanent risk due to the Core business Expected impacts nature of disease requirements Balance between risk Digital capability/ Omni-channel sales with face-to-face and virtual communication avoidance and restarting data analytics economic activity will differ Accelerate creation of new values with use of technology and data by country Need to review operation model in response to digitalization COVID-19 will accelerate DX and business model reform Resilience Positive outcome Preparing for uncertainties is essential for management recognized by businesses and individuals will increase (online sales, etc.) New normal Need for HR system review to enable flexible workstyle work-style HR development to enhance digital capability Need for flexible organization design that can respond to rapid and dynamic environmental changes Incorporate details to strategy of each group company to build sustainable
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