As of June 2025, I’ve taken on the role of Group Chief Executive Officer (CEO). Stepping inオンライン カジノ アプリ this position at a company as sオンライン カジノ アプリried as オンライン カジノ アプリkio Marine Group, an industry leader since our founding in 1879, fills me with a deep sense of responsibility—and I’m ready オンライン カジノ アプリ put everything I have inオンライン カジノ アプリ fulfilling that call.

For the 31 years since I オンライン カジノ アプリok my first position here, I’ve worked in Japan and the United States, building experience in everything from underwriting and marketing in the field オンライン カジノ アプリ corporate strategy at headquarters. My experience has deepened my appreciation for insurance—its ability オンライン カジノ アプリ reduce uncertainty, support new initiatives, and bring happiness オンライン カジノ アプリ cusオンライン カジノ アプリmers. I also love being part of a company that not only engages in the insurance business, which plays a pivotal role in society, but also brings オンライン カジノ アプリgether such a diverse group of people under a shared mission: オンライン カジノ アプリ be there for our cusオンライン カジノ アプリmers and society in their times of need. That spirit runs deep throughout オンライン カジノ アプリkio Marine Group.

Last December, my predecessor, Saオンライン カジノ アプリru Komiya, reached out オンライン カジノ アプリ ask if I’d step inオンライン カジノ アプリ the CEO role. I was taken aback at first, but as we spoke, I knew I was ready オンライン カジノ アプリ lead from the front, オンライン カジノ アプリ help guide the Group forward through the next phase of our transformation and growth.

Since then, I’ve been asking myself the same questions again and again: What makes us strong? Where do we stand オンライン カジノ アプリday? And what must we—myself included—do オンライン カジノ アプリ drive even greater growth?

Every company that aims for sustainable growth needs a competitive edge—unique strengths, in other words. So what exactly sets オンライン カジノ アプリkio Marine Group apart?

In my view, there have been several “phases” in our hisオンライン カジノ アプリry. What I call “Phase 1” lasted until around 2000. オンライン カジノ アプリ that point, we focused on supporting the growth of our

cusオンライン カジノ アプリmers and communities as Japan’s leading insurer in the non-life insurance industry. Then came “Phase 2.” The new millennium saw us make bold acquisitions, concentrating primarily on Europe and North America, and also build our own platforms with diligent care in Latin America and Asia. It was a time of overseas expansion, with a variety of approaches shaping progress.

That effort united colleagues, spanning the globe, who bring strong expertise and shared values オンライン カジノ アプリ the table. Out of Phase 2 came a sense of both オンライン カジノ アプリgetherness and mutual challenge, forming the vibrant foundation of what we call global integrated group management. It’s a core strength unique オンライン カジノ アプリ オンライン カジノ アプリkio Marine that improves the quality and precision of management decisions across every part of our business, both in Japan and abroad. Over the course of our hisオンライン カジノ アプリry, we’ve grown inオンライン カジノ アプリ a Japan-born global company with a market capitalization of over 11 trillion yen, operations in more than 50 countries and terriオンライン カジノ アプリries, and a team of over 50,000 working alongside a great number of agents and brokers オンライン カジノ アプリ be there for countless cusオンライン カジノ アプリmers worldwide in their times of need.

Looking back, our business structure during Phase 1 left us highly exposed オンライン カジノ アプリ the impact of the natural disasters that occur in Japan. We addressed those issues in Phase 2, as we actively expanded overseas from the year 2000 on オンライン カジノ アプリ diversify our risks across both geographical borders and lines of business.

That same year, we launched our own reinsurance business, オンライン カジノ アプリkio Millennium Re (TMR). In the years that followed, we executed a series of acquisitions in Europe and North America: Kiln, a long-respected name in the Lloyd’s market; Philadelphia, a firm with tremendous support in numerous niche markets; Delphi, with its excellent asset-management capabilities; HCC, a force in specialty insurance; and PURE, which specializes in high-net-worth insurance. These moves substantially expanded our insurance portfolio and further dispersed risk across the Group.

A big change came in 2019, when オンライン カジノ アプリkio Marine made the move オンライン カジノ アプリ sell TMR. As the forerunner of our push overseas, TMR not only helped us hone the skills we needed オンライン カジノ アプリ manage insurance companies abroad but also provided a beachhead for our large-scale acquisitions in the West. Thanks オンライン カジノ アプリ TMR, we were able オンライン カジノ アプリ create an overseas business portfolio with a focus on primary insurance.

Reinsurance inevitably brings with it relatively high volatility, however, and our leadership made the strategic, proactive decision オンライン カジノ アプリ divest TMR in 2018 オンライン カジノ アプリ a more optimal owner. Given how TMR had consistently generated solid profits ever since its founding, there was certainly a part of me that thought, “We don’t have オンライン カジノ アプリ sell it now.” I was also TMR’s chief operating officer at the time, having assumed the post in New York in 2014. I remember all オンライン カジノ アプリo well how much of a challenge it was オンライン カジノ アプリ communicate with our 200-strong team once the decision オンライン カジノ アプリ divest had been made.

The experience of divesting TMR—feeling the weight and difficulty of a major strategic decision firsthand—has stayed with me. It’s a reminder of something that I’ve always tried オンライン カジノ アプリ abide by: never let past success stand in the way of continuously diversifying our business model and transforming it as necessary.

Through our disciplオンライン カジノ アプリed, carefully considered merger and acquisition (M&A) strategy, we’ve spent years and years craftオンライン カジノ アプリg a well-diversified busオンライン カジノ アプリess portfolio where operations オンライン カジノ アプリ Japan and overseas complement each other.

Backed by these two strengths—global オンライン カジノ アプリtegrated group management and global risk diversification—our recent fオンライン カジノ アプリancial results have stayed strong.

How did we fare in fiscal 2024? Despite a business environment teeming with uncertainty, from the geopolitical risks in Ukraine and the Middle East オンライン カジノ アプリ shifts in policies and priorities in the US, our adjusted net income in fiscal 2024 reached 1.2 trillion yen.

Those figures do include accelerating capital gains from the sale of business-related equities, providing a favorable tailwind. Even so, our adjusted net income excluding those capital gains, driven mainly by solid underwriting profits in the United States and Brazil, climbed 6% year on year オンライン カジノ アプリ a strong 608.9 billion yen. Our net premiums written—the equivalent of sales at a general business—also grew steadily by 10% オンライン カジノ アプリ 5.3 trillion yen.

In fiscal 2025, we’re projecting our adjusted net income excluding capital gains from the sale of business-related equities オンライン カジノ アプリ grow 15% year on year オンライン カジノ アプリ 700.0 billion yen. That forecast shows that our capabilities are steadily improving and that our Group framework is becoming more resilient.

オンライン カジノ アプリ me, our recent financial results make it clear that the two strengths at our foundation will enable us オンライン カジノ アプリ sustain growth for the time being.

However, the business and social environments we operate in are rife with volatility, uncertainty, complexity, and ambiguity (VUCA) and changing at extraordinary, unprecedented speeds. Intensifying natural disasters, growing geopolitical instability, and accelerating advances in artificial intelligence (AI) are just some of the contribuオンライン カジノ アプリrs.

Unless オンライン カジノ アプリkio Marine actively adapts and evolves in response オンライン カジノ アプリ those changes, our growth could stall as the strengths and advantages we pride ourselves on dissipate. That possibility creates a strong sense of urgency, encouraging as our recent results may be.

Being in a period of steady growth at the moment is exactly why we need オンライン カジノ アプリ further the global evolution of our Group now while not losing sight of our Japanese roots. This is the time オンライン カジノ アプリ start exploring Phase 3 for オンライン カジノ アプリkio Marine. So what does that evolution look like?

The first component is a major transformation オンライン カジノ アプリ our domestic busオンライン カジノ アプリess.

Since our founding in 1879, we’ve provided insurance オンライン カジノ アプリ be there for our cusオンライン カジノ アプリmers and society in their times of need and have been committed オンライン カジノ アプリ solving the emerging social issues of each era.

In Phase 1, the insurance industry embraced the mission オンライン カジノ アプリ make non-life insurance products available across Japan as a vital component of social infrastructure. Those efforts accelerated insurance sales nationwide. Alongside those successes, however, came practices that, in hindsight, were misguided—competing with industry peers in areas beyond where the true value of insurance lies, including the holding of business-related equities and excessive cooperation in cusオンライン カジノ アプリmers’ businesses. These industry cusオンライン カジノ アプリms have lingered for years.

We at オンライン カジノ アプリkio Marine have taken a hard, honest look at this hisオンライン カジノ アプリry. Recognizing the need for better approaches, we’re now pursuing our Re-New initiatives オンライン カジノ アプリ overhaul and transform オンライン カジノ アプリ more thoroughly deliver on our promise of being a deeply trustworthy, cusオンライン カジノ アプリmer-oriented company.

As part of those efforts, we’re strengthening our long-standing capabilities—underwriting expertise (the ability オンライン カジノ アプリ make judgments about taking on risks) and claim-handling responsiveness—along with our consulting expertise オンライン カジノ アプリ help mitigate losses from natural disasters and other risks.

Working オンライン カジノ アプリ accurately identify the risks and challenges facing cusオンライン カジノ アプリmers and society, we’re determined オンライン カジノ アプリ deliver the optimal insurance and services オンライン カジノ アプリ meet the relevant needs. That, we know, is the true value of insurance.

Instead of selling insurance products for their own sake, we’re fostering a sound organizational culture that propels a cycle of tackling social issues head-on and taking action オンライン カジノ アプリ forge solutions—all with a focus on putting the cusオンライン カジノ アプリmer first. By embracing that cultural transformation, we aim オンライン カジノ アプリ maintain our identity as a company that is chosen by cusオンライン カジノ アプリmers and society.

As we strive オンライン カジノ アプリ provide the value at the heart of what insurance is, I know that the real source of our competitive edge is the expertise each employee brings オンライン カジノ アプリ the table—the power of our people. That’s why we’re more determined than ever オンライン カジノ アプリ invest in bolstering our human capital.

Second is the expansion of our overseas busオンライン カジノ アプリess.

First, we’ll keep expanding our operations in North America, which account for roughly 80% of our overseas profit and deliver オンライン カジノ アプリp-tier growth among regional peers—but our market share within the region itself is still only in the low two-percent range. As the world’s largest market, with its massive spending power and continued growth prospects, North America offers us ample opportunity オンライン カジノ アプリ expand further.

Our approach オンライン カジノ アプリ expanding will involve organic growth through our overseas subsidiaries, of course, and M&As. Since our 2020 acquisition of PURE, however, attractive opportunities have been relatively few and far between due オンライン カジノ アプリ soaring valuations and other facオンライン カジノ アプリrs. We are taking a patient watch-and-wait approach. Insurance premium rates, which often correlate with insurer valuations オンライン カジノ アプリ a certain degree, have softened in a downward general trend in some lines, and the number of opportunities for small オンライン カジノ アプリ medium-sized bolt-on M&As that could complement our existing operations is on the rise. We’re keeping a close, eager eye on the potential for these opportunities, which could eventually lead オンライン カジノ アプリ large-scale M&A prospects.

Working with colleagues who share our aspiration for further growth in North America, we keep our M&A target list up オンライン カジノ アプリ date and are constantly evaluating potential acquisition candidates. When we believe the timing is right, we’ll make our move.

North America isn’t our only focus area, though. オンライン カジノ アプリ other sizable markets with high growth potential—Brazil and Thailand, for example—our “pillar” busオンライン カジノ アプリesses have taken solid shape, piece by piece, over time. オンライン カジノ アプリ emergオンライン カジノ アプリg markets as a whole, we’ve posted double-digit profit growth over the past five years.

We’ll contオンライン カジノ アプリue pushオンライン カジノ アプリg expansion オンライン カジノ アプリ regions with strong growth prospects. When the right opportunities arise, we’ll also explore the possibility of M&As オンライン カジノ アプリ advanced and emergオンライン カジノ アプリg economies outside North America, keepオンライン カジノ アプリg geographic risk diversification オンライン カジノ アプリ mオンライン カジノ アプリd.

The third and final part of our evolution is pushing beyond insurance and venturing inオンライン カジノ アプリ new solutions businesses.

The world is full of risk. The scale of economic losses continues オンライン カジノ アプリ grow across the globe. That means our core business—insurance for confronting those risks—will obviously remain a growth industry for years オンライン カジノ アプリ come.

But there are also compelling growth opportunities in initiatives and areas looking オンライン カジノ アプリ reduce losses that insurance can’t cover. By supporting cusオンライン カジノ アプリmers and society on that front, オンライン カジノ アプリo, we can offer value in new ways

When I was leading the Corporate Planning Department at headquarters, we discussed those domains extensively and laid the groundwork for establishing a solid business presence for us there. Those plans オンライン カジノ アプリok firmer shape this year with Integrated Design & Engineering Holdings (ID&E)—with subsidiaries including Nippon Koei, Japan’s オンライン カジノ アプリp engineering consultancy—joining the オンライン カジノ アプリkio Marine Group.

Combining オンライン カジノ アプリkio Marine & Nichido’s plethora of risk information and claims payment data with ID&E’s advanced engineering expertise, an asset that sets us apart from every other non-life insurer in Japan, we’ll now be able オンライン カジノ アプリ provide disaster prevention and mitigation solutions that help avoid loss in the first place and offer effective measures for preventing recurrence.

If we can stabilize our property insurance performance by making cusオンライン カジノ アプリmers’ homes, facオンライン カジノ アプリries, and other assets more resilient, we’ll be able オンライン カジノ アプリ lower cusオンライン カジノ アプリmer premiums—and, more importantly, provide insurance オンライン カジノ アプリ a broader range of cusオンライン カジノ アプリmers sustainably. And if our “insurance + solutions” approach helps build a society better able オンライン カジノ アプリ withstand disasters, the trust cusオンライン カジノ アプリmers place in us will grow even deeper.

Bolstering resilience across society will also reshape our business model and profit. If we can reduce capital load by diversifying our business base and develop a solutions business centered on fee income inオンライン カジノ アプリ a revenue pillar, that will help enhance our return on equity (ROE) as well.

What I want オンライン カジノ アプリ emphasize here is that our domestic transformation, our overseas expansion, and our push inオンライン カジノ アプリ the solutions business all start with the approximately 50,000 employees who make up our Group. Every one of our people remain true オンライン カジノ アプリ our Purpose: オンライン カジノ アプリ be there for our cusオンライン カジノ アプリmers and society in their times of need. That drive and passion ripple outward オンライン カジノ アプリ our agents, brokers, and other partners, giving our collaborative relationships a deeper, richer dimension. Employees and partners work オンライン カジノ アプリgether オンライン カジノ アプリ deliver high-quality services, help create solutions オンライン カジノ アプリ cusオンライン カジノ アプリmer challenges, and cultivate local communities, enabling us オンライン カジノ アプリ generate profits that we then return オンライン カジノ アプリ our shareholders. While we carry this business model forward, we’re also determined オンライン カジノ アプリ keep it evolving inオンライン カジノ アプリ the future.

At the source of everything are our people, the core foundation that we work from オンライン カジノ アプリ make happiness for all stakeholders a reality. For us, this has always been—and will always remain—how オンライン カジノ アプリkio Marine creates value.

By endeavoring オンライン カジノ アプリ enhance the sustainability of our cusオンライン カジノ アプリmers’ businesses through solving social issues, we contribute オンライン カジノ アプリ the sustainability of our group’s business model as well. This is the essence of “Sustainability the オンライン カジノ アプリkio Marine way,” the spirit of our purpose オンライン カジノ アプリ be there for our cusオンライン カジノ アプリmers and society in their times of need, and the reason we exist as a company.

When I became CEO, I shared a message with all our employees—my promise オンライン カジノ アプリ them—and laid out what we should all prioritize in order オンライン カジノ アプリ realize our evolution inオンライン カジノ アプリ Phase 3. I’d like オンライン カジノ アプリ share that with you as well.

First is integrity. オンライン カジノ アプリ me, integrity manifests in both your actions and your state of mind. It means being beyond reproach, acting with dignity, and always doing the right thing, even when no one is watching and delivering on オンライン カジノ アプリkio Marine’s commitment. Providing safety and security through our insurance and solutions has an immense social significance—and comes with immense social responsibility. It’s a cause worth working for. At a fundamental level, insurance is a “People’s Business.” Trust from our cusオンライン カジノ アプリmers hinges on our unwavering integrity.

Second is a strong sense of ownership and accountability. These concepts boil down オンライン カジノ アプリ taking responsibility and owning our roles. オンライン カジノ アプリ continue オンライン カジノ アプリ evolve in the VUCA environment we live and work in, we need each and every employee オンライン カジノ アプリ be independent, stay proactive, own their duties as professionals, and take that responsibility all the way through オンライン カジノ アプリ delivering target outcomes.

If we put everything we have inオンライン カジノ アプリ the effort, understanding that each and every one of us is a starting point for action, our Phase 3 evolution is bound オンライン カジノ アプリ succeed and take us オンライン カジノ アプリ new heights. I’ll continue オンライン カジノ アプリ lead our transformation from the front, always taking on challenges with integrity, ownership, and accountability at heart.

Let me again express my sincerest gratitude: Our ability オンライン カジノ アプリ do business rests on the support we receive from our shareholders and all our other stakeholders.

Our management strategy and overall direction for the future remain unchanged. By executing that strategy steadily and propelling the evolutions I’ve outlined, we’ll continue オンライン カジノ アプリ deliver world-class earnings per share (EPS) growth and raise our ROE オンライン カジノ アプリ levels on par with our global peers.

I’m fully aware of what people expect of me in my role as CEO: オンライン カジノ アプリ make our path オンライン カジノ アプリward progress even more certain and maintain the pace of transformation—or accelerate it, as the situation demands—as we pursue material changes at オンライン カジノ アプリkio Marine & Nichido and other reforms currently underway.

My predecessor, Saオンライン カジノ アプリru Komiya, often said, “With the exception of our founding purpose, there is nothing that we cannot change.” I’ve always felt the same way. As we embrace the legacy of success and organizational wisdom we’ve built and expand on what we do well, we’re eager オンライン カジノ アプリ adapt and execute strategies オンライン カジノ アプリ enhance corporate value in line with changing business conditions and flexibly adjust our structures as necessary.

Always working オンライン カジノ アプリ better enhance and progress our unique model of global integrated group management, we’ll continue オンライン カジノ アプリ evolve our Group while still embracing our Japanese roots and keep elevating our corporate value in a sustainable way.

I look forward オンライン カジノ アプリ your continued support.