01   Mission, Vision, Values

02   Three Key Concepts

03   Contents and Editorial Policy

04   MS&AD Disclosure Framework

05   At a Glance

07   Development of the MS&AD Insurance Group

09   CEO Message

17   Key Issues

25   MS&AD's Value Creation Story

27   MS&AD's Value Creation Process

29   Value Creation Resources: MS&AD's Competitive Advantage

31   Value Creation System: Business Model and Value Proposition

33   Value Creation Foundation: Global and Diverse Human Assets

35   Value Creation Foundation: Quality

36   Value Creation Impact: Co-creation of Value with Stakeholders

37   Vision for the Society of 2030 and Materiality Analysis

39   Seven Priority Issues and CSV

41   CSV Impact Assessment

43   MS&AD's Strategy

45   Medium- to Long-term Growth

47   Progress of the Vision 2021 Medium-term Management Plan

53   Financial and Capital Strategy

57   Risk Management

61   ERM-based Group Management

63   Enhancing Capital Efficiency and Achieving Sustainable Profit Growth

63   Financial and Non-financial HIghlights

65   11-year Performance

67   Reports by Segment

75   Asset Management

76   ESG Investing

77   Compliance with Japan's Stewardship Code

78   Climate-related Disclosure

82   Special Feature: How CSV x DX Will Bring about the Next Stage for MS&AD

93   Chairman's Message

94   Corporate Governance System and Initiatives

102   Our Management Team

105   Message from an Outside Director

107   Basic Knowledge about the Insurance Industry

111   Glossary of Insurance Terminology

117   Data Section

140   Performance Record

211   ESG Evaluation / Participation in Initiatives

212   Third-party Assurance

Solvency margin rate of Mitsui Sumitomo Insurance stated in annual reports from FY2004 through FY2008 is adjusted in the FY2009 report.