Tokio Marine & Nichido Fire Insurance Co., Ltd.
(Canada Branch)
2026 Climate Disclosure Report

This Report is being provided solely for informational purposes and not for the purposes of promoting, either directly or indirectly, any business or business interest.

As required, OSFI Guideline B-15 - Climate Risk Management is applicable to our reporting period ending December 31, 2025, for specific disclosure elements. This standalone report provides disclosures expected by OSFI for federally regulated financial institutions’ management of climate-related risks. It includes detailed information regarding our climate-related governance, risk management, strategy and metrics.

The forward-looking statements in this Report represent our current expectations, estimates and projections regarding future events and are not historical facts, and remain subject to change. These forward-looking statements are not a guarantee of future performance, involve inherent risks and uncertainties and are based on key factors and assumptions, all of which are difficult to predict. In particular, because of the limitations and uncertainties inherent in climate science, risk analysis and sustainability and climate reporting, we have relied upon various market practices, taxonomies, methodologies, criteria and standards, and made reasonable approximations and assumptions, in our Report. However, there are many factors that we may not foresee or be able to accurately predict which may impact the quality of the data in our Report. The factors and assumptions which may impact the Report include the following: the absence of a standardized taxonomy regarding sustainability-related terms (including in meaning and scope), the availability of comprehensive, comparable and high-quality GHG emissions data, the need for active and continued participation of stakeholders (including enterprises, financial institutions and governmental and non- governmental organizations), the establishment and fulfilment of climate adaptation and mitigation activities and goals (including net-zero and interim goals) by governments and companies, the assumptions underlying third-party decarbonization scenarios, the development and deployment of new technologies and industry-specific solutions (including in hard-to-abate sectors), evolving social views on sustainability-related topics, international cooperation and standard-setting, changes in government, political or regulatory approach or treatment in relation to sustainability disclosures, reporting and other requirements, and our ability to gather and verify data and successfully implement various initiatives under expected time frames, among other unforeseen events or conditions.

Our emissions estimates rely on currently available data, and on assumptions and estimations based on internal and third-party data. Although we believe these sources are reliable, we have not independently verified or assessed the assumptions or estimations or the underlying data, and we cannot guarantee the accuracy of such third-party assumptions, estimations or data. Moreover, the quality, consistency and reliability of data used in connection with our emissions estimates may vary across the sectors that we focus on, and in some cases may not exist. We caution that there are inherent limitations and uncertainties with available data and methodologies that may impact our underlying assumptions and estimations.

We anticipate that our emissions estimates and the methodologies and scenarios we use in connection with those objectives (including to measure our operational and financed GHG emissions) may need to be revised to reflect improvements in data quality and methodologies, the evolution of best practices, regulations, standards and science and changes in our business practices or strategies.

The terms “sustainability”, “sustainable investments”, “climate-related”, “transition”, “environmentally-minded” or similar terms, taxonomies, methodologies, criteria, and standards are evolving in both meaning and scope. Our use of these terms may vary over time to reflect this evolution. Any use of these terms in this report refers to internally defined criteria and not to any jurisdiction-specific regulatory definition or voluntary standard that may exist.

The information contained in this Report is not intended to provide specific financial, tax, investment, insurance, legal or accounting advice and should not be relied upon and does not constitute a specific offer to buy and/or sell securities, insurance or investment services. This Report may contain examples of our internal ESG research processes and is not intended to represent any particular product’s or strategy’s performance or how any particular product or strategy will be invested at any particular time.

The recipient is solely liable for any use of the information contained in this report, and neither we nor any of our affiliates nor any of our respective directors, officers, employees or agents shall be held responsible for any direct or indirect damages arising from the use of this Report by the recipient.

Established in 1957 and headquartered in Toronto, Tokio Marine & Nichido Fire Insurance Co., Ltd. (Canadian Branch) (the “Branch”) is the branch operating in Canada of the global property and casualty insurance group, Tokio Marine Holdings, Inc. (“the Group”). The Branch specializes in commercial insurance and risk management for Japanese businesses operating in Canada. Through a long-term partnership with Northbridge Financial Corporation, the branch provides high-level service that balances global corporate standards with local Canadian regulations.

As a direct extension of the Tokyo head office, the Branch serves as a strategic bridge for the Group’s traditional global accounts. It operates as a distinct entity alongside Tokio Marine Canada Ltd., offering policyholders stability backed by the 140-year heritage and global financial security of its parent company.

The Branch is regulated in Canada by OSFI, which has established a Climate Risk Management Guideline (the “Climate Guideline”) to ensure robust climate risk management among federally regulated financial institutions. This report addresses the reporting requirements of the Climate Guideline.

This report should be read in conjunction with Tokio Marine Holdings Climate & Nature Report 2025 (the “Climate & Nature Report”).

Day to day business activities of the Branch are led by local operating management (“Chief Representative Team”), who are responsible for underwriting, distribution, customer relationships, and overall execution of the Branch’s Canadian business. Oversight is provided by the Chief Agent, who serves as the legally designated representative of the Branch and is accountable to OSFI for the Branch’s compliance with applicable laws and prudential requirements.The Chief Agent is supported by a team of people experienced in Canadian insurance operations (the “Chief Agent Team”).

The Chief Representative Team, together with the Chief Agent Team, ensure that appropriate governance, risk management, and control frameworks are established and operating effectively. The structure is supported by local functional leads across finance, risk, compliance, and actuarial, while maintaining alignment with group-level policies and practices, thereby ensuring consistency with Tokio’s global frameworks while meeting Canadian regulatory expectations.

The Group’s Board of Directors and its Committees establish and oversee the strategy, activities and initiatives related to climate risk management for the Group, including the Branch. Their roles are as follows.

Responsibilities Related to Climate
Board of Directors	Deliberates on sustainability policies including climate change and nature-related challenges, as well as evaluates and determines mid-term and single-year plans. Receives reports from the Sustainability Committee every quarter in principle to monitor sustainability initiatives and provides instructions as necessary. Deliberates on corporate strategy on the themes of the management environment and management issues, including climate change and nature-related challenges.
Group Chief Sustainability Officer (“CSUO”)	Oversees the promotion and permeation of the sustainability strategy. Presents related policies to the Board of Directors and the management meeting for discussion and takes the role of reporting the progress to these bodies.
Sustainability Committee	Chaired by the CSUO and comprising such members as chief officers, including the CEO, CFO and CRO, and management of overseas Group companies, the sustainability committee deliberates on details of our sustainability initiatives and policies on a global basis and monitor the progress of each initiative. Promote and execute the sustainability strategy, formulate mid- to long-term targets (KPIs) related to sustainability. Oversees risk management for the entire Group, including climate change and nature-related risks, based on enterprise risk management (ERM) through discussions at the ERM Committee.
Branch	Comprised of the Chief Representative Team (local Tokio management) and the Chief Agent Team. Implements any Group climate strategy at the local Canadian level. Ensure that the Branch’s strategies, business plans, and policies are appropriate for the business in Canada and comply with relevant Canadian regulatory requirements.

Further information relating to the Group’s governance practices, including their organization structure and meetings, compensation and key policies can be found under “Governance” in the Tokio Marine Holdings Climate & Nature Report 2025.

The Group has identified the risks and opportunities associated with climate change and analyzed the impacts on its business. These are recognized in both physical and transitional risks and opportunities. Physical risks result from changes in frequency and severity of weather-related events caused by climate change. Transitional risks arise from the shift toward a lower-carbon economy, including changes in government regulation, technological developments, and evolving market and customer expectations.

The chart below shows examples of related risks and opportunities in the Group’s business activities that are relevant to the branch operations.

Note: Short term: less than 3 years, Medium term: 3-10 years, Long term: 10 years or more

The Group has identified “taking climate action,” “improving disaster resilience” and “protecting the natural environment” as material strategic themes in enhancing corporate value, with two key initiatives, namely achieving net zero emissions by 2050 and becoming nature positive, the aim of which is to protect and restore biodiversity.

More information relating to the Group’s strategic plans and initiatives and scenario analysis can be found under “Strategies” in the Tokio Marine Holdings Climate & Nature Report 2025.

The Branch comprehensively identifies and assesses climate-related risks, using both qualitative and quantitative approaches.

Risk assessment is the foundation of underwriting business. The Group has been working for many years to increase the level of sophistication of its risk assessment for material risks (including those due to natural catastrophes) both quantitatively and qualitatively. The Branch leverages the expertise of the Group in conducting oversight activities, which include managing climate-related risks and reporting.

More information relating to the Group’s risk and impact management can be found under “Risk and Impact Management” in the Tokio Marine Holdings Climate & Nature Report 2025.

Total GHG Emissions (tonnes CO2e)	2025	2024
Scope 1 – Direct emissions	7.0	3.6
Scope 2 – Indirect emissions	2.7	3.4
Total	9.7	7.1

Amounts in table are for the Branch only and are reported in tonnes of Carbon Dioxide equivalent units.

To ensure the accuracy and transparency of GHG emissions reporting, the GHG Protocol methodology is used. This globally recognized standard provides a robust framework for measuring and reporting emissions across various scopes and ensures reporting is comprehensive and aligned with industry best practices.

The GHG Protocol provides comprehensive guidelines for calculating emissions from direct and indirect sources, including Scope 1 (direct emissions from owned or controlled sources), Scope 2 (indirect emissions from the generation of purchased energy), and Scope 3 (all other indirect emissions from activities such as business travel and supply chains).

More information relating to the Group’s metrics and targets can be found under “Metrics and Targets” in the Tokio Marine Holdings Climate & Nature Report 2025.