TOKIO MARINE HOLDING

8766
Delayed Japan Exchange - 01:00 2022-12-06 am EST
2776.50 JPY +1.54%

Tokio Marine : PDF (13.7MB)

09/26/2022 | 08:31pm

2022 Integrated Annual Report

CORPORATE

PHILOSOPHY

With customer trust as the foundation for all its activities, Tokio Marine Group continually strives to raise corporate value.

Through the provision of the highest quality products and services, Tokio Marine Group aims to deliver safety and security to all our customers.

By developing sound, profitable and growing businesses throughout the world, Tokio Marine Group will fulfill its mandate to shareholders.

Tokio Marine Group will continue to build an open and dynamic corporate culture that enables each and every employee to demonstrate his or her creative potential.

Acting as a good corporate citizen through fair and responsible management, Tokio Marine Group will broadly contribute to the development of society.

Tokio Marine Holdings Integrated Annual Report 2022

CONTENTS

Part 1 The Purpose Story of Tokio Marine Group

1 Our Purpose

P2

2 Our Vision

MD&A

P4

Reducing Climate Change Risks and Seizing Opportunity

P6

Long-Term Vision and KPIs

P18

3 Our Strengths

Our Strengths

P20

2 Sustainability Management

CSUO Message

P62

Organizational Structure for Promoting Sustainability

P64

Eight Material Issues and Four Priority Issues Specified

P66

Information Disclosure Following TCFD Recommendations

P72

D&I Measures, CDIO Message

P82

3 Strengthening Non-Financial Capital

Digital Strategy, CDO Message

P84

Human Resources Strategy, CHRO Message

P86

The Purpose Story of

Tokio Marine Group

(Summary of This Integrated Report)

1 Our Purpose

The Group's purpose is to protect our customers and society in times of need. This is the Group's Purpose, unchanged since our founding in 1879.

2 Our Aspiration

Strength 1

The Ability to Offer Support in Times of Need,

and Always

P22

Strength 2

Portfolio Management Capabilities

P24

Strength 3

Integrated Group Management

P28

Strengthening Non-Financial Capital

P32

4 Conclusion

Our Progress in Solving Social Problems

and Achieving Sustainable Growth

P34

Current Tokio Marine Group

P36

Beyond 100 Years (Value Creation Approach)

P38

4 Governance

Directors and Audit & Supervisory Board Members

P88

Independent Directors' Dialogue

P90

Corporate Governance

P94

5 Financial and Non-Financial Data

Global Insurance Market

P112

Financial/Non-Financial Highlights

P114

Progress of Current Mid-Term Business Plan

We aim to continue to solve social issues through our business activities based on our Purpose and increase our corporate value as a result. In this age of volatility, uncertainty, complexity, and ambiguity (VUCA), we are increasingly expanding our field of business to accept risks, mitigate those risks, and prevent their reoccurrence. For example, climate change. Climate change is certainly a risk for the insurance industry, but we will grow, steadily

understanding the opportunities with the increased need for disaster prevention and mitigation and the expansion of renewable energy as we reduce the effects of these risks through global risk diversification. In fact, we recorded our highest ever profits in fiscal 2021 as a result of helping our customers and society in times of need by means of solving social issues. We plan to achieve world-class growth in fiscal 2022 as well.

by Business Unit

P116

Toward Adjusted ROE Growth

P129

3 Our Strengths

Part 2

CEO Message

P40

Part 3 Strategy and Business Platform Supporting Our Purpose Story

1 Capital Policy and the Mid-Term Business Plan

CFO Message

P46

History of the Mid-Term Business Plan

P56

Overview of the Mid-Term Business Plan

P58

Beyond the Mid-Term Business Plan

P60

Participation in International Initiatives

P130

ESG Evaluations and External Awards

P131

Initiatives for Environmental, Social,

and Governance (ESG) and SDGs Measures

P132

Financial Data

P134

Corporate Data

P194

On the Publication of Our Integrated Report 2022

P205

Tokio Marine has three strengths needed to achieve both our Purpose and the enhancement of our corporate value. Specifically, these three strengths are as follows:

1) The ability to offer support in times of need,

and always: Identifying issues for customers

and society, developing products and

services that resolve issues, and securely

delivering these products and services

2) Portfolio management capabilities: Realizing

risk diversification and sustainable growth

based on our ability to execute stringent

acquisition guidelines and a smooth

post-merger integration (PMI)

wisdom of our diverse workforce through optimal deployment

The source of these three strengths is our intellectual and human capital. This intellectual capital is the owned data accumulated through our insurance business since our founding, our digital technology, and our ability to execute M&A and PMI. Our human capital is our diverse human resources with more than 40,000 staff. These are our key success factors for further growth in an uncertain environment. We will refine these three strengths and make solid investments in our intellectual and human capital to remain a "Good Company" that is

References

During editing, we made our best efforts to incorporate substantial information, by consulting the IIRC's

  • Positioning of This Integrated Report

General

Financial information

Non-financial information

Sustainability booklets

Integrated reports

This report is for disclosure (explanatory material regarding the status of

3) Integrated group management: Achieving

synergies while utilizing the expertise and

trusted and truly needed by our customers and society in the coming century.

"International Integrated Reporting Framework" and the Ministry of Economy, Trade and Industry's

"Guidance for Integrated Corporate Disclosure and Company-Investor Dialogues for Collaborative Value Creation (Including Discussions for Revisions)," as well as by seeking the opinions of investors and other stakeholders.

Investor relations event materials

Specialized

Sustainability reports

Corporate governance reports

Financial results‒related materials

(annual securities reports, etc.)

Corporate website

The materials listed above can be found on our website. URL: https://www.tokiomarinehd.com/en/

operations and assets) and was prepared based on the Insurance Business Act (Article 271-25) and the Ordinance for Enforcement of the Insurance Business Act (Article 210-10-2).

4 In Closing

We began as a company devoted fully to marine insurance 143 years ago, but today, marine insurance accounts for only 2% of our total sales. Our company has thus grown to be a leading global insurance company by responding to changes in the world, and this

flexibly adapt to changes over the next 100 years.

With our Purpose as a springboard, Tokio Marine Group's value creation story will continue to evolve (spiral upward) as we look ahead to the coming century.

Forward-Looking Statements

Abbreviations Used in This Material

This report contains information on forecasts, targets, and

TMNFTokio Marine & Nichido Fire Insurance Co., Ltd.

DFG

Delphi

other matters that are not based on historical fact. These

NF Nisshin Fire & Marine Insurance Co., Ltd.

TMHCCTokio Marine HCC

forward-looking statements include a certain degree of risk and

TMNL Tokio Marine & Nichido Life Insurance Co., Ltd.

TMK

Tokio Marine Kiln

uncertainty, and, accordingly, actual results and performance

PHLY Philadelphia

TMSR

Tokio Marine Seguradora

could differ materially from the information provided in this report.

means that we are a company that is able to

Tokio Marine Holdings, Inc. Integrated Annual Report 2022

001

1 The Purpose Story- Our Purpose

1The Story of Our Purpose

Protecting our customers and society in times of need. This has been our unwavering purpose since our founding, no matter the era.

1

Story Purpose The

1 Our Purpose

Why do we exist?

Tokio Marine Group was founded in 1879, making it Japan's first insurance company. In an era when the concept of insurance was still foreign, Eiichi Shibusawa, the father

of modern capitalism in Japan, was deeply involved in the establishment of the Company after soliciting investment from a number of parties, calling insurance a national business. This was a great impetus for the founding of our company. Shibusawa discussed the close relationship between morality and the economy in his writings. The philosophy of companies contributing to the resolution of social issuesin other words, existing for the sake of people and societyhas been passed down over the years from our founding until the present day. When we were established, our mission was to contribute to the development of Japan's economy and society by protecting trade cargo, essential for modernization, from maritime accidents through marine insurance. Later, even amid the sweeping changes to the social structure and a great many challenges, such as the Great Kanto Earthquake, defeat in war, and the progress

of motorization, we have sought to identify social issues in every age and have contributed toward solving them through an insurance business based on our mission of protecting our customers and society in times of need. Our business itself represents a solution to social issues. The more we grow our

business, the more social issues we will solve for people around the world. We engage in business with this commitment and mission in mind.

To realize this mission, we have worked to ensure a bright and vibrant place of work for our employees and have collaborated with agents to help resolve the many social issues that have evolved throughout our 143-year history. As a result, we have sought to achieve sustainable profit growth and return gains commensurate with investment to shareholders and investors.

With our strong belief that "it is our responsibility to pass on the irreplaceable global environment to future generations in a sustainable condition," we have clearly positioned future generations as stakeholders since 2021, together with customers, society, employees, and shareholders and investors.

Continually providing all our stakeholders with value is hardly a simple task, but we will never stop trying to find the right solutions. With this conviction, we will continue to explore this path well into the future. The status quo is never an option. We hope to become more of a "Good Company," even if only in a small way, through continuing to take on the challenge of innovation.

Eiichi Shibusawa, who was deeply involved in the Company's founding (from the Shibusawa Memorial Museum collection)

Provision of Value to Stakeholders

Customers

Society

Shareholders

Collaborate with agents

Contribute to the resolution

Ensure returns commensurate

Understand and respond to needs

of social issues

with investment

Employees

Tokio

Future generations

Provide a bright and

Inheriting a sustainable environment

vibrant place of work

Marine Group

and society

002

Tokio Marine Holdings, Inc. Integrated Annual Report 2022

Tokio Marine Holdings, Inc. Integrated Annual Report 2022

003

1 The Purpose Story- Our Vision- MD&A

2 Our Vision

Our business areas, with risk underwriting as our trade, will also expand as social problems increase and become more complex. We will grow in the future through solving social issues based on our Purpose.

Management Discussion and Analysis of the Business Environment

1

Story Purpose The

What will happen to our business in an age where past wisdom isn't good enough?

We aim to continue to protect our customers and society in times of need through solving social problems with our business activities based on our Purpose and, as a result, improve our corporate value.

In recent years, it has been said that we are living in an unpredictable and uncertain time, an era of volatility, uncertainty, complexity, and ambiguity (VUCA), and that social problems are accumulating, increasing, and becoming more complex. New social problems that we have yet to experience are appearing one after the other. It is already an age in which conventional wisdom no longer applies. However, our business areas, with risk underwriting as our trade, as well as our fields of action, will also increasingly expand as these kinds of social problems increase and become more complex. Because of these challenging times, we believe we can further improve our corporate value by returning to our Purpose and solving social issues, the core of our business.

There are many social issues and areas that we want to address, including support for people's healthy and enriching

lives, the promotion and support of diversity and inclusion (D&I), and the facilitation and fostering of innovation through digitalization (see page 67), but there is surely no greater issue for the world and for the insurance industry than climate change and the intensification of natural disasters. We are facing this global issue head on with a proactive response. In doing so, we are fulfilling our role as an insurance company and this will lead to an increase in corporate value. While controlling the risks of climate change and the intensification of natural disasters through our global risk diversification, we will grow, firmly understanding the opportunities of the protection gap, the increased need for disaster prevention and mitigation against the backdrop of an increased awareness of natural disasters, the expansion of the renewable energy market, and trends toward becoming carbon neutral (see pages 6‒17).

We recorded our highest ever profits in fiscal 2021 as a result of helping our customers and society in times of need by means of solving actual social problems. We plan to achieve world-class growth in fiscal 2022 as well.

004

Tokio Marine Holdings, Inc. Integrated Annual Report 2022

Tokio Marine Holdings, Inc. Integrated Annual Report 2022

005

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Tokio Marine Holdings Inc. published this content on 27 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 September 2022 00:30:07 UTC.

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